Axios

LVMH, the parent of Sephora, Louis Vuitton, Christian Dior, Kenzo, TAG Heuer, Fenty Beauty and 60-plus other brands, has launched a new venture focused on media partnerships.

Why it matters: The luxury conglomerate wants more help from Hollywood types to bolster its brands.

Amazon's stock closed down 0.2% today, its first day as a Dow Jones Industrial Average component, Hope writes.

Context: It's a largely symbolic milestone. Silly as the index may be, according to Axios' Felix Salmon, Amazon's inclusion comes after Walgreens got the boot (pun intended).

• The country's biggest drugstore chain joined in 2018, replacing GE. Since then, Walgreens has lost about 65% of its value as it reeled from a series of challenges.

👟 Adidas will start another round of sales of Yeezy products as it works to clear its backlog of footwear from the canceled partnership. (Bloomberg)

💻 The Supreme Court is weighing how much freedom tech platforms should have over what people post. (Axios)

In Silicon Valley, major companies are ending an era of profligacy that many tech executives and investors attribute to the cheap money period — known as ZIRP, or zero interest rate policy — that lasted from roughly 2008 to 2021.

Why it matters: If the narrative out of the tech sector is true, it creates hard questions for the proper conduct of economic policy. If stimulating the economy using low interest rates just creates a lot of wasteful spending and malinvestment, it should raise serious questions about central banks' main policy tool.

Walmart spent $2.3 billion last week to buy Vizio, a manufacturer of televisions. Not because it wants to manufacture televisions, but because it wants to sell advertising.

Why it matters: Vizio is at heart a media company masquerading as a manufacturer. By owning Vizio, Walmart can continue to monetize the TVs it sells long after they've left its Supercenters.

Actions have consequences — and a slightly weird stock split from Walmart turns out to have finally been the event that caused Amazon to enter the Dow Jones Industrial Average.

Why it matters: Two separate stock splits were necessary for Amazon to enter the Dow. Its inclusion now means a bit more representation for mega-caps, although Nvidia, Alphabet, Meta, and Berkshire Hathaway are all still missing.

The winners and losers in the bitcoin ETF world are becoming clearer after a month of trading.

Why it matters: The existence of this new asset class has been cited as the main reason the price of bitcoin has doubled since September.

An influential group of economists has "sharply revised upwards" America's 2024 growth expectations in what could be another year that stuns forecasters.

Driving the news: As the U.S. economy continues to outperform, the National Association for Business Economics — which has conducted semi-regular surveys of professional forecasters since 1965 — is the latest to say the economy won't see a sluggish year.

When the market is at record highs, that's a great time to convert paper wealth to cash dollars. Just ask JPMorgan's Jamie Dimon, Meta's Mark Zuckerberg, or Amazon's Jeff Bezos — all of whom have been selling a lot of stock of late.

Why it matters: It makes sense even for billionaires to diversify out of having the overwhelming majority of their wealth in a single stock. Now's a great time to do just that.