Good morning. Before diving into the news, we wanted to make sure you knew about our upcoming Morning Brew Leadership program, which, if you know anything about the Brew, won't be like your typical, dry-as-a-bone leadership program. Eight weeks, access to expert coaching, fun and approachable sessions—it's got it all. Learn more here about becoming a better leader. —Neal Freyman | | | |  | Nasdaq | 11,805.00 | | | | | S&P | 4,023.89 | | | | | Dow | 32,196.66 | | |  | 10-Year | 2.918% | | | | | Bitcoin | $31,079.77 | | | | | Netflix | $187.64 | | | | *Stock data as of market close, cryptocurrency data as of 7:00pm ET. Here's what these numbers mean. | - Markets: More than $11 trillion in value has been erased from global stocks since the end of March. And, despite a pop last Friday, many analysts don't think we've hit the bottom yet. Fewer than 30% of S&P companies have hit a one-year low during this downturn, compared to almost 50% during 2018's rout and 82% during the financial crisis in 2008, according to Bloomberg.
| | | | Kent Nishimura/Los Angeles Times via Getty Images On Saturday, an 18-year-old white man drove more than 200 miles to a Tops supermarket in a predominantly Black neighborhood in Buffalo, NY. Wearing tactical gear and armed with an assault weapon, he killed 10 people in the deadliest mass shooting in the US this year. It fits a pattern. The suspect, who is now in custody, appeared motivated largely by "replacement theory," a decades-old conspiracy theory that claims that white Americans are at risk of being replaced by people of color, thus reducing their political power. In a 180-page document, the suspect wrote that European men were allowing themselves to be "ethnically replaced" and told people of color to "leave while you can." These motivations echo those of other perpetrators of recent mass shootings: - A man who killed 23 people in El Paso in 2019 wrote that his actions were a response to "the Hispanic invasion of Texas."
- Replacement theory was also cited by the gunman who killed 11 people in a Pittsburgh synagogue in 2018, and by the shooter who killed 51 at two mosques in New Zealand in 2019.
While this theory was once a far-right fringe concept, the notion of "replacement" has been increasingly cited on cable news and by some conservative politicians. - Fox News host Tucker Carlson suggested last year that the Democratic Party is replacing the current electorate with "more obedient voters from the Third World." (Fox News CEO Lachlan Murdoch denied that Carlson endorsed replacement theory.)
- GOP Rep. Scott Perry of Pennsylvania said in a committee hearing last April that many Americans feel like "we're replacing national-born American—native-born Americans, to permanently transform the landscape of this very nation."
Perry's not wrong about that: About one-third of US adults believe in the existence of a plot to replace native-born Americans with immigrants for political gain, according to an AP-NORC poll from last week. | | | They say you can't teach an old dog new tricks, but you can get your portfolio to do something pretty cool: It can fetch you both growth and stability. So, how does one create such a clever portfolio? Simple: Get its owner to use Fundrise. Their easy-to-use platform is changing the game when it comes to investing in premium real estate—an asset class known for generating long-term wealth and portfolio stabilization. Because real estate is essential to our everyday lives, it's intrinsically valuable. Now Fundrise is making investing in high-end real estate simple and accessible for everyone, offering a level of diversification previously reserved for the wealthiest investors on, well, earth. With flexible minimums and a simple sign-up, you can create an impressive portfolio in no time. Get started today. | | Michael M. Santiago/Getty Images Asserting that the suspected Buffalo shooter was radicalized online, NY Gov. Kathy Hochul used her appearances on the Sunday talk shows to demand that social media companies do more to crack down on racist hate speech on their platforms. - "This spreads like a virus and that's why I'm calling on the CEOs of all the social media platforms to examine their policies and to be able to look me in the eye and tell me that everything is being done that they can do to make sure this information is not spread," she said.
A Texas law may make that harder. Last Wednesday, an appeals court reinstated a Texas law that bans social media companies from moderating content on their platforms based on "the viewpoint of the user or another person." Nevermind that the judges displayed a shocking lack of understanding about tech basics during the hearing (one implied that Twitter was not a website), the law opens the door for theoretically any user whose posts get meddled with in some way to sue the companies. Bringing it back to Buffalo: The suspected gunman livestreamed his attack on the Amazon-owned streaming site Twitch, which said it removed the video less than two minutes after the violence started. But that removal would have seemingly violated Texas's new social media law if it had occurred there. Looking ahead…given fierce opposition by tech groups, this Texas law is expected to wind up at the Supreme Court. | | David Ryder/Getty Images  Bezos bashes Biden over inflation. Jeff Bezos seems to have found a new hobby in his Amazon retirement: chirping at the president of the US on Twitter. Bezos said Twitter's "Disinformation Board" should review a tweet from Biden claiming that raising taxes on corporations would help bring down inflation. He also criticized Biden for trying to pass the Build Back Better bill that would "inject even more stimulus into an already over-heated, inflationary economy" (according to Bezos).
 Sweden's 200 years of nonalignment are over. The Nordic country and its neighbor, Finland, said they will apply for NATO membership in the coming days, which would more than double the length of the military alliance's border with Russia. "We cannot trust anymore that there will be a peaceful future next to Russia on our own," Finland's Prime Minister Sanna Marin said.
 Netflix says employees who don't like its content should maybe quit. When the streaming company updated its culture guidelines last week, it included a new section called "artistic expression." It states, "We let viewers decide what's appropriate for them," and, "if you'd find it hard to support our content breadth, Netflix may not be the best place for you." Last fall, some Netflix employees staged a walkout after the release of Dave Chappelle's comedy special.
| | Sundry Photography/Getty Images Spotlight on the consumer: Are y'all still shopping despite higher prices? We'll find out this week. Retailers including Walmart, Home Depot, Target, and TJX will report Q1 earnings, while the government will release monthly retail sales data on Tuesday. Consumer sentiment hit an 11-year low this month. Ukraine aid package: Senate Republican Leader Mitch McConnell, speaking during an unannounced visit to Kyiv, said that Congress would pass a $40 billion aid package for Ukraine on Wednesday. "I think one of the lessons we learned in World War II is not standing up to aggression early is a huge mistake," McConnell said. Everything else: - The Cannes Film Festival starts this week in southern France.
- Golf's PGA Championship starts on Thursday (Phil Mickelson will not be playing).
- Important information for your boss: Friday is National Pizza Party Day.
| | Karim Sahib/AFP via Getty Images Stat: Climbing 2,716.5 feet into the air, the Burj Khalifa in Dubai is the tallest building in the world, and nearly twice as tall as the Empire State Building. Its elevator (one of the fastest in the world) whisks people 22 mph from the ground to the top floor in just 1 minute and 22 seconds. Why are we mentioning this? Sheikh Khalifa bin Zayed Al Nahyan, the UAE leader for whom the building was named, died this weekend. Quote: "I'll always find my way home, even if all roads are destroyed." That's a lyric in "Stefania," a song by the Ukrainian band Kalush Orchestra. The group won the Eurovision Song Contest on Saturday, and president Volodymyr Zelensky said that "we will do our best" to host the competition next year. Read: Notes on a father–daughter road trip. (The Missouri Review) | | Dive back into the week. For new college grads: A guide for your daily "professional" interactions. They do things a little differently*: Did you know Apple Card gives you up to 3% unlimited Daily Cash back? Yep, that's real $$ you'll get every day, on every purchase. No annual fee—and no other fees, either. Terms apply. Learn more and apply now. Boost that metabolism  : Add Sakara's plant-based super powder to your morning cup for major metabolism support. It aids digestion, curbs your cravings, and tastes delish. Get 20% off with code MAY22BREW (plus a special gift!).* *This is sponsored advertising content. | | - The Cincinnati Reds no-hit the Pittsburgh Pirates…but still managed to lose the game, 1–0.
- Saudi Aramco, the world's most valuable company, posted its biggest profits since its public listing thanks to higher oil prices.
- Supporters of abortion rights rallied at hundreds of demonstrations across the country this weekend.
- India banned most wheat exports to ensure it has enough supply at home. It's yet another knock-on effect of the war in Ukraine.
- Stephen Curry graduated from Davidson College 13 years after leaving to enter the NBA.
- Ryanair, the ultra-low-cost Irish airline, trolled crypto bros after a tough week for digital currencies.
| | Whether Excel Dictionary has already helped you become a spreadsheet savant or you're simply seeing fewer #N/As these days, Morning Brew's very own Emma Chieppor has you covered. Shop the collection | | Turntable: There are 43 words that can be found in today's Turntable jumble. How many can you get? Find out here. Guess the skyline I'm going to be in this US city in a few weeks. Do you know what it is?  Getty Images | | | Written by Neal Freyman Was this email forwarded to you? Sign up here. WANT MORE BREW? Industry news, with a sense of humor → - Emerging Tech Brew: AI, crypto, space, autonomous vehicles, and more
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