☕ New quest

The milk wars are heating up... June 02, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [Masterworks]( Good morning. It’s National Donut Day, so the brain power you’d typically reserve for deciding on breakfast can go instead toward debating which kind of donut is better: cakey or airy. Don’t hesitate to argue with a stranger while in line at Dunkin’ or Krispy Kreme, which are among the chains handing out free donuts to celebrate the holeyday. Then, put that sugar high to good use by checking out our Financial Forecasting course. It’s a one-week virtual sprint that will teach you how to prepare your company’s budget for Q3 and the year ahead. It kicks off next week on June 5. [Learn more here](. —Cassandra Cassidy, Matty Merritt, Molly Liebergall, Neal Freyman MARKETS Nasdaq 13,100.98 +1.28% S&P 4,221.02 +0.99% Dow 33,061.57 +0.47% 10-Year 3.600% -4.8 bps Bitcoin $26,887.84 -0.97% Meta $272.61 +2.98% *Stock data as of market close, cryptocurrency data as of 2:00am ET. [Here's what these numbers mean.]( - Markets: Relief that the debt ceiling agreement is nearing the finish line and more flexing from Big Tech companies pushed the Nasdaq and the S&P 500 to their [highest levels]( since last August. - Jobs report: Today Wall Street will be laser-focused on the May jobs report, which drops at 8:30am ET. Economists anticipate that [190,000 jobs]( were added last month, but their predictions have lowballed the actual count in 13 of the last 16 job reports, per CNBC.  ENVIRONMENT [El Niño is so back]( [Illustrated thermal map of the globe]( Cameron Abbas In terms of historic, Earth-changing potential, there is only one thing arriving this summer that could one-up the Barbie movie: El Niño. If you don’t remember everything from your eighth-grade environmental science class, El Niño is the climate pattern that warms up water in the Pacific Ocean every two to seven years. - It can simultaneously lead to excessive rainfall and severe drought in different regions, particularly the tropics. - Climate change exacerbates its effects, so experts warn that this year’s [El Niño]( could cause extreme heat with “far-reaching repercussions for health, food security, water management, and the environment,” according to the World Meteorological Organization. It could also lead to trillions in economic losses New research published in Science estimates that the next El Niño, which has a 90% chance of beginning this year, will cost the global economy $3 trillion through 2029. That astounding economic damage can come from immediate losses and longer-term knock-on effects. Consider some of the ways El Niño has wreaked havoc in the past: - A Nature study demonstrated a link between El Niño years and civil war in 93 tropical countries. It also found that since 1950, one out of five civil conflicts has been influenced by El Niño. Why? One hypothesis relates violent conflict to declining crop yields. Another is that people are more likely to engage in conflict when they’re hot—a theory you can directly confirm by going to Carowinds in July. - A NASA study found that the 2015–2016 El Niño triggered disease [outbreaks]( worldwide. Cholera spread in Tanzania due to contaminated water due to flooding, while dengue fever rates spiked in Brazil and Southeast Asia as warm, wet conditions amplified the presence of mosquitoes. Looking ahead…your summer tan might be more St. Tropez than Saint-Tropez. As El Niño comes on the scene, it “could push global temperatures into uncharted territory,” the World Meteorological Organization said.—CC   TOGETHER WITH MASTERWORKS [A 3x wealth-building side hustle of the rich?]( [Masterworks]( This ain’t dog walking or drop-shipping. It’s a side hustle of the rich and famous that’s helped them build wealth 3x faster than the average person: buying and selling blue-chip art. But now you can do it too, just like thousands of Morning Brew readers. The investment platform [Masterworks]( has unlocked this exclusive asset for everyday people, and it takes care of all the complicated legwork, no experience required. Their investors have already benefited from more than $45m in sales, earning annualized investment returns of 10.4%, 13.9%, and even 35%, with many more sales on the horizon. To join them, [use this exclusive Morning Brew link to skip the waitlist](. WORLD [Tour de headlines](#) [This photograph taken on September 25, 2022, shows an antenna of the Starlink satellite-based broadband system donated by the US tech billionaire Elon Musk ]Yasuyoshi Chiba/AFP via Getty Images The Pentagon is buying Starlink terminals to use in Ukraine. The Defense Department announced it will [purchase Starlink satellite internet terminals]( from Elon Musk’s SpaceX to bolster Ukraine’s defenses in its fight against Russia. The agreement is the latest curveball in an often contentious relationship between Musk and the US military over Starlink—the terminals have been crucial for preserving Ukraine’s communications infrastructure during the war, but Musk tweeted several months ago that he doesn’t want them used to escalate a “conflict that may lead to WW3.” Get ready for more discounts at Target. The retailer [warned]( that its sales and profits would be lower than anticipated this year due to slowing consumer demand. As a result, it’s planning to ramp up promotions on spring merch to clear out its bloated inventory (floral printed throw pillows for everyone!). But shoppers aren’t just avoiding Target: Costco and Dollar General have also said Americans are pulling back on spending. These reports are not a great sign for the economy… Billy Joel will end his historic run at MSG. The Piano Man said he’ll [close out]( his marathon residency at Madison Square Garden in July 2024. But what a run it’s been: Joel has performed monthly at MSG since January 2014, and by the time he drops the mic next year, he’ll have logged 150 concerts at the famous venue. No wonder his name is up in the Garden’s rafters alongside Mark Messier and Patrick Ewing. TECH [Meta embarks on a new Quest]( [new Meta headset]( Meta After getting absolutely [yolked]( from a Memorial Day workout and [medaling]( in his first jujitsu tournament, Meta CEO Mark Zuckerberg found time yesterday to announce the company’s new Quest 3 virtual reality (VR) headset. The specs: Compared to its predecessor, the Quest 2, the [Quest 3]( is advertised as having better graphics performance, being 40% slimmer, and boasting more powerful mixed reality capabilities. It will be available this fall and retail for around $500. As for the content you’ll experience while wearing the device, Meta also [released]( a bunch of new games for the Quest 3, including our favorite: a power-washing simulator. But Apple looms Meta’s hardware drop came just days before Apple is set to reveal its first-ever VR headset on Monday. While we don’t know much about the iPhone manufacturer’s swan dive into headgear—besides its reported $3,000 price tag—we do know it’s going to be Apple’s most consequential product launch since the Apple Watch in 2014. Bottom line: While the hype over the metaverse has cooled significantly since 2021, Meta’s and Apple’s headsets show that tech companies are still investing major resources into creating virtual worlds.—MM   TOGETHER WITH RYSE [RYSE]( The $1b club. Ring, iRobot, and Nest are members—which smart home startup is next to join? How about one that pairs convenience with cost savings, all in a plug-and-play model? [That’s RYSE](. Their automated window shade tech is launching in over 100 Best Buy stores! [Invest now](. FOOD & BEV [Got beef?]( [Aubrey Plaza in a Wood Milk ad]( Got Milk? There’s a fight brewing in the dairy aisle: The viral Aubrey Plaza “Wood Milk” ad stands accused of breaking federal law by unfairly going after plant-based beverages. The April [ad]( drew criticism for promoting cow’s milk by satirizing plant-based alternatives through a product named Wood Milk and calling the fictional, eau-de-wood beverage “a slime that’s legal to sell,” nutritionless, and not “real milk.” The campaign was created by MilkPEP, the same group behind the “Got Milk?” commercials of the ’90s and 2000s. But now, it’s got legal trouble. A public health nonprofit, the Physicians Committee for Responsible Medicine, filed a [complaint]( last week asking the USDA to stop the “Wood Milk” campaign for violating two rules meant to prevent agricultural advertising from playing hardball. - The ad breaks a federal statute prohibiting statements that “may be false or misleading or disparaging to another agricultural commodity,” according to the complaint. - MilkPEP’s CEO said the campaign was created in response to a current FDA proposal to allow plant-based beverages to label themselves as “milk.” But trouble is, it uses USDA funding, which is illegal when the goal is to influence legislation. Battle of the milks: Dairy milk consumption has fallen by 42% over the past five decades, while sales of plant-based alternatives [grew 6%]( last year, per Euromonitor. The plant camp notes that their drinks have nutritional value and a [smaller carbon footprint]( than cow’s milk and do not, in fact, taste like wood.—ML   GRAB BAG [Key performance indicators](#) [South Park gif about automation]South Park/Paramount via Giphy Stat: Artificial intelligence’s impact on the job market will be profound—and it will cut both ways, new Bloomberg reports suggest. The technology was responsible for [3,900 job losses]( last month, according to Challenger, Gray & Christmas, in what appears to be the first time the firm has cited AI as a cause of layoffs. But AI can generate jobs, too: JPMorgan advertised [3,651 AI-related roles]( globally between February and April. Quote: “I had the privilege of coaching the best player in the history of soccer.” Paris Saint-Germain coach Christophe Galtier confirmed that soccer GOAT Lionel Messi [will leave the club]( after this season, which ends tomorrow. So, where will the Argentine wizard take his talents next? It’s one of the greatest questions of our time. Maybe Saudi Arabia, where Messi already has a deal to promote tourism, or perhaps Miami to play in the MLS. Wouldn’t hate that. Read: How summer camp became such a hot mess for parents. ([Bloomberg]( QUIZ [Got quiz?]( [New Friday quiz image]( The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to snagging the last open table on the bar’s patio. It’s that satisfying. [Ace the quiz](. NEWS [What else is brewing](#) - [President Biden]( tripped and fell after his speech at the Air Force Academy’s graduation ceremony yesterday. The White House said Biden was “fine.” - [Airbnb]( sued New York City over an upcoming law the company says amounts to a “de facto ban” on short-term rentals. - [The Supreme Court]( sided with a concrete company over a union in a ruling that deals a blow to organized labor. - [The FDA]( warned Americans not to buy off-brand versions of the weight-loss drugs Ozempic or Wegovy because it can’t verify that they’re safe. - [LSU football players]( will wear air-conditioned helmets during the upcoming season. [Watch them react]( to putting the helmets on. RECS [Friday to-do list] Summer travel ideas: Six national parks [you don’t know about]( (but should). Summer book ideas: The [25 nonfiction books]( you need to read. Transit art: A [curated collection of images and documents]( from planes, trains, automobiles, and more. It’s beach-and-pool season: Here’s [how to know someone is in trouble]( in the water. You’re invited: [Join this webinar]( to learn how you can use predictive analytics to boost your forecasting accuracy and business outcomes. Reduce complexity and turn your data-driven strategy into actionable intelligence. [Register now]( *This is sponsored advertising content. GAMES [The puzzle section](#) Picdoku: Our Picdoku game is similar to sudoku, but the numbers 1–9 are subbed out for more gratifying images. In today’s Picdoku, those images are gaming icons. [Check it out here](. Friday puzzle In honor of the Scripps National Spelling Bee Finals last night, we’re going to hold a spelling bee of our own. Can you pick out which of the two options is spelled correctly? - Marshmellow / marshmallow - Tomorrow / tommorow - Fuchsia / fuschia - Mispell / misspell (so meta) - Mischievious / mischievous - Fluorescent / flourescent - Questionnaire / questionaire 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]( AROUND THE BREW [Read Tech Brew for tech news]( [Retro computer with line graph on screen with mouse and keyboard on a light teal background]( Amelia Kinsinger Nvidia didn’t reach a $1 trillion market cap by accident. Tech Brew uncovers how top players are leveraging technology to grow their businesses. [Subscribe for free today](. 🩺 Are private equity-backed tech companies drawing healthcare workers away from hospitals? Healthcare Brew examines the state of the industry in their [latest report](. ANSWER - Marshmallow - Tomorrow - Fuchsia - Misspell - Mischievous - Fluorescent - Questionnaire ✢ A Note From Masterworks See important disclosures at [masterworks.com/cd](. Written by [Cassandra Cassidy]( [Neal Freyman]( [Molly Liebergall]( and [Matty Merritt]( Was this email forwarded to you? Sign up [here](. Get smarter in just 5 minutes - Money & Career: [Money Scoop](  [Money With Katie](  [Raise]( Business education without the BS - Programs in [Business Essentials]( [Analytics]( and [Leadership]( Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2023 Morning Brew. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011