Your 5 weekly reads:

Range Takeaway: Delta’s results offered a microcosm of the broader economy. Despite fuel expense rising 77% to a record $4.4 billion, the airline beat earnings expectations and reinstated the full-year outlook it abandoned in April amid peak geopolitical uncertainty. Strong premium, corporate, and international demand carried the quarter, as consumers shrugged off higher fares. As CEO Ed Bastian put it, “The fact that fuel prices go up and down doesn’t change the fact that our consumer wants to go.” We’ll get a broader read on the state of the consumer next week as bank earnings pick up steam.

“Momentum” trading may sound abstract, but the strategy is simple: rank stocks by recent gains and buy the winners. Momentum-focused quants and trend followers had a record Q2. Goldman’s US Momentum Long index jumped over 35%, more than 2x the S&P 500’s return, powered by a historic, seemingly one-way run in semiconductor and memory stocks.

Just days into Q3, that trade is painfully unwinding. Many of the biggest winners from the first half are down double digits to start the quarter.

Encouragingly, these reversals aren’t accompanied by deteriorating fundamentals. Recent results from Micron and Samsung suggest memory demand still far exceeds supply.

And despite the violence under the hood, the broader S&P 500 has stayed calm. Money coming out of the winners is rotating into laggards such as financials and health care. Even within tech, investors have returned to the Mag 7, which underperformed in the first half but is up 5% this quarter.

For years, the worry was that a handful of leaders were carrying the market, and that when they cracked, everything would crack with them. Instead, the rest of the market is picking up the slack, and valuations are resetting without the index losing ground.

The unwind may have further to run. But so far, this market is broadening rather than breaking.

If you have a child born between 2025 and 2028, you can now claim a $1,000 government contribution for them — no strings attached. As of July 5, U.S. families with children can open Trump Accounts, and eligible children get that $1,000 seed deposited straight into it once you enroll. To qualify, your child must be a U.S. citizen with a Social Security number, and a parent or guardian has to opt in.

The account is similar to a traditional IRA without the earned income requirement. When the child is born, you can start funding the account with after-tax dollars, and it grows tax-deferred. Contributions are capped at $5,000/year — parents, grandparents, friends, and even employers (up to $2,500) can chip in. Funds become accessible to the child at 18, with earnings taxed as ordinary income on withdrawal. Qualified uses include education, a first-home purchase, starting a business, or retirement. Non-qualified withdrawals before age 59½ may incur a 10% penalty.

Go to trumpaccounts.gov and open an account and opt in for the $1,000 contribution if your child qualifies.

A $550 million superyacht sounds like the absolute top of the food chain — until you find out Project Tanzanite only ranks #38 on the list of the world’s most expensive boats.

That’s just one of the stories we covered on Instagram this week. We also toured The Holme, the Regent’s Park mansion flipped for £56M; went inside the doomsday bunkers billionaires are quietly building underground; and broke down how Trump’s crypto holdings out-earned his entire real estate empire.

Follow us on Instagram @rangefinance to catch our videos next week.

This week SpaceX fast-tracked into the Nasdaq-100, which forced every fund tracking that index to buy it. So if you own a Nasdaq-100 fund like QQQ (including inside your 401(k)), you likely picked up a sliver of SpaceX overnight.

To see how this inclusion might impact your portfolio, Range members can ask Rai: How does SpaceX getting added to the NASDAQ 100 impact me?

Rai scans your actual holdings, flags every fund now carrying SpaceX exposure, and shows you exactly what percentage of your portfolio is riding on it.

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