Travel within the US is down this summer, and airlines are slashing prices in the hopes that a $60 ticket will be cheap enough to convince you to visit Cleveland.

Earlier this week, US-focused JetBlue cut its earnings forecast for the year and warned of a loss in Q3. Other primarily domestic airlines are also experiencing turbulence:

• Alaska Airlines has slashed fares, while Southwest, Spirit, and Frontier held flight promotions this summer—a sign of struggle within the industry.
• US round-trip fares are down 11% compared to 2022 and 2019, according to Hopper.com.

Meanwhile…American Airlines, Delta, and United—all carriers with global operations—have exceeded expectations and kept prices high. International airfare is averaging $962, up 10% from last year and 26% from 2019, per Hopper.

Bucket list trips > sand bucket trips

Why are people traveling outside the US? It’s not exactly a mystery: Americans who were stuck in the country for nearly two years are ready to put their Duolingo streak to the ultimate test. Mastercard said that spending linked to overseas travel is currently at 154% of pre-pandemic levels.

So…where is everyone?

• Predictably, a lot of Americans are in Europe. According to Allianz, the number of Americans traveling to Europe this year will be 55% more than last summer, with London, Paris, Dublin, and Rome as the top destinations.
• Travel to Pacific countries, including China and Japan, has also popped off. American Airlines said passenger revenue for trans-Pacific routes has more than tripled in the first half of the year.

All the international travel has left American attractions feeling a little empty inside. Major theme parks, including Disney World, Universal, Six Flags, and SeaWorld, have all reported lower-than-usual attendance rates this summer.—CC

When incredibly valuable assets come up for sale, it’s typically the wealthiest people that end up taking home an amazing investment. But not always.

One platform is taking on the billionaires at their own game, buying up some of history’s most prized blue-chip artwork. Its investors have already realized annualized net returns of 17.8%, 21.5%, 35%, and more.

It’s called Masterworks. Their nearly $1b collection includes artists like Banksy, Picasso, and Basquiat. When Masterworks sells a painting—like the 15 it’s already sold—investors reap their portion of the net proceeds.

Offerings can sell out in minutes, but Morning Brew readers can skip the waitlist to join with this exclusive link.

Donald Trump was arraigned for the third time. The former president appeared in a Washington, DC, courtroom over charges that he attempted to thwart American democracy and overturn the results of the 2020 election through repeated lies. As he’s responded to his previous two indictments, Trump pleaded not guilty. The next date to circle on your calendar for this case is August 28 for a hearing, which is just five days after the first Republican presidential debate (it’s possible Trump will not attend either). At the hearing, the judge will likely set a trial date.

Apple’s sales are slumping. The iPhone-maker reported its third straight quarter of revenue declines as fewer people join the blue-text mafia. But while Apple is struggling to sell iPhones, it’s doing a great job monetizing its existing customers. The services unit—home to the App Store, Apple TV+, Apple Music, and more—hit a record $21 billion in sales. Amazon was the other Big Tech company to report earnings yesterday: Its glowing financials knocked Wall Street’s socks off.

Boycott drags Bud Light sales. Bud Light parent Anheuser-Busch InBev reported a 10.5% drop in US sales last quarter, mainly due to plummeting demand for Bud Light following conservative backlash to its partnership with a trans influencer. But the hangover might be easing up. The company said that Bud Light’s market share has stabilized (albeit at a lower level) and hopes its new beer-and-sunshine marketing campaign will win back customers. Overall, AB InBev—a brewery giant that accounts for ~25% of beer sold globally—cruised past sales expectations for Q2.

Start preparing for an onslaught of gas-pump pics on social media with the caption, “Thanks, Biden!” The national average of gas rose to a nine-month high of $3.82 per gallon yesterday, up 11 cents from a week ago, per AAA.

So, what’s driving prices higher? A noxious mix of heat and geopolitics.

The heat: It was so hot in July that refineries in the Gulf of Mexico, which aren’t designed for temps over 95 degrees, are struggling to produce gasoline. That, paired with increased demand for fuel over the summer (so many late-night drives blaring Charli XCX’s “Speed Drive”), means gasoline inventories in the country have fallen to their lowest July level since 2015.

The geopolitics: Major oil producer Saudi Arabia said yesterday it would extend its output cuts into September and could even deepen those cuts after that, according to state media. By curbing supply, Saudi Arabia hopes to prop up the price of oil—which gives it critical revenue to spend on futuristic cities and Ronaldo’s teammates. But the cuts are angering the White House because they could lead to an uptick in US inflation.

Looking ahead...the rise in gas prices may not last. Refinery operations are returning to normal, and demand usually tapers off in August, according to an AAA spokesperson. But a worse-than-average hurricane season could present unforeseen challenges.—MM

Lizzo fans fell to their knees this week upon hearing that she’s being sued by three former dancers for the type of alleged mistreatment she’s known for standing against.

And like most celebrities who suddenly find themselves on the verge of getting canceled, the “Truth Hurts” singer posted a Notes App “apology” on Instagram and X yesterday in which she called the accusations “false” and “as unbelievable as they sound.”

The lawsuit alleges that between May 2021 and May 2023…

• Lizzo pressured dancers into interacting with nude performers at an Amsterdam club.
• Lizzo’s dance captain pushed religious beliefs on the other dancers and publicly fixated on one plaintiff’s abstinence.
• Members of the dance cast, described as “full-figured women of color” in the suit, were scolded when they asked for better compensation for tour downtime.
• An “excruciating” rehearsal left one plaintiff so fearful of being let go for underperforming that she soiled herself rather than take a bathroom break. She says she was later fired for recording a meeting, and that Lizzo’s security team didn’t let her leave until they searched her phone for the video.

Since the lawsuit was announced, three more women who used to work with Lizzo have said they had similar experiences with the singer…but Lizzo maintains the allegations are just “sensationalized stories.”—ML

Stat: Ugh, the CEOs ordering you to return to the office just got some fresh backup from science. A new working paper in the National Bureau of Economic Research found that data entry employees in Chennai, India, randomly assigned to work from home were 18% less productive than employees who worked at the office. And that gap gets even wider (27%) when measuring the reduced productivity of workers who prefer to work from home. But maybe that’s the point. After all, recent trends like “quiet quitting” and having a “lazy-girl job” show that people want to work less, at home.

Quote: “There are some things people shouldn’t worry about. This is one.”

Fitch shouldn’t kill your vibe, says Warren Buffett. The Oracle of Omaha told CNBC that Fitch’s controversial downgrade of the US credit rating is not affecting his investment strategy, and he’s still plowing into US Treasurys per usual. Elon Musk also voiced his support for American debt, calling short-term Treasurys a “no-brainer.”

Read: The smutty hockey drama melting down BookTok. (The Cut)

The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to going out to dinner with a group that’s down to share everything.

It’s that satisfying. Ace the quiz.

The Women’s World Cup knockout stage is set: Here is the schedule for the round of 16.

Floating cities: How did cruise ships get so big? (YouTube)

Chicken sandwich critic: You’ve never seen a food review with this production quality.

Friday playlist: Listen to some of the records found in James Baldwin’s home after his death.

Build the team of your dreams. Learn from the experts in our Building High Performance Teams sprint. It all begins on August 28. Register now.

Wireless wins: Tired of Big Wireless’ big bills? Tello Mobile offers the same reliable wireless service for under $30/month. Get 5GB + unlimited talk and text for $15/first month.*

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Picdoku: Picdoku is the XFL to sudoku’s NFL. Play today’s puzzle here.

Friday puzzle

The year 2023 is special for the four members of the Smith family who are aged 11, 13, 41, and 47. What will be the next special year for the Smith family?

Last week you planned when to see Barbie and Oppenheimer. This week? Sign up for our newest course, Strategic Planning, and learn how to craft an expert business plan for the year ahead. In just one week, you’ll learn from the best planners in the biz and walk away with actionable goals, a clearer view of big-picture trends, and a map that will get you to the finish line.

Register now.

2029. In 2023 all their ages are prime numbers, and the next year they’ll all be prime again is 2029 (17, 19, 47, 53).

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