Hope you enjoyed your day off if you’re in the US, had fun voting if you’re in the UK, or found a way to make yesterday memorable if you’re elsewhere.

• Wall Street's 'bad news is good news' mantra was in full swing as markets embraced signs of a cooling economy.

  • The S&P 500 gained 0.51% while the Nasdaq rose 0.88% to fresh record highs, while the Dow slipped 0.06%.

  • Weak ISM Services PMI and cooling labor market data increased bets for a September rate cut to nearly 70%.

• The EU slapped duties of up to 37.6% on China-built EVs in its biggest trade case yet.

• Tesla short sellers lost a staggering $3.5 billion in just two days after the company reported better-than-expected Q2 deliveries.

• ABC News scheduled their interview with President Biden to air as a primetime special on Friday.

📈 Trends you need to know

The economy is coming for your swimming pool installation business.

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Ideas, trends, and analysis

• The pool construction boom has dried up, with just 60,000 in-ground residential pools expected to be built in 2024, down 50% from 2021.

• Mortgage rates ticked up to 6.95% this week, the first increase since late May.

• Meta's Threads app hit 175 million monthly users on its one-year anniversary.

• Volvo Cars' June sales climbed 8% year-over-year to 71,514 vehicles, bolstered by a 41% surge in electric and plug-in hybrid models.

🌍 Global Perspectives

• 🇯🇲 🇰🇾 🇲🇽 Hurricane Beryl tore through the Caribbean as a Category 3 storm, killing at least 8 people.

• 🇬🇧 The UK’s Labour Party cruised to a historic victory, unseating the Conservatives.

• 🇵🇭 🇨🇳 Philippine President Marcos Jr ordered his military to defuse tensions in the South China Sea after a flare-up with China.

• 🇺🇦 🇷🇺 Ukraine's military intelligence and a pro-Kyiv Russian group claimed responsibility for an April arson attack on a Russian warship in the Baltic Sea.

• 🇮🇳 121 people, mostly women and children, died in a stampede at a Hindu religious event in India's Uttar Pradesh state.

• 🇿🇦 South Africa's new coalition government cabinet is set to be sworn in on Wednesday.

• 🇯🇵 Japan declared victory in its effort to end government use of floppy disks.

📊 Crypto

• Bitcoin lost its 200-day trendline for the first time in 10 months as spot selling drove the price below $58,000.

• The German government transferred an additional $175 million in Bitcoin, including $75 million to crypto exchanges.

🧠 Errata

• A mother in India gave birth on a boat as her river island home was inundated by floodwaters.

• A new study found that carpenter ants are the only animals besides humans known to amputate each other's limbs.

• The CDC confirmed a 4th human case of bird flu linked to the current dairy cow outbreak.

• Europe's most active volcano, Mount Etna, erupted yesterday.

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

Cheers,

Wyatt