Good morning. Following a 2014 attack in Isla Vista, CA, that killed six people, The Onion published an article with the now-infamous headline, "'No way to prevent this,' says only nation where this regularly happens." Yesterday, it plastered the front page of its website with articles on mass shootings, all with that same headline. There have been 21 in total over the past eight years. —Matty Merritt, Jamie Wilde, Neal Freyman | | | |  | Nasdaq | 11,434.74 | | | | | S&P | 3,978.73 | | | | | Dow | 32,120.28 | | |  | 10-Year | 2.751% | | | | | Bitcoin | $29,817.00 | | | | | Dick's | $78.14 | | | | *Stock data as of market close, cryptocurrency data as of 8:00pm ET. Here's what these numbers mean. | - Markets: Investors were zeroed in on the minutes released from the Fed's latest policy meeting, and they liked the aggressive, inflation-combating tone they heard. It also seems like not all retailers are faring as poorly as Target and Walmart. Shares of Nordstrom, Dick's, and Best Buy all climbed yesterday after delivering solid earnings.
- Government: The US budget deficit is expected to fall from $2.7 trillion in 2021 to $1 trillion this year, reflecting lower government spending and faster economic growth, the Congressional Budget Office said. The nonpartisan agency also predicted that inflation will come down from its eye-watering levels, but will still remain above the Fed's 2% target next year.
| | | | Beto O'Rourke interrupts a press conference held by Texas Gov. Greg Abbott. Jordan Vonderhaar/Getty Images On the day following the second-deadliest school shooting in US history—when 19 children and two adults were murdered in Uvalde, Texas—gun reform debates spilled across the nation. Democratic lawmakers renewed their calls for gun legislation, but were once again confronted with the fact that the numbers for enacting policy are stacked against them due to Republican opposition. On a local level: Texas Democratic gubernatorial candidate Beto O'Rourke interrupted a press conference held by Republican Governor Greg Abbott to publicly criticize his inaction on guns. "The time to stop the next shooting is now, and you are doing nothing," O'Rourke said. Texas has among the least restrictive gun laws in the US, and lawmakers have actually relaxed them in the state over the past few years, according to the Texas Tribune. - A permitless carry bill, the Second Amendment Sanctuary Act (which means local agencies can't enforce new federal gun laws), and a law that allows individuals as young as 18 to buy a handgun were all passed last year.
- The gunman in Tuesday's massacre legally purchased two AR platform rifles in the days following his 18th birthday last week.
And at the federal level, gun reform is effectively frozen Senate Majority Leader Chuck Schumer added votes on two background check bills to the chamber's calendar, both of which would expand checks for sales at gun shows and online. However, he gave no timeline for debate, meaning they likely won't be discussed until sometime after the MDW recess. Schumer knows the math is stacked against him. Even with a slight majority in the House, Democrats are evenly split in the Senate and would need 10 Republicans to vote alongside them there. And that seems like long odds. - For instance, in 2013 the bipartisan duo of Democratic Sen. Joe Manchin and Republican Sen. Pat Toomey introduced a compromise bill that would require background checks for all commercial gun sales. But that only got 54 votes in the Senate.
Why are many Republicans opposed? They don't think access to guns contributes to mass shootings. Alabama Sen. Tommy Tuberville said yesterday that "Guns are not the problem. People are the problem." One potential road to compromise: "Red flag" legislation, or laws that would allow authorities to temporarily take guns away from individuals who are deemed a threat to themselves or others. 19 states, including Florida and Indiana, already have red flag laws. Other links to stay up to date about the shooting Meta said the gunman discussed his planned attack in private messages on Facebook about 30 minutes before the shooting. Remembering the victims of the massacre. Guns will be banned when former President Donald Trump gives an address at the NRA annual meeting on Friday. America's gun culture in seven charts. ICYMI: Golden State Warriors Coach Steve Kerr's plea to lawmakers to take action.—MM | | Jeff Kowalsky/Getty Images  "Egregiously unsanitary": How our parents describe our apartment, and the conditions at Abbott Nutrition's baby formula plant in Michigan, according to FDA head Dr. Robert Califf. In testimony on Capitol Hill yesterday, Califf described how a "shocking" inspection uncovered water pooled on the floor, cracks in production equipment, and a leaking roof. Abbott's shuttering of the plant in February contributed to the critical baby formula shortage; it plans to kick-start production again on June 4.
 The UK government boozed while the country was in lockdown. A new report released yesterday described how British Prime Minister Boris Johnson and his leadership staff allowed at least 16 parties to rage at a time when Covid regulations introduced by the government barred socializing. Johnson said he took "full responsibility" for what's become known as "partygate," but said he wouldn't resign.
 The first Amazon Style store opened in LA. Lacoste, Tommy Hilfiger, Calvin Klein, and more highish-end brands are featured at Amazon's first physical clothing store in Glendale, CA. Amazon has had a frustrating time breaking into both fashion and IRL shopping: Not only has it garnered a reputation for having more counterfeits than Canal Street, but also it announced just two months ago that it's closing its brick-and-mortar bookstores and other non-grocery locations.
| | | Whether you wanna buy, sell, or learn more about a stock, the Fidelity app makes the entire process as easy as pie. In fact, the Fidelity app lets you trade US stocks and ETFs in a flash with no commissions1, no account fees or minimums to open a retail brokerage account. You can also use fractional share investing to buy the stocks and ETFs you want for as little as a buck. And if you're looking for some guidance, you can check out independent expert opinions on stocks at a glance with a single score. It's like having your own li'l investing guide right in your pocket, so you can dive in with confidence whenever you choose. Get the app here. | | Dianna "Mick" McDougall, Photo: Getty Images/Fuse It's one of our favorite conversation starters: If you're a rich American investor looking to buy a sports franchise, which league would you choose? For real moguls and not just wannabes like us, that answer is increasingly the English Premier League. The latest example is an American-led investment group's purchase of Chelsea FC, which was approved by the UK government yesterday. The record acquisition ($3.1 billion) came just three months after sanctioned Russian oligarch Roman Abramovich put the team up for sale. Chelsea joins a growing list of Premier League clubs backed by American money. - To name a few: Liverpool was acquired by Boston Red Sox owner Fenway Sports Group in 2010. The Glazer family (owner of the Tampa Bay Buccaneers) owns Manchester United. Crystal Palace also has American owners.
- In fact, when the Chelsea deal is finalized, US investors will have stakes in more than half of the 20 teams in the Premier League.
Zoom out: As Ted Lasso knows, England has a different sports culture than the US—and American owners' incursion into the beloved soccer league has been met with some skepticism over whether they're just in it to extract more money. While US owners expect to score a profit with their investments, European owners are skewered if they do, Bloomberg notes.—NF | | Apple's two-case repair kit. iupdate/YouTube And they're about as glowing as the ones for the remake of Cats. The backstory: Last month, Apple launched its Self Service Repair Store, which allows customers to buy parts for select Apple devices they can repair at home. It was a big win for advocates in the "right to repair" movement, who've fought Apple in Congress for the opportunity to swap out their own shattered screens. But DIYers' enthusiasm has spoiled faster than a ripe avocado as it's become clear that Apple's program is time-consuming, expensive, and difficult. For example: - NYT writer Brian X. Chen replaced his iPhone 12's battery through the self-repair store. He was charged $96 for materials, plus a $1,210 credit card hold for the 75 pounds of industrial equipment required for the repair. And he damaged the phone during Step 2.
- The Verge's Sean Hollister had a similarly miserable experience fixing his iPhone Mini.
Meanwhile, having an Apple associate replace a battery costs $69. Apple said in a white paper last month, "For the vast majority of customers, the safest and most reliable repair is achieved through an Apple Store. …Repairing modern electronic devices that are complex, highly integrated, and miniaturized isn't easy." Translation: "Try it. You'll hate it." Bottom line: Critics say Apple doesn't want customers to repair their phones at home, and, when this program proves to be unpopular, will use it as evidence against right-to-repair initiatives.—JW | | Nicolasmccomber/Getty Images Stat: There's no institution quite as beloved as the American grocery store. Three grocery brands—Trader Joe's, H-E-B, and Wegmans—were among the top 10 most reputable companies in the country, according to a new Axios Harris Poll (TJ's was No. 1). Kroger, Publix, and Costco also ranked in the top 25. Quote: "I worry about what it would mean to put another organization in the middle of our relationship. An organization that does not have a deep understanding of Apple or our business. And most importantly one that I do not believe shares our commitment to you." In a leaked video, Apple's Vice President of People and Retail Deirdre O'Brien told employees it wasn't in their best interests to join a union. Employees at three Apple Stores—in New York, Maryland, and Georgia—have begun a push to unionize in what would be a first for the company. Read: TikTok boom. (No Mercy/No Malice) | | Did you finally make the cut? Check out Time's list of the 100 most influential people in the world in 2022. Tom Brady + drone = magic. Just watch the video to see why the man isn't human. A mouse pad made to save you time, energy, and who knows—it may even help you impress your boss. Shop Excel Dictionary's Shortcut Guide Mouse Pads, available in Mac and PC styles. Are you a leader or just the boss? The Morning Brew Leadership Accelerator teaches you the tactics of modern leadership that you need to succeed, including hiring, delegating, strategy, and execution. Apply now to get started. Ready, set, grill: Sign up for ButcherBox and get a FREE Grilling Bundle with your first order—that's two 10-oz. ribeye steaks, 5 pounds of chicken drumsticks, and a pack of burgers. Start here.* *This is sponsored advertising content. | | - Elon Musk upped his equity commitment to fund his takeover of Twitter to $33.5 billion, and scrapped plans to partially finance it through a margin loan tied to his Tesla shares. Maybe this deal is going to happen after all?
- VC giant Andreessen Horowitz is still bullish on crypto startups despite the recent downturn. It raised $4.5 billion for the biggest ever crypto fund.
- Egg prices will skyrocket as much as 21% this year, new government data shows. Previous estimates were for an increase of 6%–7%.
- The SEC proposed rule changes that would crack down on misleading ESG claims made by funds and require more transparency from them.
- Pfizer said it would no longer sell patented vaccines and other treatments for a profit in 45 low-income countries.
| | Brew mini: "Oat or almond alternative" (three letters) is your clue of the day. Play the mini here. Three headlines and a lie Three of these headlines are real and one of them is faker than the succulents in your dentist's waiting room. Can you guess the odd one out? - Finland brewery launches NATO beer with "taste of security."
- This 830-million-year-old crystal might contain life. And we're about to open it.
- Parmigiano Reggiano makers are embedding tiny trackers in the rind to fight cheese fraud.
- Small Indiana town says it will give travelers "more free soap than they can imagine" if they choose to visit for Memorial Day Weekend.
| | | We made up the free soap one. But if any small-town mayor is reading this...might be a good idea! | | | ✢ A Note From Fidelity Disclosure: Investing involves risk, including risk of loss. Morning Brew and Fidelity are independent entities and are not legally affiliated. 1Sell orders are subject to an activity assessment fee from one cent to three cents per one thousand dollars of principal. Zero account minimums and zero account fees apply to retail brokerage accounts only. Expenses charged by investments (e.g., funds, managed accounts, and certain HSAs) and commissions, interest charges, or other expenses for transactions may still apply. See [Fidelity.com/commissions] for further details. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 | | | Written by Neal Freyman, Jamie Wilde, and Jamie Wilde Was this email forwarded to you? Sign up here. WANT MORE BREW? Industry news, with a sense of humor → - Emerging Tech Brew: AI, crypto, space, autonomous vehicles, and more
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