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MARKETS

Nasdaq

25,476.64

-0.43%

S&P

7,358.22

-0.10%

Dow

51,848.90

+0.35%

10-Year

4.402%

-9.0 bps

Bitcoin

$60,940.05

-2.52%

SpaceX

$154.54

-1.01%

Data is provided by

*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean.

Markets: Stocks mostly kept slipping yesterday, even as oil prices fell, with investors still unsure about AI in the lead-up to Micron’s earnings (more on that in a sec). With SpaceX and Tesla among the stocks that fell, Elon Musk lost his trillionaire status—but you don’t have to feel too bad for him, as he’s still the richest person in the world.

Markets Sponsored by EnergyX

July 16 is the final day to invest: There’s still time to join General Motors, POSCO, and 50,000+ people as an EnergyX investor. But not much. Invest by July 16.

NO DEAL

Trump says he’s not signing the housing bill yet

Andrew Merry/Getty Images

Yesterday could have been the day that one of the most important home construction bills since 1990 was signed into law…but it wasn’t.

The Road to Housing Act, a rare bipartisan piece of legislation, cleared the Senate on Monday and the House on Tuesday and was set to be signed by President Trump yesterday. A White House spokesperson praised the bill on Tuesday night, but two hours before a scheduled signing ceremony, President Trump served up contradictory vibes and announced via social media that he wouldn’t sign it until the SAVE America Act was also passed.

It looked like Washington was on the same page: The landmark housing bill finally came together this week after months of back and forth, as legislators sought a win ahead of midterms. But Trump has recently locked in on passing the SAVE Act, which would tighten voting requirements in the US, despite Congressional supporters of the bill from his own party saying it doesn’t have the votes to pass.

But the housing bill isn’t dead: Unless Trump vetoes it, the bill will automatically become law in 10 days. And the bill has enough votes to override a veto.

So, what’s in it?

It won’t lower your mortgage or rent overnight, but housing experts are cautiously optimistic about what’s in the bill, which would:

Speed up environmental reviews on some building projects, encourage local governments to adopt land-use and builder-friendly zoning policies, and tie federal money to local housing production.
Remove a federal requirement for manufactured homes (as opposed to houses built on-site) to have wheels, cutting costs and expanding where these cheaper homes can be built.
Introduce a pilot program that would offer loans and grants for renovating old and abandoned homes, and expand access to convert former office buildings into apartments.
Cap how many single-family homes private equity can own (a cause Trump supports).

But…the bill includes few incentives for affordable housing and doesn’t address the skyrocketing costs of labor, building materials, or interest rates.

Zoom out: Despite yesterday’s hiccup, the bill’s passage shows that housing affordability is a key issue for both parties.—MM

Sponsored By EnergyX

Last call to ride the lithium wave

The “white gold” mines in North and South America are still untapped, and a wave of demand for lithium may be on the horizon.

Lithium’s one of the most critical, short-supplied commodities in our economy. Crucial to data centers, EVs, and more, one global bank predicted an 80k-ton shortage this year alone. Perfect timing for EnergyX, which has honed their recovery technique for nearly a decade. General Motors, POSCO, and 50k+ everyday people have already invested. Now, until July 16, you can join them.

Their patented tech can extract up to 3x more lithium than conventional methods. Next, they’re preparing to unlock up to 15m+ tons across the Americas.

Become an early-stage investor before the July 16 deadline.*

WORLD

Tour de headlines

First responders in Caracas. Jesus Vargas/Getty Images

Twin earthquakes struck Venezuela. The first quake, with a magnitude of 7.2, occurred around 6pm ET yesterday, followed by a second quake with a magnitude of 7.5 less than a minute later. The second earthquake was the country’s largest since 1900. The worst-hit state was La Guaira, which Venezuelan President Delcy Rodríguez said has been declared a disaster zone. Caracas, the nation’s capital, was also significantly impacted. In remarks this morning, Rodríguez said at least 164 people had died and 971 were injured. Those figures are expected to rise.—HVL

Micron delivered blockbuster earnings, despite market’s AI jitters. The American semiconductor company reported its most profitable quarter ever after the bell yesterday, with its Q3 revenue reaching $41.5 billion compared to $9.3 billion for the same quarter last year. It also offered a better-than-expected outlook for its Q4 revenue. The company produces both memory and storage chips. Those products remain in demand with data center builders, causing electronics manufacturers angst and price increases due to shortages.—HVL

GTA VI preorders go live—but there won’t be a disc. As of midnight, fans eager to visit Vice City could preorder the much-delayed, hugely anticipated Grand Theft Auto VI for $79.99 (or $99 for a premium version that includes exclusive shops). Both digital and physical copies of the new game from Rockstar Games are available for pre-order ahead of its November debut, but the physical copy doesn’t contain a disc, just a code in a box. Not having a disc isn’t necessarily uncommon in the gaming world, but it’s a first for the megapopular franchise.—AR

YUM MONEY

Reddit turned Wendy’s into the newest meme stock

Nick Iluzada

Less than two weeks ahead of America’s 250th anniversary, the patriotic people of r/WallStreetBets rallied to restore a cherished US institution: Wendy’s. A Reddit post titled “We need to save Wendy’s” helped the fast-food chain’s stock surge as much as 41.9% yesterday before closing up 25.7% at $7.87.

Investing based on love for the Baconator is the latest example of the power of Reddit’s investing community, which turned GameStop and AMC into lucrative meme stocks in 2021. Now, retail investors have identified Wendy’s as the latest opportunity to squeeze short sellers and make a mint:

Per data from MarketBeat, ~32% of Wendy’s stock (the value of which has fallen more than 70% since 2023) is being sold short, creating the possibility that a sudden spike in share price could force short sellers to buy more stock to cover their position and drive the price even higher.
But some posters warned this could be a repeat of last year, when a squeeze was placed on Beyond Meat (now known as Beyond The Plant Protein Co.), and incorrect information led to losses for the squeezers.

Beyond the pure hype…some of the stock’s buyers cited confidence in Wendy’s hiring of CFO Steve Cirulis this week, a move that comes a month after Bob Wright was installed as the new CEO. Both come from the sandwich chain Potbelly, which had impressive growth during their more than five years there together.—DL

READER POLL

Would you buy Wendy’s stock?

Yes, I am all in on stonks.
Sure, I think the company has room to grow.
Maybe, but I’d want to have a closer look at the financials first.
No, this is a blip.
Nah, I don’t trade individual stocks.

Three Headlines and a Lie

Three of these headlines are real and one is faker than the super-cheap bike you found on Facebook Marketplace. Can you spot the odd one out?

Whipped cream has the same molecular structure as a parasite from the Mesozoic Era
Comedian Sebastian Maniscalco blew out both his calves telling jokes
This viral South Korean app lets you order food that never arrives — and that’s the whole point
Giant banana pulled over in Montana: Driver says cops have stopped him 100s of times

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ANSWER

We made up the one about whipped cream.

Word of the Day

Today’s Word of the Day is: contradictory, meaning “a situation in which two statements completely negate one another, making it impossible for both to be true.” Thanks to Dara from Miami for a suggestion we were never of two minds about. Submit another Word of the Day here.

✢ A Note From EnergyX

Energy Exploration Technologies, Inc. (“EnergyX”) has engaged Morning Brew to publish this communication in connection with EnergyX’s ongoing Regulation A offering. Morning Brew has been paid in cash and may receive additional compensation. Morning Brew and/or its affiliates do not currently hold securities of EnergyX.

This compensation and any current or future ownership interest could create a conflict of interest. Please consider this disclosure alongside EnergyX’s offering materials. EnergyX’s Regulation A offering has been qualified by the SEC. Offers and sales may be made only by means of the qualified offering circular. Before investing, carefully review the offering circular, including the risk factors. The offering circular is available at invest.energyx.com.

Comparisons to other companies are for informational purposes only and should not imply similar results. Past performance is not indicative of future results. Market shortfall are forward‑looking estimates and are subject to substantial uncertainty.

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☕️ Betting on the Baconator