🌍 Wow Dow

Good morning, Quartz readers!

Here’s what you need to know

The Dow missed 40,000. The index just fell short of the record high. Meanwhile, Reddit soared in its IPO debut, and Micron stock led a chip rally.

Medicare said it will cover Novo Nordisk’s Wegovy. Interestingly, the U.S. government approved payment for patients who are prescribed the medication for heart problems, not weight loss.

Elon Musk’s rocket company SpaceX is facing new labor-related allegations. The National Labor Relations Board said the company (which, along with Amazon and Trader Joe’s, has called the NLRB unconstitutional) retaliated against employees who discussed pay.

Big banks cut more jobs. Barclays and Citigroup are trimming their investment banking units.

Nike’s got a spring in its step. The athletic apparel maker ran past Wall Street expectations thanks to sales in North America and China, and stock did a little uphill jog as a result.

Apple’s antitrust track record

Yesterday, Apple got handed down what no Big Tech company wants: a sweeping antitrust lawsuit from the U.S. Department of Justice.

The DOJ has it out for Apple’s iPhone business, which regulators claim is an anti-competitive and monopolistic force in the smartphone market. The DOJ specifically scoffed at Apple’s “walled garden,” which is definitely not a garden and is explained better here.

It sure isn’t the first time federal regulators have hurled antitrust cases at Apple. Quartz’s Will Gavin runs through Apple’s antitrust history.

Gold is going up — but not as much as the S&P 500

Gold is doing very, very well this year, and the reasons why aren’t entirely easy to parse (one gold-mining CEO has his suspicions). Despite gold’s record prices, it hasn’t been able to outperform the mighty S&P 500.

Friends and foes of the EPA’s new car rules

The U.S. Environmental Protection Agency’s new EV-friendly restrictions are positively charging up some groups, while causing a stir among others.

Friends

🚘 Automakers

👷 Workers unions

Foes

⛽ Oil and gas lobbies

🌽 Corn growers

Read their respective reasonings here.

More from Quartz

🐭 Disney hit a setback in Bob Iger’s proxy battle with Nelson Peltz

🫦 Elon Musk’s companies are into Nvidia’s new AI chips

💅 Walmart wants more wealthy shoppers

📣 Airline CEOs want to give Boeing a piece of their minds — in person

🎯 Target is doubling (some) employee bonuses

☮️ Nvidia’s ‘Woodstock of AI’ was all the rage. Here are some highlights

Surprising discoveries

Nvidia is selling a $50 Stanley cup. We wish we were joking, but people just can’t get enough of the big mugs!

Wendy’s is airdropping burgers and fries to people in Virginia. We definitely aren’t joking.

The 2024 Girl Scout cookie season arrived without any new flavors. There’s a method to flavor introductions, and, regrettably, retirements.

QR codes are making it easier to steal plane tickets. Someone was already arrested for doing so.

Elon Musk’s Neuralink showed its first human patient playing chess. “There’s still a lot of work to be done, but it has already changed my life,” the recipient said.

Did you know we have two premium weekend emails, too? One gives you analysis on the week’s news, and one provides the best reads from Quartz and elsewhere to get your week started right. Become a member or give membership as a gift!

Our best wishes for a productive day. Send any news, comments, Nvidia hoodies, and food flights to [email protected]. Today’s Daily Brief was brought to you by Morgan Haefner.