☕ Need for speed

SCOTUS nixes student loan relief... July 01, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( Good morning and welcome to the new month. Today is not only the first day of the second half of the year but also a sacred day for baseball fans: It’s Bobby Bonilla Day. Every July 1, retired All-Star third baseman Bobby Bonilla receives a $1.19 million check from his former team, the New York Mets, even though he hasn’t played an MLB game in over 20 years. The reason is that back in 2000, the Mets owed Bonilla $5.9 million, but instead of taking that cash up front, Bonilla worked out a contract that spreads out $30 million in guaranteed payments to him through annual installments from 2011–2035. And so, July 1 has become an annual celebration of Bonilla’s financial planning and an opportunity to make fun of the Mets even more than we already do. —Sam Klebanov, Matty Merritt, Molly Liebergall, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 13,787.92 +1.45% S&P 4,450.38 +1.23% Dow 34,407.60 +0.84% 10-Year 3.844% -0.3 bps Bitcoin $30,510.08 +0.20% Apple $193.97 +2.31% *Stock data as of market close, cryptocurrency data as of 4:00am ET. [Here's what these numbers mean.]( - Markets: Apple ended yesterday with a $3 trillion [market cap](. It’s the only company ever to hit that milestone, and while it reached that value once before, this was the first time it closed there. The iPhone-maker’s big day capped off the best first half of the year for the tech-heavy Nasdaq index in four decades. - The future looks bright for the next half, at least according to one questionable indicator: Domingo Germán of the New York Yankees pitched a no-hitter this week, and [historical data]( shows the Dow usually trends up after that happens, according to Barron’s.  GOVERNMENT [SCOTUS strikes down Biden’s student debt plan, limits LGBTQ protections]( [Protesters outside of SCOTUS]( Olivier Douliery/Getty Images The president [cannot]( cancel large amounts of student debt, and a web designer [can]( refuse to create websites for same-sex weddings, the Supreme Court ruled yesterday. Both landmark decisions were decided by a 6–3 vote along ideological lines in the conservative-majority court. The high court dropped the rulings on the last day of its term. So, let’s dig into what the justices did before heading off for their summer vacation. Student debt relief is toast The Supreme Court struck down the Biden administration’s plan to forgive up to $20,000 in student debt for an estimated 43 million eligible borrowers. - SCOTUS ruled that the president needed congressional approval to direct his Education Secretary to cancel so much student debt. It would’ve been one of the priciest executive orders in history, costing the government $400 billion. - The court’s decision rejected the administration’s justification that its plan was legal under a 2003 law that lets the Department of Education issue student debt relief in a national emergency. The ruling had no immediate impact on anyone’s bank account because an appeals court had already halted the program. But it means that when student loan repayments start up again in October after a three-year pause for Covid, the debt relief many were counting on won’t be coming, ruining the summer Friday mood for millions of college grads struggling with student debt. The program was popular: 26 million borrowers had already signed up for debt relief, and 53% of people polled by Reuters/Ipsos in March supported the plan. But it also had plenty of critics who claimed it could fuel inflation and mostly helped people who were already privileged. Despite the loss, President Biden vowed to find other ways to ease the burden of American student loan borrowers, who collectively owe $1.77 trillion in education debt, per the Education Data Initiative, saying his administration is already working to enact a different debt relief program under another law. Free speech trumps anti-discrimination SCOTUS also decided that Christian graphic designer Lorie Smith, who says she’d like to get into the wedding website business, has the right to refuse to make sites for same-sex couples. The conservative majority ruled that… - Smith is exempt from a Colorado state law that makes it illegal for businesses to refuse service to clients based on sexual orientation because her profession is a creative one. - Forcing her to make a website with content she’s opposed to would violate her First Amendment right to freedom of speech. In their dissent, the liberal justices called the decision a “license to discriminate” and said it would have “the immediate, symbolic effect” of giving LGBTQ people second-class status. Critics worry it could allow bigoted businesses to deny service to other minorities as well.—SK   FROM THE CREW [DTC brands keep customers coming back]( [The Crew]( Despite what the internet may tell you, building a successful DTC empire doesn’t happen overnight. Once you’ve established a customer base, success can often boil down to two things: [customer engagement and loyalty]( two of the hardest things to earn as a new brand. Retail Brew connected with top retailers—Mejuri, Casper, and Peloton—to talk about the marketing strategies they use to keep customers coming back and spreading the word. If you work in retail, this guide is for you. [Download it now](. WORLD [Tour de headlines](#) [Jeff Van Gundy]Ethan Miller/Getty Images ESPN lays off on-air talent. Cost-cutting efforts hit on-camera personalities at the sports network yesterday, with about 20 sports commentators getting [fired](. The termination list included high-profile names, including former NBA coach Jeff Van Gundy and ex-player Jalen Rose. The layoffs came as ESPN is reportedly considering launching a stand-alone streaming service. Its parent company Disney is engaged in its own campaign to shave billions off its costs, partly by letting 7,000 employees go. SCOTUS to consider accused domestic abusers’ gun rights. After dropping two major decisions yesterday, the Supreme Court ensured that all eyes would stay glued to it next term by agreeing to take up a case over whether the government can bar people subject to domestic violence restraining orders from [owning firearms](. It’s the first major Second Amendment case the court has agreed to hear since issuing a ruling last year that struck down New York gun restrictions and recognized for the first time a right to carry guns outside the home. It’s expected to clarify the standard that case set, which has led to many new challenges to gun laws. FTC plans crackdown on fake online reviews. Soon, you may not have to wonder whether the five-star review for the hairdryer you’re thinking about buying on Amazon is real: The FTC proposed [new rules]( yesterday that would give the agency the power to issue fines of up to $50,000 per fake review—each time a user sees it. Fake reviews that deceive consumers have always been forbidden, but the government hasn’t done much about them. The new rules would mostly let social media and review sites off the hook and instead target businesses that buy and manipulate reviews. Some estimates say as many as 40% of all online reviews are bogus. SPORTS [NASCAR to test Chicago’s need for speed]( [NASCAR race car on Chicago bridge]( Patrick McDermott/Getty Images The air is already filled with smoke and fireworks have been popping off for days, so when NASCAR [stages]( the first street race in its 75-year history this weekend in downtown Chicago, it should fit right in. On Sunday, 37 drivers will race around the 2.2-mile track of city streets along Lake Michigan in hopes of wooing a new crop of racing fans. It’s all a big test. Former mayor Lori Lightfoot signed a three-year deal with NASCAR last year hoping to beef up tourism in a downtown area hit hard by the shift to remote work. However, new mayor Brandon Johnson isn’t quite sold on revving engines and events featuring [$63 six-packs]( of Busch Light, so how this weekend’s race plays out will likely determine the future of NASCAR’s partnership with the Windy City. - NASCAR claims its race will bring in $113 million plus generate an additional $3 million in tax revenue for the city. - But some residents say the deal only benefits wealthy visitors, since the event will clog up traffic and tickets range from $269 to over $3,000. So far, the race is getting lapped: NASCAR is expecting 50,000 fans to attend its events each day of the weekend, but unlike when Taylor Swift’s Eras Tour made it impossible to book a room, hotels near the track [aren’t even close]( to being filled up.—MM   SPONSORED BY LAUNDRY SAUCE [Laundry Sauce]( A load of luxury. By partnering with fragrance experts, [Laundry Sauce]( created clean, soulful scents for their laundry pods + detergent. Go ahead—hype your hamper and spark convos that start with, “Dang, you smell amazing.” Want a whiff of affordable excellence? [Add a lil luxury]( to your laundry. HEALTH [Australia says, ‘Let them eat ’shrooms’]( [Psychiatrists in Australia can now prescribe MDMA and psilocybin]( Hannah Minn G’day, psychedelics: Australians who have struggled to find an effective treatment for their PTSD or depression can now ask their doctor if psilocybin or MDMA may be right for them. Starting today, psychiatrists Down Under can seek approval to [prescribe]( magic mushrooms and ecstasy. It’s the first time a whole country has recognized the psychedelics as medicine (when dosed properly) and legalized them nationwide. But it won't be cheap: A course of special therapy sessions in Australia is estimated to cost between $9,900 and $16,600. Tripping beyond Oz It seems a tipping point is finally here on hallucinogens’ long, strange trip to mainstream medicine—and not just in Australia. - Oregon became the first US state to let people use mushrooms under professional supervision this year. Colorado—which just hosted a 12,000-person psychedelics conference featuring [Aaron Rodgers]( voted to legalize, too. - Lawmakers in California, Connecticut, New York, Washington, Utah, New Jersey, and Missouri are also trying to secure the public’s right to trip. Psilocybin and MDMA are still federally illegal in the US, but 61% of American voters support therapeutic access, according to a poll conducted by the UC Berkeley Center for the Science of Psychedelics. And the FDA released its first draft of guidance on clinical trials of psychedelics last month. Looking ahead…researchers expect [approval]( of psilocybin and MDMA in the US within two years, according to the New York Times.—ML   GRAB BAG [Key performance indicators](#) [A Carnival Cruise ship]AaronP/Bauer-Griffin/Getty Images Stat: Big Tech might get all the big finance headlines, but another group of stocks also made massive gains this year: [cruise line operators](. Carnival (up 136% YTD) and Royal Caribbean (up 113%) were among the top five gainers in the S&P 500 for the first half of the year (alongside Nvidia, Meta, and Tesla) as people went back on vacation at sea and the companies recovered from pandemic lows. All that cruising does have a downside, though. There have been 13 norovirus outbreaks on cruise ships since January—the largest number for a single year since 2012, per the WSJ, and we’re only halfway through. Quote: “Taking a private jet was the wrong decision because it was insensitive to our customers who were waiting to get home.” If you’re stuck at the airport this weekend and hoping for a bit of schadenfreude to take your mind off of it, here’s the story of how United CEO Scott Kirby had to [apologize]( after people noticed that he had chartered a private jet for a trip to Denver this week as the airline canceled thousands of flight. Kirby’s ill-considered jet ride took place Wednesday, a day United canceled 751 trips, according to FlightAware. Read: The Air Jordan drop so hot it blew up an alleged $85 million Ponzi scheme. ([Businessweek]( NEWS [What else is brewing](#) - [SAG-AFTRA]( the union that represents actors, has extended its contract negotiations with the Alliance of Motion Picture and Television Producers through July 12 in hopes of avoiding a second Hollywood strike that would halt virtually all film and TV production. - [Fox News]( has agreed to pay $12 million to settle a former producer’s claims that the company forced her to lie in Dominion’s defamation lawsuit and discriminated against women. - [A Brazilian court]( has barred ex-President Jair Bolsonaro from running for office again until 2030, ruling that he abused his position to cast doubt on the country’s voting system. - [Twitter]( has started blocking anyone who’s not signed in from viewing tweets. - [Alan Arkin]( who won an Oscar for his role as the grandpa in Little Miss Sunshine, has died at age 89. RECS [Saturday To-Do List graphic] Culinary bucket list: Here are 150 [iconic restaurant dishes]( from around the world. Utter nonsense: Test whether your application of [made-up words]( to shapes matches everyone else’s. Priorities: A [new classic]( of the “French people won’t let riots disrupt their meal” genre just dropped. Avian glamour shots: Check out the winners of the Audubon Society’s [photography contest](. No more manual expensing: Take a [20-minute demo]( Divvy’s free spend management software and get a [$100 Amazon.com gift card]( *This is sponsored advertising content. GAMES [The puzzle section](#) Brew crossword: Mary put together a Fourth of July-themed crossword for you today. Do your patriotic duty and [play it here](. Open House Welcome to Open House, the only newsletter section that is going full coastal grandma this summer. We’ll give you a few facts about a listing and you try to guess the price. [Victorian home in Delaware.]Bright MLS/Zillow Today’s [home]( is in Lewes, Delaware, which calls itself “the first town in the first state.” The updated Victorian home is just a mile from the beach, where you might see some prehistoric-looking horseshoe crabs. But the 3,030-square-foot house has some old bones as well; it was built in 1898. Amenities include: - 4 beds, 4 baths - Stunning hardwood floors - Sunroom you could live in How much for the matching house, garage, and shed? 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 [Like a boss]( [Morning Brew graphic]( Handle the new challenges ahead like you’ve seen them a thousand times before with our New Manager Bootcamp, kicking off July 10. [Reserve your seat now](. Interested in VC, Big Tech ethics, and the sales strategy behind EVs? [Subscribe to Tech Brew today]( for these upcoming headlines. What’s “earned wage access” anyway? It gives hourly retail workers on-demand access to their pay, and its popularity is rising. [Read more from Retail Brew](. ANSWER $1.8 million Written by [Neal Freyman]( Sam Klebanov, [Matty Merritt]( [Molly Liebergall]( and [Abigail Rubenstein]( Was this email forwarded to you? Sign up [here](. 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