Good afternoon! OpenAI just dropped ChatGPT Agent, a tool that can use an entire virtual computer to complete multi-step tasks for you—like scheduling meetings, shopping for ingredients, or building slide decks. One OpenAI employee even uses it to auto-request his weekly office parking spot. Unlike your usual chatbot, this one doesn’t just talk it acts.

It’s powered by a new model trained on complex workflows using tools like browsers and terminals, and OpenAI says it combines the powers of its previous tools, Operator and Deep Research. While it’s still a bit slow, the Agent asks before doing anything irreversible and includes safeguards for advanced capabilities. Available now for Pro, Plus, and Team users—just type “/agent” and let it take over.

MARKETS

• Stocks coasted into the weekend, with the S&P 500 and Nasdaq barely moving and the Russell 2000 down 0.6%. It was the third straight week of unusually low volatility, as traders waited for earnings season to heat up.

• The Dow slipped 142 points after Trump floated higher EU tariffs, while the Nasdaq managed another record close. Mixed earnings so far are keeping optimism in check.

STOCKS
Winners & Losers

What’s up 📈

• Talen Energy soared 24.48% after announcing plans to acquire two major gas-fired power plants in Pennsylvania and Ohio for $3.5 billion. ($TLN)

• Invesco jumped 15.28% after revealing plans to restructure its QQQ Trust into an open-ended fund to boost fees and lower investor costs. ($IVZ)

• Interactive Brokers surged 7.77% after reporting a 32% rise in customer accounts and better-than-expected Q2 earnings. ($IBKR)

• QuantumScape climbed another 7.65% as investor excitement over its battery technology continues to build. ($QS)

• Robinhood, Coinbase, and Galaxy Digital gained 4.07%, 2.2%, and 4.19% respectively after Congress passed major crypto legislation, pushing ether to a 6-month high. ($BMNR, $HOOD, $COIN, $GLXY)

• Regions Financial rose 6.12% after Q2 earnings and net interest income topped analyst forecasts. ($RF)

• Charles Schwab gained 2.90% after beating Q2 estimates and reporting a surge in new brokerage accounts. ($SCHW)

What’s down 📉

• Sarepta Therapeutics plummeted 35.94% after a third patient death was reported in a Phase 1 gene therapy trial. ($SRPT)

• Netflix fell 5.1% despite topping earnings expectations, as it warned that higher content and marketing costs would weigh on margins in H2. ($NFLX)

• 3M dropped 3.65% even after a Q2 beat, as its 2025 growth outlook was clouded by tariff-related revisions. ($MMM)

• Schlumberger slid 3.89% after Q2 earnings revealed a 13% year-over-year decline, despite beating estimates. ($SLB)

• Western Alliance declined more than 3.98% after Q2 net interest margin came in slightly below estimates. ($WAL)

OIL
Chevron Finalizes $53B Hess Deal After Exxon Challenge Fails, Unlocking Guyana Oil Reserves

Chevron has officially closed its $53 billion acquisition of Hess, thanks to a favorable ruling from the International Chamber of Commerce in Paris. The arbitration decision dismissed ExxonMobil’s bid to block the deal by claiming first rights to Hess’s 30% stake in Guyana’s Stabroek offshore block. With that dispute settled, Chevron now secures its hold over one of the fastest-expanding oil projects in the world on track to pump 1.2 million barrels per day by 2027.

A Lifeline for Chevron: This acquisition comes at a critical time for Chevron, which has been under pressure due to dwindling reserves and underwhelming stock performance. CEO Mike Wirth said wrapping up the deal quickly was key to strengthening the company’s upstream portfolio. Now, with Hess’s assets integrated—and John Hess himself joining Chevron’s board—it’s full steam ahead on boosting production and profitability.

Exxon Takes a Back Seat (For Now)

Though Exxon didn’t get its way, it’s sticking around as a key partner. With 45% of the project and operational control of the drilling vessels, Exxon remains central to Stabroek’s future. China’s CNOOC, which owns another 25%, also continues alongside. While Exxon’s challenge didn’t prevail, the win for Chevron helps rebalance power at sea.

Deals aren’t just happening offshore. Union Pacific is reportedly in talks to acquire Norfolk Southern, potentially creating the only coast-to-coast freight rail network under one roof in the U.S. Norfolk shares jumped 2.6% on the news, while Union Pacific saw a slight dip. Whether regulators will greenlight the merger is still up in the air, but the implications for shipping and logistics are huge.

What It Means for You: Imagine more oil flowing out of Guyana, potentially easing global supply tightness. That’s bullish for Chevron and could lift its stock—and possibly impact your gas pump. Meanwhile, a rail mega-merger could shake up freight rates and delivery times across industries. M&A never sleeps—and neither do the ripple effects.

NEWS
Market Movements

• 📈 Google and Microsoft Price Targets Raised: Bank of America raised its price target on Google to $210 and Microsoft to $585 while maintaining Buy ratings on both. The upgrades reflect confidence ahead of earnings, driven by strong ad and cloud momentum. Both stocks currently trade below those targets. ($GOOGL, $MSFT)

• 🔍 JPMorgan Launches Private Company Research: JPMorgan will now cover private companies without assigning ratings, price targets, or estimates. The goal is to offer structured data and long-term tracking for investor clients. It marks a shift toward institutional-grade private market research. ($JPM)

• 🎬 Netflix Debuts AI-Generated Scene: Netflix used generative AI to create a scene in its new sci-fi series The Eternaut, a first for its original content. The move showcases cost-cutting innovation but stirs debate about creative authenticity. Netflix hasn’t said which scene was AI-made. ($NFLX)

• 🏛 Powell Defends $2.5B Fed Renovation: Fed Chair Jerome Powell defended the agency’s $2.5B renovation after Trump blasted it as excessive. Powell said luxury features like VIP dining rooms and fountains were eliminated from the plan. The buildings haven’t had a full upgrade since the 1930s.

• ✂️ Waller Pushes for July Rate Cut: Fed Governor Christopher Waller called for a July rate cut, arguing inflation risks are low and labor market cracks are forming. He believes the Fed’s policy rate should be closer to 3%. Waller is also viewed as a top candidate to replace Powell in 2026.

• 🚀 Space Sector Sees Surge in Investment: Space startups raised $3.1B in Q2, with U.S. companies grabbing 70% of the total. Firefly Aerospace filed to go public, while SpaceX is reportedly investing $2B in Elon Musk’s xAI. Venture capital firms drove 77% of all space funding this year.

• 🤖 Delta Uses AI for Ticket Pricing: Delta is expanding AI-driven ticket pricing to 20% of fares by year-end after seeing strong results from early testing. The AI sets personalized prices based on each customer’s profile. Critics warn it borders on predatory pricing and lacks transparency. ($DAL)

• 🧃 Pepsi Pops, But Soda Wars Heat Up: PepsiCo beat Q2 earnings estimates thanks to cost cuts and strong demand for Pepsi Zero Sugar. Still, it fell behind Sprite and Dr Pepper in U.S. market share for the first time ever. Coke remains the dominant leader at over 19%. ($PEP)

• 🧪 Telehealth Probe Flags Pharma Payments: A Senate probe found Pfizer and Eli Lilly paid millions to telehealth firms that heavily prescribed their drugs. Lawmakers say the practice raises red flags over patient privacy and overprescribing risks. One platform saw a significant uptick in branded drug usage. ($PFE, $LLY)

• 📉 Health Insurers Dive After ACA Shake-Up: ACA insurers like Elevance and Molina dropped sharply after Elevance warned of post-subsidy uncertainty. The end of enhanced COVID-era subsidies could knock 4 million people off coverage. Insurers face higher costs and a sicker customer base. ($ELV, $MOH, $CNC)

• 💸 Invesco Soars on QQQ Restructure Plan: Invesco jumped 15% after proposing a change to turn the QQQ ETF into an open-ended fund. This would allow Invesco to retain more fee revenue and slightly lower the expense ratio. The change could reshape one of the most traded ETFs. ($IVZ, $QQQ)

CRYPTO
Coinbase and Robinhood Hit Record Highs as GENIUS Act Launches New Era for Crypto Regulation

Crypto markets hit hyperspace Friday after Congress passed the most consequential batch of digital asset legislation in U.S. history. President Trump signed the GENIUS Act into law, providing long-awaited regulatory clarity for stablecoins cryptos pegged to fiat currencies like the U.S. dollar. The House also passed the CLARITY Act and Anti-CBDC Surveillance State Act, both now headed to the Senate.

With the GENIUS Act locked in, Coinbase hit a record $444 before cooling off to end the day up 2.2%, while Robinhood crossed the $113 mark and gained 4%. XRP and Dogecoin also surged, riding a wave of optimism that clearer rules will finally let crypto go mainstream.

Tokenization Takes the Spotlight

The legislation’s biggest win is how it sets the stage for tokenized finance. Stablecoins must now be backed 1:1 with highly liquid reserves, giving banks and investors more confidence to dive in. Think tokenized Treasury bills, stocks, and even real estate—Wall Street’s future could be built on blockchain rails. As one analyst put it, the U.S. government just became a silent partner in crypto’s next chapter.

Coinbase and Circle, the forces behind USDC, are especially well-positioned. USDC's supply has been steadily growing, and Coinbase raked in nearly $300 million in stablecoin revenue last quarter alone. Meanwhile, Ripple’s XRP, boosted by its ETF launch and dollar-backed stablecoin RLUSD, hit an all-time high before easing back slightly.

Not Everyone’s Cheering: While crypto companies popped champagne, the broader market barely moved. The S&P 500 finished flat despite a strong week, as traders mulled over reports that Trump is pushing for 15%–20% tariffs on the European Union. That’s reignited fears of a trade war redux, keeping a lid on equity enthusiasm even as crypto flies high.

Bottom Line: Crypto’s never had this kind of political backing or legal clarity. With the GENIUS Act now law, and more legislation in the pipeline, digital assets are officially entering their regulated era. Investors aren't just betting on coins—they're betting on a reshaped financial system.

Calendar
On The Horizon

Next Week

Next week’s economic calendar is running lean, with just a handful of reports trickling in leading indicators on Monday, housing data midweek, and durable goods on Friday. Don’t expect any fireworks, but keep an eye out for signs of consumer and labor strength beneath the surface.

Earnings Bonanza Incoming

Where things do get busy? Corporate earnings. A full-blown earnings sprint kicks off Monday with Verizon and Domino’s, builds to a Tuesday flood with Coca-Cola, GM, and Lockheed Martin, and hits a Wednesday crescendo with Tesla, Alphabet, and Chipotle. Thursday and Friday wrap things up with names like Intel, Blackstone, Southwest, and HCA. Pack a lunch, it’s going to be a long week.

NEWS
The Daily Rundown

• 🧾 Trump Sues WSJ Over “Bawdy” Epstein Letter: Donald Trump has filed a libel lawsuit in federal court against the Wall Street Journal, its parent companies, and its reporters over a 2003 birthday letter allegedly written to Jeffrey Epstein. Trump claims the letter is fabricated and defamatory, and he's urging the Justice Department to release Epstein grand jury records. The WSJ described the note as lewd and part of a broader trove of Epstein’s correspondence.

• ⚡ Liquid Death Unveils “Sane” Energy Drink: Liquid Death is entering the energy drink market with Sparkling Energy, launching in January. The drinks will come in 12 oz “skinny” cans, each with 100 mg of caffeine—about the same as a cup of coffee—and no sugar or artificial sweeteners. Flavors include Tropical Terror, Scary Strawberry, Orange Horror, and Murder Mystery. The brand will continue its satirical marketing approach, poking fun at extreme energy drink culture.

• 🦵 Trump Diagnosed With Chronic Venous Insufficiency: Donald Trump has been diagnosed with chronic venous insufficiency, a vascular condition that causes swelling due to poor blood flow in the legs. The condition is common in people over 70 and was confirmed through vascular studies. A White House memo emphasized there were no signs of serious issues like deep vein thrombosis or heart problems. Treatment options typically include compression therapy and lifestyle adjustments.

• 🎤 CBS to End The Late Show in 2026: CBS plans to cancel The Late Show with Stephen Colbert in May 2026 and retire the franchise entirely. The network cited financial reasons, not ratings or content, calling Colbert “irreplaceable.” Colbert expressed appreciation for his team and audience after learning the news during a taping. The decision comes amid a broader decline in traditional late-night viewership.

• 🗳️ UK to Lower Voting Age to 16: The UK’s Labour-led government announced plans to lower the voting age from 18 to 16 by the next general election. The move could enfranchise 1.6 million new voters and is part of broader reforms including new voter ID options and foreign interference safeguards. Labour denies it’s a political ploy, citing falling voter turnout. Scotland and Wales already allow local elections for 16-year-olds.

• 🧬 Babies Born With DNA From Three People: Eight babies have been born in the UK using a pioneering IVF technique that blends DNA from three individuals to prevent inherited mitochondrial diseases. The process includes a mother’s egg, father’s sperm, and a donor’s mitochondria, which makes up about 0.1% of the baby’s DNA. The children are healthy and showed significantly reduced levels of faulty mitochondria. The UK was the first country to legalize the method in 2015.

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