European countries return to coal...
June 21, 2022 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [Teampay]( Good morning. Today is the summer solstice, aka the longest day and shortest night of the year in the Northern Hemisphere. Forecast: burnt hotdogs, Don Henley on the aux, and the shortest inseams you could even imagine. âMax Knoblauch, Neal Freyman, Matty Merritt MARKETS: YEAR-TO-DATE Nasdaq 10,798.35 -30.98% S&P 3,674.84 -22.90% Dow 29,888.78 -17.75% 10-Year 3.236% +172.2 bps Bitcoin $20,477.08 -55.78% Coinbase $51.22 -79.70% *Stock data as of market close, cryptocurrency data as of 7:00pm ET. [Here's what these numbers mean.]( - Markets: The stock marketâs day off yesterday allowed us to take a quick dive into [#markethistory]( to understand when this historic sell-off will end. Thereâs nothing optimistic to report: Of the 17 times the S&P has dropped more than 15% since 1950, on 11 of those occasions stocks bottomed out only when the Fed began to signal a loosening of monetary policy, according to an analysis by Goldman Sachs. But in the current downturn, the Fed is planning to hike rates into next year.
- Economy: Sometimes all it takes is a simple phone call to ease recession worries. President Biden said that âthereâs nothing inevitable about a recessionâ after [dialing up]( former Treasury Secretary Larry Summers. Biden and Democrats are working on legislation to help bring down inflation, including capping the price of insulin. ENERGY [European countries to coal plants](
[Dr. Evil beckoning in Austin Powers](Austin Powers: International Man of Mystery/New Line Cinema via Giphy You know that one outfit you despise but sometimes have to wear because all of your other clothes are in the laundry? Thatâs the energy predicament Europe is finding itself in right now. Countries are restarting [coal-fired power plants]( because, the way things are going, there wonât be enough natural gas available come wintertime. The first country to take the step was Germany, which on Sunday said it will restart coal-fired plants as part of a broader plan to preserve natural gas. âThat's bitter, but itâs almost necessary in this situation to reduce gas consumption,â Germanyâs economy minister Robert Habeck said, who is a member of the environmentalist Green party. How we got here: Europeâs natural gas situation was already precarious because of its reliance on Russian energy exports, but the crisis deepened last week when Russian energy giant Gazprom slowed down flows in a pipeline that runs to Germany. Russia blamed a technical issue related to Canadian sanctions, but European countries say itâs economic warfare, plain and simple. The supply crunch coming on top of an existing supply crunch has put other European countries on high alert. Italy, Austria, and the Netherlands are also eyeing coal to keep energy prices from spiraling out of control (theyâre already near record highs). Climate concerns take a backseat As coal-fired power plants kick back into gear across the continent, EU leadership is urging countries to ensure this is a one-night stand with fossil fuels before they settle down with renewables. âWe have to make sure that we use this crisis to move forward and not to have a backsliding on the dirty fossil fuels,â European Commission President Ursula von der Leyen [told the FT](. Zoom out: A similar dynamic is playing out in the US, where concerns around soaring energy prices are trumping environmental concerns. If two years ago we told you that President Biden would be [chastising]( oil refiners for not producing more, youâd have looked at us real funny.âNF Â Â Â mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=European%20countries%20to%20coal%20plants%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2022%2F06%2F20%2Feuropean-countries-begin-to-restart-coal-plants-to-conserve-natural-gas%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A TOGETHER WITH TEAMPAY [Intuitive purchasing power *and* a free portable speaker?!](
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[A man puts up prices at a gas station ]Francis Scialabba Gas pricesâ¦are falling?!?! Itâs a summer solstice miracle. The average gallon of gas has [dropped]( to below $5 in the USâthe first time in nine weeks that the weekly average has decreased. The relief comes as the Biden administration weighs several policy options to make a trip to the gas station less painful than going to the dentist: Treasury Secretary Janet Yellen said a temporary gas tax holiday is âcertainly worth considering,â and President Biden confirmed that a decision on the topic could come this week. Crypto and sports have a falling out. Two crypto companies, one of them FTX, have [pulled out of deals]( to provide jersey patches to professional sports teams in recent weeks, according to the NY Post. This is a situation where saying, âItâs not you, itâs meâ would actually be genuine. While crypto companies shelled out billions on sports marketing last year, the current plunge in digital token prices is forcing them to cut back on spending. For scrap: cruise ship, never ridden. The [cruise ship]( Global Dream II was so close to being a real ship it could almost taste the unlimited piña coladas. But after the shipbuilder went into bankruptcy and no buyer could be found, it has to wait in a German shipyard before being salvaged for parts. The ship was designed to hold more than 9,000 passengers, and, along with its sister ship Global Dream, would have been one of the largest cruise ships in the world. HEALTHCARE [Roe v. Wade decision imminent](
[abortion rights protests in DC](Joel Carillet/Getty Images This week, the Supreme Court is expected to deliver its [official ruling]( on an abortion case that could lead to the overturning of Roe v. Wade. The Court follows the âbest time to tell your friend their toilet is cloggedâ method, waiting to release its most controversial rulings until right before it leaves for a recess, which will arrive on June 26 (Sunday). Where we stand: The court has 18 cases left to rule on. Opinions are usually dropped on Tuesday or Wednesday mornings, but nothing about this high-profile case has been normal. For starters, a draft opinion that would gut federal protections for abortions was the first opinion on a pending case in modern history to be leaked. Zoom out: Up to 26 states have laws restricting or banning abortion set to take effect the second Justice Alito turns off his mic, but the demand for abortions likely wonât change. An NYT analysis found that if Roe falls, the average travel distance to get the procedure would [jump]( from 35 miles to ~280. Which means that states including Kansas, California, and Illinois will see out-of-state abortion seekers flood their clinics. Illinois is expecting its number of patients to jump anywhere from 2xâ5x, according to Bloomberg.âMM Â Â Â mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Roe%20v.%20Wade%20decision%20imminent%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2Fscotus-abortion-decision-expected-this-week%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A TECH [Meta shows its work](
[A wall of Meta headset prototypes](Meta Less than ideal news for anyone looking to take Morpheus up on that blue pill: The Matrix is still in its PS2 era. At a virtual roundtable last week, Meta CEO Mark Zuckerberg and members of the companyâs Reality Labs division [showed off]( some of their metaverse R&D, revealing an array of VR and AR headset prototypes that attempt to solve some of the techâs current limitations. Zuckerbergâs goal is to eventually develop a headset that can pass a âvisual Turing Testââi.e., to create a virtual world that is indistinguishable from the real world. According to Mr. Sweet Baby Rayâs, there are four key areas that a headset needs to nail in order to get there: - Resolution high enough to replicate 20/20 vision
- Eye tracking to replicate focal depth
- HDR (high dynamic range) to replicate real world lighting and color
- A weight that doesnât make your head 40 pounds heavier Zuck showed off several prototypes to both illustrate Metaâs progress in each area and, probably, to justify naming his whole company after this thing. Coming up: Zuckerberg again teased a high-end headset codenamed Project Cambria thatâs expected to ship later this year (with eye tracking), and explained a dual focus on cheap consumer headsets and bulkier professional-grade products.âMK Â Â Â mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Meta%20shows%20its%20work%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2Fmeta-VR-AR-headset-prototypes%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A GRAB BAG [Key performance indicators](#)
[Giant 661lb stingray in tarp surrounded by scientists and fishermen.]Chhut Chheana/Wonders of the Mekong Stat: A giant stingray weighing [661 pounds]( and sure to take up the entire touch tank is the largest freshwater fish ever recorded, according to scientists. Last week, a fisherman caught the big guy in the Mekong river in Cambodia and, after a weigh-in, released it. This ultimate flat fish dethroned a 646-pound catfish from Thailand that had previously held the unofficial record since 2005. Quote: âJoin the MAGA crew. Get a RINO hunting permit. Thereâs no bagging limit, no tagging limit and it doesnât expire until we save our country.â Thatâs a [snippet]( from a campaign video for Missouri Senate candidate Eric Greitens, who brandished a shotgun while calling for hunting RINOs (Republicans in Name Only). Social media companies were not keen on having it on their platforms: Facebook removed the video for âviolating our policies prohibiting violence and incitement,â and Twitter blocked users from sharing it. Read: The boom-bust cycle of baby names and dog breeds. ([Motherboard]() BREW'S BETS Life hacks: Hereâs a [long list]( from David Brooks that will get you thinking. Get outside: The [10 best hikes in the US]( (you may disagree, but good inspo nonetheless). The definitive guide to crypto. Whether youâre an artist, coder, company decision-maker, or âcrypto-curiousâ observer, check out web3 with a16z, the chart-topping new podcast about the future of the internet. [Listen here](. Bye-bye bloat: This women-founded brandâs super powder is a downright delicious metabolism booster. It helps fight inflammation, tackles bloat from the night before, and curbs sugar cravings. Brew readers [save 20% with code JUNE22BREW](.* A tasty investment: The labor shortfall in the fast-food industry is expected to hit 3.7m in the next 10 yearsâa problem only Misoâs robot kitchen assistants can help solve. [Invest in Miso before the campaign closes in TWO DAYS](.* *This is sponsored advertising content. WHAT ELSE IS BREWING - [The âMiles Teller Effectâ](: Revenue at the domestic box office is actually up over the past five weekends compared to the same period in 2019.
- [US house prices]( could fall 5% annually by the middle of next year as mortgage rates rise, according to Capital Economics.
- [Israelis]( will vote in a general election for the fifth time in less than four years after leaders announced plans to dissolve parliament. In the shakeup, Foreign Minister Yair Lapid would swap in for Naftali Bennett as prime minister.
- [A Japanese court]( rejected a claim that a ban on same-sex marriage was unconstitutional. Japan is the only G7 country that does not permit same-sex marriage. GAMES [The puzzle section](#) Brew Mini: âIsland âwhere Americaâs day beginsââ (four letters) is your sample clue for todayâs puzzle. [Play the Mini here](. Solstice trivia The word âsolsticeâ derives from the Latin words sol (sun) and sistere. What does sistere, a verb, mean? 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=a905682a]( [How businesses can actually support LGBTQ+ employees](#) Business Casual hosts Nora and Scott speak with Sarah Kate Ellis, the CEO of GLAAD, about how the non-profit is working to shape the media narrative around LGBTQ issues. [Watch]( or [listen]( here. Donât miss out on more from the Brew: On our YouTube channel we cover the tech, trends, and companies you care about, but in a way that wonât make your eyes burn from boredom. [Subscribe here](. ð¥ The Excel Shortcut Guide mouse pads âavailable in Mac and PC versionsâare lifesavers for anyone who makes spreadsheets. [Get yours now](. ANSWER To stop, or stand still. It refers to the sun appearing to pause at its most extreme point during a solstice (in the summer solsticeâs case, its most northern point). Then, it reverses direction. Written by [Neal Freyman](, [Max Knoblauch](, and [Matty Merritt]( Was this email forwarded to you? Sign up [here](. WANT MORE BREW? Industry news, with a sense of humor â - [Emerging Tech Brew](: AI, crypto, space, autonomous vehicles, and more
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