- __[Puff](https://snacks.robinhood.com/newsletters/CxZPNYACQmhAcH97Htdw6/articles/4g0VxGDmv3EbCjtFiFJMZ9/):__ Marlboro-maker __[Philip Morris International](https://robinhood.com/stocks/PM)__ might stop selling cigarettes to go “smoke-free" — but it’s got plenty of other puffable tech. 
- __[B(ad)](https://snacks.robinhood.com/newsletters/1yhXQqCSYUpB68NvcsJe1Y/articles/6yGWgTL4miB9R18GnESxeE/):__ As global sponsors shrug off these bummer Olympics, local sponsors like __Asahi__ are feeling the hit.
- __[Sleek](https://snacks.robinhood.com/newsletters/1cvW800ceTDRGTTzJNnP6e/articles/67koCNBRYVyWY2Q05bmIuj/):__ Tesla-lookalike __[Lucid](https://robinhood.com/stocks/LCID)__ hasn’t delivered a single car yet, but the luxe EV-maker just went public in a $4.5B SPAC merger. 

ICYMI

Last week's highlights...

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Personal Finance

__Wait for the beat drop...__ The stock market has been giving off [manatee meme](https://www.youtube.com/watch?v=CLGJ-LVCQrM) energy. While stocks dipped last week, they've been cruising around records thanks to vaccines, $6T in stimulus, and the Fed's economy-boosting rate policies. Low interest rates make borrowing cheaper (think: mortgages, biz loans) — plus, they make stocks more attractive compared to less risky investments. All these factors helped the __[S&P 500](https://learn.robinhood.com/articles/7kFFEUv46vmMCmMfLuNiRX/what-is-the-s-and-p-500/)__ soar a whopping 35% over the past year. But how is that translating to American wallets?

- __Americans are getting richer.__ Last year, US household wealth surged to records as Americans accumulated a fresh [$12T](https://www.barrons.com/articles/americans-got-richer-in-2020-here-are-5-charts-showing-who-benefited-and-how-51617220611). In the first quarter of *this* year, wealth across all US households jumped [~4%](https://www.cnbc.com/2021/06/23/how-much-wealth-top-1percent-of-americans-have.html). 
- __But the gains aren't even...__ A third of the total increase in Americans' net worth last year went to the top 1%, just 3M people — *the same as went to the bottom 60%*, or 199M people. 
- The second half of 2020 also brought the [sharpest](https://www.bloomberg.com/news/articles/2021-01-25/u-s-suffers-sharpest-rise-in-poverty-rate-in-more-than-50-years?sref=q3KSFp38) rise in the US poverty rate since the '60s. It's expected to hit 14% by end-of-year, with poverty rates for Black and Hispanic Americans double those of white Americans. 

__Now drop the stats...__ Income inequality is nearly the [highest](https://www.bloomberg.com/news/articles/2021-01-17/the-rich-are-minting-money-in-the-pandemic-like-never-before?sref=q3KSFp38) in at least half a century. The top 1% of Americans have  *16X* the wealth of the bottom half, compared to 6X in 1990. Here's why:

- __Key stat:__ About [half](https://www.barrons.com/articles/americans-got-richer-in-2020-here-are-5-charts-showing-who-benefited-and-how-51617220611) of the total increase in Americans' wealth last year came from rising stock prices (though soaring home values also played a role). 
- __Break it down:__ *The wealthiest 10% of Americans own 90% of stocks and mutual funds held in the US*. The bottom half of households hold less than 1%.


Manatee

__Some benefit way more than others…__ from a booming market. While most Americans got wealthier, the rich got *way* richer — that's because the top 20% of earners own nearly all the stocks held by US households.  That could change as retail participation in the market continues expanding: last year, more than half of US households invested in stocks, up from one quarter in the '80s.  Still: factors like wage gaps, technological changes, and globalization remain at the center of US wealth inequality.


Stocks are cruising at record highs: how that connects to your wallet and rising inequality

__Need more chips...__ Not the salty kind. __[Tesla](https://robinhood.com/stocks/TSLA)__ posted record profit and deliveries for last quarter, and __[Apple](https://robinhood.com/stocks/AAPL)__ had its best third quarter ever. The bad news: Apple and Tesla are the latest victims of the global chip shortage, which has been affecting everything from smartphones to cars.  Apple warned that shortages will affect iPhone production, while Technoking Elon is worried about Cybertrucks. You’d think chipmakers like Intel and Samsung would be celebrating, but they're [facing](https://snacks.robinhood.com/newsletters/3jiH97s6i2rzWyuRZpgCbp/articles/7838zbTUEj6fIMpA5Jz5ze/) their own supply chain struggles. 

__The crackdown continues...__ Chinese tech stocks lost hundreds of billions of dollars of combined market cap in July, as regulators came down on giants like __[Alibaba](https://robinhood.com/stocks/BABA)__ (Amazon of China), __Didi__ (Uber of China), and TikTok-owner __ByteDance__. The latest victims: ed tech and food delivery companies. China wants to make it cheaper for families to have more kids, and education and food represent big costs. Now, some Chinese tech companies like __[Weibo](https://robinhood.com/stocks/WB)__ and Didi are reportedly considering going private to avoid more volatility.


Zoom Out

Stories we're watching...

__Don't check in all at once...__ It's travel  week, with __Hilton__, __Hyatt__, __Marriott__, __Expedia__, __Tripadvisor__, __Booking__, and __Wynn Resorts__ all dropping earnings (now breathe). TSA traveler volumes are back to 80% of pre-pandemic levels, as you unwrap Biscoff cookies en route to Miami. US weekly hotel occupancy has [reached](https://www.c-mw.net/positive-signs-for-us-hotel-industry-as-occupancy-rates-rise/) its highest level since 2019, while room rates are pricier than ever. Hotel and travel stocks have soared this year as vacays return. But rising Covid cases and returning restrictions could put a damper on the rebound.

__Save the date...__ Dating legend __[Match Group](https://robinhood.com/stocks/MTCH)__ unveils earnings tomorrow. Match owns Tinder, Hinge, OkCupid, and 20+ other e-romance apps. Last year, Match's sales jumped 17% as you spent romantic nights in bed swiping. Thanks to vaccines and reopening, happy hour dates are back and people are craving IRL connections more than ever. According to a WSJ survey: 87% of people plan to maintain or boost time spent on dating apps in the next several months. That could boost biz for Match and Bumble.


Last week's highlights...

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