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TOGETHER WITH
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Gm. No time for full greetings, only a half day. Safe travels!
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Nasdaq
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13,736.28
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S&P
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4,200.88
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Dow
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34,464.64
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Bitcoin
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$38,598.14
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10-Year
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1.605%
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AMC
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$26.52
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*Stock data as of market close, cryptocurrency data as of 5:00pm ET.
Here's what these numbers mean.
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Markets: Stocks continued to tick up,
or in the case of the Reddit-fave AMC, rocket moonward (it's increased
more than 1,200% this year). Trading activity overall is pretty light
right now as investors head to the Hamptons for MDW.
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Economy: Jobless claims hit a new pandemic-era low of 406,000 last week. And the government's second estimate of Q1 GDP came in the same as the first: a healthy 6.4% growth rate.
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Francis Scialabba
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This morning, President Biden will send Congress a jumbo-sized $6 trillion budget for FY2022, the NYT reported yesterday. If it passes, federal spending will eclipse records set during WWII.
AP Gov detour: Funding
for each fiscal year, which runs Oct.–Sept., is technically hammered
out through 12 appropriations bills passed by Congress and signed by the
president. What Biden will release today (as is tradition in a
president's first year) is more a map of Democrats’ spending priorities
for the next decade. Congress is free to toss it in the recycling bin if
it chooses.
What's inside?
Enough mentions of the t-word to make Republicans woozy. The budget includes
March's $1.9 trillion pandemic stimulus plus several of Biden's major
proposals: the $2.3 trillion American Jobs plan, the $1.8 trillion
American Families Plan, and $1.5 trillion in discretionary spending
increases.
The budget is also expected to outline additional policy proposals like...
- A public health insurance option
- Funds to get women back into the workforce
- Costs tied to the withdrawal from Afghanistan
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Expanding the US Cyber Command to meet growing cyber threats
Biden's
budget will reportedly increase federal spending to $8.2 trillion/year
by 2031, which would require running annual deficits of $1.3+ trillion,
including a $1.8 trillion deficit in 2022. Biden's proposal to pay for
most of this new spending with tax increases (including a 28% corporate rate) faces challenges from Republicans, some Democrats, and some executives.
Not the only new bill on Capitol Hill
Yesterday, GOP senators released a $928 billion counteroffer to Biden's infrastructure package, more than half of which would go to roads and bridges.
While the
bill falls short of funding goals for several of Biden’s
priorities—particularly investments in rail, public transit, and clean
energy—the White House said it's big enough to continue negotiations
into next week, which means blowing past Biden's original Memorial Day
deadline to pass an infrastructure deal.
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Katherine Mayhew/Acorns
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Acorns, the investing app Ashton Kutcher is obsessed with, announced plans to go public via SPAC yesterday in a deal valued at $2+ billion.
If Robinhood
is your cool cousin who made $50k on her GameStop stock, Acorns is your
quiet uncle who owns a profitable pet food business in the suburbs.
Acorns doesn't allow its 6.8+ million users to buy or sell individual
stocks. Instead, it helps them build balanced portfolios for the long
term via its signature service, which deposits users' spare change into
index funds.
- "Acorns will be on the right side of history," CEO Noah Kerner told the WSJ. "We are not a grow-at-all-costs company."
Zoom out on SPACs:
So far in 2021, SPACs have raised $17 billion more than 2020's total
haul. But even the biggest name in SPACs, Chamath Palihapitiya, wants
more oversight of the process.
He might not have to wait long. SEC Chairman Gary Gensler said yesterday that the agency is beefing up resources to look into the SPAC boom, which many fintechs like Acorns have taken advantage of.
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Giphy
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Today, Disney's live-action Cruella
arrives in theaters and on Disney+. But if you're looking forward to
cute puppies, you might be surprised by this dark origin story of the
iconic villain. While the 1996 version of 101 Dalmatians was rated G, this retelling is rated PG-13.
Nobody wants a G. Cruella is Disney's third PG-13 release
in a year, according to the WSJ. And if family-friendly Disney is
leaning into “extended violence and smoking,” you know the rest of the
industry is trending that direction…and has been for a while. By the
2000s, PG-13 movies were raking in most of the box office revenue.
- Between
2010–2019, PG-13 movies grossed $54.6 billion. In the same time span, PG
movies earned $24.3 billion; R movies, $26.5 billion; and G movies,
$2.7 billion, according to Comscore.
Bottom line:
PG-13 has become the sweet spot for Disney to appeal to a broader
audience interested in violent Marvel films, live-action remakes of its
classics, and new projects like Hamilton.
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SPONSORED BY THE MOTLEY FOOL
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And this stock pick, which is only available to members of Motley Fool Stock Advisor, may be poised to potentially make significant gains this year.
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[Returns as of 5/18/2021]
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Kelly Sullivan/Getty Images
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Stats: A few stunning numbers about what transpired at WeWork, based on new reporting by the WSJ:
- In 2019,
the company gave CEO Adam Neumann an enhanced exit package worth about
$245 million to get him out the door before it tried to go public.
- During Neumann’s tenure, WeWork paid $759 million across 10 investments. It eventually sold those stakes for $164 million.
- The company has raised a total of more than $11 billion, though it was last valued at $7.9 billion.
Quote: "It's not true that the Super League is dead because the concept is still alive."
Javier Tebas, the president of Spanish soccer's La Liga, is not giving up
on the concept of a European "Super League," which fizzled
embarrassingly in less than 48 hours last month. While nine teams backed
out, three powerhouses—Juventus, Barcelona, and Real Madrid—are still
committed to the idea.
Read: A deep dive into the Citizen app, which critics say is promoting vigilantism. (Motherboard, language warning)
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Francis Scialabba
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The feeling
of getting a 5/5 on the Brew's Weekly News Quiz has been compared to
seeing a friend IRL for the first time in 15 months.
It's that satisfying. Ace the quiz.
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Giphy
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A few weeks
ago, we asked you about your Memorial Day weekend plans, because it
seemed like a fun thing to do. Here are some of our favorite responses:
"Going to
take my 94-year-old mother to Eagle, CO, to visit my sister for the
weekend. First time on a plane since Covid!"—Ellen L.
"I will be taking an extravagant trip to my WFH setup so I can study for the bar!"—Adam G.
"I am coming
home from a deployment to Iraq and Syria. A staycation with my family
is all I want and to take a day to remember all those we have lost. Some
of them my friends."—Matt L.
"I'm
traveling to visit my aunt and uncle at their lake house for Memorial
Day. It will be their first time meeting our baby girl!"—Matthew A.
"Still
searching for a friend in the Hamptons since I've moved to NYC...I have
to settle with heading to my friends at the Jersey shore for MDW, if
that counts as traveling."—Carli A.
"Going to the promised land of Moses Lake, WA! I dare you to feature it. Wakeboarder paradise."—Dare accepted, Jonathan.
"I'm going to a lake house in Tennessee with Hinge boy and his pals  for Memorial Day. What a time."—Sara R.
"I'm going
to wake up at 11am, watch TikToks for two hours, and then write about
the stock market for the media company I work for. Maybe make an oven
pizza?"—Matty M.
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Nintendo will release an upgraded Switch console this fall, according to Bloomberg.
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GM is firing up five plants it had shuttered due to the global chip shortage.
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Uber recognized a union in the UK, becoming the first ride-hailing company to allow drivers to organize.
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The Oscars
are being pushed back one month to March 2022 and will maintain some of
the loosened eligibility requirements put in place for this year's
ceremony.
- Correction:
Yesterday, we inaccurately implied that Joe Biden has a house in
Bethany, when he actually has a house in Rehoboth Beach. Apologies to
our Delaware readers—we'll drink a Dogfish Head 120 Minute IPA to
atone.
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is an online membership-based market delivering organic brands right to
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Sip on this. Heineken 0.0
is the alcohol-free drink you can enjoy anytime. Like during Memorial
Day weekend or even, ahem, the Friday morning before. With balanced
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Follow Friday: MetaBallStudios on YouTube specializes in size comparisons, so if you're ever wondering how fictional starships stack up against one another, this is your channel.
Cookout recipes: Everyone
knows Memorial Day is peak grilling season. But to really impress your
guests, you're going to need to give a little more effort than just
slapping American cheese on a hamburger. Check out our MDW recipe guide for ideas.
*This is sponsored advertising content
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Take the word "stepparents." Rearrange these 11 letters to spell two words that are opposites. What are they?
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When you share the Brew, you earn rewards.
From Brew swag like t-shirts and coffee mugs to exclusive content, we've got something for everyone in our rewards program.
Hit the button below to start sharing the Brew.
Click to ShareOr copy & paste your referral link to others:
morningbrew.com/daily/r/?kid=a17a7110
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and Paul could have died after what just showed up at his front door
A Hollywood star made an on camera political confession that will leave you speechless
QUICK POLL: Do You Miss President Trump?
Nancy Pelosi was crushed by the one defeat a key Democrat just handed her
Joe Biden just took Donald Trump’s side in this important court battle
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May 28
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| FEATURED BIOGRAPHY
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| Ian Fleming
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| FEATURED EVENT
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| 1961
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| Amnesty International founded
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SEE ALL BIOS ON THIS DAY
| ALSO BORN ON THIS DAY
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Jerry West
American basketball player, coach, and manager
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Would You Support the
IMPEACHMENT of Joe Biden?
If you're like me, you're
already sick and tired of the ineptitude of Joe Biden's Presidency and you know we
are headed towards a disastrous outcome.
That's why I've decided to
proudly start wearing my IMPEACH
BIDEN hat out in public...
...and I've been quite pleased
with the number of other fellow patriots that come up to me and compliment it and
ask where I got it.
If you're interested, I highly
encourage you go grab one of these great hats before the liberal CANCEL police
shut them down! Go get them while you can! Go
here now to grab yours.
_______SUBSCRIPTION INFO_______
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