SCOTUS breaks for the summer after history-making term...
July 01, 2022 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [The Motley Fool]( Good morning and welcome to July. Hope you have fun holiday weekend plans. Us? Weâre shotgunning a pint of macaroni salad every hour for the next three days to honor our country. âMax Knoblauch, Matty Merritt, Neal Freyman, Rohan Anthony MARKETS Nasdaq 11,028.74 -1.33% S&P 3,785.38 -0.88% Dow 30,775.43 -0.82% 10-Year 3.013% -8.3 bps Bitcoin $18,835.31 -7.13% Walgreens $37.90 -7.27% *Stock data as of market close, cryptocurrency data as of 9:00pm ET. [Here's what these numbers mean.]( - Markets: The stock market yesterday was emblematic of the entire first half of the yearâred, [red all over](. Investors looking for refuge in bitcoin were also left out in the cold this spring. The worldâs largest cryptocurrency posted its worst quarter in more than a decade, losing ~58% of its value. GOVERNMENT [SCOTUS goes on summer break after hugely consequential term](
[A group portrait of the 2021-2022 Supreme Court ](ERIN SCHAFF/POOL/AFP via Getty Images The Supreme Court began its summer recess on Thursday, closing the books on a term filled with precedent-shattering decisions. Before it did, though, the court issued its two final rulings of this termâincluding one that [profoundly limits]( the EPAâs ability to regulate carbon emissions from power plants. In the EPA case, the conservative-majority court voted 6â3 along ideological lines, saying that regulations created by agencies like the EPA cannot be âtransformationalâ to the economy, since they lack congressional authorization. For the dissenting opinion, Justice Elena Kagan wrote that the decision âstrips the Environmental Protection Agency (EPA) of the power Congress gave it to respond to âthe most pressing environmental challenge of our time,ââ adding that the court has appointed itself an arbiter of climate policy, rather than Congress or experts. âI cannot think of many things more frightening,â Kagan wrote. Thursdayâs other SCOTUS case, Biden v. Texas, concerned the Trump administrationâs so-called âRemain in Mexicoâ immigration policy that required asylum-seekers to stay in Mexico until their asylum hearings were granted (which can take years). In that decision, the court rejected arguments by Republican-led states attempting to keep the policy, paving the way for the Biden administration to scrap it. Itâs been a term Since its landmark decision to erode abortion rights by overturning Roe v. Wade was leaked in May, polls have shown that the court may be facing a legitimacy crisis. - 25% of Americansâa historic lowâreported having confidence in the court.
- 56% of Americans disapprove of the courtâs decision on abortion rights.
- 79% of New Yorkers supported a state gun law that the court overturned last week. As the courtâs term ended on Thursday, Justice Stephen Breyer officially retired and Justice Ketanji Brown Jackson was sworn in as the courtâs 116th justice, and the sixth woman and first Black woman to serve. Since she replaces Justice Breyer, Justice Jackson will not shake the courtâs ideological makeup of six conservatives and three liberals. Up next: Following strong urging from progressive Democrats, President Biden on Thursday condemned the courtâs âoutrageous behaviorâ and said he supported adopting an exception to the filibuster in order to codify Roe v. Wade into law. In the courtâs next term, which will begin in October, SCOTUS will decide on another batch of landmark cases involving affirmative action, gay rights, environmental protections, and election law.âMK Â Â Â mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=SCOTUS%20goes%20on%20summer%20break%20after%20hugely%20consequential%20term%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2Fscotus-conservative-term-end-epa-immigration%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A TOGETHER WITH THE MOTLEY FOOL [Spotted: the knowledge you wish you had](
[The Motley Fool]( Letâs be frankâthe financial news cycle has been a lot lately. Which is why now is a great time to really get to know the stock market. For the right info, look no further than the award-winning Motley Fool Stock Advisor. It offers easy-to-follow, monthly stock recommendations, including all. the. deets. on the stock theyâve dubbed the â[Millionaire-Maker](â (*fancy!*). Motley Fool is so confident in this stockâs ability to perform, theyâve tripled down on this buy alert. But to get the skinny, youâve got to subscribe (for less than a cup oâ joe a week). [Sign up today](. WORLD [Tour de headlines](#)
[Tobias Funke on Arrested Development saying we're having a fire sale]Arrested Development/20th Century Fox Television via Tenor Crypto M&A drama: Giant crypto exchange FTX is finalizing plans to buy crypto lender BlockFi for $25 million in a fire sale, according to CNBC. If true, that would represent a price [99% below]( BlockFiâs peak valuation of $4.8 billion and a staggering loss for investors. At least one person says it isnât true, though, and thatâs BlockFi CEO Zac Prince, who tweeted that he can â100% confirmâ that the company isnât being sold for $25 million and heâll share more info when he can. College sports shakeup: Two LA schools, UCLA and USC, will [join the Big Ten]( in a major realignment of college athletics. The Big Ten used to be associated with just Midwestern universities, but the prospect of $$$ via broadcast deals has transformed it and the SEC into the two marquee conferences drawing teams from across the country. The two CA universities will link up with the Big Ten in 2024, right after the conferenceâs current TV deal expires. The new deal could be one of the richest in college sports history. More state courts block abortion bans: A Florida judge [temporarily blocked]( the stateâs 15-week abortion ban from going into effect, concluding that it violates the right of privacy enshrined in the stateâs constitution. That law, which was set to kick in today and could still be enforced for a brief period of time on a technicality, would ban virtually all abortions after 15 weeks of pregnancy, with no exceptions for rape or incest. In Kentucky, a judge also temporarily blocked the stateâs law that would make nearly all abortions illegal from going into effect. STOCKS [The stock market: First half analysis](#)
[Charles Barkley sleeping ]Inside the NBA/Warner Bros. Discovery via Giphy The US stock market just put up a worse first-half performance than the Patriots in Super Bowl LI. The S&Pâs drop of more than 21% was its biggest H1 plunge since 1970. Its second quarter was the worst since Q1 of 2020, when opera singers were giving rooftop concerts as Covid lockdowns canceled everything. And while the S&P is floundering in the bear market, the Nasdaq, which is loaded with tech stocks, has taken an even bigger licking: Itâs plunged more than 30% since its peak last November. Letâs highlight a few individual performances across the market⦠- Netflix: down 71% YTD (the worst performer in the S&P)
- Coinbase: down 81%
- Even megacaps like Meta (-52%), Amazon (-38%), and Apple (-25%) havenât been spared. How we got here: The Fed slamming the brakes on the economy to counter soaring inflation is the primary factor, while the war in Ukraine and certain Covid behaviors reverting back to normal played supporting roles. Looking aheadâ¦can the stock market mount a Patriots-style, second-half comeback? Possibly. An [analysis]( by S&P Dow Jones Indices found that thereâs minimal, if any, correlation between the S&Pâs performance in its first half with its second half.âNF GEOPOLITICS [Brittney Grinerâs court date is here](
[US WNBA basketball superstar Brittney Griner arrives to a hearing at the Khimki Court, outside Moscow on June 27, 2022](Kirill Kudryavtsev/AFP via Getty Images WNBA star Brittney Griner is set to stand trial in Russia today for illegal cannabis possession, and could face 10 years in prison if convicted. Despite assurances from Secretary of State Antony Blinken that his staff is working to bring Griner home, her wife told the AP that sheâs [frustrated]( about the US governmentâs handling of the case. The backstory: The 31-year-old Olympic gold medalist was detained in Moscow in February after Russian officials said they found vape cartridges containing cannabis oil in her luggage. (Griner has played for a Russian team during the US offseason since 2014.) The 10-year sentence is associated with âlarge-scale transportation of drugs,â leading experts to believe that the Russians are using Griner as a bargaining chip to receive a prisoner of their own through a swap. One name that keeps coming up: [notorious arms dealer Viktor Bout](, nicknamed âthe Merchant of Death.â Big picture: NBA Commissioner Adam Silver said he was initially instructed by the US government to keep a low profile around this case. Given Grinerâs extended detainment, though, Silver said earlier this month, âWe have to bring as much attention to her case as possible.ââRA Â Â Â mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Brittney%20Griner%E2%80%99s%20court%20date%20is%20here%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2022%2F06%2F30%2Fbrittney-griner-s-court-date-is-here%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A AUTO [Apple is officially anti-gas station smell](
[Gas pump taps gas app on screen in car.](Francis Scialabba Finally, Apple wants to save you the embarrassment of forgetting your PIN in front of the Subaru hottie. The company said earlier this month that the [newest update]( to its CarPlay software will allow drivers to purchase gas directly from their car. How it works: Youâll be able to save payment info into the gas companyâs apps ahead of time and pay from the comfort of the driverâs seat. Apple said the software update should be available by the fall, with one gas manufacturer, HF Sinclair, confirming that it would be using the new tech. 98% of new cars already have CarPlay, according to Apple. Big picture: Itâs revolutionized music, phones, and loseable headphonesânow Apple has its sights set on your dashboard. CarPlay is currently compatible with commerce apps in parking and EV charging, but is pretty limited in controlling anything about your actual car. This is partly because to do so, automakers would have to share data and also likely let Apple have a say in design decisions. Appleâs secretive push to build a physical car gets all the headlines, but experts say its auto software play could be more impactful. Horace Dediu, an auto analyst and the founder of Micromobility Industries, told Reuters, âForget about Apple CarâApple CarPlay is a bigger deal.ââMM Â Â Â mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Apple%20is%20officially%20anti-gas%20station%20smell%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2Fcarplay-will-introduce-in-car-payment-for-gas%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A TOGETHER WITH WORKDAY
[Workday]( Peep key deets on employee engagement. Workdayâs State of Engagement 2022 report digs into why employee engagement is taking a dipâand what it means for your biz. Learn which areas can strengthen engagement, like reducing burnout through ongoing convos, adapting to new work models, and using employee-sentiment analysis to retain top talent. [Read more here](. GRAB BAG [Key performance indicators](#)
[Key performance indicators] Stat: The FBI just added a new fugitive to their Top 10 Most Wanted Listâ[Ruja Ignatova](, the self-proclaimed âCryptoQueenâ who allegedly fleeced people out of $4 billion through a scam cryptocurrency called OneCoin. Then, she pulled a Saul Goodman and completely vanished. Of her addition to the Top 10 list, the US attorney for the Southern District of NY said, âNow she sits side by side...with cartel leaders, murderers, and terrorists. Thatâs no accident.â Quote: âOur focus isnât about assigning blame. It isnât about getting caught up in guilt. Itâs about fixing a problem.â Transportation Secretary Pete Buttigieg announced a [$1 billion initiative]( to provide funds to communities that have suffered from racist infrastructure projects of previous US administrations, such as the construction of federal highways through Black and other minority communities, which effectively destroyed their neighborhood fabric. Progressive advocates say the $1 billion is small potatoes compared to the egregious harms done, while some Republicans are calling the plan the âwoke-ificationâ of the government. Read: How football shirts chart the rise and fall of tech giants. ([Rest of World]() QUIZ [Yankee Doodle Quiz](
[Weekly news quiz]( The feeling of getting a 5/5 on the Brewâs Weekly News Quiz has been compared to when a website correctly autofills your address. Itâs that satisfying. [Ace the quiz](. WHAT ELSE IS BREWING - [Lol Brooklyn](: NBA superstar Kevin Durant has reportedly requested a trade from the Nets. The Phoenix Suns and Miami Heat top Durantâs wish list for a future destination, according to ESPN.
- [How RadioShack]( went viral tweeting some horny stuff.
- [Sri Lankaâs]( economic crisis, explained.
- [Spotify]( released a karaoke mode. BREW'S BETS Calling all dirtwads and buttfaces: Hereâs a [detailed analysis]( of the use of compound pejoratives on Reddit, a site known for its uninhibited profanity. Not everyone is awed by national parks. Here are some [one-star national park reviews](, illustrated. Going viral: The Brewâs new social media-focused newsletter, Future Social, is catching fire. Every week social media expert Jack Appleby dishes out the latest in social strategy, the creator economy, and more for marketers everywhere. [Check it out](. GAMES [The puzzle section](
[Jeopardy image ]( Play Jeopardy!: Fittingly, our fourth time partnering with [The Training Arcade]( is for a special July Fourth Jeopardy! Test your knowledge of fourths, Americana, and hot dogs before you head off to your holiday party. [Play the game here](. Friday puzzle Take the given words, and by moving a single letter from one word to the other (can be left â right or right â left), make a pair of synonyms, or near-synonyms. For example: Given Hip - Boast, move the âsâ from âBoastâ to âHip,â which creates Ship - Boat. 1. Open - Cop 2. Cave - Curt 3. Cares - Pest 4. Salve - Savage 5. Whiled - Spurn [Check out more from the Brew](#) Interested in how Vita Coco out-hustled the competition? [Listen to]( or [watch]( the latest Business Casual episode. Celebrate red, white, and BREW with the Morning Brew Store. Select items 30% off for a limited time only! [Shop now](. ð Calling all innovators! Join us at the first-ever Emerging Tech Brew Summit on September 29 in NYC. [Secure your early bird ticket today and save](. ANSWER 1. Pen - Coop 2. Carve - Cut 3. Caress - Pet 4. Save - Salvage 5. Whirled - Spun [Source]( Written by [Neal Freyman](, [Matty Merritt](, [Max Knoblauch](, and [Rohan Anthony]( Was this email forwarded to you? Sign up [here](. WANT MORE BREW? Industry news, with a sense of humor â - [Emerging Tech Brew](: AI, crypto, space, autonomous vehicles, and more
- [HR Brew](: analysis of the employee-employer relationship [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