Good Morning! US stock futures flew and oil prices tumbled after President Trump announced a ceasefire between Israel and Iran. Hims & Hers stock plummeted 35% after Novo Nordisk abruptly ended their partnership.

CarMax says tariff fears boosted used car demand in April, New York is planning to build the nation’s first major new nuclear-power plant in over 15 years, and white-collar offenses are pummeling.

Plus: Young Americans are ditching the stock market, NYC’s Central Park is expected to hit 100 degrees for the first time since 2012, and could M&A save Apple’s AI ambitions?

AI is all anyone talks about as the next frontier. Today’s partner allows you to own the hardware powering AI.

SQUEEZ OF THE DAY

Buy Now, Score Later

FICO is officially bringing buy-now-pay-later (BNPL) loans into the credit scoring equation. Fair Isaac Corp. announced this week it will launch two new scores—FICO Score 10 BNPL and FICO Score 10 T BNPL—that incorporate consumers’ BNPL repayment history for the first time.

The move marks a significant shift in how creditworthiness is assessed, as over 90 million Americans are expected to use BNPL services this year.

Historically, BNPL activity has flown under the radar of traditional credit models, drawing criticism that existing scores offer an incomplete view of a borrower’s financial behavior.

FICO says the new models are designed to give lenders deeper insight into consumers’ repayment patterns, providing a fuller picture of credit readiness. The company claims this change will ultimately lead to more informed and efficient lending decisions.

The impact of this change remains to be seen. A joint study from FICO and Affirm earlier this year simulated the inclusion of BNPL loans and found that a majority of consumers with five or more Affirm loans would see their scores improve or remain unchanged.

Still, critics warn that the growing use of BNPL could fuel a rise in “phantom debt,” with the Federal Reserve reporting that nearly one-fourth of BNPL users paid late in 2024, up from 18% in 2023.

Affirm has already begun reporting short-term interest-free purchases to Experian, but until now, these loans haven’t factored into most credit scores.

Takeaway: Industry leaders have praised the decision, noting that responsible BNPL use should support, not hurt, credit scores. But with usage growing and delinquency rates rising, there’s still a question of how the shift will play out at scale. The days of BNPL being invisible are over… that 4-payment split on your standing desk and Italy trip might finally come back to haunt your FICO.

HEADLINES

Top Reads

• Shares rally, oil slumps as Iran-Israel ceasefire goes into effect (Reuters)

• Wall Street is acting like America didn’t just strike Iran (CNN)

• Airlines Airlines divert, cancel more Middle East flights (CNBC)

• Hims & Hers stock plummets more than 30% after Novo breakup (WSJ)

• Trump showdown with Fed heats up (Axios)

• Oil prices are now the stock market’s biggest driver (YF)

• CarMax says tariff fears juiced used car demand in April (Axios)

• NY to build new nuclear-power plant (WSJ)

• Unilever buys Dr. Squatch brand (UL)

• White-collar offenses seem to be on the back burner (Axios)

• Rich young Americans are ditching the stock market (YF)

• Trump says the U.S. has too many holidays (Axios)

• Circle's IPO euphoria revives debate over the stock "pop" (Axios)

• US investor strikes $1B merger to create bitcoin treasury company (YF)

• Extreme heat blankets much of the U.S. (WC)

• Will M&A save Apple's AI efforts? (BB)

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CAPITAL PULSE

Markets Rundown

Market Update

• U.S. equity markets closed higher on Monday after reversing an early pullback, following U.S. airstrikes on Iranian nuclear facilities over the weekend.

• Bond yields declined, with the 10-year Treasury yield falling to 4.34%, down from its May peak near 4.60%.

• Consumer discretionary and real estate stocks led the gains, while energy lagged as oil prices fell.

• Asia finished mostly lower, though China reversed early losses to close in positive territory.

• European markets declined, despite eurozone flash PMIs holding steady or improving modestly in June.

• The U.S. dollar weakened, and WTI oil declined, paring early gains as markets assessed the potential for further Iranian retaliation.

Economic Data Highlights

• Flash U.S. Services PMI (June): Fell to 53.1, missing expectations of 53.6, with services exports contracting sharply—likely due to tariffs and trade tensions.

• Flash Manufacturing PMI: Held steady at 52.0, above estimates for a drop to 51.5, supported by rising factory production, the first increase since February.

• These figures continue to reflect resilient services growth and a gradual recovery in manufacturing, both above the 50.0 expansion threshold.

• This backdrop supports continued labor market strength and moderate consumer spending, despite geopolitical and trade headwinds.

Reported Earnings

• No significant earnings were reported on June 23.

Earnings Today

• Carnival (CCL) – Reporting June 24 (Before Market Open): Investors watching forward bookings and pricing outlook.

• FedEx (FDX) – Reporting June 24 (After Market Close): Focus on margin trends, cost discipline, and global freight volumes.

Movers & Shakers

• (+) Tesla ($TSLA) +8% after rolling out its robotaxi service in Austin over the weekend.

• (+) Northern Trust ($NTRS) +8% because of merger talks with BNY.

• (–) Him & Hers ($HIMS) -35% after the company’s Wegovy deal falls apart.

Private Dealmaking

• Thinking Machines Lab, the former OpenAI CTO’s startup, raised $2 billion

• Neuura Robotics, a humanoid robots developer, to raise $1.16 billion

• Harvey, a legal AI startup, raised $300 million

• PhysicsX, an AI defense tech startup, raised $135 million

• Pano AI, a wildfire detection startup, raised $44 million

• Yupp, an AI model evaluation startup, raised $33 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

BOOK OF THE DAY

Inner Excellence

Description: A transformational guide from performance coach Jim Murphy (known for training NFL stars) that blends personal stories and mental strategies to overcome stress, debt, fear, and self-doubt. After being spotted cliffside by Eagles receiver A.J. Brown—who then shouted its praise from the playoffs—it became a viral bestseller for its actionable mindset shift. It includes techniques to embrace failure, silence your inner critic, and unlock peak potential in daily life and performance.

Rating: Amazon: 4.7 / 5

Book Length: 320 pages
Audible Length: Estimated 8–9 hrs

Ideal For: High-achievers, athletes, entrepreneurs, executives, or anyone who wants to elevate daily performance, build mental resilience, and live beyond excuses.

“If you want to be the best you can be, you have to be willing to look foolish, you have to be willing to fail… To live in that unknown, that's the life of 'Inner Excellence.'” — Jim Murphy

DAILY VISUAL

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DAILY ACUMEN

Prioritize

Health. Career. Relationships. Creative dreams.

Most of us want to grow in all directions—but end up pulled in too many.

The secret isn’t doing less. It’s prioritizing better.

Presidents, billionaires, and productivity nerds alike swear by methods like the Eisenhower Matrix, Ivy Lee’s six-task rule, and Buffett’s ruthless “2-list” strategy.

Each tool is different, but the lesson is the same: clarity creates momentum.

You don’t need more time—you need sharper focus.

Pick your top priorities, eliminate distractions, and start with the task that scares you most.

Mastering prioritization isn’t just a productivity hack—it’s how you reclaim your life.

ENLIGHTENMENT

Short Squeez Picks

• Can we just read audiobooks instead of listening to them?

• 4 questions to become a stronger mentor

• Why it’s getting even harder to get into airport lounges now

• How to survive working for a controlling leader

• Dating apps might be messing with your mental health

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Memes of the Day

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