🚀 Amazon finally breaks through $2 trillion

🤖 Plus Morgan Stanley is putting robots in charge of your legacy

Everything from music to Subway franchises to avocados is getting securitized. Follow me down the rabbit hole.

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📰 Market Headlines

  • The market inched upwards yesterday, driven mainly by Amazon's surge to a record-breaking market cap.

    • The S&P 500 rose 0.2%, while the Dow Jones edged 0.04% higher. Meanwhile, the Nasdaq Composite was up about 0.5%.

    • Amazon stock rose 3.9%, giving the e-commerce giant a market value of over $2 trillion for the first time ever.

🕶️ Market Vibes

🎰 Market Forecasts and Futures

Forecasts via ​Kalshi​, the prediction market.

😱 Fear and Greed Index

🎤 What you said last time

This is not great for Elon

📈 Trends you need to know

Is Japan doomed?

🧠 What do you think?

Who wins this three-way fight?

Login or Subscribe to participate in polls.

📊 Stocks

Get $20 free shares at ​public.com​ using code ALTSCO.

Winners and losers

Earnings, upgrades, and acquisitions

  • Levi Strauss missed Q2 revenue expectations, tumbling shares by 11%.

  • BlackBerry posted a narrower-than-expected loss, boosting shares up 6.2%.

  • General Mills Q4 organic sales plunged 10% internationally; shares sank 4.6%.

  • Concentrix jumped 2.5% after reporting a 47.4% revenue surge.

  • Paychex dropped 6% despite beating Q4 EPS estimates.

  • Jefferies Financial Q2 profit surged nearly 12-fold, however shares remained unchanged.

  • AeroVironment reported a 57% drop in earnings, dropping share price by 5%.

Market movers

  • Acrisure Arena invested $168.5 million into the Coachella Valley economy, supporting nearly 2,000 jobs.

  • Boeing is set to resume widebody jet deliveries to China after a regulatory review halt.

  • The FDA approved Verona Pharma's inhaled COPD therapy, Ohtuvayre, marking the company's first treatment for the chronic lung disease.

  • Amazon announced plans for a discount section with cheap items shipped from China to compete with Temu and Shein. [Ed: This feels like the wrong strategy]

  • The US Conference of Catholic Bishops announced major layoffs to its social justice department, cutting staff by 50%.

  • Ginkgo Bioworks is set to cut up to 400 employees, 35% of its workforce, to reduce costs.

Ideas, trends, and analysis

  • New home sales hit six-month low in May, falling 11.3% as mortgage rates rose.

  • Moderna shares have dropped 11% as RSV vaccine efficacy fell from 55% to 36%.

  • EU agricultural prices fell in Q1 2024, with output down 6% and input 11%.

  • Air freight emissions have increased 25% since 2019, with 300,000 more flights in 2023.

  • US energy production exceeded consumption by a record 9 quadrillion BTUs in 2023.

Recommended Newsletter

🌍 Global Perspectives

  • 🇭🇳 A Former Honduran President was sentenced to 45 years for drug trafficking by a US judge.

  • 🇰🇪 The Kenyan President withdrew tax hikes after protests and parliamentary storming.

  • 🇰🇵 🇰🇷 The South Korean military reported a failed North Korean hypersonic missile test.

  • 🇯🇵 The Yen hit a 38-year low, causing concern among Japanese authorities.

  • 🇺🇸 🇷🇺 The US and Russian defense chiefs spoke by telephone in rare communication between the two powers.

📊 Crypto

  • Crypto firm Abra settled with 25 US states for operating without licenses, resulting in the CEO being barred for 5 years and $82.1 million in refunds.

  • Tether's USDT supply surged by $580 million on a Telegram-linked TON blockchain in under two months.

  • The US government transfered 3,940 Bitcoin seized from a convicted drug trafficker to Coinbase.

🧠 Errata

  • A beloved black bear in Delaware, named "Delabear," was fatally struck by a car.

  • Denmark is set to hit gassy cows and pigs with the world's first carbon tax.

  • Giving frogs a sauna might help them fight off a deadly fungus. I guess we're not so different after all.

  • A New Jersey man was killed by lightning while warning kids of an impending storm.

  • A Texas hospital is the first in the US to use holograms for doctor-patient visits.

📺 What to Watch Today

I’d like to him hit my knee with a little hammer now.

That’s all for today. Did I miss anything? Smash the reply button to let me know.

Cheers,

Wyatt

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