☕️ Friends in high places

How US tourists are creating a European economic boom... June 22, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [The Points Guy]( Good morning. This year, the Fourth of July doubles as the 100th birthday of the all-powerful Caesar salad. To celebrate, we’re preparing something special. We want your opinions on the favorite dish of women laughing in stock photos. So, whether you blast it with ranch dressing to choke it down or have spent years perfecting a vinaigrette, fill out this [short survey]( to give us your salad thoughts. —Sam Klebanov, Molly Liebergall, Matty Merritt, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 17,689.36 -0.18% S&P 5,464.62 -0.16% Dow 39,150.33 +0.04% 10-Year 4.257% +0.0 bps Bitcoin $64,102.49 -1.48% Nvidia $126.57 -3.22% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. [Here's what these numbers mean.]( - Stocks [slumped]( into the weekend as Nvidia faltered for the second day in a row, falling off the world’s most valuable company perch and shedding $220+ billion in market cap. But if you’re more of a glass-half-full type: The S&P 500 has gone 377 days without a 2.05% sell-off, the [longest streak]( since the 2008 financial crisis, per CNBC.  MEDIA [Turmoil is front-page news at the Washington Post]( [Bezos on a yacht]( Bezos on vacation. Grgo Jelavic/Getty Images The internal politics at the Washington Post are almost as dramatic as those in the corridors of power that the newspaper covers. Uncertainty about the future of the money-losing, Bezos-owned publication intensified yesterday when staff were notified that British media veteran Robert Winnett, who was hired to lead its newsroom, [will not be joining]( the company after all. Winnett’s decision to stay in the UK came after WaPo reporters dug up allegations that their incoming boss had engaged in [ethically murky]( (at least by American media standards) news-gathering earlier in his career in London. - Winnett was hired to be WaPo’s executive editor by his former colleague and fellow Brit Will Lewis, who himself was recently brought on as CEO and tasked with guiding the Post back to profitability. - But shortly after Lewis took the reins at the newspaper that broke Watergate, he may have attempted to [kill a story]( about his alleged role in covering up the British phone tapping scandal and later possibly [pressured subordinates]( not to cover the topic. The controversy has angered and demoralized staff at a time when many WaPo staffers are busy covering the race for another top job: the US presidency. How did we get here? Like many news brands, the Washington Post is in dire straits. It’s lost half of its readership since 2020 and ended last year $77 million in the red. Lewis is attempting a major overhaul involving the creation of an additional newsroom tasked with producing content for social media aimed at “untapped audiences,” per the Wall Street Journal. The search for a new executive editor began three weeks ago, after Sally Buzbee left the position, dissatisfied with an impending demotion in the newsroom shake-up. What does Bezos think? The paper’s billionaire owner briefly weighed in on the situation from his Mediterranean yacht vacation earlier this week, emailing staff to say he supported Lewis’s course and expects WaPo to maintain its high standards. The British are coming: Though Winnett is staying put, many American media companies are bringing on editors and executives from [across the pond]( for their reputed ability to deftly navigate rough waters with limited resources.—SK PRESENTED BY THE POINTS GUY [You have a point there]( [The Points Guy]( Have you heard of the Credit Card Competition Act? If you’re a big fan of racking up cash-back and travel rewards, you’re gonna wanna pay attention. Here’s the breakdown: The Credit Card Competition Act is proposed legislation in Congress that could fundamentally [change credit card systems](. If passed, it could devastate the future of cash-back and travel rewards. If you’re not exactly pleased by the sound of all that, you can act now by contacting your congresspeople through [this simple form](. The Points Guy has [all of the deets here](. Power to the people—and your points. WORLD [Tour de headlines](#) [A protester with a sign that says "abusers should not have guns" outside the Supreme Court]Andrew Harnik/Getty Images SCOTUS upholds ban on domestic abusers owning guns. In an 8–1 decision, the Supreme Court [refused]( to strike down a federal law barring people with restraining orders against them for domestic violence from having firearms (Clarence Thomas dissented). Under the Second Amendment, the government is still allowed “to disarm individuals who present a credible threat to the physical safety of others,” Chief Justice John Roberts wrote for the majority. The ruling contrasts with other recent ones expanding gun rights, and it limits a 2022 decision requiring laws restricting guns to have a historical analogue, which led to many new legal challenges. The FDA approved its first menthol-flavored vapes. The FDA [authorized]( the sale of four menthol-flavored e-cigarette products from Njoy (a brand owned by tobacco giant Altria). It’s the first time the agency has signed off on menthol vaping cartridges, having previously banned several menthol and other flavored products over concerns about their appeal to teens. But in approving the Njoy products, the agency acknowledged the health benefits for adults of flavored vapes over traditional tobacco cigarettes. Regulators are not impressed by big banks’ living wills. Since being too big to fail is not considered enough of a plan, regulators have required big banks to have wind-down procedures in place since 2008, and the Federal Reserve and the Federal Deposit Insurance Corp. are [not happy]( with the latest ones several banks submitted. Regulators said the living wills drafted by Citigroup, JPMorgan Chase, Goldman Sachs, and Bank of America all had weaknesses that called into question whether they could be implemented in a crisis, especially in terms of dealing with their ample derivatives portfolios. The banks will have to address the issues in their 2025 submissions. POLITICS [Billionaires line up behind Biden and Trump]( [Red and blue money bags square off in a boxing ring]( Scialabba The contest for the Oval Office is heating up in the friends-in-high-places department: Campaign financial disclosures for May were filed this week, revealing a power hour of a fundraising month. Some of the biggest spenders were: - Investor/banking scion [Timothy Mellon]( who gave $50 million—this election cycle’s largest donation yet—to Donald Trump’s allied super PAC the day after the former president’s felony conviction. - Former NYC Mayor Michael Bloomberg, who donated about $20 million to President Joe Biden’s campaign and a joint Biden–DNC fundraising committee. Trump and the RNC outraised Biden and the DNC last month for the first time this year, [logging]( $141 million in May gifts to Biden & co.’s $85 million. The MAGA super PAC also raised $68 million, compared to the Biden-allied super PAC’s $39.5 million. The current president’s war chest is a record $212 million, and the former president’s pile is $170+ million, [per]( the New York Times. Other friends of Don include…the Winklevoss twins. They donated $1 million worth of bitcoin each, but the amounts were just [refunded]( for exceeding fundraising limits (which don’t apply to gifts made to super PACs). Blackstone CEO Stephen A. Schwarzman, Las Vegas magnate Miriam Adelson, and several oil and shipping execs are also on the former president’s side. Support for Joe also came from…hedge fund manager George Soros’s PAC, designer Tom Ford, a Zillow co-founder, and the owner of the Atlanta Falcons. And Thursday, Melinda French Gates made her first-ever political endorsement when she [announced]( that she’s backing Biden (potential donation TBA).—ML TOGETHER WITH BETTERMENT [Betterment]( Power to your portfolio. Concerned interest rates are plateauing? Consider Betterment’s BlackRock Target Income portfolio, a 100% bond portfolio with a [6.72% annual yield]( while generally involving less risk than stocks. [Learn more](. TRAVEL [US tourists are powering Europe’s post-Covid recovery]( [American tourists in Lisbon, Portugal.]( Mantilla/Getty Images No one’s more booked and busy this summer than Europe with the Eras Tour, the Euros, and the upcoming Olympics. But the Continent’s [economic boom]( owes its biggest thanks to Steve from Milwaukee downing gallons of port in Lisbon. You might feel the deja vu of your friends posting “Florence reccs???” every June, but this summer, an unprecedented number of Americans really are taking a European vacation. Europe expects to host a record number of tourists from the US, thanks to a strong dollar. American tourists are targeting southern Europe in particular, putting some countries’ post-lockdown rebound in hyperdrive. - Italy, Spain, Greece, and Portugal brought in nearly a third of the EU’s total international tourism dollars last year, which equates to $500+ billion. - Portugal specifically has seen a massive influx of US tourists, driving tax revenue up 20% last year in the capital city of Lisbon. It’s not all wine windows and sunny beaches. Tourist dollars can be fickle and give policymakers tunnel vision. The cost of living for residents has skyrocketed in places like Lisbon, while overcrowded destinations like Venice have implemented anti-tourism fees, and locals in Spain’s Balearic and Canary Islands protested visitors.—MM STAT [Prime number](#) [a row of suburban homes]Lawrence Sawyer/Getty Images Get ready to forswear a whole lot of avocado toast because housing prices just hit a record high. Last month, the [median price]( for an existing home in the US rose to $419,300, the highest it’s been since the National Association of Realtors started keeping track in 1999. Those price tags, coupled with sky-high mortgage rates, weren’t good for home sales: Sales of previously owned homes are at a 30-year low and don’t seem to be picking up in what’s usually the busy season. Prices are staying high despite falling sales in part because there isn’t much available on the market. That means if more homeowners start selling, price growth may slow down and then perhaps you can finally have your brunch and own your place, too. NEWS [What else is brewing](#) - [A shooter]( opened fire at an Arkansas grocery store, killing three people and wounding 10. - [Forever 21]( has asked for breaks on its rent as the cheap and trendy clothing retailer struggles financially. - [The World Health Organization]( issued a global warning about fake Ozempic, which could be dangerous. - [SpaceX]( debuted its Starlink Mini, a portable $599 satellite internet antenna that fits in a backpack. - [Four members of a billionaire family]( in Switzerland were sentenced to prison for exploiting foreign domestic workers at their lakeside villa. Though they were cleared of more serious human trafficking charges, they plan to appeal. - [Scientists]( have discovered microplastics in the human penis for the first time, as experts continue to raise concerns about the small particles’ health impacts. RECS [Saturday To-Do List graphic] Guess: [This game]( gives you a weekend and you say what movies ruled the box office. Watch: How [dating apps]( make money. Dress to impress: A guide to every kind of [wedding dress code](. Bake: It’s strawberry season, and [these recipes]( will help you take advantage of it. Stress less: With just a push of a button, the [Apollo wearable]( can calm your nervous system with soothing vibrations. Fr, this bad boy cuts out stress and helps you sleep better, too. [See for yourself]( *A message from our sponsor. GAMES [The puzzle section](#) Brew crossword: Today’s puzzle has a bit of trickery—but when you unlock the code, it’ll be the best feeling ever. [Play it here](. Open House Welcome to Open House, the only newsletter section that is grateful for natural lighting, but at what cost? We’ll give you a few facts about a listing and you try to guess the price. [Wooden giant home in Lisbon, NH.]Zillow Today’s [home]( is in Lisbon, New Hampshire, which is absolutely nothing like its better-known Portuguese cousin. The extremely wooden, 3,307 square-foot behemoth of a house will cost you a fortune in curtains. Amenities include: - 2 beds, 3 baths - Private greenhouse - Front-row seats to the town’s annual lilac festival How much for the secluded but very open mansion? 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. We’re saying we’ll 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 $895,000 Word of the Day Today’s Word of the Day is: forswear, meaning “to forgo or renounce.” Thanks to Rosalind from Orlando, FL, for not disavowing the suggestion. Submit another [Word of the Day here](. Written by [Neal Freyman]( [Abigail Rubenstein]( Sam Klebanov, [Molly Liebergall]( and [Matty Merritt]( Was this email forwarded to you? Sign up [here](. 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