(Bill Pugliano/Getty Images) |
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23 years ago today nearly 3,000 lives were lost in the September 11 attacks on New York, DC, and in Pennsylvania. The day that changed the world forever is also one of service and remembrance, when Americans are called to volunteer and unite. Stocks rose again yesterday ahead of today's August consumer-inflation report, which should inform the Fed's interest-rate decision next week (it's widely expected to cut). Related: JPMorgan Chase stock dropped 5% after America's largest bank curbed its expectations for interest income. |
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Post-debate bets… are now table stakes. A federal judge sided with a New York prediction market that had been fighting regulators over election-related bets in the US. Kalshi, which is regulated by the Commodity Futures Trading Commission, got the green light to list bets on congressional elections. Prediction markets like Kalshi let users wager on real-world events, from the size of Fed rate cuts to whether Justin Bieber will release a new song this year. |
- Jackpot: Kalshi celebrated its win over the CFTC. "Election markets are now legal in the US for the first time in 100 years," it said, adding that election bets were coming soon.
- The house still wants to win: The CFTC sought, and the court granted, a pause on the ruling until a hearing set for tomorrow.
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A crowded table… The prediction markets industry is booming, with PredictIt and crypto-based Polymarket overseeing hundreds of millions of dollars in bets. Polymarket, which bars folks in the US from using its service, saw half a billion dollars in trading last month alone. As of yesterday, Polymarket had $850M+ wagered on who'll win the US presidential election. Before last night's debate, people could buy events contracts on everything from whether Donald Trump would say "bitcoin" to whether VP Kamala Harris and Trump would shake hands (bettors gave a 27% chance). |
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It's tricky pulling chips from the pot… especially a big one. Polymarket saw $1.1B in bets since June, and 88% of those were on US elections. Kalshi's court win could set a legal precedent for election betting in America. Still, regulators and lawmakers have argued that election betting could hurt the integrity of the democratic process. |
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Ending Tomorrow: AI-Powered Robotics Company with 8% Preferred Dividend Opportunity |
The future of orthopedic surgery will be AI-powered. By 2027, robotic knee surgeries will be 4X as common. Monogram (Nasdaq: MGRM), known for its autonomous robotic surgical systems, completed a crowd funded public offering and NASDAQ listing last year. What's next? They just filed for FDA approval* to market and commercialize their patented AI joint replacement tech. Through tomorrow, Monogram's offering a unique chance for investors: the opportunity to invest in preferred stock with an 8% dividend (in cash or kind). Monogram currently plans to end the Series D Preferred offering September 12. Invest before this offering ends.** |
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Ending Tomorrow: AI-Powered Robotics Company with 8% Preferred Dividend Opportunity |
The future of orthopedic surgery will be AI-powered. By 2027, robotic knee surgeries will be 4X as common. Monogram (Nasdaq: MGRM), known for its autonomous robotic surgical systems, completed a crowd funded public offering and NASDAQ listing last year. What's next? They just filed for FDA approval* to market and commercialize their patented AI joint replacement tech. Through tomorrow, Monogram's offering a unique chance for investors: the opportunity to invest in preferred stock with an 8% dividend (in cash or kind). Monogram currently plans to end the Series D Preferred offering September 12. Invest before this offering ends.** |
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Out of the vault… The Fed's reversing course on plans to hike banks' reserve requirements by 20%. Now it plans to raise the amount of cash banks need to have on hand by just 9%. FYI: banks are required to hold a certain amount of cash in vaults to handle a rush of customer withdrawals. Most US banks with less than $250B in assets (aka all except the biggest) won't be required to hike their reserves if the rule's adopted. |
- Regulators say boosting reserves will better prepare the US to handle financial crises like bank runs. On the flip side…
- Banks say if they're forced to hold too much cash in reserves, they'll have less $$ to lend to Americans and small businesses, which could stifle economic activity (more $$ sitting idle = less $$ moving around the economy).
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Take it to the bank… The Fed's concession is considered a big win for Wall Street, which has been fighting against the hike since it was proposed last summer after the collapse of Silicon Valley Bank, Signature Bank, and First Republic. Bank execs led by JPMorgan Chase CEO Jamie Dimon have rallied against the higher-reserve requirement and earlier this year threatened to sue the Fed. Wall Street lobbyists ran TV and billboard ads, warning consumers that it would hurt their ability to get loans like mortgages. |
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It's hard to strike a safe balance… On the one hand, requiring banks to hold too much in reserves could depress lending, which could hamper economic activity and spur a recession. On the other hand, banks need to be prepared to weather a crisis. Whether the Fed's proposed hike will help the US prevent a financial crisis is up for debate, but experts say the country isn't prepared to handle another shock. |
Uncharted: Which European country, where tourist #s have boomed, is this? Hint: it recently announced plans to impose a ~$22 tax on summer cruise ship visitors in hotspots. (Answer here). |
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Grocers like Kroger keep getting bigger. But for some regional chains, success comes from staying in their lane. Read more. |
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- China's Huawei unveiled a $2.8K "trifold" smartphone a day after Apple showed off its latest iPhone.
- SpaceX's Polaris Dawn mission launched yesterday in hopes of achieving the first private spacewalk (by billionaire Jared Isaacman).
- Keurig Dr Pepper agreed to pay $1.5M after the SEC said it overstated how recyclable K-Cup pods are.
- Europe's top court upheld a ruling saying that Apple must pay $14.3B in back taxes to Ireland.
- US inflation-adjusted incomes grew last year, but the poverty rate didn't budge much.
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Authors of this Snacks own bitcoin and shares of: Apple |
Advertiser's disclosures:
* A filing for FDA approval is no guarantee of an actual FDA approval. ** This is a paid advertisement for Monogram Technologies Series D Preferred Stock offering. A prospectus supplement and accompanying base prospectus have been filed with the SEC. Before making any investment, you are urged to read the prospectus supplement and accompanying base prospectus carefully for a more complete understanding of the issuer and the offering. The securities offered by Monogram are highly speculative. Investing in these securities involves significant risks. The investment is suitable only for persons who can afford to lose their entire investment. Investors must understand that such investment could be illiquid for an indefinite period of time. There is no existing public trading market for the Series D Preferred Stock. Monogram does not intend to apply for listing of the Series D Preferred Stock or the common stock purchase warrants on a national securities exchange or quoted on an over the counter market. DealMaker Securities LLC, a registered broker-dealer, and member of FINRA | SIPC, located at 105 Maxess Road, Suite 124, Melville, NY 11747, is the Intermediary for this offering and is not an affiliate of or connected with the Issuer. Please check our background on FINRA's BrokerCheck. | |
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Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more |
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