Markets retreated across the board yesterday as enthusiasm faded.
The Dow dropped 0.3%, the Nasdaq slid 0.7%, and the S&P 500 fell 0.4%, ending its six-day winning streak.
TheGENIUSAct, a major crypto regulation bill, advanced in the Senate with a 66-32 procedural vote. The bill would create guidelines and guardrails for the creation and issuance of stablecoins in the US—digital tokens backed 1:1 by cash or Treasuries. Supporters say it could make stablecoins the most popular form of short-term U.S. debt, boosting dollar dominance. Critics argue the bill doesn’t do enough to stop corruption or rein in tech—and that it will lead to Central Bank Digital Currencies (CBDCs).
Asian investors trimmed exposure to US assets as Moody's downgraded US sovereign debt to AA1 from AAA, citing rising debt levels and significantly higher interest rates compared to similarly rated countries. Moody’s announcement didn’t seem to affect US investors that much this Monday, but other countries (and Ray Dalio—see below) seem to be taking the US’s credit ding more seriously.
Bridgewater’s assets dropped to $92 billion in 2024, down from the investment management firm’s $150 billion portfolio of 2021. Dalio’s warning on Treasuries and Moody’s downgrade comes many reassess long-term bond risk in a high-deficit environment.
😱 Fear and Greed Index
🧠 Make yourself heard
What would the effect of the GENIUS Act be on stablecoins?
President Trump ended a suspension deal in April, triggering a 21% tariff on Mexican tomatoes and reviving a $3.1 billion dumping dispute.
LA Port shipments logged a 30% drop in May as China trade tensions hit logistics.
US iPhone imports from China dropped to a 14-year low as Apple shifted output to India and Vietnam.
🥇 AltIndex Top Stock Analytics
Instead of a single stock pick, we wanted to share some interesting data with you today—here are the top stocks by Reddit mentions in the past 24 hours.
To see the other top-mentioned Reddit stocks, click here.
Perhaps unsurprisingly, the top three stocks are companies immersed in controversy at the moment. WallStreetBets has been capitalizing on the huge momentum swings as United Health’s CEO stepped down, Google announced an AI search engine, and Tesla continues its roller coaster ride.
Sentiment is bullish on all three, but note that Google is the only one with a positive AI Score (65/100).
While we’d never say to invest solely based off of Reddit mentions, metrics like this can be interesting and useful when incorporated with fundamental and technical analysis.
Always do your own research.
📊 Alternative Investing News
Three Seattle office buildings defaulted on $135 million in debt as CMBS distress deepened, one in ten office loans now need special servicing, values dropped 37% from peak, and delinquencies neared 10%, with JPMorgan projecting 9% in losses.
Private investment fees hit $900 billion in 2022 and may reach $2 trillion by 2032, with AUM growing to $60–65 trillion, retail share rising to 22%, and infrastructure investment expanding 13–15% annually.
🤖 AI/Future/Tech News
Google rolled out AI Mode to all US users with Deep Search, issuing hundreds of queries and returning cited reports in minutes.
Xreal and Google launched Project Aura at I/O 2025, AI-powered XR glasses with a 70° field of view that handled maps, search, and early-stage translation.
Infineon partnered with Nvidia to build high-voltage DC power systems for AI data centers as server racks near a megawatt in energy use.
Microsoft added xAI’s Grok models to Azure with full OpenAI parity, escalating tensions and expanding developer access.
🪙 Crypto
The Senate passed the GENIUS Act 66–22, pushing for stablecoin rules that require reserves and give holders priority in bankruptcies.
NYC Mayor Eric Adams launched a crypto advisory council to attract fintech jobs and explore blockchain use for vital records.
Genesis sued parent DCG for $2.1 billion in coins and $1 billion in transfers, accusing it of reckless lending to aid Grayscale.
💡 Ideas, trends, and analysis
Tesla set a salary record—its CFO Vaibhav Taneja earned $139 million last year, which is the highest CFO salary ever and $53 million more than the second-highest.
Mark Cuban’s Shark Tank investments have seen 657% growth—he’s put in $33 million, and his holdings are now around $250 million.
Mentions of “uncertainty” in earnings calls spiked to 381 among the largest US companies, the highest since early 2020.
🌍 International Markets
🇦🇺 Australia’s central bank cut rates by 25 basis points, signaling a shift in policy direction.
🇻🇳 The US dollar rose 0.08% to VND26,140 at Vietcombank, continuing a 2.31% gain since January.
🇲🇽 Latin American startup funding jumped 26% in 2024, beating Europe and Southeast Asia, with Mexican fintech leading the surge.
🎤 What you said last time
🚚 Market movers
Blackstone began the sale of Clarion Events, which could fetch £2 billion, drawing interest from CVC, KKR, PAI, Ardian, and Hillhouse.
A lawyer for Timothy Burke used ChatGPT and Westlaw AI to draft a brief with fake cases, Judge Mizelle cited nine made-up quotes.
Rockland Trust’s merger with Enterprise Bank will cut 125 jobs by year-end, though 71% received offers and job fairs are underway.
📊 Earnings this week
Home Depot posted a 9.4% year-over-year sales increase, with comparable sales dipping 0.3%; the retailer reaffirmed its 2025 guidance.
Toll Brothers smashed Q2 earnings expectations, and revenue of $2.74 billion versus $2.5 billion expected; stock fell 1.45%.
Palo Alto Networks posted better-than-expected Q3 results with revenue growing 15%, but missed on gross margin at 76%; shares tumbled 4% in extended trading.
🧠Miscellanea
Scientists expect Axial Seamount, 700 miles off the Pacific Coast, to erupt by late 2025, its lava flow poses no tsunami risk.
George Wendt, best known as Norm on Cheers, died peacefully at home at 76.
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