|  | Nasdaq | 21,242.70 | |
|  | S&P | 6,340.00 | |
| | Dow | 43,968.64 | |
| | 10-Year | 4.244% | |
| | Bitcoin | $116,815.06 | |
| | Duolingo | $390.84 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 11:00pm ET. Here's what these numbers mean. | - Markets: Stocks were as mixed as tossed salads and scrambled eggs yesterday, as investors parsed the impacts of the sweeping tariffs that went into effect. As Yahoo Finance reported, almost 200 countries now face import duties between 10% and 50%, and the Yale Budget Lab projected the overall effective tariff rate to be 18.6%—the highest it's been since 1933.
- Stock spotlight: Duolingo was having an awesome day until a new ChatGPT feature got revealed and wiped out around half its gains (more on that below). It still closed up for a second consecutive day, no streak freeze required.
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INVESTING Ask your boss if they'll match your fartcoin contribution, because alternative investment options might be coming to your 401(k). President Trump signed an executive order yesterday instructing the Department of Labor to review its guidance on historically riskier investment markets, like private equity, real estate, and crypto, for employers and retirement plan administrators. An executive order won't update your retirement account dashboard directly, but it will urge the Labor Department and other government agencies to make it easier for your nest egg to include alternative assets. Right now, no law prohibits employers and plan sponsors from offering these kinds of assets, but they are required to act as fiduciaries, meaning they have a legal and ethical duty to protect investors: - Traditionally, plan sponsors have been extremely conservative about including anything that could get them sued, especially when it comes to deciding what investment options are available through your 401(k).
- Private market assets, crypto, and private real estate deals are investment opportunities that typically come with significantly higher fees than traditional index funds or public markets, offer less transparency, and are often reserved for sovereign wealth funds and the super-rich.
If getting the ability to dabble in alternative assets feels like a late-night TV ad begging you to buy a once-in-a-lifetime coin collection, that's valid. Most of the groups advocating for these assets to be included in 401(k) investments are the ones that would benefit from gaining access to the roughly $12.2 trillion currently in retirement funds. Financial advisors are divided. On one hand, wealth managers and advisors are down for more diversification in investments, and there was a time when even boring ol' index funds were seen as risky investments. But some experts in the field still see lots of red flags, especially for average retail investors, who might not be interested in reading all the fine print.—MM | | |
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WORLD   Israeli security cabinet approved military takeover of Gaza City. Early Friday morning, following a 10-hour meeting, Israeli Prime Minister Benjamin Netanyahu's office released a statement announcing that a majority of his security cabinet backed his proposal to take over Gaza City. Until this point, Israel has controlled about 75% of the Gaza Strip in its war against Hamas, but the Israel Defense Forces largely avoided ground strikes in Gaza City because it believes that is where Hamas is holding the 20 surviving Israeli hostages. Hamas has previously threatened to execute the captives rather than see them rescued. Families of the hostages have protested against military expansion in Gaza. The statement from the PM's office said that most security cabinet ministers rejected an alternative plan put forward by the military because they believed it "would neither achieve the defeat of Hamas nor the return of the hostages."
 Trump will nominate Stephen Miran to fill Fed vacancy. On Truth Social, the president said Miran, the current chairman of the Council of Economic Advisors, would serve in the seat on the Federal Reserve Board of Governors vacated by Adriana Kugler, until the term expires on January 31, 2026. Trump wrote, "In the meantime, we will continue to search for a permanent replacement," suggesting that Miran was not a shoo-in for a full 14-year term on the board beyond this caretaking period. Miran has been a critic of Fed Chair Jerome Powell. The selection may raise concerns about political influence over the Federal Reserve, which has typically operated with independence in the modern era. Miran will require Senate confirmation to assume the role, which is not expected before September.
 Paramount and Skydance finalized their merger. Out with the Redstones, in with the Ellisons. With the deal done early yesterday morning, Shari Redstone, formerly Paramount's controlling shareholder, walked away from the company her father, Sumner, acquired in 1994. The new sheriff in town is David Ellison, the founder of Skydance, a movie producer, and the son of Oracle founder Larry Ellison, who Variety said largely bankrolled the deal. That might have something to do with why David Ellison, the new CEO, has already pledged that "technology will transform every single aspect of this company," particularly streaming, on which Paramount failed to capitalize in the past. David Ellison told the New York Times that his first meetings on the job were with employees from CBS News and 60 Minutes, where morale is low following the recent CBS settlement with President Trump.—HVL
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TRADE On top of trying to restore a troubled chipmaker to its former glory, Intel CEO Lip-Bu Tan now has President Trump calling on him to step down over his connections to China. Trump said on Truth Social that Tan must resign immediately and that the veteran tech leader is "highly CONFLICTED." The president's post echoes a letter Republican Arkansas Sen. Tom Cotton sent two days earlier to Intel's board, claiming that Tan's investments in Chinese high-tech companies could constitute a conflict of interest. Intel's stock dipped more than 3% yesterday on the news. Tough spot Intel hired Tan in March to help it catch up to rivals like Nvidia and AMD that have lapped it in the AI age. But his position is more sensitive than someone juggling friendships with two exes: Intel is a key Pentagon supplier and the biggest recipient of federal dollars from the Chips Act, which is meant to help the US compete with China in chipmaking: - Cotton noted that when Tan served as CEO of Cadence Design Systems, the company supplied a Chinese military university with semiconductor tech in violation of US export controls—which it pleaded guilty to last week.
- Reuters recently reported that Tan holds stakes in over 600 Chinese companies with previous investments in Chinese military contractors.
Also…Tan steering cash-strapped Intel to scale back its US manufacturing plans is not likely to please Trump, who this week announced plans for 100% semiconductor tariffs, with exemptions only for companies investing in US-based production.—SK | | |
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Together With Impact.com Club creator's poppin'. Creators are more than just promoters (even if their dress code is similar). impact.com found that the best creators can offer authentic content that builds trust and drives loyalty. Brands that collaborate with creators can also see increased customer lifetime value and reduced churn. Learn more here. |
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AI OpenAI released its latest model, GPT-5, yesterday, and while it doesn't introduce many new features, it does bring Her even closer to reality. Smarter, faster, and more humanlike: If using GPT-4 is like "talking to a college student," then GPT-5 is like having "a Ph.D.-level expert" on everything, Sam Altman said at yesterday's launch event. In OpenAI's demonstrations: - GPT-5 excelled in "vibe coding." In about a minute, it turned natural language prompts into polished-looking programs, including a game for learning French, which rang alarm bells over at Duolingo.
- Its written responses shed some of the hallmark robot tones that have made ChatGPT-generated essays so identifiable. It also sounded eerily normal in voice mode.
- When asked to put on its assistant hat, the new model generated a more comprehensive daily schedule because it can now access your Gmail, Google Calendar, and Google Contacts (with permission).
Users of ChatGPT's free tier get capped access to GPT-5, while paying subscribers get more or unlimited usage. OpenAI is trying to prove its worth. Early GPT-5 reviews aren't raves, but they're still positive, which could grease the wheels for a major payday: Altman's company is looking to sell billions of dollars' worth of employee stock in a deal that would value the AI darling at $500 billion—a 67% increase from its March valuation, Bloomberg reported this week.—ML | | |
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STAT The good news: The number of calories Americans consume from ultra-processed foods (UPFs) is slightly down. The bad news: It's still a lot. Yesterday, the CDC released a report saying that 55% of the total calories eaten by Americans age 1 or older came from UPFs during a 2021–2023 observation period. That compares to 56% from 2017–2018. Some more details from the latest report: - Children (anyone 18 and under) consumed UPFs for 61.9% of all calories.
- Adults age 19 and older got 53% of their calories from UPFs.
The CDC characterized ultra-processed foods as "hyperpalatable, energy-dense, low in dietary fiber, and contain little or no whole foods, while having high amounts of salt, sweeteners, and unhealthy fats." This chart from the BBC provides more detail and examples. A registered dietician from the Cleveland Clinic, who was not involved in the study, told ABC News that the clinic does not "provide guidelines for junk food," but that consuming about 10% of calories from ultra-processed foods would be reasonable.—HVL |
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QUIZ The feeling of getting a 5/5 on the Brew's Weekly News Quiz has been compared to realizing your past self left your future self a cold beverage in the fridge. It's that satisfying. Ace the quiz. |
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NEWS - Indian Prime Minister Narendra Modi said he was prepared to "pay a very heavy price" to maintain trade with Russia, following President Trump's decision to double the tariff on India from 25% to 50%, a move prompted by India's purchases of Russian oil.
- Global automakers have lost nearly $12 billion in operating earnings so far due to Trump's tariffs, according to the Wall Street Journal.
- SoftBank Group stock hit a record high after the Japanese investment firm reported that the value of its Vision Funds rose $4.8 billion last quarter.
- The FBI will help locate Democrats from the Texas state legislature who left town in protest of a redistricting vote.
- The Canyon Fire, which broke out yesterday afternoon north of Los Angeles, has already spread to more than 1,500 acres and has forced thousands of residents to evacuate.
- Brandon Blackstock, Kelly Clarkson's former manager and ex-husband, died yesterday after a previously undisclosed struggle with cancer. He was 48.
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RECS  Jot down: An aesthetic pen that's a pleasure to wield.**
Fetch: How doodle dogs became a billion-dollar industry. Hold the fries: Eating the salty side dish weekly was found to be associated with elevated risk of Type 2 diabetes. Consider: Will 2025 be remembered for Brain Rot Summer? Add essential electrolytes: Summer's still scorching. Hydration's a must. LMNT's zero-sugar electrolytes give you everything you need and nothing you don't. Get a free sample pack with any purchase.* *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. |
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PLAY Decipher: Today's puzzle asks you to decode a book quote that goes waaay back. Play Decipher here. Friday puzzle A man buys a horse for $60. He sells the horse for $70. He then buys the horse back for $80. And he sells the horse again for $90. In the end, how much money did the man make or lose? |
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ANSWER He earned a total of $20. Here's the solution. Word of the Day Today's Word of the Day is: fiduciaries, which Matty already defined for you in her piece above. Thanks to Shirley G. from Mokena, IL, for suggesting responsibly. Submit another Word of the Day here.
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