When the crypto bubble popped, luxury watches crashed. Yesterday we dove in:

1. Has the luxury watch market bottomed?

2. Is now a good time to jump back in?

3. And if so, what’s the best way to do it?

Go down the luxury watches rabbit hole.

• Last week ended on a high note, with record-breaking indexes and an unexpectedly strong jobs report.

  • The May jobs report showed the US economy added 272,000 jobs, far surpassing expectations.

  • The S&P 500 rose 1.3%, the Nasdaq climbed 2.3%, and the Dow gained 0.3% last week, reaching record highs.

• Nvidia's 10-for-1 stock split takes effect today. The move follows a 212% surge in the past year, which pushed its market cap to $3 trillion.

• Apple's WWDC 2024 is planned for today, with all eyes on generative AI.

• Spotify announced plans to raise subscription prices and says other audio streamers should do the same.

📈 Trends you need to know

Recent crypto gains have not (yet?) made their way into the luxury watch secondary market.

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Ideas, trends, and analysis

• California's creative economy shed 70,830 jobs in 2023, an 8% drop.

• More affordable homes have entered the market, with inventory in the $200,000 to $350,000 range surging 46.6% year-over-year.

• Colorado's weed market is coming down hard, with sales plummeting $700 million as businesses shutter.

• Unemployment ticked up to 4% but remains low, while average hourly earnings jumped 4.1%.

• Gold prices tumbled following a solid US nonfarm payroll report and China slowing down its gold purchases.

• Credit card delinquencies hit a 14-year high, with people 35 and under struggling the most.

🌍 Global Perspectives

• 🇮🇱🇵🇸 Israeli forces rescued four hostages held by Hamas in Gaza in a raid that Palestinian officials said killed over 200 people.

• 🇺🇸🇳🇬 US lawmakers accused Nigeria of detaining an American Binance employee to extort money.

• 🇰🇷🇰🇵 South Korea announced plans to resume loudspeaker broadcasts at the North Korean border for the first time in six years.

• 🇾🇪 Houthi authorities in Yemen have detained 11 UN national staff in unclear circumstances.

• 🇮🇱🇵🇸 Centrist Israeli minister Benny Gantz quit Prime Minister Netanyahu's emergency government.

• 🇫🇷 French President Macron called shock elections after his party was trounced by Le Pen's far-right in the EU vote.

📊 Crypto

• The percentage of crypto-margined futures open interest plummeted from 70% in early 2021 to under 20% by mid-2024.

• BlackRock's spot Bitcoin ETF surpassed 300,000 BTC in assets under management just five months after launching.

• Former President Donald Trump said he would be the "crypto president" if elected.

• Medical manufacturer Semler Scientific has planned to raise $150 million to add to their 828 BTC collection.

• The New York Attorney General pushed back against DCG and Barry Silbert's motion to dismiss the fraud case.

🧠 Errata

• Women are buying more lipstick, and it means the market is crashing.

• A Florida city uncovered a mysterious network of secret tunnels, sparking wild theories about their bootlegging and trafficking origins.

• Scientists are trying to refreeze the Arctic.

• SpaceX shared unseen footage of its Starship booster's soft landing.

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

Cheers,

Wyatt