🍄 Psychedelic therapy’s moment

…and cheaper natural gas meets scorching temps   Tuned in (Cole Burston/Getty Images)   Last Week’s Market Moves   Dow Jones 34,418 (+0.03%) S&P 500 4,456 (+0.12%) Nasdaq 13,817 (+0.21%) Bitcoin $31,111 (+1.63%) Dow Jones 34,418 (+0.03%) S&P 500 4,456 (+0.12%) Nasdaq 13,817 (+0.21%) Bitcoin $31,111 (+1.63%) Hey Snackers, Goodbye, quiet quitting. Hello, loud quitting. A recent [Gallup poll]( suggested that workers who are fed up with their jobs aren’t just doing the bare minimum required — they’re actually quitting. The horror. Stocks finished higher on Monday with US markets closed yesterday for Independence Day. Meanwhile, with the year’s second quarter in the rearview mirror, the Nasdaq chalked up its strongest first six months of the year since the early ’80s. Btw... Do you want to start getting Snacks daily? Or prefer to unsubscribe? Manage your subscription preferences [here](. DRUGS FDA creates a wake for psychedelic drugs as a flood of cash flows into alt therapies Regulators’ doors of perception… may be starting to crack open. The US Food and Drug Administration recently took a big step toward boosting psychedelic drug therapy. The agency — which regulates everything from food to cosmetics to tobacco — [issued]( its first draft guidance for how it’ll suggest researchers design clinical trials for psychedelics. It could make the eventual process of gaining FDA approval clearer for drug companies seeking to develop psychedelic drugs intended for alternative therapies (translation: a potential business boom). - On the table: The FDA’s draft guidance mentions LSD, psilocybin, and MDMA. - Playing catch-up: Psychedelic-assisted therapy has been used to treat post-traumatic stress disorder, depression, eating disorders, and addiction. Money follows culture… Even before the FDA moved to tee up clinical trials, business was ready to take a swing. By last year, 50+ psychedelic companies, including [Compass Pathways]( and [ATAI Life Sciences]( had gone public at a combined $2B+ valuation. Analysts expect the market will reach $12B by 2030, and it’s not just a US phenomenon. Australian doctors, for example, can now prescribe MDMA and psilocybin for the treatment of depression and PTSD. Culturally, psychedelics appear to have arrived. The best-seller “How to Change Your Mind” inspired a [Netflix]( series, and hardly a month goes by without an article detailing Silicon Valley CEOs’ use of psychedelics. THE TAKEAWAY Durable foundations are built brick by brick… The road to FDA-approved psychedelic drugs has been long (and is ongoing). MAPS, a nonprofit that advocates for psychedelic therapy, recently held a 10K-person [conference]( in Denver attended by celebs including Aaron Rodgers and Melissa Etheridge. Historically, indigenous populations worldwide have used psychedelics for healing. Looking ahead: the FDA’s draft guidance represents a meaningful step for drug companies looking to enter the market, but hurdles remain. Namely, the DEA still classifies psychedelics as having “no currently accepted medical use.” Events Coming up this week Dustin’ off the ol’ cubicle… The jobs market has stayed strong despite high interest rates and pesky inflation. In May, US hiring ramped up as employers added a whopping 339K jobs (economists had predicted 195K). And while industries like leisure and hospitality have seen a flood of new hires, they’ve started to cool. Meanwhile, unemployment has ticked higher. Some economists say the jobs market may’ve peaked as fewer Americans join the tail end of the Great Resignation. We’ll get the latest on the labor market when June’s job #s drop on Friday. 501s with a fraying hem… [Levi]( has cemented itself as a multi-generation must-have. In the first quarter, its CEO said it was the “market share leader” among 18- to 30-year-olds after topping revenue and profit expectations. Its direct-to-consumer and ecommerce biz saw strong sales growth, too, contributing 42% of all revenue. But none of it fully offset excess inventory, a problem that has many retailers’ zippers stuck. We’ll see whether discounts to sell off the glut ate into Levi’s margins when the denim icon reports this week. Zoom Out Stories we’re watching Checkin’ the bill… Natural gas ended June costing half as much as it did the same time last year when prices hit a decade+ high as Europe bought US gas after Russia invaded Ukraine. But suppliers on both sides of the Atlantic saved up more than they needed given the unusually warm winter. Now there’s 15% more stored gas than the five-year average, which is setting up households for cheaper electric bills even as scorching heat blankets the US. FYI: last year 41% of the US’s electricity was generated by natural gas. Can you hear me now?... Last week President Biden announced a $42B plan to make high-speed internet available to every US household by 2030. About 6% of Americans lack broadband, and coverage gaps create hurdles for critical institutions like schools and libraries. The funds’ll be divvied up over the next two years, with each state receiving at least $107M, and up to $3B+ for those that need it most. In rural areas, nearly a quarter of residents (14.5M people) have no reliable broadband. The fresh $$ could be pivotal in closing the digital divide. ICYMI Last week's highlights - [Hot dog]( [Costco]( cracking down on membership sharing by checking cards and photo IDs. The bulk grocer follows in the unchill footsteps of Netflix, which reportedly boosted its paid subs after booting password-moochers. - [Rolax]( The Inform Act is now in effect, requiring online marketplaces like [Amazon]( to check some sellers’ gov’t and tax IDs. [Home Depot]( and [Best Buy]( have been pushing to rein in shady resellers. - [AYCE]( Buffets are back as consumers worry less about germs on communal piles of crab legs. Visits to Golden Corral, Cici’s, and Pizza Ranch have spiked this year, with regular sit-downs seeing a smaller uptick. What else we're Snackin' - [Cloudy]( Amazon plans to shell out billions to bolster its data-center footprint. Demand has soared in the US as more people depend on the cloud for everything from WFH to streaming. - [Tent]( Campsites across the US are selling out as people head for the great outdoors, but no-shows are taking up high-demand spots. Now states like California are proposing laws that could mean no-show penalties. - [#Suit]( TikTok is financing a lawsuit filed by Montana creators challenging the state’s ban of the app. One expert suggested the case could focus on how a potential nationwide ban would harm Americans. Want your Snacks daily? The Daily Newsletter Get fresh takes on financial news every week day. Try a sample: 💻 [Google’s video-ad drama]( • Jun 30, 2023 ✈️ [Airlines’ travel-season turbulence]( • Jun 29, 2023 🎥 [Hollywood’s blockbuster bust]( • Jun 28, 2023 [Subscribe to the Daily]( Snack Fact Of the Day The winner of the Tour de France will burn the equivalent of about 210 Big Macs [Read more]( This Week - Wednesday: US markets reopen after Independence Day - Thursday: Initial jobless claims. 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