Good Afternoon. On this day in 1945, the world witnessed its first atomic explosion in the New Mexico desert. Fast-forward to today, and markets are seeing shockwaves of their own. Whether you’re feeling the fallout or bracing for the next big move, let’s break down what’s booming across Wall Street.

—Rosie, Wyatt, Evan & Conor

🔥 What’s Hot: 🔥

🥶 What’s Not: 🥶

1. Trump denies that he plans to fire Powell

The News: President Trump denied he plans to fire Federal Reserve Chair Jerome Powell, despite earlier reports and White House discussions suggesting otherwise. Trump said removing Powell is “highly unlikely” unless fraud is found, and recent legal opinions suggest the president lacks authority to fire the Fed chair at will.

Why It Matters: The unprecedented public drama around Powell’s job raises new questions about the independence of the U.S. central bank and the stability of U.S. monetary policy. Markets swung on the conflicting signals, underscoring how leadership uncertainty at the Fed can rattle investors and add to economic volatility at a time when interest rate policy and inflation are already in the spotlight.
Source: cnbc.com

2. Goldman Sachs Profit Surges

The News: Goldman Sachs’ profit soared 22% to $3.72 billion in Q2, easily beating analyst expectations as trading revenue jumped 22% and overall revenue rose 15% to $14.58 billion. Market volatility from President Trump’s tariffs spurred a broad surge in trading and dealmaking across Wall Street’s largest banks, with CEO David Solomon noting the bank is benefitting from “a super interesting, highly uncertain environment.”

Why It Matters: Goldman’s blowout quarter underscores how big banks can profit handsomely from political and economic turbulence even as underlying uncertainty and tariff risks keep investors on edge. Their results signal that Wall Street is capitalizing on volatility, even as many CEOs remain cautious about what comes next.
Source: wsj.com

3. Mars rock sells for $5.3 million at auction

The News: The world’s largest known Martian meteorite, NWA 16788, sold for $5.3 million (including taxes and fees) at Sotheby’s in New York to an anonymous bidder, smashing auction estimates. Weighing 54 pounds around 70% larger than the next biggest piece of Mars ever found on Earth the “monumental specimen” was discovered in Niger’s Agadez region in November 2023. Only about 400 Martian meteorites have ever been identified, making NWA 16788 an exceptionally rare prize.

Why It Matters: This record-breaking sale underscores both the fascination and controversy around rare space rocks: while collectors fuel discovery and scientific research, there’s concern such “once-in-a-generation” finds could disappear into private collections rather than public museums. Still, scientists say the growing market for meteorites helps expand our understanding of Mars, as more samples become available for analysis—even if some land in private hands.
Source: cnn.com

4. Texas named most financially distressed state in the US for second year in a row

The News: Texas ranks as the most financially distressed state in the U.S. for 2025, according to new WalletHub research analyzing debt levels, credit scores, and payment delinquencies. Despite its strong economy, Texas leads in accounts in distress and saw a 22% surge in non-business bankruptcy filings over the past year. Houston topped the list of U.S. cities with the highest percentage of financially troubled residents.

Why It Matters: The findings highlight a troubling disconnect between headline economic growth and the financial struggles of everyday Texans, raising concerns that state-level prosperity isn’t translating into household financial security. With other Southern states also dominating the rankings, the study points to deeper, region-wide challenges and suggests policymakers need to address the gap between strong GDP numbers and rising personal debt.
Source: click2houston.com

5. Apple Reportedly Taps Samsung Display for First Foldable iPhone Screens

The News: Apple has reportedly tapped Samsung Display to supply the crease-free screens for its first foldable iPhone, with mass production of flexible OLED panels set to begin in late 2025. The long-rumored device, potentially called the iPhone Flip, is expected to launch in summer 2026.

Why It Matters: Apple’s move signals a major vote of confidence in Samsung’s display tech and marks the company’s long-awaited entry into foldables, potentially shaking up a smartphone segment that’s yet to win mass adoption. If Apple can deliver a high-quality, crease-free folding iPhone, it could legitimize the category and spark a new wave of innovation and competition in mobile devices.
Source: cnet.com

1. Drone attacks on oil fields in Iraq’s Kurdish region shut down facilities

The News: Drone attacks hit several oil fields in Iraq’s Kurdish region, forcing foreign operators like DNO ASA to halt production. No group has claimed responsibility, but Kurdish officials say the attacks aim to destabilize their economy and heighten tensions with Baghdad.

Why It Matters: These strikes highlight rising security risks for Iraq’s energy sector and deepen rifts between Baghdad and the Kurdish authorities. While global oil prices remain stable, the region’s economic stability and foreign investment are increasingly at risk.
Source: apnews.com

2. UK inflation at highest for almost a year and a half

The News: UK inflation unexpectedly rose to 3.6% in June—the highest in nearly a year and a half—driven by rising food, clothing, and travel costs. The uptick surprised economists and keeps inflation well above the Bank of England’s 2% target, even as a rate cut is still expected next month.

Why It Matters: Persistently high inflation continues to squeeze UK consumers, especially those on lower incomes, and could complicate the central bank’s plans to lower borrowing costs. With price pressures spreading across essentials and housing, households may feel the pinch for longer even as wages rise.
Source: bbc.com

3. U.S. Businesses in China Are Worried

The News: U.S. businesses in China are reporting growing pressures from tariffs, export controls, and intensifying local competition, according to a new U.S.-China Business Council survey. Most firms say staying globally competitive depends on their China operations, yet rising costs, lost sales, and eroding market share are taking a toll only 82% were profitable last year, down from 97% in 2019.

Why It Matters: The findings highlight the mounting risks for American companies in China amid ongoing trade tensions and Beijing’s push to boost local industry. With profits and optimism falling the survey signals deepening challenges for U.S. business and a potentially lasting shift in global trade dynamics.
Source: barrons.com

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