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- 🧠 Breaking: Europe, Mexico goods to face 30% US tariffs on August 1
🧠 Breaking: Europe, Mexico goods to face 30% US tariffs on August 1
PortfolioGPT x Unprompted newsletter for 7/6-7/12
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✨ PortfolioGPT community, here’s the latest financial news to supercharge your investment knowledge and start building generational wealth today.
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🏛️ Financial News
US Tariff Revenue 💵 US customs duties top $100B for first time in a fiscal year – Reuters: The Treasury Department reported the US customs duty collections surged again in June, producing a surprise $27B budget surplus.
Europe-Mexico Tariffs 🏰 Breaking news. Trump: EU goods will face 30% US tariff rate starting on 1 August – euronews: President Trump revealed the new rates in letters to European Commission President Ursula von der Leyen and Mexico’s president Claudia Sheinbaum.
Federal Reserve 💵 Trump’s OMB director says Powell 'has grossly mismanaged' Fed as White House pressure builds – Yahoo! Finance: The Financial Times reported the e-commerce giant has considered expanding its investment beyond the $8B already committed in November last year.
eCommerce 🛒 Prime Day First-Day Sales Dive 41%, Retail Consultant Reports – Rueters: Amazon’s sales reportedly dropped 41% on the first day of its four-day Prime Day sales event compared to the first day of last year’s two-day event. Momentum Commerce said that the sales numbers for this year’s longer event could still surpass those of last year’s shorter one.
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🌎 Global Markets
S&P 500 $SPY ( ▼ 0.35% ) 📊 Dow drops 280 points, S&P retreats from record as Trump escalates trade battles – CNBC: Stocks closed lower to end the week, even after the S&P 500 posted a new record high the day before, driven by an escalation in the trade war.
Exchange-Traded Funds $GRNY ( ▼ 0.44% ) 📊 Tom Lee’s Granny Shots ETF is crushing the market and raking in cash – Rueters: Picking stocks that fall under multiple themes helps the fund stand up under changing market moods, Lee said. The YTD performance of the ETFs top holdings includes: Robinhood (+164%), Oracle (+84%) and AMD (+21%). Since its inception, the fund has outperformed the MSCI US Large Cap Index 13.7% to 7.8%.
Europe Markets $STOXX ( 0.0% ) 🏰 Jamie Dimon has a blunt message for Europe: ‘You’re losing’ – QZ: Jamie Dimon to Europe: 'You're losing' The JPMorgan Chase CEO says Europe’s growth model is broken — and that without bold reforms, the continent risks falling even further behind.
India Markets $NSEINDIA.P ( 0.0% ) 🕌 India's IPO market eyes $2.4 billion in offerings in July as confidence rebounds – Rueters: Indian firms could raise some $2.4 billion through IPOs in July, investment bankers said, raising hopes of a sustained revival in primary offerings after demand was dented by the U.S. trade war and global geopolitical tensions earlier this year.
China Tourism 🐉 Planning a trip to China? Visa-free entry is now available for 74 nationalities – euronews: Citizens from 74 countries – including much of Europe – can now enter China for up to 30 days without a visa, as the country opens up in a bid to revive tourism, a big jump from previous regulations.
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📊 Stock Market
Banks $JPM ( ▼ 0.46% ) 🏦 JPMorgan plans to charge fintechs for access to its customer bank account data, Bloomberg News reports – Reuters: The largest U.S. lender has sent pricing sheets to data aggregators – intermediaries that link banks with fintech platforms – outlining new charges that may vary by use case, with payment-focused firms facing higher costs, according to the report.
Banks : FinTechs $SOFI ( ▲ 1.1% ) 💱 SoFi to Give Clients Access to OpenAI, SpaceX Through New Funds – Rueters: SoFi Technologies Inc. said it’s adding new private-markets funds that will allow retail clients to invest in closely held companies including SpaceX, OpenAI and Epic Games.
Sports Betting $DKNG ( ▼ 3.57% ) 🏈 Lose bets, pay taxes? New bill has some gamblers apoplectic. – Rueters: Gary Kondler, a Las Vegas-based CPA who prepares taxes for full-time sports bettors and poker players from across the country, described a week of “absolute chaos” fielding clients’ panicked calls following news some gamblers to pay income taxes even after losing money.
Consumer Goods $KLG ( ▲ 0.13% ) 🥣 Italy's Ferrero to buy WK Kellogg in $3.1 billion deal Nutella maker Ferrero will acquire WK Kellogg, known for Corn Flakes, Froot Loops and Rice Krispies. – Rueters: Shares of WK Kellogg spiked on a report that Ferrero is nearing an agreement to buy the breakfast food company for $3B. WK Kellogg, which makes cereals such as Froot Loops and Frosted Flakes, spun off into a standalone company in 2023.
Consumer Goods $KHC ( ▲ 2.53% ) 🥫 Kraft Heinz Stock Rises After Report of a Possible Break-Up – Investopedia via Yahoo! Finance: Kraft Heinz is planning a break-up, a move that could undo a massive merger just a decade old. The company is one of the world's leading food makers, known for brands like Philadelphia cream cheese, Cool Whip, and Stove Top stuffing.
Restaurant Suppliers $PFGC ( ▲ 4.84% )🍽️ Performance Food Draws Takeover Interest From US Foods – Investopedia via Yahoo! Finance: Performance Food Group Co. has attracted takeover interest from US Foods, a potential deal that would create a food distribution company with combined sales of roughly $100B.
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🌐 Magnificent 7
Semi-conductors $NVDA ( ▲ 0.5% ) 🧇 Nvidia's stock market value hits $4T on AI dominance – Reuters: The chipmaker is the first company to achieve the milestone and has benefited from the generative AI boom.
Technology $AAPL ( ▼ 0.59% ) 🍎 Apple should replace Tim Cook as CEO – LightShed – MacDailyNews: Analysts at LightShed think Apple should replace Tim Cook as CEO as the company would benefit from a CEO who’s more focused on the product side of the business or it’ll risk missing out on the AI boom.
Autos : EV $TSLA ( ▲ 1.18% ) 🔌 Elon Musk’s xAI sets AI benchmark records with new reasoning-optimized Grok 4 model – TechCrunch: Elon Musk’s xAI Holdings Corp. has debuted a new large language model, Grok 4, that’s optimized for reasoning tasks such as generating code.
TechCrunch: Tesla is trying to expand Robotaxi service to Arizona
Yahoo! Finance: Linda Yaccarino steps down as ceo of X after two years
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Technology $GOOG ( ▲ 1.46% )🔍 Google hires Windsurf CEO Varun Mohan, others in $2.4 billion AI talent deal – CNBC: The search giant made the latest a splash in the AI talent wars, announcing an agreement to bring in Varun Mohan, co-founder and CEO of AI coding startup Windsurf. The deal between Google and Windsurf comes after the AI coding startup had been in talks with OpenAI for a $3B acquisition deal.
Communications $META ( ▼ 1.34% ) 🤳 Meta Poached Apple’s Pang With Pay Package Over $200M – Rueters: Meta has made unusually high compensation offers to new members of its “superintelligence” team, that now includes a former Apple distinguished engineer.
Technology $AMZN ( ▲ 1.24% ) 🛒 AWS is launching an AI agent marketplace next week with Anthropic as a partner – TechCrunch: AI agents are ubiquitous nowadays, with every single investor in Silicon Valley bullish on startups building them – even if there is some disagreement on exactly what defines an AI agent.
Frontier LLMs 🤖 Perplexity launches AI-powered web browser for select group of subscribers – CNBC: Perplexity AI launched an AI-powered web browser called Comet that can connect with enterprise applications like Slack, and users can ask complex questions via voice and text. The browser is initially available to Perplexity Max subscribers, who pay $200/mo.
🦾 AI Jobs Watch
Banks 💱 Goldman Sachs is piloting its first autonomous coder in major AI milestone for Wall Street – CNBC: Goldman is testing an autonomous software engineer from AI startup Cognition that is expected to soon join the ranks of the firm’s 12,000 human developers.
Technology 👩💻 Microsoft lays off staff as savings from AI Top $500M – Bloomberg via Yahoo! Finance: In a recent presentation to employees, coo Judson Althoff said AI is enhancing productivity across functions, including sales, customer service and software development. Microsoft is ramping up internal use of AI tools to cut costs and increase productivity, even as the company trims thousands of jobs across departments.
Manufacturing 🦾 Robots and artificial intelligence are transforming jobs from manufacturing to sports – Fox Business: From factory floors to baseball fields, AI-driven robots are addressing labor shortages, enhancing sports performance with cutting-edge technology.
College Planning 🏫 Here’s what the endowment tax in Trump’s ‘big beautiful bill’ may mean for your college tuition – Rueters: President Trump’s megabill includes an increased tax on the endowment income of the nation’s top colleges, that many higher education experts say could lead to revenue shortfalls and cause some schools to raise tuition prices, cut financial aid or both.
Home Mortgages 🏡 Trump’s ‘big beautiful’ bill locks in key tax breaks for homeowners – CNBC: President Trump’s tax and spending bill revives and expands homeowner tax breaks, while making the current mortgage interest deduction cap permanent.
State & Local Taxes 🏛️ Who stands to benefit from the new SALT cap? High-earning homeowners in high-tax states – Yahoo! Finance: Thanks to the new $40,000 cap on deducting state and local taxes, some homeowners may want to start itemizing again.
Retirement Planning 🏖️ Millennials say they need $847,000 to feel ‘comfortable’ financially. Here’s how much Gen Z, Gen X and boomers want. – Schwab: Here’s how much you need to have saved, according to your age, to achieve financial comfort.
Financial Planning : Women 👩 Women prioritize clarity and credentials from financial advisers not gender, new research reveals – Unbiased UK: With women set to hold 60% of UK wealth by the end of 2025, Unbiased reveals what really matters to women when choosing a financial adviser.
Long-term Care 🏨 Long Island widow, 89, paid $1M to join senior facility before it went bankrupt, wiping out most of her savings – NYPost: An 89-year-old Long Island widow who sold her family’s house to pay the nearly $1M fee to live at a local retirement home had to move out of the facility after it fell into bankruptcy — one of 100’s of residents nationwide who have lost their nest eggs.
⛱️ Hope everyone’s staying cool in the summer heat. We’ll be back next Saturday to recap the week’s financial news that keeps you informed on your personal wealth journey.
Thanks to Air Insiders by Vincent for sponsoring this week’s issue, a great resource for learning about alternative assets.
✨ Happy Unprompting,
Rawee
[email protected]
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