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Nasdaq |
25,476.64 |
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S&P |
7,358.22 |
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Dow |
51,848.90 |
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10-Year |
4.402% |
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Bitcoin |
$60,940.05 |
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SpaceX |
$154.54 |
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*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. |
- Markets: Stocks mostly kept slipping yesterday, even as oil prices fell, with investors still unsure about AI in the lead-up to Micron’s earnings (more on that in a sec). With SpaceX and Tesla among the stocks that fell, Elon Musk lost his trillionaire status—but you don’t have to feel too bad for him, as he’s still the richest person in the world.
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Markets Sponsored by EnergyX
July 16 is the final day to invest: There’s still time to join General Motors, POSCO, and 50,000+ people as an EnergyX investor. But not much. Invest by July 16.
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Yesterday could have been the day that one of the most important home construction bills since 1990 was signed into law…but it wasn’t. The Road to Housing Act, a rare bipartisan piece of legislation, cleared the Senate on Monday and the House on Tuesday and was set to be signed by President Trump yesterday. A White House spokesperson praised the bill on Tuesday night, but two hours before a scheduled signing ceremony, President Trump served up contradictory vibes and announced via social media that he wouldn’t sign it until the SAVE America Act was also passed. It looked like Washington was on the same page: The landmark housing bill finally came together this week after months of back and forth, as legislators sought a win ahead of midterms. But Trump has recently locked in on passing the SAVE Act, which would tighten voting requirements in the US, despite Congressional supporters of the bill from his own party saying it doesn’t have the votes to pass. But the housing bill isn’t dead: Unless Trump vetoes it, the bill will automatically become law in 10 days. And the bill has enough votes to override a veto. So, what’s in it?It won’t lower your mortgage or rent overnight, but housing experts are cautiously optimistic about what’s in the bill, which would:
- Speed up environmental reviews on some building projects, encourage local governments to adopt land-use and builder-friendly zoning policies, and tie federal money to local housing production.
- Remove a federal requirement for manufactured homes (as opposed to houses built on-site) to have wheels, cutting costs and expanding where these cheaper homes can be built.
- Introduce a pilot program that would offer loans and grants for renovating old and abandoned homes, and expand access to convert former office buildings into apartments.
- Cap how many single-family homes private equity can own (a cause Trump supports).
But…the bill includes few incentives for affordable housing and doesn’t address the skyrocketing costs of labor, building materials, or interest rates. Zoom out: Despite yesterday’s hiccup, the bill’s passage shows that housing affordability is a key issue for both parties.—MM |
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That AI answer you just got? It ran on electricity. A lot of it. Large data centers consume more power than some small countries, and the majority of them run rows of lithium-ion batteries for uninterrupted power. The world isn’t producing enough lithium to keep up. EnergyX is ready to fill the gap. They just announced plans for a second lithium project in the United States, with approximately 2.4m tons of lithium. They’re projecting $600m+ in annual revenue, at full scale. General Motors, POSCO, and 50k+ everyday people have already invested. With lithium demand projected to grow 5x by 2040, now’s your chance to join them. Invest in EnergyX by July 16.* |
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 Twin earthquakes struck Venezuela. The first quake, with a magnitude of 7.2, occurred around 6pm ET yesterday, followed by a second quake with a magnitude of 7.5 less than a minute later. The second earthquake was the country’s largest since 1900. The worst-hit state was La Guaira, which Venezuelan President Delcy Rodríguez said has been declared a disaster zone. Caracas, the nation’s capital, was also significantly impacted. In remarks this morning, Rodríguez said at least 164 people had died and 971 were injured. Those figures are expected to rise.—HVL
 Micron delivered blockbuster earnings, despite market’s AI jitters. The American semiconductor company reported its most profitable quarter ever after the bell yesterday, with its Q3 revenue reaching $41.5 billion compared to $9.3 billion for the same quarter last year. It also offered a better-than-expected outlook for its Q4 revenue. The company produces both memory and storage chips. Those products remain in demand with data center builders, causing electronics manufacturers angst and price increases due to shortages.—HVL
 GTA VI preorders go live—but there won’t be a disc. As of midnight, fans eager to visit Vice City could preorder the much-delayed, hugely anticipated Grand Theft Auto VI for $79.99 (or $99 for a premium version that includes exclusive shops). Both digital and physical copies of the new game from Rockstar Games are available for pre-order ahead of its November debut, but the physical copy doesn’t contain a disc, just a code in a box. Not having a disc isn’t necessarily uncommon in the gaming world, but it’s a first for the megapopular franchise.—AR
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Less than two weeks ahead of America’s 250th anniversary, the patriotic people of r/WallStreetBets rallied to restore a cherished US institution: Wendy’s. A Reddit post titled “We need to save Wendy’s” helped the fast-food chain’s stock surge as much as 41.9% yesterday before closing up 25.7% at $7.87. Investing based on love for the Baconator is the latest example of the power of Reddit’s investing community, which turned GameStop and AMC into lucrative meme stocks in 2021. Now, retail investors have identified Wendy’s as the latest opportunity to squeeze short sellers and make a mint:
- Per data from MarketBeat, ~32% of Wendy’s stock (the value of which has fallen more than 70% since 2023) is being sold short, creating the possibility that a sudden spike in share price could force short sellers to buy more stock to cover their position and drive the price even higher.
- But some posters warned this could be a repeat of last year, when a squeeze was placed on Beyond Meat (now known as Beyond The Plant Protein Co.), and incorrect information led to losses for the squeezers.
Beyond the pure hype…some of the stock’s buyers cited confidence in Wendy’s hiring of CFO Steve Cirulis this week, a move that comes a month after Bob Wright was installed as the new CEO. Both come from the sandwich chain Potbelly, which had impressive growth during their more than five years there together.—DL |
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This isn’t your ordinary crossword. Built for Audible’s Moriarty: The Great Chaos, our contest puzzle is laced with hidden clues that lead to a secret word (if you’re clever enough to find it). Crack the code and submit the answer by 7/18 for an opportunity to win 3 months of Audible. |
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The French may soon have no choice but to stop turning up their noses at air conditioning. France recorded its hottest day ever this week amid a dangerous heat wave in Europe that’s convincing some environmentalist politicians to admit it may be time to cool down. Some daytime temps surpassed 104 degrees Fahrenheit. That’s summer as usual for countless regions of the US, but not for France, where June heat typically maxes out around 80 degrees Fahrenheit, and AC is probably less popular than iced coffee:
- Only 25% of French households have AC, compared to 50% in Spain and Italy, and 90% in the US and Japan. French schools and hospitals also rarely have AC.
- Nearly 60% of French people surveyed in a 2021 poll said they’d rather “suffer from the heat than install an air conditioner in order to protect the environment.”
But this may be the last straw. Amid dangerous conditions for healthcare workers and thousands of school closures, the leader of France’s Green Party (which has historically opposed AC) said this week that “there are places where we just can’t do without it now.” Still, France’s nuclear-reliant grid might need more juice for such a transition—higher electricity usage during this week’s heat wave has caused mass power outages.—ML |
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MOLLY EXPLAINS THE INTERNET
The online world can be a beautiful yet confusing series of tubes. On Thursdays, the Brew’s Molly Liebergall untangles them for you. Norway World Cup fans are bringing back the art of make-believe. Wherever they get the chance—at stadiums, on subway cars, on planes, on escalators, and in Times Square—supporters of Norway’s World Cup team are celebrating their national pride and charming the internet by pretending to row a Viking ship. Here’s how it goes: Traditionally, fans will get into a longship formation after one person blows a Viking horn. Then they’ll mime a synchronized rowing motion to the beat of a drum while shouting “ro” (Norwegian for “row”). Superfans from Norway’s official supporters club are credited with creating the celebration last year. Since then, it’s become a unifying force for Norwegians. After the country’s soccer team beat Senegal this week:
- Players performed the celebration on the pitch in sync with supporters in the stands, after a fan blew the initiating horn.
- Hundreds of people did the Viking row in front of Norway’s Royal Palace after chanting, “We’re going to wake up the king.”
Zoom out: This is Norway’s first time competing in the World Cup since 1998. Its team will need as much help from the Norse gods as possible when it faces France tomorrow.—ML |
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An AI agent will be with you shortly. 96% of companies offering voice support rely on the same tech from 30 years ago (using the same old logic trees). Parloa’s AI agents can handle calls end-to-end and reduce escalations by up to 88%. See what else AI agents are doing to improve the customer experience in Parloa’s agentic CX report. |
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- OpenAI unveiled Jalapeño—not a spicy snack, but a chip it designed for AI models in partnership with Broadcom.
- Camp Mystic, the Christian girls’ camp in Texas where 28 people died last year in a flood, filed for bankruptcy.
- The former chief of staff to ex-New York Mayor Eric Adams, Frank Carone, was arrested along with three other people yesterday as part of a federal bribery case.
- Big banks passed the Federal Reserve’s stress test, proving they could withstand a recession that generates $708 billion in losses.
- A permit issued for street closures around Madison Square Garden on July 3 has fueled speculation that it’s the venue and date for Taylor Swift and Travis Kelce’s wedding. But it could all be misdirection, and they’re tying the knot at Penn Station.
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 Get some perspective: How to give yourself advice that’s as good as what you’d tell a friend.
Eat: The best way to butter your corn on the cob.
Not for germaphobes: The five dirtiest cities in the US.
Sale: Prep for summer heat with a handy water bottle, now 20% off for Prime Day.**
Forget 10k steps: If you’re trying to lose weight. Walking lowers cortisol and moves the scale—but only if the step count matches you. For lasting weight loss, take the quiz and get your step goal.*
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Brew Mini: “Coffee shop crockery” is your sample clue of the day from our latest smol crossword. Play the Mini here. Three Headlines and a LieThree of these headlines are real and one is faker than the super-cheap bike you found on Facebook Marketplace. Can you spot the odd one out?
- Whipped cream has the same molecular structure as a parasite from the Mesozoic Era
- Comedian Sebastian Maniscalco blew out both his calves telling jokes
- This viral South Korean app lets you order food that never arrives — and that’s the whole point
- Giant banana pulled over in Montana: Driver says cops have stopped him 100s of times
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 Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others:
morningbrew.com/r/?kid=eaab23a8 |
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We made up the one about whipped cream. Word of the Day Today’s Word of the Day is: contradictory, meaning “a situation in which two statements completely negate one another, making it impossible for both to be true.” Thanks to Dara from Miami for a suggestion we were never of two minds about. Submit another Word of the Day here. |
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✢ A Note From EnergyX Energy Exploration Technologies, Inc. (“EnergyX”) has engaged Morning Brew to publish this communication in connection with EnergyX’s ongoing Regulation A offering. Morning Brew has been paid in cash and may receive additional compensation. Morning Brew and/or its affiliates do not currently hold securities of EnergyX. This compensation and any current or future ownership interest could create a conflict of interest. Please consider this disclosure alongside EnergyX’s offering materials. EnergyX’s Regulation A offering has been qualified by the SEC. Offers and sales may be made only by means of the qualified offering circular. Before investing, carefully review the offering circular, including the risk factors. The offering circular is available at invest.energyx.com. Comparisons to other companies are for informational purposes only and should not imply similar results. Past performance is not indicative of future results. Market shortfall are forward‑looking estimates and are subject to substantial uncertainty. |
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