Hey Snackers,
Americans may be deeply tied to their home states — so much so that 80% of young adults rarely move far from where they grew up — but that doesn’t mean they don’t venture beyond their borders. According to a new YouGov survey, 95% of Americans have visited states outside of their home, with the average making it to 16 states. Florida, home of beaches and theme parks galore, was the most visited state last year, with two East Coast states taking second and third place.
Go deeper: here’s where Americans moved to and from in 2023.
Stocks got a small boost as US and Chinese officials met in London to continue trade talks, following temporary tariff cuts from both sides aimed at easing tensions. The S&P 500 eked out a 0.09% gain, well off of session highs, while the Nasdaq 100 added 0.17% and the Russell 2000 climbed 0.57%. Consumer discretionary, materials, and tech were the top-performing sectors, while utilities and financials lagged.
Apple needed a win, but WWDC was a snoozefest
It’s been a rough year for Apple, between verdicts that threaten its sweetheart Google Search deal and the App Store cash cow, not to mention a tariff regime that imperils the core product — the iPhone — that guarantees its blue-chip status. Those issues are very real, but the vibes surrounding its AI portfolio are even worse, with delays to Apple Intelligence and the perception of a blown lead on AI as Siri gets surpassed by newcomers like OpenAI and Perplexity. So far this year, Apple stock is down a little over 17%.
With its big developer confab, WWDC, Apple had a chance to potentially reset that narrative, but instead used the opportunity to announce a bunch of incremental changes that don’t address any of those weaknesses.Â
At last year’s conference, Apple Intelligence was mentioned more than 60 times. Execs said it about half as many times this year, and when they did, there wasn’t much substance.
Unifying visual experiences, version numbers, 3D home-screen photos, and web pages that float from edge to edge, while cool perhaps for developers, aren’t exactly the kind of stuff that makes normies excited.
“This year’s event was not about disruptive innovation, but rather careful calibration, platform refinement, and developer enablement — positioning itself for future moves rather than unveiling game-changing technologies,” Francisco Jeronimo, VP for data and analytics at IDC, told Sherwood News.
Needless to say, Cupertino really needed a win. They didn’t get it.
The Takeaway
That said, if Apple can’t play offense, it does seem to be getting in at least a little defense. Researchers at Apple have been digging into the competition’s latest and greatest “reasoning” models to see how they respond to tricky challenges as they scale in complexity, and in a new paper, the team found that state-of-the-art “chain of thought” models “face a complete accuracy collapse” when the difficulty of puzzle-based tests is dialed up.Â
S&P 500® Index Options: Big Index, Bigger Edge
Cboe’s S&P 500® Index options let you trade with precision and power in a single move. You can choose between standard-sized SPX® or the mini, XSP®, which is 1/10th the size of SPX, offering all the same advantages. Whether you're hedging, speculating, or making strategic market plays, index options may provide the solution.
These multipurpose products offer a range of benefits including:
Cash settlement at expiration
No early assignment risk
Potential tax advantages
Flexible sizes and expiries
No matter your trading objectives, think big.
Power up your trading strategy with SPX and XSP, available on Robinhood.
Advertiser’s disclosures: There are important risks associated with transacting in any of the Cboe® Company products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at https://www.cboe.com/us_disclaimers.
The little Boeing 737 that could
A Boeing 737 that took off from Boeing Field in Seattle on Friday landed in Zhoushan, China, on Monday. It’s a trade war miracle: the first Boeing jet delivered to China in two months.Â
The jet in question has had an interesting journey. As FlightAware tracking data shows, it was one of the handful of Boeing jets that China rejected in April as trade war tensions boiled over.
At the time, the plane made refueling stops in Hawaii and Guam before attempting delivery, but was turned around and left to sit in Guam for several weeks. On April 19, it returned to Seattle.
Since then, relations have improved between the US and China, with each country slashing tariffs on the other. On Friday, the 737 left Seattle, taking the same route as it had in March before landing in China.
The apparent successful delivery is welcome news for Boeing, which had planned to deliver 50 jets to China this year and expects the country to order $1.2 trillion worth of jets over the next 20 years.
The Takeaway
Last month, Boeing CEO Kelly Ortberg said deliveries to China would resume shortly, sending the stock to a 52-week high. All things considered, Boeing has had a relatively nice time despite tariffs, scoring several multibillion-dollar orders announced in conjunction with US trade deals.
The Best Thing We Read Today
The big six ad agencies are having a miserable year
The six big players in advertising have all seen shares drop this year, but the largest — UK-based WPP — is hurting the most, with CEO Mark Read announcing his departure yesterday morning. The company’s stock has slumped by more than any of its rivals this year, as our chart shows.
Yesterday’s Big Daily Movers
Chip stocks popped on optimism that China-US trade talks could ease trade barriersÂ
Obesity treatment startup Metsera shot up on positive trial results
Intuitive Surgical sank after Deutsche Bank hit the stock with a rare “sell” rating
Warner Bros. Discovery rose sharply after the media titan announced it’ll split into two companies, before finishing down for the day
Air taxi companies Joby and Archer soared following an executive order that’ll boost biz
Own a piece of StartEngine Before June 26th
StartEngine is helping everyday investors like you access deals once reserved for VCs and insiders, including exposure to private market titans like OpenAI, Databricks, and Perplexity.1
After 2x-ing their revenues YoY in 2024 ($23M to $48M)2, StartEngine’s now tripled first quarter revenue YoY to a record $30M, based on its unaudited Q1 2025 financials.3
StartEngine has crowdfunded $85M+ (across all offerings) to date, and you can get involved before the company’s current round closes on June 26.4
What Else We're Snackin'
Walmart is bringing drone deliveries to five new cities
Microsoft’s Xbox is joining the handheld race with a new console
Strategy kicked off the week with a $110 million bitcoin buy
Morgan Stanley analysts say don’t fight the rally. Here’s why
The three big medical costs that surprise retirees
Snack Fact Of The Day
OpenAI is now booking $10 billion in annual recurring revenue.
Today's Events
Earnings expected from GameStop, Dave and Buster’s, and J.M. Smucker
1 The underlying companies held by StartEngine Private Funds LLC, and StartEngine Private LLC (together, “StartEngine Private”) are not participating or involved in the offering. The availability of company information does not indicate that the company has endorsed, supports or otherwise participates with StartEngine Private or any of its affiliates. StartEngine Crowdfunding LLC purchases shares from current and former employees, early investors, and advisors of the companies and sells the shares to StartEngine Private for each offering. When you make an investment in a company on StartEngine Private, you are purchasing an interest in a series of StartEngine Private Funds LLC or StartEngine Private LLC, each a Delaware limited liability company (together the “Series LLCs”), which were created to hold shares of privately held companies. An investor will not directly own or hold shares of the private company but instead will own member interests in a series of the Series LLCs, which either directly or indirectly, will hold shares in the company. There may not be a one-to-one economic parity on the value of the Series LLCs interests and the underlying shares.
2 Based on our 2024 Form 10-K. This revenue growth has been driven by StartEngine Private, a new product line that offers funds in late stage companies. This product line has driven over $28 million of the $48 million in revenue from 2024. Net loss also increased to $16.5 million. To understand the impact on margins, see financials.
3 Based on our Q1 2025 Form 10-Q. This revenue growth has been driven by StartEngine Private, a new product line that offers funds in late stage companies. This product line has driven over $24.6 million of the $30 million in revenue from Q1 2025. To understand the impact on margins, see financials.
4 This is a paid advertisement for StartEngine’s Regulation A offering. For more information, please see the most recent Offering Circular and Supplements and Risks related to this offering.
This Reg A+ offering is made available through StartEngine Crowdfunding, Inc. No broker-dealer or intermediary involved in offering. In addition, as described in the Offering Circular, the Company retains the right to continue the offering beyond the Termination Date, in its sole discretion.
Investing in private company securities is not suitable for all investors. This investment is highly speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment.. It should only be considered a long-term investment. There is no guarantee that a market will develop for such securities.