Market News 6/9

Markets

The recent surge in tech stocks has propelled the S&P 500 into a new bull market, as it has risen by 20% from its recent low. This follows the Dow and Nasdaq, which had already entered their bull markets. In an exciting turn of events, even Carvana, the struggling online used-car retailer, experienced a significant boost in its stock price after announcing that its Q2 results would surpass expectations.

Tech

Tesla’s charging network adds another big name

GM CEO Mary Barra recently announced that starting next year, General Motors' electric vehicles (EVs) will be compatible with Tesla's high-speed Supercharger network for charging. Additionally, beginning in 2025, all newly manufactured GM EVs will come equipped with Tesla's charging hardware. This decision by GM follows a similar move made by Ford last month, and collectively, the agreements among the three largest US-based automakers establish Tesla's charging infrastructure as the industry standard going forward.

Politics

The DeSantis campaign published doctored images of Trump and Fauci

AI was expected to play a disruptive role in the 2024 presidential race, and that prediction is already coming true: Florida Gov. Ron DeSantis’s campaign released several images on Twitter that show DeSantis’s rival, Donald Trump, hugging and kissing Dr. Anthony Fauci. Experts say these images were likely generated by AI, perhaps marking the first time a presidential campaign released a digitally rendered image intended to mislead voters and damage an opponent, Semafor reported.

Environment

Updates on the NYC Smoke

The wildfire smoke that blanketed New York City on Wednesday headed south to the mid-Atlantic that night, suffocating Philadelphia, Baltimore, and Washington, DC, with historically poor air quality levels yesterday morning.

And, while the worst may be behind most areas of the US for now, the smoke drifting from Canada’s raging wildfires has already won the Monkey Wrench of the Week Award for disrupting plans in parts of the Northeast and mid-Atlantic.

Because of the toxic air…

• About 600 flights were delayed due to poor visibility at LaGuardia, Newark Liberty International, and Philadelphia International Airports on Wednesday and Thursday.

• NYC Public Schools—the largest district in the country—went remote yesterday and today, and Washington, DC, public schools canceled all outdoor activities yesterday.

• On Wednesday, Broadway paused some shows, and actress Jodie Comer walked offstage 10 minutes into her one-woman play, Prima Facie, due to difficulties breathing.

Winners of the week: Air purifiers and masks spiked to top spots on Amazon’s bestsellers lists, and the EPA’s air quality app climbed to No. 1 in the App Store’s weather category.

Looking ahead…the US has sent hundreds of firefighters to help battle the blazes in Canada, which stand to worsen now that El Niño has officially begun. In the meantime, experts think that by tomorrow, changing wind patterns will bring relief to all wildfire-smogged states.—ML

Interesting Chronicles

Meta Vs Apple

During an all-hands meeting, Mark Zuckerberg seemed unfazed by Apple's new headset potentially encroaching on Meta's territory. According to reports from The Verge, Zuckerberg stated that Apple's technology did not introduce anything that Meta's engineers hadn't already considered. He emphasized that he and Apple CEO Tim Cook have different approaches to virtual reality, with Meta prioritizing social connection and activities. Zuckerberg pointed out that in every demonstration presented by Apple, individuals were shown sitting alone on a couch. Additionally, he highlighted that Meta's headset is significantly more affordable, priced at seven times less than Apple's offering.