☕ A long way from Barney

How Selena Gomez became a billionaire... [Advertisement] September 07, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Pendulum]( Good morning. An American man hasn’t played in a Grand Slam final in 15 years. That drought ends tomorrow. Last night in Flushing Meadows, NY, Taylor Fritz beat his good pal Frances Tiafoe to advance to the finals against Jannik Sinner on Sunday. The last American man to compete in a major tennis final was Andy Roddick, who lost to some guy named Roger Federer at Wimbledon in 2009. The United States is also being repped in the women’s final later today, when Jessica Pegula takes on Aryna Sabalenka in Pegula’s first major final at age 30. In front of the home crowd, is an American sweep too much to ask for? —Sam Klebanov, Matty Merritt, Molly Liebergall, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 16,690.83 -2.55% S&P 5,408.42 -1.73% Dow 40,345.41 -1.01% 10-Year 3.710% -2.0 bps Bitcoin $53,321.81 -5.13% Nvidia $102.83 -4.09% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. [Here's what these numbers mean.]( - Markets: September has been around for one week, and it’s already taking a toll on the market. Stocks [dipped]( yesterday after new government data showed the labor market continuing to cool, capping off the S&P 500’s worst week since March 2023 and the Nasdaq’s worst since 2022. Nvidia had another [rough day]( as investors fretted about tech stocks.  ECONOMY [Job market not swinging but still kicking]( [Looking at jobs data]( Parsons Everybody held their breath for yesterday’s employment data as if it were a hint from the teacher about what might be on the test, since the jobs report is one of the last economic signals the Fed gets before it decides how much to cut interest rates by later this month. And it was...just okay. The Labor Department said that the economy [added 142,000 jobs]( in August, which was fewer than economists expected, bringing the three-month job creation average to its lowest since mid-2020. - As a sign that the summer was a tougher time to send out resumes than previously thought, the June and July jobs numbers were revised down by a total of 86,000. - On the bright side, the unemployment rate expectedly ticked down to 4.2% in August—the first decrease in months—while average hourly earnings rose 0.4% last month and 3.8% over the year, outstripping inflation. The middling jobs snapshot comes on the heels of a reported decline in factory orders last month, another sign the economy is getting wobbly. Who hired and fired? The construction industry cranked up hiring, adding 34,000 employees last month, while leisure and hospitality gained 46,000 workers. Meanwhile, manufacturing and retail shed 24,000 and 11,000 jobs, respectively. Homework for the Fed No one is asking if the Fed will lower interest rates at its meeting this month, but everyone is wondering how big the rate cut will be. Shortly after the jobs data dropped, Fed Governor Christopher Waller said he was “open-minded about the size and pace of cuts.” Though some economists think the lukewarm labor market could pave the way for a more aggressive 0.5% cut this month, investors seem to believe the latest job snapshot has made a smaller cut of 0.25% more likely (but they’re more bullish on bigger cuts later on). For now, Wall Street is skittish…and reacted to the jobs report by continuing this week’s stock sell-off.—SK PRESENTED BY PENDULUM [Level up your gut]( [Pendulum]( Got a snacking habit that’s keeping you from crushing your goals? No worries, everyone loves a li’l treat. But you might be interested in GLP-1, the naturally produced “un-hunger” hormone in your gut that helps curb cravings and appetite. Unfortunately, Akkermansia, a keystone strain for gut health, can decrease by 90% as you age.^ But here’s some good news: Pendulum has [a multistrain probiotic]( formulated with beneficial bacteria that naturally increases GLP-1.* [91% of users report reduced overall food cravings]( and say it helps maintain a healthy weight. Oh, and just to be clear: GLP-1 probiotic does not contain GLP-1; it just enhances natural GLP-1 production.* Good stuff. [Curb those cravings](. WORLD [Tour de headlines](#) [Donald Trump]Bill Pugliano/Getty Images Trump hush money sentencing delayed until after the election. Yesterday, the judge overseeing the case in which Donald Trump was convicted of falsifying business records to hide a hush money payment to porn actress Stormy Daniels [pushed]( his sentencing to Nov. 26. Judge Juan Merchan said the purpose of the delay was “to avoid any appearance—however unwarranted—that the proceeding has been affected by or seeks to affect the approaching presidential election.” It’s a win for Trump, who is also trying to get his conviction thrown out based on the Supreme Court’s recent ruling that presidents have broad legal immunity (a decision is expected on that on Nov. 12). Teen and father charged in Georgia school shooting. The 14-year-old accused of perpetrating the shooting that killed four people at Apalachee High School and his father, Colin Gray, who has also been charged with crimes in connection with the school shooting, [appeared]( in court separately yesterday and did not enter pleas. In an unusual move, prosecutors charged the father with involuntary manslaughter and child cruelty for allowing his son to have an assault rifle despite knowing he was a threat. He could receive up to a 180-year prison sentence if convicted. His son is facing the possibility of life in prison on four felony murder charges. 7-Eleven owner rejects $38.6 billion takeover bid. Seven & i Holdings, the Japanese company that owns the convenience store chain, [rebuffed]( a buyout offer from Canada’s Alimentation Couche-Tard, owner of rival Circle K. The company said the offer “grossly undervalues” it but that it remains open to negotiating and considering a better deal. The 7-Eleven owner also said the [proposal]( didn’t sufficiently address the potential antitrust hurdles in the US for a tie-up that would create a chain with 100,000 stores globally. HEALTH [Teens are vaping a lot less]( [Collection of vapes in a pile.]( Nicholson/Getty Images Despite what a weekday walk by your local convenience store at around 3:30pm might suggest, teens are vaping less. Under 6% of middle and high schoolers [self-reported]( that they vaped this year. That’s down from 7.7% last year and the lowest it’s been in a decade. An annual survey about tobacco habits given to roughly 29,000 sixth- through 12th graders around the country via online questionnaire shows that most of the decline came from high school students, whose e-cig usage peaked at 27% in 2019. The drop comes after years of public health campaigns aimed at warning kids about the dangers of vaping, crackdowns on flavored tobacco, and [this Vine]( kinda making vaping look lame. Big picture: Public health officials are celebrating it as a win, but every time they seem to stamp out one habit, new ones pop up. While less than 2% of teens said they used nicotine pouches this year, Zyn-maker Philip Morris just announced it’s going to [build]( a $600 million Colorado factory to keep up with surging demand. Plus, disposable e-cigs like Chinese-produced Elf Bar, the most popular brand among young vapers, have managed to [skirt]( multiple FDA bans.—MM TOGETHER WITH FINANCEBUZZ [FinanceBuzz]( This limited-time credit card offer could be worth $1,000 toward travel. If you’ve been on the fence about getting a travel card, [this just might be the perfect card for you](. Earn a rare welcome bonus to use toward travel with this incredible card. [Take advantage while you can]( because it’s ending soon! ENTREPRENEURSHIP [From Barney & Friends to Billionaires Index]( [Selena Gomez at a Rare Beauty event]( Ord/Getty Images Keeping an eye out for Selener may have been the best financial advice of the 2010s: Actress/singer/cosmetics mogul Selena Gomez is officially one of the youngest self-made billionaires in the US, Bloomberg [reported]( yesterday. It’s mostly thanks to her beauty empire. More than 80% of Gomez’s $1.3 billion net worth comes from her majority stake in Rare Beauty, the $2 billion mid-priced makeup company she founded five years ago, per Bloomberg. It now generates more revenue than Jessica Alba’s and Lady Gaga’s cosmetics brands: - Since Gomez is the third-most-followed person on Instagram, her brand has more reach than the typical A-lister’s self-plug. - She’s able to leverage exposure across other business ventures. After Rare Beauty’s launch, Gomez posted social clips of her applying the brand’s makeup before taping her Max show, Selena + Chef. The rest of her fortune mostly comes from…endorsement deals, touring (which she hasn’t done since 2016), and her mental health startup, Wondermind. Albums, acting, streaming royalties, and real estate collectively account for Only Murders in the Building seem almost pro bono. Zoom out: There is [no shortage]( of celebrities trying (and often failing) to diversify their incomes via cosmetics startups. Even Brad Pitt has given it a shot.—ML STAT [Prime number: The big cheese](#) [Cheese]Mina Abodahab/Getty Images Gouda news for cheese lovers: You’re not alone in your devotion to dairy you can sink your teeth into. The average American now eats [~42 pounds of cheese]( a year, an amount that exceeds butter, ice cream, and yogurt combined, according to Bloomberg. It’s also more than double the amount of cheese Americans were chowing down on when the government began keeping track in 1975—an even more impressive leap when you consider that fondue parties were de rigueur back then. And the dairy industry is leaning into this growing love for the hard, soft, and stinky as milk-drinking declines. Of the $8 billion worth of dairy-product projects scheduled to get up and running in the US between 2023 and 2026, more than half are facilities dedicated to cheesemaking, the trade group the International Dairy Foods Association says. NEWS [What else is brewing](#) - [Dell and Palantir]( are poised to be added to the S&P 500 index, replacing Etsy and American Airlines, respectively. - [A federal judge]( cleared the way for betting on US elections, siding with Kalshi in its case against the CFTC. Betting may start as soon as next week, in case wagering on the NFL isn’t enough for you. - [Appeals courts]( in Michigan and North Carolina ordered RFK Jr., who dropped out of the presidential race and threw his support behind Donald Trump, off their states’ ballots. Kennedy has sought to remove his name from voting in swing states. - [An American protester]( was fatally shot by Israeli soldiers while demonstrating against settlements in the West Bank, witnesses say. - [Hackers]( leaked data on Disney employees and the company’s streaming revenue, according to the Wall Street Journal. RECS [Saturday To-Do List graphic] Click: The [advice website]( you’re only supposed to visit once. Watch: Why the next space race is [all about garbage](. Bake: Go beyond banana with these [quick bread recipes](. Organize: Forget “fridgescaping” and learn to [set up your kitchen]( like a chef. Peace of mind: Protect your home + yard with a [Vivint Home Security System](. Rest easy with smart cameras, sensors, locks, and more. [Check it out]( *A message from our sponsor. GAMES [The puzzle section](#) Brew crossword: Get off your butt and do some field work in today’s crossword. [Play it here](. Open House Welcome to Open House, the only newsletter section that knows how long it takes to stack all those rocks into a house shape. We’ll give you a few facts about a listing and you try to guess the price. [Villa Del Amor in Lower Bel Ai. 14,941 square feet with cobblestone exterior and interior surrounded by manicured lawn and trees. There are a lot of archways in this home, we’re talking windows, doors, interior hallways, EVERYTHING is an archway.]Zillow Today’s [villa]( is in the heart of Bel Air, and it’s a lot smaller than anything you’ve seen on Love Island. The sprawling property lets you look down on the Bel Air Country Club Golf course so you can feel rich rich. Amenities include: - 9 beds, 13 baths - Archways within archways - Manicured yard that surely only uses its fair share of water How much for the stone abode? 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 $115 million Word of the Day Today’s Word of the Day is: de rigueur, meaning “prescribed by fashion, etiquette, or custom.” Thanks to Danielle from Portland, Oregon, for the stylish suggestion. Submit another [Word of the Day here](. ✢ A Note From Pendulum ^Citation: Collado et al 2007. *Based on preclinical studies. †Based on a consumer survey of 274 people. Written by [Neal Freyman]( [Abigail Rubenstein]( Sam Klebanov, [Matty Merritt]( and [Molly Liebergall]( Was this email forwarded to you? Sign up [here](. 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