☕️ Price drop

The Mirage has to give out a lot of cash... July 12, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Queensboro ]( Good morning. We interrupt your caffeinated sunrise sip session to announce that Morning Brew’s very own Dan Toomey was recently a contestant on a reality show that you can watch right now. That’s right, Dan’s botched attempts at getting on Love Island instead landed him a spot on The Getaway—a new find-the-snitch series from Nebula where he and five other video creators were carted across the deserts of the American West in a vintage VW hippie van that, they were told, was a complete fire hazard. With a Nebula subscription, you can watch D̶a̶n̶ ̶c̶r̶y̶ ̶o̶n̶ ̶c̶a̶m̶e̶r̶a episodes of The Getaway each week as they come out. Catch [the first episode here]( on Nebula’s website. —Molly Liebergall, Cassandra Cassidy, Matty Merritt, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 18,283.41 -1.95% S&P 5,584.54 -0.88% Dow 39,753.75 +0.08% 10-Year 4.193% -9.0 bps Bitcoin $57,521.11 -0.09% Tesla $241.03 -8.44% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. [Here's what these numbers mean.]( - Markets: The market suffered a Big Tech hangover yesterday, with the S&P 500 and the Nasdaq [dropping]( from record highs as good news on inflation got everyone’s hopes up for an interest rate cut soon. Investors pulled back from the Magnificent Seven by the most in almost a year, turning to smaller stocks and housing-related companies instead. - Stock spotlight: Tesla plunged after Bloomberg reported that the company is [delaying]( its robotaxi prototype reveal—hyped by CEO Elon Musk—from August to October.  ECONOMY [Prices finally fell after 4 years of sticker hikes]( [Long receipt angling down]( Scialabba For the first time since May 2020, the average cost of goods and services in the US made like a remote worker with wanderlust and dipped last month, the Labor Department reported yesterday, bolstering confidence that inflation is easing. Carried by softening gas and rent prices, the consumer price index (CPI) [decreased]( 0.1% in June, beating economists’ forecasts of a 0.1% monthly increase. - That dip brought down the annual CPI, which also beat expectations, to record a 3% year over year gain in June—a one-year price growth low and a rate last seen in early 2021. - Average gas prices fell 3.8% in June, after dropping 3.6% in May. - Shelter prices, which account for about one-third of the CPI, only rose 0.2% in June as rents cooled. It was the category’s smallest monthly rise in three years. If you’re thinking 0.1% doesn’t sound like much…you’re not wrong. After four inflationary years, overall CPI has risen ~20%, CNN [reported]( and it shows in American shoppers’ weary wallets. PepsiCo reported a drop in US sales this week, indicating a potential pullback in snack spending after years of price hikes. But it might be enough Yesterday’s inflation numbers were music to economists’ ears as Jerome Powell tries to pull off a tricky balancing act with interest rates. It appears the Fed’s interest rate hikes have worked to significantly ease inflation from a peak annual CPI of 9.1% in June 2022. The Fed has kept the federal funds rate at a record high of 5.25%–5.50% for a year now, but holding off on cuts for too long risks squeezing the economy and worsening unemployment, which reached a 2.5-year high of 4.1% in June from 4% in May. Looking ahead…after [two straight months]( of easing inflation, financial markets broadly upped the odds that the Fed will finally cut interest rates in September from 50%–75% to 85%–89%.—ML PRESENTED BY QUEENSBORO [Why this company loves losing money]( [Queensboro ]( How does a company start from nothing, grow and thrive for 45 years, and sell items for less than what they cost? Only by building long-term relationships. That means innovating, executing, and taking care of every customer like they’re the most important person in the world. But even more than that, it means caring. Caring about customers, caring about employees, caring about quality, and caring about doing the right thing. Let [Queensboro]( show you the secret of their 45-year success. Let them do what they love and put your logo on a [custom-embroidered polo or hat for just $4.95]( including logo setup and embroidery. Welcome to your new partner for custom logo apparel and promotional products. [Trust the Queen for just $4.95](. WORLD [Tour de headlines](#) [President Joe Biden]MANDEL NGAN/AFP via Getty Images Biden insists he’ll keep running at high-stakes press conference. Despite growing calls from fellow Democratic lawmakers and major donors (George Clooney included) to step aside after he faltered in a debate with Donald Trump, President Joe Biden [insisted]( while fielding questions from reporters yesterday that he won’t drop out of the presidential race unless polls show “there’s no way you can win.” But with all eyes on him at the NATO summit, Biden continued to stumble—earlier in the day, he referred to Ukraine’s President Volodymyr Zelensky as “President Putin,” and during the press conference, he mixed up the name of VP Kamala Harris with Trump. Pfizer bets on daily weight loss pill. As drugs like Wegovy and Zepbound that help people slim down have enlarged its competitors’ bottom lines, Pfizer has struggled to keep up. But now it’s moving forward with the [development]( of a once-daily version of its weight loss pill, danuglipron, saying data from an early study was “encouraging.” The decision comes after the pharma company abandoned a twice-daily form of the medicine when side effects caused patients to ditch the drug in a mid-stage study. If the one-a-day version works, Pfizer hopes that offering a pill rather than an injection will give it an edge in a market expected to grow to $130 billion, though others are also trying to develop pills. The Shining actress Shelley Duvall has died at age 75. Duvall, the wide-eyed star who dodged Jack Nicholson’s ax in the Kubrick film and acted in seven of director Robert Altman’s movies, most notably Nashville, [died]( of complications from diabetes. Texas-born Duvall was discovered by Altman as a junior college student and became an icon of ’70s cinema before mostly retiring from acting in the mid-1990s and returning to her home state. A 2016 episode of Dr. Phil, which was criticized as exploitative, brought her back into the spotlight by addressing her struggle with mental illness. More recently, she returned to the horror genre with the indie film The Forest Hills. AVIATION [Clear skies, full planes, airlines can lose]( [View of a Delta plane from inside an airport]( Harnik/Getty Images It doesn’t matter that there’s no room left in overhead bins. Delta, the most profitable US airline, isn’t seeing soaring profits despite peak air travel this summer. The airline reported disappointing Q2 profits yesterday, showing that the industry is struggling to find equilibrium. The airline fell short of analysts’ expectations, [posting]( a ~$1.3 billion profit in the last quarter, a 29% decline from a year earlier. But it’s not because no one is flying: The Transportation Security Administration (TSA) reported a [record]( daily traveler count of 3 million people the Sunday after July Fourth. How does that work? Supply and demand. After the pandemic, airlines worked overtime to meet demand by bulking up—they bought planes, hired staff, and added flight options. Now, they’re stuck with an oversupply, forcing them to offer discounts to fill empty seats, further squeezing profits already [hurt]( by high labor and fuel costs. Zoom out: While Delta’s issues won’t take away your in-flight Biscoff cookie and ginger ale, the problems it’s facing are worrying for other airlines that don’t have the same cushion. Delta gets more than half its revenue from loyalty and first-class tickets, but budget airlines are strained as their already-cheap ticket prices are pushed even lower.—CC TOGETHER WITH WIGL [Wigl]( Join the newest innovation in wireless recharging: over-the-air wireless power. WiGL Inc. is [raising capital on PicMii to bring wireless power networking to the masses](. Created for the DoD, WiGL invites you to join their transition from DoD to commercial markets. Wi-Fi gets you wireless internet…WiGL gets you wireless power. [Invest today](. ENTERTAINMENT [The Mirage is offloading $1.6m in prizes before closing]( [The Mirage sign and hotel from The Strip.]( Images As the Mirage Hotel & Casino winds down its front yard volcano and rehomes over 450 fish, it also needs to [offload]( $1.6 million in prizes before officially closing its doors on July 17. Nevada law requires casinos to pay out their progressive jackpots to players before shuttering, so the legendary resort promised payouts of $200,000 between Tuesday and Thursday and will up the value to $250,000 on Friday and Saturday. This has reportedly led to hourslong waits for slot machines since the casino said the machines will pay out $1.2 million. The remaining $400,000 will be disbursed via table games. Farewell to an icon. The Mirage opened in 1989, spurring the rest of the Las Vegas Strip to mirror its gaudy image. The resort housed the legendary Siegfried & Roy magic show for 13 years and was featured in the 1997 Chevy Chase comedy movie Vegas Vacation. Originally costing $630 million to construct, The Mirage was sold for almost $1.1 billion to Hard Rock International two years ago. Makeover incoming: A new resort, the Hard Rock Las Vegas, will open where the Mirage sits in 2027 after major renovations.—MM STAT [Prime number](#) [Shoppers at Costco]VIEW press/Getty Images Bad news if you’re someone who relies on snagging cheap gas, store-brand booze, gold bars, and a year’s supply of toilet paper all in one location: Costco is raising its [membership fees]( for the first time in seven years. As of September, the cost of an annual membership will jump $5 to $65 in the US and Canada. High rollers will have to pay $130 for their Executive Membership, which is $10 more than the current price—but they’ll be eligible to earn more rewards. The retailer says the fee hike will impact 52 million memberships as the warehouse chain cracks down on card-sharing, since the dues represent a chunk of business. Fees generated $1.12 billion in revenue last quarter. But fear not, bargain hunters: A hot dog will still set you back just $1.50. NEWS [What else is brewing](#) - [The US and Germany]( foiled a Russian plot to assassinate the CEO of a German arms manufacturer that’s been supplying Ukraine, intelligence officials said. - [Apple]( made a deal with EU antitrust regulators that will allow competitors to use its tap-and-go payments technology, resolving a yearslong investigation. - [MicroStrategy]( the largest corporate holder of bitcoin, is planning a 10-for-1 stock split. - [The IRS]( said it has collected $1 billion in back taxes from wealthy taxpayers who were cheating the system. - [Dax Shepard]( made an $80 million deal with Amazon to distribute his popular podcast, Armchair Expert, plus merch and new shows. - [The lavish wedding]( of the son of Asia’s richest man, Mukesh Ambani, begins today. If that sounds familiar, it’s because they’ve been having over-the-top pre-wedding celebrations featuring famous guests and performers for months. QUIZ [Quiza America]( ["Quiz" text surrounded by A, B, C, and D multiple choice answers on a purple and teal gradient background]( The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to whenever this heat wave will end. It’s that satisfying. [Ace the quiz](. RECS [Friday to-do list] Guess some letters: The NYT has opened up the Wordle archive so you can [play past games](. Hold your phone better: Tips for keeping your screen time from physically [hurting you](. Read like a star: How[celebrity book clubs]( work—and what they mean for the publishing industry. Too pretty to drink: The [World Latte Art Championship]( winners put your local barista to shame. Invest: The future of power transfer is wireless—WiGL gets you that. [Join the company that has raised over $12m via crowdfunding]( *A message from our sponsor. GAMES [The puzzle section](#) Decipher: Friday already? That means another Decipher is waiting for you to complete. [Play it here](. Friday puzzle There are three common one-syllable words that become three-syllable words by adding just one letter. How many can you name? SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. We’re saying we’ll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=4904f90a]( ANSWER Rode → rodeo Came → cameo Are → area Word of the Day Today’s Word of the Day is: disbursed, meaning “to pay out, especially from a fund.” Thanks to Tina from Pittsburgh for doling out the suggestion. Submit another [Word of the Day here](. ✳︎ A Note From Wigl This Reg CF offering is made available through PicMii Crowdfunding, LLC. This investment is speculative and illiquid and involves a high degree of risk, including the possible loss of your entire investment. Please find more information at [(. Written by [Neal Freyman]( [Abigail Rubenstein]( [Molly Liebergall]( [Cassandra Cassidy]( and [Matty Merritt]( Was this email forwarded to you? Sign up [here](. Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2024 Morning Brew. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011