Markets

Costco Has Thousands of Hourly Worker 401(k) Millionaires: CFO

Costco CFO Gary Millerchip says many thousands of U.S. hourly workers now have more than $1 million in their 401(k) accounts, powered by high wages, low turnover, and a stock that is up over 2,000% in 20 years.

Politics

Pentagon Runs Low on Cash Despite Nearly $1T Budget

The Pentagon is running out of cash despite a nearly $1T budget, asking Congress for $67B more as Iran war costs mount and munitions stockpiles run low.

Geopolitics

Argentine FA says systems breached by Egyptian hackers after World Cup win

Argentina’s Football Federation says Egyptian-origin hackers breached its database and sent emails from AFA accounts alleging referee corruption in the World Cup win over Egypt.

Politics

New Mexico AG Accuses DOJ of Stonewalling Epstein Ranch Probe

New Mexico AG Raul Torrez says the DOJ is withholding unredacted Epstein files, stalling the state's Zorro Ranch investigation. The DOJ says it responded in June and stands ready to assist.

Markets

NYC Adopts First US Click-to-Cancel Rule for Gyms, Streaming

New York City adopted a first-in-the-nation click-to-cancel rule, forcing gyms, streamers and other subscription businesses to make cancellation as easy as signup starting October 1, with $525-per-violation penalties.

Geopolitics

Trump declares Iran ceasefire ‘OVER’ after strikes in Strait of Hormuz

Trump says the US ceasefire with Iran is ‘OVER’ after fresh strikes tied to attacks in the Strait of Hormuz, though talks will continue. Oil is up on the week and tanker traffic has slowed.

Markets

Musk: SpaceX Could Be Worth More Than the Rest of Earth

Elon Musk says SpaceX could eventually be worth more than the rest of Earth if it hits its multiplanetary goals. The claim followed the Anthropic compute deal and lands with SPCX near $152.

Macro

Fed Taps Xbox CEO Asha Sharma for Jobs Task Force Days After 3,200 Layoffs

The Fed named Xbox CEO Asha Sharma to co-lead its Productivity and Jobs task force just three days after she announced 3,200 layoffs at Microsoft’s gaming division.

Geopolitics

Israel Warns US of Fresh Iranian Plot to Assassinate Trump

Israel shared intelligence with the US warning of a new Iranian plot to assassinate President Trump, as the ceasefire frays and strikes resume around the Strait of Hormuz.

Politics

Ken Griffin Says He'd Back Rubio Over Vance in 2028 GOP Primary

Citadel's Ken Griffin told a Sun Valley audience he'd back Marco Rubio over JD Vance in a 2028 GOP primary, per Axios, highlighting a growing donor split inside the Republican Party.

Markets

Burry Goes Long Flutter and DraftKings, Bets Prediction Markets Get Regulated

Michael Burry disclosed a full-sized long position split 60% Flutter (~$107) and 40% DraftKings (low $26s), betting prediction markets like Kalshi and Polymarket eventually face regulation and taxation.

Politics

California Approves Two New Taxes: Health Premiums and Software Downloads

California’s new budget introduces two new taxes for 2027 — a managed care organization levy that will raise health premiums and an expanded sales tax on downloaded software like Adobe, Slack, and TurboTax.

Tech

Deadly Bacteria in Cheyenne Water Traced to Meta's $800M AI Data Center

A rare, potentially deadly bacterium found in Cheyenne, Wyoming's wastewater has been traced to Meta's $800 million AI data center, prompting new rules and fresh scrutiny of AI infrastructure buildouts.

Markets

Americans' Confidence in Capitalism and Democracy Declines Sharply

Recent surveys indicate a significant drop in Americans' trust in capitalism and democracy, with potential implications for market stability and investor sentiment.

Macro

Nearly Half of U.S. Adults Under 30 Now Live With a Parent: Fed

A Federal Reserve survey shows 49% of U.S. adults under 30 lived with a parent last year, up 12 points from 2019. Housing costs, rents, and AI-driven entry-level job cuts are delaying household formation.

Banks

FBI, DOJ probe Argentine Football Association over $300M in US bank flows

The FBI and DOJ are running a preliminary probe into the Argentine Football Association over roughly $300M routed through Bank of America, JPMorgan, Citi, PNC, and Synovus via a Florida LLC.

Geopolitics

US Strikes Iran Railway Bridge Linking to China and Russia

US cruise missiles struck the Aq Taqeh Khan railway bridge in northern Iran, damaging a key overland trade corridor to China and Russia as Hormuz shipping traffic collapses.

Markets

Raymond James sets Street-high $800 SpaceX price target

Raymond James initiated SpaceX (SPCX) with a Strong Buy and Street-high $800 price target, implying roughly 440% upside and a $10.5 trillion market cap.

Politics

Pentagon Running Out of Cash Despite Nearly $1 Trillion Budget

The Pentagon is running low on cash despite a near-trillion-dollar budget, with officials asking Congress for $67B more as Iran war costs climb past $130B. Training canceled, jets parked.

Tech

New York bans smart glasses in all state courthouses starting July 20

New York becomes the first US state to ban smart glasses in all 1,240 courthouses starting July 20, forcing visitors to surrender Meta Ray-Bans and other camera-equipped eyewear at the door.

Politics

Over 70 EU lawmakers demand probe into FIFA chief Infantino over Trump call

More than 70 EU lawmakers are demanding an investigation into FIFA President Gianni Infantino after FIFA lifted Folarin Balogun’s red card suspension following a call with President Trump.

Markets

Cyclospora Outbreak Tops 1,000 Cases in the US, Dozens Hospitalized

A cyclospora outbreak has topped 1,000 US cases with dozens hospitalized. Michigan is the epicenter, and no common food source has been identified yet.

Banks

Goldman Sachs Bans Employees From Most Prediction Market Bets

Goldman Sachs has banned employees from trading on prediction markets tied to companies, elections, financial markets, macro data, and geopolitics. Only sports and entertainment bets remain allowed.

Markets

France National Team Flew ICE Deportation Charter Planes at World Cup

France’s national team has been flying between World Cup venues on GlobalX charter jets, the same carrier that operates the majority of ICE deportation flights in the US.

Politics

Trump: ‘I would be the greatest communist in history, right up there with Lenin’

Trump told an Epoch Times reporter he would be the greatest communist in history, right up there with Lenin, while calling communism a disaster. Here is the trader angle.