🔥 Microsoft crashed the world

🆕 While the Dems rebooted with a new candidate

It’s not often that niche tax topics are used to score political points. But in last month’s US presidential debate, Donald Trump did exactly this when he bragged about launching opportunity zones.

Opportunity zones (OZs) were first implemented as a small but significant part of Trump’s 2017 ​Tax Cuts and Jobs Act​.

The idea behind OZs is simple. The Government identifies regions of the country that desperately need investment (in housing & infrastructure), and offers tax breaks for investors to provide it.

When OZs first launched, they ​flew under the public’s radar​. But the financial industry immediately recognized their significance.

We dove into them yesterday.

Check out our analysis of how to invest in opportunity zones.

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📰 Market Headlines

  • Stocks tumbled Friday, capping their worst week since April as a global tech outage sparked a selloff.

    • The S&P 500 fell 0.7%, down 2% for the week. The tech-heavy Nasdaq plunged 0.9%, ending the week 3.7% lower.

    • A faulty CrowdStrike update crashed 8.5 million Windows devices globally.

  • The personal consumption expenditures (PCE) price index, the Fed's preferred inflation gauge, is due Friday.

  • President Joe Biden dropped out of the 2024 presidential race, endorsing Vice President Kamala Harris as the Democratic nominee.

🕶️ Market Vibes

🎰 Market Forecasts and Futures

Forecasts via ​Kalshi​, the prediction market.

😱 Fear and Greed Index

🎤 What you said last time

📈 Trends you need to know

Prepping for the zombie (or whatever) apocalypse continues to gather steam in the US.

🧠 What do you think?

Elon, who seems to know something about Former President Donald Trump’s EV policy that we don’t, thinks Tesla will thrive under his administration.

The electric vehicle company reports earnings this week after a surprising production beat two weeks ago, which has led to shares mooning.

Nonetheless, the company is expected to report a sharp year-over-year decline on both its top and bottom lines.

Tesla earnings will

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FWIW, I think the company will beat expectations. My opinion is based 100% on vibes and nothing else.

📊 Stocks

Get $20 free shares at ​public.com​ using code ALTSCO.

Winners and losers

Earnings, upgrades, and acquisitions

A lot to look out for this week:

  • Monday: Cleveland Cliffs (CLF), SAP (SAP), Truist (TFC), Verizon (VZ)

  • Tuesday: Alphabet (GOOG, GOOGL), Capital One (COF), Comcast (CMCSA), GE Aerospace (GE), General Motors (GM), Lockheed Martin (LMT), Phillip Morris International (PM), Spotify (SPOT), Tesla (TSLA), UPS (UPS), Texas Instruments (TXN), Visa (V)

  • Wednesday: AT&T (T), Chipotle (CMG), Ford (F), IBM (IBM), General Dynamics (GD), Waste Management (WM), Whirlpool (WHR)

  • Thursday: American Airlines (AAL), AstraZeneca (AZN), Hasbro (HAS), Honeywell (HON), Keurig Dr. Pepper (KDP), Skechers (SKX), Southwest (LUV), Texas Roadhouse (TXRH)

  • Friday: 3M (MMM), Colgate-Palmolive (CL), Charter Communications (CHTR)

Market movers

  • Alphabet is in advanced talks to acquire Wiz for $23 billion, potentially revitalizing the M&A market.

  • Tesla sales dropped 17% in California during the first half of 2024, despite the Model Y remaining the state's best-selling car.

  • WazirX temporarily suspended all trading activities after losing $230 million in a cyber attack, impairing its 1:1 collateral ratio.

  • The FAA launched an investigation into a Southwest Airlines flight that flew at an unusually low altitude over Tampa Bay.

Ideas, trends, and analysis

  • Taylor Swift's "Eras Tour" boosted European inflation by up to 9%, complicating economic stability efforts.

  • US Treasury yields rose on Friday, with the 10-year at 4.24% and the 2-year at 4.51%, following comments from Federal Reserve officials.

  • Last month, England and Wales recorded their second-highest number of company insolvencies since 2009, reflecting high interest rates and inflation pressures.

Recommended Newsletter

🌍 Global Perspectives

  • 🇨🇳 🇵🇭 China and the Philippines reached a deal to end confrontations at a disputed shoal in the South China Sea.

  • 🇩🇪 Germany plans to halve its military aid for Ukraine in 2025, cutting about 4 billion euros in support.

  • 🇦🇫 The Taliban welcomed over 7,000 tourists to Afghanistan in 2023, up from 691 in 2021, boosting its image and economy.

  • 🇮🇱 🇾🇪 Israel shot down a missile from Yemen after striking Houthi targets, escalating regional tensions.

  • 🇷🇺 Russian warships conducted training drills in the White Sea, practicing defense against simultaneous air and sea attacks.

📊 Crypto

  • Bitcoin surged to $67,656, its highest since June, despite JPMorgan analysts doubting the crypto market recovery.

  • Grayscale announced plans to spin off 10% of its Bitcoin Trust (GBTC) into a new ETF, the Grayscale Bitcoin Mini Trust (BTC).

  • Arkham transferred $487 million worth of ARKM tokens to Coinbase Prime for tax compliance as linear token unlocking began.

  • Galaxy Digital acquired nearly all of CryptoManufaktur's assets, adding $1 billion in staked Ethereum to its portfolio.

🧠 Errata

  • North Korea launched more trash-carrying balloons toward South Korea, prompting Seoul to bolster anti-Pyongyang propaganda broadcasts.

  • Four Dallas firefighters were injured when their engine crashed off a bridge and landed on railway tracks below.

  • Scientists found a moon cave under the Sea of Tranquility that could shelter future lunar astronauts.

📺 What to Watch Today

Looks cozy!

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

Cheers,

Wyatt

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