📷 Kim K’s crypto crisis

…and the great Omicron “sick-out” [Disclosures](   “Now let’s talk crypto” [Moment via Getty Images]   Yesterday’s Market Moves   Dow Jones 36,290 (+0.11%) S&P 500 4,726 (+0.28%) Nasdaq 15,188 (+0.23%) Bitcoin $43,857 (+2.72%) Dow Jones 36,290 (+0.11%) S&P 500 4,726 (+0.28%) Nasdaq 15,188 (+0.23%) Bitcoin $43,857 (+2.72%) Hey Snackers, “[Yesterday’s price is not today’s price]( Rapper Fat Joe’s iconic phrase is resonating again with economists: The #bars sum up the 7% year-over-year spike in inflation reported for December, a 40-year high. Stocks [rose]( slightly yesterday, despite inflation’s hot pace. While Omicron’s spread continues, President Biden shared [plans]( to distribute an extra 500M free rapid tests to US schools to help keep them open. OOO The national Omicron “sick-out” wreaks havoc across the US, from stores to subways Spreading like wildfire... The US is seeing [record]( hospitalizations, driven largely by people under age 60, as uber-contagious Omicron spreads. (FYI: Hospitalization totals include people who test positive after being admitted for non-Covid reasons.) Omicron is [half as likely]( to hospitalize people compared with Delta, but there are way more cases: The US [logged]( a record 1.35M new infections on Monday, the highest daily total for any country. Omicron accounts for about [98%]( of cases in America. - [5M+]( US workers could be isolating this week, but only a [third]( of low-wage workers are getting paid sick leave, leaving many with a financial burden. - Meanwhile: [Walgreens]( [CVS]( [Amazon]( [Walmart]( and [Delta]( shortened their paid sick leave after the CDC cut its recommended isolation time to 5 days from 10. Called in sick... As if supply and labor shortages weren't enough, Omicron is causing mass disruptions in sectors that require IRL work — think: [empty]( grocery shelves and global manufacturing delays. A fifth of US hospitals [are]( severely understaffed, and [a fifth]( of NYC subway workers were out sick last week, which caused train delays. It’s hitting businesses too: - [Starbucks]( [Nike]( and [Lululemon]( joined [Macy's]( Walmart, and [Apple]( in [reducing]( store hours or temporarily closing locations. Lulu even lowered its earnings guidance. - US airlines have canceled more than [28K]( flights, and [United]( is [planning]( more flight cuts after nearly a [third]( of its Newark staff called in sick on a single day. (Delta could give a status update when it reports today.) THE TAKEAWAY 2022 could be the year Covid is “normalized”... World leaders have started positioning the virus as a normal part of life. The UK told the British public that they would have to “learn to live with” Covid, and Spain’s prime minister [suggested]( the EU should consider treating it as an endemic illness like the flu. Biden too is [preparing]( Americans to accept the virus as part of daily life. The upshot: Scientists are seeing signals that Omicron could [peak]( soon in the US. Coins Kim’s K crypto crisis: Influencer-driven coin promos add fuel to the push for regulation Keeping up with crypto... Kim Kardashian, Floyd Mayweather, and other celebs are being sued over promoting alt-coin EthereumMax as part of an alleged crypto scam. The mysterious coin debuted in May claiming to “bridge the gap [between]( community-driven tokens” and legacy crypto — but provided few details. - Problem #1: EthereumMax’s misleading name. It has nothing to do with [Ether]( the second-largest cryptocurrency after [Bitcoin](. - Problem #2: EthereumMax has crashed 98% since June, which has led to allegations it’s a “pump and dump” scheme. Think: Insiders selling everything after hyping the coin. - Problem #3: Misleading #ad-vertising. Kim disclosed to her 250M+ Insta followers that EMax was a paid promo (FYI: she [had]( to) but didn't discuss risks. Mayweather even accepted EMax as payment for his high-profile fight with Jake Paul. Crypto’s Wild West… is under scrutiny. While micro-influencers increasingly promote new cryptos, celebs like Kim K have unprecedented reach. As FOMO-driven investors try to score on the $3T crypto [market]( a growing number of fraudsters are taking advantage. Last year, crypto crimes hit a record [$14B]( and scammers lured investors with trend-based coins (see: [Squid Coin](. - Regulators have warned against crypto-market manipulation for years. But crypto markets and exchanges lack the controls and fraud protections of the stock market. - US regulators are calling for coin issuers to be [held]( accountable. SEC Chair Gary Gensler wants crypto to be regulated in the same way the SEC oversees stocks and bonds. THE TAKEAWAY Crypto scams are bad for crypto… While some argue that crypto is in the late-adoption phase, celebrity endorsements open the door to millions of new investors who might not have enough information to tell which coins are legit. About 100 new coins are [created]( every day. Scams are further motivating regulators and investors in favor of more transparency and safeguards around crypto. What else we're Snackin' - [ETA]( [Didi]( (aka: the [Uber]( of China) reportedly plans to ditch the New York Stock Exchange and list in Hong Kong later this year, as US and Chinese financial markets continue decoupling. - [Perks]( As millions of Americans struggle to find and pay for Covid tests, companies like [Google]( [BlackRock]( and [JPMorgan]( are starting to provide employees with free at-home tests. - [Bralette]( Tween-favorite retailer [American Eagle]( expects record quarterly sales for the year despite Omicron, as its Aerie line of comfy loungewear continues outperforming. - [Denied]( [Biogen]( shares fell 7% after Medicare said it would limit coverage of its $28K Alzheimer’s drug Adulhelm — whose benefits are being questioned — to patients enrolled in clinical trials. - [Widget]( Locket, a new 2M-user social app where friends can share photos to each other’s home screens, has skyrocketed to the top of the App Store since launching on January 1. It first took off on TikTok. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. The Snacks Daily Podcast Harry’s Razors raised a freshly shaved $140M to become a brand incubator. [Tune in]( to hear why Harry’s edge isn’t the direct-to-consumer product — it’s the D2C mindset. Snack Fact Of the Day [Charli D’Amelio, TikTok’s most-followed star, was the app’s highest earner last year, taking home a reported $17.5M]( Thursday - Weekly jobless claims - Earnings expected from: TSMC and Delta Authors of this Snacks own Bitcoin, Ethereum, and shares of: Apple, Amazon, CVS, Delta, Google, Starbucks, Uber, and Walmart ID: 1988140 Robinhood Snacks newsletters and podcasts reflect the opinions of only the authors who are associated persons of Robinhood Financial LLC (Member [SIPC]( and do not reflect the views of Robinhood Markets, Inc. or any of its subsidiaries or affiliates. They are for informational purposes only, and are not a recommendation of an investment strategy or to buy or sell any security, digital asset (cryptocurrency, etc) in any account. They are also not research reports and are not intended to serve as the basis for any investment decision. Any third-party information provided therein does not reflect the views of Robinhood Markets, Inc., Robinhood Financial LLC, or any of their subsidiaries or affiliates. All investments involve risk including the loss of principal and past performance does not guarantee future results. [Robinhood Terms and Conditions]( • [Disclosure Library]( • [Our Editorial Principles]( • [Contact Us]( • [FAQ]( [Manage Your Subscription Preferences](