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: 

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. 👷

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.

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

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 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!

Samsung ($SSNLF) shares just hit their highest level in over three years, thanks to some serious AI demand. 📈

This morning, the stock soared 2.96%, peaking at 87,100 Korean won ($63.19) – a level not seen since January 2021. Seems like AI might be Samsung’s golden ticket.

Personally, I’d just be happy if their damn ice machines would, you know, work. 🧊

Samsung's operating profit for Q2 is projected at a jaw-dropping 10.4 trillion won ($7.54 billion), marking a mind-blowing 1,452% increase from last year’s 670 billion won.

Revenue for the second quarter is expected to land between 73 trillion to 75 trillion won, right in line with what analysts predicted. 😲

The world’s top memory chip maker rebounded as memory chip prices shot up, driven by AI demand. After getting pummeled in 2023 from a post-Covid slump, Samsung’s fortunes flipped. Their chips, found in everything from smartphones to computers, are now in crazy high demand.

Samsung’s Galaxy S24 Ultra, with its AI-powered features, is leading the charge. Even with some delays in qualifying for Nvidia’s ($NVDA) AI processors, Samsung’s massive market share and higher average selling prices (ASP) mean they’re still raking in the profit.

Look out for Samsung’s detailed Q2 results later this month. 👀

Saks Fifth Avenue and Neiman Marcus ($MCS) are merging, creating a luxury department store giant. And guess who's joining the fun? Amazon ($AMZN). 🫂

Saks’ owner, HBC, is buying Neiman Marcus for $2.65 billion, forming Saks Global. This mega-merger brings together Saks Fifth Avenue, Neiman Marcus, Saks Off 5th, and Bergdorf Goodman.

The deal has been in talks for years and will give the new entity more leverage with luxury brands. Saks has 39 stores; Neiman Marcus, just out of a 2020 bankruptcy, adds 36 and Bergdorf Goodman. 🩳

Leadership changes include Marc Metrick leading Saks Global and Ian Putnam heading property and investments. Both report to Baker, now executive chairman of Saks Global. HBC’s Canadian operations will run separately, focusing on future growth.

This merger responds to industry shifts: department stores are declining, and luxury brands are going direct-to-consumer. The Saks-Neiman Marcus combo hopes to regain some power.

The deal could face regulatory scrutiny, as the FTC blocked a similar luxury merger. Amazon, expanding into the luxury market, is investing and hopes to streamline logistics and e-commerce for the new entity. 💪

🏡 British Assets Gain After Labour Election Win

Mid-cap stocks in the UK soared after the Labour Party's election landslide, with the FTSE 250 index hitting its highest level since April 2022. Blue chip stocks, government bonds, and the pound also saw gains. Analysts believe this shift provides the clarity and stability markets crave, benefiting businesses with significant UK exposure. Labour's victory has spurred optimism for home builders, expecting policy changes to support the housing market. From CNBC.

🚗 Tesla Makes It to Chinese Government Purchase List

Tesla ($TSLA) has been officially added to a Chinese government purchase list, marking a significant milestone as the only foreign-owned EV brand on the list. This inclusion allows Tesla to be used as service cars by government agencies in Jiangsu province. Despite some social media backlash, the local government emphasized Tesla's Shanghai-made models are domestic. Tesla's relationship with China strengthens as it remains a crucial market, even amid fierce competition from local EV makers like BYD. More from Reuters.

🌍 Shell Faces $2 Billion Impairment Hit

Shell ($SHEL) announced it would take up to a $2 billion post-tax impairment, mainly linked to its plants in Singapore and Rotterdam. The company suspended construction at its Rotterdam biofuels facility due to market conditions, leading to a significant financial hit. Additionally, Shell anticipates lower performance in its gas division for Q2 2024 due to seasonality. Analysts noted mixed results, with LNG volumes meeting expectations, but corporate costs and the chemicals division's results were less favorable. CNN has more.

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🏢 Apartments could be next landmine

✈ Could the 'flying piano' help transform air cargo?

🎆 America loves fireworks, some 275 million pounds worth

📺 YouTube’s improved eraser tool easily removes copyrighted music from videos

🕵️ Trends With No Friends: $WCN Collects An All-Time High

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