Rent Growth Outpaces Wages

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BUSINESS & ECONOMY

🏙️ Rent Outpaces Wage Growth in Most US Cities

Rents in the US increased by 30.4% from 2019 to 2023, while wages grew by 20.2%, according to Zillow and StreetEasy. This trend is observed in 44 of the 50 largest US metro areas, with Florida cities like Tampa and Miami showing significant disparities. Currently, half of US renters allocate more than 30% of their income to rent.

📈 CME to Launch Bitcoin Trading

CME Group, the world’s largest futures exchange, plans to launch bitcoin trading to capitalize on surging demand among Wall Street money managers. The Chicago-based group aims to offer a regulated marketplace for buying and selling bitcoin, enhancing its existing bitcoin futures trading. This would facilitate basic trading, which is popular among professional traders. 

📈 Dow Hits 40,000 for the First Time in Bull Market Surge

The Dow Jones Industrial Average reached 40,000 for the first time on Thursday, driven by a strong earnings report from Walmart, which boosted investor confidence in the U.S. economy. Walmart's robust first-quarter results, including a 7% jump in its stock price, helped propel the Dow to this historic milestone. The index peaked at 40,051 before closing slightly lower at 39,869.   

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WORLD

🚨 Spain Makes Historic Crystal Meth Seizure from Sinaloa Cartel

Spanish police seized 1.8 tons of crystal meth from Mexico's Sinaloa Cartel, marking the country's largest-ever meth seizure. Five people, including a Mexican leading the cartel's Spanish operations, were arrested in Alicante. The cartel stored drugs in Valencia before shipping them to Europe. Antonio Martinez Duarte, head of the police's drug trafficking unit stated, "This is the biggest-ever seizure of crystal meth in Spain."  

🛑 Georgia's President to Veto 'Russian Law' Amid Protests

Georgian President Salome Zourabichvili has vowed to veto a controversial bill passed by the parliament, citing it as "unacceptable." The bill requires media and NGOs to register as foreign agents if they receive over 20% of their funding from abroad. Zourabichvili criticized the bill, stating, "It's unacceptable because it reflects a turn of the Georgian attitudes towards the civil society. 

🧠 Peru Labels Trans People as Mentally Ill

Peru’s government has classified transgender people as having mental illness, prompting both praise and outrage. President Dina Boluarte's decree defines 'transsexualism' and 'gender identity disorder in children' as mental illnesses, aiming to ensure full mental health coverage. However, LGBT groups fear stigmatization, with activist Jheinser Pacaya criticizing the government for this categorization.

SCIENCE & TECH

🤝 Reddit Partners with OpenAI

Reddit partners with OpenAI to integrate its data into ChatGPT and other projects, enhancing AI responses with Reddit’s real-time content. This collaboration aims to provide more insightful answers and help users engage with Reddit communities. OpenAI will access Reddit’s Data API to achieve this, while Reddit will use OpenAI’s AI models to introduce new features for users and moderators. 

📱 Apple users report iMessage down

Thousands of iPhone users reported iMessage issues Thursday afternoon. Complaints spiked around 2:45 p.m. Pacific Time, according to DownDetector, which also noted issues with Verizon, AT&T, and T-Mobile. Users reported problems on X. Apple’s system status page confirmed issues with iMessage, Facetime, and more. All issues were resolved by 3:35 p.m.

SPORTS & ENTERTAINMENT

🏠 Harrison Butker's 'Homemaker' Speech Faces Backlash

Kansas City Chiefs kicker Harrison Butker faces backlash for his commencement speech at Benedictine College, Kansas, where he emphasized the importance of women being "homemakers" and criticized abortion and LGBT Pride marches. He described these as "diabolical lies" and praised his wife's role as a mother. Nearly 160,000 people have signed a petition for his firing as well as advocacy groups like GLAAD. 

👑 New Miss USA Crowned Despite Pageant Turmoil

Miss Hawaii USA, Savannah Gankiewicz, was crowned the new Miss USA amid recent resignations and allegations against the Miss USA organization. She replaces Noelia Voigt, who stepped down citing mental health concerns and issues with the organization's culture. Gankiewicz, crowned in Honolulu, stated, "This opportunity was meant for me, and I am ready to make a positive impact." 

OTHER NEWS

🌪️ Deadly Storms Hit Houston, Leaving Nearly 1 Million Texans Without Power

Deadly thunderstorms struck Houston on Thursday, causing significant damage and power outages. Winds up to 100 mph blew out windows in high-rise buildings, downed trees, and left nearly a million Texans without power. Four fatalities were reported, with causes including fallen trees and a toppled crane. Residents were urged to stay home due to widespread debris and ongoing flash flood warnings. 

🌿 Biden Backs DOJ Move to Reclassify Marijuana

President Biden endorsed the Justice Department’s recommendation to loosen marijuana restrictions, marking a historic shift in U.S. drug policy. Biden emphasized rectifying the harm caused by previous marijuana laws. The DOJ will publish an official notice, opening a two-month public comment period on reclassifying marijuana as a Schedule III controlled substance, moving it from the Schedule I category but not legalizing it federally.

🇺🇸 House Forces Biden to Keep Sending Weapons to Israel

On Thursday, the House passed the GOP-led Israel Security Assistance Act, forcing President Biden to continue arms shipments to Israel. The bill passed 224-187, with 16 Democrats supporting it. Biden vows to veto the bill, which demands expedited defense deliveries to Israel. Speaker Mike Johnson stated, “It is clear that Biden and Schumer have turned their back on Israel.” 

🔥 Wildfires in Canada Threaten US Air Quality

Canadian wildfires have caused air quality alerts in Montana, North Dakota, South Dakota, Minnesota, Wisconsin, and Iowa. These states experienced unhealthy air levels on Sunday and Monday, with experts warning of potential worsening conditions throughout the summer. "I do expect more air quality issues," stated Paul Pastelok, a senior meteorologist at AccuWeather. The situation could persist until September or October. 

THIS DAY THAT YEAR

On May 17, 2004, Massachusetts made history by becoming the first U.S. state and the sixth jurisdiction globally to legalize same-sex marriage. This milestone followed the Supreme Judicial Court's landmark decision in Goodridge v. Department of Public Health, which had been issued six months earlier.

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