|  | Nasdaq | 22,886.07 | |
| | S&P | 6,909.51 | |
| | Dow | 49,625.97 | |
| | 10-Year | 4.086% | |
| | Bitcoin | $68,116.88 | |
| | Amazon | $210.11 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. | - Markets: If you stopped by a bar near Wall Street yesterday, you probably heard a lot of glasses being raised to the Supreme Court, since stocks rose after the justices struck down President Trump's sweeping global tariffs (more on that below). E-commerce companies reliant on selling made-in-China wares, like Amazon, Wayfair, eBay, and Etsy, all got a particular boost.
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TRADE In a defeat for President Trump, but a victory for the penguins on those islands with no humans, the Supreme Court struck down his sweeping global tariffs yesterday. In a 6–3 decision, the court found Trump had exceeded his authority by invoking the International Emergency Economic Powers Act (IEEPA) to impose duties without approval from Congress. The ruling applies to the "reciprocal" tariffs on nearly every US trading partner and additional drug-trafficking-related tariffs on China, Mexico, and Canada. Still, Trump is tariffing through it: The president harshly criticized the justices and announced a new 10% global tariff under a different law. He also noted that the levies he has imposed under laws outside of IEEPA remain "in full force and effect." Trump's response in two acts Trump isn't looking to give up tariffs as his signature economic policy (or to wait for Congress), so instead he'll look to two other laws: - The Trade Act of 1974: The new 10% tariff falls under Section 122, which is used when there is a problem with international payments. It has a 150-day limit before congressional approval is required and a 15% maximum tariff rate. No federal investigation is required.
- The Trade Expansion Act of 1962: Section 232 of this act can be used if there's a national security threat. It requires an investigation by the Department of Commerce, but there's no limit to the rate or duration of the tariffs. Section 301 can be invoked if there's a violation of US rights under trade agreements, following an investigation by the US trade representative. This section has a four-year limit (which can be extended indefinitely) and no cap on the rate.
Follow the money: The US could owe $175 billion in refunds to businesses from the jettisoned tariffs, according to an estimate from Penn-Wharton economists. The Supreme Court didn't offer guidance on how to pay back businesses hit by tariffs, leaving that "mess," as dissenting Justice Brett Kavanaugh called it, to a lower court.—DL | | |
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WORLD  Economic growth slowed at the end of 2025. The US gross domestic product (that's the value of all goods and services produced, so you don't have to bust out your old econ textbook) grew by an annualized 1.4% in the final quarter of last year, according to data the government released yesterday. That's well below what economists expected and also a big step down from the 4.4% it rose the quarter before. Economic growth was dragged down in part by the protracted government shutdown, and President Trump posted online before the numbers came out that the shutdown cost "at least two points in GDP." Still, the economy grew overall for the year, bouncing back from shrinking in the first quarter.
  Trump says he's considering limited strikes against Iran. The president responded, "I guess I can say I am considering that," when asked yesterday whether the US might use limited military strikes to force Iran into a deal to give up its nuclear program. On Thursday, after massing forces nearby, he said he'd decide whether to strike Iran in the next 10–15 days. Meanwhile, Iran's foreign minister said in a TV interview earlier yesterday that Iran was preparing a proposed deal to send to Washington in the next "two to three days."
 Trump orders release of government files on UFOs and aliens. In big news for anyone who still believes the truth is out there, President Trump said he would direct the Department of Defense and other government agencies to identify and release "files related to alien and extraterrestrial life, unidentified aerial phenomena (UAP), and unidentified flying objects (UFOs)." The announcement came after former President Obama said on a podcast that aliens are real, but he hasn't seen them—comments that drew criticism from Trump as revealing classified information.—AR
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FINANCE Many cultures consider owls to be a bad omen. Apparently, Wall Street is one of them. On Wednesday, Blue Owl Capital announced it was liquidating $1.4 billion in assets to compensate investors looking to cash out. Markets found the news about as popular as a dissected pellet, and the entire private-credit industry has been paying the price. Who-who is Blue Owl? It's an alternative asset manager that, in part, helps connect private investors with businesses that need loans. But a lot of those loans went to software companies that could be threatened by AI, so private investors got a little antsy. Blue Owl decided to quell concerns by selling some of its assets to pay back investors. But concerns were not quelled: - Blue Owl shares are down about 12% since Wednesday.
- Multiple analysts suggested that Blue Owl was a "canary in the coal mine" for broader problems in the private credit industry (e.g., liquidity). Some even started throwing around the b-word (bubble).
- Private equity firms like Blackstone, KKR, and Apollo all took a stock hit.
Bird's-eye view: Private credit is a roughly $3 trillion market globally, per CNBC. And it has increasingly attracted retail investors, as opposed to institutions, which often have a longer time horizon and a different appetite for risk.—BC | | |
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Together With Lumin Tax prep starts here. Whether you made some extra money on the side this year or have your own small business, Lumin can help you this tax season. Simply search through their library of tax templates and grab a copy of what you need. Oh, and did we mention they're free? |
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ICYMI Here's everything that didn't make it into this week's newsletters but we immediately sent to the group chat.  Miley Cyrus will head back to the beach house next month for the Hannah Montana 20th Anniversary Special. The special will feature more emotional reminiscing than charming shenanigans, but if we're lucky, we'll get at least one "sweet niblets."
A Chicago man jumped into the freezing Lake Michigan to save a baby after a huge gust of wind blew a stroller into the water (the baby was reportedly in good condition when she arrived at the hospital). Chicago Med is grateful for the storyline.—MM A new video game from South Africa called Relooted lets players pull museum heists to take back stolen African artifacts, making it one of the continent's only works that the British Museum probably doesn't want to get its hands on. OpenAI CEO Sam Altman and Anthropic CEO Dario Amodei avoided clasping hands with one another during a photo op at India's AI summit this week. At least that's less awkward than one of them going in for a high-five and the other one doing "turkey." A sleeper shark was seen swimming in the near-freezing depths of Antarctica's waters for possibly the first time, shocking scientists who previously thought that the only sharks to venture that far south were billiards hustlers who chose the wrong mark.—ML |
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NEWS - The head of Xbox, Phil Spencer, is retiring as the CEO of Microsoft Gaming. He'll be replaced by Asha Sharma, a former Instacart and Meta exec, who's been working on AI at Microsoft.
- OpenAI told investors it's targeting ~$600 billion in spending by 2030, which sounds like a lot but is a bargain compared to the $1.4 trillion figure CEO Sam Altman previously tossed out.
- President Trump issued an executive order calling production of the weedkiller glyphosate critical to national security. The chemical is at the center of many lawsuits that claim it causes cancer and has been a target of MAHA supporters.
- Truckers and bus drivers will be required by the Department of Transportation to take their commercial driver's license tests in English in a recent change.
- British politicians are debating cutting the former Prince Andrew out of the royal line of succession following his arrest over his ties to the late sex offender Jeffrey Epstein.
- The Sagrada Familia basilica reached its highest peak yesterday with the addition of the upper arm of a cross atop its tower more than 100 years after construction began on the Antoni Gaudí-designed church.
- Alex Ferreira of the US won gold in the freestyle skiing men's halfpipe at the Milan Cortina Olympics. His teammate, Nick Goepper, missed out on a medal in the same event after falling while attempting a trick that had never been landed in competition.
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COMMUNITY Last week, we asked: "What's the most memorable under-the-radar place you've visited while traveling?" Here are some of our favorite responses: - "Dubois, Idaho. Population ~500. They have the only functioning nuclear fallout shelter made in a lava tube. Still contains food, classrooms, and other supplies from the '60s. You have to call the sheriff to book a tour."—Mac from Hayden, Idaho
- "A tiny, rural restaurant outside Leshan, China, where the walkway was lined with talking birds in tiny cages, and I had my first and last taste of fried bee larva, served as a side dish to my sliced duck brain (they gave me the eye) and turtle soup, complete with floating shell."—Wendy from Phoenix
- "The Umbrella Cover Museum on Peaks Island, Maine. Visiting it was oddly life-changing because it introduced me to the idea of micro-museums, which I now seek out everywhere I travel and often find more memorable than major attractions. The museum is dedicated not to umbrellas, but to the often-forgotten sleeves that cover them. The founder and curator Nancy 3. Hoffman (yes, her middle name is 3) leads brief guided tours for a donation fee. It included a NSFW [ages] 18+ only umbrella cover room and ended with an accordion sing-along performance."—Chelsea from Houston, TX
- "While driving south to north through Sweden in 2006, I knocked on the door of an old Saab hangar in Ängelholm at about 5:30pm and got an after-hours tour of the original Koenigsegg supercar factory. The engineer working overtime on a 7-speed twin-clutch gearbox had no issue showing me the production floor, paint booth, and tomorrow's lineup of CCRs awaiting final shakedown. Try that at the Ferrari or Tesla factory!"—Theo from Vancouver
This week's question What's a do-it-yourself project you've completed that you're proud of? Sam's answer to get the juices flowing: "My friends and I once made a short that takes place entirely in my living room. Despite a budget of $20, it turned out to be a masterpiece with a 6-minute runtime and a release limited to an audience of about seven people." Submit your response here. |
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RECS  Style: A hair treatment that smooths and strengthens.**
Travel: These stargazing spots are near cities and tricked out for max comfort while looking up. Play: Build the biggest pen possible for a digital horse. Watch: More than a dozen things you can make with Saltines. Hello, revenue leaders: Leading revenue? You know tools either boost deals or break them. Take our State of Tech in Rev survey for a chance to win a $500 AmEx gift card.* *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 Brew Crossword: Psh psh rehreh chchchch. No, we didn't just choke on our coffee. This week's big puzzle is called "Beatboxes." Play it here. Open House Welcome to Open House, the only newsletter section that believes everything should be original except the bathrooms. We'll give you a few facts about a listing and you try to guess the price.  ZillowToday's home is in Rochester, NY, and it's the perfect place to enjoy a steaming hot garbage plate. The 16,124-square-foot house was built in 1913 by a businessman named Rufus Sibley—a name that sounds distinguished enough to warrant such an elaborate living room ceiling. Amenities include: - 10 beds, 9 baths
- Detached carriage house
- Plenty of window seating
How much for the upstate mansion? |
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SHARE THE BREW  Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others:
morningbrew.com/r/?kid=eaab23a8 |
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ANSWER $2.7 million Word of the Day Today's Word of the Day is: shenanigans, meaning "high-spirited or mischievous activity." Thanks to Ann Triplett of Louisville, KY, and the nearly 100 other cheeky readers who sent in the suggestion. Submit another Word of the Day here. |
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✢ A Note From RAD Intel This is a paid advertisement for RAD Intel's Regulation A+ offering. Please read the offering circular at invest.radintel.ai. |
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