Hey Snackers,
Despite not having won a national championship in two decades now, the University of Texas has the most valuable college football program in America. The Longhorns are worth a staggering $2.38 billion — almost half a billion dollars more than the second-most valuable team.
The S&P 500 opened higher on the heels of this weekend’s trade deal with the European Union and hopes for an extension of the quasi-truce for cross-border commerce with China. The benchmark index gave back those gains throughout the day before creeping back into the green for another record close. Energy was the best-performing sector after the EU said it would purchase $750 billion in US energy products over the next three years as part of a trade agreement.
Goldman Sachs charts out why the market is in such a frenzy
The dot-com bubble and meme stock frenzy of 2021 are the only times speculative fervor has held a tighter grip on the stock market than it does today, according to Goldman Sachs.
The headline number? The sharpest three-month rise in the bank’s “speculative trading indicator” outside of those two high-profile episodes.
As a share of total dollar trading volumes since 1990, we’re at the 98th percentile when it comes to penny stock trading and the 85th percentile when it comes to stocks of companies that are not profitable.
That’s supported by the “good vibes only” message from social media on the stock market, which is at levels not seen since the end of 2019. Check it out in this pretty remarkable chart.
Call options — often the instrument of choice for retail traders piling into a new stock — are dominating options activity, accounting for 61% of US options volumes.Â
Not only is the index inclusion pop back, but IPOs are enjoying strong starts relative to history: the median IPO return in its first day of trading is at 37%, well over the 30-year average of 9%.
 The Takeaway
“The recent rise in speculative trading activity signals near-term upside risk for the broad equity market but also increases the risk of an eventual downturn,” Goldman concluded in its note. “During the last 35 years, other sharp increases in speculative trading activity have signaled above-average subsequent 3-, 6-, and 12-month S&P 500 returns, but returns typically faltered on a 24-month horizon.”
The Lithium Boom
Did you know it takes 10,000 smartphone batteries worth of lithium to make one EV battery pack? With 350M+ EVs projected to be sold globally by 2030, lithium demand is looking steep.Â
Current extraction methods involve waiting for liquids to evaporate in ponds the size of 100 football fields. This inefficiency can’t keep up with forecasted demand. But EnergyX’s technology can extract 300% more lithium than traditional methods.
Investors are taking note. EnergyX has raised $130M+ and even earned a $5M DOE grant.Â
Now, they’re scaling their 100,000-acre Chilean project, which has a target output of 52K tons/year per a third party validation of resource estimates.
Perfect timing. You’re eligible for 20% bonus stock1 as an EnergyX investor while shares last.2
The cost of pets is getting too barking high
According to the American Pet Products Association, some 49 million households have a cat and a whopping 68 million households have a dog, but shelters across the country are reporting a surge in “owner surrenders” as the cost of keeping pets goes up.
Per the APPA, Americans are on track to drop $157 billion on their pets this year, 62% more than they spent in 2019.Â
About 43% of that goes to people sustaining their pets day to day with food and treats, while the rest is spent on vet care, medicines, supplies, and more.
Though pet food costs are up more than 20% since the pandemic, it seems to be pet services like veterinary access and grooming that are breaking the bank: Bank of America analysis shows that pet services are 42% more expensive in 2025 than they were in 2019.
One animal shelter in North Carolina reported that owner surrenders are up 43% this year. Meanwhile, Ruff Start Rescue in Minnesota has seen applications rise 16%, and the Animal Care Centers of New York says it has reached a “breaking point,” suspending its intake entirely.
The Takeaway
It might sound barking mad, but given the emotional connection involved, any decision to surrender a pet is presumably never taken lightly — suggesting serious economic hardship is likely at play when so many Americans are making the difficult choice to give up their companions.
The Best Thing We Read Today
A bang for the buck?
A new US-EU trade deal just gave the struggling greenback a boost. This is good news for your European vacation, but investors may actually benefit from a weaker dollar.Â
The US dollar’s worst first-half performance in more than 50 years, charted
Creating the life you’re envisioning starts today
Where do you want to go next? Discover how DIA — the only ETF that tracks the Dow — can help you get there. With DIA, tap into 30 US blue-chip stocks in a single trade. Wherever you’re heading, getting there starts here.3
Yesterday's Big Daily Movers
Duolingo shares sank 6.5% after the language learning company got its price target cut to $450 from $475 by Citizens JMP as user engagement growth slows
Justin Sun’s Tron blockchain network filed a $1 billion mixed shelf S-3 offering with the SEC, sending the stock up 13%
Celcuity rocketed after it reported positive results in late-stage trials for its breast cancer combination treatment
Nike shares swooshed up 4% after JPMorgan upgraded the stock to “overweight” (or “buy”) from “neutral”Â
Shares of Revvity fell 8% after the medical equipment maker topped Q2 expectations but slashed its full-year profit forecast
What Else We're Snackin'
Eli Lilly terminated its partnership with Noom after the telehealth platform continued to sell knockoff versions of blockbuster GLP-1 drugs
Tesla signed a deal with Samsung to buy $16.5 billion in new AI chips
Opendoor is postponing its reverse stock split after the recent meme stock rally
PayPal announced it will soon allow US businesses to accept payments in more than 100 cryptocurrencies
Federal agencies like the Department of Defense are reportedly testing AI to reduce reliance on contractors like Palantir and Lockheed Martin
Snack Fact Of The Day
Montpelier, Vermont, is the only state capital without a McDonald’s.
Today's Events
July consumer confidence
Earnings expected from AstraZeneca, Stellantis, Boeing, Booking, Merck, PayPal, Procter & Gamble, Royal Caribbean, Spotify, UnitedHealth, UPS, Starbucks, SoFi, and Visa
1 EnergyX has reserved 200,000 bonus shares for issuance to qualifying investors in this offering at no additional cost. These shares will be distributed on a first-come, first-served basis, one bonus share for every five shares purchased, equal to a 20 percent boost in your investment. To qualify for bonus shares, you must be an existing EnergyX shareholder or invest at least $5000 in this offering. See website for further details.
2 The minimum investment is $1000. This is a paid advertisement for EnergyX’s Regulation A+ Offering. Please read the offering circular and related risks at invest.energyx.com.
Investing in private company securities is not suitable for all investors because it is highly speculative and involves a high degree of risk. It should only be considered a long-term investment. You must be prepared to withstand a total loss of your investment. Private company securities are also highly illiquid, and there is no guarantee that a market will develop for such securities.
3 Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit www.ssga.com. Read it carefully. Investing involves risk. ALPS Distributors, Inc. (fund distributor); State Street Global Advisors Funds Distributors, LLC (marketing agent).