| Good morning. There's always a ton of information to digest in each Brew, so we wanted to highlight a few fun things in this newsletter you shouldn't miss. - We're launching a workshop with entrepreneur and author Nir Eyal to help you boost your focus and productivity.
- We released a beautiful new website for our Brew's Bookshelf recommendation series.
- Our World UFO Day celebration will make you think differently about unexplained aerial phenomena.
Have a great day. | | | |  | NASDAQ | 10,154.63 | + 0.95% | | | | S&P | 3,115.93 | + 0.50% | |  | DJIA | 25,735.45 | - 0.30% | | | | GOLD | 1,781.30 | - 1.07% | | | | 10-YR | 0.677% | + 2.30 bps | | | | OIL | 39.81 | + 1.38% | | | *As of market close | - Economy: The U.S. manufacturing sector expanded in June for the first time in three months. Also, the June jobs report arrives today, and it should be a complicated one. Here are five things to watch.
- Fed: Minutes from the Fed's meeting show that the central bank will empty its toolkit, and then find another toolkit, if it means ensuring the long-term health of the economy.
- Reopening update: going backwards. New York City will not allow indoor dining next Monday as planned. California is closing down some businesses in certain counties. Apple is shutting down 30 more of its retail stores. And McDonald's paused its reopening.
| |  Francis Scialabba | Stop cringing, you know you cracked a smile. Yesterday, electric automaker Tesla officially became the most valuable car manufacturer in the world after blowing by Toyota. Its stock, which has more than doubled since the start of the year, hit an all-time high to push Tesla's market cap past $207 billion. To put that in perspective, Tesla is now more valuable than Honda, Ferrari, BMW, GM, Nikola, and Nissan...combined. Some more perspective: Tesla produced about 103,000 vehicles in Q1—Toyota made 2.4 million over the same three months. - But to investors, growth potential > current production and Tesla is certainly growing. It delivered 367,500 vehicles in 2019, 50% more than in 2018.
Which is good because... Electric vehicles are expected to dominate the auto market in coming years—BloombergNEF predicts 58% of passenger vehicle sales worldwide will be electric in 2040. And Tesla, with its estimated 60% share of the U.S. EV market, is well-positioned to capitalize, having built a significant advantage in areas where traditional automakers struggle. - Tech: "They have an amazing software advantage over everyone else," Ark Invest analyst Tasha Keeney told CNBC (Ark Invest is a Tesla investor). The automaker has released over 300 software updates since 2011.
- Battery: Tesla batteries recently broke the 400-mile per charge threshold, 100 miles better than its closest competitor.
Zoom out: The wider U.S. auto market is struggling just as Tesla engages Ludicrous mode. U.S. vehicle sales for GM, Toyota, and Fiat Chrysler dropped by over 30% each in Q2 as fleet sales to governments and businesses froze. Bottom line: It's hard to believe but Tesla still isn't listed on the S&P 500. The major index requires a company to post four consecutive quarters of accumulated profit, which Tesla has yet to achieve. But it's right on the verge of inclusion after three straight profitable quarters. | | | This week, a Chinese national security law targeting subversive activity in Hong Kong went into effect. It is...very unpopular among governments not named China, who say it violates the autonomy Hong Kong was granted when the territory was transferred from British rule to Chinese rule in 1997. - Police arrested hundreds of protesters on Wednesday, the first day the law became active.
The biz fallout: is significant. You've seen its skyline—Hong Kong is an international hub for trade, finance, and multinational HQs. But the new Chinese law could spook those companies and threaten HK's economic relationship with the rest of the world. Actually, it already has. The U.S. has begun to roll back its special trade status with Hong Kong and is stopping defense exports. And lawmakers are preparing to introduce legislation that bans certain Chinese companies from accessing U.S. capital markets. Bottom line: From the coronavirus to allegations of Chinese human rights abuses against Uighur Muslims, the U.S. has taken a harder tack against China. This new HK law drives a further wedge between the two economic powers. | |  Giphy | Rent for a one bedroom apartment in San Francisco plunged nearly 12% year-over-year in June, according to apartment rental platform Zumper. That's a record decline for the city and the largest drop of any market in the country. Big picture: What's happening in SF is happening in large cities across the U.S. - Zumper's calling it the "Brooklyn Effect"—when people move from expensive cities to less expensive cities close by (could probably use a name change at this point).
- Prices in two of those cheaper cities, Sacramento, CA, and Providence, RI, rose around 5% last month while the majority of the most expensive markets trended down.
Why is this happening? Cities are for work and play. As more employers embrace remote work and bars prove to be a popular coronavirus hangout, overpriced apartments lose their appeal—even if they were once great pregame spots. But the effect is most pronounced in the tech hub of San Francisco, where companies are 1) more likely to implement "work from anywhere" policies or 2) have shed jobs as the pandemic crushed their business. | |  | Award-winning journalist Soledad O'Brien hosts three insightful panel sessions featuring some of the tech and business world's most influential female voices to discuss leadership, building resilience, and facilitating opportunities for greater diversity. Topics covered will include: - Covid-19's effect on the global economy
- Adapting to a changing workplace
- Leading through recovery during complex times
- And, we're not being hyperbolic when we say this: Way, way, way more
The first two sessions are available to watch now. The final panel will air next Wednesday, July 8, where O'Brien and four female execs from HPE will discuss the greatest changes taking place today, and what qualities are most essential to grow and thrive in the near and long-term. After you watch the first two sessions on demand, register (for free) to check out the additional panels, trainings, sessions, and talks that HPE's virtual conference has to offer. | | | NPC International, the largest Pizza Hut franchisee in the U.S. and an operator of almost 400 Wendy's locations, filed for bankruptcy yesterday. Pizza Hut has 7,100 restaurants in the U.S. ,1,200 of which are operated by NPC, most of which are struggling. A combo we've seen before NPC blamed coronavirus-related store closures, nearly $1 billion in debt, and everything from food to labor getting more expensive for its bankruptcy filing. But, despite the challenges of its franchisee, Pizza Hut is actually doing okay during the pandemic. - In early May, average U.S. sales in delivery and takeout reached an eight-year high.
- Our two cents: Announce you are banning pineapple on pizza. Sales would go through the roof.
Bottom line: Franchised restaurant companies are suffering from a massive drop off in customers—Chuck E. Cheese's parent company filed for bankruptcy after transactions at U.S. family dining restaurants fell more than 80% in mid-April. Emerging Tech Brew writer Ryan Duffy thinks he knows why. | |  Giphy | In April, the Pentagon reignited the fire under Naruto-runners' feet when it released three Navy videos of unidentified flying objects (UFOs). These physics-defying aerial phenomena elevated the UFO conversation from Bigfoot Reddit forums to Bloomberg opinion columns. To celebrate World UFO Day today, here are a few prominent thinkers saying we should take UFO sightings more seriously: 1. Former Senate Majority Leader Harry Reid on Twitter: "The U.S. needs to take a serious, scientific look at this and any potential national security implications. The American people deserve to be informed." 2. Economist Tyler Cowen for Bloomberg: "Humanity has a long history of being caught unawares by outside arrivals, and so we should pay more attention to that bias in ourselves." - He cited the "technologically superior" Spanish invasion of the Aztec empire as an example.
3. Famous political scientist Alexander Wendt to Vox: "Whether it's alien life, who knows? It's a plausible explanation. My point is that we should be agnostic about this and simply study it scientifically. Let's do the science and then we can talk about what we found." The overarching argument: Strange phenomena should be investigated, whether the end goal is to protect ourselves from cone-headed extraterrestrials, or just to learn something new. + If you want to learn something new...here are all the UFO sightings taken seriously by the U.S. government. | | - CEOs of four major tech companies—Apple, Amazon, Facebook, and Google, will testify before the House Antitrust Subcommittee
 . - President Trump said he supports larger coronavirus relief payments for Americans in the next emergency aid package.
- A record number of background checks, a proxy for gun sales, were made in June per the FBI.
- Coca-Cola is shutting down its Odwalla juice brand.
- Uber is extending its face mask requirement for riders and drivers indefinitely.
- Seattle is clearing the city's police-free Capitol Hill Organized Protest (CHOP) zone after weeks of violence.
| | | Level up your productivity: Join entrepreneur, author, and productivity guru Nir Eyal for a 2-week workshop that will let you take back control of your work life. You'll learn an actionable framework for planning ahead, controlling your attention, and generally becoming a less distracted, more focused person. Learn more here. Enable cookies: Here's a Chrome extension (thanks, Brew reader Henry) that'll give you a new recipe recommendation each time you open up a browser tab. Hitting the road for the Fourth of July? Here's our anti-boredom listening list. | |  Francis Scialabba | Every other Thursday, we're bringing you a few of our favorite business-related reads. This week, we're talking careers, from acing the first impression to pulling a 180. - Pivot by Jenny Blake is your map for navigating the quickly evolving jobs market. No matter where you're at in your career, it offers useful frameworks for thinking about next steps and strategies to get there.
- Brave, Not Perfect tackles the hard-to-see but very real structural challenges facing women in the workplace. Author Reshma Saujani, founder of Girls Who Code, encourages women to build resilience, normalize failure, and let go of the fear holding them back.
We couldn't stop at just two. We've got four additional books with career advice and inspiration on Brew's Bookshelf's fancy new homepage, where you can also scroll through all our previous recommendations. | | | We found an obscure business in Florida that advertises itself using the following slogans. Can you figure out what product it sells? - "Don't Leave Earth...Without It"
- "As Seen in 'Contact' Circa 1997"
- "The Perfect Policy for Anyone Who Thinks They Have Everything Covered"
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