|  | Nasdaq | 21,450.02 | |
| | S&P | 6,389.45 | |
| | Dow | 44,175.61 | |
|  | 10-Year | 4.285% | |
| | Bitcoin | $121,616.38 | |
| | Apple | $229.35 | |
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*Stock data as of market close, cryptocurrency data as of 4:00am ET. Here's what these numbers mean. | - Markets: Summertime, and the investing is easy. Wall Street shrugged off higher tariffs to send the tech-focused Nasdaq 100 to a record close and the S&P 500 to nearly an all-time high. Plus, don't look now, but Apple has suddenly turned from mealy to crispy. The struggling tech giant surged 13% last week, its best week in more than five years, after CEO Tim Cook got cozy with President Trump at the White House.
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TRADE It seems President Trump's meeting with Tim Cook, the CEO of Apple, which included receiving a gold-and-glass statue from him at the White House last Wednesday, was not his most significant interaction with a top US exec that day. Yesterday, the Financial Times and the New York Times reported that POTUS also met with Nvidia CEO Jensen Huang, who offered to give the US 15% of revenue from selling AI chips to China in exchange for…the export licenses required to sell said chips to China. Anonymous sources told the NYT that, two days later, the Commerce Department began providing those licenses. Heart of the deal Nvidia's agreement revolves around its H20 AI chip, which has been in the news a lot: - Nvidia specifically developed it for the Chinese market after President Biden introduced export controls in 2022 to keep more advanced US chips out of China. It was released in 2023.
- President Trump banned sales of it to China this April.
- In July, the Trump administration announced it would allow Nvidia to sell the H20 to China again, but it didn't grant the licenses for that until the end of last week.
AI chips are like potato chips… …No one can have just one. Advanced Micro Devices, better known as AMD, makes a similar chip, the MI308. The Trump admin also banned exports of it to China in April, and it will receive export licenses again for the same terms, according to both the NYT and the FT. The Commerce Department, the White House, and AMD did not provide comment to the New York Times, but Nvidia Spokesperson Ken Brown told the outlet, "We hope export control rules will let America compete in China and worldwide." Big picture: After months of cutting deals with foreign nations about tariff rates for imports coming into the US, Trump negotiating for the government to share revenue with US companies for items going out is unprecedented.—HVL | | |
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WORLD  Milwaukee hit with flash floods as Midwest experiences major storms. The flash flooding on Saturday led to the city receiving 5.74 inches of rain within hours, prompting it to declare a state of emergency and forcing the Wisconsin State Fair to shut down a day and a half early. The chief of the Milwaukee fire department said dozens of people had been rescued from cars. Significant power outages and property damage were reported. Last night, the National Weather Service warned of "repeated rounds of heavy rain" across the Midwest, Central Plains, and Southwest throughout the day today.
 Netanyahu said new military offensive will be wider than first announced. Yesterday, the Israeli prime minister clarified that his security Cabinet authorized attacking "central camps," which the UN says are housing 500,000 displaced people, and Muwasi, in addition to Gaza City, which was announced last week. He defended the action as necessary to "finish the job." Also yesterday, five Al Jazeera journalists were killed in an Israeli strike near Gaza City's Al-Shifa Hospital, including reporters Anas al-Sharif and Mohammed Qreiqeh and three cameramen, who were in a tent for journalists near the hospital's main gate when it was struck. The Israel Defense Forces said it had targeted al-Sharif, whom it described as "the head of a terrorist cell in Hamas," allegations that al-Sharif and Al Jazeera previously denied.
 Automakers are mostly footing tariff costs. President Trump's new trade policies have had almost no impact on the price of new cars to date, the New York Times reported, but industry players and analysts are preparing for that to change. Lenny LaRoca, a partner at accounting firm KPMG, said that he believes carmakers will try to focus on cost-cutting for as long as possible, but that he expects prices will start to rise early next year. Tariffs affecting autos and auto parts have already led to losses of $12 billion for the global auto market, the worst since Covid. In response to the global pressure, Håkan Samuelsson, CEO of Volvo Cars, said earlier this year that he believed that the manufacturing of cars would become "a bit more regionalized."—HVL
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TECH Cue the door-close sound effect, because an internet OG is logging off. AOL quietly announced on Friday that it's pulling the plug on dial-up internet, the service that made it a Y2K-era icon. In a short statement, AOL said it made the decision after a routine evaluation of its products and services. The final "goodbye" is scheduled for September 30, presumably because that's when the company's mom needs to make a phone call. Dial-up's days have been numbered for a while If your first reaction was "Dial-up still exists?", then you're not alone. After all, AOL has fallen a long way since it was the country's biggest internet provider: - In 1999, AOL had more than 18 million subscribers.
- In 2015, there were about two million AOL dial-up customers.
- By 2021, that number was in the "low thousands," a source told CNBC.
Party like it's 1999: Dial-up persists in part because some rural areas don't have access to affordable high-speed internet. Fortunately for them, other companies will still offer dial-up service. As for AOL's service, a moment of silence doesn't seem right. It's probably more appropriate to have a moment of chaotic beeps, tone, and static.—BC | | |
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CALENDAR All eyes will be on inflation data: The July consumer price index will be released on Tuesday, offering Wall Street (and JPow) a glimpse into any potential tariff-related price increases. Prices ticked up 0.3% in June, with several consumer goods showing the effects of tariffs. Plus, everyone's curious to see President Trump's reaction to new data from the Bureau of Labor Statistics, since he fired the head of the agency after the last jobs report. Then, on Friday, fresh retail sales data will be released. Watch nobody beat up everybody: Bob Odenkirk is back in action on Friday, starring in Nobody 2, the follow-up to his 2021 film. Sydney Sweeney is also back on the silver screen this weekend, starring alongside Paul Walter Hauser and Halsey in the modern-day Western Americana. Meanwhile, the Alien franchise is heading to the small screen for the first time. Alien: Earth crash-lands on Hulu on Tuesday. Get ready for some soccer: The English Premier League kicks off on Friday, when Liverpool, the reigning champions, will be looking to get their title defense off on the right foot against Bournemouth. If that's not your cup of tea, the NFL has another round of preseason games this weekend, plus the Madden 26 video game will be released to the public on Thursday. Hopefully, that's not too distracting for the 20 teams participating in the Little League World Series, which begins the day before. Everything else: - Intel CEO Lip-Bu Tan, whom President Trump has called on to resign, will visit the White House today.
- Tuesday is the deadline for the US and China to extend their tariff truce.
- Circle, CoreWeave, and Cava report earnings on Tuesday.
- Investors hear from Cisco and Red Robin on Wednesday.
- Advance Auto Parts and Deere & Company report earnings on Thursday.
- Russian President Vladimir Putin is expected to meet with President Trump in Alaska on Friday.
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STAT In Chappell Roan's new breakup song, "The Subway," the pop star says if she can't move past a former flame, she'll move to the Canadian province of Saskatchewan. It turns out, when the Midwest Princess looks north, so do a lot of other people. After the song was released on July 31, Saskatchewan's tourism board reportedly notched about 50,000 interactions on its webpage and social media accounts. US Google searches of the prairie province also jumped. "This is like a gift from heaven," Jonathan Potts, the CEO of Tourism Saskatchewan, told Business Insider.—BC |
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NEWS - Australia announced it would recognize a Palestinian state in September, joining the UK, Canada, and France.
- President Trump suggested that a combined Fannie Mae and Freddie Mac could trade as "MAGA" for a proposed stock listing.
- Tesla lodged a request to provide electricity to British homes and businesses.
- A tourist from New York was shot and killed in Puerto Rico while visiting to attend Bad Bunny's residency.
- Four astronauts returned to Earth on Saturday in a SpaceX capsule after spending five months at the International Space Station.
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PLAY Turntable: Don't scream into the void because the weekend is over; smile because it's Turntable day. Play it here. Rhyme time Some English words only have one rhyme. We'll give you a list of such words, and you have to identify the only word that rhymes with them. Example: Salve → valve - Boosts
- Lounge
- Nymph
- Fountain
- Detail
- Bonnet
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ANSWER - Roosts
- Scrounge
- Lymph
- Mountain
- Retail
- Sonnet
Word of the Day Today's Word of the Day is: attire, meaning "clothing." Thanks to Grace from Yorba Linda, CA, for the fitting suggestion. Submit another Word of the Day here. |
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