Published on: July 29th, 2026

Good morning, Briefers!

There’s a new king on Wall Street - Apple became the second company ever to hit $5T in value yesterday.

It’s now the most valuable public company on Earth.

What else are we talking about today?

• More earnings reports.
• Shein is in the hot seat.
• Your AI history might be public.

Earn yield that ignores the stock market. Our sponsor alts.co lets accredited investors earn double-digit returns from short-term loans backed by government film tax credits.*

STOCKS

• S&P: 7,428 (+0.21%)
• DOW: 52,747 (+1.03%)
• NASDAQ: 24,876 (-0.22%)

*Numbers as of market close on July 28th

Trading AI Agents

Brokerages are rolling out AI that can trade your portfolio for you.

Reminder: Robinhood (HOOD -3.02%) was one of the first to announce this new feature a few months ago.

• Some experts say retail traders could go from about 2 trades a month to 20 a day.

AI agents work 24/7 - that could mean all investing becomes passive in the future.

Earnings Roundup

Some big names reported earnings yesterday - here are some of the highlights:

Ford (F +1.91%) hit the gas after better efficiency and steady pricing for its trucks and SUVs helped it make more money last quarter.

UPS (UPS -6.57%) hit a speed bump after it announced it's cutting ties with Amazon (AMZN -0.23%) last quarter, and warned demand for packages could slow this summer.

Royal Caribbean (RCL +5.72%) said its plans to make less money this year due to the U.S.-Iran war cutting into its profits.

Boeing (BA +4.76%) was grounded last quarter after its build of the latest version of Air Force One cost more than expected.

GLOBAL SCOOP

• STOXX 600 (E.U.): +0.35%
• CSI 300 (CHN): -0.54%
• FTSE 100 (U.K.): +0.83%

*Numbers as of 5:00 PM ET on July 28th

Under Fire

The FTC is probing Shein, and the fast-fashion giant had to tell Hong Kong investors.

• Shein warned it may face significant fines.

The FTC is looking into "dark patterns" - countdown timers and flash deals pressuring people to buy.

The issues may cause Shein to change its app permanently and other companies may have to follow any new rules, too.

A New Threat?

ASML (ASML -4.37%), a chip giant based in the Netherlands, is starting to face some stiff AI competition from China.

The company is the largest tech name in Europe.

What's happening? A Chinese state-backed company is starting to build machines that directly compete with ASML's core chip-making tools.

• If that happens, it could pressure ASML's profits and long-term stock returns for investors.

AD BREAK

Double-Digit Yields That Don't Move With The Stock Market

Everyone's chasing the next AI stock - meanwhile, a quiet corner of private credit keeps paying, and most investors overlook it.

A film production gets approved for a state tax credit but can't redeem it until post-production wraps. It needs capital now.

Bridge lenders provide it, secured against the credit itself, and get repaid when the credit clears.

• Short-term, asset-backed, and largely uncorrelated to public markets.

Not glamorous, but highly functional.

If you're an accredited investor looking for yield that doesn't move with the S&P, see current deals.*

ECONOMY

• US10YEAR: 4.61% (+0.01%)
• GOLD: $4,027 (-0.27%)
• BRENT CRUDE: $88.04 (+4.70%)

*Numbers as of 4:00 PM ET on July 28th

5X Tariffs

The Senate is considering a bill to let President Trump hit Russia and its top energy buyers with huge tariffs.

It would let him slap a 500% tariff on Russian goods.

• And a 100% tariff on top buyers.

The pushback: Some experts say it could lead to higher tariffs on other countries, too.

Data Center Shutdown

The operator of America's biggest electric grid, PJM, said it will need to cut power to data centers if the grid gets too strained.

By the numbers: Data centers using 50+ megawatts will be first to lose electricity during shortages starting June 2027.

• Higher demand for AI and cloud computing is increasing demand for data centers globally.

.

REAL ESTATE

• 30-year: 6.76%
• 15-year: 6.31%

Find the best mortgage rates in your area here.*

College Towns Heat Up

Home prices are soaring in college towns while the rest of the market barely moves.

Morgantown, WV, saw a 12.9% jump to $275,000 year over year.

• Meanwhile, the national median home price only rose 2% during that same time.

For buyers, these towns could offer cheaper entry, but that could end soon if demand keeps rising.

Another Record

Homeowners are sitting on a record pile of home equity, but many can't afford to cash out.

What’s that? Home equity is basically the value of a property that a homeowner truly owns.

And right now, Americans own a combined $17.9T of home value.

However, most homeowners have ultra-low mortgage rates they'd lose if they sold - which has meant many are refusing to sell.

FROM THE BRIEFERS

What Wall Street Is Watching

Stock pros don’t wait for headlines - they're reading the quiet shifts that show up long before a stock makes the news.

Jaspreet and our analysts track five of them to spot opportunities early.

See the signals - and the stocks the team is buying now.

CRYPTO

• BTC: $63,662 (-0.29%)
• ETH: $1,907 (-0.65%)
• XRP: $1.07 (-0.45%)

*Numbers as of 4:00 PM ET on July 28th

Crypto Loophole

Congress wants to close a tax trick that lets crypto investors sell at a loss, buy right back, and still claim the deduction.

• This loophole has existed for years as the government has been slow to fully regulate the industry.

Why now? The Treasury says closing it could raise $24B over a decade.

Whales Swim Away

Wealthy investors quietly trimmed their crypto bets last year, but most plan to pile back in.

Crypto allocations dropped from 7% to 6% of their portfolios.

• 45% say they'll increase next year.

The bottom line: Crypto investors both big and small are hopeful the market's current slump is just temporary.

AD BREAK

Invest In Real Estate Without Becoming A Landlord

Real estate investments offer passive income every month - but it traditionally meant 6-figure down payments, mortgages, and tenant headaches.

Fundrise lets you build a real estate portfolio for as little as $10, with no minimums to start.

Over 2M investors trust Fundrise.*

BRIEF BREAK

Claude Chat Spill

Remember when you asked AI to explain to you why buying a yacht is actually a solid financial plan?

Well that chat might be on Google right now…

The search engine has been caught accidentally posting these logs online and did it to at least 600 Claude conversations last year.