Hello, Independence Day is just a few days away, but before then:
The Supreme Court waited until the last week of its term to remind the country just how much muscle its 6-3 conservative majority has. In a trio of decisions Thursday and Friday, the justices effectively outlawed the use of race in college admissions, struck down President Joe Biden’s student-loan relief plan and crafted a First Amendment exception to anti-discrimination laws. Each of the three rulings was far-reaching in its own way but big though they were, the rulings were among only five that found the six conservatives in the majority and the three liberals in dissent. The decisions were a one-two punch to US colleges.
The court’s rightward tilt means history may also be repeating itself. Last year’s decision to strike down the constitutional right to abortion ahead of the midterms galvanized Democrats, who are now hoping this week’s twin rulings will help President Joe Biden once again harness voters’ anger as he heads into a tough reelection battle.
With the second half of the year just getting underway, it’s a good time to take stock of the first six months of 2023. The S&P 500 has racked up gains of 16% so far this year, powered by a surge in AI and other tech stocks—Apple attained a historic valuation of $3 trillion this week—and a US economy that continues to defy gravity. The improbable rally is making life awkward for the people paid to predict where equities will go next, many of whom were both bearish and wrong, and who remain at loggerheads on what’s ahead.
Meanwhile, US airlines continued to grapple with flight disruptions heading into Independence Day, keeping the industry on edge even as the recent volatility driven by bad weather and air-traffic control limits showed signs of subsiding. The heavy-travel weekend will test the changes airlines have made to improve reliability after extended disruptions last year tied to manpower shortages forced them to reduce flight schedules. With travel numbers forecast to surge, knowing how US airports rank on flight disruptions could come in handy.
If you love a good heist, check out the latest issue of Businessweek, which highlights some of the most outrageous capers and the weirdest things stolen. Here in California, 27 minutes was all it took for dozens of sacks of jewelry—worth either $8.7 million or about $100 million, depending on whom you ask—to vanish from a Brink’s tractor-trailer last year. A routine traffic stop in Tulsa helped police bring down a $500 million catalytic converter crime ring. Meanwhile, an alleged $85 million Ponzi scheme, fueled by the market for highly coveted sneakers, eventually blew up, in part because of the Air Jordan 11 Cool Grey.
But for those thinking of pulling off a heist of their own, know that police have a controversial new tool to bring criminals to justice—self-driving cars. As these vehicles become a fixture in major American cities like San Francisco, Phoenix and Los Angeles, police are increasingly relying on their camera recordings to try to solve cases. Have a thrilling weekend. We’ll be back tomorrow with a look at the week ahead.
