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📰 Market Headlines

Earnings season is heating up with Tesla, Boeing, and UPS preparing to report amid the market's six-week winning streak.

• The Dow Jones and S&P 500 hit all-time highs last week, with all major indexes gaining around 1%.

The US retirement system received a C+ in the 2024 Mercer CFA Institute Global Pension Index, ranking 29th out of 48 countries.

Elon Musk has offered voters $1 million a day to sign his PAC petition backing the Constitution.

Power went out on the island of Cuba on Friday, leaving 10 million people without electricity.

🕶️ Market Vibes

🎰 Market Forecasts and Futures

Forecasts via ​Kalshi, the prediction market.

😱 Fear and Greed Index

🎤 What you said last time

What you had to say:

“If there is a better use for dead horses, I haven’t found it!”

🧠 What do you think?

Elon Musk’s $1 million-a-day offer to voters who sign his PAC's petition has stirred quite the legal storm, raising eyebrows among election law experts. While Musk might be aiming to boost civic engagement, the legality of this approach is facing scrutiny.

Legal Issues at Play

Possible Federal Law Violation

Some legal heavyweights argue Musk’s move might cross a line in federal election law. UCLA Law Professor Rick Hasen points to a specific law that bans paying people to register to vote or to cast a ballot. The twist here? Musk’s offer is limited to registered voters, which could be seen as an incentive for people to register.

Election Day Timing

Timing is everything. Northwestern University’s Michael Kang flags that this offer comes uncomfortably close to Election Day, which makes it hard to argue that it isn’t intended to influence voter registration. The timing alone adds fuel to the legal fire.

Eligibility Strings Attached

Brendan Fischer, a campaign finance lawyer, also sees legal red flags. The PAC requires voter registration for participation, which pushes this initiative into murky waters. The condition could be the tipping point that makes this legally questionable.

Dissenting Opinions

Not all legal minds are convinced that Musk is in clear violation of the law.

- Some critics call the offer distasteful but not illegal, suggesting that paying someone to sign a petition isn’t the same as paying them to vote or register.

- Former Federal Election Commission Chair Bradley Smith comes to Musk’s defense, arguing the tech mogul is compensating for petition signatures, not votes or registrations.

Political Backlash

Political figures are also weighing in. Democratic Governor Josh Shapiro of Pennsylvania voiced concerns about the flow of "dark money" into the state through this initiative, calling it problematic.

What’s at Stake?

If this gambit is ruled illegal, Musk could face significant penalties, including hefty fines and even up to five years in prison. The stakes are high, and the legal fallout remains to be seen.

The Bottom Line

Musk’s million-dollar-a-day offer has sparked a serious legal debate, and whether it crosses the line will depend on further scrutiny. It’s a fine line between promoting civic duty and potentially violating federal election law. No clear verdict yet, but it’s safe to say this won’t be the last we hear of it.

📊 Stocks

Winners and losers

Earnings, upgrades, and acquisitions

Here’s the roundup for this week:

Monday: SAP SE (SAP), Nucor Corporation (NUE), HBT Financial (HBT), Zions Bancorporation (ZION), Nucor Corporation

Tuesday: General Motors (GM), 3M Company (MMM), RTX Corporation (RTX), Verizon Communications (VZ), GE Aerospace (GE), Lockheed Martin (LMT), Quest Diagnostics (DGX), Philip Morris (PM), Denny's Corporation (DENN), Sherwin-Williams (SHW), Interpublic Group of Companies (IPG), Norfolk Southern Corporation (NSC), RTX Corporation (RTX), Texas Instruments (TXN), PulteGroup (PHM), Enphase Energy (ENPH)

Wednesday: Tesla (TSLA), Boeing (BA), AT&T (T), IBM (IBM), Coca-Cola (KO), GE Verona (GEV), T-Mobile (TMUS), Las Vegas Sands (LVS), Hilton Worldwide Holdings (HLT), Whirlpool Corporation (WHR), Mattel (MAT), CME Group (CME), General Dynamics (GD), ServiceNow (NOW), Viking Therapeutics (VKTX)

Thursday: UPS (UPS), American Airlines (AAL), Southwest (LUV), Dexcom (DXCM), Deckers Outdoor Corporation (DECK), Sketchers (SKX), Coursera (COUR), Dow Inc. (DOW), Honeywell International (HON), Union Pacific Corporation (UNP), Hasbro (HAS), Northrop Grumman Corporation (NOC), Capital One (COF), Beyond, Inc. (BYON)

Market movers

• EV startup Fisker filed for bankruptcy with plans to liquidate $1 billion in assets.

• Due to Boeing's ongoing strike, Spirit AeroSystems furloughed 700 workers for 21 days.

• Indian retail group seeks antitrust probe of quick commerce companies Swiggy, Blinkit, and Zepto for alleged predatory pricing.

• Big Tobacco nears a $24 billion settlement to end long-running lawsuits in Canada, with a C$32.5 billion payout.

📺 What to Watch Today