Good morning, and welcome to Stocks & Income.

Today, we’ll be taking a look at what went so wrong for Apple, what’s going even worse in LA, and a look at how S&P 500 charts are just depressing when you remove the Magnificent 7 from them.

But first, a word from today’s partner—Doriot, who makes it possible for you to invest directly in start ups with way less risk.

Introducing VentureStaking™

Own the option to invest in tomorrow’s unicorns.

What if you could invest in the world’s best startups with 90% less risk than the traditional VC model?

That’s the promise behind VentureStaking™​ — a patent-pending model from Doriot.

It’s like buying call options on founders’ ambition.

VentureStaking™ is an innovative new concept that grants you the right to invest in a startup later.

The platform has not launched yet

You cannot sign up for an account or start investing yet. What you can do today is purchase a VentureStake™​ in Doriot​ itself, betting on founder Gerry Hays’ ambition to make venture universally accessible and winnable.

In other words, Doriot is the first startup to launch a VentureStaking™ round.

How it works

• Buy a VentureStake™​ in Doriot today ($10 —$1,000) and lock in a guaranteed allocation in future equity rounds at 10x your stake. 

• You risk 10% upfront, holding back 90% to wait, watch, and choose whether to keep betting — just like poker.

Express interest + ask questions

Clicking the button below will:

1. Take you to an Expression of Interest form

2. Give Doriot permission to email you

Both accredited and non-accredited investors OK.

📰 Market Headlines

Markets edge higher as US-China trade talks sparked optimism about easing tensions.

• The S&P rose 0.1%, the Dow held flat, while the Nasdaq gained 0.3%.

• High-level US-China trade talks began in London on Monday and are set to continue Today.

Apple just erased $75 billion—and handed the AI race to its rivals. Investors were expecting Apple's Worldwide Developers Conference to showcase new plans for Apple Intelligence, the company's AI software. Instead, they got an iOS update that everyone's criticizing and comparing to Windows Vista. Shares fell by 2.5% just six minutes into the event, losing the company $75 billion. Apple may now need to acquire other AI projects just to stand a chance. Remember when Siri was a big deal in 2010?

California to sue President Trump. Political tension escalated as the US deployed over 700 Marines to Los Angeles in response to immigration protests. California Governor Newsom vowed to sue the Trump administration over the federalization of the state's National Guard. Trump supported the hypothetical arrest of Newsom, and the Governor stated California would stop paying its taxes if Trump cuts its federal funding.

⚡️ Lightning Round

• US-China trade talks resumed, starting with vaguely positive descriptions of progress like “good meeting” and “fruitful.”

• Robert F. Kennedy Jr. removed all 17 members of the CDC's Advisory Committee on Immunization Practices.

😱 Fear and Greed Index

🧠 Make yourself heard

🐦️ Curated finance Twitter roundup

We’ve gone through and picked out some Twitter posts we think you’ll get value from.

1. Trump might make your infant a Bitcoin investor by law with this new bill

2. Silver’s chart is seriously heating up—and it’s hot on gold’s tail

3. Ray Dalio perfectly predicted the millionaire migration to these two countries

• New York State Common Retirement Fund (NYSCRF) committed over $1 billion to private equity investments.

• Quadrupling its predecessor's size, Neuberger Berman raised over $4 billion for its GP-led secondary fund.

🚨 Bullish Short-Term Trend—New AI Stock Pick

AltIndex just gave this pharmaceutical stock a high enough AI Score to land it solidly in the “buy” zone.

It’s up 24% on the month, and even 7% just today—but positive momentum indicators have the model convinced that the stock still has room to run as much as 11.8%.

Key metrics for the stock pick:

📈 +226.87% quarterly revenue growth
⬆️ +24.02% stock price increase (last month)
🧠 AI Score: 75 (Buy signal)
📊 Bullish SMA10 trend (price momentum rising)

📊 Chart of the day

Those seven stocks truly are magnificent.

Take a look at what the S&P 500 looks like without the Magnificent 7. It’s obscene how dramatic the difference is—they really do form the backbone of the index’s gains over the past 10 years.

Below that, you can see how boring the global market looks if you remove the tech industry entirely.

⚔️ Trade wars

• President Trump authorized Secretary of the Treasury Scott Bessent to potentially remove export controls on a key piece to the China puzzle.

 💡 Ideas, trends, and analysis

🎤 What you said last time

🚚 Market movers

• Post Holdings will snap up 8th Avenue Food & Provisions for approximately $880 million.

• Paramount Global's CFO, Naveen Chopra, jumped ship to join Roblox as its finance chief, with Andrew Warren stepping in as interim CFO

📢 We want to hear from you

Let us know what you did or didn’t like, too!

We love hearing from you, and we deeply appreciate your feedback.

📺 What to watch today