Bear Markets, Amazon Drones, and Dino Belly Buttons

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Everything you need to know for today in five minutes.

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Good morning. It's Tuesday, June 14, and we're covering the ongoing market slump, Amazon's plans for the air, and much more. Have feedback? Let us know at hello@join1440.com.

PS—We misread our calendars yesterday, so we'll say it again: Happy Flag Day!

 

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NEED TO KNOW

 

Stocks Enter Bear Market 

US stocks fell into bear market territory yesterday after the S&P 500 dropped more than 20% from an all-time high in January (see 101). Investors are wary of an economic downturn, analysts say, after Friday's higher-than-expected inflation report showed inflation hit 8.6% in May—the highest year-over-year growth since December 1981. The S&P 500 fell 3.9% at close, the Dow Jones Industrial Average fell 2.8%, and the Nasdaq composite fell 4.7%. 

 

The market sell-off came ahead of the Federal Reserve's two-day meeting over monetary policy, which begins today. The central bank may raise interest rates by as much as 0.75% in an effort to curb inflation. Such a move would be the steepest hike since 1994, and would come on top of 0.5% increases in March and May. 

 

The Fed typically targets an annual inflation rate near 2%. Read more on the link between inflation and interest rates here.  

Jan. 6 Hearing (Pt. II)

The House Select Committee investigating the events surrounding the storming of the US Capitol last Jan. 6 held its second in a series of public hearings yesterday. The panel primarily focused on efforts by former aides and allies of former President Donald Trump, who say they attempted to disprove theories of widespread fraud in the aftermath of the 2020 elections.

 

Live testimony was provided by former Fox News editor Chris Stirewalt, who helped make an early call on Arizona results during election night, election lawyer Ben Ginsberg, and others. The panel's key witness, former Trump campaign manager Bill Stepien, withdrew from the hearing shortly before its start to attend the birth of his child

 

The yearlong effort has been led by House Democrats and includes two GOP members—Reps. Liz Cheney (WY-At large) and Adam Kinzinger (IL-16). The initial hearing, held during prime-time Thursday, drew 20 million viewers. 

 

The next hearing is scheduled for tomorrow at 10 am ET (livestream here). 

Amazon Takes Off

Amazon plans to launch its first commercial drone delivery program later this year in the town of Lockeford, California, the company announced yesterday. The plan must receive final approval from federal regulators, though Amazon has already been granted approval from the Federal Aviation Administration to carry out drone operations. 

 

The e-commerce giant accounted for more than 43% of US e-commerce last year, delivering roughly $380B in goods. The company says thousands of products will be available via drones—though reports suggest the proprietary drone's maximum current payload is 5 pounds. 

 

Amazon's drone program has been under development for close to a decade and has endured a number of missteps, including a crash last summer that sparked a 25-acre brush fire near Pendleton, Oregon. 

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IN THE KNOW

 

Sports, Entertainment, & Culture

> Golden State Warriors top Boston Celtics 104-94 to take 3-2 lead in NBA Finals; game 6 tips off Thursday night (9 pm ET, ABC) from Boston (More)

 

> Kevin Spacey formally charged in the UK with four counts of sexual assault against three men (More) | Philip Baker Hall, character actor known for roles in "Boogie Nights" and "Seinfeld," dies at 90 (More)

 

> NCAA Men's College World Series bracket set; games begin Friday from Omaha, Nebraska (More) | Megan Rapinoe, Alex Morgan headline US women's national soccer team roster for World Cup, Olympic qualifiers (More)

Science & Technology

In partnership with Future

> Pfizer COVID-19 vaccine regimen effective in children under 5 years of age, US health officials say; advisory panel to meet Wednesday, shots for the age group may be available as early as the end of the week (More)

 

> European Space Agency releases data on more than 2 billion stars in the Milky Way, collected by its space-based Gaia telescope (More)

 

> Chemical analysis of mastodon tusk shows animal died 100 miles from home territory in mating season battle; study is the first to reveal the detailed migratory journey of an individual animal from an extinct species (More)

From our partners: One-on-one fitness coaching. Future pairs you with your own dedicated and expert fitness coach, who provides daily support and custom workout plans for any goal you have in mind. Your Future coach will tailor your program around your schedule, lifestyle, and any equipment you have available—and no matter your level, your coach meets you where you are on your fitness journey. Join Future today and get 50% off your first month of training.  

Business & Markets

> Bitcoin drops below $23K; cryptocurrency lender Celsius freezes account withdrawals as total value of cryptocurrency market falls below $1T (More)

 

> Charles Schwab to pay $187M to settle Securities and Exchange Commission investigation on allegations the trading firm did not disclose certain fees on its robo-advisor product (More)

 

> Prologis, the world’s largest warehouse operator, to acquire rival Duke Realty for $26B in all-stock deal (More)

Politics & World Affairs

> South Carolina, Nevada, and Maine hold statewide primary races today (More) | Ohio Gov. Mike DeWine (R) signs law allowing school staff to carry guns after completing 24 hours of training; law also requires an additional eight hours of annual training (More

 

> Authorities in Beijing attempt to contain a COVID-19 outbreak of 228 cases tied to a 24-hour bar, which had reopened last week after the Chinese capital relaxed restrictions (More) | Canadian Prime Minister Justin Trudeau tests positive for COVID-19 for the second time (More) | See COVID-19 stats (More)

 

> At least 196 clerics in the German Catholic diocese of Muenster sexually abused minors between 1945 and 2020, report finds (More

IN-DEPTH

 

Going With the Flow

Guardian | Erica Gies. How urban areas can tame floods and droughts by making space for water within existing habitats—rather than building more dams. (Read)

Decoding English

Reuters | Travis Hartman. A visual deep dive exploring the origins of the English language and how it became so convoluted, plus the process behind the Scripps National Spelling Bee. (Read)

EASIER FOR YOU, TASTIER FOR YOUR PUP

 

In partnership with Sundays


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ETCETERA

 

Paleontologists discover first fossilized dinosaur belly button.

 

Massive flooding closes Yellowstone National Park.

 

This day in music history.

 

North America's 50 best bars.

 

The Met opens exhibition featuring art from security guards and staff.

 

Science determines the cutest dog breeds.

 

You could soon meet your digital doppelgänger.

 

Netflix gives green light for “Squid Game” season 2.

 

Clickbait: Spider-Man crashes into building at Disneyland

 

Historybook: Stars and Stripes officially adopted as flag of the US (1777); Abolitionist and author Harriet Beecher Stowe born (1811); Former President Donald Trump born in Queens, New York (1946); High-rise fire in London kills 72 (2017).

 

"The truth is the kindest thing we can give folks in the end."

- Harriet Beecher Stowe, from "The Pearl of Orr's Island"

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