Good morning. Yesterday was not a typical news day, and so this is not a typical newsletter. We're devoting nearly the entire issue to the Supreme Court's decision to overturn Roe v. Wade and its tectonic implications for health, business, politics, and society. —Neal Freyman, Jamie Wilde, Matty Merritt, Max Knoblauch, Joe Abrams, Rohan Anthony | | | |  | Nasdaq | 11,607.62 | | | | | S&P | 3,911.74 | | | | | Dow | 31,500.68 | | | | | 10-Year | 3.136% | | | | | Bitcoin | $21,180.12 | | | | | Wells Fargo | $40.76 | | | | *Stock data as of market close, cryptocurrency data as of 1:00am ET. Here's what these numbers mean. | - Markets: What happened on Wall Street seemed like an afterthought yesterday, but surging stocks did manage to close out their first winning week this month. Lifting investors' spirits was a relatively obscure data point that showed consumer expectations of inflation over the next year eased up.
| | | | Dianna "Mick" McDougall The constitutional right to an abortion in the US has been eliminated after nearly 50 years. Yesterday, the conservative-majority Supreme Court overturned Roe v. Wade, a ruling that strikes down federal protections for abortion and punts abortion regulation to the states. This ruling is unprecedented: "The Supreme Court in history has never before granted a widely recognized constitutional right and then taken it back," Pete Williams of NBC News said. "This is historic in many ways." We knew it was coming. Last month, a draft of the opinion was leaked to Politico, which caused shockwaves when it was published. The official opinion stayed close to the draft—in it, Justice Samuel Alito, writing for the majority, claimed that, "The Constitution makes no reference to abortion, and no such right is implicitly protected by any constitutional provision." Writing in dissent, the three liberal justices bashed the majority opinion. "Women have relied on Roe and Casey in this way for 50 years. Many have never known anything else. When Roe and Casey disappear, the loss of power, control, and dignity will be immense," they wrote. "Casey" refers to a 1992 case in which the Supreme Court upheld Roe's protections. That was also overturned yesterday. The Supreme Court's scrapping of Roe contrasts with the public's view. Prior to the ruling, a majority of Americans (ranging between 60%–70% in two recent polls) said they didn't want Roe v. Wade to be overturned. At the same time, less than 30% of Americans think that abortion should "generally be legal" after the first trimester, according to Gallup. Big picture: Abortion advocates say the overturning of Roe amounts to a radical assault on reproductive rights that sends the country backward. - National Nurses United, the country's largest nurses union, said that abortions, a "vital medical necessity," will still continue post-Roe, but will move underground, where they'll be "more expensive, harder to access, and in many cases unsafe."
- Following the leaked opinion last month, Treasury Secretary Janet Yellen told lawmakers that overturning Roe "would have very damaging effects on the economy and would set women back decades."
On the political front, many Republicans cheered the move, applauding former President Trump for appointing three conservative justices that pushed the court far to the right. Democrats are vowing to make it a top issue for the upcoming midterm elections. "This fall, Roe is on the ballot," President Biden said, calling it a "sad day for the court and for the country."—NF | | Missouri Attorney General Eric Schmitt signs legislation outlawing abortion in the state. Eric Schmitt via Twitter. The minute Roe v. Wade was overturned by the Supreme Court, abortion rights became a state-level decision and the US map's already stark geopolitical divisions were outlined in extra-bold Sharpie. Here's what the abortion landscape looks like now: - Abortions were banned in eight states yesterday, including Arkansas, Louisiana, and Missouri, and were already prohibited in Oklahoma.
- Several more have similar "trigger laws" in place that will ban all or most abortions within the coming days and weeks.
- All together, abortion is likely to become totally illegal or severely restricted in at least 20 states and has an uncertain future in an additional nine, according to the NYT.
In response to the court's ruling, abortion clinics closed and Planned Parenthood locations canceled abortion appointments in Texas, Wisconsin, and other states that have already outlawed or are likely to outlaw abortion. On the other hand, abortion rights are likely to remain protected in 21 states, 11 of which are actively expanding the scope of access by, for instance, making appointments easier to schedule and more affordable. Several states, including California and New York, aim to become safe havens; NYC Mayor Eric Adams tweeted, "To those seeking abortions around the country: you are welcome here" with a photo of the Statue of Liberty. Zoom out: People in states with restricted abortion access will still have two legal avenues to receive abortions. US Attorney General Merrick Garland said yesterday that the Justice Department will protect the right to travel out of state for appointments and that the abortion pill mifepristone cannot be banned by states since it's FDA-approved.—JW | | | Security questions like "What was the make of your first car?" aren't exactly what we'd call a foolproof authentication method for protecting your precious crypto. Meet Arculus, the crypto wallet that keeps your private keys safe and secure with 3-factor authentication. Arculus was created based on 20+ years of experience developing leading-edge, secure payment technologies, giving you the power to protect your financial future. Arculus isn't like other cold-storage solutions. The app offers an easy-to-use interface and *doesn't* make you toggle between screens or push tiny buttons on a USB drive. Just tap the card to the back of your mobile device with your Arculus Wallet app to enable transactions and get instant, secure access to your crypto.
Protect your crypto here. | | Yuki Iwamura/AFP via Getty Images The scrapping of Roe v. Wade presents another challenge to business leaders who've been increasingly pressured to take sides on heated social and political matters. In addition to focusing on keeping their companies' finances healthy, they must now navigate a maze of complex issues resulting from the SCOTUS ruling—from workplace politics to health coverage to legal considerations. Since the draft opinion was leaked in early May, several large corporations including Starbucks, Tesla, and Airbnb said they would cover expenses for employees who needed to travel to get abortions. And following the official ruling yesterday, many others, such as Disney, JPMorgan, and Dick's Sporting Goods, made clear that they would do the same. - In a Morning Brew–Generation Lab poll from May, respondents were roughly split on whether they thought companies should cover the cost of employees seeking out-of-state abortions.
A few CEOs have spoken out about the ruling (Yelp's CEO urged Congress to codify Roe into law), but most have refrained from making a direct statement. Companies operating in GOP-led states know that wading into the debate can spark unwanted backlash—just ask Citigroup. Conservative lawmakers in Texas, enraged by the company's decision to reimburse employees for abortion-related travel expenses, urged the state Legislature to cancel its contract with the bank. Big picture: The striking down of Roe could also influence corporate location decisions in this historically tight labor market. Companies, especially startups, trying to hire in a state where abortions have been banned could find it harder to recruit employees.—NF | | A protester in Paris, France, holds a sign supporting US women following the SCOTUS ruling on June 24. STEPHANE DE SAKUTIN/AFP via Getty Image With the Supreme Court's decision to overturn Roe v. Wade and remove the constitutional right to an abortion, the US joins a very small group of countries that have rolled back abortion rights in the last ~30 years. In their dissenting opinion, Justices Stephen Breyer, Sonia Sotomayor, and Elena Kagan wrote that the US "will become international outliers after today." That's because, according to the Center for Reproductive Rights, since 1994, 59 countries have expanded abortion rights for citizens. Until yesterday, just three countries (Poland, El Salvador, and Nicaragua) had reversed course and removed rights in that same stretch of time. And, unlike the US, many countries legalized abortion through legislation rather than court precedent (although neither method is a guaranteed protection). As mentioned above, in tossing out the five-decade precedent of Roe v. Wade, the court effectively activated laws in roughly half of US states that automatically banned or severely restricted abortion access. Those states joined a minority of nations across the globe (66) that prohibit the procedure. Reax around the world: Protests were held in several European capitals after the US news broke, and world leaders from countries like France, Canada, Scotland, and Spain spoke out against the SCOTUS ruling. A statement signed by more than 100 global health organizations called the move a catastrophic blow that is "out of step with the global community's commitment to advance human rights."—MK | | Saul Loeb/AFP via Getty Images Stat: After decades of declining, the number of abortions in the US jumped by almost 8% from 2017 to 2020, according to a report from the Guttmacher Institute. About 1 in 5 pregnancies in 2020 ended in abortion, and 54% of those used the increasingly popular abortion pill. Quote: "We should reconsider all of this Court's substantive due process precedents, including Griswold, Lawrence, and Obergefell." Supreme Court Justice Clarence Thomas, writing in a concurring opinion yesterday, suggested that other rights not addressed by the framers of the Constitution, such as same-sex marriage and legal contraception, could be revisted by the court. In his ruling, conservative Justice Samuel Alito didn't agree with Thomas, but the liberal justices warned in their dissent that "no one should be confident that this majority is done with its work" and that other rights are now at risk. Read: The future of abortion in a post-Roe America: Inside the covert network preparing to circumvent restrictions. (The Atlantic) | | Weekend conversation starters: Anthony Bourdain Day: Today we're celebrating America's favorite chef (and most trusted tour guide) on what would have been his 66th birthday. Read the New Yorker article that helped catapult him to fame here. Also, one Bourdain superfan made all 150 recipes in the chef's 2016 cookbook, Appetites, and these were her three favorites. If you're tired of cooking, check out Bourdain's five favorite cities for food. Zero the hero: This card boasts a 0% intro APR for 12 months on purchases, zero annual fee, and 0% interest on your transferred balance for 21 months. Apply here.* Your pet deserves the best: Fuzzy gives every pet owner 24/7 access to personalized pet care from licensed veterinary professionals, plus exclusive product discounts. Try it now with a FREE 7-day trial.* *This is sponsored advertising content. | | - The House followed up the Senate and passed the most significant gun safety bill in decades. It now heads to President Biden's desk for his signature.
- Juul's products will stay on shelves…for now. A federal appeals court approved the company's request to delay an FDA ban.
- Cadillac's new luxury sedan, the electric-powered Celestiq, could come with a $300,000 price tag, per the WSJ.
- Hackers stole $100 million in cryptocurrency from California crypto firm Harmony.
| | Brew Crossword: Greek gods, baseball players, and video games are all on the table for today's crossword. Play it here. Open House Welcome to Open House, the only newsletter section whose diet would consist of only lobster if they weren't so dang fast. We'll give you a few facts about a listing and you try to guess the price.  ZillowToday's cottage is located on Duck Ledges Island, a 1.5-acre rocky slab just a short boat ride from Jonesport, Maine, a fishing and lobster town. The house was built in 2009 and is perfectly situated for gazing out the window wistfully and watching the seals. Amenities include: - 1 bed, 1 outhouse
- Beach access
- Unobstructed sunrise and sunset view
- Finally some peace and quiet
How much for your teeny tiny island getaway? | |   Working efficiently means working smarter, not harder. Shop the Excel Shortcut Guide mouse pads from Morning Brew Shop and give yourself the gift of time back.
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