| Good morning. Don't just stand around the grill this weekend and say, "brats look good" 100 times, especially when we're running a giveaway. Use your MDW party to its full potential by referring people to your favorite newsletter. We're giving away 30 beach cabanas from CoolCabanas, aka the world's best beach shelters, to readers who share the Brew. You can enter by referring friends to the Brew with your unique referral link. 1 referral = 1 entry, so the more you share, the better chance you have of winning. The contest ends Wednesday. Click here to begin your cabana journey. | | | |  | Nasdaq | 13,748.74 | | | | | S&P | 4,204.11 | | | | | Dow | 34,529.45 | | |  | Bitcoin | $35,021.00 | | | | | 10-Year | 1.584% | | | | | Oil | $66.62 | | | | *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. | - Markets: Yesterday was the final trading day of May...where is this year going? The S&P closed out its fourth straight positive month and oil posted its biggest weekly gain since April. Just in time for our road trips this weekend
 . - Economy: President Biden officially unveiled his $6 trillion budget—the biggest budget in recent history, per NPR.
- Government: Republicans in the Senate blocked the formation of a bipartisan panel to investigate the Jan. 6 attack on the Capitol building.
| |  Costco | Costco is the only place where you can simultaneously buy seven-pound tubs of Nutella and learn about the state of the post-pandemic economy. In its earnings report yesterday, the company highlighted several broader challenges and opportunities facing US businesses right now. 1. Inflation "Inflationary factors abound," CFO Richard Galanti said yesterday. Those factors include higher wages, higher costs for freight, more consumer demand, supply chain chaos, and "various shortages of everything." And yes, that means you eventually might need more than a $5 bill to buy a Costco rotisserie chicken: - Beef prices are up as much as 20% in the last month.
- Prices for some apparel items are 3%–10% higher.
- Overall, the company said that price inflation at the selling level, excluding gasoline, was 2.5%–3.5%, much higher than in March.
What Costco is seeing is reflected in the broader economy. A report released yesterday showed that a measure of inflation grew in April at its fastest annual pace since the '90s. 2. The "return to normal" If we haven't reached herd immunity yet, Costco is making sure we get there soon: Free food samples are coming back. The company said it's "beginning a phased return to full sampling" after 14 long months without offering shoppers microwaved mini tacos for nourishment. - In another sign that nature is healing, two weeks ago Costco dropped its requirement for shoppers who are fully vaccinated to wear masks, a day after the CDC relaxed requirements.
- Costco was one of the first US retailers to mandate masks in early May 2020.
However, this being the "new normal" and all, some pandemic precautions will remain in place. Food courts will return, but at half-capacity and with spaced-out tables. And samples will be given behind plexiglass screens. But hey, we'll take it. And probably come back in two minutes and hope you forget our face. | |  Francis Scialabba | Chances are you're either trying to finish reading this newsletter before a flight attendant tells you to put away your electronic device, or you're passing the time while stuck in a five-mile traffic jam on the highway. Memorial Day weekend, typically one of the busiest travel weekends of the year, presents a big opportunity for airlines, hotels, and other hospitality companies desperate for a travel surge. They'll get one this weekend: - US airlines are planning for a daily average of at least 2 million passengers through the weekend.
- A majority of the 37 million people expected to travel at least 50 miles from home will be driving, per AAA.
- Demand for rental cars is up 500% since January.
Our best travel advice for MDW? Plan your trip two weeks ago. But also be patient. The FAA has received 2,500+ reports of disorderly passenger conduct this year, the highest number it's ever recorded. It also extended its zero-tolerance policy for safety violations and added fines...and possible jail time. | |  Francis Scialabba | In the US…about half of the population has now received at least one dose of a Covid-19 vaccine. And good news for younger Brew readers hoping to snag their first kiss this summer: Yesterday, the CDC said teenage campers who are fully vaccinated don't need to wear masks or physically distance. Around the world...the ambitious Covax plan to vaccinate people in low-income countries has mostly unraveled, according to the WSJ. Latest headlines More incentives: On Thursday, California announced a program called "Vax for the Win," and in this case win = $116.5 million in total prizes for people who've been vaccinated or will get a dose. Also this week, Ohio announced the first winner of its $1 million vaccine lottery: 22-year-old Abbigail Bugenske. Vaccine passports: The Biden administration said it's taking a "very close look" at vaccine passports for international travel. And the NY Knicks announced yesterday that—if they advance to the second round—they'll only sell tickets to vaccinated fans. | |  Rick Loomis/Getty Images | Stat: 15% of Americans agree with the QAnon allegation that "the government, media, and financial worlds in the US are controlled by a group of Satan-worshipping pedophiles who run a global child sex trafficking operation," according to a new poll from the Public Religion Research Institute and the Interfaith Youth Core. Quote: "An absurd lie." Brazilian soccer icon Neymar responded to Nike one day after a WSJ report revealed that Nike terminated its endorsement deal with the soccer player after investigating his involvement in an alleged sexual assault incident. In 2017, Neymar joined the French club Paris Saint-Germain for an unheard-of transfer fee of ~$260 million. Read: Your guide to the cloud. (Emerging Tech Brew) | |  A bitcoin mining farm in France by Andia/Getty Images | They both make you kind of annoying to your friends and are cultivated using surprisingly similar setups. That's why British police accidentally busted a cryptocurrency mining operation earlier this month, thinking it was an illegal cannabis farm. Leading up to the raid, the West Midlands Police had noticed telltale signs that a Birmingham warehouse was probably being used to grow marijuana—lots of wiring and ventilation on the outside, high levels of heat emanating from the inside, and people going in and out like it was a salad bar. But once the police busted the doors open, they found no greens. Instead, about 100 computers were leeching thousands of pounds worth of electricity off surrounding circuits in order to mine bitcoin. "It's certainly not what we were expecting," Sgt. Jennifer Griffin said. Zoom out: While stealing electricity is illegal in the UK, mining bitcoin is a-okay. However, as the giant energy toll of crypto mining puts a greater burden on electric grids, more governments may install curbs. Take Iran. After a series of blackouts, it announced earlier this week that it's banning crypto mining for the next four months. | | - AMC's skyrocketing share price this week (up 116%) led to $1.2 billion in losses for short sellers.
- Amgen's potential blockbuster lung cancer drug was approved by the FDA.
- Cruella and A Quiet Place Part II headline the biggest moviegoing weekend since the pandemic began. They're off to a strong start.
- Related: Masks are becoming optional at major US movie theater chains for fully vaccinated guests.
- LaMelo Ball will sell 500 "dynamic" NFTs tied to his NBA accomplishments, per ESPN.
| | | Fun with geography: This map of all the shade in the world would be a lifesaver if you were a vampire. And this one lets you drop a raindrop anywhere in the US and see where it ends up. Weekend Conversation Starters: | |  Francis Scialabba | We're very excited to introduce our new Puzzle Creator, the ingenious Mary Tobler, who is going to bring you more awesome games, puzzles, and mind-twisters than your brain will know what to do with. She created the two Brew Minis we released this week and today she's bringing you a full 15x15 crossword. Play it here. | | | When you share the Brew, you earn rewards. From Brew swag like t-shirts and coffee mugs to exclusive content, we've got something for everyone in our premier rewards program.  Hit the button below to start sharing the Brew. Click to ShareOr copy & paste your referral link to others:
morningbrew.com/daily/r/?kid=8386977e | | |
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