Stocks and Income will take a break manana to celebrate America’s Independence Day. Enjoy some hot dogs, fireworks, and casting off the shackles of colonial oppressors.

• The S&P 500 and Nasdaq closed at record highs yesterday as Fed Chair Jerome Powell touted progress on inflation.

  • The S&P 500 gained 0.6%, followed by the Nasdaq, which also notched a record close, rising nearly 0.8%.

  • Fed Chair Jerome Powell expressed encouragement over cooler inflation data, stating, "We are getting back on a disinflationary path."

• Job openings unexpectedly rose to 8.14 million in May, up from 7.92 million in April.

• The FDA approved Eli Lilly's Alzheimer's drug Kisunla, which has been shown in trials to slow cognitive decline in early-stage patients.

• Google's carbon emissions surged nearly 50% compared to 2019 due to AI demand.

📈 Trends you need to know

The recent nearshoring trend to Mexico has seen numerous American companies relocating their manufacturing closer to home, primarily driven by trade tensions, supply chain disruptions, and cost efficiencies. For the American economy, this shift has boosted manufacturing resilience, reduced dependency on distant markets, and created opportunities for logistics and tech sectors.

Conversely, it means increased foreign investment, job creation, and enhanced technological advancements for the Mexican economy. However, it also raises competition for local firms and environmental concerns. Overall, nearshoring strengthens North American economic integration and positions Mexico as a pivotal player in the global supply chain.

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Ideas, trends, and analysis

• Three-quarters of voters think Democrats have a better shot at the White House with someone other than President Biden.

• The worldwide digital camera market hit a three-year high, with camera shipments up nearly 10% compared to last year.

• US EV makers reported better-than-expected Q2 sales, with GM's EV sales increasing by 40%.

🌍 Global Perspectives

• 🇺🇸 🇨🇳 The Biden administration revoked 8 licenses for China's Huawei in 2024 as it seeks to pressure the resurgent company.

• 🇮🇳 At least 116 people were killed in a stampede at a Hindu religious gathering in northern India.

• 🇯🇲 Hurricane Beryl strengthened into a potentially catastrophic Category 5 storm as it churned toward Jamaica.

• 🇰🇵 🇰🇷 North Korea said it successfully tested an advanced ballistic missile after South Korea reported a possible failed launch near Pyongyang.

• 🇹🇼 🇨🇳 Taiwan demanded China return a Taiwanese fishing boat seized by the Chinese coastguard near the Kinmen islands.

📊 Crypto

• BlackRock launched a 'buffer' ETF offering a 100% downside hedge for risk-shy equity investors.

• A Texas judge approved an expedited timeline for the court to consider the merits of Consensys' lawsuit against the SEC.

• Circle became the first global stablecoin issuer to gain regulatory approval under the EU's MiCA framework.

• Coinbase landed a $32.5 million US Marshals Service contract for crypto custody and trading.

🧠 Errata

• A video-gaming Italian teen becomes the Catholic Church's first millennial saint, signed by the Pope.

• Bionic legs can now enable brain control.

• Wine drinkers may have dinosaurs to thank for today's Merlot.

• ESA scientists have crafted space dust into Lego-like bricks for lunar habitats.

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

Cheers,

Wyatt