Good morning and Happy April Fools'. If you're having trouble thinking of a simple prank today, just go with the classic: Fake your own death and move to New Zealand. —Neal Freyman, Max Knoblauch, Jamie Wilde | | | |  | Nasdaq | 14,220.52 | | | | | S&P | 4,530.41 | | | | | Dow | 34,678.35 | | | | | 10-Year | 2.339% | | | | | Bitcoin | $45,801.09 | | | | | Occidental | $56.74 | | | | *Stock data as of market close, cryptocurrency data as of 10:00pm ET. Here's what these numbers mean. | - Markets: Stocks closed out their first losing quarter in two years with soaring inflation and the war in Ukraine dampening the mood on Wall Street. Energy companies say, "Don't look at us." Thanks to surging oil prices, Occidental Petroleum more than doubled its share price this quarter to become the S&P's top performer.
| | | | Giphy The Biden administration will release 1 million barrels of oil every day for the next six months—not just because it enjoys the smell, but also to flood the market with supply and tamp down spiking gas prices. This release from the Strategic Petroleum Reserve (SPR) is the biggest ever announced by the US, and it underscores just how politically sensitive the issue of gas prices is for the Biden administration. How we got here: - Oil prices were already on the rise before the war in Ukraine, but when Russia decided to launch its invasion, a chunk of its energy supplies were shunned by many Western governments—causing prices to go vertical.
- The national average price for a gallon of gas has shot up from $2.87 last year to $4.23 currently.
What role do these reserves play? The SPR was created in 1975 following another major shock to the US economy: the Arab oil embargo. To ensure the US never had to suffer through shortages like that again, the government amassed a huge stockpile of crude oil along the Gulf Coast for rainy days. There have been quite a few of those recently. The US has tapped the SPR three times in the last six months to support thirsty energy markets. So will releasing the reserves work? Well, oil prices did tank 7% yesterday. But, in general, think of it like chugging a 5-Hour Energy after pulling an all-nighter: It should help calm oil prices this year, Goldman Sachs wrote, but don't confuse it for a long-term solution to broader supply constraints.—NF | | Chesnot/Getty Images  A potentially historic day at Amazon. Vote counting began in union elections at two different Amazon warehouses: one in Staten Island and the other in Bessemer, AL. At the Staten Island facility, the pro-union side had the lead in early voting; if it holds on, this would become the first unionized warehouse in Amazon's history. The vote at Bessemer seems headed for an Amazon victory.
 The Microsoft-Activision purchase is drawing the wrong kind of attention. Authorities are reportedly investigating a meeting between Activision CEO Bobby Kotick and an investor who bought options shortly before Microsoft agreed to buy the video game company (those options have an unrealized profit of ~$59 million). Separately, four US senators urged the FTC to review the deal, citing Activision's toxic workplace culture.
 Home was not a safe place for many teens during Covid. A new CDC survey found that 44.2% of high school students described "persistent feelings of sadness or hopelessness" in the first six months of 2021, up from 26% in 2009 and 37% in 2019. Nine percent reported a suicide attempt in the CDC's survey. And 55.1% responded that they suffered emotional abuse in their house during the preceding year.
| | Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images You may have trouble buying enamel pins or custom paintings of your dog as a Victorian schoolboy for a minute, folks. From April 11–April 18, more than 5,000 Etsy sellers will go on strike, putting their shops on "vacation mode" and encouraging shoppers to boycott the platform for the week as a protest of the company's latest fee increases. Back in February, Etsy CEO Josh Silverman announced that while sales and revenue were at all-time highs, transaction fees would be increasing 30% come April. Sellers, seeing the hike as an example of "pandemic profiteering" and the growing Amazon-ification of Etsy, began organizing a collective strike through the platform Coworker.org. As of this writing, the petition is just a few signatures shy of 20,000. Reversing the recent fee bump isn't the only thing sellers are asking for. Other demands include: - Letting sellers opt out of a marketing program (mandatory for shops making $10,000+ per year) that charges them at least a 12% fee for purchases it refers.
- Cracking down on shops selling mass-produced, print-on-demand products.
Etsy argues the fee is a benefit for sellers, since it will allow the company to make improvements that will increase sales for merchants on the platform.—MK | | | Close your eyes and picture your financial future. What does it look like? Portfolio growth? Stability? Long-term wealth generation? If that's what you're looking to manifest for yourself, private-market real estate should probably be on your vision board. It's the asset class that institutions consistently turn to during unstable markets to power wealth and stability. And Fundrise can help you turn those visual goals into tangible reality. Fundrise's direct-to-investor real estate investment platform makes high-end, private-market real estate accessible and effortless. You can tap into a new level of diversification with minimums as low as $10, all on a platform you can manage easily from your phone. Get $10 when you place your first investment. | | SpongeBob SquarePants/Viacom via Giphy Brands: No need to announce any faux news today, because the reality of what y'all are up to is already unbelievable. Here's a little roundup of recent corporate headlines that feel like April Fools'…but aren't. Binance is sponsoring the Grammys. The crypto exchange announced yesterday that it'll become "the first-ever official cryptocurrency exchange partner" of the Recording Academy, and the unlikely match's public displays of ad-ffection will start this weekend at the Grammys. Pepsi is releasing nitrogen-infused cola. Because carbon dioxide bubbles are apparently too harsh for some people, Nitro Pepsi is using the softer, less water-soluble bubbles in nitrogen dioxide to fizz a new beverage that launched nationwide this week. The "draft cola" is probably intended to evoke cooler-than-soda associations with cold brew and craft beers. The WWE is launching traditional TV shows. World Wrestling Entertainment is working on two fiction shows: a Spanish-language comedy about a female wrestler and a family drama about wrestling moguls, per the WSJ. The move is part of an ongoing effort to expand WWE's audience. Honorable mentions: Netflix is rebooting Spy Kids (and we just stopped having nightmares about Thumb Thumbs), Fox News has hired Caitlyn Jenner as a contributor and commentator, and Morning Brew is pivoting to the metaverse  .—JW | | Photos of Lake Powell in June 2021 (left) and March 2022 (right). Justin Sullivan/Getty Images Stat: These before/after photos of Utah's Lone Rock Beach at Lake Powell highlight the severity of the megadrought in the West. Lake Powell has hit its lowest level since it was filled in 1963, threatening a source of electricity for millions of people across seven Western states. (Here's some more background.) Quote: "I'm still kind of processing what happened." At a comedy show in Boston Wednesday night, Chris Rock gave his first comments on getting slapped by Will Smith at the Oscars. "So, at some point I'll talk about that s**t. And it will be serious and funny," Rock said. Read: The incredibly satisfying birth of a marble. (Waxy) Ask: Yesterday we asked you whether you'd travel to space (for free) on a Blue Origin rocket. Looks like we've got some regular Buzz Aldrins in the house: 62% said yes, 38% said no. | | The feeling of getting a 5/5 on the Brew's Weekly News Quiz has been compared to ordering a dish at a restaurant and the server replying, "Great choice!" It's that satisfying. Ace the quiz. | | - Americans can choose "X" for gender on their passports, one of a series of moves the Biden administration announced on Transgender Day of Visibility.
- Russia returned control of the Chernobyl nuclear site to Ukraine, according to the International Atomic Energy Agency.
- Mortgage rates continued to spike, hitting their highest levels since late 2018.
- Las Vegas will host a Formula One race in 2023, and a section of the track will include the Strip.
| | | Good for the sole. Bombas Marl socks aren't just comfy and colorful—they're also designed with a cushioned, supportive footbed and a soft heel tab to prevent blisters. Talk about marl-velous. Bombas are made to be your year-round sock-drawer staple, and with form-fitting cuffs and snazzy styles, you're definitely getting off on the right foot. Get yours here. | | Your goal is to turn all three cups right-side up in six moves. You must turn exactly two cups over each turn. Good luck!  Cmglee, CC BY-SA 4.0 | | | This is an unsolvable puzzle. Sorry—had to today. | | | Written by Max Knoblauch, Neal Freyman, and Jamie Wilde Was this email forwarded to you? Sign up here. WANT MORE BREW? Industry news, with a sense of humor → Tips for smarter living → | ADVERTISE // CAREERS // SHOP // FAQ
Update your email preferences or unsubscribe here.
View our privacy policy here.
Copyright © 2022 Morning Brew. All rights reserved.
22 W 19th St, 4th Floor, New York, NY 10011 | |
.gif)
No comments:
Post a Comment