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What’s Actually Hot. Canadian wildfire smoke is prompting air quality alerts across the U.S., causing closures and cancellations, including grounding flights at NYC's LaGuardia Airport. Conditions could worsen in Midwest cities, suggesting a potential smoke-filled summer due to climate change. President Biden advised citizens to monitor air quality and is coordinating aid for Canadian firefighting efforts. Amid these conditions, please remember to stay indoors for safety.

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📈 Wall Street Enters Bull Market Territory, Bouncing Back from Longest Bear Market Since 1948

Emerging from its longest bear market since 1948, Wall Street's bull market return is marked by the S&P 500's 20% surge from its 2022 low, powered by tech stocks and AI interest. However, experts caution the rally might be fleeting due to inflation, slower job growth, and reduced consumer spending. Upcoming Federal Reserve decisions could influence this market trend. Wells Fargo's Sameer Samana advises caution, stating this is "a very tantalizing bear market rally.”

📉 US Jobless Claims Surge to 18-Month High, Economists Advise Caution 

US unemployment benefit claims have hit an over 1.5-year high, mainly driven by increases in Ohio, Minnesota, and California. However, experts urge caution interpreting the rise as layoffs may not be increasing, due to Memorial Day holiday volatility and recent fraud in Massachusetts. Conrad DeQuadros of Brean Capital stated, "It's too soon to conclude that layoffs have picked up." The labor market is slowly cooling, yet a low level of continuing claims suggests laid-off workers are still finding jobs.

🌍 EU Ministers Reach 'Historic' Migration Agreement

EU ministers have reached a historic agreement on managing migrants and refugees, marking an end to a longstanding disagreement since the 2015 migration crisis. The deal enables each EU country to support the hosting of migrants through cash, equipment, or personnel without necessarily taking them in. EU home affairs commissioner Ylva Johansson called the deal "a great achievement," proving the EU's strength in unity.

📉 Euro Zone Plunges into Recession Amidst Growth Revisions in Germany, Ireland

The Eurozone entered a recession in Q1 due to economic contractions in Germany, Ireland, the Netherlands, and Greece, leading to a region-wide GDP decline of -0.1%, according to revised estimates from Eurostat. Economists expect further contractions. The situation poses a challenge to the European Central Bank's hawkish stance. "We suspect that the economy will contract further over the rest of this year," warns Andrew Kenningham, Chief European Economist at Capital Economics.

📲 Instagram Gears Up for Twitter Rival, Entices Celebs for Early Adoption

Meta is developing a standalone app, internally named "Project 92", to compete with Twitter, based on Instagram and integrating with the decentralized social media protocol, ActivityPub. Chris Cox, Meta's chief product officer, highlighted the company's goal for the app as "safety, ease of use, reliability" and a "stable place to build and grow audiences". The company is in talks with high-profile figures, including Oprah and the Dalai Lama, to be early users.

👓 Zuckerberg Skeptical about Apple’s Vision Pro Future

Mark Zuckerberg, during a companywide meeting, expressed his indifference toward Apple's new Vision Pro headset. Zuckerberg highlighted that Meta's upcoming Quest 3 headset, priced at $499, is more affordable than Apple's $3,499 device, aiming to reach a broader audience. His remark, “I mean, that could be the vision of the future of computing, but like, it’s not one that I want,” underlined the difference in both companies' visions for future computing.

🏌️ Tiger Woods-Endorsed Golf League Sees Williams Sisters as First Team Owners

Tennis stars Serena and Venus Williams, along with Serena's husband Alexis Ohanian, have purchased the first team of TGL, an indoor golf league supported by golfers Tiger Woods and Rory McIlroy. Named the Los Angeles Golf Club, the team is part of the tech-infused TGL, which partners with the PGA Tour and begins operations in 2024. Ohanian, who will be the controlling owner, praised TGL's potential appeal to casual fans.

⚽ Sheikh Jassim Makes Final $7.4B Manchester United Bid Amid Delays

Billionaire Sheikh Jassim from Qatar has made a final offer of $7.4 billion to purchase Manchester United, setting Friday as the deadline. This take-it-or-leave-it proposal concludes months of negotiations with the Glazers, who put the club on the market last November. Sheikh Jassim's competition, British billionaire Sir Ratcliffe, has offered to buy 69% of the club, proposing that one or more Glazers remain involved for a specific period.

🗳️ Newsom Seeks Constitutional Amendment for Gun Control

California Governor Gavin Newsom proposed a 28th Amendment to the U.S. Constitution to implement "commonsense" gun safety measures, including raising the federal minimum gun purchasing age to 21 and instituting universal background checks. While the amendment doesn't abolish the Second Amendment, it allows for further gun control measures. Facing the difficult task of passing through Congress, Newsom calls for a convention of states under Article V to consider the amendment. Gun rights groups strongly condemn the proposal.

⚖️ Trump Summoned by Grand Jury Over National Security Document Handling

Former US President Donald Trump has been indicted by a federal grand jury on seven counts, including violating the Espionage Act, making false statements, and obstructing justice over mishandling classified national security documents. Summoned to appear in Miami's federal court, Trump argues he's innocent and calls the indictment politically motivated. This marks Trump's second indictment, but his first at a federal level.

💵 Binance.US Halts US Dollar Deposits Following Regulatory Scrutiny

Binance.US is suspending USD deposits and fiat dollar withdrawals in response to regulatory pressure, transitioning temporarily to a crypto-only exchange. This comes after U.S. regulators sued Binance and its CEO Changpeng Zhao, marking an escalated crackdown on the crypto industry. Binance.US called the SEC's stance on crypto "extremely aggressive and intimidating". Experts predict a protracted battle that could last several years.

On 9th June 2008, American baseball player Ken Griffey Jr. made history by hitting his 600th career home run. He became the sixth player in Major League Baseball history to achieve this milestone, cementing his legacy as one of the sport's greatest power hitters. Griffey's exceptional performance redefined the art of batting and left a profound impact on future generations of baseball players.

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