And welcome back to Street Tweets from The Street Sheet!

Grok is now integrated with Polymarket and Kalshi, two prediction markets where you can bet on everything from elections to meteor strikes. Elon Musk’s chatbot will offer market summaries to (supposedly) help users place smarter bets.

Is it a coincidence that this comes just as Musk is doubling down on his political ambitions? An Elon-branded AI in charge of explaining potentially Elon-related wagers. What could possibly go wrong?

— Brooks & Cas

Last week, the S&P 500 closed at record highs for five days in a row, led by big tech earnings and optimism around a possible US–EU trade deal. Beats by the likes of Alphabet $GOOGL ( ▼ 0.2% ) helped buoy the record rally.

However, economic data painted a mixed picture. Existing home sales fell 2.7% in June, and the Leading Economic Index declined 0.3% — both signs of consumer caution.

Meanwhile, the auto sector felt the sting of tariffs. GM $GM ( ▼ 0.14% ) posted a 35% drop in Q2 profits due in part to $1.1B in trade costs.

Overall, markets were encouraged by progress toward a trade deal with the EU ahead of President Trump’s August 1 deadline. Negotiators say an agreement is “within reach” — but that optimism could quickly reverse if talks fall apart.

On the week, the S&P 500 rose 1%. The Nasdaq Composite was 1.5% higher, also finishing Friday at an ATH. The Dow Jones added 1.3%.

The top market event to watch next week is the August 1 trade deadline. President Trump has threatened to impose 30% tariffs on EU goods if no deal is reached. While talks have made progress, the EU has vowed to retaliate with tariffs on $100B of US exports if negotiations fail.

Also on deck: the Federal Reserve’s July FOMC meeting on Wednesday. Fed Chair Jerome Powell is facing escalating calls from Trump to cut interest rates. Markets are still pricing in higher-for-longer rates, but could this be the month the pressure finally catches up?

If trade talks collapse or the Fed doubles down on hawkishness, markets could retrace. But if both issues break favorably — a deal with Europe and a dovish Fed — investors may see another leg up in this AI-fueled bull market. Either way, this coming week could set the tone for the rest of Q3.

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Actually, probably a lot less.

Nice to know I could’ve bought a whole home office, a gaming rig, and a small plot of land in El Salvador if I’d just gone full Bitcoiner.

Good thing it still works, I guess?

Congratulations to Tesla $TSLA ( ▲ 1.39% ) stimmy buyers on your whopping 0% return!

(Not counting inflation, of course. That’s a whole other L.)

Housing equity is now at 120% of what it was at the peak of the last real estate mania. If this is a bubble, it's the hardwood-floor-and-granite-countertop edition.

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Block (née Square) $XYZ ( ▲ 1.23% ) started as a dongle. Slack $CRM ( ▲ 0.63% ) started as a video game. Netflix $NFLX ( ▲ 0.5% ) mailed DVDs.

The billion-dollar idea is usually hiding inside the “let’s just try this” prototype.

Great for law enforcement. Terrifying for civil liberties.

INB4 Palantir $PLTR ( ▼ 1.77% ) rebrands as “Precog”.