Today's Scoop:

Hey friends - hope your week is off to a good start! Don’t miss our last Weekly Scoop or this weekend’s Explained on wildfire inequality.

Here’s what you need to know today…

1. An explosion disrupted the most critical highway in the Northeast.

2. Oil prices keep falling.

3. Americans expect inflation to fall but stay around longer.

S&P 500: 4,338.93
1Mo: +5% | 1Yr: +16% | 5Yr: +56%

The market floated to a new 13-month high today from investor FOMO on the ongoing rally. Tomorrow's inflation report and Wednesday's Federal Reserve meeting will determine whether the rally can continue.

The main highway between the east coast’s two biggest cities may be shut down for months after a fiery tanker truck crash caused the I-95 interstate highway in Philadelphia to crash. The route carries 160,000 vehicles a day and billions of dollars of goods each year. No deaths or injuries were reported, but the shipping disruptions are likely.

Oil prices keep falling, reaching their lowest level since December 2021. Russian oil supply hasn’t been as limited as expected from the international sanctions, and China’s economy and oil demand hasn’t rebounded as quickly as investors projected.

Americans expect inflation to fall this year but are getting more comfortable with rising prices. The NY Federal Reserve’s Survey of Consumer Expectations showed people see living costs rising 4.1% over the next twelve months but averaging about 3% for the next 3-5 years. Inflation expectations are important because they can be self-fulfilling.

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• JPMorgan settles lawsuit alleging aid to Epstein sex trafficking

• Netflix’s password-sharing crackdown boosts subscribers

• Levi Strauss is creating a circular economy for its jeans [🤓]

• Nio cuts prices to compete with Tesla

• Illumina CEO resigns after investor pressure

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Circular Economy

A circular economy is an economic system that aims to eliminate waste and pollution by keeping resources in use for as long as possible. This can be done by designing products that are easy to repair, reuse, or recycle.

Transitioning to a circular system of recycled materials is particularly important for the fashion industry. Nearly all clothing eventually ends up in a landfill, and roughly 60% of manufactured clothing ends up there within a year, according to a study by McKinsey.

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