|  | Nasdaq | 20,650.13 | |
| | S&P | 6,238.01 | |
| | Dow | 43,588.58 | |
| | 10-Year | 4.220% | |
| | Bitcoin | $113,881.81 | |
|  | Reddit | $188.64 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. | - Markets: Stocks may want to stop reading the news for a while after tanking yesterday in response to President Trump laying out sweeping new global tariffs, as well as a jobs report that showed the labor market has been cooling down more than we realized (more on that below). The dip left all three major averages down for the week.
- Stock spotlight: Reddit, that platform that has once again been propping up meme stocks, managed to buck the trend and soar, following its report of better-than-expected quarterly earnings results.
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ECONOMY Friday's jobs data was a lot like a movie from your childhood that didn't age well: a little shocking and not nearly as good as you once thought. Swing and a miss: The Bureau of Labor Statistics (BLS) says the US added just 73,000 jobs in July, and those gains were almost entirely propped up by two industries: healthcare and social assistance. The unemployment rate rose to 4.2%. The BLS also made some significant revisions: - It turns out, the US did not add 144,000 jobs in May, as the agency had estimated; it only added 19,000 jobs. And the US didn't add 147,000 jobs in June, it only added 14,000. Those numbers are lower than what the US needs to keep up with population growth.
- The BLS said the changes were the result of additional data and a routine recalculation of seasonal factors.
Another lost job: Hours after the revised data was released, President Trump fired BLS Commissioner Erika McEntarfer, accusing the Biden appointee of manipulating the numbers without providing evidence for that claim. Then there's the Fed In response to the downbeat jobs numbers, Trump rained fresh criticism on Federal Reserve Chair Jerome Powell for not cutting interest rates earlier this week. The president called Powell a "stubborn MORON" who should be put "out to pasture," and said if Powell doesn't cut rates soon, the Fed's Board of Governors should assume control of the central bank. JPow has been reluctant to cut rates because he says we still don't have the full picture of how Trump's policies may affect the economy. Friday's data provided more clarity: - Many tariff-sensitive industries either lost jobs or showed little growth in July.
- The labor force also shrank for the third straight month, dragged down by an exodus of foreign-born workers in the face of strict immigration policies.
A less reserved Federal Reserve? Two Fed officials are already calling for rate cuts, specifically referencing labor market concerns. And another Fed governor, Adriana Kugler, announced Friday that she's leaving her role at the central bank even though her term is not over, opening the door for Trump to appoint someone more inclined to cut interest rates.—BC | | |
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WORLD  Trump says he repositioned nuclear subs after Russian official's threats. In an escalation of tensions with Russia, President Trump said on social media yesterday that he had "ordered two nuclear submarines" to be moved into "appropriate regions." The post came in response to former Russian President Dmitry Medvedev saying online this week that the US making demands to force a ceasefire with Ukraine was a "step towards war." Trump's post stated: "Words are very important, and can often lead to unintended consequences. I hope this will not be one of those instances." Medvedev's comments came after Trump recently gave Russia a tight deadline to end its invasion of Ukraine or have the US put "secondary tariffs" on its trading partners.
 Jury finds Tesla should pay $243m over fatal Autopilot crash. A Florida jury decided yesterday that Tesla's self-driving software was partially to blame for a fatal 2019 crash, and that the EV-maker should pay the victim's family and an injured survivor $243 million in damages. The decision represents the first major court loss for Tesla over its self-driving tech. The lead attorney for the plaintiffs said it "represents justice" and holds Elon Musk and Tesla "accountable for propping up the company's trillion-dollar valuation with self-driving hype at the expense of human lives." Tesla said it plans to appeal, "given the substantial errors of law and irregularities at trial."
 The Corporation for Public Broadcasting will shut down due to federal funding cuts. The nonprofit that helps fund more than 1,500 local NPR and PBS stations said it will wind down its operations, with most staff being let go by the end of next month. The demise of the CPB, which Congress had funded for almost 60 years, comes after Republicans in Congress passed spending cuts requested by President Trump that included clawing back $1.1 billion that had been budgeted for the group. Trump had prioritized defunding public media, saying it was biased in an April executive order.—AR
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RETAIL Kim K. has a new product that promises to strap down those jowls and scare the crap out of your loved ones in the morning. The new Skims Seamless Sculpt Face Wrap, which resembles post-op bandages and the Hannibal Lecter mask, sold out almost immediately after it dropped this week, with a $48 price tag. The wrap, meant to be worn while sleeping or hanging out at home, uses similar marketing language to the company's bodysuits and bras, promising to smooth and tighten your skin without surgery. Plastic surgeons online have warned that compression alone won't give you long-lasting results, even with something called "collagen yarn." The $4 billion brand everyone will buy. Whether the product works or not, Skims has already managed to rally a massive loyal fan base that will buy whatever stretchy product it invents. Since its founding in 2019, Skims has collaborated with high-fashion brands like Fendi, and as of 2023, it became the official underwear of the NBA and WNBA. First venture above the shoulders. The company is planning to announce a beauty line next year. In March, Skims bought the underperforming Kardashian beauty brand Skkn by Kim and shut it down ahead of the upcoming launch.—MM | | |
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Together With Manscaped You look good, man. MANSCAPED® always had tools for down there, but now they're aiming a little higher. Their full lineup of face tools is 20% off sitewide for a limited time during their Week of Shavings and available in select retailers. So get mowing, and Send Face Pics Instead™. |
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ICYMI Here's everything that didn't make it into this week's newsletters but we immediately sent to the group chat.  Google paid $12,500 to a man who was photographed naked by a Street View cam while in his yard, exposing his rear end. That's a violation of privacy, no ifs, ands, or butts about it.
Authorities in Chile are returning six watches that were stolen from Keanu Reeves in 2023. Scary to think what would have happened to the thieves if the watches were puppies. The director of 2002's Bend It Like Beckham told the BBC that a sequel is in the works. With the stars now in their 40s, the working title is Tear It Like A Knee Ligament. A French resort town is issuing fines for men and women walking around in their bathing suits away from the beach. It's best not to imagine where men in Speedos are storing the tickets. A flash of lightning was measured at a record 515 miles long, a distance of eight hours by car or 90 minutes by plane. Unfortunately, no one in the US knows how long it would take to travel that distance by bullet train.—DL |
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STAT While most of Switzerland probably went to bed happily breathing in the cool mountain air, lulled to sleep by neighborly yodels, the nation awoke to the unpleasant shock that President Trump had slapped a 39% tariff on the country's imports into the US—one of the highest rates doled out among the dozens the president unveiled Thursday night: - The rate is even more than the 31% President Trump had initially announced for Swiss goods in April (which was then paused along with other tariffs).
- The high rate would be a blow to Switzerland's export-driven economy, which notably sends the world pharmaceuticals, watches, jewelry, electronics, and chocolate (though some reports say pharmaceuticals might be carved out for a separate tariff). The rate is also much higher than the 15% negotiated with the US by Switzerland's neighbors in the EU.
- The US buys about one-sixth of Swiss exports, per CNBC. One economist estimates that the tariff could shave 0.6% off the Swiss GDP and bite even more if pharma products are included.
The Swiss government had been in talks with the US prior to the announcement, but had not reached a trade deal. Switzerland said it was still in contact with US authorities and would continue to try to get a "negotiated solution." But without a last-minute deal, your dream of one day owning a Patek Philippe likely just got even more aspirational.—AR |
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NEWS - The NFL and ESPN are said to be on the verge of a multibillion-dollar deal, to be announced next week, that would hand most of the league's media holdings, including RedZone and the NFL Network, over to the Disney-owned sports network in exchange for an equity stake.
- The nearly 8 million student loan borrowers enrolled in the Biden-era SAVE program, which was struck down by court rulings, will see their bills go up as interest on their loans started accruing again yesterday.
- OpenAI raised $8.3 billion in new capital as part of its $40 billion fundraise, so it looks like investors still think this AI thing has legs.
- Steve Witkoff, President Trump's Middle East envoy, visited a controversial Israel- and US-backed aid distribution site in Gaza. The UN says at least 859 Palestinians have been killed near the aid group's distribution sites, which the group denies.
- Ghislaine Maxwell, who is serving time for being a conspirator in Jeffrey Epstein's sex trafficking, has been moved from a federal prison in Florida to a lower-security prison camp in Texas days after speaking to DOJ officials about the case.
- Four people were killed in a shooting at a Montana bar.
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COMMUNITY Last week, we asked, "What is a wildcard summertime food or beverage that defines the season for you?" Here are some of our favorite responses: - "This season is defined by this grilled peach salad with salsa verde, honey, olive oil, salt, and a quality mix of greens topped with blue goat cheese."—Josie from Chicago, IL
- "Definitely gazpacho, a cold soup from the south of Spain. Tomatoes, cucumbers, bell peppers, some garlic…It's just SO fresh that nothing compares to it on a hot Andalusian or Catalan beach during the summer."—Julián from Madrid
- "Cold pasta with strawberries, sour cream, and sugar. Don't ask, it's a Polish thing."—Gosia from Napa, CA
- "Texas Potato Salad—the pickled jalapeños give it a kick that screams summer BBQ."—Myra Brown from Providence, UT
- "New Jersey white sweet corn. Only available from July to Sept. So much better than that yellow stuff."—Charlie from New Jersey
This week's question If you could have a lifetime supply of any product, what would you choose and why? Dave's answer to get the juices flowing: "Apple AirPods (I go through three pairs a year)." Submit your response here. |
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RECS  Treat: Having a furry friend doesn't mean your kitchen needs to be cluttered.**
Spot the fakes: Test your ability to tell AI-generated images from genuine ones in this study from Northwestern University. Read, then drive: The ultimate road trip books (besides On the Road). Watch: A new wrinkle in the "Are birds real?" debate. More than a unicorn: As a startup disrupting the way we pay rent, Bilt has reached a $10.8b valuation. With a network of 4.5m+ members, read about their road to success.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. |
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PLAY Brew Crossword: Jack has dreamed up an extra fun puzzle for you and your co-players. Check it out here. Open House Welcome to Open House, the only newsletter section that is anticipating a hot new bombshell entering the villa at any moment. We'll give you a few facts about a listing and you try to guess the price.  ZillowToday's home might be in Palm Springs, CA, but it gives off a Love Island vibe. The listing claims the property boasts 2020's "Best Pool in America." We couldn't verify that, but it does appear to be pretty cool. Amenities include: - 5 beds, 6 baths
- Four outdoor fire pits
- Plenty of vibrantly colored chairs placed far from the action to sit and watch your friends having fun
How much for your own little oasis? |
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ANSWER $4 million Word of the Day Today's Word of the Day is: aspirational, meaning "associated with a high level of success and social status, and therefore appealing to people who aspire to such status." Thanks to Jillian from Portland, ME, for giving us something to strive for with the suggestion. Submit another Word of the Day here. |
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✢ A Note From Pendulum *Based on preclinical studies. This product is not intended for weight loss. |
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