😷 Free Covid tests

…and 5G’s delayed upgrade finally happens [Disclosures](   Twitter sarcasm hits different in 5G [Westend61 via Getty Images]   Yesterday’s Market Moves   Dow Jones 35,029 (-0.96%) S&P 500 4,533 (-0.97%) Nasdaq 14,340 (-1.15%) Bitcoin $41,987 (-0.90%) Dow Jones 35,029 (-0.96%) S&P 500 4,533 (-0.97%) Nasdaq 14,340 (-1.15%) Bitcoin $41,987 (-0.90%) Hey Snackers, Instead of dancing in the mirror and singing in the shower, Gen Z is dancing on the phone and wearing jackets in the shower: The latest [viral]( sensation is all about wearing waterproof Arc'teryx raincoats under your showerhead. Stocks [dropped]( across the board yesterday as the techy Nasdaq fell into correction territory (down 10% from its most recent high in November) and mortgage rates [climbed]( for the fourth straight week. Meanwhile, the value of the crypto market briefly [slipped]( below $2T, after peaking near $3T in mid-November. Ship The US launches free Covid test orders, as Biden boosts tools to manage the “new normal” Testing, testing... 1, 2, 3, 4. Americans can now order four free at-home Covid tests per household, courtesy of Uncle Sam. The ordering [website]( rolled out Tuesday and is surprisingly easy to use: Click the big "order free at-home tests" button, type your name and address, and submit. USPS is shipping all orders, which should arrive in 7 to 12 days. - Good execution: Government sites aren't known for being sleek. But apart from a few [hiccups]( [covidtests.gov]( appears to be running smoothly. - Not-so-good timing: Ideally the site would’ve launched before the holiday Omicron surge, but the Biden admin had [rejected]( an October proposal for free tests. The US is now logging record Covid cases, with Omicron making up [nearly all]( infections. N-95 problems… and a test is one. Many Americans had [trouble]( getting tested over the holidays. Think: hours-long lines at free sites and sold-out kits. Meanwhile, retailers like [Walgreens]( and [Walmart]( and diagnostic companies like [Abbott]( and [Labcorp]( raked in [billions](. But more help is coming: - Tests: Private insurers [are now required]( to reimburse up to eight home Covid tests/month. - Masks: The US will [distribute]( 400M free N-95 masks at health centers and pharmacies starting next week. - Antivirals: The Biden admin purchased 20M courses of [Pfizer’s]( newly authorized Covid pill, which the pharma giant [said]( was effective at treating Omicron in tests. THE TAKEAWAY The “new normal” still isn’t normal… yet. At a press conference marking Year 1 in office, President Biden said yesterday that the US wouldn’t go back to lockdowns or closed schools. He said we now have the tools for a future where Covid isn’t a crisis. Dr. Anthony Fauci [suggested]( that Omicron — already peaking in some states — could mark the end of Covid’s pandemic phase. Still, economists [cut]( the US’s annual growth outlook as Omicron exacerbates shortages and inflation. OM(5)G Verizon and AT&T launch their 5G service after flight-safety delays — but they’ve got competition Can you hear me now?... Yesterday [Verizon]( and [AT&T]( finally [activated]( their faster 5G networks, which could power everything from crisper gaming and video chatting to VR and self-driving cars. Earlier this month airlines and regulators asked the phone carriers to delay the 5G rollout, warning it could cause "catastrophic disruption" for flights by interfering with planes’ navigation systems. - The compromise: Verizon and AT&T launched yesterday - but agreed not to launch within two-mile “buffer zones” around 50 major airports. - Some airlines canceled flights anyway: Airlines have also cut thousands of flights because of Omicron-related staffing shortages and bad weather. Will the real 5G please turn on… AT&T and Verizon have offered “low-band” 5G (that’s usually not much faster than 4G) in the US for years, while spending billions building infrastructure to deploy the significantly faster “C-band” 5G. Verizon and AT&T together have paid nearly $70B for rights to use the newly available wavelengths that power C-band. - In nearly 40 countries C-band 5G has already been deployed without disrupting airlines. - But in the US millions of customers in buffer zones may have to wait a few more months until airlines, carriers, and regulators hash out an air-safety deal. THE TAKEAWAY Cell companies can’t afford another long delay… because 5G may be losing ground to satellite internet. 5G frustration, plus these latest delays, could help satellite internet take off: The satellite-internet industry is expected to balloon 6X by 2030 as companies like Starlink, OneWeb, HughesNet, and [Viasat]( keep growing. What else we're Snackin' - [Hygiene]( [Procter & Gamble’s]( quarterly sales popped as consumers picked up household staples like Crest toothpaste and Tide despite price hikes. P&G plans to raise prices on more products next month. - [Wealth]( [Morgan Stanley]( and [Bank of America]( posted strong quarterly profits thanks to their wealth management and investment banking units. But wage hikes are weighing on all banks as they spend more to attract talent. - [Loyal]( Instagram is testing a subscription feature that lets creators charge their followers for access to exclusive IG Lives and Stories. Prices range from $1 to $100 monthly. - [Break]( [Peloton]( insiders reportedly sold nearly $500M worth of shares before the stock plunged this week. It followed a CNBC report that the company hired McKinsey to consult on its cost structure, which could lead to layoffs. - [Free]( In new court documents Britney Spears alleges that her father took $6M+ of her earnings during her controversial 13-year conservatorship — and that he petitioned for $30M+ to cover his legal fees. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. The Snacks Daily Podcast Airbnb’s CEO is officially joining the work-from-anywhere club: “Starting today, I’m living on Airbnb.” [Tune in]( to hear why chief executive officers are evolving into chief cheerleading officers. Snack Fact Of the Day [NYC is projecting a balanced budget (read: no deficit) for the first time ever — thanks to pandemic aid and a tax hike on millionaires]( Thursday - Weekly jobless claims - Earnings expected from: United Airlines, Netflix, Union Pacific, and The Travelers Companies Authors of this Snacks own shares of: AT&T, Pfizer, Netflix, and Walmart ID: 1998142 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](