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Hello, N2K’ers!

Stocks shot back up yesterday after Friday’s serious wobble, and thank goodness for that. Don’t forget this week, our world-famous News Haiku™ competition theme is that hiring numbers are down, and what might that mean?

Here’s one from Stephanie A., submitted yesterday:

And what about this one, from Erica R.?

Or this, from Becky I.?

Can you top those? Send me a haiku on the subject by Thursday at noon Eastern. Winner gets glory — lots of glory! And maybe a GIF.

Now, let’s talk about the news you Need2Know?

—Matt Davis, Need2Know Chedditor

News You Need2Know

• Elon Musk gets $23.7 Billion Tesla stock grant

• Dow leaps 500 points as U.S. stocks recover

• 3,200 of Boeing’s fighter jet staff go on strike

• Are you stressed about grocery costs? Because most …

• Fantastic Four is still #1 at the box office

• Poll results: You’re really not happy about firing …

What’s the stock market up to, eh?

$SPX ( ▼ 0.37% ) $DJI ( ▼ 0.12% ) $NDX ( ▼ 0.58% )

Companies mentioned in today’s newsletter*

$TSLA ( ▲ 0.13% )  $IDXX ( ▼ 5.98% )  $TSN ( ▲ 1.97% )  $BRK.B ( ▲ 1.52% )  $KHC ( ▲ 0.97% ) .$UBS ( ▲ 0.56% )  $COMM ( ▲ 1.69% )  $DIS ( ▼ 0.35% )  $MCD ( ▼ 1.33% )  $DIS ( ▼ 0.35% )  

Elon Musk gets $23.7 Billion Tesla stock grant

My favorite headline on this story ran in the Wall Street Journal, which leads with:

You know, some of us need Ritalin or a cup of coffee to stay focused. Others need $23.7 billion in stock grants in a company we started. Still, Tesla’s $TSLA ( ▲ 0.13% ) board has taken the bold step to “keep” Mr. Musk at the helm of the electric vehicle giant, awarding him a staggering stock package.

The move, coined as a “first step, good faith payment,” aims to ensure Musk “remains focused” on Tesla amid growing concerns over his divided attention due to his involvement in ventures like SpaceX and xAI. As the world’s richest man, Musk is no stranger to record-breaking compensation, but the interim pay package signals Tesla’s urgent need for stability during a challenging period of plummeting vehicle sales.

Of course, some critics argue that Mr. Musk is himself responsible for the plummeting vehicle sales, but that’s up for debate. Tesla’s stock was up 2% on the news yesterday.

The stock award is contingent on Musk staying in an executive role for at least two years. As Tesla board members Robyn “‘Em Blind” Denholm and Kathleen “Ing Toward Making Musk Richer” Wilson-Thompson told the Wall Street Journal, “Losing Elon would not only mean the loss of his talents but also the loss of a leader who is a magnet for hiring and retaining talent at Tesla.”

“The compensation expense to Tesla here is going to be ferocious,” said Lawrence Fossi, who publishes a newsletter critical of Tesla, talking to Reuters.

Song of the day: Sunny Sweeney, ‘Diamonds and Divorce Decrees’

Taken from her new album Rhinestone Requiem, Sunny Sweeney’s “Diamonds and Divorce Decrees” is this East Texan’s hard-hitting tribute to ending a marriage:

Enjoy!

Dow leaps 500 points as U.S. stocks recover

The U.S. stock market rebounded vigorously yesterday, recovering most of the ground lost during Friday’s sharp downturn. Key contributors to the rally included Idexx Laboratories $IDXX ( ▼ 5.98% ) , which soared 26.9% after reporting stronger-than-expected quarterly profits and raising its annual forecast. Tyson Foods $TSN ( ▲ 1.97% ) also exceeded expectations, helping offset broader declines like Berkshire Hathaway’s $BRK.B ( ▲ 1.52% ) 3.7% drop following a reported dip in profits due to its investment in Kraft Heinz $KHC ( ▲ 0.97% ) .

Market optimism was bolstered by expectations that the Federal Reserve may lower interest rates at its September meeting following weak jobs data released on Friday—ironically, the same thing that caused the drop in Friday’s stocks.

David Lefkowitz, head of U.S. equities at UBS Global Wealth Management $UBS ( ▲ 0.56% ) said: “In our view, if the Fed starts to cut rates at its September meeting, we believe this would be supportive for markets.”

Investor hopes were also buoyed by strong earnings reports from major companies such as CommScope $COMM ( ▲ 1.69% ) , which announced key developments that improved stock performance. Its shares soared an impressive 88.6% after selling its connectivity and cable business for $10.5 billion.

With major earnings reports slated this week—including those from Disney $DIS ( ▼ 0.35% ) and McDonald’s $MCD ( ▼ 1.33% ) —investors are keeping a close watch on how the market’s recovery unfolds.

Today on the ‘gram: Tax deductible, though!

Post of the day: Very subtle changes

Quote of the Day

3,200 of Boeing’s fighter jet staff go on strike

More than 3,200 Boeing $BA ( ▲ 1.37% ) workers in the St. Louis area and Illinois have gone on strike after rejecting the company’s latest contract offer. Members of the International Association of Machinists and Aerospace Workers (IAMAW) District 837, who assemble Boeing’s F-15 and F/A-18 fighter jets as well as other military aircraft, are demanding better compensation.

Boeing’s rejected four-year contract proposal offered a 20% general wage increase, periodic raises, additional vacation and sick leave, and a $5,000 ratification bonus. The company claimed the package would result in roughly 40% average wage growth. According to Dan Gillian, Boeing vice president and general manager for St. Louis facilities, “We’re disappointed our employees in St. Louis rejected an offer that featured 40% average wage growth.”

Disagreeing, District 837 head Tom Boelling argued, “Members of [District 837] deserve a contract that reflects their skill, dedication, and the critical role they play in our nation's defense.”

Boeing CEO Kelly Ortberg downplayed the dispute on an earnings call, saying: “I wouldn’t worry too much about the implications of the strike. We’ll manage our way through that.”

Should you check your 401(k) today?

👍️ 

Okay then!

Are you stressed about grocery costs? Because most U.S. adults are

A new poll by The Associated Press shows the soaring cost of groceries is causing widespread stress among Americans. Nearly half of U.S. adults report that grocery expenses are a "major" source of stress, while an additional 33% cite them as a "minor" worry. Only 14% of respondents claim grocery costs aren't a concern at all, emphasizing the financial strain many are feeling.

Seniors, often dependent on fixed incomes, are feeling the squeeze. Esther Bland, 78, from Buckley, Washington, said groceries are a “minor” stress now, thanks to local food banks. However, she expressed concern about her financial future: “If I lost [food banks], groceries would absolutely be a major source of stress,” she told the AP.

Many adults are also stressed about housing, savings, and medical bills. Some, like Shandal LeSure from Tennessee, are adjusting by shopping at cheaper stores but acknowledge, “Sometimes the quality isn’t as good.”

Fantastic Four is still #1 at the box office

Marvel’s $DIS ( ▼ 0.35% ) latest superhero blockbuster, The Fantastic Four: First Steps, held on to its top spot at the box office over the weekend, earning $40 million from 4,125 theaters. While the numbers reflect impressive performance, the film saw a 66% drop from its strong $117.6 million opening the week before.

With $369 million in global earnings so far, First Steps remains the last major summer blockbuster. The weekend also saw solid debuts from The Bad Guys 2 ($22.2 million) and the slapstick comedy The Naked Gun ($17 million). Although given that its two co-stars, Liam Neeson and Pamela Anderson, are dating, you’d hope they could have pushed it over the $20 million threshold, eh?

As summer winds down, August's box office offerings — including more horror films and comedies — are expected to energize theaters further. The goal is for all movies to make a total of a fantastic $4 billion all summer, or about a sixth of Elon Musk’s stock award (checks notes) yesterday.

Poll of the Day: How much to stay focused?

Poll results: You’re really not happy about firing the jobs report lady

What do you think of the president firing the lady who produced the jobs numbers?

⬜️⬜️⬜️⬜️⬜️⬜️ I think it's fair. I believe in his claims of manipulating the data. (54 votes)

 🟩🟩🟩🟩🟩🟩 I don't think it's fair. Trump is just unhappy with what the data shows and seeking a scapegoat. (925 votes)

979 Votes via @beehiiv polls