☕ Slopalopolis

All eyes on JPow in Jackson Hole... August 23, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [SmartAsset]( Good morning. It’s one of the last Summer Fridays of the year, so don’t wait any longer to check off the remaining items on your summer bucket list: Go to a water park Ride the biggest slide Suffer a minor injury File a lawsuit Win the lawsuit Become the owner of the water park Not much time left! —Molly Liebergall, Holly Van Leuven, Cassandra Cassidy, Adam Epstein, Neal Freyman MARKETS Nasdaq 17,619.35 -1.67% S&P 5,570.64 -0.89% Dow 40,712.78 -0.44% 10-Year 3.862% +8.0 bps Bitcoin $60,419.58 -1.96% Crocs $142.06 +1.04% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. [Here's what these numbers mean.]( - Markets: Stocks [fell]( yesterday as investors awaited Jerome Powell’s big speech at the Fed’s Jackson Hole symposium today (see below). Meanwhile, Crocs added onto its 52% gain this year after analysts raised their recommendation from hold to buy, citing brand spokesperson Sydney Sweeney’s ability to “successfully attract young consumers.”  ECONOMY [Today’s most important meeting is in Wyoming]( [President of the European Central Bank Christine Lagarde (L), Bank of Japan Gov. Kazuo Ueda (C), and Federal Reserve Chair Jerome Powell (R) at the Jackson Hole Economic Symposium in 2023]( Behring/Getty Images More than 100 top economic leaders from around the world are huffing mountain air together at the Kansas City Federal Reserve’s annual Jackson Hole symposium, where Fed Chair Jerome Powell is [expected]( to drop hints today about how hard and fast the US central bank will ease record-high interest rates. Now that inflation and the labor market have cooled off…economists are about as sure as they can be that the Fed will issue the first of many rate cuts at its next meeting in September. They became more confident this week after new data showed that the US has recently added nearly [30% fewer jobs]( than previously thought. The question now is whether a quarter-point reduction to the current 23-year-high interest rate of 5.25%–5.5% is enough. You can count on Powell to provide zero concrete answers and instead give economists just enough to maybe infer his next move: - Since inflation is largely under control, more of the speech may focus on the labor market. If Powell mentions this week’s jobs report revision, Citigroup thinks it could mean that a half-point cut is on the table. The bank’s economists forecast that size reduction for both September and November’s Fed meetings. - JPow will also likely celebrate how far we’ve come in the past two years: Inflation is down from 9.1% to 2.9%, while consumer spending has remained strong overall. Looking ahead…there’s a whole ’nother jobs report and more economic data coming out before the next interest rate meeting taking place on Sept. 17 and 18. Powell is more likely to make a cut larger than a quarter-point if employment numbers continue to weaken.—ML PRESENTED BY SMARTASSET [Startup disrupting retirement industry]( [SmartAsset]( This Princeton grad’s startup raised $161m to [help people plan for retirement](. If you’re one of the whopping 110m Americans over age 50—or a wise millennial planning ahead—SmartAsset’s no-cost tool makes it easy to find vetted financial advisors who serve your area. Research suggests that people who work with a financial advisor could end up with about 15% more money to spend in retirement.¹ Kick-start your retirement plans today. [Try SmartAsset’s free quiz]( to get matched with up to three financial advisors serving your area, each legally bound to work in your best interest. It’s never too late to plan to work toward financial freedom. [Get your financial advisor matches today](. WORLD [Tour de headlines](#) [Kamala Harris at the DNC]Joe Raedle/Getty Images Harris closes out the DNC. Kamala Harris officially [accepted]( the Democratic party’s nomination for president, making history as the first Black and Asian woman to lead a major party’s ticket. In a 45-minute speech, Harris spoke about her middle-class upbringing and her experience as a prosecutor to explain why she’d be the better choice than opponent Donald Trump to “chart a new way forward” for the country. Despite rumors swirling online, neither Taylor Swift nor Beyoncé made an appearance as a special musical guest. Up next on the election calendar: Harris and Trump will debate in Philadelphia on Sept. 10. Home sales rose for the first time in five months. Closed sales of previously owned homes [ticked up]( 1.3% in July, with many of the gains coming in the Northeast, CNBC reported. Analysts were quick to point out that sales were still sluggish (down 2.5% compared with the same period last year), but a win’s a win. The boost in home sales was helped by better mortgage rates, which are finally easing toward less outlandish levels: The average rate on a 30-year mortgage fell to 6.6% this week, its lowest rate in 15 months and down from a high of 7.8% last year. Experts predict an even sharper drop could be coming soon. Apple users in Europe are free to delete the App Store. In order to comply with an EU law, Apple said an upcoming software update will allow European iPhone users to [return]( preinstalled apps like Safari and the App Store from whence they came. They’ll also be able to replace the standard Apple messaging and phone apps with options from third-party companies. The European Union’s Digital Markets Act, which largely went into effect in 2023, aims to give smaller companies a fair shot in advertising, app stores, and other sectors dominated by “gatekeepers” like Apple and Alphabet. EARNINGS [Peloton has a pulse]( [The pedal of a Peloton bike. ]( Shaw/Getty Images Peloton has increased cadence and turned down resistance on its endurance ride to profitability. In its earnings report released yesterday, the company [revealed positive cash flow]( for the second straight quarter and its first year over year revenue growth since 2021. Spin up: Peloton met its moment during the pandemic, and its stock price landed at an all-time high in January 2021. But by December of that year, [Mr. Big died]( after getting off his Bike+, and just like that, demand for at-home workout solutions faded along with the company’s reputation. In 2022, its founder and CEO departed the role, and the company clipped in to a turnaround plan. It’s starting to work. Peloton’s goals since then have been to increase profitability and reduce focus on revenue growth. Trimming overhead, scaling back hardware sales, and driving subscribers to its $12–$44 monthly membership offerings have been key. The stock closed up 35% yesterday. Peloton is also tapping into current trends, like strength training at the gym. Its new standalone Peloton Strength+ app offers guided workout videos tailored to a gym setting. And those who still have the bike at home can now read [Kindle books]( while pedaling to nowhere.—HVL TOGETHER WITH BAMBOOHR [BambooHR]( HR math, simplified. “I math,” said no HR pro, ever. Alas, number-crunching is part of people work, especially when it comes to estimating labor costs. Good thing BambooHR simplifies the math with their [free Employee Cost Calculator](. It solves for X so you never have to ask “Why?” again. [Download it for free](. ENTERTAINMENT [‘Megalopolis’ trailer pulled over made-up critics quotes]( [Adam Driver and Francis Ford Coppola]( Zunino Celotto/Getty Images Lionsgate must be feeling like the headquarters of Slopalopolis. The movie studio issued an apology and pulled the trailer for Francis Ford Coppola’s upcoming fever-dream epic fantasy film Megalopolis mere hours after its release yesterday, when a viewer found it used fabricated quotes attributed to famous film critics. The first 38 seconds of the [trailer]( show quotes allegedly from film critics’ negative reviews of Coppola’s iconic movies, seemingly to make the point that the director is a genius so ahead of his time that critics cannot see his brilliance at first. But it turns out the quotes are [fake]( as first reported by Vulture: - The words attributed to legendary film critics Andrew Sarris and Pauline Kael calling The Godfather “a sloppy, self-indulgent movie” and “diminished by its artsiness” don’t appear in their OG reviews. - One quote, portrayed as Roger Ebert’s critique of Coppola’s Bram Stoker’s Dracula, was actually from Ebert’s review of the 1989 Batman, per the Independent. Seems about right. A bizarre and inexplicable public misstep is almost too fitting for Coppola’s self-financed $120 million film, which looks so unhinged that it makes The Room seem normal. Though it received a standing ovation at the Cannes Film Festival, one critic called it “a folly of such gargantuan proportions” (really). There’s also been [controversy]( over Coppola’s alleged inappropriate conduct on set.—CC STAT [Prime number: No more affirmative action](#) [MIT campus building]Maddie Meyer/Getty Images What the experts said was going to happen when the Supreme Court outlawed affirmative action is pretty much what happened at MIT. The school said its class of 2028—the first to be admitted to the elite institution since SCOTUS overturned the divisive practice in college admissions last year—is [much less diverse]( than usual. About 16% of the class is Black, Hispanic, Native American, or Pacific Islander, down from the recent 25% baseline, the New York Times reported. Black enrollment fell from 15% in the previous class to 5%, while Asian American enrollment grew from 40% to 47%. President Sally Kornbluth said the 2028 class is “outstanding” but admitted that it does not bring “the same degree of broad racial and ethnic diversity that the MIT community has worked together to achieve over the past several decades.” QUIZ [Pumpkin quiz latte]( [New Friday quiz image]( The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to when time runs out right before it’s your turn to share a fun fact. It’s that satisfying. [Ace the quiz](. NEWS [What else is brewing](#) - [Walmart+ subscribers]( will get a 25% discount on Burger King orders and free Whoppers every three months, the retailer announced, in an effort to compete with Amazon Prime perks. - [The FDA]( approved new Covid vaccines from Pfizer and Moderna that target an offshoot of the Omicron variant. - [Jack Daniel’s]( maker Brown-Forman said it will stop pushing for more suppliers with minority backgrounds and end participation in LGBTQ-friendly rankings, becoming the latest company to scrap DEI initiatives. - [Instagram]( is adding an option for users to put a song on their profiles, in case you missed being able to set your Myspace page to “Crazy” by Gnarls Barkley in 2006. - [Sonos users]( are big mad after the CEO said the audio company’s old app, which many prefer to the buggy new version, can’t be rereleased. RECS [Friday to-do list] Rest: How to get [better sleep]( when you’re traveling. Explore: Look at this X thread of [very cool maps](. Watch: The Dune [opening credits]( in the style of Game of Thrones. Go digital: There’s no excuse for being late on your housing application with one of these [portable scanners](. Read: Spend the rest of the year knowing (not just hoping) that you’re making smart money moves with [Ellevest’s newsletter]( Tree-free TP: 27,000 trees are cut down every day for toilet paper. [This luxury bamboo 3-ply]( feels like regular high-end TP but doesn’t harm trees. [BREW30 gets you 30% off]( for the next 24 hours.* +Content from an editorial partner. *A message from our sponsor. GAMES [The puzzle section](#) Decipher: Break the code to discover the nerdy one-liner joke hidden in the letter grid. [Play Decipher here](. Friday puzzle Complete the word square by inserting the 9 letters into the grid to create the same words reading down and across. D E E L L L O O O E A C H A _ _ _ C _ _ _ H _ _ _ 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=a905682a]( ANSWER E A C H A L O E C O O L H E L D [Source]( Word of the Day Today’s Word of the Day is: whence, meaning “from or out of which place, source, or cause.” Thanks to Claire from Sydney, Australia, for the archaic suggestion. Submit another [Word of the Day here](. ✢ A Note From SmartAsset 1. [The Journal of Retirement (winter 2020)](. The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of your future results. Please follow the link to see the methodologies employed in [The Journal of Retirement study](. Written by [Neal Freyman]( [Adam Epstein]( [Molly Liebergall]( [Holly Van Leuven]( and [Cassandra Cassidy]( Was this email forwarded to you? Sign up [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