Good morning.

Astronomer’s CEO resigned after a viral kiss-cam moment with his HR Head at a Coldplay concert triggered 22,000 news articles in 24 hours.

Meanwhile, China’s rare earth exports to the U.S. just spiked 660% in a single month, the EU is scrambling to avoid a 30% tariff spike by August 1, and the market is sending a clear signal to investors:

Good earnings aren’t good enough anymore.

We're unpacking all that (and more) in today’s Stocks & Income.

Markets edged near all-time highs last week:

The Fed has entered its blackout period ahead of the July 30 meeting. Odds of a rate cut this month? Just 5%, down from 13% a few weeks ago.

Social Security goes digital: Starting September 30, paper checks are done. About 520,000 recipients (mostly low-income or unbanked seniors) will need to switch to direct deposit or prepaid debit cards.

China’s rare earth exports to the U.S. jumped 660% in June, driven by American companies stockpiling materials for batteries, defense systems, and clean energy tech.

The rush comes as tariffs loom large:
The EU is negotiating to avoid a 30% tariff spike on exports to the U.S., with one strategist calling it a potential “total car crash” for Europe if no deal is reached by August 1.

It’s not just one-off reactions—markets are unimpressed strong earnings across the board.

What’s going on?

It seems like a shift in investor psychology. Decent numbers aren’t enough anymore. Investors want bigger beats, larger upside catalysts, or bold forward guidance—not just good results in a relatively positive macro environment, like $NFLX ( ▼ 0.02% ), $JPM ( ▲ 0.7% ), and $BAC ( ▲ 0.12% ).

It’s also a potential sign that much of this year’s optimism may already be priced in. If good reports aren’t moving stocks, weaker ones could hit harder than expected.

→ Here’s what to watch—and what to avoid—as earnings season heats up

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The information provided in Stocks & Income is for informational and educational purposes only and should not be construed as financial advice, investment advice, or a recommendation to buy or sell any securities. Stocks & Income is not a registered investment advisor, broker-dealer, or licensed financial planner. Always do your own research and consult with a licensed financial advisor before making any investment decisions. We may hold positions in or receive compensation from the companies or products mentioned. Disclosures will be made where applicable.