That’s seven days in a row for the NASDAQ and the S&P 500 closing in the green. They both hit new all-time highs again today. SOXX, the semiconductors ETF, also hit new all-time highs. And if things keep moving, hell, the DJIA might even find some new highs. But is this all just the rip before the dip? Tomorrow’s inflation data is the catalyst on everyone’s radar. Let’s see what you missed. 👀

Today's issue covers AMD’s big AI deal, a possible Congressional trading ban, and a monster breakthrough for one of the worst effing diseases in the world. 📰

Here's today's heat map:

11 of 11 sectors closed green. Technology (+1.63%) led, & financials (+0.42%) lagged. 💚

The Atlanta Fed GDPNow estimate for Q2 growth jumped to 2.0% from 1.5%, following recent data releases. This rise marks a positive shift after a series of declines, driven by stronger personal consumption and private domestic investment growth. 📈

The EIA reported a bigger-than-expected draw in crude oil inventory, with a drop of 3.443 million barrels versus an estimate of 1.333 million. Gasoline inventory also saw a significant draw, while distillates posted a larger-than-expected build. Crude production increased slightly to 13.3 million barrels per day. 🛢️

Wholesale sales in May rose by 0.4%, exceeding the expected 0.1% increase. Inventories also grew by 0.6%, matching expectations. This positive data could bolster Q2 GDP estimates and adds optimism for Q3. 📊

OPEC kept its world oil demand forecasts steady for 2024 and 2025, with growth expected at 2.25 million barrels per day in 2024 and 1.85 million barrels per day in 2025. Meanwhile, Russian production and OPEC's own production both decreased in June. 🌍

Mortgage applications fell by 0.2% for the week ending July 5, with refinancing activity dragging down the numbers despite a slight rise in purchase activity. The 30-year mortgage rate edged down to 7.00%. The housing market sentiment remains subdued. 🏠

After the market closed, Costco announced that they are raising its annual fees by a whopping five bucks. It closed slightly lower by -0.29% today, but after hours its up +2.63%. 📦

During his testimony before the Senate Agriculture Committee, CFTC Chairman Rostin Behnam said 70-80% of cryptocurrencies are not securities. He also cited an Illinois court that identified Bitcoin and Ethereum as commodities, not securities. 🤯

Other active symbols: $MAXN ($-15.00%), $TSLA (+0.35%), $GME (+1.50%), $NVDA (+2.70%), $HOLO (-20.43%), $BTC (+0.61%), and $KZIA (+248.02%). 🔥

Here are the closing prices: 

$AMD just dropped $665 million to scoop up Silo AI, Europe's biggest private AI lab, making it clear they’re not here to play second fiddle to Nvidia ($NVDA). 🎻

This Helsinki-based gem, with customers like Allianz ($AZSEY), Unilever ($UL), and Rolls-Royce, now falls under AMD’s Artificial Intelligence Group, with Silo AI's CEO Peter Sarlin still at the helm.

The acquisition is AMD’s priciest AI bet yet, following a year of strategic investments in AI firms like Mipsology and Nod.ai. And the latest buy from AMD isn’t just about the hardware and software - it’s the people. What kind of people? Oh, 300-ish AI experts and a metric crap ton (125) of Ph.D.s. 👩‍🔬

In case anyone forgot, AMD isn’t a rookie in AI. They’re hustling hard to expand their hardware and software arsenal, with the MI300 accelerators expected to rake in $4 billion this year.

Sure, Nvidia’s $100 billion from its data center chip business is daunting, but AMD is showing it’s a major player. Don’t forget about them—they’re far from second fiddle. 🚀

Stocktoberfest is back with an intimate event for executives, influencers, and the most active investors in financial markets. 🤝

Network with industry thought leaders like Howard Lindzon, Michael Batnick, Brian Shannon, Michael Parekh, and many more during the 2-day palooza.

Space is going quickly so grab your seat now, and we'll see you in beautiful Coronado, CA! 😎

A bipartisan group of Senators is rolling out a proposal to ban Congress members, their spouses, and dependent children from trading individual stocks. ⛔

Leading the charge are Oregon Democrat Jeff Merkley, Michigan's Gary Peters, Georgia Democrat Jon Ossoff, and Missouri Republican Josh Hawley. They're revamping the "ETHICS Act" to ensure Congress serves the people, not their portfolios.

Merkley, in an NPR interview, stressed that stock trading by Congress members is a bipartisan issue. He pointed to a University of Maryland poll where 85% of the public backed the ban. 🤯

The current law, the STOCK Act, requires trade disclosures but is often ignored. Insider trading laws apply, but many lawmakers have still profited from financial crises, raising suspicions of using privileged information.

The new bill would mandate immediate cessation of buying individual stocks and require divestment by 2027. It eliminates blind trusts, pushing for mutual funds instead, simplifying compliance. It also includes a searchable public database for disclosures. 📜

Previous attempts to reform have stalled, but this proposal aims to increase penalties for non-compliance. Lawmakers face fines equal to their monthly salary or 10% of the asset's value, whichever is greater, ensuring significant financial impact.

Will it go anywhere? Probably not. Especially when lawmakers like Pelosi have more than 700x’d their portfolios in the past decade. 💸

This isn’t exactly a story that will show up on Fox Business or CNBC, especially when the indices are making new all-time highs and inflation data is coming up tomorrow, but it’s a big friggin deal. 💊

uniQure ($QURE) isn’t exactly a big name, but the stock closed higher today with a +51.72% gain. And the close of the day was not to far from the daily high.

So what’s the big deal? uniQure has a gene therapy treatment, AMT-130, that showed an 80% slowdown in the progression of Huntington’s Disease. 🙏

If you know anyone who suffers from Huntington’s, then you know what kind of torturous, debilitating, monstrous, and horrible disease it is. I mean, words really can’t describe how truly awful it is, so this news literally made me tear up a little.

So there's your good news for the day. And we could all use some good news every once and a while. 👍️

😑 Fed's Powell On Day Two At Capitol Hill

Day two, same Powell, same story—if you missed yesterday, don’t worry, you didn’t miss much. Inflation is down but still too high, and Powell isn’t ready to pop the champagne just yet. The Fed’s restrictive policy and talk about balance sheets feel like déjà vu from yesterday’s Senate testimony. Apparently, we need more “good inflation readings” before easing up, and Powell is not sending any signals on policy decisions just yet. Powell might sleep better once inflation is tamed and the labor market stays strong, but until then, it’s just more of the same. Reuters has more.

📱 Apple Targets 10% More iPhone Shipments

Apple ($AAPL) is planning a 10% bump in iPhone 16 shipments, betting on AI features to boost demand after a rocky 2023. The company has told suppliers to gear up for at least 90 million units, up from the 81 million iPhone 15s shipped last year. Despite last year’s rough patch in China, where Huawei’s Mate 60 Pro stole the spotlight, Apple is optimistic. Analysts predict a better 2024, but Beijing’s AI regulations could throw a wrench in Apple’s grand plans. Cupertino isn’t commenting, but it’s clear they’re banking on AI to charm their way back into consumers' pockets. More from Yahoo!Finance.

🤑 Musk Triumphs Over Ex-Twitter Staff In $500M Severance Battle

Elon Musk just dodged a $500M bullet as a judge dismissed a case from ex-Twitter staff seeking severance pay. The former employees failed to prove their claims were protected by federal law, marking a win for Musk’s post-takeover maneuvers. They argued that Musk unlawfully denied them the severance packages promised before his chaotic overhaul, but the court wasn’t buying it. Judge Thompson noted that while the court lacked jurisdiction, the plaintiffs might find recourse in other pending cases. For now, Musk has some breathing room, but his legal team probably shouldn’t plan any victory parties just yet. The BBC has more.

🕵️ Trends With No Friends — find stocks with high relative strength and a low social following

🥊 Live election updates: Biden faces more calls to drop out as allies remain uneasy

💿 Microsoft, Apple drop OpenAI board plans as scrutiny grows

📞 Samsung Galaxy Unpacked News: Galaxy Ring, Galaxy Z Fold 6, Galaxy Watch Ultra and more

🦵 Double Dragon is being revived in 3D by the studio behind Dragon Ball FighterZ

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