Daily Brew // Morning Brew // Update

MARKETS: YEAR-TO-DATE

Nasdaq

25,832.67

+11.15%

S&P

7,483.24

+9.32%

Dow

52,900.07

+10.06%

10-Year

4.485%

+32.2 bps

Bitcoin

$63,337.11

-27.62%

Apple

$308.63

+13.74%

Data is provided by

*Stock data as of market close, cryptocurrency data as of 11:00pm ET. Here's what these numbers mean.

Markets: All three major indexes ended last week in the green, but did the holiday weekend kill some of that mojo? A light week of economic data could help traders ease into the second half of the year.
Stock spotlight: While a number of tech stocks tumbled last Thursday, Apple jumped nearly 5% following reports that it might launch its foldable iPhone (and other new models) in the first half of next year.

$$$

The Trump Accounts have landed

President Trump took the stage on July 3 near Mount Rushmore. Mandel Ngan/Getty Images

While July Fourth was all about letting freedom ring, returns on capital also had a moment, as the day marked the official launch of Trump Accounts, which are meant to help Americans start saving for retirement much earlier.

A vehicle designed for children

Any American with a Social Security number can have a Trump Account (also known as a 530A account) as long as they are enrolled by the year before they turn 18. The terms of participation may sound familiar:

The child’s parents, the parents’ employers, family members, and charitable organizations can all make pre-tax contributions. Each account can receive up to $5,000 annually.
The funds are automatically invested in a long-term index fund.
The beneficiary takes control of the account at age 18. Standard rules for IRAs apply, and money gets taxed once it’s withdrawn.

It’s free to open an account. Some children will also get free contributions:

Those born between 2025 and 2028 will receive $1,000 from the federal government.
Children born between 2016 and 2024 could receive $250 if they live in a zip code with a median income under $150,000. Those funds are coming from Michael and Susan Dell’s pledge to the initiative.
Some large employers offer grants to the children of US employees, including many big banks and tech companies.
Private citizens are also taking part. An anonymous donor in San Francisco will contribute $500 to the accounts of every baby born there this year. Nicki Minaj pledged a total of up to $300,000 to fans’ accounts, but specifics haven’t been provided.

The response: Supporters say that giving families the opportunity to save for their children very early will level the playing field. Critics say the initiative won’t mitigate income inequality because parents who already have more will deposit more.

Zoom out: The website for Trump Accounts says that if an account receives an initial $1,000 and no further contributions this year, that could be worth $243,000 by age 55. But that depends on strong and consistent market returns between now and then.—HVL

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WORLD

Tour de headlines

Jamie Squire/Getty Images

FIFA allows Folarin Balogun to play for US tonight, in surprise reversal. USMNT striker Folarin Balogun, the team’s high scorer thus far in the World Cup, had received a red card in the team’s Round of 32 match against Bosnia and Herzegovina last Wednesday that also handed Balogun a one-game suspension. That was supposed to be served ASAP, during tonight’s Round of 16 game against Belgium, but last night, FIFA announced on its website (but not on social media) that Balogun would get a reprieve. While many fans did not believe Balogun deserved the red card, some watchers feel the reversal looks bad, since President Trump called FIFA head Gianni Infantino to request a review.

At least 18 high-temp records were broken over July Fourth weekend. Officials believe at least 25 people died as a result of the heat wave that enveloped the East Coast and the Southwest. One of the cities to experience a record-high temperature was Washington, DC, which canceled its parade on July 4 as the heat index reached 115 degrees Fahrenheit. High temperatures continued throughout the East Coast, Southeast, and Southwest through Sunday. While relief from 90-degree temps is expected this week in many parts of the US, potential flooding is now a major concern.

OPEC+ agreed to raise its output targets. Yesterday, the alliance announced it would increase production by 188,000 barrels per day in August. That marks the third consecutive month of increases but, as Reuters noted, the prior ones were largely symbolic, as the Strait of Hormuz remained impassable. Last week, Vice President JD Vance suggested that the world refilling its oil reserves quickly would diminish Iran’s negotiating power, saying in an interview that the US specifically signed the memo of understanding with Iran to “refill some stocks and then to see where the hand is.”—HVL

MAMA, I’M COMING HOME

Empty nests are filling back up

The Good Brigade/Getty Images

Finally, a homecoming story that doesn’t star Matt Damon. Young adults are increasingly moving back in with their parents, in part to sidestep the high cost of living on their own.

According to the Wall Street Journal, citing Federal Reserve data from last year, 49% of adults under age 30 say they live with a parent. That’s up 12 percentage points from 2019. And it’s not just recent college grads: Nearly one-third of adults age 25+ live with a parent.

Homecoming kings and queens: While “boomerang kids” used to be stigmatized due to associations with failing to launch (and the reminder that the movie Failure to Launch exists), more than one-third say their primary motivation for moving home was so they could save for a down payment on their own home, per Thrivent.

The connotation is changing. Samantha Stobo, 33, told the WSJ that no one judges her for living at home. “The conversation tends to be more like, ‘That’s awesome, and I bet you’re saving money.’” And, apparently, a version of the trend has even bubbled up in the ritzy Hamptons.—BC

READER POLL

Does your home contain parents and their adult children?

Yes, it works.
Yes, but I wish it didn’t.
No.

Belgium trivia

Time to brush up on Belgium before we kick their butts in soccer later tonight.

Did you know the country is a comics powerhouse? They’ve introduced many famous characters, including a franchise that, when introduced in 1958, was known as Les Schtroumpfs. What do we now know it as?

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The Smurfs

Word of the Day

Today’s Word of the Day is: connotation, meaning “implication.” Thanks to Debbie C. from Winchester, KY, and many other readers, for signaling that we should use it. Submit another Word of the Day here.

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