Good afternoon! The U.S. Coast Guard’s newly released report on the 2023 OceanGate tragedy confirms what many feared: the Titan implosion was preventable. Investigators found the company repeatedly disregarded safety protocols, failed to certify its vessel, and ignored warnings from staff some of whom were silenced with legal threats. The result was a catastrophic deep-sea failure that killed all five aboard during a voyage to the Titanic.

The 335-page report outlines eight major engineering flaws and highlights how OceanGate exploited regulatory gaps, including skipping independent certification. In one alarming detail, the sub’s forward dome was secured with just four bolts instead of 18. This internal probe is separate from the National Transportation Safety Board’s ongoing investigation, which could bring even more revelations later this year.

MARKETS

• Stocks bounced back hard after Tuesday’s stumble, with investors piling in on optimism around Apple’s $100 billion domestic investment and a fresh batch of strong earnings. The S&P 500 climbed 0.7%, the Nasdaq 100 led with a 1.3% gain, and Apple soared over 5%, powering the rally. Small caps weren’t invited to the party though, as the Russell 2000 dipped 0.2%.

• Just ahead of tomorrow’s new reciprocal tariff deadline, President Trump pushed through a 50% tariff on Indian imports, citing the country’s oil trade with Russia. That announcement briefly dragged stocks into the red, but the market shook it off by the close reminding everyone that August volatility is still in full swing.

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STOCKS
Winners & Losers

What’s up 📈

• Grocery Outlet soared 42.70% after beating earnings expectations and raising full-year guidance. ($GO)

• Astera Labs jumped 28.66% as investors bet on its AI potential in semiconductor integration. ($ALAB)

• Hinge Health surged 25.57% after its first earnings report as a public company beat expectations. ($HNGE)

• Viasat climbed 30.67% after posting a surprise profit of 17 cents per share, crushing analyst expectations. ($VSAT)

• Shopify gained 21.97% after beating earnings and dispelling fears about a slowdown in consumer spending. ($SHOP)

• Arista Networks rose 17.49% after better-than-expected earnings and strong cloud infrastructure demand. ($ANET)

• Match Group added 10.50% after its Q3 revenue guidance came in above Wall Street forecasts. ($MTCH)

• Capri Holdings rose 14.51% after beating earnings and raising revenue guidance for the current quarter. ($CPRI)

• Apple rose 5.09% after the White House confirmed a $100 billion investment commitment, bringing Apple’s four-year total to $600 billion. ($AAPL)

What’s down 📉

• Opendoor Technologies dropped 24.60% after missing revenue expectations and slashing guidance for Q3. ($OPEN)

• Snap fell 17.15% after reporting a drop in average revenue per user, leading to lower-than-expected sales. ($SNAP)

• Super Micro Computer slid 18.29% after missing on earnings and revenue, along with issuing weak guidance. ($SMCI)

• Upstart Holdings fell 18.74% despite an earnings beat, as investors worried about long-term growth. ($UPST)

• Six Flags Entertainment plunged 20.78% on poor earnings, a weak forecast, and the CEO's departure. ($SIX)

• Bloomin’ Brands dropped 30.67% after providing weak guidance that overshadowed its earnings beat. ($BLMN)

• Limbach declined 18.22% after reporting lower revenue and a sharp drop in cash from operating activities. ($LMB)

• BridgeBio Pharma sank 8.94% after reporting a wider-than-expected loss. ($BBIO)

• Lucid Group fell 9.71% after trimming its production forecast for 2025 and missing Q2 estimates. ($LCID)

• Advanced Micro Devices declined 6.42% after missing Q2 revenue estimates, though EPS was in line. ($AMD)
  

ENTERTAINMENT
NFL Buys Stake in ESPN as Disney Preps $30 Sports Streamer

In one of the boldest sports-media tie-ups yet, the NFL is taking a 10% stake in Disney’s ESPN, valuing the piece at roughly $2.5 to $3 billion. In return, Disney gets ownership of NFL Network, the RedZone brand, and exclusive media rights that will bulk up ESPN’s new $30/month standalone streaming service, set to launch later this month. The deal drops Disney’s stake in ESPN to 72%, while minority partner Hearst falls to 18%.

A game-changer in more ways than one

ESPN will now control the NFL Network's cable and digital operations, and even more NFL games are being shuffled between the two media giants. RedZone, still owned and operated by the NFL, will now be distributed to more homes under ESPN’s reach—good news for fantasy players and touchdown junkies. Meanwhile, NFL Fantasy will merge with ESPN Fantasy, consolidating two fan ecosystems under one digital roof.

Questions about fairness and journalism

The NFL now owning a piece of its biggest broadcast partner is raising eyebrows across the sports world. Analysts warn this could spark concerns about ESPN getting favorable treatment over other networks like NBC, Fox, or Amazon. Others wonder if ESPN reporters can objectively cover a league that now holds equity in their employer. Disney and NFL execs brushed off the worries, promising editorial independence and fairness across all media deals.

Timing the blitz: The move comes as ESPN prepares to fend off rivals in the sports streaming wars. Disney just beat earnings estimates but missed on revenue, and ESPN’s new streaming product is its Hail Mary to stay dominant. As media companies cozy up to leagues Fox recently bought a stake in IndyCar expect more blurry lines between who owns the games and who broadcasts them.

NEWS
Market Movements

• 📈 Markets Rally on Apple Buzz, Earnings Fireworks: The S&P 500 gained 0.7% and the Nasdaq 100 climbed 1.3%, powered by Apple’s investment headlines and strong earnings beats from names like Arista Networks and Shopify. Sector-wise, tech and consumer discretionary led, while healthcare and materials slumped. The Russell 2000 bucked the trend and fell 0.2%

• .🇺🇸 Apple to Drop $100B More on U.S. Manufacturing: Apple ($AAPL) popped 5% after the White House teased a fresh $100 billion stateside investment announcement. The new plan, part of its updated $600 billion U.S. commitment, includes domestic production of iPhone and Apple Watch cover glass in Kentucky in partnership with Corning. The move underscores Apple’s broader American Manufacturing Program and its continued pivot toward onshore operations..

• 🚀 Shopify Soars Despite Miss, Issues Rosy Forecast: Shopify ($SHOP) shares surged 22% after the company missed Q2 revenue estimates but offered an upbeat growth outlook for the rest of the year. Investors shrugged off the top-line miss, focusing instead on the company’s mid-to-high 20s revenue growth guidance. That optimism proved more than enough to spark a monster rebound.

• 💔 AMD Slides After Earnings Miss, China Hit: AMD ($AMD) fell 6% after reporting an earnings miss, even as revenue beat expectations. CEO Lisa Su blamed U.S. export restrictions, saying they wiped out $800M in MI308 sales to China. The company hinted at slow progress regaining access to that market.

• 💪 Duolingo Rebounds 24% on Beat and Raised Outlook: Duolingo ($DUOL) jumped 24% after crushing Q2 earnings expectations and raising full-year guidance. The language app also acquired a London-based music gaming team as part of a push into education-themed entertainment. It’s a strong rebound after recent backlash over its AI strategy.

• 😬 Snap Crashes 17% on Sluggish Ads, Narrow Miss:
  Snap ($SNAP) plunged 17% after narrowly missing earnings and reporting a slowdown in ad revenue. The platform’s monetization struggles continue as ad budgets stay tight. Wall Street didn’t find much comfort in the company’s Q2 report.

• 🧬 Novo Nordisk Drops Despite Strong Sales: Novo Nordisk ($NVO) slipped nearly 4% even after reporting solid GLP-1 drug sales. The weight-loss drug leader cited ongoing pressure from generics and knockoff products. Despite market leadership, investors seem wary of margin erosion.

• 🧠 Anthropic Undercuts OpenAI With $1 Gov’t Offer:
  Anthropic plans to offer its AI tools to U.S. federal agencies for as little as $1, matching a similar offer by OpenAI’s ChatGPT Enterprise. The push is part of a broader AI arms race to gain government contracts and visibility. Expect more Silicon Valley giants to play the same game.

• 🚘 Uber Faces Scrutiny Over Assault Reports: A New York Times investigation revealed that more than 400,000 Uber ($UBER) trips between 2017–2022 included reports of sexual assault or misconduct. That’s roughly one report every 8 minutes. Uber is now testing a women-driver request feature, but the tool doesn’t guarantee a match.

RESTAURANT
McDonald’s Sales Rise on Snack Wraps and $5 Value Meals

After a string of flat quarters, McDonald’s is finally back in the growth game. Global same-store sales jumped 3.8% last quarter, marking the chain’s biggest leap in nearly two years. In the US, sales rose 2.5%, a notable bounce after a rough spring. The company credits its comeback to a slew of budget-friendly promotions and clever crossovers, including a Minecraft-themed Happy Meal that sold out of collectible toys in under two weeks.

The return of the $5 “McValue” bundle, new McCrispy chicken strips, and the long-awaited Snack Wrap relaunch seem to have hit the sweet spot for price-sensitive diners. And let’s face it, when your Happy Meal comes with Squishmallows, it’s hard to say no. Even Wall Street got in on the cheer McDonald’s beat earnings expectations, sending shares up 3%.

Still not all happy meals

But the comeback wasn’t without its caveats. CEO Chris Kempczinski noted that lower-income customers, who typically visit McDonald’s more frequently than others, are still pulling back. “Reengaging the low-income consumer is critical,” he said. The company is now looking to price perception more carefully—because when combo meals creep past $10, even diehard fans start balking.

To keep momentum going, McDonald’s plans to test new cold coffees and crafted sodas at 500+ US locations this fall. The goal? Stay competitive with Gen Z’s growing thirst for iced everything and Instagrammable drinks.

Meanwhile, over at Yum…

Yum Brands, which owns Pizza Hut, KFC, and Taco Bell, wasn’t so lucky. Earnings and revenue both missed expectations, with KFC and Pizza Hut posting same-store sales declines. Taco Bell was the lone bright spot, climbing 4% thanks to, yes, crispy chicken nuggets. But with menu items like “Salted Caramel & Toffee Empanada Bites” and “Baja Midnight Mountain Dew,” even Taco Bell may be pushing the limits of fast-food fusion.

In a fast-food world, value is king and McDonald’s just proved it knows how to deliver, one Snack Wrap at a time.

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Calendar
On The Horizon

Tomorrow

The economic calendar goes full Costco tomorrow: Nonfarm productivity, labor costs, consumer credit, wholesale trade, and jobless claims are all on deck. But that’s just the appetizer. It’s also the busiest day of earnings this week, with heavyweight names like Eli Lilly, Toyota, Sony, Siemens, SoftBank, Atlassian, Datadog, and Warner Bros. all reporting.

After Market Close:

• Pinterest reports after the close, and it’s quietly built a strong case for investor attention. While still trading well below its 2021 highs, the platform has seen big gains in engagement and ad revenue fueled in part by its smart use of AI for both content and targeting. ARPU has improved, sentiment is bullish, and management sounds confident about the road ahead. If tomorrow’s results hit, Pinterest might just earn a spot on your shopping list.

NEWS
The Daily Rundown

• 🪖 Netanyahu Weighs Full Gaza Occupation Despite Opposition: Israeli Prime Minister Benjamin Netanyahu is reportedly considering ordering a full military occupation of Gaza. The proposal faces internal pushback from senior military officials and growing public resistance. Critics warn the move could further destabilize the region and prolong hostilities. Still, Netanyahu appears determined to escalate efforts amid ongoing hostage and security concerns.

• 🌕 U.S. Plans to Build Nuclear Reactor on the Moon: Transportation Secretary Sean Duffy, who’s also serving as NASA’s interim head, is set to announce a plan to construct a nuclear reactor on the moon. The Politico report says the project would power future lunar bases and long-term space missions. The reactor would be built in partnership with private contractors and launched within the next decade. It’s a bold step in the U.S. push for permanent presence on the lunar surface.

• 🩺 Ex-X CEO Linda Yaccarino Takes Over at eMed: Former X CEO Linda Yaccarino has been named chief executive of telehealth firm eMed. Her appointment comes just weeks after she stepped down from her tumultuous role at Elon Musk’s social platform. At eMed, Yaccarino will focus on expanding the company’s reach in digital diagnostics and at-home testing. The move signals her pivot back into the health-tech sector.

• 🔌 Sonos Admits Roam Speakers May Overheat and Melt: Sonos acknowledged that a “very low” number of its Roam speakers have melted due to overheating near the USB-C port. Customers reported warping and discoloration, prompting the company to investigate. Sonos said it’s offering replacements in affected cases. The glitch adds heat to the ongoing scrutiny over device safety.

• 🦁 Danish Zoo Asks Public to Donate Pets—for Lion Snacks: The Aalborg Zoo in Denmark is asking people to donate unwanted guinea pigs, chickens, and rabbits to feed its predators. The zoo says it's part of a mission to mimic natural hunting diets for animals like lions and wolves. Some animal experts support the idea; others are calling it “perverse.” The internet is already mourning hypothetical pets named Jellybean.

• 🧠 Google’s New AI Builds 3D Worlds in Real Time: Google unveiled Genie 3, an AI model that can generate 3D interactive environments at 24 frames per second. The tech could be used to train AI agents in lifelike simulations—from navigating warehouses to operating machinery. Google sees this as a key step toward artificial general intelligence. It’s still in development and not publicly available—yet.

• 🌊 Coast Guard Blames OceanGate for Deadly Sub Disaster: A U.S. Coast Guard report found the Titan sub implosion that killed five people in 2023 was preventable. OceanGate cut safety corners, refused certification, and trained pilots in a single day. The company’s CEO Stockton Rush would likely have faced criminal charges had he survived. The report also details a toxic workplace that punished staff for raising concerns.

• 🧠 Illinois Becomes First State to Ban AI Therapists: Governor JB Pritzker signed a bill making Illinois the first U.S. state to regulate AI-driven mental health services. The law bans chatbots from acting as therapists and restricts how licensed professionals can use AI. Companies face fines of up to $10,000 for violations. The move comes as younger users increasingly lean on tools like ChatGPT for emotional support.

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