🐂 Trippy

Markets

Investors remained unfazed by Jerome Powell's cautionary remarks at the Jackson Hole meeting, where he hinted at the possibility of further interest rate hikes. This lack of concern propelled the S&P 500 and Nasdaq to their first weekly increase after three weeks of decline. However, the ongoing discussions about potential rate hikes have led to US bond yields reaching their highest point in over a decade, a trend that historically has had a negative impact on stock performance.

Americans Are Bailing on Their Home Insurance

A growing number of homeowners are opting to forego purchasing home insurance, taking a calculated risk that the likelihood of a disaster occurring isn't substantial enough to warrant the expense of a policy.

Some individuals who are choosing to skip insurance cite their inability to afford the escalating premiums as the primary reason. According to Bankrate, the average national cost of home insurance for $250,000 in dwelling coverage has risen by 20% from 2022 to $1,428 annually.

Conversely, others, especially those with substantial financial resources, assert that they possess enough savings to either reconstruct their home or relocate in the event of its destruction.

However, the potential consequences of not having insurance are considerable. In instances where there's no insurance coverage and a home is ravaged by fire, the repercussions extend beyond the loss of the property and its contents. Homeowners might find themselves responsible for the expenses associated with debris removal and the reconstruction of their home.

Health

Americans love getting high

Engaging with the world without inducing chemical changes in the brain is becoming less popular.

The utilization of cannabis and psychedelic substances among adults in the US reached unprecedented levels last year, as revealed by the annual Monitoring the Future study conducted by the University of Michigan. This significant development, which has evolved over the course of several decades, can be attributed to various factors such as relaxed regulations surrounding these substances, shifting public perceptions of hallucinogens, and an increasing number of Americans resorting to self-medication for mental health concerns.

Here are the noteworthy statistics related to cannabis that you should take note of:

• A record high of 44% of young adults aged 19–30 and 28% of adults aged 35–50 disclosed using marijuana in the preceding 12 months.

• More than 11% of young adults indicated using cannabis for at least 20 out of the past 30 days, marking a twofold increase compared to a decade ago.

• The consumption of psychedelic substances has also witnessed a substantial rise. Approximately 8% of young adults reported using mind-altering drugs like MDMA and psilocybin (commonly known as shrooms) within the past year, which is more than twice the rate recorded in 2012.

The surge in psychedelic use is particularly pronounced in Silicon Valley, where microdosing has become an integral part of corporate culture, as per the Wall Street Journal. Within this tech hub, prominent figures have shifted towards substances like ketamine, LSD, and magic mushrooms, either to alleviate anxiety or to stimulate groundbreaking business ideas. Personalities like Elon Musk have explored ketamine, Sergey Brin, the co-founder of Google, has acknowledged using psilocybin, and even major venture capital firm Founders Fund has hosted events featuring psychedelics, according to the Wall Street Journal.

However, the trend of using substances at the workplace isn't confined to the tech industry. In fact, a record number of American employees tested positive for marijuana last year, as per an annual survey by Quest Diagnostics, reaching a peak not seen in 25 years.

In a broader context, over two-thirds of US states have now legalized medical or recreational cannabis use. Moreover, a surge in medical research on psychedelics has demonstrated their potential to be beneficial for mental health issues when administered in controlled environments. The scientific community is increasingly recognizing the untapped therapeutic potential of these substances, but experts also emphasize the need for more extensive research to understand and address the associated risks.

Environment

Idalia could hit Florida as a powerful hurricane

The western coast of Florida is cautiously monitoring the progression of Tropical Storm Idalia, which weather experts anticipate will strengthen into a hurricane and bring hazardous winds and rainfall to the Gulf Coast of the state on Tuesday and Wednesday. While current projections indicate that Idalia is set to hit land as a Category 2 hurricane, meteorologists hold apprehensions about its potential for rapid intensification due to unprecedentedly high sea temperatures. The ongoing Atlantic hurricane season has displayed atypical activity, witnessing the development of 10 storms nearly a month earlier than the usual timeframe, as reported by the Hurricane Center.

Sports

The US Open begins today

Tennis takes center stage in the vibrant city of New York for its ultimate major tournament of the year. As Serena Williams and Roger Federer step back from the scene, the emerging rivalry between Carlos Alcaraz and Novak Djokovic has captured the sport's most captivating narrative. Additionally, American talent Coco Gauff is delivering an exceptional performance. We'll catch you in Queens for all the action.

National News

A racist gunman killed three Black people at a dollar store.

In Jacksonville, Florida, a man in his twenties, identified as a Caucasian, fatally shot two men and a woman at a Dollar General store. Authorities are characterizing the incident as a racially motivated crime. The assailant had composed manifestos expressing his deep-seated animosity towards Black individuals and had adorned the two firearms he carried into the store with swastika symbols. This tragic event unfolded just two days prior to the 60th anniversary of Martin Luther King Jr.'s iconic "I Have a Dream" speech, delivered during the March on Washington. Thousands of individuals journeyed to the National Mall to commemorate this significant milestone in the civil rights movement.