Good morning! Here's the latest in trending:

It's showtime: SpaceX (SPCX) releases first quarterly results as a public company.

Rolling high: Marijuana use has surpassed cigarette smoking in the U.S.

Over the top? Trump calls out Exxon (XOM) and Chevron (CVX) for 'making too much money.'

Voters in Missouri will take to the ballot box today to decide whether there will be a 10th U.S. state without income tax. Known as Amendment 5, the measure would gradually reduce the individual income tax rate with the aim of eliminating it completely by 2032. To make up for lost revenue, lawmakers would be authorized to expand and raise other state levies, like sales tax on goods, which currently stands at 4.225%.

Bigger picture: Individual income taxes made up 63% of Missouri's general revenue in FY2025, so if the amendment passes, lawmakers will need to find a lot of additional cash. Generating over $9B annually, income tax revenue currently serves as a key financial source for Missouri's education system, law enforcement, healthcare, infrastructure, and state administration. Any fiscal rewrite will be a delicate balancing act and has divided voters across the state.

Supporters of the measure maintain that Missouri's tax structure hasn't kept up with the times, while it would drive investment and growth by making the state more competitive. Those opposed worry about a cost-of-living crisis, with higher taxes on goods or cuts to state programs. Additional concerns also surround the impacts on various income levels, ambiguous language in the bill and the additional powers it could grant to the legislature.

Some history: Until the early 1900s, U.S. states relied primarily on comprehensive general property taxes (real estate, business assets, and personal belongings) to fund operations, along with poll taxes, selective excise taxes, and corporate charter fees. The modern individual income tax was first levied by Wisconsin in 1911, but within decades, the majority of states jumped on the bandwagon given cratering property values during the Great Depression. The last wave of states to adopt income taxes occurred after WWII, but states like Florida, Nevada, South Dakota, Texas, Washington and Wyoming never joined the group. Some states have also repealed their income tax legislation, like Alaska in 1980, Tennessee in 2021, and New Hampshire in 2025. (2 comments)

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ISM Manufacturing rises in July to highest reading since May 2022.

FAA certifies Boeing (BA) 737 Max 7 after near decade-long review.

Trump administration sued by 25 states over forced labor tariffs.

Palantir (PLTR) pops as it ups FY guidance after strong Q2 results.

AI staffers set to visit White House today to review oversight policy.

FIFA's Infantino drops controversial effort to monetize World Cup.

Michigan health officials contacted Taco Bell (YUM) before recall.

Reddit (RDDT) finds buyers after earnings selloff, advances 10%.

Cuba blackout: Weather events disrupt power restoration efforts.

In Asia, Japan +0.3%. Hong Kong -0.6%. China +0.3%. India -0.3%.
In Europe, at midday, London +0.3%. Paris flat. Frankfurt +0.3%.
Futures at 6:30, Dow flat. S&P +0.1%. Nasdaq +0.8%. Crude +1.8% to $81.79. Gold +0.3% to $4,103.60. Bitcoin +1.3% to $63,431.
Ten-year Treasury Yield +2 bps to 4.71%.

Companies reporting today include SpaceX (SPCX) and Advanced Micro Devices (AMD).

See the full earnings calendar on Seeking Alpha, as well as today's economic calendar.