Your Evening Briefing

July 10, 2025

S&P 500 closes at record in widespread rally

The S&P 500 rose 0.3% on Thursday, setting new intraday and closing records in the process. The Nasdaq 100 dipped 0.2% while the Russell 2000 continued its strong start to the quarter with a 0.5% advance. Bitcoin rose above $113,000, another all-time high.

Tech and communications services were the lone two S&P 500 sector ETFs to end in the red, while consumer discretionary led the way higher.

Delta’s solid earnings and good-enough outlook were a major positive for not just the stock, but the entire industry.

AMD spiked after HSBC doubled its price target on the chip company, saying they underestimated the performance and pricing power of its new line of processors.

Tesla jumped after CEO Elon Musk said its robotaxi operations in Austin would expand their coverage this weekend and the service would be available in the Bay Area in a month or two.

I’m from the government and I’m here to help: MP Materials went up 50% after the Pentagon announced it was taking a large stake in the rare earths company amid on-again, off-again access to these materials from China.

WK Kellogg soared 30% after announcing it’s being acquired by Ferrero.

Circle caught a bid after a report from Bloomberg that Jack Ma-backed Ant Group would use its stablecoin on their platform.

Vertiv, an infrastructure provider for data centers, tumbled after Amazon launched its own cooling system for AI servers.

— Luke Kawa, Markets Editor

Palantir target raised by Wedbush’s raging tech bull

Dan Ives slapped a $160 price target on Palantir on Thursday, matching the highest forecast for the shares on FactSet. Read more.

What Elon Musk and the teary UK Treasury chief have in common

The recent travails of these two very distinct characters prove one clear point: there’s no real appetite to curb government spending.

Read more.

Mark Zuckerberg’s plan to reboot Meta’s lagging AI efforts with a “superintelligence” team of AI all-stars appears to be attracting more talent. Apple’s former head of its AI models team, Ruoming Pang, was reportedly lured to Meta with a pay package worth more than $200 million.

Read more.

A Nintendo Switch 2, GameStop CEO Ryan Cohen’s underwear, and lunch at McDonald’s in Miami can be yours for just $1 million
C’mon. It’s for charity!
Largest $TRUMP holder buying $100 million more of the meme coin
Tron founder Justin Sun, who is also an adviser to Trump-connected World Liberty Financial, announced his plans on X.
xAI launches Grok 4, Grok 4 Heavy, SuperGrok Heavy
A major release of xAI’s latest Grok model is overshadowed by antisemitic posts and X’s CEO departure.
Everyone’s buying bitcoin except Strategy
“Some weeks you just need to HODL.”
Trump’s tax bill gives Anduril a monopoly on “autonomous” border surveillance towers
Trump’s tax bill’s $6 billion for border security includes a rule that ensures Anduril is the only vendor for AI-powered surveillance towers.
Solana gets another treasury firm: BIT Mining Limited
The firm plans to raise up to $300 million for the effort.

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