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• ☕️What Else is Brewing Friday Morning
  New details in the Air India crash investigation. According...
  New details in the Air India crash investigation. According to dialogue of the plane’s two pilots recorded by its black box, the captain, Sumeet Sabharwal, turned off fuel switches to the engines after it took off, the Wall Street Journal reported. The first officer reportedly questioned the captain’s actions before he “expressed surprise and then panicked,” while the captain remained “calm.” The investigation has not yet determined whether or not the switches were shut off on purpose. The Boeing 787 Dreamliner crashed shortly after takeoff last month, killing all but one of its 242 passengers and crew.
  
  President Trump said he is suing the Wall Street Journal after the paper published details of a “bawdy” letter he allegedly sent to Jeffrey Epstein for his 50th birthday. Trump claimed the letter was “fake.”
  
  Liquid Death, the canned water brand that makes you  when you say its name, is launching an energy drink with a “sane level of caffeine.”
  
  Juul will be allowed to continue selling its e-cigarettes in the US after the FDA reversed its 2022 ban on the product.
  
  President Trump was diagnosed with chronic venous insufficiency, a common condition in older people, after noticing lower-leg swelling.
  
  CBS announced it plans to end The Late Show with Stephen Colbert and retire the franchise in 2026 in a “financial decision.”
  
  Mark Zuckerberg won’t have to testify in a data privacy trial after Meta executives and shareholders reached a settlement with defendants who had accused them of failing to protect user data stemming from the Cambridge Analytica scandal.
  
  “Crypto Week” got back on track yesterday after House GOP lawmakers convinced the holdouts in their party to help advance a series of crypto-friendly bills.
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• S&P 500, Nasdaq end at fresh record highs as investors buoyed by economic data
  The S&P 500 and Nasdaq finished deeper into record...

  The S&P 500 and Nasdaq finished deeper into record territory on Thursday as investors cheered steady economic data, calm in the bond market and healthy corporate earnings.

  
  

  The S&P 500 added 33.66 points, or 0.5%, ending at 6,297.36 — a record.

  
  

  The Nasdaq Composite gained 153.78 points, or 0.7%, to score its own record close at 20,884.27.

  
  

  The Dow Jones Industrial Average gained 229.71 points, or 0.5%, closing at 44,484.49.

  
  

  The Russell 2000 small-cap index surged 1.2%

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• Oilfield services M&A
  Oilfield services providers are accelerating M&A to outlast shrinking...
  Oilfield services providers are accelerating M&A to outlast shrinking customer bases, rising costs, and industry headwinds.
  
  A wave of upstream E&P mergers, especially in the Permian Basin, has reduced the number of independent producers, squeezing demand for oilfield services.
  
  The sector also faces macroeconomic uncertainties from tariff and trade volatility, as well as rising production from the OPEC+ cartel, according to Fitch Ratings' June report.
  
  The sector “is experiencing a slowing of activity in 2025, with a decrease in rig counts in both the U.S. and internationally compared to this time last year,” Fitch Ratings Associate Director Brittany DeWilkins wrote.
  
  A slowdown in offshore activity also has several offshore drillers “seeing increased white space” and a softening spot market, according to Fitch.
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• SLB Closes $7.76B ChampionX Purchase After Prolonged Review
  Oilfield services firms SLB and ChampionX closed their multibillion-dollar...
  Oilfield services firms SLB and ChampionX closed their multibillion-dollar merger after over a year of regulatory scrutiny.
  
  The two firms have worked to close the $7.76 billion all-stock transaction since it was announced on April 2, 2024.
  
  By acquiring ChampionX, SLB is expanding its footprint in the production and recovery segment, a growth priority for operators seeking to extend the life of aging assets and minimize declines.
  
  The companies also expect to realize at least $400 million per year in savings within three years through revenue gains and cost savings.
  
  SLB aims to distribute $4 billion to shareholders this year.
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• The president said he’ll send a tariff letter to more than 150 countries
  President Trump has already sent out about two dozen letters warning...
  President Trump has already sent out about two dozen letters warning of higher tariff rates slated to take effect Aug. 1 if trading partners (like the EU, Japan, and South Korea) don’t reach new deals with the US, and he said yesterday that he plans to send a single letter to another 150 countries. Trump said the rate would be the same for all those countries, explaining, “They’re not big countries, and they don’t do that much business.” Trump said the tariff rate for those countries hadn’t been determined yet, but that it would probably be 10% or 15%.
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