Hey Snackers,
Fresh fruits and veggies are in for Americans; canned versions of ’em are out. That’s bad news for this 138-year-old packaged goods brand, which miscalculated the demand for its shelf-stable items during the pandemic and ramped up production, only to be left with excess inventory and a massive pile of debt, leading it to file for bankruptcy. Get your canned peaches while you can!
The markets yesterday suddenly sounded a lot more like early April, with high tariffs being bandied about and stocks moving lower. But the damage was much less severe than the drubbing that followed Liberation Day, as traders seem to keep hope that the sequel to the Rose Garden Rout and Rebound will have a similar happy ending. The S&P 500 and Nasdaq 100 closed down 0.8%, while the Russell 2000 slumped 1.5%. Every S&P 500 sector ETF fell except for utilities, with consumer discretionary faring the worst.
Prime Day is four days long because of a challenge from Walmart
Amazon’s Prime Day sales event this year will stretch from July 8 through 11 and be available across 26 countries (its widest reach to date), but the real action isn’t actually the sales generated — it’s the out-and-out loyalty elicited from those lucrative Prime subscribers.
Early forecasts are bullish: Adobe Analytics expects the event to generate a record $23.8 billion in US sales.
JPMorgan estimates Amazon could hit 350 million global Prime members by the end of this year, up from 200 million in 2021, and Bank of America forecasts this week’s event will drive 10% year-over-year growth for the company.
That said, there’s some real competition this year. Overlapping with the festivities is the “Walmart Deals” sale, which runs from July 8 to 13. For the first time, Amazon has extended its Prime Day(s) sale from two to four days — a change Walmart answered by stretching its own event from four days to six.
But analysts indicate Prime Day’s importance stretches beyond the four-day event. The sale is expected to give Amazon an early boost on back-to-school and college shopping, helping it lock in spending before the busier fall shopping season kicks off.
The Takeaway
It’s Amazon vs. Walmart. The winner? Maybe bargain-hunting consumers. The losers? Any non-billion-dollar online stores trying to sell stuff over the next week.
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From major players across the technology, healthcare, and consumer goods sectors, the index is home to some of the most innovative companies in the world, including the Magnificent Seven.
Get to know the Nasdaq-100 and how it can spark innovation in your portfolio.
This trade war is different.
President Trump’s trade strategy in his first term was, in a sentence, leveraging the economic power of the United States directly against China. In his second term? Not so much.
The data shows that 2018 was a trade war against mostly China, America’s top geopolitical rival and the source of its largest bilateral trade deficit.
This trade war? It’s hitting basically everyone else. The bulk of the $24 billion in revenues the Treasury collected in tariffs in May was heavily linked to imports from the European Union, Mexico, Japan, South Korea, Vietnam, and Canada.
Japanese carmakers in particular are already feeling that pain.
So, what’s it mean? The current face-off is less one focused directly on the US’s largest rival, but has rather become a multifront trade war with more ambiguous goals.
The Takeaway
It’s something to keep in mind as the initial 90-day watering down of reciprocal tariffs on most nations is poised to expire tomorrow, with the Trump administration simultaneously saying that more trade deals are coming imminently, warning other countries of higher tariff rates, and also indicating the deadline for collecting these levies will be pushed back to August 1.
The Best Thing We Read Today
Datadog is joining the S&P 500. These big stocks still aren’t.
Tomorrow, cloud-monitoring software provider Datadog will take the place of Juniper Networks in the benchmark US stock index. With trillions of dollars invested in ETFs that track the index, getting your company into the S&P 500 is a big deal.
So, how do you join the club? One common misconception is that it’s simply the 500 largest stocks — it’s not, as you can see by our table showing much bigger companies that aren’t in the index. The criteria that Standard and Poor’s evaluates are a little more complex.
The real-world on-ramp to crypto mass adoption
Bitcoin ATMs are the (often overlooked) bridge to mainstream crypto usage. As the world’s largest operator, Bitcoin Depot is gaining momentum by providing crypto access to everyday users.
As a listed stock (Nasdaq: BTM), you’re investing in a crypto-focused company, not a coin.
Yesterday’s Big Daily Movers
Bit Digital jumped after announcing that it’s completed its digital asset treasury transition to ethereum from bitcoin
GEO Group, which derives over 40% of its revenue from contracts with ICE, rose after Trump signed the GOP budget bill on July 4
Jeep parent company Stellantis fell after a trifecta of bad news: an analyst downgrade, falling output in Italy, and a recall probe for over 1 million Ram trucks
Retail fave CoreWeave announced plans to buy crypto miner Core Scientific in a $9 billion deal, sending both stocks down 3% and 18%, respectively
What Else We're Snackin'
Will Trump’s big bill affect you financially? This interactive story can help you figure out what it means for your wallet
Tesla drops as Musk heads “exactly the opposite direction” from what investors want and the Trump-Musk feud returns
Good dog: meme coin bonk surges, passing $TRUMP coin in market capitalization
Apple’s star-studded racing film “F1” is the tech giant’s highest-grossing film to date
Snack Fact of the Day
Joey Chestnut claimed his 17th Mustard Belt after eating 70.5 hot dogs in 10 minutes.
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