Whatâs next after Trumpâs felony convictionsâ¦
[Advertisement][Advertisement] May 31, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Fidelity Investments]( Good morning. R-E-S-P-E-C-T to Bruhat Soma, who was the champion of last nightâs Scripps National Spelling Bee. Soma, a 12-year-old from Tampa, won the trophy after the Spelling Beeâs version of a tiebreakerâa âspell-offââwhere he correctly spelled 29 words in 90 seconds, including stumpers like heautophany and nachschläge. Merriam-Webster, lock this kid into an NIL deal before he gets scooped up by Dictionary.com. âAdam Epstein, Cassandra Cassidy, Matty Merritt, Neal Freyman MARKETS Nasdaq 16,737.08 -1.08% S&P 5,235.48 -0.60% Dow 38,111.48 -0.86% 10-Year 4.554% -7.0 bps Bitcoin $68,525.93 +1.75% Foot Locker $25.89 +14.97% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. [Here's what these numbers mean.]( - Markets: Stocks [slid]( yesterday after investors were disappointed by underwhelming earnings reports. But Foot Locker said not so fast. The shoe store that still makes its employees cosplay as referees surged after it said itâs seeing higher foot traffic after remodeling several locations.  POLITICS [Trump found guilty on all 34 counts](
[Donald Trump after his guilty convictions]( Hirsch/Getty Images Donald Trump can still run for president, but he might not be allowed to vote. The former president and presumptive 2024 Republican nominee was [convicted of all 34 charges]( of falsifying business records by a Manhattan jury in his criminal hush money trial yesterday. The verdicts make Trump the first former commander-in-chief to be a convicted felon. Outside the courtroom, Trump told reporters, âIâm a very innocent man,â and repeatedly claimed the trial was ârigged.â Heâll be sentenced on July 11, just a few days before the Republican National Convention. What was Trump convicted of? Prosecutors allegedâand a jury has now agreedâthat Trump took part in a criminal conspiracy to undermine the 2016 presidential election by paying off adult film star Stormy Daniels to keep quiet about their alleged sexual encounter. - Central to the case was the testimony of Trumpâs former personal lawyer, Michael Cohen, who said he was directed to pay Daniels $130,000 in hush money to keep the entanglement out of the press.
- The prosecution had a [paper trail of evidence]( including invoices and checks, that showed Trump signed off on the illegal payments. Now what? Trump will appeal the conviction, arguing that he wasnât given a fair trial because it was held in New York City. The appeals process could extend well beyond Election Day. In the meantime, the former president will be sentenced. The charges against Trump are class E felonies, which each carry a maximum sentence of four years in prison. - He could be sentenced to jail. If so, he may not serve time before the electionâif at all. [Pundits are divided]( on whether or not itâs logistically possible to put a former president behind bars.
- The more likely sentence is probation and/or fines, per most legal experts. Some believe that Judge Juan Merchan will place Trump under house arrest. Bidenâs take. The current president and Trumpâs likely 2024 competitor was relatively muted in response to the verdict. âWe respect the rule of law, and have no additional comment,â the White House said in a statement. The Ackman curse? Just hours before the verdict came down, the Financial Times reported that hedge fund billionaire Bill Ackman intends to endorse Trump after previously supporting failed candidates Dean Phillips and Nikki Haley. Ackman is just one of several billionaires, including Nelson Peltz and Elon Musk, who appear likely to back Trump. DJTâs down. Shares of Trump Media plummeted in after-hours trading following news of the convictions.âAE PRESENTED BY FIDELITY INVESTMENTS [Listen up, squad](
[Fidelity Investments]( Gimme an E, gimme a T, gimme an F! Okay, but fr: Taking a more active approach to your portfolio with active ETFs can offer some pretty sweet benefits. Where to start? Fidelity. Their [active ETFs are run by experts]( to pursue upside potential and adapt to market conditions. For example, take a look at the [Fidelity]( Large Cap Core ETF (FELC)](. Instead of just riding the index like a passive ETF, FELC seeks to outperform the index. Plus, Fidelity offers low expense ratios on active ETFs paired with the potential for outperformance. [Discover FELC](. WORLD [Tour de headlines](#)
[An NRA supporter outside the Supreme Court]Stefani Reynolds/Getty Images The NRA won its free speech SCOTUS case. In a decision with [major implications]( for how government officials can pressure private companies, the Supreme Court ruled unanimously to allow the National Rifle Association to pursue its First Amendment lawsuit against a New York state official who allegedly urged banks and insurers to cut ties with the pro-gun group after the 2018 Parkland mass shooting. âThe First Amendment prohibits government officials from wielding their power selectively to punish or suppress speech,â Justice Sonia Sotomayor wrote. The NRA, which elected a new CEO last week following former leader Wayne LaPierreâs corruption scandal, called the ruling a âlandmark victoryâ for free speech. Boeing told the FAA how it plans to improve safety. The airplane manufacturer endured the travel industry equivalent of getting sent to the principalâs office yesterday when it outlined its plan to regain the publicâs trust in a [three-hour meeting]( with federal regulators. Per the Federal Aviation Administration, Boeing executives pledged that the company will enhance oversight, simplify processes, and improve employee training in response to the cavalcade of safety incidents that have garnered international headlines in recent months. The FAA will âactively monitorâ Boeingâs progress with parent-teacher conferences weekly review meetings. Nelson Mandelaâs party is likely to lose its majority in South Africa. For the first time since the end of apartheid in 1994, the African National Congress is poised to [lose its majority]( in Parliament based on early election results. The political party, which gained power as a liberation movement under Mandela 30 years ago, is on pace to earn less than 50% of the vote, which would force it to form a coalition government with other parties. The ANC has won every national election since 1994, but corruption scandals and economic turmoil in the last decade have soured some South Africans on the partyâs long-running dominance. TECH [AI is the thorn in Salesforceâs side](
[Salesforce logo with rain coming down from it]( Kim Aside from its annual company conference that [advertises]( as if it were a musical festival for children, Salesforce isnât in a very happy place right now. The cloud software company posted some of its worst results ever on Wednesday, a worrying sign that the enterprise software industry is struggling to contend with AI. In response to Q1 earnings that showed growth slowing down, Salesforce stock fell 20% yesterday. It was the stockâs worst day in 20 years and could cause Salesforceâs market value to drop by nearly $50 billion if these doldrums persist. Some lowlights: - For the first time since 2006, the company missed estimates. It reported 11% revenue growth to $9.13 billion, short of Wall Streetâs $9.17 billion forecast.
- Billings increased by a record-low 3% year over year. Whatâs got Salesforce so blue? That would be AI. Thereâs less money flowing to enterprise software spending because investors are pumping so much money into AI, and analysts arenât convinced that Salesforce can use AI to boost profitability anytime soon. Big picture: Cloud software isnât the cash cow it used to be. Other companies like Workday and UiPath have seen their stocks sell off after posting less-than-stellar results.âCC SPONSORED BY APPLE CARD
[Apple Card]( Cha-ching. [Late, foreign transaction, or annual fees]( Not with your new Apple Card. Youâll also earn unlimited Daily Cash back (up to 3%) after every purchase, which you can [use right away]( or automatically send to a [high-yield Savings account]( when you open an account through Apple Card. Want in? Apply now for Apple Card. Terms apply. Savings provided by Goldman Sachs Bank USA. Member FDIC. SPACE [Outer space finally meets wood](
[Wooden satallite.]( Images How much wood would a woodchuck chuck if a woodchuck knew it was going to space? Forget about that goo they had to breathe in The Abyssâthe hottest new material is wood, baby. Specifically, the magnolia that Japan used to [create]( the first-ever wooden satellite, LignoSat. Developed by Kyoto University and Sumitomo Forestry, the 10-cubic-centimeter satellite took about four years to build and was designed using a traditional Japanese method without screws or glue. The cube will launch in the fall from the Kennedy Space Center to the International Space Station, where it will chill for a month before deploying to outer space for six months. - Material samples like cherry and birch were tested for âstrength and workabilityâ on Earth and aboard the ISS.
- Scientists noted specifically that magnolia saw no signs of damage in space, likely because thereâs no oxygen to burn it, or creatures (that we know of) to rot it. Why wood? Normally, satellites are made with aluminum, which produces toxic chemicals during their fiery reentry into Earthâs atmosphere. If successful, the wooden satellite, which burns into a little pile of ash upon reentry, opens up the possibility of more eco-friendly spacecraft and less space debris.âMM STAT [Prime number](#)
[copper wire]Getty Images Your weird neighbor who said he found buried treasure in the woods may be on to something. There are billions of dollarsâ worth of copper wire in the ground, and telecommunications giants like AT&T plan to [dig it back up]( and sell it, Bloomberg reported. Over the next decade, telcos hope to unearth up to 800,000 metric tons of copper wire, worth about $7 billion. The copper has kinda just been sitting there ever since companies switched to fiber-optic cable, but itâs a hot commodity again due to its use in EV batteries and other green tech. The increased demand has driven copper prices up by 50% since before the pandemic, per Bloomberg. QUIZ [Abercrombie & Quiz](
[New Friday quiz image]( The feeling of getting a 5/5 on the Brewâs Weekly News Quiz has been compared to when you tear a perforated edge perfectly. Itâs that satisfying. [Ace the quiz](. NEWS [What else is brewing](#) - [Nelson Peltz]( made about $1 billion by selling his entire stake in Disney after losing his proxy battle against the entertainment giant.
- [Emirates]( added turbulence detection tools to its flights after two extreme incidents last week.
- [Amazon]( increased its stake in food delivery app Grubhub to 18% and will now allow US users to order takeout directly from the Amazon website and app.
- [The IRS]( is expanding its free TurboTax-alternative filing tool to all 50 states starting next year.
- [The French Open]( banned spectators from drinking alcohol in the stands because they have been way too annoying this year, tournament officials said. RECS
[Friday to-do list] Mangia: The [20 best]( food cities in the world right now. Watch: Ethan and Maya Hawke charmingly walk you through their [movie picks]( from the Criterion Collection. Impress your friends: A âvirtually completeâ Stegosaurus fossil just [went up for auction]( if you have $6 million to spare. Listen: Go inside the buy now, pay later boom with Affirm CFO Michael Linford, who was a guest on the After Earnings podcast. Listen on [Apple]( [Spotify]( or [YouTube](. Healthy orgs ahead: Donât let bad company culture slow down your business. [BambooHRâs free guide]( digs into how you can unite your teams, boost retention, + help your organization thrive. [Read on]( *A message from our sponsor. GAMES [The puzzle section](#) Jigsaw: If youâve ever been to Hood River, OR, then you know itâs the windsurfing capital of the world. If you havenât been, travel there virtually in [todayâs aquatic jigsaw](. Friday puzzle For the following strings of letters, find a word that contains those letters in order with nothing else in between. It probably wonât be obvious at first glance. Example: XOP -> Saxophone - NSW
- TANTAN
- ONIG
- PTC
- GUAG
- HIPE 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. Weâre saying weâll 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=4904f90a]( ANSWER - Answer
- Instantaneous
- Tonight
- Bankruptcy
- Language
- Archipelago [Source]( Word of the Day Todayâs Word of the Day is: cavalcade, meaning âa dramatic sequence or procession.â Thanks to Joe from Pittsburgh, PA, for the orderly suggestion. Submit another [Word of the Day here](. ⢠A Note From Fidelity Investments Expense ratio 0.18% as of 4/10/2024. Past performance is no guarantee of future results. While active ETFs offer the potential to outperform an index, these products may more significantly trail an index as compared with passive ETFs. Before investing in any exchange-traded fund, you should consider its investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus, an offering circular, or, if available, a summary prospectus containing this information. Read it carefully. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 1145567.1.0 Written by [Adam Epstein]( [Cassandra Cassidy]( [Matty Merritt]( and [Neal Freyman]( Was this email forwarded to you? Sign up [here](. Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](.
View our privacy policy [here](. Copyright © 2024 Morning Brew. All rights reserved.
22 W 19th St, 4th Floor, New York, NY 10011