A SpaceX-Tesla merger would be valued at $3.4 trillion—and still not make a dime

Everything you need to know before you reach the office this morning.

Good morning. On Fortune’s radar today:

• Markets: Mixed but low-drama.
• A SpaceX-Tesla merger still wouldn’t make money.
• Trump loses patience with the media, again.
• “I apologize for not dying soon enough for you”: Baby boomers do not like being told they are getting in the way.
• American misery is so bad the data must be wrong.
• Wall Street worries the Fed is wildly off course in fighting inflation.
• Delicious revenge at Applebee’s.

This story was originally featured on Fortune.com