Today, everyone is talking about old people forgetting things. But even The Boss needed a reminder of where he was from time to time.
Masterworks just sold this Basquiat for $8m
Masterworks just sold 006 by Jean-Michel Basquiat for $8 million.
This is their 23rd exit, but their first ever Basquiat exit, and it delivered their second-largest payout to date.
2,000 investors are getting a payout this week. Masterworks has distributed back more than $60 million in total proceeds across 15,000+ payouts.
📰 Market Headlines
Stocks retreated from records as cooler inflation sparked a tech sell-off.
The S&P 500 fell 0.9% and the Nasdaq plunged nearly 2%, led by drops in Nvidia and Tesla.
Core CPI rose 3.3% in June, below the 3.4% forecast, pushing odds of a September Fed rate cut up 83%. [Ed: This is insane]
Dollar General agreed to pay $12 million and overhaul worker safety in a settlement with the Labor Department.
Delta said the Paris Olympics will cost it $100 million in lost revenue as travelers avoid the city this summer.
Tesla shares fell 8% after Bloomberg reported a two-month delay in the Robotaxi unveiling. [Ed: lolz of course]
You guys called it two months ago.
Which promise will Elon keep?
🕶️ Market Vibes
🎰 Market Forecasts and Futures
😱 Fear and Greed Index
🎤 What you said last time
That’s two days in a row of disappointing results.
📈 Trends you need to know
Vice President Kamala Harris is now more likely to be the next American President than Joe Biden.
🧠 What do you think?
Has anything changed after last night's press conference?
📊 Stocks
Get $20 free shares at public.com using code ALTSCO.
Winners and losers
Earnings, upgrades, and acquisitions
Conagra beat Q4 earnings but saw a 2.3% sales decline; shares fell 2%.
PepsiCo jumped 3% after beating Q2 EPS estimates.
Delta Air Lines' Q2 revenue rose 7%, but net income fell 29%; shares dropped 4.2%.
Market movers
Tesla shares fell 8% after Bloomberg reported a two-month delay in the Robotaxi unveiling.
Apple announced it will open its tap-and-go mobile payments system to rivals, complying with EU antitrust rules.
Boeing is nearing a $4-6 billion deal to sell 777X jets to Korean Air, which it may finalize at July's Farnborough Airshow.
Bain Capital announced plans to buy Envestnet for $4.5 billion.
Pfizer said it would be moving forward with studies on their once-a-day oral weight-loss pill with GLP-1 receptor agonists.
GE Appliances announced it will lay off 4% of its global salaried workforce.
Ideas, trends, and analysis
Over half of Gen Z is willing to buy fixer-uppers, but 27% regret it; prices are 29% lower than move-in ready homes.
International tourists are projected to spend a record €800 billion in Europe this year, 37% above pre-pandemic levels. [Ed: Our friend down the road is fully booked for the summer but has a few days free next week if you’re in Spain]
Gold prices surged above $2,400 per ounce, the highest since May.
A new study found 44% of Americans reached "super saver" status, with Gen Z leading at 53%.
🌍 Global Perspectives
🇰🇪 Kenyan President William Ruto fired almost his entire cabinet to appease anti-corruption protesters.
🇰🇷🇰🇵 South Korea's arms procurement agency said it will deploy laser weapons targeting North Korean drones this year.
🇫🇷 Officials of the Paris Olympic Games reported the River Seine is still unsafe for swimming due to high levels of E. Coli.
🇺🇸🇩🇪 The US and Germany thwarted a Russian plot to assassinate the CEO of a German arms manufacturer aiding Ukraine.
📊 Crypto
40% of Ethereum's supply is locked up as the market braces for potential spot ETH ETF approvals.
The SEC quietly dropped its investigation into Paxos and the BUSD stablecoin.
Goldman Sachs plans to launch three tokenization projects by year-end amid renewed client interest in crypto.
🧠 Errata
The US heat wave death toll has reached 28 in the West this month.
A man in China was caught trying to smuggle 104 live snakes in his trousers while traveling from Hong Kong to Shenzhen
A 120-ft asteroid will approach Earth today at 20,993 km/h, according to NASA. It will probably miss.
New studies suggest early humans began leaving Africa about 250,000 years ago, much earlier than previously thought.
📺 What to Watch Today
That’s all for today. Did I miss anything? Smash the reply button to let me know.
Cheers,
Wyatt
