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Good morning! Here's the latest in trending:

Tech earnings: More divergence as Amazon (AMZN) soars and Apple (AAPL) falls.

EU tensions: Italy wants Spain out of Schengen Area amid migrant crisis in Ceuta.

Roaring back! South Korea’s benchmark index surges 18% in dramatic turnaround.

Prediction markets are big, really big. In many ways, they have overtaken other risk-filled trades that have captured the hearts of the retail crowd, like meme stocks and crypto mania. There's no better indicator of this than the rise of Kalshi (KALSHI), which operates in the U.S. as a federally regulated exchange under the Commodity Futures Trading Commission.

Snapshot: Kalshi launched publicly in 2021, but many court battles played out in the accompanying years over the legalities of event contracts. Adoption really picked up in 2025, at a time when Kalshi became the infrastructure for Robinhood's (HOOD) prediction markets hub, and earlier this year, the platform even expanded into financial derivatives. The market news cycle has also changed dramatically, with outlets featuring Kalshi odds in their reporting, and its rising popularity quickly changed investing behavior, especially among those seeking outsized gains over condensed timeframes.

With money continuing to flow into the emerging asset class, the retail crowd pushed the industry to new records. Monthly trading volumes on Kalshi that reached $226M by late 2024 exploded to $6.6B by December 2025, and by May 2026 the platform crossed $16.8B, marking growth of nearly 2,500% Y/Y. Last month, trading volume even surpassed $33B, spurred by expansions into mainstream sports and events like the FIFA World Cup. To meet compliance standards, Kalshi has positioned itself as a neutral clearinghouse that offers hedging tools, as well as financial derivatives similar to equity brokerages.

Shut it down! Others argue that the platform's event contracts are essentially another version of betting, with the average retail trader using it to speculate rather than execute a complex financial hedge. Early this morning, New York Governor Kathy Hochul and Attorney General Letitia James filed a lawsuit against Kalshi for allegedly "running an illegal state gambling operation" and to "forfeit all illegal gains and distribute restitution to consumers who were harmed." New York also filed petitions against Coinbase (COIN) and Gemini Titan (GEMI) back in April. It's the latest battle between states and prediction markets, with some lawsuits leading to activity limitations in Massachusetts, Nevada and Washington. (3 comments)

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Jersey Mike's (JMKE) IPO: Subpar performance in trading debut.

Amazon's (AMZN) ZOOX cleared for commercial robotaxi service.

Fake news! Report of a Tesla (TSLA) China business sale.

New Xbox (MSFT) head aims to outpace rivals by mid-2030.

Live Nation (LYV) beats estimates as concert demand still strong.

Anthropic's (ANTHRO) Claude hacked three entities during tests.

Enbridge (ENB) must move pipeline from Wisconsin tribal land.

AI search concerns weigh on Reddit (RDDT) despite strong quarter.

Citadel scoops up Situational Awareness holdings after big losses.

Trump: Agreement reached for phased disarmament of Hamas.

In Asia, Japan +4%. Hong Kong +0.1%. China +0.7%. India +0.2%.
In Europe, at midday, London +0.5%. Paris +1%. Frankfurt +1%.
Futures at 6:30, Dow +0.6%. S&P +0.5%. Nasdaq +1.2%. Crude +0.6% to $84.11. Gold -1.2% to $4,112.50. Bitcoin -1.1% to $63,821.
Ten-year Treasury Yield unchanged at 4.68%.

Companies reporting today include Exxon Mobil (XOM) and Chevron (CVX).

See the full earnings calendar on Seeking Alpha, as well as today's economic calendar.