Elon Musk and Tesla are on the rise after a brutal start to the year

1. Lifeguarding needs a lifeline. A national shortage of lifeguards is drastically reducing public pool access, and the crisis is only getting worse. Fewer swimmers, stagnating wages, and the job’s image as a youth-only gig may be to blame.
2. Lumber prices are going down like timber. Though lumber prices skyrocketed during the pandemic, they’ve dropped precipitously this year as supply outpaced demand. Repairs and remodels have slowed, and high interest rates have reduced new homebuilding altogether.
3. Housing costs will stay high even when the Fed cuts rates. Bad news for buyers and renters looking for a break when the Fed cuts interest rates: The housing market probably won’t get more affordable anytime soon. Falling interest rates might slow mortgage rate growth, but won’t make them decline, Morgan Stanley said.

In other news

• Trump hush-money sentence delayed as he leverages Supreme Court immunity to fight his conviction.
• Prosecutors knew Jeffrey Epstein had raped teens before giving him a sweetheart deal: transcript.
• The VC that predicted a ‘mass extinction event for startups’ says it’s time for a ‘Great Reawakening’.
• $6.4 billion Walleye Capital taps a Balyasny portfolio manager to run its stock-picking unit
• Suspected Chinese spy bases in Cuba are growing, including one near a US naval base: report.
• Steve Ballmer is now worth $157 billion —more than his former Microsoft boss Bill Gates.
• Earth’s inner core reversed direction and is slowing down, and scientists don’t know why.
• Rudy Giuliani has been disbarred in New York

What’s happening today

• Major Hurricane Beryl forecast to threaten Jamaica. It made landfall yesterday as a Category 5 storm.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York.