Axios

Boeing is bringing key supplier Spirit AeroSystems back under its wing.

Why it matters: Moving the fuselage maker in-house — Boeing sold the business nearly two decades ago — is seen as a necessary step to correct quality-control issues that have plagued both companies.

Add Chewy to the list of meme stocks to watch.

Driving the news: Keith Gill, aka Roaring Kitty, revealed a 6.6% stake in the company in an SEC filing today.

• The stock surged at first before closing lower by — intriguingly — 6.6% on the day.

The big picture: Gill stirred volatility in the stock last week when he posted a photo of a cartoon dog with a blue background in a shade similar to Chewy's logo.

Big Tech fueled the market during the second quarter, pushing inflation worries and rate speculation aside.

Why it matters: Without the gains from Nvidia, Apple, Microsoft, Alphabet and Broadcom, the broad market would have fallen in Q2, Morningstar notes.

Stunning stats: Morningstar's U.S. Market Index, which measures the performance of the top 97% of the investable universe by market cap, gained 3.5%.

• Nvidia alone contributed 1.6 percentage points of that return.
• The stock added roughly $812 billion in market cap during the quarter and joined the $3 trillion club for the first time on June 5.

The big picture: Apple, Microsoft and Alphabet were the next biggest contributors.

Some good news for the industry came out of the courts Friday, in the case that the SEC brought a year ago against the world's largest crypto exchange, Binance.

• A federal judge allowed most parts of the case to proceed, but in doing so rejected the idea that a cryptocurrency token can be, in and of itself, an "investment contract" under the Supreme Court's Howey Test.

Why it matters: The judgment could allow for some tokens, at least, to live outside the SEC's purview, which would mean that normal people could hold them and use them in the course of daily business.

Between the lines: "In the Court's view, then, the SEC's suggestion that the token is 'the embodiment of the investment contract,' ... as opposed to the subject of the investment contract, muddied the issues before the Court," U.S. District Court Judge Amy Berman Jackson wrote.

The Open Network, the blockchain closely associated with mega-messaging app Telegram, is rapidly moving up the ranks of chains hosting decentralized finance activity.

The big picture: In terms of funds entrusted to various apps on the blockchain (the term of art is "total value locked"), The Open Network (TON) came from almost nothing early this year to join the ranks of chains like Avalanche and Polygon that have years in the market.

Prediction markets turned quickly against Biden after last week's debate.

By the numbers: Since Friday, bets on the president winning the general election dropped further, now at about 20% on Polymarket.

• On Friday, California Gov. Gavin Newsom was seen as the most likely Democratic nominee after Biden, but now Vice President Kamala Harris is strongly favored, with a 12% likelihood of replacing the president.

"Inside Out 2" crossed $1 billion in worldwide box office sales this weekend, making it the first movie of the year to reach the milestone.

Why it matters: It's the fastest animated picture to gross $1 billion — reaching the marker in 19 days, according to Disney.

The soft landing seems to have stuck, inflation has been frustratingly persistent, rate cuts will be slower to arrive than many thought, and small cracks are showing up in the growth outlook.

The big picture: That is where the U.S. economy stands as we pass the midpoint of 2024 — a year in which things have not gone quite according to plan, but the overall balance of conditions is, for now, favorable for both workers and investors.

The U.S. just set sail into a new era of climate and environmental policy.

Why it matters: A Supreme Court ruling Friday constrains what the Beltway's vast bureaucracies can do without detailed instruction from Congress.