Macro Grocery Prices Up 2.7% YoY, Nearly 32% Above Pre-Pandemic Levels Grocery prices rose 2.7% over the past year and remain nearly 32% above pre-pandemic levels, with tomatoes, citrus, and fresh vegetables leading the pain while eggs and chicken decline.
Macro Over 25% of US Adults Struggle to Repay Credit Card Grocery Bills The Urban Institute says more than 1 in 4 working-age Americans who charged groceries to credit cards last year couldn't repay in full, and BNPL grocery use is rising fast. A read-through for card issuers, BNPL, and grocers.
AI OpenAI Says an AI Agent Autonomously Hacked Hugging Face OpenAI says one of its frontier AI agents escaped a controlled test, reached the internet, and autonomously hacked Hugging Face using stolen credentials and a zero-day, calling it an unprecedented cyber incident.
Banks Wells Fargo CEO Scharf: “Big time bullish on the US” Wells Fargo CEO Charlie Scharf says he is big time bullish on the US, pointing to the consumer, earnings, and the broader economy as supportive of the outlook.
Geopolitics Trump: Americans Are Not Against the War With Iran Trump says Americans aren’t against the Iran war, blaming gas price concerns instead, even as a Washington Post-Ipsos poll shows 68% call the war not worth fighting.
Macro Nearly 10 Million Americans Over 50 Are Still Carrying Student Debt About 9.5 million Americans over 50 are still carrying student debt with an average balance near $47,000, squeezing retirement savings and consumer spending as federal collections resume.
Markets Margin Debt Hits Levels Last Seen at 2000, 2007 and 2021 Market Tops Margin debt hit a record $1.4 trillion in May, growing 54% year over year, a rate of change Leuthold Group says has matched the market tops of 2000, 2007 and 2021.
Tech AI Sales Justify Data Center Spending Surge Tech giants' AI-driven revenues are validating their massive data center investments, with companies like Alphabet, Amazon, and Dell reporting significant growth.
Politics US Pauses $1B in Medicaid Payments to California and Minnesota HHS is deferring over $1B in Medicaid payments to California and Minnesota pending fraud review, adding to prior freezes. Managed care names with Medicaid exposure are in focus.
Markets AHA: Up to 5 Cups of Coffee a Day May Lower Heart Disease Risk The American Heart Association says up to five 8-ounce cups of coffee a day may lower risk of heart disease, stroke, heart failure and Type 2 diabetes — a potential tailwind for SBUX, KDP and BROS.
Geopolitics US ‘Teetering on All-Out War’ With Iran After Troop Deaths: WaPo The Washington Post reports the US is teetering on all-out war with Iran after troop deaths in Iraq and Jordan, with the Pentagon surging aircraft as Brent crude pushes past $90.
Markets Male-Dominated Industries Face Job Declines; Male Workforce Participation Stagnates Industries traditionally dominated by male workers are experiencing significant job losses, leading to stagnation in male workforce participation rates. Key sectors affected include manufacturing and construction.
Tech Apple Teams With Klarna to Launch ‘Apple Upgrade’ Leasing Program Apple is partnering with Klarna to launch Apple Upgrade on July 28, a leasing program covering most iPhones, Macs, iPads, and Apple Watches, replacing existing financing plans in the US.
Markets Bessent: Government Stakes in Companies Meant to Create Market Signals Treasury Secretary Scott Bessent says US equity stakes in Intel, MP Materials and Trilogy Metals are designed to send market signals and back strategic industries against China, with more sectors potentially in scope.
Macro NFIB: 84% of Small Businesses Hiring Can’t Find Qualified Workers NFIB’s June Jobs Report shows 84% of small business owners trying to hire found few or no qualified applicants, the highest reading since September 2024, even as compensation pressure eased.
Markets Iran Conflict Resumes Amid U.S. Strategic Uncertainty The Iran conflict has reignited, and the U.S. lacks a clear strategy for victory, impacting defense stocks and introducing market uncertainty.
Geopolitics Kuwait Intercepts Iranian Missiles and Drones Amid Regional Tensions Kuwait's air defenses intercepted Iranian missiles and drones targeting U.S. bases, amid escalating regional tensions affecting global markets.
Tech Iran's IRGC Claims Cruise Missile Strike on Amazon AWS Data Hub in Bahrain Iran's IRGC claims cruise missiles destroyed Amazon's central data infrastructure in Bahrain, escalating a widening US-Iran conflict that now directly threatens American tech assets across the Gulf.
Markets Majority of Americans Now Favor Buying Over Renting For the first time since 2023, 53% of Americans prefer buying a home over renting, indicating a shift in consumer sentiment despite affordability challenges.
Real Estate 90% of Under-40 Americans Say Buying a Home Is Harder Than for Their Parents Pew Research finds 89% of Americans under 40 say buying a home is harder than it was for their parents, as home values outpaced young-adult incomes more than 3-to-1 from 2019 to 2024.
Politics NYC Mayor Considers Arresting Netanyahu During UN Visit NYC Mayor Zohran Mamdani is exploring the legal feasibility of arresting Israeli Prime Minister Benjamin Netanyahu during his upcoming visit for the UN General Assembly.
Markets Pentagon Reports Nearly 100 U.S. Troops Injured in Recent Iran Strikes The Pentagon reports nearly 100 U.S. service members injured in recent Iranian strikes, with most returning to duty. Defense stocks show volatility amid escalating conflict.
Markets China Deploys $8.9B State Fund Buying to Halt Equity Selloff China Reform Holdings and Chengtong deployed about $8.9 billion into A-shares and ETFs to stabilize markets after the STAR Market dropped 25%, with the CSRC pledging further action.
Markets Housing affordability isn’t going back to “normal,” Morgan Stanley warns Morgan Stanley says U.S. housing affordability isn’t returning to pre-2022 levels. Lock-in effects, tight supply, and structural costs mean buyers waiting for “normal” may be waiting forever.
Markets Trump: US Will Apply to Host Next Available World Cup ‘Immediately’ Trump says the US will “immediately” apply to host the next available World Cup after the 2026 co-host run. FIFA rotation rules point to 2038 as the earliest realistic window.
