Hello, Day-before-the-holiday-N2K’ers!

I think it’s newsworthy every day the stock market sets a fresh record, and it’s not something I ever sniff at. A shonky set of jobs numbers came out yesterday knocking confidence a tad, but stocks still touched new highs and I’ll take a rally like that all the way to the bank. Plus: I’ve got a solution for New York City’s housing crisis. Would you like to hear it? Also: Happy Fourth of July! I’ll see you on Monday!

—Matt Davis, Need2Know Chedditor

News You Need2Know

• Wall street hits another record as Tesla rallies

• How to solve NYC’s housing crisis

• Netflix will now stream live NASA launches 🚀

• Zohran Mamdani wins NYC primary by 12 points

• Paramount settles with Trump for $16 Million

Companies mentioned in today’s newsletter

$SPX ( ▲ 0.83% )  $TSLA ( ▼ 0.1% )  $ADP ( ▲ 1.36% )  $NKE ( 0.0% )  $STZ ( ▼ 0.89% )  $NFLX ( ▲ 0.96% )  $PARA ( ▲ 0.47% )  

Wall street hits another record as Tesla rallies

The S&P 500 $SPX ( ▲ 0.83% ) edged toward yet another record yesterday and Tesla stole the spotlight, zooming 4.6% higher after delivering a bumper stash of Model 3 and Model Y cars. Also, it’s now been 48 hours since the president threatened to deport Tesla CEO Elon Musk and markets have short memories.

Meanwhile, a gloomy ADP $ADP ( ▲ 1.36% ) report suggested U.S. employers cut 33,000 jobs last month instead of, let’s say, “creating” the 115,000 economists were hoping for. Nela Richardson, chief economist at ADP, explained, “Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month.” 

Elsewhere, Nike $NKE ( 0.0% ) danced its way up 3.8% thanks to tariff drama in Vietnam, while Modelo beer maker Constellation Brands $STZ ( ▼ 0.89% ) blamed slower construction jobs for lower-than-expected profits.

Song of the day: Fourth of July

Structured as a conversation between singer Sufjan Stevens and his mother on her deathbed, it’s full of aching verses that express the regret of a mostly missed relationship. Since she’d left when he was a child, Stevens was saying goodbye to a stranger whom he nonetheless loved and forgave completely. In other words? It’s the perfect holiday song!

How to solve NYC’s housing crisis

NYC's got a new trick up its sleeve: Turning those lonely, post-pandemic office buildings into swanky apartments. Remember when offices were bustling? Then zoom calls happened, and suddenly, they were emptier than my tear ducts after listening to that Sufjan Stevens song.

Now developers are playing architectural Tetris, carving out light wells big enough to swallow a brownstone and adding floors like layers to a tall, expensive cake. Bathrooms and kitchens, too, we hope.

The new converted apartments, though tiny, are packed with amenities like rooftop pools, bowling alleys, and dog spas. While 30,000 new units so far are a drop in the bucket for NYC's housing crisis, it's a start.

Today on the ‘gram: Never mind robot refs…

Post of the day: Time flies

Quote of the Day

Netflix will now stream live NASA launches 🚀

NASA is boldly going where no government agency has gone before: streaming on Netflix $NFLX ( ▲ 0.96% ) . Starting this summer, you’ll be able to catch live rocket launches, astronaut spacewalks, the occasional rapid unscheduled disassembly, and breathtaking views of Earth without leaving your couch — or putting on pants.

NASA said this partnership is part of its mission to reach a global audience. And while SpaceX continues flexing with 81 rocket launches this year, Netflix is enjoying a financial lift, too — trading at all-time highs.

Should you check your 401(k) today?

👍️ 

ABSO-FLIPPIN-LUTELY, MY FRIEND!

Zohran Mamdani wins NYC primary by 12 points

Not everybody in my chosen hometown believes that Zohran Mamdani is in fact the second coming of Fiorello LaGuardia. Although contrary to what Cheddar readers predicted on the eve of last week’s election, Mr. Mamdani has now officially clinched the Democratic primary for NYC mayor, defeating the (let’s say) iconic Andrew M. Cuomo. Yes, that’s right — the five boroughs just waved goodbye to "Cuomosexuality" and hello to “Mamdaniamory.”

The democratic socialist's campaign was a symphony of energy, charm, and social media wizardry. Fox News, of course, framed his proposed policies as bad:

“Nothing says ‘radical’ like being able to eat and have a kid without needing to live in a tent,” responded one Twittererer.

Of course, President Trump chimed in with some classic Trumpisms, threatening to revoke Mamadani’s citizenship and have him deported, but Mamdani took it in stride. In an ironic twist, Eric Adams, the scandal-tarnished mayor, opted out of the primary only to find himself praised by Trump.

Paramount settles with Trump for $16 Million

CBS News' parent company, Paramount $PARA ( ▲ 0.47% ) , managed to turn Donald Trump’s $20 billion lawsuit into a $16 million settlement. The funds will go towards his (let’s say) yet-to-be-built presidential library. Trump sued “60 Minutes” for editing a Kamala Harris interview, claiming “election interference” and “the biggest scandal in broadcast history.”

Paramount, meanwhile, coughed up the cash, likely hoping to speed along its lucrative Skydance Media merger, which needs Trump’s approval. In other words, the company chose business expediency over a court showdown.

“The settlement does not include a statement of apology or regret,” Paramount said.

CBS staffers, however, are calling this an act of “extortion” off the record in conversation with CNN, while Trump claims it’s a “win for the American people.”

Poll of the Day: Who will you vote for in November?

Poll Results: You’re concerned about debt

We asked: Are you concerned about increasing levels of consumer debt?

You answered:

🟩🟩🟩🟩🟩🟩 Yes, it concerns me that U.S. consumers are overstretched. (640 votes)

⬜️⬜️⬜️⬜️⬜️⬜️ No. America was built on consumer debt and your trifling concerns are, frankly, unpatriotic. (47)

687 Votes via @beehiiv polls