“Buffalo buffalo Buffalo buffalo buffalo buffalo Buffalo buffalo” is the longest sentence in the English language using only one word (with different meanings). In this case:

• Buffalo - the city

• buffalo - the animal

• buffalo - a verb meaning to outwit, confuse, baffle or intimidate

See if you can work out it out before clicking the link above.

• Wall Street closed the week at record highs as Friday’s June job report fueled rate-cut expectations.

  • The S&P 500 and Nasdaq surged to record highs, gaining nearly 2% and over 3% respectively for the week.

  • The US economy added a surprising 206,000 jobs in June, while unemployment climbed to a 2.5-year high of 4.1%.

• Paramount Global's special committee endorsed a merger with Skydance Media, moving the deal closer to completion.

• France's left-wing coalition won the most seats in parliamentary elections, surprising observers and blocking far-right gains.

• Tropical Storm Beryl shifted toward Texas, expecting to strengthen to a Category 2 hurricane before hitting land early Monday.

📈 Trends you need to know

Per Grayscale:

“Although Trump is embracing crypto more on the campaign trail, data shows that crypto is a bipartisan issue, with similar ownership rates among Republicans (18%) and Democrats (19%).

Voters are split on which party is more favorable to the industry, as an equal percentage of voters (30% each) think that both the Democratic and Republican parties have the most favorable position on crypto policies.”

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Ideas, trends, and analysis

• US voters are increasingly focused on crypto as 2024 election approaches, with 32% more open to investing.

• The median 401(k) balance for Americans in their 30s is around $22,100 as of Q1 2024, per Fidelity data.

• Crude oil scored a fourth straight weekly gain last week as US data indicated solid demand.

• A majority of Americans say they can't afford a summer vacation this year due to the high cost of living.

🌍 Global Perspectives

• 🇰🇪 Kenya's dramatic flooding has swept away farms, killed nearly 300 people, destroying crops on over 168,000 acres.

• 🇺🇦 🇷🇺 A Ukrainian drone triggered a warehouse explosion in Russia, leading to an evacuation in the Voronezh region.

• 🇵🇭 🇺🇸 The Philippines declined US assistance in South China Sea operations, preferring to handle tensions with China independently.

• 🇮🇳 A new Citi report warned that despite 7% growth, India will struggle to create enough jobs for its growing workforce.

• 🇨🇳 🇹🇭 China's BYD acquired a 20% stake in its Thai distributor Rever Automotive, expanding in Southeast Asia.

📊 Crypto

• Grayscale Ethereum Trust discount to NAV quietly switched to a premium, hitting 0.31% on July 3.

• Crypto Fear & Greed Index plummeted to 29, the lowest since BTC traded at $17k in early 2023.

• Multicoin Capital promised to match SOL donations up to $1 million to back pro-crypto Republican candidates.

• The automotive blockchain market is set to reach $4.1 billion by 2032, driven by supply chain efficiency and smart contracts.

🧠 Errata

• Patrick Bertoletti won Nathan’s Famous Fourth of July hot dog-eating contest with 58 hot dogs.

• A New York man was charged with arson after giving an 11-year-old fireworks that set a shed and homes on fire.

• Two people died and three were injured when an SUV and bulldozer collided in Utah.

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

Cheers,

Wyatt