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Germany and France roll out multibillion-dollar proposal to aid EU countries stricken by coronavirus
TOGETHER WITHGood morning. When you must bear news, you always hope it’s of the good variety. Today it most certainly is: Congrats to Brew vet Ashley Dinjar and Brew newbie Sam Pain on winning MacBook Pros from yesterday’s giveaway.There’s even better news. For the rest of you who said, “Knowing Morning Brew...I’ll bet they do another giveaway on Wednesday,” you are 100% correct—we are running it back. Here’s a quick refresher on how it works:- When you share the Brew today using your unique referral link, you get entered into a raffle to win a MacBook Pro.
- If you win a computer, we'll select someone you referred to win one, too. And the more you share, the better chance you have (1 referral = 1 ticket).
MARKETS
NASDAQ9,185.10- 0.54%S&P2,922.94- 1.05%DJIA24,206.86- 1.59%GOLD1,749.20+ 0.85%10-YR0.691%- 3.70 bpsOIL32.36+ 1.70%*As of market close- Economy: The Congressional Budget Office projects GDP will drop an annualized 38% in the second quarter (not a typo), but said job growth would improve “materially” in Q3.
- Housing: No one’s building it. New home construction fell 30.2% in April to its lowest point in five years.
Diego Puletto/Getty ImagesAs of today, all 50 states have begun loosening business restrictions implemented to fight the pandemic. But with varying or unclear federal, state, and county rules, reopening has more moving parts than a middle school love triangle.This week in reopenings...
In the Northeast, Massachusetts began easing restrictions on manufacturing, construction, and places of worship. NY Gov. Andrew Cuomo said Albany is ready and Long Island could be close. And a Memorial Day miracle: Delaware and the NYC tri-state area will open beaches for the unofficial start to summer.In Florida, retail and entertainment center Disney Springs will begin a partial reopening today. The state began its Phase 1 reopening this week with restaurants, malls, and gyms at half capacity.California relaxed requirements for counties to enter Phase 2 and, along with New York and Texas, said it’s ready for pro sports to return in a couple weeks. No fans in the stands, but with The Last Dance over we’ll take it.Big picture: Even when businesses reopen, nervous customers aren’t always returning in full force. Some officials have emphasized a full-scale reopening can’t happen without proven vaccines or treatments.What they’re worried about
With reopenings underway, at least 17 states have logged a 10% or more uptick in average daily new cases. Texas is reopening child care centers, bars, and bingo centers this week, yet reported its largest daily increase last weekend. North Carolina did the same, and Arizona approached a record high.However, that’s partially the result of increased testing. And some states have seen no changes (Florida) or even decreases (Georgia).The unemployment question
Over 36 million workers have filed for unemployment in the last two months, and as businesses reopen, some will get offers to return. But many employers aren’t clear about the rules for providing a safe workplace, especially when plexiglass dividers and Clorox wipes don't come cheap.The Brew explains: What happens when workers are unable to return or don’t feel safe doing so? Go deeper with our guide to reopening and unemployment.Francis ScialabbaYesterday, Walmart reported earnings for the quarter that ended April 30 (when you’re No. 1 on the Fortune 500, you get to make your own rules).You also get a leg up when disaster hits. U.S. comparable sales were up 10% for the quarter, and e-commerce sales skyrocketed 74% thanks to Walmart’s forays into home delivery and grocery pickup.- The number of new customers trying online pickup and delivery grew 4x since mid-March.
For other retailers, those same three months were….what’s a nicer word than “bloodbath”? But Walmart’s massive scale positioned it to catch the coronavirus curveball in customer behavior. “It is a big advantage being an omnichannel retailer and I think that is showing right now,” CFO Brett Biggs humblebragged.+ They almost snuck it past us. Walmart also mumbled that it’s shuttering Jet.com, an online marketplace Walmart bought in 2016 in an effort to make Jeff Bezos sweat. But after a series of reshuffles, Walmart decided Jet.com wasn't the e-commerce silver bullet it once thought.Michael S. Schwartz/Getty ImagesYesterday, Joe Rogan said he's taking his smash-hit podcast (~190 million downloads/month) exclusively to Spotify in a licensing deal worth more than $100 million, the WSJ reports.What that means: Starting September 1, full audio and video of The Joe Rogan Experience will be available on Spotify—and it'll be pulled from all other platforms before the end of the year.- Yes, we said video. Spotify started testing video pods earlier this month; with Rogan it'll get a YouTube star.
- Up until now, Rogan’s show has never been available on Spotify.
What that really means: Spotify is quadrupling down on podcasting. Over the past two years, Spotify bolstered its podcast chops with acquisitions of The Ringer and Gimlet Media, and it's recently inked deals with marquee names like Amy Schumer. By nabbing Rogan, Spotify isn’t just continuing its wrestling match with pod incumbent Apple, it’s breaching YouTube’s turf.The move is well-timed. According to eMarketer, consumers are shifting their gaze to video over audio in the quarantine era.SPONSORED BY CARIUMA
Mother Nature Keeps Asking Us About our Kicks
What pair does she most care for? Our CARIUMA IBIs. But why?- CARIUMA IBI sneakers are old-school cool. It’s no doubt why they keep selling out.
- Their IBIs are made with perfect-fit bamboo-knit fabrication and sugarcane outsoles.
- It’s harder to write a rhyming ad than we thought.
We also love our CARIUMAs. Cuz their IBIs are comfy. Cuz of their myriad dope colors. Cuz our friends give us compliments.Wait, this was supposed to be a rhyming ad, so we guess we should say: Our IBIs make our feet look fly.And since we’re still doing the rhyming thing, know that CARIUMA uses recycled plastics which is just fantastic.These 100% vegan, carbon-neutral shoes have sold out three times and had a 12k person waitlist. But now they're back in stock and Brew readers get first dibs.That’s some news you can really use.ECONOMY
Powell, Mnuchin Circle Back With Senators
Yesterday, Treasury Sec. Steve Mnuchin and Fed Chair Jerome Powell underwent a joint performance review. The Senate Banking Committee questioned the pair via videoconference on how the $2.2 trillion relief package, aka the CARES Act, played out in its first public update.Some highlights:- There’s a Lincoln Tunnel-sized stretch before the light. Powell and Mnuchin both signaled more severe job losses ahead before the economy begins to claw back.
- About $550 million of the small business loans that went to public companies has been returned, meaning a majority of publicly traded companies that received funds kept them.
- Sen. Elizabeth Warren called for...can you guess? CEOs to be held “personally accountable” if their companies illegitimately access CARES Act funds.
- Powell said the focus should be on local economies, and that the Fed might even buy municipal debt.
- Mnuchin was more concerned that prolonged shutdowns could cause “permanent damage” to the economy.
Looking ahead...the review was also a brainstorming session. Congress is working on a fourth economic relief package.CLIMATE
Carbon Dioxide Also Spent the Last Few Months in Quarantine
Daily global CO2 emissions fell 17% by early April over last year’s average, according to a new study published in the journal Nature Climate Change. Such a drop could be the largest on record, the authors conclude.By the end of 2020, the study predicts total emissions could drop between 4% and 7%, depending on the path of recovery.What happened: Nothing. Nothing happened. Major sources of carbon emissions—cars, planes, factories—all stood still as governments implemented lockdowns to reduce the spread of COVID-19. Drilling a little deeper…- Surface transportation including cars, buses, and trucks accounted for 43% of the total decrease.
- Emissions in the aviation sector declined 60%, and industrial production 19%.
So...about climate change…
GiphyWell, no. This major dip in emissions is what your stats professor might call an “outlier,” and not representative of long-term trends. After all, shutting down your economy because of a global pandemic is “not the way to tackle climate change,” explains the study’s lead author.GIVEAWAY
Admit It George, We All Double Dip
Seinfeld/NBCEspecially when it comes to computer giveaways. For the second straight day, Morning Brew is giving away a MacBook Pro to two lucky readers.The details: When you share the Brew today, you’ll have a chance to win a brand new MacBook Pro for you and someone who signs up to the newsletter using your referral link.- Each time you refer someone to Morning Brew, you'll get a ticket entered into the raffle. 1 referral = 1 ticket.
How to start: Click the share button below to grab your unique referral link. Then, tell everyone you know that they can 1) read business news that makes you smile even during a pandemic and 2) have a chance to win a new computer.Share to Win
Or copy & paste your referral link to others:
morningbrew.com/daily/r/?kid=a17a7110 WHAT ELSE IS BREWING
- Facebook is launching a new e-commerce platform, called Shops, that will allow sellers to create digital storefronts on Instagram and Facebook.
- Southwest and United reported travel demand was slowly improving while ticket cancellations are down from their peak.
- The Nasdaq told Luckin Coffee that it will delist its stock. Last month, an internal probe revealed Luckin’s former COO fabricated 2019 sales.
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FEATURED EVENT 1862 U.S. Homestead Act signed READ MORE FEATURED BIOGRAPHY James Stewart READ MORE This message contains graphics. If you do not see the graphics, click here to view. May 20
SEE ALL BIOS ON THIS DAY
ALSO BORN ON THIS DAY 1946 Cher
American actress and singer1908 James Stewart
American actor1806 John Stuart Mill
British philosopher and economist1935 José Mujica
president of Uruguay1799 Honoré de Balzac
French author1915 Moshe Dayan
Israeli statesmanMORE EVENTS ON THIS DAY 2015: David Letterman —who redefined American talk shows with his unconventional humour and innovative segments—stepped down as host of the Late Show with David Letterman. 2002: East Timor officially became independent. [Take our countries of the world quiz.] 1946: American singer and actress Cher, who was known for her flamboyant style, was born. [Test your knowledge of actors and acting.] 1882: Germany, Austria-Hungary, and Italy secretly formed the Triple Alliance, a treaty organization that provided for mutual protection against attacks by other European powers until Italy entered World War I. [ Sort fact from fiction in our World War I quiz.] 1873: Levi Strauss and Jacob Davis were granted a patent for using copper rivets to strengthen certain areas of trousers, notably pocket corners; the patent was credited with giving rise to blue jeans. 1806: Economist and philosopher John Stuart Mill was born in London. [How much do you know about economics?] SEE ALL EVENTS ON THIS DAY Columnists Time to Pillage Pelosi’s Village
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Even If There Is a Second Wave of COVID-19, There Should Be No More Lockdowns
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How Intensely Does the Leftwing Media Hate Trump?
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Video Gov. Evers: Saying Abortionists 'Execute Babies' Is 'Blasphemy' Trump blasts Schiff as 'political hack' Pelosi's condescension offers some laughs Pelosi open to border infrastructure INVESTING Amazon Blocks Funding For Christian Charities: How To Fight Back New York vs. Florida, Round #4 Foreign Ownership Of U.S. Stocks
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