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• The Nasdaq and S&P 500 rallied to record-high closes on Wednesday, fueled by gains in Nvidia and other heavyweights ahead of inflation data and earnings reports.

  • The S&P 500 crossed 5,600 for the first time after Federal Reserve Chair Jerome Powell stoked expectations for an interest-rate cut in September.

• HubSpot shares plunged 12% after a report said Alphabet isn't buying the software company.

• Today’s inflation report may solidify expectations for Fed rate cuts. CPI is expected to rise 0.1% month over month.

• Elon Musk said Neuralink hopes to implant its system in a second human patient within "the next week or so."

• The Federal Trade Commission plans to sue three large US health companies, arguing their tactics inflate drug prices.

📈 Trends you need to know

While the vibe is that inflation keeps coming down, it’s basically been flat for the last year or so.

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Ideas, trends, and analysis

• US retailers like Walmart and Target have launched back-to-school promotions earlier to capture dollars before Amazon's Prime Day.

• UK wages grew twice as fast as Europe and the US in June due to a 9.8% National Living Wage increase.

• The share of people with medical debt in collections has fallen, but median medical debt increased to $1,493 in 2023.

• Montgomery County, Maryland's business growth has lagged the DC region since 2008, suggesting it's less attractive for startups.

🌍 Global Perspectives

• 🇺🇦 The NATO summit agreed that Ukraine is on an “irreversible path” towards membership, contingent on the end of the war with Russia.

• 🇮🇳 Traffic in Mumbai will literally stop for the four-day extravaganza wedding of billionaire Mukesh Ambani's youngest son.

• 🇷🇺 🇺🇦 Russia engaged in a "bold" sabotage operation across NATO states, targeting weapons supply lines for Ukraine.

• 🇺🇸 An exiled Chinese businessman stole millions from online followers through bogus investment schemes, a US prosecutor alleged.

• 🇯🇵 Japan's wholesale inflation accelerated in June as the yen's decline pushed up raw material import costs.

• 🇦🇷 Argentina's salt flats are gaining attention as Eramet's innovative lithium extraction technique attracts global interest.

📊 Crypto

• Bitwise CCO says Ethereum ETFs are "close to the finish line," but other crypto funds may take longer for SEC approval.

• Crypto investment firm Hypersphere unveiled a $130M market fund staffed by Millennium and Bridgewater alums.

• Goldman Sachs announced plans to launch three tokenization projects by year-end, citing renewed momentum and client interest.

• Mt. Gox repayments have shaken the crypto market, with 47,288 BTC moved and 140,000 BTC to be returned.

🧠 Errata

• Rising bird flu in US cattle could be a "dangerous" step toward a human outbreak.

• The Coast Guard rescued five people clinging to a cooler in Lake Erie after a wave hit their boat.

• A Spanish tourist was trampled to death by elephants in South Africa after leaving his car for pictures.

• NASA's first year-long mock Mars mission ended after 378 days in a simulated habitat.

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

Cheers,

Wyatt