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June 06, 2024 View Online | Sign Up | Shop

Morning Brew

LMNT

Good morning. Today is the 80th anniversary of D-Day, and this year’s event is especially poignant: It could be the last major commemoration that involves WWII veterans. People who were 20 years old when Allied soldiers stormed the beaches of Normandy on June 6, 1944, are now 100.

Given the gravitas of this year’s anniversary, organizers are giving it a “last hurrah” feel, holding concerts, parachute drops, ceremonies, and parades in what will be the biggest D-Day commemoration in history. Fewer than 200 WWII vets have traveled to France, supported by aides, to take it all in one final time. President Biden is one of roughly 25 world leaders who will be in Normandy to mark the occasion.

—Molly Liebergall, Matty Merritt, Cassandra Cassidy, Abby Rubenstein, Neal Freyman

MARKETS

Nasdaq

17,187.90

S&P

5,354.03

Dow

38,807.33

10-Year

4.289%

Bitcoin

$71,121.47

Nvidia

$1,224.40

Data is provided by

*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean.

  • Markets: The S&P 500 and the Nasdaq closed at record highs yesterday as tech stocks ascended. Nvidia soared after unveiling new chips ahead of its hotly anticipated stock split. It closed with a market cap above $3 trillion, besting Apple to become the second-most valuable company in the US. A sign we’ve reached peak AI hype: a woman asked CEO Jensen Huang to sign her chest.
 

REAL ESTATE

Detroit’s decades-old eyesore is all glowed up

Split-screen of the old vs. new Michigan Central Station Raymond Boyd/Getty Images, Michigan Central

Imagine not working for 35+ years, getting a multimillion-dollar makeover paid for by Ford, and then being serenaded by Diana Ross and Big Sean at an Eminem-produced concert. That’s reality for Detroit’s Michigan Central Station, where a star-studded show will take place outdoors tonight to mark the beginning of the formerly abandoned building’s new life as a Motor City business hub.

To backtrack: Fenced in by barbed wire, the former railroad depot stood in disrepair from 1988, the year before the Berlin Wall fell, until 2018, when Ford bought the much-vandalized, 18-floor building for $90 million with plans to help revive Detroit’s economy, five years after the city’s bankruptcy.

$900+ million in renovations later…Ford is finally unveiling the refurbished station. It’s intended to house some of the company’s operations, other businesses, and startups, shops, an event space, and more community draws. Google’s Code Next Detroit, an education program, is slated to move in this month.

Don’t sleep on Detroit’s comeback

Central Station 2.0 is expected to bring thousands of tech jobs to the area and boost surrounding service-industry businesses, like restaurants and hotels. And it’ll just be one building at the heart of Ford’s planned 30-acre, $1 billion technology campus, which the carmaker said will be mostly running in three to five years.

On the up: In 2023, Detroit’s population increased for the first time in almost seventy years. Plus, offices there aren’t facing vacancy issues like in Los Angeles and Chicago. That’s largely thanks to the Ford family and the owners of Rocket Companies and Little Caesars, a triumvirate of billionaires who have invested so much in downtown Detroit that they own ~70% of its offices.

While that’s a boon for property values…locals are also worried about gentrification. Median rent in Detroit’s metro area increased 5x the national average in April, and area homeowners and small business owners told the New York Times that they’ve fielded countless calls from out-of-towners or realtors who want their properties.—ML

   

PRESENTED BY LMNT

Summertime hydration hack

LMNT

Feeling the burn yet? Summer 2024 is gearing up to be a scorcher, so you need to stay on top of your hydration game.

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Their secret sauce packs 1,000 mg of sodium, 200 mg of potassium, and 60 mg of magnesium, with absolutely no dodgy ingredients or sugar added. Just enough sodium, vitamins, and minerals to keep you hydrated and healthy in these hot temps.

Keep your energy up (and your headaches and muscle cramps down) by claiming your free sample pack with any drink-mix purchase.

Stay hydrated.

WORLD

Tour de headlines

A super bowl event featuring ads for the NFL Sunday Ticket Rich Graessle/Icon Sportswire via Getty

Multibillion-dollar trial over NFL’s Sunday Ticket kicks off. The trial in an antitrust suit filed by fans over the NFL’s Sunday Ticket package for watching out-of-market games that aren’t part of local broadcasts on Sunday afternoons began in a Los Angeles courtroom yesterday, nine years after the case was filed. The suit claims that NFL teams conspired with DirecTV to keep the price high. The NFL argues its broadcasting deals are exempt from antitrust rules under federal law. If a jury agrees that the league’s actions were out of bounds, the NFL could face as much as $21 billion in damages, according to the WSJ.

NYC’s controversial congestion pricing halted indefinitely. In a last-minute switcheroo, New York Gov. Kathy Hochul pressed pause on the city’s plan for new tolls to cut back on traffic and raise revenue just weeks before it was scheduled to take effect on June 30. Hochul said the plan “risks too many unintended consequences,” but some economists and transportation advocates accused her of tossing out decades of work on the congestion pricing plan to avoid a sensitive election topic. Critics of the plan—including the governor of New Jersey, who celebrated its demise—decried it as a tax on commuters.

🛒 Dollar Tree mulls selling Family Dollar. Sometimes when your relationship isn’t working out, it’s best to break up, and that seems to be why Dollar Tree is thinking about selling off Family Dollar, which it acquired in 2015 for almost $9 billion. Yesterday, Dollar Tree said it was thinking about selling the brand off, after shuttering hundreds of stores last quarter. Dollar Tree outbid rival Dollar General to snap up Family Dollar, but the chain turned out to be in bad shape and Dollar Tree has been struggling ever since while Dollar General has thrived.

SPACE

Boeing finally gets to space

Starliner launch. Joe Raedle/Getty Images

The only thing that has seen more delays than a Boeing spacecraft? The airlines using its planes on MDW. But the company’s first crewed spaceflight mission launched successfully yesterday, so execs could finally pop that bottle of unintentionally aged Dom Pérignon to celebrate.

With the Atlas 5 rocket’s 1.6 million pounds of thrust underneath them, astronauts Suni Williams and Butch Wilmore blasted off at 10:52am ET yesterday onboard Boeing’s Starliner capsule.

They’re headed for the International Space Station (ISS). The journey is expected to last 25 hours before the capsule docks on the ISS, where the astronauts will spend over a week before returning to Earth on June 14.

Boeing is still behind. We won’t even get into its expensive air and land messes. Nearly a decade ago, NASA gave as much as $6.8 billion in contracts to Boeing and SpaceX to shuttle its astronauts to space. And while Boeing’s first launch was delayed for seven years and came in $1.5 billion over budget, SpaceX is gearing up today for its fourth test flight of the Starship rocket and Super Heavy launch vehicle. A lunar variant of the Starship will be used as part of the NASA Artemis 3 mission to the moon in 2026.—MM

   

TOGETHER WITH FRESHCAP

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FINANCE

All my indexes live in Texas

Wall Street bull wearing a cowboy hat Anna Kim

A group of investors fed up with Wall Street are taking the bull by the longhorns and starting a national stock listing to rival the New York Stock Exchange and the Nasdaq.

The Texas Stock Exchange is planning to file with the SEC later this year after raising $120 million from various investors and hotshot firms like Citadel and BlackRock, according to the WSJ.

Why make the TXSE when there’s the NYSE? The group leading the charge for an “anti-woke” exchange sees an opportunity to capitalize on 1) the Southeast’s skyrocketing economy and 2) growing disillusionment with perceived burdensome regulation at the New York-based exchanges. The TXSE pledged to be more “CEO-friendly,” drawing a clear distinction from the Nasdaq, which requires companies on the exchange to meet a diversity requirement or explain why they can’t.

Everything’s bigger in Texas. Many have tried and failed to compete with the established rulers of the stock exchange world, but with institutional backing and an industry ready to head south, TXSE might be able to pull it off. The state is transforming its reputation from a location for underperforming analysts to a new financial epicenter: It’s tied with New York as the state with the second-most Fortune 500 companies, and JPMorgan’s Texas employee count is now higher than New York’s.—CC

   

STAT

Prime number

The Tokyo Municipal Building with windows lit up in the shape of a heart Illustration: Francis Scialabba, Photo: Getty Images

It’s bad enough when your mom asks why you’re not married and tries to set you up, but if you live in Tokyo, the government will also soon be trying to find you someone to have babies with. The city’s leaders are debuting their own dating app after learning that 70% of people who want to get married aren’t attending events or joining apps to meet a partner. “We want to give them a gentle push to find one,” the official in charge of the app told Agence France-Presse. Users will have to prove they’re legally single and willing to marry, plus provide proof of their income. It’s all part of a response to Japan’s declining birth rate. Japan had more than twice as many deaths as births last year.

NEWS

What else is brewing

  • eBay said it would stop accepting American Express, saying the fees are too high and consumers have other options.
  • An appeals court paused the Georgia election interference case against former President Donald Trump while it considers whether DA Fani Willis should be allowed to remain on the case.
  • Hunter Biden probably had an awkward day in court as his exes testified about his drug use in his federal gun charge trial.
  • Senate Republicans blocked a bill that would guarantee access to contraception nationwide.
  • A deadly heat dome is hovering over California, Nevada, Arizona, Utah, and South Texas.
  • Hanesbrands agreed to sell Champion to Authentic Brands Group in a deal that could be worth up to $1.5 billion.
  • Amanda Knox was reconvicted of slander by an Italian court for making a false accusation while being questioned about the murder of her roommate Meredith Kercher, whose slaying Knox was convicted of before being acquitted on appeal.

RECS

To do list Thursday

Be shady: This tool lets you find the location of an image using only shadows (and this video explains more about it).

Don’t despair: Here are some positive environmental stories from this year.

Travel back in time: Some of this GQ list of overrated things from 1995 holds up. The inclusion of “righteousness about Ticketmaster” does not.

Avoid main character syndrome: These books, all told from a side character’s perspective, are worth a read.

Save time and $2k every vacation: Want an expert trip planner for life who’s dedicated to making every getaway amazing? Until midnight, get lifetime access to Concierge for just $199 (was $2,850).*

Press play: Wanna get your ads in front of an engaged audience? That’s where Tubi comes in. Learn about the free streaming platform made for viewers and marketers alike. Sponsored by Tubi.*

*A message from our sponsor.

GAMES

The puzzle section

Brew Mini: Wanna race? Neal did today’s Mini in 26 seconds…try to beat that here.

Three Headlines and a Lie

Three of these headlines are real and one is faker than the estimated walk time on Apple Maps. Can you spot the odd one out?

  1. New Netflix reality show will be hosted by the estranged son of sardine magnate
  2. Study says that people who like loud exhaust are psychotic
  3. Ikea is hiring people to serve digital meatballs in its Roblox store
  4. Deceased New Jersey congressman wins primary

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ANSWER

We made up the one about the sardine magnate’s son.

Word of the Day

Today’s Word of the Day is: triumvirate, meaning “a group or association of three.” Thanks to Matt from Boulder City, NV, for the triply good suggestion. Submit another Word of the Day here.

         
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