| Good morning. Lots of music festival news lately—Outside Lands opened ticket sales for October, while Coachella and Stagecoach are reportedly delayed until 2022. Cannot wait to reintroduce ourselves to the world of sweaty strangers, undercooked tacos, and $15 water. But before that, scroll down for one of the best Follow Fridays yet. | | | |  | NASDAQ | 13,116.17 | - 3.02% | | | | S&P | 3,915.50 | - 1.48% | | | | DOW | 32,862.37 | - 0.46% | |  | GOLD | 1,731.40 | + 0.25% | | | | 10-YR | 1.720% | + 7.40 bps | | | | OIL | 58.99 | - 8.68% | | | *As of market close. Here's what these numbers mean. | - Markets: A day after the Fed boosted its projection for economic growth this year, stocks sank and the yield on the 10-year Treasury note climbed to 1.7% for the first time since January 2020.
- Covid: Major European countries including France and Germany will restart administering AstraZeneca's Covid-19 vaccine after the EU's drug regulatory agency said that it was safe and effective. More than a dozen countries had suspended use following concerns over blood clots.
| |  Francis Scialabba | Goldman Sachs bankers have become a little too familiar with their Zoom reflection. In a survey circulated to managers, 13 analysts in Goldman's investment banking division reported sharply deteriorating mental and physical health from working almost 100 hours/week in what one described as "inhumane" conditions. - They asked managers to cap their hours at 80/week, allow more time to prepare for client and team meetings, and guarantee Friday nights and Saturdays off (unless there's a pre-approved exception).
- If conditions don't improve, analysts said there's only a 35% chance they'll still be at Goldman in six months.
A spokesperson said the bank is listening and trying to address concerns, including by hiring more junior bankers and transferring some employees to help. But execs probably don't want to address the root problem. Business is reallllly good Wall Streeters know they're accepting heavy workloads in exchange for a salary that keeps their seat warm at Nobu. But the recent explosion in dealmaking has been more than some bargained for. The global IPO market has had a record Q1, with 600+ issuers raising over $162 billion, according to Bloomberg. And you already know what's driving it. SPACs. IPOs of special purpose acquisition companies have raised over $83 billion this quarter, eclipsing 2020's entire haul. As a leading merger advisor, Goldman is raking in business. It's advised 32 SPACs in Q1 for $9.2 billion in proceeds, according to Refinitiv data. Only Citigroup's got it beat with 56 SPAC IPOs for $10.5 billion. CFO Stephen Scherr says Goldman's deals backlog is at a record high. In the market, over 400 SPACs with $131 billion in cash are looking for companies to merge with. Zoom out: As SPACs continue to IPO with huge valuations, analysts are worried about market "indigestion." Shorts against SPACs have more than tripled since the start of the year to $2.8 billion, according to data from S3. And the SEC recently warned investors to treat celebrities' SPACs with the same skepticism as their Proactiv commercials. | |  | The NFL just announced new media rights deals that make the Patriots' free agency spending spree seem like a trip to Nordstrom Rack. The league will nearly double its media revenues to a reported $113 billion over 11 seasons, flexing its position as the undisputed king of the TV castle. The new deals will start up in 2023. The details: Several of the NFL's media partners (including CBS and NBC) will keep their current schedule. But there are some important changes. - Amazon gained exclusive rights to broadcast Thursday Night Football on its Prime Video service. It's the first time a streaming service has been granted an exclusive package of NFL games.
- Disney's ABC notched a few more games, including the biggest one of all: It'll be included in the rotation to air the Super Bowl.
Zoom out: "The new contracts show the balance the league is trying to strike by embracing digital platforms, as younger audiences migrate to them, without alienating fans used to watching games on TV," writes the WSJ. NFL viewership declined 7% last season. | |  Str/Getty Images | The global economy relies on a highly intricate system that brings raw materials to places at precisely the moment when they're required. Like your social skills, that system is completely out of whack right now, reports the WSJ. You know about the pandemic-induced chip shortage—but manufacturers are also lacking other materials. This week, Toyota and Honda said they're cutting production in North America because they don't have enough petrochemicals. - The deep freeze that hit Texas in February knocked many chemical plants out of commission, and they won't be fully firing again for at least a few months.
- Without chemicals, it's hard to create plastic. Now, a plastic shortage is causing headaches for companies making smartphones, medical equipment, and siding for houses.
Got room for one more? How about a wood shortage. Demand for lumber by home builders has outstripped supply to the point where prices have shot up more than 180% since last spring. Bottom line: There isn't one primary driver of supply chain chaos—it's simply a series of unfortunate events. | |  | When you have data in the driver's seat, it's a smooth ride. And with Quickbase as your vehicle, you can transform the way you run your business. Quickbase is a no-code operational agility platform that enables organizations to improve operations through real-time insights and automation. Key word: no-code. That means that you don't have to be a tech buff to build apps that are designed to meet the specific needs of your team. Quickbase can look totally different for different organizations. Businesses with complex supply chains use Quickbase to manage processes like vendor management and quality control, while smaller companies might use Quickbase as an all-in-one operations platform. Point is: Whatever kind of business you're driving, Quickbase makes it easy to put data in the front seat. See how far you can go with the power of custom software to connect people, information, and ideas. Get a free, personalized Quickbase demo today. | |  Stephen Lam/The San Francisco Chronicle via Getty Images | Stat: Nearly half the US is in at least a moderate drought right now, according to the National Oceanic and Atmospheric Administration. Affecting roughly 74 million Americans, particularly in the Southwest, it's the worst spring drought since 2013. Quote: "God bless America." Ontario Premier Doug Ford was seeing stars and stripes when he heard that the Biden administration is sending 1.5 million doses of the AstraZeneca vaccine to Canada, where the vaccine rollout has been slow due to a supply shortage. With shipments also headed to Mexico, this is the first time the US is sending vaccines abroad. Read: Should we bring back the World's Fair? (Cameron Wiese) | |  Philip Fong/Getty Images | After years of fan requests and months of Covid-related delays, Super Nintendo World opened at Universal Studios Japan in Osaka on Wednesday. Mario creator Shigeru Miyamoto oversaw the park's design himself, and it shows in the details: - A Mario Kart-themed augmented reality ride
- Wearable Power Up wristbands that trigger mini-games throughout the park
- Mushroom Cream popcorn (when in the Mushroom Kingdom…)
The park plans to observe all Covid-era safety protocols: social distancing, masks, and limited occupancy. Why now? Japan's vaccine rollout is speeding up and, elsewhere in the country, Tokyo is lifting its state of emergency Monday. Unfortunately for stateside Nintendo fans, Orlando's version of the park is still delayed until 2025, but you can virtually tour the attractions in Osaka on YouTube. | |  Francis Scialabba | The feeling of getting a 5/5 on the Brew's Weekly News Quiz has been compared to correctly assembling furniture without looking at the instructions. It's that satisfying. Ace the quiz. | | - Google will invest $7 billion in US offices and data centers this year, creating 10,000 full-time jobs.
- Peloton has issued new safety warnings after an accident on one of its treadmills resulted in the death of a child.
- Facebook is giving an inside look at how a wristband will interact with its upcoming augmented reality glasses. Neat stuff.
- Teen Vogue's incoming editor-in-chief has resigned following backlash over tweets she posted in 2011.
- Nike sales fell short of expectations last quarter due to inventory delays related to port congestion. Supply chains are out of whack, indeed.
| | | Not gonna lie, this one is hard...but give it enough time and you can figure it out. All of the following words, except one, share a common characteristic. Which word is the odd one out? - town
- events
- flour
- heater
- exist
- water
- note
- fervid
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morningbrew.com/daily/r/?kid=8386977e | | | Water. All the other words contain scrambled versions of the numbers from one through seven. note ==> one
town ==> two
etc. Source | | |
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