…and taxes come for cow burps
| Is it though? (Spencer Platt/Getty Images) | |
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Yesterday's Market Moves | | Dow Jones
39,164 (+0.09%) | S&P 500
5,483 (+0.09%) | Nasdaq
17,859 (+0.30%) | Bitcoin
$61,452 (+1.05%) |
| Dow Jones
39,164 (+0.09%) | S&P 500
5,483 (+0.09%) | Nasdaq
17,859 (+0.30%) | Bitcoin
$61,452 (+1.05%) |
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Hey Snackers, The monoliths are back: another reflective metal slab has mysteriously appeared, this time in the Nevada desert. Call it "2024: A Space Odyssey." The S&P 500 barely budged yesterday, while the Russell 2000 index of small-cap US companies rallied. Today investors have eyes on the Fed's fave inflation gauge. 🇺🇸 Quizdependence: Take our Snacks Seven quiz to refresh your biz-news knowledge ahead of the Fourth of July holiday. Here's the first q: | |
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Finding a job is getting tougher as AI and fake openings muddy the hunt | Unemployment hold music… is becoming an earworm. The number of Americans receiving recurring unemployment benefits climbed this month to its highest level since November 2021. Yesterday the Labor Department said 1.84M people filed continuing claims in the week ended June 15. While economists say we shouldn't overanalyze weekly claims #s, the uptick could be one of several signs that finding a job is getting harder. So long, 3's: The unemployment rate hit 4% in May, eclipsing the 3% range for the first time in 27 months (the longest streak since the '60s). In April, job postings hit a three-year low. The labor market's still relatively hot, but it appears to be wading into cooler waters. Gen Z blues: Nearly 8% of 20- to 24-year-olds were unemployed in May, up from 6.3% a year earlier. That's the biggest leap in 14 years. Only 13% of entry-level applicants have found work so far this year, down from 20% two years ago.
LinkedIn, ticked off… A few factors could be contributing to the tougher job hunt. Nearly 40% of hiring managers recently surveyed by Resume Builder said they've posted fake-job listings in the past year — which, if accurate, could be swaying strong job-openings figures. 85% of managers who post "ghost" jobs said they've interviewed candidates for roles they didn't plan to hire for. Meanwhile, AI tools used to speed up hiring and applying have created a jobs-board bot battle. Jobs platform Greenhouse said that in January recruiters reviewed about 70% more applications than last year. |  | THE TAKEAWAY |
| A gentle landing can be hard on some… The Fed's rate moves seem to be successfully cooling the labor market while not destroying the economy. It's soft-landing territory, but it doesn't mean it's comfy for everyone. Even with 1.5M more US job openings than unemployed folks, finding the right role, salary, location, and flexibility is challenging, and fake jobs and AI aren't making it easier. Read this online | |
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| | The robotics startup breaking ice in an $80B industry | Just a sweet, sweet fantasy… An ice cream robot sounds like something from a children's fantasy movie. That's still true — but it's not going to be a fantasy for much longer, and this is your last chance to invest in this round. The scoop: Meet Dice Cream, the company using robotics and AI to revolutionize the $80B ice cream industry. Their novel autonomous ice cream vending machine can help cut down on expensive labor and real estate costs in order to increase profit margins. Iced, priced and Diced… With a functioning prototype1 and partnerships in place to begin operations in Korea and Taiwan2, Dice Cream is preparing to deliver more scoops and more delight than humanly possible.3 Invest today to power Dice Cream's vision and define the dessert of the future — the limited-time offering ends on July 15th!4
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Denmark taxes cow burps in a global first, after farmers protest in the EU | Not better out than in… Denmark became the first country to set a tax on livestock's CO2 emissions this week. The mootivation: livestock — mostly cows — belch out 11% of the world's greenhouse-gas emissions. And in Denmark, a major exporter of dairy and pork, agriculture is the top CO2 spewer. Its new burp tax is expected to pass this year and go into effect in 2030, when the gov't will start charging farmers $43 for every metric ton of emissions (in cow math, that's nearly $100/cow). Havin' a cow… Farmers have staged 4K+ protests in Europe this year, up more than 4x from last year. EU environmental policies are a major gripe for farmers, along with other gov't plans they say hurt their livelihoods. Farmers recently organized convoys of tractors to block streets throughout the EU. Protests in Belgium escalated after farmers threw beets and sprayed manure at police. In response to the unrest, the EU scrapped some eco-policies (including a polarizing anti-pesticide proposal) but is plowing ahead with others. Stateside, there've been calls to ramp up funding for eco-friendly farming. | | THE TAKEAWAY |
| It's hard to see the field for the crops… The climate crisis is already devastating agriculture: extreme weather hammered Florida oranges and Georgia peaches last year, and dramatically decreased yields of wheat, pears, and apples in EU countries. The farming industry — a major contributor of CO2 emissions — is stuck in a vicious cycle. Breaking out of it, without breaking farmers' banks, could be a major hurdle for policymakers. Read this online | |
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| 💰 Spendy… Hackers and scammers stole $573M from the crypto industry this quarter, a report said. That's up more than double from a year ago, as thieves targeted the ethereum blockchain and centralized exchanges. 🤹♀️ Quirky… Tobacco giant Philip Morris walked back efforts to squash a meme coin that shares a name with Zyn, its popular nicotine pouch. The solana blockchain has helped make so-called meme coins easy and cheap to launch. 🪙 Coins… VanEck filed paperwork with the SEC for a solana ETF, and the blockchain's native token popped 8% after the news. The asset manager appears to be betting that the SEC will soon approve spot ethereum ETFs and that solana ETF approvals will follow. | |
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What else we're Snackin' | Swoosh: Nike's annual sales grew at the slowest pace in 14 years (excluding the pandemic) as its lifestyle-apparel business failed to just do it for folks. The sneaker star said it would cut its annual forecast. Temuzon: Amazon is said to be planning a discount section on its site that would feature unbranded goods shipped from China. The move's being viewed as a response to Temu's and Shein's growing appeal to US shoppers. Walgone: Walgreens' stock plunged 22% yesterday after the co said it'd shutter stores and pull back on its primary-care biz. Retail pharmacies have taken a profit hit from rising drug costs and competition from telehealth alts. 4Sale: The US housing market's loosening up as prices start cooling. Active US listings are up 35% on the year, and typical houses are selling for under asking price — a first since the pandemic. Distressed: Levi stock zipped down 15% yesterday after the denim icon said its sales grew 8% last quarter (slightly below expectations). Still, Levi swung to a profit as it focused on its direct-to-consumer biz.
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Snack Fact Of the Day | Americans have been setting off July 4th fireworks going back to at least 1777 | | |
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Friday | Authors of this Snacks own ethereum and shares of: Amazon Advertiser's disclosures: ¹ There is a working product prototype, but the product is still currently under development. ² Dice Cream currently has non-binding LOIs signed with Shoprider to operate 80 units across Japan and Korea. ³ Each parlor would be able to serve over 500 customers before needing restocking. Dice Cream's Unmatched Capacity and Efficiency, 6/13/24 Update ⁴ Equity crowdfunding investments in private placements, and start-up investments in particular, are speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest in start-ups. Companies seeking startup investment through equity crowdfunding tend to be in earlier stages of development and their business model, products and services may not yet be fully developed, operational or tested in the public marketplace. There is no guarantee that the stated valuation and other terms are accurate or in agreement with the market or industry valuations. Further, investors may receive illiquid and/or restricted stock that may be subject to holding period requirements and/or liquidity concerns. Please read the offering circular and related risks at Dice Cream's Start Engine page. This is a paid advertisement for Dice Cream's Regulation CF Offering. | |
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Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more | |
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