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Nasdaq |
26,213.72 |
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S&P |
7,499.36 |
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Dow |
52,319.20 |
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10-Year |
4.418% |
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Bitcoin |
$58,609.99 |
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Strategy |
$86.93 |
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*Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. |
- Markets: Stocks finished the quarter—and the first half of the year—strong, powering past Iran worries to rip a new record for the Dow. Bitcoin, however, did an impression of the “Squidward staring wistfully out his window while Spongebob and Patrick have fun outside” meme, continuing its dismal year.
- Stock spotlight: Crypto’s fall has forced software company and bitcoin holder Strategy to abandon its mantra to “never sell.” Its stock dropped more than 6% today and is down ~45% year to date.
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So far this year, the stock market has had the vibe of six Roman candles duct taped to the back of a Ford Ranger: shooting up farther than everyone expected, but on an unstable base. The S&P 500 closed Q2 yesterday up 14.9%, its biggest jump since 2020, when markets were rallying after their initial Covid nosedive. The index is up 9.55% since the start of the year, despite declines starting in late February when the US and Israel attacked Iran. In the last quarter, markets responded to the back and forth between countries by betting that tensions were easing and the Strait of Hormuz would open:
- The Dow ended yesterday up 8.85% since the start of the year—its best six months since 2021.
- Nasdaq added about 12.8% since the start of the year.
Chip makers are loving life. The biggest driver comes from the AI industry—specifically hardware makers like chip and memory stocks. The Philadelphia Semiconductor Index had its best quarter ever, logging a nearly 92% return rate in the last three months. Companies like Sandisk, Micron, and Intel are leading the way. Small cap stocks are faring well, too…if they’re also latched onto AI. The Russell 2000 has edged up over 20% since the start of the year, its best performance since 1991. But 16 of the best-performing 50 stocks are chip-related companies that have pulled up the rest of the index. Gold has seen better days. After a record high in January, gold had its worst quarter since 2013. Economic uncertainty typically spikes gold prices, but the strong US dollar and expected interest rate increases by the Federal Reserve later this year have driven the price down. Looking ahead…Fed rate increases could cool markets in the latter half of the year. And red flags in the AI industry are still waving, as OpenAI is reportedly weighing pushing its IPO to 2027, and semi-stagnant growth from Nvidia signals that chip maker returns may have peaked.—MM |
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 SCOTUS rejects Trump’s bid to end birthright citizenship. In a 6–3 decision, the Supreme Court upheld the constitutional right of birthright citizenship, striking down President Trump’s executive order declaring that babies born in America to undocumented immigrants or nonpermanent residents are not US citizens. The constitution extends the right of citizenship to “every free-born person in this land,” Chief Justice John Roberts wrote in his majority opinion. “We keep that promise today.” In a social media post, Trump said the ruling was “too bad for our Country” and told Congress to step in. In news that the president was happier about, the Supreme Court also upheld state laws banning transgender girls and women from playing on school sports teams.
 The UK may challenge Paramount’s takeover of Warner Bros. Discovery. Uncle Sam may have approved it, but John Bull has questions. Lisa Nandy, the UK’s Secretary of State for Culture, Media, and Sport, told Parliament that “I am minded to intervene” in Paramount Skydance’s proposed $110 billion acquisition of Warner Bros. Discovery (WBD). Nandy cited concerns about maintaining the “plurality of views in news media” as well as the “plurality of persons with control of the media enterprises.” The deal would put CNN and CBS News under one roof and give Paramount ownership of WBD’s film studios and streaming services.
 LeBron James reportedly told the Lakers he will play elsewhere next season. The NBA legend will be taking his talents somewhere other than Los Angeles for 2026–2027, ESPN reported yesterday. James, officially a free agent as of last night, played eight years with the Lakers, helping them win the title in 2020. Per ESPN, the Golden State Warriors are circling, while his former teams, the Cleveland Cavaliers and Miami Heat, may also be interested in a reunion. The 41-year-old, who is still playing at a high level despite being born the year that The Terminator hit theaters, leaves behind his son, Bronny James, who’s still on the Lakers.—AE
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You may want to hold off enrolling in clowning school to AI-proof your career, as new research undermines AI jobpocalypse fears. Companies hired more after heavily investing in AI tools, according to a study published yesterday by corporate finance platform Ramp and HR software firm Revelio Labs. Enhance not replaceThe study found that employers that adopted AI actually hired faster than their counterparts that did not:
- AI-forward companies expanded headcount by 10.2% in the 24 months after adopting AI, while there was no noticeable employment change for companies with modest AI adoption.
- In a reassuring sign for early-career professionals, entry-level hiring grew at the same rate as for more senior roles at AI-forward firms. The most aggressive AI adopters tended to have a higher share of junior employees than firms that hadn’t adopted AI.
These findings might provide some solace to worried white-collar workers by challenging the notion that AI is taking their roles, even as companies blame the tech for layoffs and some research suggests it might be shrinking entry-level employment. Looking ahead…the report’s authors caution that it’s too early to tell what AI’s effect on the labor market will be down the road. But some economists think AI could actually create jobs by making companies more efficient, potentially boosting consumption of their services.—SK |
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You don’t need kryptonite to stop Supergirl when you have poor reviews, little interest in secondary superheroes, and a toxic online fandom. The DC tentpole movie had a worse opening weekend than even the oft-memed Morbius, earning $62.6 million globally on a reported $170 million budget. The Milly Alcock-led movie is on track to lose, optimistically, $100 million to $120 million, per reports. And there is no shortage of reasons:
- Most critics panned it. The film is rated as “rotten” on Rotten Tomatoes and has a 49/100 rating on Metacritic.
- Whether it’s Morbius, Black Adam, or Thunderbolts, lesser-known comic book characters have struggled to find box office success in recent years.
- The same can be said for female-led superhero movies, but with one compounding factor—online trolls have been known to pepper sites with negative reviews despite not having seen the movie.
Target missed: Supergirl was meant to appeal to Gen Z women, but 59% of the audience was male, and 65% was 26 or older, which are only encouraging numbers for dive bars. To be continued: Analysts are hopeful about Clayface, the third movie in the new James Gunn-led DC Universe that’s out in October. And, next year, Man of Tomorrow brings back David Corenswet for the second Superman installment. Last year’s reboot earned a relatively solid $618.7 million globally.—DL |
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On Wednesdays, the Brew’s Sam Klebanov highlights a fascinating stock, commodity, or other asset that’s worth your attention. Those complimentary plane cookies that briefly lift your mood on a middle-seat red-eye are also buoying the stock of their maker. Shares of Lotus Bakeries, the 94-year-old Belgian company behind Biscoff biscuits, have soared 41% this year, thanks to its flagship treat served on Delta flights. The caramelized biscuits got a major boost this year from a Japanese cheesecake TikTok trend that involves soaking them overnight in Greek yogurt. But Lotus’s sales are growing beyond biscuits:
- It’s moved into ice cream and sugary spreads in recent years, with plans to expand in Asia.
- While many snack makers struggle, Lotus’ revenue rose 17% yearly on average in the decade leading up to 2024, according to Bloomberg Intelligence.
The company’s stock is up almost 17,000% since the year 2000. But…one analyst cautions that weight-loss medications, which suppress appetites for sugary treats, could threaten future sales.—SK |
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- Anthropic said that the US Commerce Department lifted export controls on its powerful Claude Fable 5 and Mythose 5 models.
- US and Iranian negotiators were in Qatar yesterday for talks with mediators about the war in Iran, though they will reportedly not hold high-level talks with each other.
- Uber and Waymo quietly wound down their nearly three-year partnership in Phoenix, TechCrunch reported.
- Tom Kean, a Republican congressman from New Jersey, explained that his monthslong absence from the House was due to depression.
- Ford recalled more than 741,000 US vehicles due to a defect that can damage the parking system and cause vehicles to roll away.
- The Premier Lacrosse League secured a $100 million funding round from a group that includes actors Glen Powell and Rob Mac.
- Zyn nicotine pouches can be marketed as less harmful than cigarettes, the FDA announced yesterday.
- Artificial, the movie about Sam Altman and OpenAI that Amazon MGM Studios abruptly dropped this month, will be sold to Neon for distribution, Puck’s Matt Belloni reported.
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- AI expectations are high: PwC shares that rethinking talent, development, and subsequent evolution will help teams reinvent workflows and make better decisions. AI may bring transformation, but it’s people who define the breadth of it. Read more.*
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Word Search: If you were too scared to watch the movie Anaconda, brace yourself before clicking the link to this week’s reptile-themed puzzle. Play the Word Search here. Geography triviaTonight, the US men’s national team will face off against Bosnia and Herzegovina, one of seven countries that comprised the former Yugoslavia. How many of the other six can you name? |
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morningbrew.com/r/?kid=eaab23a8 |
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Croatia, North Macedonia, Montenegro, Serbia, Slovenia, and Kosovo, which the US and more than 100 UN member countries recognize as a sovereign state. Word of the Day Today’s Word of the Day is: plurality, meaning “a large number or quantity,” among other definitions. Thanks to Claudia from New Orleans for the suggestion. Submit another Word of the Day here. |
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✷ A Note From American Hartford Gold The information provided in this email is for educational purposes only and is not intended as investment or financial advice. Investing involves risk. Gold and precious metals can fluctuate in value. Consult a financial advisor before making investment decisions. ✢ A Note From AT&T Connected Car Requires eligible vehicle and plan. Svc. & coverage not avail. everywhere. Restrictions apply. ✳︎ A Note From Chase Disclosures: Home lending products provided by JPMorgan Chase Bank, N.A. Member FDIC. Equal Housing Opportunity. |
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