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• Markets extended their winning streak as Powell's cautious optimism fueled rate-cut anticipation.

  • The S&P 500 and Nasdaq both climbed 0.1%, marking their sixth consecutive day of gains and new record closes.

  • Fed Chair Powell's testimony to Congress emphasized the need for more data, keeping investor hopes for rate cuts intact.

• Amazon unveiled its next-gen Graviton4 chip, promising triple the computing power and 30% better performance.

• Europe's Ariane 6 rocket successfully launched, marking the continent's return to a SpaceX-dominated market.

• Greece defended its new six-day working week policy, calling it an "exceptional measure."

📈 Trends you need to know

From Exponential View:

Bottom-up pressure is now driving change in energy markets. The rapid adoption of small-scale renewables is outpacing our creaky old regulatory frameworks, leading to some pretty weird situations — negative energy prices, for instance. Sometimes there’s so much renewable energy flooding the grid that prices go negative. It’s like your local grocery store paying you to take their overripe bananas off their shelves.

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Ideas, trends, and analysis

• Fewer than 3% of renters can afford to buy an average-priced home, according to Zillow.

• West Virginia has the lowest cost of living in the US.

• 98 of America's 100 biggest company heads haven't financially supported Former President Trump or President Biden yet.

🌍 Global Perspectives

• 🇵🇸 🇮🇱 Palestinians reported at least 29 killed and dozens wounded in an Israeli strike on a school compound.

• 🇨🇳 🇧🇾 🇵🇱 China and Belarus started joint military exercises near the Polish border.

• 🇬🇪 🇪🇺 The European Union froze Georgia's accession plans and €30 million in aid.

• 🇷🇺 Moscow court ordered the arrest of Alexey Navalny's wife in absentia for "participation in an extremist organization."

• 🇮🇱 🇵🇸 Israel and Hamas appear set to resume negotiations this week over a potential cease-fire deal in Gaza.

• 🇧🇷 Former Brazilian President Bolsonaro was accused of an illegal scheme to sell $1.2 million in jewelry and other luxury gifts.

📊 Crypto

• Bitcoin mining difficulty plummeted 7.8%, the largest drop since FTX's collapse.

• Former FTX execs Nishad Singh and Gary Wang will face sentencing later this year after testifying against Sam Bankman-Fried.

• Australia's DigitalX obtained approval to list a spot bitcoin ETF on the Australian Securities Exchange.

• Bitwise was hit with a fraud lawsuit for allegedly tricking investors into converting to a high-fee, underperforming crypto trust.

• The Tezos Foundation teamed up with Baanx for a non-custodial crypto debit card on Tezos' Ethereum-compatible Layer 2 blockchain.

🧠 Errata

• Malaysian authorities nabbed "Ninja Turtle Gang," and seized $50K in smuggled reptiles.

• Astronomers found another Earth.

• Police found a well-preserved body of an American mountaineer buried by an avalanche in the Andes after 22 years.

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

Cheers,

Wyatt