Hey, here’s the real story for today.
Meme stocks are back (seriously), housing affordability just hit a 40-year low, and Meta’s got the entire tech world watching tonight. It’s peak summer chaos on Wall Street, and we’re here to make sense of it.
Let’s get into it:
Meme Stocks: The Sequel No One Asked For
GameStop. AMC. Reddit.
They’re back…again. Fueled by retail FOMO, TikTok hype, and (arguably) a sprinkle of delusion, meme stocks posted huge gains yesterday:
GME: +18%
AMC: +12%
RDDT: +9%
It’s not 2021 all over again, but retail traders are flexing their muscles as hedge funds scramble to cover shorts. Volume is up, social buzz is rising, and Robinhood downloads are creeping higher.
Should you jump in? Probably not.
But is it fun to watch? Absolutely.
Housing Market Meltdown, Without the Crash
New data from Redfin shows U.S. housing affordability is at its worst level in over 40 years. Median monthly mortgage payments hit $2,854, up 18% year over year, while inventory remains near record lows.
“We’re in a housing gridlock,” says Redfin’s chief economist. “Sellers won’t sell, buyers can’t buy, and builders can’t build fast enough.”
Meanwhile, rent growth is flattening, a sign that demand may be softening, but not enough to offset the pain.
Mortgage rates: 6.91% (30-year fixed average)
Median home price: $433,000
🧠 Meta Earnings: All Eyes on AI + Reels
Meta (META) reports earnings after the bell, and Wall Street is looking for three things:
Ad growth, especially Instagram and Reels
AI spending, Meta’s building its own chips now
Reality Labs losses, they’re still burning billions on the metaverse
Analysts expect EPS of $4.83 on revenue of $39.4B, with upside if ad spend stays strong.
Bonus stat: Threads now has 171 million monthly active users, up 20% from April.
Quick Hits
Bitcoin (BTC) is back above $67.5K. Quiet, but steady.
Reddit (RDDT) is up 30% this month, no real reason other than meme hype.
US jobless claims came in lower than expected, suggesting a still-tight labor market.
Today’s Market Dashboard
Index | Level | Move |
|---|---|---|
S&P 500 | 5,673.12 | +0.49% |
Nasdaq | 18,479.45 | +0.71% |
Bitcoin (BTC) | $67,540 | +0.33% |
Ethereum (ETH) | $3,512 | +0.14% |