☕️ Official hype man

People are going to McDonald's less... July 30, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Grayscale Investments]( Good morning. Things have been so hectic here on Earth that you might have forgotten: The two astronauts who traveled to the International Space Station on Boeing’s Starliner spacecraft are still there, with no timetable for their return due to problems with the vehicle. The mission was supposed to last eight days. Today marks their 55th day in space. They say they’re doing great and keeping busy, but you can’t help but imagine that the conversations are getting a little stale. “Did I ever tell you how—” “YES, YOU DID” —Sam Klebanov, Molly Liebergall, Cassandra Cassidy, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 17,370.20 +0.07% S&P 5,463.54 +0.08% Dow 40,539.93 -0.12% 10-Year 4.178% -2.0 bps Bitcoin $67,198.66 -1.17% Disney $92.14 +2.46% Data is provided by *Stock data as of market close, cryptocurrency data as of 7:00pm ET. [Here's what these numbers mean.]( - Markets: The S&P 500 and the Nasdaq inched up just slightly yesterday as stocks stayed [mostly flat](. That lack of action isn’t too surprising, since the day was an amuse-bouche for what’s sure to be a much larger meal on Wall Street this week, with the Fed meeting today and tomorrow to discuss rates, and earnings from Microsoft, Apple, Amazon, and Meta all on the docket. Disney got a boost from Deadpool & Wolverine dominating the weekend box office.  ELECTION 2024 [Musk stirs the election pot on X]( [Elon Musk]( Neal/Getty Images Elon Musk’s recent endorsement of Donald Trump has made him a major character in the former president’s election bid. And while it’s unclear how much cash he’s giving the pro-Trump super PAC he helped create, Musk is generously donating [MAGA-aligned]( takes, using X as a megaphone. Musk caused an uproar by [sharing a video]( on the platform he owns this weekend in which an AI-generated version of Kamala Harris’s voice says she’s the “ultimate diversity hire” and spent four years under the tutelage of the “ultimate deep state puppet”—President Biden—who has “exposed his senility.” - “This is amazing ,” Musk wrote. - The post didn’t disclose that AI was used to create the video, potentially violating X’s policy against sharing manipulated videos without context. X, the drama aggregator In a welcome change for a platform (and its owner) struggling to retain users, chaotic election news has made X [more happening]( than a JCPenney on Black Friday. Xers have flocked to the site to gab about Biden’s debate performance, speculate about when he would drop out, discuss the assassination attempt against Trump, and sling coconut tree memes. The president himself chose to announce his exit from the race in an X post that got 429 million views. - X downloads ticked up 13% on the day after the Biden–Trump debate and recorded a ~50% weekly jump after the Trump assassination attempt, per the Wall Street Journal, which cited Sensor Tower. - And the company hopes to earn $8 million from political ads this quarter (up from the $3 million it made when it last allowed them, during the 2018 midterms), according to the New York Times. But usage is still down from 2022 and revenue [hasn’t fully recovered]( since advertisers defected due to bigoted content on the platform. What about Musk’s other businesses? Musk might see a Trump presidency as a welcome contrast to his testy relationship with President Biden. A Republican administration could be more generous in doling out defense contracts to SpaceX, and Musk said that Trump’s promise to repeal EV tax credits [would hurt]( Tesla’s competitors more than Tesla.—SK PRESENTED BY GRAYSCALE INVESTMENTS [Have you been eyeing Ethereum?]( [Grayscale Investments]( [Ticker: ETH]( is a low-cost fund (and zero-fee for the first six months!)* that offers exposure to Ethereum, the second-largest cryptocurrency by market capitalization. With ETH, you [gain exposure to Ethereum]( right in your brokerage or retirement account. And, it’s managed by Grayscale, the largest crypto asset manager. Grayscale operates more publicly-traded crypto funds than anyone else, and has the longest track record of operating crypto funds in the industry. Visit [grayscale.com/eth]( to learn more or search ETH on your investment platform today. ETH is not suitable for all investors. An investment in ETH is subject to a high degree of risk, has the potential for significant volatility, and could result in significant or complete loss of investment. ETH is not an investment company registered under the Investment Company Act of 1940 (the “1940 Act”). As a result, shareholders of ETH do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act. WORLD [Tour de headlines](#) [President Joe Biden]Brendan Smialowski/Getty Images Biden calls for Supreme Court reform. Proving that he’s not planning to embrace senioritis and coast for the next few months, President Joe Biden [released a proposal]( for Congress to get rid of lifetime appointments to the Supreme Court and establish an enforceable ethics code for the justices. The plan would allow the president to appoint a justice every two years to be on the court for 18 years. Biden also called for a constitutional amendment reversing the court’s recent decision granting presidents broad immunity. However, the chances of any of this becoming a reality—especially with a divided Congress in an election year—are slim. Venezuelans protest as both sides claim election victory. Thousands of people began [protesting]( in the streets of Venezuela after incumbent President Nicolás Maduro was officially declared the winner of the economically struggling country’s hotly contested election yesterday. Maduro’s opponent, Edmundo González, has also claimed victory and said his campaign had proof. The US has raised questions about the outcome, calling on Venezuela to [release]( detailed precinct-by-precinct voting results. Meanwhile, nine Latin American nations issued a joint statement that demanded an audit of the results. 🩸 FDA approves blood test for colon cancer screenings. The test, made by Guardant Health and known as Shield, is expected to be available as soon as next week and offers a [new way]( of detecting colon cancer, which is the second-highest cause of cancer deaths in the US. While a blood test sounds a lot more comfortable than a colonoscopy, it’s meant to add an option to the menu, not to replace colonoscopies entirely, especially since it can’t pick up precancerous growths. Still, doctors are hopeful that the availability of a less invasive method will help boost screening rates. FOOD & BEV [Everyone’s doing fewer McDonald’s runs]( [Happy Meal frowning]( Anna Kim, Photo: Adobe Stock Global sales at the Golden Arches dipped last quarter for the first time since the end of 2020 due to a growing [pullback]( among inflation-weary nugget-eaters, McDonald’s reported yesterday. According to McD’s Q2 earnings: - Less foot traffic and more cost-conscious ordering (e.g., opting for a cheaper sandwich or nixing a side of fries) meant overall same-store sales [fell]( 1% year over year in the April–June period, missing Wall Street expectations. - International sales declined even more amid McDonald’s [boycotts]( in Southeast Asia and the Middle East, and against tough competition in France and China. - Net profit sank 12% from a year ago, to ~$2 billion. Investors don’t appear spooked—McDonald’s stock rose nearly 4% yesterday (though it’s down 12% YTD), and the company largely maintained its full-year guidance. The value meal isn’t what it used to be. The average Big Mac Meal costs $9.29 in the US—27% more than it did in 2019, according to McDonald’s. After several years of rising inflation, the slowdown that started last year with lower-income customers has now spread, CEO Chris Kempczinski said, but the chain’s new $5 [meal deal]( is reportedly luring some business back.—ML TOGETHER WITH MOTIVOSITY [Motivosity]( What makes you feel happy at work? Is it feeling valued? Receiving recognition? Being rewarded for your hard work? Because those are all crucial elements of job satisfaction. And they’re also the driving force behind Motivosity. Their platform helps companies provide the [recognition and rewards]( employees need to thrive. See how they’re [transforming workplace happiness](. SPORTS [Flavor Flav is bringing water polo to the mainstage]( [Flavor Flav ]( Lawrie/Getty Images Public Enemy co-founder Flavor Flav is a public hero—or at least a niche-sport hero. As the official sponsor of and designated Hype Man for the US women’s water polo team, his unrelenting [support]( for a historically underappreciated sport has become a major storyline of this year’s Olympics. The US women’s water polo team won gold at the last three Olympics and is attempting a four-peat in Paris, but it wasn’t fully funded, forcing many athletes to hold second or even third jobs. When Team Captain Maggie Steffens posted on Instagram in May asking for additional support, Flav [answered]( the call. He signed a five-year sponsorship deal with the US women’s and men’s national water polo teams, aiming to “elevate the visibility and excitement surrounding water polo,” according to a press release. What does that look like? The sponsorship’s financial terms aren’t public, but Flav has been working harder to [promote]( the team than Gritty at a Flyers–Penguins game, constantly posting on social media and showing up at games as well as practices. Big picture: Sponsorships for athletes are down at this year’s Olympics compared to past Games, but Flavor Flav’s partnership could provide a blueprint for celebs to get in on the action.—CC STAT [Prime Number: She’s 61 and unretired twice](#) [Ni Xia Lian, a 61-year-old Olympic table tennis player]Jung Yeon-Je/Getty Images Tom Brady’s refusal to stay retired has nothing on Ni Xia Lian, now competing in table tennis at her [sixth Olympic Games](. Born on July 4, 1963, Ni played on the Chinese national team as a teen and won her first world championship in 1983, but retired before table tennis became an Olympic sport in 1988. She later returned to the game, making her Olympic debut in 2000 on Luxembourg’s team after moving there. She retired from international competition (a second time) in 2004. But when Luxembourg asked her to come back to the team for the 2008 Games, she said yes—and she’s been in every Summer Olympics since. Now 61, Ni competed in her first international competition before most of her competitors were born, and with a first-round victory on Sunday, she became the oldest table tennis player ever to win a match at the Olympic Games. NEWS [What else is brewing](#) - [Apple]( released a preview of its Apple Intelligence AI features. - [A 17-year-old]( was arrested on suspicion of killing two children and wounding 11 people in a knife attack at a Taylor Swift-themed event at a dance school in the UK. - [Donald Trump]( agreed to be interviewed by the FBI as part of the investigation into the assassination attempt against him. - [Los Angeles]( was shaken by a 4.9 magnitude earthquake. What else is brewing at the Olympics? - [Novak Djokovic]( beat Rafael Nadal in the 60th, and possibly last, matchup of the two tennis greats. - [The US men’s gymnastics team]( earned bronze, its first medal since 2008. Japan won the gold. - [Simone Biles]( will compete on all four apparatuses in today’s team final despite a calf injury. - [Triathlon swimming practice]( in the Seine was canceled for the second day in a row because the river isn’t clean enough. - [French telecom networks]( were sabotaged days after attacks on rail lines, with leftist groups suspected of the vandalism. RECS [Tuesday To Do List] Grass is greener: A [history of tennis]( told through the wear of the grass during Wimbledon finals. Preserve your charge: 10 ways to boost your iPhone’s [battery life](. Embrace “the ick”: See the slang [added]( to the Cambridge Dictionary this year. Climb mountains: [These pants]( are designed to make you a better hiker, but they’ll set you back $5,000. With pleasure: Choose [MysteryVibe’s Crescendo 2]( the doctor-recommended, FDA-registered vibrator. Clinically proven to improve arousal and alleviate dryness, it bends to your every need. [Here’s 25% off—enjoy]( *A message from our sponsor. GAMES [The puzzle section](#) Brew Mini: One letter is featured prominently in today’s crossword (check out the title for a clue). [Play it here](. Heavy medal trivia Can you name the five countries with the most medals in the Summer Olympics since 1896 (not including this year’s Games)? Bonus points for the correct order from greatest to least. 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 US: 2,629 Soviet Union: 1,010 Great Britain: 916 France: 751 Germany: 655 Word of the Day Today’s Word of the Day is: amuse-bouche, meaning “a small complimentary appetizer offered at some restaurants.” Thanks to Brian from San Diego, CA, for the tasty suggestion. Submit another [Word of the Day here](. ✢ A Note From Grayscale Investments The trust is not a fund registered under the Investment Company Act of 1940, as amended (“1940 Act”), and is not subject to regulation under the 1940, unlike most exchange traded products or ETFs. An investment in the trust is subject to a high degree of risk and heightened volatility. Digital assets are not suitable for an investor that cannot afford the loss of the entire investment. *Low cost based on gross expense ratio at 0% for the first 6 months of trading for the first $2.0 billion. After the fund reaches $2.0 billion in assets or after 6-month waiver period, the fee will be 0.15%. Brokerage fees and other expenses may still apply. See prospectus for additional fee waiver information. Grayscale Ethereum Mini Trust (the Trust) has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Trust has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at [www.sec.gov](. Alternatively, the Trust or any authorized participant will arrange to send you the prospectus (when available) if you request it by calling (833) 903 - 2211 or by contacting Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101. Foreside Fund Services, LLC is the Marketing Agent for the Trust. Investing involves significant risk, including possible loss of principal. The Trust holds Ethereum; however, an investment in the Trust is not a direct investment in Ethereum. As a non-diversified and single industry fund, the value of the shares may fluctuate more than shares invested in a broader range of industries. Extreme volatility, regulatory changes, and exposure to digital asset exchanges may impact the value of Ethereum, and consequently, the value of the Trust. Digital assets are not suitable for an investor that cannot afford loss of the entire investment. There is no guarantee that a market for the shares will be available, which will adversely impact the liquidity of the Trust. The value of the Trust relates directly to the value of the underlying digital asset, the value of which may be highly volatile and subject to fluctuations due to a number of factors. There is no certainty that an active trading market for shares will develop or be maintained which will adversely affect the liquidity of shares of the Trust. Written by [Neal Freyman]( [Abigail Rubenstein]( Sam Klebanov, [Molly Liebergall]( and [Cassandra Cassidy]( Was this email forwarded to you? Sign up [here](. [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. 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