|  | Nasdaq | 19,591.24 | |
| | S&P | 6,005.88 | |
|  | Dow | 42,761.76 | |
| | 10-Year | 4.482% | |
| | Bitcoin | $108,821.55 | |
| | Topgolf | $7.39 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. | - Markets: It was a gray and rainy day on Wall Street yesterday, but stocks started the week by rising as investors see sunny skies ahead with the US and China engaging in trade negotiations that they hope will ratchet tensions back down.
- Stock spotlight: Topgolf Callaway Brands soared after one of its high-profile corporate directors gave the company a show of support more forceful than a golf clap by scooping up $2.5 million worth of shares last week.
| Markets Sponsored by Pacaso Join leading investors: Top investors like Maveron backed Pacaso, which has already grossed $110m+ and reserved the Nasdaq ticker PCSO. But you can invest now for $2.90/share. |
|
|---|
TECH The first day of Apple's annual Worldwide Developers Conference (WWDC) was light on artificial intelligence updates, heavy on people talking with their hands, and yielded the company's biggest visual overhaul of its operating systems since 2013 with a new software makeover called Liquid Glass. - Liquid Glass is a redesign inspired by Apple's visionOS software that features a translucent visual interface that dynamically reacts to movement, adjusts to light and dark, and essentially lets users see through everything, including buttons and switches.
- It's the biggest shift in look since iOS 7, when Apple first introduced skeuomorphism (i.e., making app icons look like their real-world counterparts).
And just like an insecure guy embellishing his height, Apple confirmed at the conference it's pumping its iOS numbers. It's departing from sequential numbering for its operating systems so they are unified and and correspond to the year after their release—for example, the update to last year's iOS 18 is named iOS 26, macOS 15 is now macOS 26, and so on. As for Apple Intelligence… Apple software chief Craig Federighi did little to quell grumblings that Apple is still chasing its competitors in the AI space. He broke the bad news at the top of the presentation by saying the AI upgrade to improve Siri still isn't ready. But there was some good AI news: - Live translation: Apple's tech can now translate conversations between two people speaking different languages in real time over text and phone calls. Arguments during World Cup 2026 are about to get a whole lot more fun.
- Third-party developers: A new framework called Foundational Models lets third-party developers integrate AI into their apps. Because it's run locally on your phone, it can be accessed offline and doesn't come with cloud computing costs.
Big picture: Shareholders seemed downright disappointed during the keynote. Not long after Federighi's Siri update, which was six minutes into the show, Apple's stock dropped more than 2.5%. However, Apple shares rebounded somewhat and finished the day down just 1.2%.—DL | | |
|
|
Presented By Pacaso In 2010, a Grammy-winning artist passed on investing $200k in an emerging real estate disruptor. That stake could have been worth $100m+ today. One year later, another real estate disruptor, Zillow, went public. This time, everyday investors had regrets, missing pre-IPO gains. Now, a new real estate innovator, Pacaso—led by Zillow's co-founder—is disrupting a $1.3t market. And unlike the others, you can invest in Pacaso as a private company. Pacaso's co-ownership model has generated $1b+ in luxury home sales and service fees, earned $110m+ in gross profits to date, and received backing from Maveron, Greycroft, and more. And after reserving the Nasdaq ticker PCSO, they're poised for their next phase. Invest in Pacaso for $2.90/share today. |
|
WORLD  California sues Trump for sending National Guard to quell LA protests. California Gov. Gavin Newsom said his state is suing over President Trump's order deploying the National Guard to shut down anti-ICE demonstrations in Los Angeles despite the objections of local leaders. The governor posted on X that the president had illegally federalized the National Guard, saying, "The order he signed doesn't just apply to CA. It will allow him to go into ANY STATE and do the same thing." The White House, meanwhile, called the lawsuit "baseless," and the president also supported his border czar Tom Homan's suggestion that Newsom should be arrested if he obstructed federal immigration enforcement. Yesterday, in an escalation of military presence, Trump also deployed Marines and additional National Guard troops to LA.
 China's exports to the US fell by the most since 2020 in May. The US and Chinese representatives meeting in London this week in hopes of achieving a trade war truce have a lot to talk about—and a lot at stake. Last month, Chinese exports to the US declined 34.5%, the steepest drop since February 2020 when Covid shut down China's economy and snarled global supply chains. This dip occurred despite a temporary trade agreement reached May 12, which led to lower (but still elevated) tariffs for 90 days. In this week's talks, which began yesterday and are expected to continue, China is hoping the US will back down on tariffs and access to tech, while the US wants China to allow more exports of rare earth minerals. After yesterday's meetings, Trump said China is "not easy," but that he's "only getting good reports."
 A Wall Street dealmaker steps down from the top of his eponymous firm. Moelis & Co., an investment bank with a market value of ~$4.6 billion, is about to have a little bit less Moelis, as its founder Ken Moelis is leaving the CEO role, per the Wall Street Journal. He's expected to stay on as executive chairman after handing the reins over to co-founder and current bank co-president Navid Mahmoodzadegan on Oct. 1. Moelis, who unlike Logan Roy has been planning his exit for years, said he intends to have the "smoothest transition ever in the history of Wall Street."—AR
|
|
|
ENTERTAINMENT Just like anyone living with the same roommates for 3+ years, Warner Bros. Discovery is ready for separation. The entertainment behemoth said yesterday that it'll slice itself in two, largely undoing the 2022 merger between Warner Bros. and Discovery that created it. Here's how it'll be divided: - Warner's TV channels (including CNN, TNT, and TBS), as well as Discovery+ and Bleacher Report, will live within a newly created entity called Global Networks.
- Meanwhile, its film studios and streaming services (including HBO Max), will become part of Streaming & Studios, which will be helmed by current CEO David Zaslav.
Why the split? Warner's leadership claims that the move will allow the two companies—which will remain somewhat entwined operationally and financially—to focus on their core businesses and give them more dealmaking opportunities. But some observers believe Warner might be looking to sell Global Networks as cable TV slowly goes the way of faxes in the streaming era. Warner downgraded the value of its TV networks by $9.1 billion last year, while HBO magnetized bingewatchers with premier content like White Lotus and The Pitt. Plus, the split is reversing the marriage between the prestige of Warner Bros. offerings and Discovery's reality shows, which many investors objected to. It's not the first TV-streaming divorce. Comcast-owned NBCUniversal recently began siloing its cable channels, including CNBC and MSNBC, into a new company called Versant.—SK | | |
|
|
Together With New York Life Building your lega¢y. From saving for college to planning a stress-free retirement, creating a solid financial foundation you can trust and lean on can pay dividends (literally). To help you visualize the journey, scroll through this snazzy interactive to see how New York Life can supplement every building block your financial path requires—one supported step at a time. |
|
GAMING Though it's been years since PSPs were all the rage and Nintendogs got regular walks, Microsoft is launching its first-ever family of portable consoles later this year: The Xbox Ally and Ally X, long-rumored handhelds that finally got unveiled this week. Specs: Comfy Xbox-like controllers, a 7-inch screen, and double the storage of the Nintendo Switch 2, which came out five days ago. The higher-powered Ally X also boasts a "cutting-edge" processing chip, per IGN, and about as much memory as a regular Xbox. - Your digital Xbox games will be playable on the Ally, either via cloud gaming or a remote connection, meaning you can play at home and away.
- The device's new Xbox app can also import games from Steam, the preeminent platform for buying PC games. PlayStation started selling some of its games on Steam in recent years, so Xbox's new handheld will support some of its rival's coveted content.
But it'll probably cost you. Microsoft developed the Xbox Ally with electronics company Asus, which has been producing handheld consoles since 2023. Asus's latest device before the Xbox Ally is priced at $800 (to start) and has a less advanced processor…so start saving up. For context, the Switch 2 costs $450 and the Steam Deck—Xbox Ally's main competitor—maxes out at $650.—ML | | |
|
|
STAT The Mexican chain whose bowls always seem huge when you order them, but still somehow completely disappear once you dig in, is adding a new dip to the menu for the first time in five years. As of June 17, Chipotle will serve up Adobo Ranch, its first new dip since it started dishing out queso blanco in 2020. It may be 2020 vibes all around at Chipotle: The move to lure customers in with ranch comes after the chain reported a decline in same-store sales in the first quarter for the first time since the pandemic as customers pull back amid economic uncertainty. But if anything can bring back the burrito-loving masses, it may be ranch. As of last year, bottled ranch sales were at $1.3 billion per year in the US, outstripping sales of bottled barbecue sauce ($969.9 million) and even the seemingly ubiquitous ketchup ($1.26 billion), according to Clorox, which owns the popular Hidden Valley brand. Like guac, Adobo Ranch is extra: It'll cost 75 cents (though rewards members will get to try it for free the day it makes its debut, if you want to have a true Taco Tuesday next week).—AR |
|
|
Together With Vuori What a dad wants, what a dad needs. Shopping for Father's Day? Peep these classic-looking chino shorts that are actually (secretly) activewear. Made with a quick-drying, moisture-wicking stretch fabric—part of Vuori's Meta collection—they're at home during the workday and on the fairway. Spend $200+ before June 15 and get a free tote.* |
|
NEWS - President Trump's travel ban took effect yesterday, barring citizens of 12 countries from entering the US.
- Robert F. Kennedy Jr. said he was "retiring" all 17 members of the government's panel of independent expert vaccine advisors. The move was decried by public health advocates and Democrats, but the Health and Human Services Secretary said, "A clean sweep is needed to re-establish public confidence in vaccine science."
- The CEOs of Uber, Dell, Goldman Sachs, and others attended an event touting the "Trump Accounts" program included in the Republican tax bill currently being debated in the Senate. The program would see the federal government put $1,000 in investment accounts for newborn citizens.
- Greta Thunberg and other activists, who were onboard a ship trying to bring aid to Gaza that was seized by Israeli forces, are expected to be deported to their home countries.
- Justin Baldoni's $400 million countersuit against Blake Lively, Ryan Reynolds, and their publicist was dismissed by a judge. The judge also nixed Baldoni's $250 million defamation suit against the New York Times over an article laying out Lively's allegations against him.
- Disney agreed to pay another $438.7 million to finish buying Comcast's stake in Hulu, giving it full control of the streaming service.
- Sly Stone, the Rock & Roll Hall of Fame inductee who led Sly and the Family Stone, died at age 82.
|
|
|
RECS  Save space: A better way to store your yoga mat.**
Don't eat the art: Vegetable sculptures, depicting everything from a papal conclave to Dolly Parton, from a British country fair. PSA: Your Costco card will not get you onto an airplane. Watch: The knives you actually need in your kitchen—and what they're for. HR teams, skip the guesswork: Find your best-fit HR software with free, unbiased advice from SSR. Get tailored recs in just 15 mins—and score a $50 Visa gift card for your time. Get your HR software matches.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. |
|
|
GAMES Brew Mini: Who is told to "wrap it up" at work? Make your guess in today's Mini. Apple trivia According to the designer of Apple's original logo, why does it have a bite in it? One of the options below is correct. - For scale, so that people wouldn't mistake it for a cherry
- A Garden of Eden reference, when Adam and Eve ate the forbidden fruit
- A play on words with the computer term "byte"
- An homage to Snow White, the designer's favorite movie
|
|
|
ANSWER In an interview with Creative Bits, designer Rob Janoff said, "I designed it with a bite for scale, so people get that it was an apple not a cherry." Word of the Day Today's Word of the Day is: skeuomorphism, meaning "when an icon on a digital device mimics the three-dimensional look or the sound of a physical object." Thanks to Zach from Fort Collins, CO, for a well-designed suggestion. Submit another Word of the Day here. |
|
|
✢ A Note From Pacaso This is a paid advertisement for Pacaso's Regulation A offering. Please read the offering circular at invest.pacaso.com. Reserving a ticker symbol is not a guarantee that the company will go public. Listing on the Nasdaq is subject to approvals. ✳︎ A Note From Vuori *Disclaimer: The views and opinions expressed in this newsletter are those of Morning Brew and do not necessarily reflect the official policy or position of Vuori. |
|
|---|
|
ADVERTISE // CAREERS // SHOP // FAQ
Update your email preferences or unsubscribe .
View our privacy policy .
Copyright © 2025 Morning Brew Inc. All rights reserved.
22 W 19th St, 4th Floor, New York, NY 10011 |
|
New newsletter alert 
No comments:
Post a Comment