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Good morning. July 15 happens to be a momentous day in Twitter history. In 2006, it was launched as Twttr by parent company Odeo. And exactly one year ago, a 17-year-old orchestrated a massive Twitter hack that compromised the accounts of 130 of the most prominent people in the world, including Barack Obama and Elon Musk.
This year, Twitter decided to make a big move on July 14. Read about it below...
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Nasdaq
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14,644.95
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S&P
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4,374.30
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Dow
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34,933.23
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Bitcoin
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$32,863.77
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10-Year
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1.345%
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AMC
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$33.43
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*Stock data as of market close, cryptocurrency data as of 5:00pm ET.
Here's what these numbers mean.
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Markets: After plunging another 15% yesterday, AMC stock has fallen to half of its record high; fellow meme stock companies, such as GameStop, are also down big in July.
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Economy: Of course Jerome Powell was going to be asked about inflation during testimony on Capitol Hill yesterday. What did he say? More of the same—that inflation will be higher for a few months then recede to more typical levels.
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Giphy
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In the biggest win for parents since the invention of the iPad, the IRS will send supersized checks for the expanded child tax credit (CTC) beginning today.
As part of the coronavirus stimulus package passed in March, the Biden administration set aside $105 billion to hike the child tax credit up to $1,600 per child. It’s one of the White House’s most ambitious economic policies.
Here’s why: The expanded child tax credit is expected to cut child poverty by nearly half, according to a study from Columbia University. Almost 90% of the US’ 74 million children will qualify for the program.
Some details:
- The standard credit increased to $3,600/child under 6 and $3,000/child between ages 6 and 17, compared to the existing $2,000 per child under 17.
- The CTC is now fully refundable, meaning low-income families who don’t owe federal taxes can feel the credit’s full effect for the first time in recent history.
Will it stick around?
The current expansion will expire after one year, but President Biden asked for a four-year extension in his American Families Plan.
Some Democrats, including senators New Jersey’s Cory Booker and Colorado's Michael Bennet, want to make it permanent, citing its profound impact on working families. “It’s the most transformative policy coming out of Washington since the days of FDR,” Booker claims. That’ll receive pushback from lawmakers who argue the program is too costly and will disincentivize parents from finding work.
What it means for business: Cowen called the expanded CTC an “underappreciated stimulus” that will boost sales for retailers like Walmart, Target, and Nike.
For more: Our personal finance writer Ryan Lasker put together a cheat sheet for the child tax credit that’ll help you figure out if you qualify, how much you’re eligible for, and whether you should opt out. Read it here.
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It turns out Twitter’s Fleets feature was here for a good time, not a long time. The social media platform said yesterday it’s shutting down the Instagram Stories-esque feature that allowed users to post content that would disappear in 24 hours.
Why? Eight months in, it just wasn’t that popular. Twitter’s VP of product said, “In the time since we introduced Fleets to everyone, we haven’t seen an increase in the number of new people joining the conversation with Fleets like we hoped.”
Moral of the story: Copying Snapchat’s ephemeral feature worked for Instagram, but platforms are learning that just because something clicks in one setting doesn’t mean it will work everywhere.
Bottom line: Twitter hopes other new product releases, like its Clubhouse competitor, Spaces, will be less fleeting.
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Drug overdose deaths rose nearly 30% nationwide in 2020 to a record of 93,331, according to preliminary federal data. The surge is pronounced on the West Coast; in San Francisco for instance, about 64% more people died of drug overdoses last year than from Covid-19.
What’s going on?
- Rates of joblessness and homelessness rose in 2020, and with them, stress and trauma. Plus, business shutdowns extended to treatment centers and other mental health resources.
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After being a scourge on the East Coast, fentanyl, an illegal drug that’s 50 times as powerful as heroin, spread to the West.
Plus, the best prevention for Covid-19 (isolation) was disastrous for drug users. “Isolation is also the thing that puts people at the absolute highest risk of overdose death,” Kristen Marshall, manager of the overdose prevention program DOPE Project, said to the WSJ.
Zoom out: These overdose numbers reveal a rising death toll from the pandemic that extends beyond those who succumbed to the virus itself.
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Everyone wants a portfolio that performs well. But one that’s good for the environment and potentially good for your wallet? Even better.
That’s what you get with the Fidelity Climate Action Fund. The fund enables investors to support companies that are working to remove, reduce, or mitigate the effects of climate change.
But this is about more than good intentions, as a post-pandemic “green boom” could potentially bring a lot of value to investors. For instance:
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In the next decade, the US utility industry’s capacity to generate wind and solar energy could grow from 14% to 39%.
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The utilities industry is projected to spend $130 billion annually on renewable sources of energy in 2021, 2022, and potentially longer—up 50% from a decade ago.
Fueled by insights from the Fidelity research team, the Fidelity Climate Action fund helps you invest in opportunities presented by the green transition.
Learn more about the Fidelity Climate Action Fund here.
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Francis Scialabba
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Stat: TikTok became the first non-Facebook app to hit 3 billion downloads globally, according to Sensor Tower. It was the most downloaded and highest grossing non-game app in the world in H1 2021.
Quote: “The medals will not be given around the neck. They will be presented to the athlete on a tray and then the athlete will take the medal him or herself.”
When it seemed the Tokyo Olympics couldn’t get any weirder, IOC President Thomas Bach said hold my medal. Literally. Olympic winners must place the medals on themselves to preserve a contactless experience.
Read: How fintech is eating the world. (No Mercy/No Malice)
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NBA 2K
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Chicago Sky star Candace Parker will grace the cover of a special edition of NBA 2K22, becoming the first woman to appear on the video game’s cover.
Parker’s appearance is meant to create more buzz for the WNBA, now in its 25th season. Three years ago, the bestselling 2K franchise didn’t feature any women players—now it lets users play as a woman in career mode or manage a WNBA franchise.
Bottom line, via Parker: “Being able to see women on the cover, visible in leadership positions, it helps not just in sport but also just in the boardroom, in business, or everything,” she told Bloomberg.
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The EU and China both launched ambitious plans to cut greenhouse gas emissions.
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Facebook will pay $1 billion to creators through 2022.
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Delta (the airline, not the Covid variant) posted its first profitable quarter since the pandemic hit.
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Over 150 companies, including Target and Amazon, asked Congress to pass voting rights legislation.
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Personalized advertising’s performance is a mixed bag, per a new study.
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Coca-Cola is rebranding Coca-Cola Zero Sugar and switching up the taste. Did it not learn from the New Coke debacle?
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Brew mini: Today’s puzzle is very special because it contains exactly 0 black squares. That means if you’re up for a bit of a challenge, give it a try.
Three Headlines and a Lie
Here are some headlines that will surely stress you out more than Kraft’s mac-and-cheese ice cream. See if you can guess which one is faker than the powder in the little blue box:
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Muskegon County man unearths more than 150 bowling balls during renovations
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Apple’s weather app won’t say it’s 69 degrees
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California town asks residents to donate backyard pools for fish mating during drought
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Brazilian President Jair Bolsonaro hospitalized after 10 days of hiccups
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We made up the fish mating one. But if you have any pools you'd like to donate for human use...give us a call.
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✢ A Note From Fidelity
Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus, offering circular or, if available, a summary prospectus containing this information. Read it carefully.
Investing involves risk, including risk of loss.
1. Source: McKinsey & Company, America 2021: Renewing the nation's commitment to climate action
2. Source: Morgan Stanley, Coal capacity to be gone from U.S. power grid by 2033
Fidelity Brokerage Services LLC, Member NYSE, SIPC. © 2021 FMR LLC. All rights reserved.
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