Contaminated lettuce linked to Taco Bell (YUM) has sickened more than 1,600 people in five states, the FDA confirmed Thursday. But early evidence shows American consumers are placing the blame lopsidedly.

Placer.ai found Saturday foot traffic at Taco Bell fell 5.8% nationally and 10.9% in Michigan. The parasite reportedly never touched Panera Bread or Chopt, but those brands’ Saturday traffic slid anyway, by 7.4% and 7.1%, respectively.

Taco Bell parent Yum Brands is pulling the supplier's lettuce indefinitely — a fix for the supply chain maybe, but not for the association. And here we were thinking the chain used Grade-D meat, not Grade-C produce. (C, for Cyclospora.)

— Brooks & Cas

Launch weekend for Street Sheet Strategies wraps tonight. Here's why we'd recommend you act now, rather than later.

The week ahead is a loaded one. Tech’s biggest names report Wednesday. The Fed's last labor read of the month lands Thursday. And its July meeting follows soon after.

The July updates to our three Street Sheet Strategies show how three professionally managed portfolios are positioned for all of it. Every holding, every weighting, and what the managers would do if conditions turn.

Some investors will spend next week reacting to headlines. Members will spend it with a plan, written before the open.

That difference is yours whenever you want it. We'd suggest before the bell.

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What: Jamie Dimon is not usually the guy talking down his own quarter. After JPMorgan Chase (JPM) posted a 24% return on equity against a 19% forecast in Q2, its chief exec admitted, "It's getting close to as good as it gets.”

Why: The earnings season traditionally kicks off with reports from America’s biggest bank, and all five beat on both lines. Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), and Goldman Sachs (GS) each improved efficiency, with operating expenses falling as a share of revenue. Credit losses stayed subdued.

What Else: The soft spot is net interest margin. Citigroup improved to 2.54%, but Wells Fargo, JPM, and BofA slid by 2.43%, 2.40%, and 2.08%, respectively. Depositors chasing yield are no longer content with the safety premium the too-big-to-fail crowd used to charge for. CFO Jeremy Barnum called yield-seeking flows "probably a little bit of a risk."

Watch: Shifting Q3 guidance or broader economic forecasts throughout the quarter. Citigroup fell 5% in the wake of its beat, after management hinted the second half won't match the first. The bank’s own execs don’t expect the run to continue, so why should investors?

What: The most quoted valuation metric in finance is running on numbers nobody agrees to define. The S&P 500 trades at 29x actual net income. But that’s just about 22x what analysts call earnings.

Why: Analysts routinely strip out stock-based pay and restructuring costs, real expenses that recur every year. FactSet shows S&P earnings of $275/share for 2025 climbing 24% to $341 in 2026, but neither figure uses GAAP. If most analysts covering a company go non-GAAP, FactSet follows them. Goldman Sachs (GS) and Morgan Stanley (MS) strategists cite the results anyway.

What Else: The GAAP picture is duller and more honest. S&P Global Market Intelligence and Bloomberg both peg 2025 GAAP earnings near $241/share, growing in the low teens. Solid, not stellar. The trouble is forward estimates: S&P's own 2026 GAAP consensus of $337 implies 40% growth, which Jonathan Weil calls unrealistically high.

Watch: The spread between GAAP and non-GAAP 2026 prints as Q3 reporting lands. A market can be fairly priced or badly stretched, and right now, not even the accountants can tell you which.

Three professionally managed portfolios with every holding, weighting, and framework score in the open.

A letter from the desk of the Wall Street vets managing each strategy, every month.

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What: Everyone has a number for the Great Wealth Transfer, but nobody has a date. UBS projects $83T will move over 20-25 years. Cerulli Associates says $124T through 2048. BNY Wealth's new read: this is "less a single moment than a prolonged transition."

Why: The ambiguity hinges on the fact that, so far, the wealth has barely budged In a Harris Poll of more than 500 households with $10M+ in investable assets, nearly half said their heirs are only somewhat prepared or worse. The reasons cited: heirs lack experience with real money (45%), are too young or dependent (44%), or aren't financially literate (42%).

What Else: Two-thirds of the ultrarich have wealth locked in one asset, usually real estate or a private business. Boomers hold $19.5T in real estate and $8.1T in unincorporated businesses, per Federal Reserve data. You can’t exactly wire a strip mall to a grandchild.

Watch: Within 20 years, 62% expect to divest significant real estate and 55% their private assets. There’s still time for the transfer to materialize, but “when” remains a loaded question.