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Good morning. One
way to find out where people’s heads are at is by looking at the top of
the App Store rankings. Last year it was Zoom, in February it was
Robinhood, and yesterday, with the Colonial pipeline shutdown causing
all kinds of havoc, GasBuddy topped the list for the first time ever.
It may not
last long. Yesterday evening, the pipeline's operator said it had
restarted operations, though it may take a few days for the supply chain
to return to normal.
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Nasdaq
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13,031.68
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S&P
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4,063.04
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Dow
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33,587.66
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Bitcoin
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$49,088.19
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10-Year
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1.691%
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Gold
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$1,814.20
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*Stock data as of market close, cryptocurrency data as of 8:00pm ET.
Here's what these numbers mean.
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Markets: Tumbled, dropped, fell...pick your negative-sounding verb and stocks did it yesterday
following inflation data that showed prices spiked more than expected
in April. Investors are worried that higher inflation could lead the Fed
to tighten its monetary policy.
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Covid: Lots of good news to report. Coronavirus deaths in the US are at their lowest levels in 10 months. And the Pfizer-BioNTech vaccine could be administered to kids ages 12–15 today after the CDC gave it the green light yesterday.
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Francis Scialabba
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How do you
know when your economy is emerging from a pandemic? When goodbye hugs
make a comeback and the rate of inflation hits its highest level in
almost 13 years.
US consumer prices rose 4.2% in April from a year ago, up from the 2.6% gain in March and more than economists expected.
What’s going on?
Things are just very weird right now.
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Supply chains are broken: From
chicken wings to diapers to, most recently, gasoline, supply is not
meeting demand. Even our local semiconductor store has been cleaned out.
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The pandemic is ending: 35% of the
US population is fully vaccinated, and they’re making up for lost time
by traveling, buying clothes that aren’t sweatpants, and dining out.
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Stimulus abounds: The government has rained payments on Americans to help them through the last year of high unemployment levels.
Which brings us to the question raging among economists.
Is this rapid inflation growth temporary?
Some
officials, like Fed Chair Jerome Powell, think the run-up in prices is
directly related to the winding down of the pandemic. They argue that
the quirks of the 2021 economy, like the fact that uber-expensive lumber
is adding nearly $36,000 to the price of a new home, is mainly what’s
driving inflation.
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Take used cars, for example. Used car prices jumped 10% in April and accounted for more than a third of the monthly increase in consumer prices.
So, many
officials are betting that once the economy irons out the wrinkles,
price growth will settle down to more typical levels.
Still…“I was surprised,”
the Fed’s vice chairman Richard Clarida said once he saw the inflation
numbers. “This number was well above what I and outside forecasters
expected.”
Bottom line: The
only CPI reading that matters is the next one. Future readings will
better help policymakers understand whether inflation is less
“transitory” than it appears to be.
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Pool/Getty Images
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In February,
Tesla shocked the business world when it said it would invest $1.5
billion in bitcoin and made plans to accept bitcoin as payment for its
cars.
But in a tweet yesterday, CEO Elon Musk said he was suspending vehicle purchases
with bitcoin due to environmental concerns. The cryptocurrency, which
had been falling throughout the day, dropped dramatically in the hours
following the tweet.
Commentators
found it odd that Musk, who runs an electric vehicle company with the
mission of reducing fossil fuel emissions, wasn’t aware of the vast amounts of energy used to mine bitcoin when he announced Tesla’s full-on embrace of the crypto. Maybe he was too busy rehearsing for SNL?
Zoom out: Tesla still has more than $1 billion in bitcoin holdings and Musk said he wouldn't sell any more.
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Giphy
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You may put
Domino’s in the category of “4am indulgences,” but billionaire investor
Bill Ackman deems it one of the “super-durable growth companies.” He
announced at the WSJ Future of Everything Festival that his hedge fund,
Pershing Square, recently acquired a 6% stake in the pizza chain.
Ackman said that he’s had his eye on Domino’s for a while, specifically watching how the company does its own delivery in the DoorDash-era.
- “That is
an important competitive advantage in a world where you want to deliver
pizza for $7.99. It’s hard to do that with a delivery service taking a
massive cut of the proceeds,” Ackman explained.
Pershing is
known for its investments in profitable food chains, including
Restaurant Brands International (the owner of Burger King), McDonald’s,
Chipotle, and Starbucks—where Ackman made a venti-sized 73% return in just 19 months.
Zoom out: This pizza party has been rocking for years. Domino’s stock has risen 13% so far in 2021 and 249% in the past five years.
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The weather is warming up. The world is reopening. And your friends are counting on you to look fly.
Good thing we’re here to talk to you about Mugsy Jeans. With the perfect amount of stretch, style, and fit, these babies are equally ready for a lazy morning on the couch or a night out on the town.
And with your squad rearing to finally take that vacation, it’s time to look and feel your best.
These jeans are outrageously comfortable, outrageously versatile,
and outrageously appropriate for waltzing through the gates of a
tropical hotel cracking hilarious jokes with your three best friends.
While you’re at it, how about throwing in a pair of shorts, chinos, or swim trunks that come with the same, famous, Mugsy proprietary stretch?
Reader, the hunt for your ideal summer 2021 outfit ends with Mugsy Jeans.
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Tomohiro Ohsumi/Getty Images
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Stat: The Japanese conglomerate SoftBank brought in $45.8 billion in net income
in the fiscal year ended March 31, 2021, the largest annual profit for
any Japanese company ever. It’s also more than Berkshire Hathaway’s net
income of $42.5 billion last year. Is it time to crown Masayoshi Son the
Oracle of Tokyo?
Quote: “Those
who are uberly engaged with the company want to go to the office
two-thirds of the time, at least. Those who are least engaged are very
comfortable working from home.”
That piping hot take
about remote work came from none other than the CEO of WeWork, Sandeep
Mathrani. It’s not like he has anything riding on the office market…
Read: How the personal computer broke the human body. (Vice)
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Some of Virgin Galactic’s biggest boosters are looking for an escape pod.
Ark Invest, a firm known for its bets on futuristic companies, has dumped
most of its stake in Virgin from its space exploration ETF. And just
two months ago, Chamath Palihapitiya, the company's chairman, sold his
remaining shares, worth about $213 million.
Virgin Galactic was once Lord of the SPACs. In
2019, Palihapitya took Richard Branson’s space flight company public in
a SPAC deal before they were cool. But the space tourism biz is
hard—and the company’s been struggling with technical setbacks and
delays. In its most recent earnings report, released this week, it
announced its second consecutive quarter of $0 in revenue.
- Is it a deeper problem? Luke Colby, an engineer who has consulted for multiple space companies, told
the NYT that Virgin Galactic’s mission is driven by nostalgia for space
travel, whereas rivals Blue Origin and SpaceX are “driven by the
physics of spaceflight.”
Zoom out: Virgin Galactic stock hit an all time high of ~$63 in February. As of Wednesday's close, it had fallen to $16.
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Mark Wang
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Morning Brew is teaming up with H&R Block
to give you the facts, the context, and the tips you need to make sure
you're prepared for the most complex tax filing season we can all
remember.
And with
just four days to spare before filing day, we’re unveiling a final piece
about everyone’s favorite subject: crypto taxes. Because if you sold
all your dogecoin before Elon’s SNL appearance, a) great timing but b) prepare to pay some taxes on it.
Bottom line: Crypto taxes aren’t as complicated as crypto itself, but you should know the basics if you are an investor. Get up to speed here.
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Facebook is relaunching its crypto project, but with smaller ambitions.
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Ellen DeGeneres is ending her talk show in 2022 after 19 seasons. “It’s just not a challenge anymore,” she told the Hollywood Reporter.
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Vitalik Buterin, the founder of Ethereum, donated more than $1 billion worth of crypto to the India Covid-Crypto Relief Fund.
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Jay-Z, Tina Turner, and the Foo Fighters were among the newly announced inductees to the Rock & Roll Hall of Fame.
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SPONSORED BY THE MOTLEY FOOL
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A dream of a list. This list of 10 stocks that The Motley Fool
has put together could potentially help you turn a dream home (or motor
scooter or fancy steak dinner) into a reality. The investing experts at
TMF think this group could have a big 2021, meaning potentially big
gains. The list is only available to the 1.1 million members of Motley
Fool Stock Advisor, so sign up today.
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Meet the Brew’s founders:
Austin Rief and Alex Lieberman, the two guys who started this company
back at the University of Michigan in 2015, will be hosting a Twitter
Spaces event at 5:15pm ET today. They’ll talk all things
entrepreneurship, so make sure you tune in.
An odd bit of trivia: When the conversation gets a little stale at your dinner party, just whip out your knowledge of the official vehicles of 45 world leaders.
Pump it: This 10-minute chest workout is perfect for getting your muscles feeling all jiggly in between Zoom meetings.
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The most important thing about Three Headlines and a Lie is that you don’t get shown up by a little newsletter try your best. We’ll give you four headlines and you try to guess which one is a pure malarky.
- “Jeff Bezos' superyacht is so big it needs its own yacht”
- “Anti-maskers ready to start masking—to protect themselves from the vaccinated”
- “IHOP turned away Adam Sandler. Now it's trying to make it up to him”
- “LinkedIn pushes to increase users in Florida because residents click most ads”
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Floridians don't click more LinkedIn ads than the rest of us. | |
Jen Psaki got caught in one lie that spells deep trouble for Joe Biden
All hell broke loose after what Tucker Carlson revealed about Dr. Fauci
[POLL] Do you APPROVE or DISAPPPROVE of LeBron James, cochise7787@gmail.com?
Jen Psaki walked right into a trap when she answered this question from Fox News
Michelle Obama revealed something about herself that will take you by surprise
May 13th, 2021
Colonial
Pipeline Slowly Restarts Operations Days After Major Hack
Gov't’s
War on Pipelines Made Us Vulnerable to Attacks
SPECIAL: 1/2
teaspoon KILLS diabetic nerve pain (neuropathy) permanently?
Illegal
Border Crossings Reach 20-Year High
Legislation
Introduced to FIRE Fauci
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May 13
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| FEATURED BIOGRAPHY
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| Georges Braque
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| FEATURED EVENT
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| 1846
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| U.S. declaration of war on Mexico approved
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SEE ALL BIOS ON THIS DAY
| ALSO BORN ON THIS DAY
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Lena Dunham
American actress, writer, director, and producer
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| MORE EVENTS ON THIS DAY
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2019: American singer and actress Doris Day—whose
performances in movie musicals of the 1950s and sex comedies of the
early 1960s made her a leading Hollywood star—died at age 93. [Take our quiz about movies.]
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Breaking News: Tom Selleck Breaks The Silence Today
In an emotional 1-on-1 interview, one of America's most respected icons revealed that he wouldn't be where he is now.
This was a really, really difficult decision for him to tell the truth...
{READ MORE}
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| ADVERTISEMENT |
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| ADVERTISEMENT |
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