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Good morning. The government finally released its big report on unidentified aerial phenomena yesterday. So? Are there aliens spying on us? The Pentagon didn’t 100% rule it out, but instead offered five explanations for weird things observed in the sky:
1) Tech developed by a geopolitical adversary
2) Secret US tech we civilian folk don’t know about
3) Natural occurrences, like tricks of light or water
4) Air junk, such as weather balloons
5) “Other”
So all in all it’s basically a big IDK due to a lack of data. Looks like we'll be watching Arrival again this weekend and dreaming of what could be.
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Nasdaq
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14,360.39
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S&P
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4,280.70
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Dow
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34,433.84
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Bitcoin
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$31,712.66
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10-Year
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1.528%
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Wells Fargo
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$46.38
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*Stock data as of market close, cryptocurrency data as of 6:00pm ET.
Here's what these numbers mean.
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Economy: An inflation indicator watched closely by the Fed gained 3.4% in May, the largest annual increase since 1992. The central bank may be coming around to the idea that inflation is less transitory than it initially projected; Bank of America, for one, expects elevated inflation for the next two to four years.
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Markets: Investors appear more focused on Thursday’s bipartisan infrastructure deal than inflation concerns. The S&P posted its best week since February, led by bank shares which gained after getting a clean bill of health from the Fed on Thursday.
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Nike pulled a Javier Sotomayor yesterday when its shares high-jumped 15.5% to hit an all-time high. On Thursday, the sports apparel brand reported record North American sales for last quarter—$5.4 billion—and total revenue of $12.3 billion.
The future looks even brighter. Nike predicted it’ll pass $50 billion in revenue this fiscal year for the first time thanks in part to a rapidly growing e-commerce biz.
Everyone’s feeling optimistic about retail this summer:
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Consumer spending on goods in May was 20% higher than in February 2020, a government report showed yesterday, and overall consumer spending (including services, which are starting to trend upward, too) is estimated to grow 9% this year—the fastest rate since 1946, per Oxford Economics.
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Spending on clothing specifically is 35% greater than it was two years ago, per Bank of America.
- Gap stock’s up 77% year-to-date, and it’s not just because it released a Yeezy jacket.
Here are the trends fueling retail’s renaissance
With the US nearly fully reopened and Europe on its way, social lives are heating up and elastic waistbands are being relegated to KBBQ outings.
According to Urban Outfitters CEO Richard Hayne, preferences have shifted from “casual, at-home, comfortable” clothes to “‘going-out’-type apparel” this year. Plus, people are headed back to offices and schools—where nap dresses won’t fly.
Another reason people are updating their wardrobes is because their clothes simply don’t fit: According to Levi’s CEO Chip Bergh, more than 25% of consumers have a new size compared to before the pandemic.
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A Harris Poll survey found that 61% of US adults’ weight fluctuated in the past year, with an average weight gain of 29 pounds among those that put on weight.
Looking ahead...increased consumer spending sets the economy up for a strong summertime shopping season, as retailers race to hire elusive workers and smooth out supply chain kinks to meet demand.
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Jemal Countess/Getty Images
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Bruce Springsteen will perform his show, Springsteen on Broadway, tonight in what will be the first full-capacity show held on Broadway since the pandemic began. It’s a sign of life for Broadway, which brought in $1.8 billion in ticket sales in the glory days of 2019, but the recovery won’t be complete until travel restrictions ease and international tourists return to fill up seats.
Plus, a starboard is born
Horacio Villalobos#Corbis/Corbis via Getty Images
The Celebrity Edge will embark from South Florida today as the first major cruise ship to leave a US port in 15 months. At least 95% of the passengers are vaccinated against Covid-19, operator Celebrity Cruises said, and the ship will sail at 35% capacity.
Fun fact: The captain of the $1 billion ship, Kate McCue, was the first American woman to captain a cruise ship in 2015. Now she’s a nautical celeb, with more than 1 million followers on TikTok and 250,000 on Instagram.
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Virgin Galactic
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The commercial space race is hotter than the Pacific Northwest.
Billionaire Sir Richard Branson’s space travel company Virgin Galactic received FAA clearance yesterday to fly paying customers to space—great news for the 600 people on its waitlist eager to glimpse the curvature of Earth from 56 miles up. It’s also great news for investors: The company’s stock rocketed 39% on the day to close more than 260% higher than its May low.
Branson has said that he plans to be on board Virgin Galactic’s early passenger flights, and not to sound like Gossip Brew, but there’s speculation that Branson will schedule his trip to space before Jeff Bezos blasts off in his Blue Origin rocket on July 20.
Zoom out: Developments in space travel, specifically space tourism, are moving at lightning speed. Wayne Monteith, the FAA’s associate administrator for commercial space transportation, told the WSJ that the number of licensed launches jumped 400% in the last five years.
Part of that is due to an absence of red tape. The FAA grants licenses and approves launches, but that’s about all it can do because of a congressionally mandated industry “learning period” until 2023.
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If you get this card, it’ll be the first time you even have to think about paying any interest. That’s because you get a 0% intro APR for 18 billing cycles on qualifying balance transfers with this wunderkind of a balance transfer card.
While it’s sort of nuts to think we’re already halfway through 2021, trust us when we say late 2022 is still way down the road. So when you get this card, that has a $0 annual fee (as in none) and no penalty APR, you’re basically made in the shade for a good long while.
To recap: In late 2022 we will be totally different people with a new, important hobby that we have perfected (underwater basket weaving, perhaps??). We will have also spent those 18 billing cycles not paying any interest on both new purchases and qualifying balance transfers.
Apply for this card in under two minutes and pay no interest until late 2022 here.
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Stat: Police retirements jumped 45% and resignations increased 18% from April 2020 to April 2021, according to a survey of almost 200 departments from the Police Executive Research Forum. Asheville, NC, lost 80 officers out of its force of 238. Why the exodus? Experts cite antagonism during the protests following George Floyd’s death last summer, low pay, and overwork.
Quote: “It’s not easy to do, but try—try and do what you love with people you love. And if you can manage that, it’s the definition of heaven on earth. I swear to God, it really is.”
Conan O’Brien signed off as a late-night TV host Thursday after 28 years of laughs and exquisite hair. Next up, he’s planning to launch a weekly variety show on HBO Max.
Read: In honor of the Tour de France beginning today, check out the epic saga of Primož Roglič. (Bicycling)
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Giphy
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In this new Summer 2021 segment, the Brew’s personal finance writer Ryan Lasker is nose-diving into our inbox to address your personal finance questions. Submit your money woes here.
Is it worth getting a financial advisor, and if so, how do I choose one? —Tony from Colorado
It doesn’t bruise my ego to say you can’t rely solely on writers like me to chart your financial path. I do believe that financial advisors offer tremendous value by helping people build sound investment portfolios and navigate complicated financial matters.
Financial advisors look at your financial situation, get a feel for your goals, and make and manage a personalized investing plan. They’re often paid by taking a percentage of the assets they manage, typically around 1%.
It’s a fallacy that you need a milli to get a callback from a financial advisor. Sure, most advisors only take on clients who can fork over six figures, but there are ways around it.
For example, consider a one-time financial review. Not unlike a car inspection, you get the assurances that your self-managed investments are in good shape until you’re ready to hand over your portfolio.
As for finding an advisor, ask friends and family for recommendations. You want a fiduciary, a credentialed financial advisor who’s legally bound to act in your best interest.
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At least four people died and nearly 160 people are unaccounted for after a condo tower in Surfside, FL, partially collapsed on Thursday. Rescuers are combing through the debris in an effort to find survivors.
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Former Minneapolis police officer Derek Chauvin was sentenced to 22.5 years in prison for the murder of George Floyd.
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Greater Sydney and some surrounding areas in Australia have been placed under a two-week lockdown to contain an outbreak of the Delta variant.
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The DOJ is suing Georgia over its new voting law, which many large corporations headquartered in the state, such as Coca-Cola and Delta, opposed.
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Celebrate Independence Day with independent sellers. Etsy is the marketplace you turn to for all the handcrafted and vintage treasures you can’t find anywhere else. Every seller is unique—and so is this collection of favorites curated by yours truly, the Brew. Check out some of our finds—from charcuterie boards to beach blankets—and make this 4th of July one of a kind.
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Need a new hobby? How about bird-watching? This app from the Cornell Lab of Ornithology offers a free guide to birds around the globe.
Weekend Conversation Starters:
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If you haven’t played the Brew Crossword in a while, try getting back on the train. Our new Puzzle Master, Mary Tobler, creates puzzles that are the perfect amount of difficulty for a fun Saturday morning brain blast.
Try today’s puzzle here.
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Business podcasts →