| Gm. No time for full greetings, only a half day. Safe travels! | | | |  | Nasdaq | 13,736.28 | | |  | S&P | 4,200.88 | | | | | Dow | 34,464.64 | | | | | Bitcoin | $38,598.14 | | | | | 10-Year | 1.605% | | | | | AMC | $26.52 | | | | *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. | - Markets: Stocks continued to tick up, or in the case of the Reddit-fave AMC, rocket moonward (it's increased more than 1,200% this year). Trading activity overall is pretty light right now as investors head to the Hamptons for MDW.
- Economy: Jobless claims hit a new pandemic-era low of 406,000 last week. And the government's second estimate of Q1 GDP came in the same as the first: a healthy 6.4% growth rate.
| |  Francis Scialabba | This morning, President Biden will send Congress a jumbo-sized $6 trillion budget for FY2022, the NYT reported yesterday. If it passes, federal spending will eclipse records set during WWII. AP Gov detour: Funding for each fiscal year, which runs Oct.–Sept., is technically hammered out through 12 appropriations bills passed by Congress and signed by the president. What Biden will release today (as is tradition in a president's first year) is more a map of Democrats' spending priorities for the next decade. Congress is free to toss it in the recycling bin if it chooses. What's inside? Enough mentions of the t-word to make Republicans woozy. The budget includes March's $1.9 trillion pandemic stimulus plus several of Biden's major proposals: the $2.3 trillion American Jobs plan, the $1.8 trillion American Families Plan, and $1.5 trillion in discretionary spending increases. The budget is also expected to outline additional policy proposals like... - A public health insurance option
- Funds to get women back into the workforce
- Costs tied to the withdrawal from Afghanistan
- Expanding the US Cyber Command to meet growing cyber threats
Biden's budget will reportedly increase federal spending to $8.2 trillion/year by 2031, which would require running annual deficits of $1.3+ trillion, including a $1.8 trillion deficit in 2022. Biden's proposal to pay for most of this new spending with tax increases (including a 28% corporate rate) faces challenges from Republicans, some Democrats, and some executives. Not the only new bill on Capitol Hill Yesterday, GOP senators released a $928 billion counteroffer to Biden's infrastructure package, more than half of which would go to roads and bridges. While the bill falls short of funding goals for several of Biden's priorities—particularly investments in rail, public transit, and clean energy—the White House said it's big enough to continue negotiations into next week, which means blowing past Biden's original Memorial Day deadline to pass an infrastructure deal. | |  Katherine Mayhew/Acorns | Acorns, the investing app Ashton Kutcher is obsessed with, announced plans to go public via SPAC yesterday in a deal valued at $2+ billion. If Robinhood is your cool cousin who made $50k on her GameStop stock, Acorns is your quiet uncle who owns a profitable pet food business in the suburbs. Acorns doesn't allow its 6.8+ million users to buy or sell individual stocks. Instead, it helps them build balanced portfolios for the long term via its signature service, which deposits users' spare change into index funds. - "Acorns will be on the right side of history," CEO Noah Kerner told the WSJ. "We are not a grow-at-all-costs company."
Zoom out on SPACs: So far in 2021, SPACs have raised $17 billion more than 2020's total haul. But even the biggest name in SPACs, Chamath Palihapitiya, wants more oversight of the process. He might not have to wait long. SEC Chairman Gary Gensler said yesterday that the agency is beefing up resources to look into the SPAC boom, which many fintechs like Acorns have taken advantage of. | | ![Emma Stone saying]() Giphy | Today, Disney's live-action Cruella arrives in theaters and on Disney+. But if you're looking forward to cute puppies, you might be surprised by this dark origin story of the iconic villain. While the 1996 version of 101 Dalmatians was rated G, this retelling is rated PG-13. Nobody wants a G. Cruella is Disney's third PG-13 release in a year, according to the WSJ. And if family-friendly Disney is leaning into "extended violence and smoking," you know the rest of the industry is trending that direction…and has been for a while. By the 2000s, PG-13 movies were raking in most of the box office revenue. - Between 2010–2019, PG-13 movies grossed $54.6 billion. In the same time span, PG movies earned $24.3 billion; R movies, $26.5 billion; and G movies, $2.7 billion, according to Comscore.
Bottom line: PG-13 has become the sweet spot for Disney to appeal to a broader audience interested in violent Marvel films, live-action remakes of its classics, and new projects like Hamilton. | | SPONSORED BY THE MOTLEY FOOL |  | We'll tell you what, it isn't a new flavor of pre-workout. (Well, honestly they might be happy about that, but it's not the point of this ad.) These dudes are beaming because The Motley Fool's legendary cofounders have just chosen a stock that has garnered the extremely rare designation of "Total Conviction" Buy Alert. They think this stock has the ability to change advertising as we know it—thought that was our job, but whatever—using new technology called programmatic. It's like matchmaking for advertisers and new customers. And this stock pick, which is only available to members of Motley Fool Stock Advisor, may be poised to potentially make significant gains this year. Plus, it's in good company, because other stocks that TMF's cofounders have agreed on have beaten the S&P by 13x. Ready to be as pumped as two BFFs hitting PRs on bench? Sign up for Motley Fool Stock Advisor today. [Returns as of 5/18/2021] | |  Kelly Sullivan/Getty Images | Stats: A few stunning numbers about what transpired at WeWork, based on new reporting by the WSJ: - In 2019, the company gave CEO Adam Neumann an enhanced exit package worth about $245 million to get him out the door before it tried to go public.
- During Neumann's tenure, WeWork paid $759 million across 10 investments. It eventually sold those stakes for $164 million.
- The company has raised a total of more than $11 billion, though it was last valued at $7.9 billion.
Quote: "It's not true that the Super League is dead because the concept is still alive." Javier Tebas, the president of Spanish soccer's La Liga, is not giving up on the concept of a European "Super League," which fizzled embarrassingly in less than 48 hours last month. While nine teams backed out, three powerhouses—Juventus, Barcelona, and Real Madrid—are still committed to the idea. Read: A deep dive into the Citizen app, which critics say is promoting vigilantism. (Motherboard, language warning) | |  Francis Scialabba | The feeling of getting a 5/5 on the Brew's Weekly News Quiz has been compared to seeing a friend IRL for the first time in 15 months. It's that satisfying. Ace the quiz. | |  Giphy | A few weeks ago, we asked you about your Memorial Day weekend plans, because it seemed like a fun thing to do. Here are some of our favorite responses: "Going to take my 94-year-old mother to Eagle, CO, to visit my sister for the weekend. First time on a plane since Covid!"—Ellen L. "I will be taking an extravagant trip to my WFH setup so I can study for the bar!"—Adam G. "I am coming home from a deployment to Iraq and Syria. A staycation with my family is all I want and to take a day to remember all those we have lost. Some of them my friends."—Matt L. "I'm traveling to visit my aunt and uncle at their lake house for Memorial Day. It will be their first time meeting our baby girl!"—Matthew A. "Still searching for a friend in the Hamptons since I've moved to NYC...I have to settle with heading to my friends at the Jersey shore for MDW, if that counts as traveling."—Carli A. "Going to the promised land of Moses Lake, WA! I dare you to feature it. Wakeboarder paradise."—Dare accepted, Jonathan. "I'm going to a lake house in Tennessee with Hinge boy and his pals  for Memorial Day. What a time."—Sara R. "I'm going to wake up at 11am, watch TikToks for two hours, and then write about the stock market for the media company I work for. Maybe make an oven pizza?"—Matty M. | | - Nintendo will release an upgraded Switch console this fall, according to Bloomberg.
- GM is firing up five plants it had shuttered due to the global chip shortage.
- Uber recognized a union in the UK, becoming the first ride-hailing company to allow drivers to organize.
- The Oscars are being pushed back one month to March 2022 and will maintain some of the loosened eligibility requirements put in place for this year's ceremony.
- Correction: Yesterday, we inaccurately implied that Joe Biden has a house in Bethany, when he actually has a house in Rehoboth Beach. Apologies to our Delaware readers—we'll drink a Dogfish Head 120 Minute IPA to atone.
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