🛬 Boeing gets in more hot water

⛳ While two old men shout about golf

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

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📰 Market Headlines

  • Stocks fluttered northward yesterday as key inflation readings loom ahead.

    • The S&P 500 rose nearly 0.1%, while the Dow Jones edged up 0.1%. Meanwhile, the Nasdaq led the gains, rising 0.3%.

    • The personal consumption expenditures price index, a key inflation measure, is expected to show little to no monthly increase for May.

  • The NTSB sanctioned Boeing for revealing 737 MAX probe details, referring its conduct to the DOJ.

  • The Supreme Court blocked Purdue Pharma's $6 billion settlement, preventing the Sackler family's protection from future opioid lawsuits.

  • The Center for Investigative Reporting sued OpenAI and Microsoft for copyright infringement, joining major newspapers.

  • Two very old men argued about golf last night.

🕶️ Market Vibes

🎰 Market Forecasts and Futures

Forecasts via ​Kalshi​, the prediction market.

😱 Fear and Greed Index

🎤 What you said last time

Really? How?

📈 Trends you need to know

Name a successful mega-merger. I’ll wait.

🧠 What do you think?

After last night's debate, what's the most likely outcome?

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

Market movers

  • Uber and Lyft announced they will pay drivers $32.50 per hour in Massachusetts. The settlement includes benefits and resolves wage law violations.

  • Hebbia raised nearly $100 million in a Series B led by Andreessen Horowitz at a $700-800 million valuation for its AI document search tool.

  • A jury ruled that the NFL violated antitrust laws with its Sunday Ticket service and awarded $4.7 billion in damages. That’s thousands of $$ per household.

  • The California Legislature approved bills to amend a law allowing workers to sue employers over labor violations.

Ideas, trends, and analysis

  • Pending home sales hit an all-time low in May, with the index falling 2.1% from April and 6.6% year-over-year.

  • The Congressional Budget Office raised its 2024 deficit estimate by 27% to $1.9 trillion, reducing median household income by $7,500 annually over the next 30 years.

  • Continuing applications for unemployment benefits reached 1.84 million last week, the highest since November 2021.

Recommended Newsletter

🌍 Global Perspectives

  • 🇧🇴 Bolivian authorities announced 17 arrests, including military personnel, after a failed coup attempt during the economic crisis.

  • 🇮🇱🇵🇸 Israel stormed a neighborhood in Gaza City, ordering Palestinians to move south, and bombed the city of Rafah.

  • 🇨🇳 China has expelled two former defense ministers from the Communist Party over corruption accusations likely leading to life sentences.

  • 🇧🇷 Brazil's economy created 131,811 formal jobs in May, the worst for any May since 2020.

📊 Crypto

  • Bitcoin endured its sixth major correction since the FTX collapse, dropping nearly 20%.

  • Coinbase sued the SEC and FDIC for internal records on their approaches to crypto regulation.

  • Marathon Digital mined $16 million worth of Kaspa tokens since September, diversifying from Bitcoin.

  • Crypto losses from hacks and rug pulls doubled to $572 million in Q2 2024, with CeFi being the main target.

🧠 Errata

  • A Florida family sued NASA after space junk from the ISS crashed through their roof.

  • A rare comet with a 69-year orbit, last seen in 1956, is set to approach Earth again.

  • A giant sinkhole swallowed up the center of a soccer field.

📺 What to Watch Today

WTF?

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

Cheers,

Wyatt

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