Wall Street's Biggest Change

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BUSINESS & ECONOMY

📉 Wall Street Shifts to T+1 Trading After A Century

Wall Street returns to T+1 stock trading, settling trades in a single day for the first time in nearly a century, under new SEC rules. This shift, aimed at reducing financial system risk, involves significant preparation from firms, despite potential teething issues. Christos Ekonomidis, T+1 program director at BNY Mellon stated, "We know there are going to be some issues with a transition like this."

🌟 Consumer Confidence Rebounds After 3 Months

Consumer confidence rose in May after three months of decline, reaching a Conference Board index of 102, up from 97.5 in April. This rise, surpassing the expected 96, is attributed to a strong labor market. Only 13.5% of respondents found jobs hard to get, down from 15.5% in April. Elevated prices, particularly for food, remain a concern, with inflation expectations rising slightly to 5.4%.  

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WORLD

🇹🇼 Taiwan Parliament Approves Pro-China Bill

Taiwan's opposition-led legislature, controlled by the Kuomintang (KMT) and Taiwan People’s Party (TPP), passed pro-China legislation despite massive protests. The laws require the president to report to parliament, criminalize contempt of parliament, and give lawmakers more control over budgets. Critics argue these changes undermine democracy and risk national security. DPP parliament leader Ker Chien-ming stated, “You can seize parliament, but you cannot seize public opinion.”

🇬🇪 Georgia's EU Hopes Shattered by New 'Foreign Agent' Law

Georgia’s hopes of joining the EU are in jeopardy after its parliament passed a controversial law labeling Western-backed NGOs and media as "foreign agents." This law, which targets groups receiving over 20% of their funding from abroad, has sparked sanctions from the U.S. and warnings from Brussels. Georgian President Salome Zourabichvili called it a “Russian law,” stating it “contradicts our constitution and all European standards.”

🔴 Netanyahu Calls Rafah Strike a 'Tragic Mishap'

Prime Minister Benjamin Netanyahu stated that a "tragic mishap" occurred during an Israeli strike in Rafah, Gaza, on Sunday night, leading to a fire that killed at least 45 people in a camp for displaced Palestinians. The strike, aimed at Hamas militants, is under investigation. Netanyahu said, "Despite our utmost efforts not to harm innocent civilians, last night there was a tragic mishap."

SCIENCE & TECH

🍎 Apple WWDC Kicks Off June 10 with Keynote

Apple's annual Worldwide Developers Conference (WWDC) starts June 10 with a keynote at 10 a.m. PDT, to showcase groundbreaking updates for iOS, iPadOS, macOS, tvOS, visionOS, and watchOS. The Platforms State of the Union follows at 1 p.m. PDT. Throughout the week, developers can join over 100 technical sessions, in-depth consultations, and live forums with Apple experts. 

🚀 Elon Musk Plans AI 'Compute Gigafactory'

Elon Musk’s xAI plans to build a supercomputer, dubbed the "Gigafactory of Compute," in collaboration with Oracle to enhance its Grok AI language model. This project aims to significantly boost xAI’s computational power, raising its GPU count from 10,000 to 100,000.

SPORTS & ENTERTAINMENT

🎵 Eminem Drops New Single 'Houdini' This Friday

Eminem announces his new single “Houdini” will be released this Friday, following the announcement of his upcoming album “The Death of Slim Shady (Coup De Grâce).” In a playful Instagram post featuring magician David Blaine, Eminem hints at the magical theme of the new single. “Houdini” is the first release from his 12th studio album, slated for this summer. Dr. Dre has confirmed contributing to the project.

🏆 WWE Reveals New Championship Belt

WWE unveiles a new NXT Women’s North American Championship belt, with social media star and rapper Sexyy Red doing the honors. Introduced by NXT General Manager Ava, Red also announced she will host the NXT Battleground event on June 9, 2024. In a dramatic moment, Red defended the belt from Tatum Paxley, leading to Michin winning a qualifying match.

📄 Texans and WR Nico Collins Sign 3-Year Extension

The Houston Texans and WR Nico Collins agreed to a three-year, $24 million per year contract extension to avoid free agency risks in 2025. Collins had a career-high 1,297 receiving yards and eight touchdowns, becoming the fourth player in franchise history to exceed 1,000 receiving yards in a season. Texans GM Nick Caserio stated, "This extension shows our faith in Nico's continued growth.”

OTHER NEWS

🎓 Harvard to Focus Only on Core Issues

Harvard University announced on Tuesday it will no longer take official positions on policy issues unrelated to its core functions. This decision follows student protests over the war in Gaza. A working group formed in April advised against statements on public matters not directly affecting the university. Harvard stated, “We have accepted the faculty Working Group’s report and recommendations.”

✈️ Trump Sells $10M Jet to Megadonor Amid Legal Debt

Donald Trump sold his $10 million 1997 Cessna jet to Republican megadonor Mehrdad Moayedi to cover over half a billion dollars in legal judgments and fees, including $83.3 million for defaming E. Jean Carroll and $350 million in financial fraud penalties. Trump's legal expenses are mounting amid ongoing civil and criminal cases.

THIS DAY THAT YEAR

On May 29th, 1848, Wisconsin became the 30th U.S. state. The name Wisconsin is derived from the Algonquin word "Meskousing," meaning "this stream of red stone" and Madison became the state capital.

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