☕️ Rough trip

Why spooky season is starting so early this year... [Advertisement] August 13, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Grayscale Investments]( Good morning and Happy Left Handers Day to roughly 10% of humans and most kangaroos reading this. From scissors to those desks in lecture halls, the world was not designed for you, yet you’ve persevered to produce the likes of Oprah, Sir Paul McCartney, Lady Gaga, Dontrelle Willis, Bart Simpson, and Link. Elbow someone at the dinner tonight to remind them whose day it is. —Matty Merritt, Molly Liebergall, Sam Klebanov, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 16,780.61 +0.21% S&P 5,344.39 +0.00% Dow 39,357.01 -0.36% 10-Year 3.909% -3.0 bps Bitcoin $58,762.90 +0.10% JetBlue $4.80 -20.66% 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 were [mixed]( yesterday as investors looked back at last week’s wild ride and repeated “Are we out of the woods yet?” more times than Taylor Swift. JetBlue sank after being [downgraded]( by both Moody’s and S&P following the airline’s announcement that it intends to raise ~$3 billion in new debt.  RETAIL [Retailers dust off bones and cobwebs earlier this year]( [Jack o lantern with sunglasses and a toy shovel.]( Scialabba In between slamming hot dogs and sweating through your good polo, you’ll likely spot this summer’s most notorious backyard barbecue crasher: quirky skeleton decor. Retailers have slowly been pushing the start dates for Halloween merch drops back for the past few years to boost sales. And for some, like Michaels, 2024 is the earliest they’re putting a tiny cauldron on the shelves. The craft store released its first in-store Halloween collection in late June this year, the company’s chief merchandising officer [told]( Axios. Just three years ago, Michaels didn’t start stocking spooky trinkets until August. - This is also the second year Home Depot hosted its “Halfway to Halloween” event during which the retailer [sold]( limited quantities of Halloween items on April 25 (though it won’t stock the collections in-store until the first week of September). - Lowe’s and Target also dropped Halloween items online earlier than in previous years, according to Axios. Since 2019, peak Halloween item sales on Amazon have been [scooting back]( a week every year, according to trend forecasting service Granularity. Five years ago, most sales of Halloween items took place during the last week of September, but last year, they happened in mid-August. Plastic flamingos and inflatable kiddie pools don’t keep the fluorescent lights on Last year, Halloween spending was expected to hit a record $12.2 billion, according to a National Retail Federation report. Retailers are hopeful that even as consumers pull back in some areas this year, fake cobwebs and goofy-grinning pumpkins will keep selling. Plus, every couple of years, the algorithm rewards one lucky retailer with tons of free advertising from a viral holiday item like Home Depot’s 12-foot-tall skeleton or Target’s gargantuan pumpkin ghoul named Lewis. Some stores are more desperate than others: Cashing in on spooky season and TikTok’s “[Summerween]( trend has become especially important for chains like Home Depot and Lowe’s, which have been riding out the decline in home renovation spending post-pandemic.—MM 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](#) [Donald Trump and Elon Musk's X profiles]Jakub Porzycki/NurPhoto via Getty Images Donald Trump talked to Elon Musk. The pair had a discussion on X Spaces that Musk categorized as a “conversation” rather than an “adversarial interview.” The wide-ranging chat touched on the economy, energy, inflation, education, the possibility of nuclear war, and illegal immigration, with Trump claiming other countries are sending criminals to the US. Musk also said dictators would fear Trump, as Trump asserted the wars in Gaza and Ukraine would not have happened if he were president. X appeared not quite ready for political prime time: Technical glitches initially made the interview inaccessible to many would-be viewers. Musk said the trouble was due to a deliberate attack on the system. Before the interview: 1) Trump posted on X for the first time in nearly a year and 2) the European Union warned Musk to beware of disseminating misinformation or inciting violence on the platform in violation of EU law. Hindenburg allegations tank Adani stocks…again. Companies owned by the Adani Group [lost]( ~$2.4 billion in value yesterday after short seller Hindenburg Research claimed the chair of India’s capital markets regulator didn’t thoroughly look into its earlier fraud allegations against the conglomerate because she had previously invested in offshore funds tied to Adani. It could have been worse for Adani: Earlier in the day, the companies were down ~$13.4 billion before making a partial comeback. At one point after Hindenburg made its initial allegations last year, the Adani Group shed $150 billion in value. Both Adani and the regulator deny any wrongdoing. Firefighters battle dangerous wildfires near Athens. Hundreds of firefighters and dozens of water-bombing aerial units worked yesterday amid high winds to control the fast spreading [wildfire]( with 80-foot flames that began Sunday in Varnavas, a suburb north of Athens. Greek authorities ordered evacuations of many areas as the fire tore through pine forests left especially dry by recent heat waves. Injuries were reported, primarily caused by smoke inhalation. As of last night, there was one known fatality. HEALTH [The MDMA therapy movement is having a rough trip]( [MDMA pills in palm]( Images What’s worse than a rejection? Two rejections, back to back. Fresh off a thumbs-down from the FDA, the psychedelic therapies company Lykos Therapeutics says it’ll challenge an academic journal that [retracted]( three papers about MDMA whose co-authors were affiliated with Lykos, the medical news site Stat reported yesterday. Retraction reason: “Protocol violations amounting to unethical conduct” surrounding an MDMA therapy trial led by Lykos’s parent organization, editors of the journal Psychopharmacology wrote over the weekend. - Lykos admitted that it failed to notify the journal about sexual assault allegations made against one of the trial’s therapists, who had an expired psychology license. - The company filed a complaint with a publication ethics committee because it says the papers’ findings are still “scientifically sound.” Lykos says the retracted papers weren’t part of the application for its MDMA-assisted PTSD therapy that America’s trip-sitter, the FDA, [denied]( on Friday. Regulators cited data limitations and asked Lykos to do another Phase 3 trial, which could take years. Consider the roll slowed. Approval of Lykos’s MDMA therapy—which would’ve been the first federally approved psychedelic—was widely expected. But cracks started forming in recent months when allegations surfaced of researchers suppressing negative results. The FDA’s “no” vote goes against lobbying efforts by veterans organizations and the recommendation of 80 bipartisan lawmakers, and it could postpone a potential windfall of investing in the growing field of psychedelic medicine.—ML TOGETHER WITH MASSMUTUAL [MassMutual ]( Taking your future into account—literally. That’s what MassMutual aims to do when helping people with [holistic financial planning](. Holistic financial planning means accounting for things like retirement and investments while upholding protection with life or disability insurance options. MassMutual financial professionals consider everything when [helping you plan]( and they’ve got a 170-year legacy to back it up. ELECTION 2024 [Foreign hackers ready dirty election tricks]( [Trump hack]( Kim Cybersecurity pros are among the most vital campaign staffers this election season alongside speechwriters and meme slingers. The potential for cyber chaos came to the fore when the Trump campaign said this weekend that it was hacked by “foreign sources hostile to the United States” after at least two news outlets were [sent internal campaign information](. - Trump’s team referenced a recent Microsoft report about Iranian government-tied hackers accessing the internal documents of an unspecified presidential campaign via phishing email. Trump claimed only publicly available information was obtained. - The FBI is [investigating]( the suspected hacking by Iran, as well as attempts to hack the Biden–Harris campaign (back when that was the ticket) and Trump advisor Roger Stone, according to the Washington Post. Experts see the hacking of the Trump campaign as an alarming throwback to when Russian operatives hacked Hillary Clinton’s campaign in 2016 and worry other foreign hackers might be cracking their knuckles. It’s not just hacking A government [intelligence report]( last month warned that China, Russia, and Iran are all running online influence campaigns in the US. And last week, Microsoft [detailed]( how the trio is trying to sway voter sentiment, undermine trust in elections, or stir the pot by disseminating misinformation. In one devious tactic, Iran set up fake news sites targeting Americans across the political spectrum, one of which referred to Trump as an “opioid-pilled elephant in the MAGA china shop,” Microsoft found. Stay skeptical: The former head of America’s cybersecurity agency under Trump, Chris Krebs, summed it up as “a multi-front gray zone assault on the American mind.”—SK STAT [Prime Number: Millionaire migration](#) [A suitcase full of money with a tag that says "see ya"]Francis Scialabba Millionaires are on the move like they’re your colleague who’s a little too psyched to win the office Strava challenge. Global migration advisory firm Henley & Partners expects that a record 128,000 millionaires will [relocate]( this year, smashing the record of 120,000 millionaire movers set last year.⁠Some are seeking new countries because the ones they’re in are trying to get more taxes from them—including the UK, a historical haven for foreigners looking for low taxes. And as global wealth shifts, plenty of countries are willing to accept low taxes to get it to shift toward them. Switzerland, Cyprus, Greece, Italy, Malta, Portugal, Spain, and Singapore are among the countries with low tax programs aimed at enticing wealthy foreign expats, and Dubai even offers no income or capital taxes for individuals, according to the Financial Times. NEWS [What else is brewing](#) - [The US]( sent a guided-missile submarine to the Middle East as Israel braces for an attack from Iran in retaliation for Israel killing a Hamas leader on Iranian soil. - [Ukraine’s military]( claimed to control 1,000 square kilometers (386 square miles) of Russian territory in the Kursk region in their largest foray over the border since Russian forces invaded two and a half years ago. - [Angelenos]( felt the earth move yesterday when a 4.4-magnitude earthquake hit Southern California. - [The Biden administration]( is pursuing new regulations to make it easier to cancel subscriptions. - [Blink Fitness]( the low-end chain owned by high-end Equinox, filed for bankruptcy. - [Jordan Chiles]( won’t get to keep her bronze medal for the floor exercise. USA Gymnastics said the Court of Arbitration for Sport wouldn’t reconsider its decision that her coaches’ challenge to her initial score (which boosted her into third place) was filed too late. RECS [Tuesday To Do List] Load up: Tips on the right way to put your dishes [in the dishwasher](. Listen: Barack Obama has named his [songs of the summer](. Plan a binge: A ranking of the [100 best films]( of the 2000s. Follow the flag: We’ll always have [Paris]( but here’s what to expect from the [2028 Olympic Games]( in LA. Just $1, today only: Try [Dollar Flight Club for $1]( to enjoy flight deals up to 90% off—think roundtrip to Paris from $285. Sign up before this [offer ends in 12 hours]( *A message from our sponsor. GAMES [The puzzle section](#) Brew Mini: If you’ve hit your local climbing gym, you should be able to scale today’s Mini rather quickly. [Play it here](. Olympics sweeps Some countries have built dynasties in certain Olympic events that leave everyone else scrambling for silver. We’ll give you an event from the Paris Olympics, and you have to name the country that won every gold medal available in those competitions. - Archery - Diving - Table tennis - Field hockey - Street skateboarding - Hurdles 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 - South Korea - China - China - The Netherlands - Japan - The US Word of the Day Today’s Word of the Day is: devious, meaning “cunning and deceptive.” Thanks to Lucy from Boston, MA, for the tricky 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 Act, 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 who 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 a 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 who 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]( [Matty Merritt]( [Molly Liebergall]( and Sam Klebanov Was this email forwarded to you? Sign up [here](. 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