NEWS
This Fireworks Show Isn't Over: New ATHs

The NASDAQ and S&P 500 made new all-time highs. Again. And the higher this market goes, the more pundits come out screaming ‘the end is nigh’ - but it keeps churning higher. Let’s see what you missed. 👀

And your regular Daily Rip writer, Mr. Tom Bruni, is out through next week, so you get me (Jon Morgan), the author of our cryptocurrency newsletter, The Litepaper.

Today's issue covers today’s NFP report, why Samsung is spiking, and a pending merger between two major luxury clothing brands. 📰

Here's today's heat map:

8 of 11 sectors closed green. Communication Services (+2.74%) led, & energy (-1.52%) lagged. 💚

Amazon's getting grilled again by the EU. The European Commission sent Amazon another request for info about its recommender systems and ad transparency. This latest probe could lead to a hefty fine if Amazon doesn't play ball. 🤑

Oil prices are on a winning streak. Crude is up again this week, driven by lower U.S. supplies and higher gasoline demand. Expect continued volatility as market fundamentals clash with economic concerns. 🛢️

Macy's shares soared nearly 10% after Arkhouse and Brigade raised their buyout offer by $300 million. Wall Street remains cautious about retail spending, but this move gives Macy's a boost. 💰

Mod Pizza might be the next casualty in the fast-casual dining sector. Sources say the chain is prepping for bankruptcy, joining others struggling with rising costs and falling consumer spending. 🍕

Nvidia's stock took a hit (-1.91%) after New Street downgraded it, citing valuation concerns despite strong AI demand. The downgrade is a rare blip for Nvidia, which has been riding high on AI investments. ⚡

Koss shares jumped another 25% today after gaining +143% on Wednesday, fueled by meme-stock buzz. The headphone maker's stock has skyrocketed this year, driven by speculation and social media hype. 🎧

The crypto market has been deep in the red over the past few days. If things don’t turn around over the weekend, it will be crypto’s worst week since the collapse of FTX in November 2022. 🪙 

Other active symbols: $META (+0.01%), $IREN (-0.20%), $WULF (-0.36%), $NFLX (-0.17%), $BTC (-3.33%), and $GME (-0.21%). 🔥

Here are the closing prices: 

ECONOMY
June 2024 Employment Report: What You Need to Know 🫵 

Here’s your monthly dose of reality. The U.S. economy added 206,000 jobs in June, while the unemployment rate barely budged at 4.1%. But the revisions caught some people by surprise. 👷 

Revisions: A Sobering Update

April job growth was revised down by 57,000 to 108,000, and May’s was revised down by 54,000 to 218,000. That’s a combined drop of 111,000 jobs. In short, the employment picture was a bit rosier than reality.

Unemployment and Labor Force Stats

• Unemployment Rate: 4.1%

• Unemployed Persons: 6.8 million, up from 6.0 million a year ago

• Long-term Unemployed: Up by 166,000 to 1.5 million, making up 22.2% of all unemployed

• Labor Force Participation Rate: Steady at 62.6%

The number of people who want a job but aren’t actively looking fell by nearly half a million to 5.2 million. 😐️ 

Who Lost Jobs

Retail took a hit, shedding 9,000 jobs, with furniture, home furnishings, and electronics stores losing ground. But warehouse clubs and general merchandise retailers gained some ground.

Meanwhile, mining, manufacturing, wholesale trade, transportation, information, financial activities, leisure, and hospitality remained stagnant.

Stay tuned for next month’s dose of employment news. 📊

STOCKTWITS “TRENDS WITH FRIENDS”
India’s Booming Bull Market 💸

Stocktwits co-founder Howard Lindzon chops it up with pals JC Parets and Phil Pearlman every Thursday on "Trends With Friends."

This week, they’ve brought back technology expert and investor Michael Parekh to discuss what’s behind India’s booming stock market, Amazon’s strategies against Chinese competition, and how AI is reshaping our understanding of common knowledge.

Watch it on YouTube, Spotify, or Apple, and subscribe to catch each episode when it goes live!