Monday, July 28, 2025

☕ Win-win

The US and the EU reached a deal on tariffs...

Good morning. Forget Labubus—this summer's collectible craze is all about bobbleheads.

Promotions for those toys that agree with everything you say have sparked long lines at baseball parks hours before the game starts, with some bobbleheads reselling for hundreds of dollars on the secondary market. A single Yankees "George Costanza sleeping under his desk" bobblehead is going for up to $1,000 on eBay…and it's not even being released until their Aug. 21 game.

It's a sore subject for Brendan, who arrived 45 minutes early to a Braves game for the Outkast bobblehead and came away empty.

Holly Van Leuven, Brendan Cosgrove, Neal Freyman

MARKETS: YEAR-TO-DATE

Nasdaq

21,108.32

S&P

6,388.64

Dow

44,901.92

10-Year

4.386%

Bitcoin

$119,289.63

Palantir

$158.80

Data is provided by

*Stock data as of market close, cryptocurrency data as of 3:00am ET. Here's what these numbers mean.

  • Markets: Meme stocks—and Sydney Sweeney, somehow—dominated Wall Street chatter last week, but the Reddit-fueled stock swings that used to cause anxiety are now met with a shrug. As Bloomberg put it, it was yet another "episode in a US financial system where bursts of retail speculation are routine, expected, and largely unremarkable." To wit: The S&P 500 closed Friday at a record after gaining 1.5% on the week.
  • Stock spotlight: After reaching another all-time high, Palantir has joined the ranks of the top 20 most valuable companies in the US. With a market cap of $375 billion, the software giant is worth more than Coca-Cola, Home Depot, and Bank of America, per CNBC.
 

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Three days left: Making plastics obsolete is a $1.3t market opportunity. Invest in Timeplast by midnight on July 31.

TRADE

Ursula von der Leyen and Donald Trump

Andrew Harnik/Getty Images

European Commission President Ursula von der Leyen arrived at the Trump Turnberry golf resort in Scotland to talk tariffs with President Trump on Sunday. After an hourlong meeting, the pair emerged with what Trump called "the biggest deal ever made."

The European Union's 27 countries will be charged a baseline tariff of 15% on most exports.

Win-win?

Trump said the agreement was "satisfactory to both sides" and that the EU will not be imposing a tariff on American imports.

Europe wanted a zero-to-zero tariff deal or a 10% rate, like the UK negotiated, but ended up with less than the 20% tariff Trump originally announced in April and the 30% rate he floated on July 12.

"It is the best we could get," von der Leyen said, acknowledging that the negotiations started from "an imbalance," a reference to the US' significant trade deficit with the EU. Last year, it hit $235 billion, according to data from the US Census Bureau.

However, von der Leyen said that the 15% rate would not stack on top of industry-specific tariffs already in place, and that the deal provided "stability" and "predictability" for the EU.

No written documents were immediately provided with the announcement, and more details will likely be clarified this week, but the biggest takeaways yesterday were:

  • The 50% tariff on steel from Europe remains in place.
  • The 27.5% tariff on European autos will be reduced to 15%.
  • There would be no tariffs from either side on airplanes or airplane parts.
  • Semiconductor and alcohol tariffs were still to be determined.

Additionally, Europe committed to buying an unspecified amount of military equipment from the US, and $750 billion worth of American energy products over the next three years. President Trump also said the EU would invest $600 billion into the United States.

Zoom out: The EU is the US' largest trading partner. The annual value of trade between them is $1.7 trillion, according to the European Commission. They account for almost a third of global trade, per Reuters.—HVL

Presented By Timeplast

WORLD

Palestinians carrying aid in Gaza

Nurphoto/Getty Images

Multiple countries airdropped food into Gaza this weekend. Israel parachuted some aid into Gaza on Saturday, followed by Jordan and the UAE on Sunday, as international reports of malnutrition and starvation in the territory drew condemnation globally. The Israel Defense Forces said it would implement "tactical pauses" daily in three areas with large populations to "increase the scale of humanitarian aid," beginning yesterday and continuing until further notice. The pause also allowed additional aid trucks to deliver supplies, but the UN warned more must be done to "stave off famine and a catastrophic health crisis." The World Health Organization reported that of the 74 malnutrition-related deaths recorded in Gaza this year, 63 occurred this month.

Citigroup unveils Strata Elite credit card with $595 annual fee. And no, it doesn't seem to be named for how expensive it is. Instead, it's a premium card designed to rival the high-end offerings of JPMorgan, like its Sapphire Reserve card, and American Express. Citigroup says that the annual fee can provide cardholders with $1,500 in value if they take advantage of all offers, including the bank's best points returns on travel and dining at peak times. It also comes with American Airlines perks, like lounge passes. The rewards credit card market was worth an estimated $1.2 trillion last year, according to Verified Market Reports.

Fantastic Four breaks $100 million at box office, and a Marvel curse. The Fantastic Four: First Steps brought in $118 million in North America and another $100 million internationally, good for Marvel's biggest opening weekend since last summer's Deadpool & Wolverine. Earlier this year, the studio released Captain America: Brave New World, which got an underwhelming reception, and Thunderbolts, which was just whelming. What do audiences love about The Fantastic Four? Maybe it's Pedro Pascal, who stars as Mister Fantastic, or maybe it's because it's a "no-homework-required movie," as Marvel Chief Creative Officer Kevin Feige called it at a publicity event. He elaborated, "It literally is not connected to anything we've made before."—HVL

CULTURE

Actress Gwyneth Paltrow serves as "temporary spokesperson" for Astronomer.

Astronomer

If the viral Coldplay kiss cam video taught us anything, it's that it can be hard to duck a scandal, especially when everyone's watching. So, tech firm Astronomer, which is now two executives shorter than it was before the incident, leaned right into the controversy and hired…Academy Award winner Gwyneth Paltrow.

Very public relations: There aren't any PR textbooks that can directly prepare a company for when its married CEO and its HR chief are caught snuggling on Coldplay TV, so Astronomer had to chart a new course:

  • The company's board immediately started investigating the matter.
  • Within days, CEO Andy Byron resigned, followed by HR chief Kristin Cabot not long after.
  • The company set about making (what else?) another viral video, enlisting the help of Paltrow, the ex-wife of Coldplay's frontman, Chris Martin.

Conscious coupling: In the tongue-in-cheek video, "temporary spokesperson" Paltrow fields common questions about Astronomer, giving straightforward answers about the company's "data workflow automation" capabilities and pointing viewers to an upcoming conference.

"It's a really clever video," PR exec Jordan Greenway told the BBC, noting that Astronomer is trying to ensure its brand is defined by what the business actually does, as opposed to the scandal and subsequent memes.

The Jumbotron-sized picture: Astronomer's latest move to defuse the scandal cut through some of the PR smoke that many companies hide behind. According to the Financial Times, there may be as many as five or six PR people for every one journalist in the US.—BC

From The Crew

CALENDAR

Jerome Powell

Andrew Harnik/Getty Images

The Fed announces its interest rate decision: The construction helmet is gone, but JPow is still hard at work. The central bank meets this week and is widely expected to announce on Wednesday that interest rates will stay the same. That news likely won't go over well with President Trump, who frequently criticizes Powell for not lowering rates. Those frustrations were on display last Thursday during a tour of ongoing renovations at the Federal Reserve—a project that Trump has used to ratchet up pressure on Powell.

Friday is Liberation Day 2.0: With the makings of an EU trade deal secured, the US is looking to lock in other trade deals ahead of an August 1 deadline. President Trump paused the sprawling tariffs he unveiled back in April to give countries more time to hammer out an agreement with the US, but the administration still hasn't reached terms with some major countries, including Mexico and Canada. Over the next few days, the US and China will also be holding high-level trade talks in Sweden. The deadline for that deal is August 12. Then, on Thursday, oral arguments begin in an appeals case looking at whether many of Trump's tariffs pass legal muster.

Economic data-palooza: We get a look at Q2 GDP on Wednesday. The Fed's preferred inflation gauge, the personal consumption expenditures index, is out on Thursday. The July jobs report will be released on Friday. Plus, four of the Magnificent Seven report earnings this week. Microsoft and Meta report after the closing bell on Wednesday, followed by Apple and Amazon after Thursday's trading session. We could get some consumer spending insights from Visa on Tuesday and Mastercard on Thursday. Procter & Gamble, UnitedHealth Group, AstraZeneca, and Merck report earnings on Tuesday, while Bristol Myers Squibb and CVS Health report on Thursday.

Everything else:

  • Football is back: The Los Angeles Chargers and Detroit Lions kick off the NFL preseason in the Hall of Fame Game this Thursday.
  • Not a football fan? Thursday through Sunday, the annual ESPN8: The Ocho event will serve up off-the-wall action in obscure sports, like Outhouse Racing, Mailboat Jumping, and Slippery Stairs, which is exactly what it sounds like.
  • This Friday, Liam Neeson takes a shot at rebooting an ever-quotable classic, The Naked Gun.

STAT

Las Vegas sphere looking unsure

Myung J. Chun/Getty Images

Tourists are skipping the Strip: Trips to Las Vegas were down 6.5% during the first five months of the year, according to the Las Vegas Convention and Visitors Authority. Hotel occupancy was down 14.6% last month from the same period a year ago, according to real estate data company CoStar.

And if trips are down, tips are down. That's bad news for a city that runs on gratuity. The University of Nevada, Las Vegas, estimates that 180,000 people in the city work for tips.

A tattoo artist in downtown Vegas told the Wall Street Journal that his tip income has been cut in half recently, attributing some of the drop in business to fewer Canadian customers, many of whom are boycotting the US for geopolitical reasons.—BC

NEWS

  • At least 11 people were injured in a stabbing attack at the Walmart in Traverse City, MI. A suspect is in custody.
  • An Army ROTC cadet from New Jersey died during training at Fort Knox.
  • Boeing is preparing for a strike at its defense hub in St. Louis after workers rejected a contract offer.
  • "Quishing," a type of cyber scam involving QR codes, is on the rise, CNBC reported.
  • Tadej Pogačar of Slovenia won his fourth Tour de France yesterday.
  • Bubba Wallace won the Brickyard 400 in Indianapolis.
  • Destiny's Child reunited on stage in Las Vegas at Beyoncé's final Cowboy Carter show.

RECS

To-do list banner

 Hair care: Every hairstylist's go-to blowout spray for less frizz and more volume.**

 Read like Dan: Here's the list of the 3,599 books Dan Pelzer read from 1962 until his death this month.

Lunch: Make the Budget Bytes summer lentil salad this week.

Cozy up: Relaxing games you can play on Steam involving cute animals and soup.

Forget dog walking: Learn how following a few steps to open a checking account can get you $300+ added to your balance. CompareAccounts has the deets.*

*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.

PLAY

Games available from Morning Brew

Turntable: There are two pangrams in today's puzzle, and they both have teeth. See what we mean and play Turntable here.

Gone fishin'

It's peak summer, so grab your tacklebox, a rod, and a sandwich, and let's go fishing. In today's trivia, we'll give you a type of fish, and you have to guess whether it mostly lives in freshwater or saltwater.

  1. Tuna
  2. Beluga sturgeon
  3. Walleye
  4. Red snapper
  5. Largemouth bass
  6. Swordfish
  7. Rainbow trout (not the steelhead variety)

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ANSWER

  1. Saltwater
  2. Freshwater
  3. Freshwater
  4. Saltwater
  5. Freshwater
  6. Saltwater
  7. Freshwater

Word of the Day

Today's Word of the Day is: defuse, meaning "to make less potent." Thanks to Raghav from Sunnyvale, CA, for infusing the newsletter with the suggestion. Submit another Word of the Day here.

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