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America’s suburbs are enjoying a renaissance... May 15, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [Facet]( Good morning. Going to take this opportunity to offer a universal “bless you” to everyone dealing with allergies right now. —Neal Freyman MARKETS: YEAR-TO-DATE Nasdaq 12,284.74 +18.27% S&P 4,124.08 +7.84% Dow 33,300.62 +0.50% 10-Year 3.468% -41.2 bps Bitcoin $26,916.72 +62.66% Apple $172.57 +38.38% *Stock data as of market close, cryptocurrency data as of 1:00am ET. [Here's what these numbers mean.]( - Markets: Despite the risk of the US defaulting on its debts next month, equity traders have [kept calm and carried on]( sending the Nasdaq to a weekly gain last week. But over in the bond market, investors are sweating. The cost of credit-default swaps, which act as insurance against a default, is higher in the US than in emerging markets like Mexico and Brazil. - Stock spotlight: This stat about the stock market’s concentration is wild…Apple’s market cap is [now greater]( than the value of every company in the Russell 2000 small-cap index combined.  GEOGRAPHY [The suburbs are buzzing]( [Suburban mall in Virginia]( Robert Knopes/Education Images/Universal Images Group via Getty Images Have a few morning meetings, hit a Sweetgreen for lunch, finish up work, then go see your favorite band play a show—sounds like a day you could only pull off in a city. Not anymore. As Axios reported, the rise of remote work has breathed [new life]( into America’s suburbs, drowning out the roar of leaf blowers with commercial growth, an influx of new residents, and increased cultural opportunities, like [legitimately good restaurants](. Retailers show the way You’ve read headlines about major retailers closing stores in downtowns. But the reverse is happening in the suburbs, where retailers are [opening new locations]( to meet customers where they live and, increasingly, work. The availability of urban retail topped suburban availability in the second half of last year for the first time since at least 2013, the WSJ reported citing CBRE data. Case study: Sweetgreen. - In 2019, 35% of Sweetgreen’s real estate footprint was in the suburbs. - As of last summer, half of its locations are located in the burbs. Even suburban malls, which have been given their last rites for decades, appear to be recuperating. Shopping center landlords are setting leasing and occupancy records this year, according to the WSJ. A trickle into a flood The US suburban population had been increasing before the pandemic, growing 10.5% between 2010 and 2020, according to the Census. But lawns and patios became even more attractive during Covid, and the desire to live your best North Caldwell life has stuck around post-pandemic. Nearly half of millennials surveyed in a recent Bank of America [report]( (43%–45%) said they expected to buy a house in the suburbs. And as the suburbs have ballooned, they look a lot less like Leave It to Beaver. The populations of big American suburbs are now [more diverse]( than the broader US population, according to Brookings. Bottom line: The WFH-fueled rise of the suburbs is a [wake-up call]( to cities, where, in the case of NYC, 26 Empire State Buildings’ worth of office space now sits empty. According to Stanford economist Nicholas Bloom, the typical office worker is spending $2,000–$4,600 less annually in city centers.   TOGETHER WITH FACET [The first step to facing your financial fears]( [Facet]( What do we do when we’re stressed out? We procrastinate, of course. Because nothing solves a problem like avoiding it! Jokes aside, *[90% of Americans are anxious about money]( (yowza ). Luckily, [Facet’s Financial Wellness Quiz]( is just the thing to nudge you out of fear and into empowerment. Best of all, it’s totally free. Facet’s Financial Wellness Quiz is quick and easy. In just 5 minutes, you’ll have your personal score and insights into 5 key areas of your financial life. Time for a clearer picture…and a sigh of relief. One small step for you, one giant leap for finance-kind. [Complete the quiz to get your deets](. WORLD Tour de headlines [Campaign posters of the 13th Presidential candidate and Republican People's Party (CHP) Chairman Kemal Klçdarolu (L) and the President of the Republic of Turkey and Justice Development Party (AKP) President Recep Tayyip Erdoan (R) are seen displayed]Tunahan Turhan/SOPA Images/LightRocket via Getty Images ​​ Turkish election is headed for a runoff. In the country’s most consequential election in a generation, neither the authoritarian-leaning incumbent, President Recep Tayyip Erdoğan, nor his challenger Kemal Kılıçdaroğlu [eclipsed]( the 50% threshold needed for victory, so the two men will likely square off in a runoff scheduled for May 28. If it’s anything like yesterday’s first round, it will be tense: Both candidates said the other’s vote counts were not to be trusted. Sweden wins Eurovision. The Eurovision-obsessed country took home the top prize with Loreen’s performance of the power ballad “[Tattoo]( An estimated 160+ million people tuned into the famously over-the-top singing event, which Liverpool, England, hosted on behalf of last year’s winner, Ukraine (the show featured numerous tributes to Ukraine). Sweden’s win means it’ll host next year’s competition on the 50th anniversary of the most iconic Eurovision performance of all time: ABBA singing “Waterloo.” Ja Morant was suspended again. The Memphis Grizzlies star has been [suspended]( from all team activities after he appeared to be holding a gun on an Instagram livestream this weekend. It’s the second time in just over two months that Morant was suspended for seeming to flash a gun in a social media video. After the first incident, in March, Morant was suspended for eight games and lost out on $668,000 of his salary. When returning from that suspension, Morant said he sought counseling to help him better deal with stress. SPORTS [5 sports betting stats on its 5th birthday]( [a roulette wheel inside a baseball diamond]( Francis Scialabba Five years ago yesterday, the Supreme Court [lifted]( a federal ban on sports gambling in the US, spawning a multibillion-dollar industry that’s transformed how Americans watch, talk about, and experience sports. We plucked five numbers from the sports betting world to highlight five years of legalization. $95 billion: That’s how much Americans bet on sports in legal jurisdictions with consumer protections last year, Sportico reported. It’s [more money]( than the amount spent on ride sharing, coffee, or streaming. 71%: Two sports betting companies, DraftKings and FanDuel, control [more than 70%]( of the US market, per gambling analytics firm Eilers & Krejcik. But despite taking in ~10% of wagers, these companies have struggled to turn a profit. FanDuel recorded its first quarterly profit last year, and DraftKings has yet to report a profitable quarter. 33: That’s the number of states that currently have legal sports betting (Washington, DC, has it too). Another four states have legalized sports wagering, but don’t have any sportsbooks operating yet. 3: The three most-populous US states—California, Texas, and Florida—have not legalized sports gambling. They account for 26% of all teams in the major North American pro leagues, according to Axios. 45%: The number of women joining sportsbook apps jumped 45% last year, marking the third straight year that new women users exceeded men. DraftKings said that bets on women’s sports had increased 61% annually last year.   TOGETHER WITH THINK! [Think!]( The full picture of health. Building your health isn’t about how many miles you run or pounds you lift. It also involves your mental and emotional state—so we partnered with think! to create a [calendar of 28 tips]( to build mental and emotional strength. [Start today](. GRAB BAG Key performance indicators [Snapchat influencer Caryn Marjorie ]cutiecaryn via Snapchat Stat: Snapchat influencer Caryn Marjorie made [more than $71,000]( in one week after releasing an AI version of herself, CarynAI, and charging fans $1 per minute for CarynAI to be their virtual girlfriend, Fortune reported. As of last week, CarynAI had more than 1,000 “boyfriends” (aka paying subscribers), and Marjorie estimates she could eventually bring in $5 million/month from her chatbot. Quote: “I do not understand what is happening but I am incomprehensibly grateful to bigolas dickolas.” It’s quite reasonable that writer Amal El-Mohtar doesn’t understand what is happening, because it is strange. A book she co-authored in 2019, This is How You Lose the Time War, has [shot up]( to the top 10 on Amazon’s bestseller list thanks to a tweet by an account called Bigolas Dickolas Wolfwood. Last Sunday, Bigolas implored his followers to go buy this novella, writing, “read this. DO NOT look up anything about it. just read it.” The post went mega-viral and now the lives of everyone involved have changed forever. Read: Before his killing, tech executive Bob Lee led an underground life of sex and drugs. ([Wall Street Journal]( CALENDAR The week ahead [US President Joe Biden meets with US Speaker of the House Kevin McCarthy and Senate Majority Leader Chuck Schumer in the Oval Office]Demetrius Freeman/The Washington Post via Getty Images Debt ceiling talks resume. President Biden and GOP leaders will [continue]( negotiations on raising the debt ceiling early this week. Biden said the talks were “moving along,” and the [structure]( of the deal is starting to emerge, according to the FT. It will involve capping government spending in some form. Cannes Film Festival: Truckloads of rosé will be consumed during the 76th Cannes Film Festival in southern France, which [begins tomorrow](. If you go, you’ll catch new films from Wes Anderson and Martin Scorcese, but don’t try to protest: The region’s government has banned all types of demonstrations amid heightened tensions over France raising the retirement age. Lots of sportsball: The NBA (curse you, Sixers) and NHL will begin their conference finals series, the Preakness Stakes will be run in Baltimore, and the PGA Championship will tee off at Oak Hill in Rochester, NY. Everything else… - Walmart and Target highlight a busy week for retail earnings. - The 11th installment of the Fast & Furious franchise, Fast X, will hit US theaters on Friday. Many vehicles were harmed in the making of this film. - The Bitcoin 2023 Conference returns to Miami, a one-time crypto haven that has mostly [moved on](. NEWS What else is brewing - [Yesterday]( marked one year since 10 people were killed in a racist mass shooting at a Buffalo supermarket. President Biden marked the anniversary by publishing an [opinion piece]( in USA Today calling on Congress to enact gun reform. - [US border crossings]( fell by 50% after Title 42 ended last week—the opposite of the spike that was expected, Homeland Security Secretary Alejandro Mayorkas said. - [Argentina]( will raise its benchmark interest rate by 600 basis points to 97% today as part of emergency measures its government is taking to stabilize runaway inflation. - [A Sherpa guide]( summited Mount Everest for the 26th time, tying the all-time record. RECS [Monday to-do list image] Teaching chess: One chess player at NYC’s Washington Square Park gives a lesson to a surprising student. ([YouTube]( Just watch: This has to be the [best 1:9 scale diorama]( of Mel Gibson’s drunk-driving arrest on YouTube. Zoom-from-patio: Upgrade your outdoor office with [these tips and products](. Get your mind healthy: For Mental Health Awareness Month, [this website]( is an all-in-one guide to improving your mental wellness. Don’t leave the fundamentals behind: Our Business Essentials Accelerator will teach you the business school basics in just four weeks. [Apply now]( to join us on June 5. Good vibrations: Meet the wearable that trains your body to embrace sleep and banish stress. [Apollo Neuro’s touch-therapy technology]( uses soothing vibrations to improve sleep, relaxation, and focus. [Keep calm with $40 off]( *This is sponsored advertising content. GAMES The puzzle section Turntable: Fans of Boggle, Words With Friends, or any other spelling game will love our word puzzle, Turntable. Today’s Turntable asks you to find 43 words—[see how many you can get](. Name popularity trivia Let’s revisit 2022’s [most popular baby names]( list for today’s trivia. We’ll give you five names each for boys and girls. You have to place them in order of popularity last year. (Popularity = the percentage of names given, not the total number.) Boys Axel Gregory Elijah John Reid Girls Amanda Jenna Isabella Lisa Nora AROUND THE BREW [Money talks around the world]( [Money talks around the world]( Navigating finance careers in today’s job market can be overwhelming. So we’ve called in the experts to help. [Check it out](. Our one-week virtual course, Difficult Conversations at Work, kicks off today. [Secure your spot]( before noon ET. Want to learn how the world’s most influential companies are leveraging next-gen technology? [Tech Brew’s newsletter]( will keep you informed. 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=a905682a]( ANSWER Boys: 1) Elijah 2) John 3) Axel 4) Reid 5) Gregory Girls: 1) Isabella 2) Nora 3) Amanda 4) Jenna 5) Lisa ✢ A Note From Facet Facet Wealth, Inc. (“Facet”) is an SEC Registered Investment Advisor headquartered in Baltimore, Maryland. This is not an offer to sell securities or the solicitation of an offer to purchase securities. This is not investment, financial, legal, or tax advice. *Source: [( Written by [Neal Freyman]( Was this email forwarded to you? Sign up [here](. 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