Zaid Admani

The thing is, these prediction markets are regulated by the Commodities Future Trading Commission, the CFTC.

So since they're regulated by the

federal government that allows calci and polymarket to allow sports betting in states where it's not allowed under state law like texas and california and that has made some states really furious for example nevada got a temporary restraining order against calci just last week arizona went even further and filed criminal charges against calci's parent company for operating an illegal gambling business without a license and massachusetts and michigan have also sued the company

And now the Senate is getting involved.

They're planning to introduce a bill that would ban prediction market platforms like Kalshi and Polymarket from offering sports betting in casino-style games.

Now, Kalshi is fired back.

They're saying that banning sports betting on regulated prediction markets would just push the activity offshore where there's zero oversight.

They also said the bill is motivated by casino interests that feel threatened by competition.

The DraftKings stock did get a 5% pop this morning after this report about the Senate bill came out.

Now, personally, I like prediction markets, especially to get economic data, like what the market thinks interest rates will be by the end of the year.

But I don't like the fact that sports betting is mixed in with it.

I feel like the sports betting stuff should be a separate platform altogether.

Let's talk about some stocks making moves today.

Airline stocks are a big winner today following President Trump pausing airstrikes on Iran.

Airline stocks like Delta, American Airlines, and United Airlines have been hit hard this past month because of rising jet fuel prices, which have jumped around 60% since the start of the war.

The cost of fuel is an airline's second largest expense after labor, and generally accounts for about 20 to 30% of all annual operating costs across the global aviation industry.

Higher fuel costs eat into profits, so a de-escalation in the war could lead to lower jet fuel prices, and that's why airline stocks are up around 5% this morning.

Now, on the flip side, energy companies are lower today.

No surprise here.

The oil companies like Chevron, Exxon, and ConocoPhillips make more profit when oil prices are higher.