| Good morning. Despite spending every day together, we realized we know basically nothing about you except your email address (shoutout to everyone still clinging to AOL). That's a problem because having just a little more info would allow us to make our content better for you. For example, if 90% of our audience lived in California we'd probably write "the" before mentioning interstate highways so you wouldn't be confused. That's a silly joke, but in all seriousness, we'd be grateful if you filled out this short form to allow us to get to know you better. If you need an extra push, we're also giving away $50 Amazon gift cards to 10 readers who complete the survey.* Thanks in advance. —Neal Freyman, Jamie Wilde, Sherry Qin | | | |  | Nasdaq | 14,656.18 | | | | | S&P | 4,448.08 | | | | | Dow | 35,343.28 | | | | | Bitcoin | $44,790.78 | | | | | 10-Year | 1.264% | | | | | Home Depot | $320.70 | | | | *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. | - Markets: Retail and Big Tech were the ankle weights that slowed down the stock market yesterday. Home Depot's Q2 results showed that there are only so many decks one homeowner can possibly build; the pandemic-era DIY boom is effectively over.
- Covid: Texas Governor Greg Abbott, who's been tussling with local officials over his banning of mask mandates in schools, has tested positive for the coronavirus. The TSA also extended its mask requirement on flights, buses, and trains through Jan. 18.
| | | Big Mouth | They may roll their eyes, have cooties, and never admit they started it, but kids are really good at making you buy them things—and that may be key to jumpstarting a stagnant retail industry. With the return to in-person education, total back-to-school spending in the US will hit a record $37.1 billion this year, up from $33.9 billion in 2020, according to the National Retail Federation's annual survey. Families with children in elementary through high school plan to spend an average of $848.90 on school supplies, a $59 increase over last year. Stores could use the youthful energy Retail sales fell more than expected (-1.1%) in July, the Commerce Department said yesterday. That dip can likely be explained by skittishness over the Delta variant, as well as a broader shift in spending from goods to services during the summer. - Walmart and Home Depot, which both reported earnings yesterday, revealed a slowdown in sales growth from earlier this year.
- And remember, consumer sentiment plunged to its lowest level since 2011 last month.
Plus, we're in a pandemic And that means things cost more and there's not enough of them. - With inflation on the rise, consumers should expect to pay 10%–15% more compared to last year for apparel, according to USA Today.
- Chalk, wooden block sets, and dry-erase markers are in short supply due to shipping delays and other supply chain hiccups, according to the Washington Post.
- Even worse, a Cincinnati-area Walmart ran out of all Disney backpacks.
On the bright side...if Walmart is any indication (it is), the back-to-school shopping season has started off with a bang. The retailer said its stores were busy with parents buying backpacks, lunch boxes, and other school supplies for their kids, and even raised its revenue outlook for the year. — NF | | | Hope you have enough storage in your phone for one more vaccine selfie: The White House is expected to announce this week that most Americans will need a Covid booster shot eight months after their second doses. After the FDA authorized Pfizer's and Moderna's boosters for some Americans last week, the third dose could be available for your arm as early as mid-September, per the NYT. Why booster shots? Growing case numbers in highly vaccinated countries show that vaccine effectiveness may wear off over time, particularly against the Delta variant. - Israel reported that the Pfizer vaccine's effectiveness against severe disease has fallen to as low as 55% for elderly people who received their second shots in January or February.
- Nearly 1 million Israelis have already received booster shots.
NIH Director Dr. Francis Collins said the data from Israel prompted US health officials to rethink their position on dose No. 3. Zoom out: Wealthy countries are full-steam ahead with their booster programs, despite the WHO calling on them to share vaccines with lower-income nations first. – SQ | | | OFTV | We still don't recommend scrolling through OnlyFans at work, but the company's latest product—a new app for Android and iOS—is much closer to PG. Until now, the platform known for connecting fans with their favorite NSFW creators has been barred from appearing on Google's and Apple's app stores. The workaround: a new product called OFTV that contains a library of over 800 videos featuring the same creators from its site...but with more clothing. - For instance, OFTV users can watch the original series Unlocked, which features candid chats with famous OnlyFans creators including Mia Khalifa and Bella Thorne.
OFTV won't make any money At least not directly. Instead, the app will act as a marketing vehicle for the main website experience. And while OFTV won't ditch the creators who helped drive OnlyFans revenue 553% higher last year, the app will also feature chefs, pilates instructors, and podcasters. Why? The OFTV app is part of OnlyFans's ongoing push to more closely align itself with other fan-fueled platforms like Substack and Patreon, rather than PornHub Premium, as it eyes a unicorn valuation. — JW | | | | And you should, too. So when you spend money with brands and show them all the feels, it's about time you started getting some xoxo right back. Which is exactly what you get with Drop. It's the app that lets you spend money on your favorite things and get points back everytime you shop at over 500 top brands. Then you can redeem your points for free gift cards (yes, free). All you have to do is link your credit and/or debit card when you sign up and start shopping at the places you already are spending your moola—like Apple, Amazon, Uber, and more. Brew readers can even use this extra special link for 10,000 points (aka: $10) once you earn your first 1,000 points on the app. Even better—Drop's birthday is next week, and they're celebrating with the best offers and millions of points to giveaways. There's never been a better time to get started with Drop. | | | | Stat: More than a month ago, college athletes were granted the ability to earn $$$ off their name, image, and likeness (NIL). So how much are they making? A D1 athlete earned $471 on average in July, with football players capturing 79% of all NIL market share, per the marketing platform Opendorse. The most popular way to make money was via social media promotions (46% of all NIL money earned). Quote: "This is an extraordinary time, and I believe that it will result in an extraordinary generation. You will see the world differently than your predecessors. You have been forced, sooner than most people, to consider what in life is truly important." Fed Chair Jerome Powell talked about the pandemic's effect on students at a town hall meeting yesterday. Read: The 21 most exciting young musicians on planet Earth. (GQ) | | | | Palantir, the data analytics software company cofounded by Peter Thiel, revealed in a filing that it bought $50.7 million worth of 100-ounce gold bars. - Why? "You have to be prepared for a future with more black swan events," COO Shyam Sankar told Bloomberg. A black swan event is a potentially devastating economic crisis that no one sees coming—like, say, Covid-19.
- Where? The gold will be stored in a secure location in the northeastern US, so...nowhere near a New York bar's coatrack.
Gold is considered a safe-haven asset that offers protection against inflation. However, it is down about 7% this year even as consumer prices have surged. Why it matters: A small but growing number of public companies have put their cash to work by buying bitcoin (most famously, Tesla). But Palantir is putting its own spin on the genre, investing in gold bars and pouring $250 million into startups that use Palantir software. As for putting bitcoin on its balance sheet, "The short answer is yes, we're thinking about it," finance chief Dave Glazer said in May. — NF | | - The Taliban, in their first news conference since taking over power in Afghanistan, said women will be allowed to work "within the framework of Islamic law." What that means in practice is unclear.
- The New Zealand dollar fell when the country announced a three-day lockdown (at minimum) after detecting a single coronavirus case.
- Poly Network, the DeFi platform that was hacked to the tune of $600 million worth of tokens, is now asking the hacker to become a security advisor to the company. Most of the money has been returned.
- Star investor Cathie Wood defended her innovation-focused strategy after Michael Burry, of The Big Short fame, made a nearly $31 million bet against her firm.
- Google's new Pixel phone, reviewed.
| | | | Your people want the power. Employee-driven payroll is the next great HR revolution, and you can be ahead of the curve. How? By reading the article we put together with our pals at Paycom. In it, you'll learn how putting payroll in the hands of the people can reduce employer liability and increase transparency. Oh, and there's even a pretty nifty piece of tech in there called Beti you might want to get acquainted with. All the details are here in our latest article with the HR pros at Paycom. Read it here. | | | New Boston Dynamics vid: Something tells us this kind of robot parkour might be an Olympic sport not too long from now...or used to annihilate the human race. One or the other. We're never gonna give you up: Which is why it's important that you dive into the visual history of Rickrolling. High steaks: Step inside the largest cast iron pan factory to see how these kitchen marvels are made. | | | Word Search: All you need is a ball and a hoop to complete today's puzzle. Play it here. For the Gram Can you spot the grammar errors in the following WSJ sentences? - The hackers all met in an online forum called OGUsers, where access to a variety of gaming, social media and other types of accounts are bought and sold, investigators say.
- The case shone a light on the security practices of a company that is facing pressure from many fronts.
- Continental voters would be loathe to scrap the EU, but they increasingly want to change it.
- The traders took turns driving coffles of heavily shackled, ill-clad, barely fed chattel as many as 1,000 miles on foot.
| | | | Are you still in college? Cherish it. And think about becoming a Brew U ambassador this fall. It's a program designed for ambitious college students who are looking to spread the Brew on your campus—and learn a ton about the business world while doing it. What you'll get: - Direct marketing experience
- A network of like-minded students from across the country
- Potentially some
 if your team comes out on top - Plus, if you ever pursue a diplomatic job overseas, you can say you've worked as an ambassador
What we'll get: Invited to your house parties. Ha, no, totally kidding...unless? The deadline to apply is in less than a week—August 23. Gather up your team and sign up here. | | | 1. Access is bought and sold, not "are"
2. The past tense of shine is shined when the verb has an object
3. Loathe is to hate something; the correct spelling of this word, meaning reluctant, is "loath"
4. It should be "as much as" or "as long as" 1,000 miles on foot because it's a measurement. *Also, here are the rules for the Amazon gift card giveaway in the top blurb | | |
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