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Markets

The Dow continued its upward momentum yesterday, closing above 40,000 for the first time after briefly hitting the milestone the previous day, marking its fifth consecutive winning week. Meanwhile, Reddit saw a significant surge following the announcement of a partnership with OpenAI. This collaboration allows the AI to train on Reddit posts, providing Reddit with advertising revenue and the capability to develop new tools using the technology.

Here's the breakdown of today's market data:

• Nasdaq: $16,685.97 (-0.07%)

• S&P: $5,303.27 (+0.12%)

• Dow: $40,003.59 (+0.34%)

• 10-Year Treasury: 4.420% (+4.0 bps)

• Bitcoin: $66,890.60 (+2.47%)

• Reddit: $62.04 (+10.04%)

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Politics

Mercedes-Benz Says No To Unionizing

In a setback for the United Auto Workers’ (UAW) organizing efforts in the South, employees at a Mercedes-Benz plant in Alabama voted against unionizing yesterday. The vote was narrowly decided, with the final count of 5,075 ballots showing only a 597-vote margin preventing the facility from becoming the first auto plant in the strongly anti-union state to join the UAW.

The UAW had hoped that the momentum from last month’s successful union vote at a Volkswagen plant in Tennessee, along with the favorable contracts secured from Detroit’s Big Three automakers after summer strikes, would lead to a victory in Alabama. A win there would have bolstered the organization and its new president, Shawn Fain, as they embarked on a $40 million campaign to revitalize organized labor in the historically union-resistant South.

However, winning in Alabama was always a challenging goal:

• Alabama is one of 27 “right-to-work” states, where employees can work at unionized locations without being required to join the union.

• The state's union membership rate is 7.5%, which is 2.5% lower than the national average, according to the U.S. Bureau of Labor Statistics.

• The opposition was robust.

At the Mercedes plant, the UAW faced significant obstacles. Unlike VW, Mercedes actively worked to prevent unionization, as reported by workers and pro-union organizers.

• The company displayed “vote no” signs throughout the plant and hired anti-union firms.

• An assembly worker told ABC News that Mercedes even produced towels and hats urging workers to vote against unionizing.

• Local figures, including a pastor and football coaching legend Nick Saban, opposed the union campaign. Governor Kay Ivey and six other state governors also signed a letter arguing that unionization would threaten the growth of the auto industry in the South.

Looking ahead, both sides have five business days to file an objection to the vote, and experts anticipate that the UAW is likely to do so due to the narrow margin of the result.

International

Conflicts on French Soil

France is urgently trying to quell violent unrest in its overseas territory of New Caledonia, a South Pacific archipelago with approximately 270,000 residents. Earlier this week, it deployed 1,000 police officers to the islands in response to anarchic protests sparked by a proposed change to the electoral system, which critics argue would weaken indigenous influence.

New Caledonia has been part of France since 1853. Although the majority of locals voted to remain French in recent referendums, there is still a significant movement advocating for independence. The unrest began after France enacted a measure to grant local voting rights to anyone who has lived on the islands for at least 10 years—a change opposed by many indigenous New Caledonians, known as Kanaks, who believe it would undermine their chances for independence.

The riots have resulted in several deaths and severe economic damage:

• Looting and destruction of local businesses have caused an estimated $217 million in damage, according to the New Caledonian Chamber of Commerce and Industry.

• The chaos has also disrupted mines, impacting New Caledonia's role as a major supplier of nickel, a critical metal for electric batteries.

Sports

Chaos That Led To Scheffler’s Arrest

As Scottie Scheffler approached Valhalla Golf Club early Friday morning for the second round of the PGA Championship, he encountered a scene far removed from the usual serenity of golf.

It was utter chaos.

Earlier that morning, a tournament worker had been struck and killed by a bus outside the course, causing traffic to come to a standstill due to the influx of fans and police roadblocks. Some players even abandoned their cars to walk miles to the course in the pre-dawn rain of Louisville, Ky.

In the midst of this turmoil, the world’s No. 1 golfer found himself in handcuffs en route to his early tee time.

Louisville police reported that at 6:16 a.m., as officers managed traffic around the fatal accident site, an “encounter with a motorist attempting to enter a restricted area ultimately led to the driver’s arrest.” By 6:20 a.m., Scheffler was formally arrested.

Scheffler’s lawyer explained that the combination of fan traffic and the fatality created a “very chaotic situation,” and that Scheffler was following directions from another traffic officer while in a credentialed player vehicle.

In a surreal twist, Scheffler was booked, had his mugshot taken, and was then released in time to return to Valhalla about an hour before his tee time. He shot 5-under par for the day, finishing at 9-under overall, just three strokes behind the 36-hole leader, Xander Schauffele.

While Scheffler was the only professional golfer to spend the morning behind bars, many others struggled with the morning’s chaos. Players described an unprecedented level of pandemonium outside Valhalla.

“That could have been any one of us,” said Harris English, a 34-year-old American player.

Meme of The Day