☕ Bank on it

Why getting a tattoo might boost your fundraising... [Advertisement] July 15, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [Incogni]( Good morning. The jackpot for tonight’s Powerball drawing has surged to an estimated $875 million—the third-highest jackpot in the game’s history. To give you a sense of how much money you are not going to win: New Jersey authorities ran the numbers. If you had enough dollar bills to represent the combined Powerball and Mega Millions jackpots ($1.435 billion) and laid them out on the New Jersey Turnpike side by side across the entire length of the highway…you’d cover it and still have a lot of cash left over. Here’s an absolutely useless piece of trivia: Only $1,382,211,601 in singles can fit onto the surface of the Turnpike. Do the Garden State Parkway next. —Sam Klebanov, Matty Merritt, Molly Liebergall, Abby Rubenstein, Neal Freyman [CLICK]( THIS TO REMAIN A SUBSCRIBER Clicking on newsletter links is the only way for us to know you are reading (and enjoying) Morning Brew. If you don't click by next month, you will stop receiving this newsletter. [Click here]( to let us know that you’re still an active subscriber. Thanks! MARKETS Nasdaq 14,113.70 -0.18% S&P 4,505.42 -0.10% Dow 34,509.03 +0.33% 10-Year 3.832% +6.4 bps Bitcoin $30,268.98 -3.26% AT&T $14.50 -4.10% *Stock data as of market close, cryptocurrency data as of 4:00am ET. [Here's what these numbers mean.]( - Markets: Wall Street traders went hard yesterday before heading off to their beach houses, pushing the Dow to its [best week]( since March on the news that America’s biggest banks have it made in the shade (more on that in a sec). But it wasn’t all sunshine and surf dreams: The Nasdaq and S&P 500 both dipped, and AT&T sank to its lowest in 29 years after an analyst flagged the potential for slowing growth at the telecom and possible liabilities from its use of lead cables.  FINANCE [The biggest banks are making bank]( [A Gif from Workaholics that says ]( Workaholics/Comedy Central via Giphy Banking heavyweights are rolling in it: JPMorgan, Wells Fargo, and Citigroup [reported]( expectations-defying quarterly profits yesterday. The financial health of the biggest money houses is closely linked to that of the wider US economy, so let’s all pat ourselves on the back for their success. Besides signaling that the economy is going strong despite interest rate hikes putting a damper on commercial activity and consumer spending, the big banks’ [banner quarter]( also reflects how well larger lenders have weathered the [banking crisis]( that claimed three regional banks earlier this year. Where are the banks raking it in from? All those Fed rate hikes. They mean the banks can charge clients higher rates for loans. So, while some deposits have fled for higher-yielding pastures, income from interest on loans has jumped. It grew by 31% at JPMorgan, Wells Fargo, and Citigroup combined compared to last year, per the Wall Street Journal. And the biggest of the big, JPMorgan, has benefited from the industry turmoil that’s been hurting smaller banks. It reported its highest quarterly profit ever, 67% higher than Q2 last year, largely thanks to its purchase of collapsed First Republic Bank (along with its affluent client accounts and massive loan portfolio) in May. But there are some signs of trouble ahead…. - JPMorgan and Wells Fargo gave out less money in home loans compared with last year, and they’ve seen slightly more defaults on credit card debt. And Wells Fargo put aside more money to cover potential losses on commercial real estate loans. - Citigroup’s profit declined 36% from last year (but still came in better than expected) as its investment business slowed, with the recent debt ceiling fight in Congress partially to blame. And the future of the economy is still anyone’s guess: Of inflation’s recent decline, JPMorgan CEO Jamie Dimon told CNN, “I don’t know if it’s going to lead to a soft landing, a mild recession, or a hard recession.”—SK   TOGETHER WITH INCOGNI [We’ve been trying to reach you]( [Incogni]( …about your car’s extended warranty. Tired of getting those calls? Here’s your chance to protect yourself, your personal data, and your sanity. [Incogni]( is a personal data removal service that scrubs your sensitive info (think: SSN, DOB, home addresses, health information, and contact details) from the web. With Incogni, you’ll [worry way less]( about: - identity theft - health insurers raising your rates based on info from data brokers - robo and spam calls - scammers taking out loans in your name Protect your personal info + [get 55% off your annual plan with code MORNING](. WORLD [Tour de headlines](#) [President Joe Biden]Win Mcnamee/Getty Images The Biden administration will wipe out $39 billion of student debt. Yesterday, the Department of Education announced a [rule tweak]( that will cancel debt for 804,000 people. The change will impact borrowers who enrolled in income-driven repayment plans by counting more payments toward the forgiveness available to them after 20 or 25 years worth of payments are made. The update comes after President Biden vowed to find other ways to provide relief after the Supreme Court nixed his plan to forgive $400 billion in federal student loan debt last month. Authorities think they finally caught the Gilgo Beach serial killer. More than a decade after young women’s bodies began turning up on a remote stretch of Long Island, a suspect has been [apprehended]( and charged. Local architect Rex Heuermann pleaded not guilty yesterday to killing three of the people whose bodies were found there. Law enforcement says they’ve matched Heuermann’s DNA to materials found on the victims’ remains and that he’s also the prime suspect in a fourth Gilgo killing. Heuermann is being held without bail and is scheduled to have have his next court appearance on August 1. The 100 million Threads users aren’t all that engaged. Though Meta’s Twitter clone has grown rapidly, Zuck’s answer to the bird app may not be holding people’s attention. This week, the number of daily active users was down about 20% from its peak, and users spent 50% less time on the app, NBC [reported]( based on data from Sensor Tower. Threads needs a “more compelling value proposition than simply ‘Twitter, but without Elon Musk,’” to thrive, a Sensor Tower managing director said. But that doesn’t mean Musk, who may be distracted by his new AI company, can safely ignore the upstart as it has already appeared to eat into Twitter’s traffic. There’s probably a better solution than a CEO cage match, though. CLIMATE CHANGE [Here’s how we might keep our cool in the future]( [Hand painting sun with white paint.]( Francis Scialabba There’s been no shortage of record-high temperatures around the globe recently, and since “space fan” isn’t something NASA is currently working on, other scientists are picking up the slack to cool buildings down. Some options: Going underground. [Geothermal heat pumps]( can cool (and heat, because it will get cold again someday) your home by sending water through buried pipes to take advantage of the stable temperature of the ground beneath your backyard. They’ve got big advantages over traditional air conditioning and heating because they uses far less electricity and are cheaper in the long run. They’re typically more expensive upfront, but a 30% tax credit from the Inflation Reduction Act could change that. The whitest paint in the world. We’re talking paint so white it would share a sandwich with its dog. A team of scientists at Purdue University [created]( a white paint that reflects 98% of sunlight (most white paints only reflect 80%–90%). It won’t be ready for commercial use for at least a year, but it promises to decrease the need for air conditioning inside a building by about 40%. Big picture: Even the developers of these technologies know that paint and underground tubes are just a Band-Aid for a planet currently getting cooked. Stay safe if you’re one of the 90 million people in the US under heat alerts this weekend.—MM   TOGETHER WITH SLACK [Slack]( Say hi to AI. Meet the tech that powers some of the most productive teams. Slack, together with Qualtrics, uncovered some eyebrow-raising trends in their latest [State of Work report](. Get a look at the shifts and possibilities emerging in the future of work when you [download your copy](. ENTREPRENEURSHIP [Launching a product? Consider getting a tattoo]( [Entrepreneurs with tattoos could get more crowdfunding, says a new study.]( Photo Collage: Getty Images/Cameron Abbas Forget what your parents told you: Those tattoos that they were convinced would hurt your professional future could actually help you pull in more money for your business. On the crowdfunding platform Kickstarter, product campaigns with photos of inked-up people receive significantly more backers and contributions than campaigns that just show a bunch of normies, according to a new [study](. Featuring tats is especially beneficial for nonartsy products, like smart glasses or other tech, because the study shows it signals unexpected creativity to backers, making them more inclined to donate. - Nonartistic products received 458 more backers and $27,000 more in funding, on average, when entrepreneurs chose to feature body art—whether on themselves or models—in campaign photos. - Artistic campaigns showing some ink only drew an average of 128 more backers, possibly because they’re already seen as creative. But…while tattoos help propel crowdfunding campaigns on Kickstarter—where most backers are under 35 and likely to be chill with body art or have some of their own—your parents might still be right about keeping your ink covered around traditional investors. “You won’t see Warren Buffett rolling up his sleeves and showing tattoos,” one researcher [told]( the Wall Street Journal.—ML   GRAB BAG [Key performance indicators](#) [Chanel from Scream Queens saying "Stupid Rich"]Illustration: Francis Scialabba, Image: 20th Century Fox Television Stat: If you’ve been daydreaming about how sweet it would be to have your private jet touch down in Sun Valley or what you’d eat at Kristen Bell’s dinner party, know that according to a new study by SmartAsset, you need to make more than $650,000 a year to rank among the [wealthiest 1%]( of US households. And in some states, it takes even more income to run with the summer-is-a-verb crowd: In Connecticut, where you need the most cash to get out of the 99%, it requires earning $953,000 annually before taxes—or just being born into money. Quote: “Aspartame is one of the most studied food additives in the human food supply. FDA scientists do not have safety concerns when aspartame is used under the approved conditions.” Pop open an ice-cold Diet Coke because the FDA has proclaimed that it is officially [not on board]( with the WHO’s finding that the artificial sweetener it uses (as do ~6,000 other products) may cause cancer. The FDA said it had reviewed the studies the WHO used to determine that aspartame is a carcinogen and found “significant shortcomings.” It also noted that the WHO didn’t change the acceptable daily intake for the sweetener. So, even if the FDA hasn’t convinced you that there’s nothing to see here, you’re likely safely below the limit. Read: How drug sales in San Fran are fueling a housing boom in one Honduras valley. ([San Francisco Chronicle]( NEWS [What else is brewing](#) - [An appeals court]( denied the FTC’s latest bid to block Microsoft’s acquisition of Activision Blizzard, likely clearing the way for the deal to close by the agreed-upon date of July 18. - [JPMorgan]( did get some bad news yesterday: The US Virgin Islands told a court it plans to seek at least $190 million in damages in its lawsuit accusing the bank of facilitating sex trafficking by Jeffery Epstein. - [Eli Lilly]( is buying obesity drugmaker Versanis for $1.9 billion in the latest sign that weight-loss treatments are the hottest thing in pharma. - [India]( is going to the moon (if all goes to plan). The nation successfully launched a rocket bound for the moon’s south pole yesterday, after a failed effort four years ago. It’s expected to reach its destination on August 23. - [Here’s an update you weren’t expecting:]( The man who snapped the viral photo of a gold and white (or is it blue and black?) dress that divided the internet has been arrested for allegedly trying to murder his wife. RECS [Saturday To-Do List graphic] Become an AIrtist: This AI tool turns your doodles [into art](. Is it even a salad if it doesn’t have Cool Whip? These [Midwestern dessert “salads”]( will be a guaranteed hit at your next potluck. Animal laughter: Check out the finalists for the [Comedy Pet Photography Awards](. Because creamy and chunky are both good choices: Here’s how [peanut butter]( became a $2 billion business. Earn $200 after spending $500: That’s like 40% cash rewards on your first $500 in spend. Plus, enjoy unlimited rewards. [Start racking up huge cash rewards]( *This is sponsored advertising content. GAMES [The puzzle section](#) Brew crossword: If you know what fashion brand the devil wears, you’ve already solved the first clue in today’s crossword. [Solve the rest here](. Open House Welcome to Open House, the only newsletter section that believes anything can be a canvas. We’ll give you a few facts about a listing and you try to guess the price. [Raleigh, North Carolina home]TMLS/Zillow Today’s [home]( is in Raleigh, NC, and has walls, ceilings, and even an elevator covered with murals that any HGTV show would paint over immediately. This 6,500-square-foot mansion also has a great view of a golf course from its giant indoor hot tub. Amenities include: - 5 beds, 6 baths - In-ground pool - Some of the best carpet we’ve ever seen How much for the wildest house in the Carolinas? 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]( AROUND THE BREW [Data that delivers]( [A graphic from Morning Brew]( Life is hard enough—make yours (and your boss’s) easier with data that highlights the important stuff. Our one-week Business Dashboards course [kicks off]( on July 24. From satellite connectivity to AI that codes for you, Tech Brew deciphers how emerging technology will actually operate in the real world. [Subscribe for free today](. Performance review cycles are tough. Could ChatGPT help? [Get expert insight]( from HR Brew. ANSWER $1.7 million Written by [Neal Freyman]( Sam Klebanov, [Matty Merritt]( [Molly Liebergall]( and [Abigail Rubenstein]( Was this email forwarded to you? Sign up [here](. Take The Brew to work - Marketers: [Marketing Brew]( - Corporate: [CFO Brew](  [HR Brew]( - Tech: [IT Brew](  [Tech Brew]( - Retailers: [Retail Brew]( - Healthcare: [Healthcare Brew]( Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. Please Note: We've recently updated our Privacy Policy. View our privacy policy [here](. Copyright © 2023 Morning Brew. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011