🔥 Hot summer jobs

…and Bored Apes slip up   Comin’ in hot (Michael Macor/Getty Images)   Yesterday’s Market Moves   Dow Jones 33,922 (-1.07%) S&P 500 4,412 (-0.79%) Nasdaq 13,679 (-0.82%) Bitcoin $30,227 (-0.92%) Dow Jones 33,922 (-1.07%) S&P 500 4,412 (-0.79%) Nasdaq 13,679 (-0.82%) Bitcoin $30,227 (-0.92%) Hey Snackers, Celine is getting her own seat at the brunch table: “[purse stools]( are becoming a hot commodity at restaurants, because Gucci can’t be on the ground. Party of five + Fendi? Stocks fell after surprisingly strong US jobs numbers, and traders upped their bets of an interest-rate hike this month. 9-to-5 Blistering June jobs growth and rising wages give investors a case of the Fed sweats It’s hot in here… but don’t blame the summer swelter. Last month the US labor market appears to have gone from 75 and sunny to 95 and boiling. Yesterday [ADP]( reported that private-sector companies added nearly 500K jobs in June — more than double what was expected, and the most in over a year. It’s a big ramp-up from May’s 267K gain. - Planes, trains, and restaurant chains: The leisure and hospitality industry led the charge, accounting for 232K of new hires. - Fed up: Despite the Fed’s aggressive rate hikes to quell inflation and cool the hot jobs market, there are still nearly two open roles for each available worker. - Fell Dow: Yesterday the Dow and S&P 500 had their worst day since May as investors feared that “good” labor news could mean more rate-hike woes. - FYI: Today we’ll get the full jobs report from the Labor Department (which doesn't always match the ADP's #s). Direct-deposit feeling… While the pace of wage growth cooled, annual pay jumped 6.4% from a year ago, and for people who switched jobs, the median bump was over 11%. For a chunk of the pandemic, wages weren’t keeping up with rising prices. Recently, though, paychecks were back to growing [faster]( than inflation. That’s good for workers but not great for companies’ bottom lines. In the first quarter, labor costs per unit of sales jumped 6% — more than prices — while profits per unit of output were up a measly 1.6%. THE TAKEAWAY Payrolls are a two-sided coin… A strong labor market and rising wages can boost spending and strengthen the economy. But they can also exacerbate the sticky-inflation problem (higher labor costs can = higher prices). Now investors worry that the Fed’s interest-rate hill could get steeper. If today’s Labor Department report is as hot as the ADP’s, rate-hike expectations could rise. Yawn Bored Apes flounder as the once hyped NFT biz fails to keep the buzz alive Got me like, baby, oh no... Justin Bieber’s Bored Ape non-fungible [token]( is worth 95% less than the $1.3M he paid for it in January 2022, as the value of Bored Apes and other blue-chip NFT collections plummets. The cheapest Bored Ape on the market (aka the “floor price”) could be had for 27 ETH on Sunday, down 88% from a peak of 152 ETH in April 2022. NFTs in a recently launched Bored Ape spinoff game have fallen too. - Class rep: Yuga Labs — which owns Bored Apes, CryptoPunks, and other NFT collections — is one of the best-known NFT companies, and cooling interest in its tokens could be a bad sign for the broader industry. It’s not a “gm” for NFTs… NFTs were a buzzword in 2021-22. But after cratering later last year and clawing back some of its interest earlier this year, the non-fungible tide has turned once again. NFT royalties, a revenue driver for the collections’ creators, are at their lowest point in two years, partly because they often aren’t enforced. Just $10M in NFTs are being sold daily, compared to $30M last year. Popular NFT collections including Doodles and Pudgy Penguins have seen recent price dips, and Azuki Elementals fell nearly 60% last week following a controversy with its founder. THE TAKEAWAY Buzzy businesses need to keep things fresh… While investors might not expect much excitement from a century-old canned-goods company, innovative products like NFT collections need to keep churning out new-ness. But Yuga Labs appears to have let its bananas go from ripe to rotten, and it may be running out of time to even make bread. It’s been hyping the release of its virtual world, dubbed Otherside, since March 2022 — but after buyers spent $320M on Otherside “deeds,” they’re still waiting for the world to go live. BADBLOOD The Crypto Catch-Up… 😰 Stressin’… A new report suggested that crypto-related job [openings]( in major US cities were down as much as 80% from their highs in 2021 and ’22, when hotspots including Miami and NYC sought to become crypto hubs as [bitcoin]( prices soared. 🌶️ Spicy… Taylor Swift had reportedly [agreed]( to a $100M promo deal with FTX before the crypto exchange backed out. Investors are suing celebs including Tom Brady and Larry David over their roles in promoting the now failed company. 🪙 Coins… The price of bitcoin no longer seems so tightly [correlated]( with US stocks. For some of last year, the OG crypto traded in parallel with tech stocks as investors and pundits declared the "digital gold" narrative dead. What else we're Snackin' - [Threats]( [Meta]( new Twitter-like app, Threads, was downloaded 30M+ times following its Wednesday release. Some called Threads a “Twitter killer,” and it could mean more trouble for Twitter’s sagging ad sales. - [Value]( [Tesla]( pledged to promote “core socialist values” in China after its price cuts threatened Chinese EV rivals. Last quarter, deliveries from Tesla’s Shanghai factory made up over half of the carmaker’s worldwide sales. - [DiageNo]( Sean “Diddy” Combs is suing [Diageo]( over claims the booze giant neglected his tequila brand, DeLeon, and favored its other sips like Don Julio. Spirits surpassed beer last year in US market share. - [JetThrough]( [JetBlue]( said it wouldn’t appeal a judge’s order to end its partnership with [American Airlines](. (The deal was called anticompetitive.) Instead, JetBlue said it would focus on finalizing its [Spirit]( acquisition. - [Truckin’]( [Ford]( sales popped 10% from last year, driven by F-Series truck demand. The F-150 icon wasn’t alone: US new-vehicle sales jumped a better-than-expected 13% in the first half of this year. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. Snack Fact Of the Day In commercial planes, fuel is usually stored in the wings [Read more]( Friday - June jobs report Authors of this Snacks own bitcoin and ethereum and shares of Tesla Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... [See more]( [Sherwood Terms and Conditions]( • [Our Editorial Principles]( • [Contact Us](mailto:hellosnacks@sherwoodmedia.com) • [Privacy Policy]( • [Advertise with us](mailto:advertising@sherwoodmedia.com) [Unsubscribe](