Hey Snackers,
The monoliths are back: another reflective metal slab has mysteriously appeared, this time in the Nevada desert. Call it â2024: A Space Odyssey.â
The S&P 500 barely budged yesterday, while the Russell 2000 index of small-cap US companies rallied. Today investors have eyes on the Fedâs fave inflation gauge.
đşđ¸ Quizdependence: Take our Snacks Seven quiz to refresh your biz-news knowledge ahead of the Fourth of July holiday. Hereâs the first q:
Rivian shares spiked after who said it would invest up to $5B in the electric-truck maker? (Check your answer.)
Finding a job is getting tougher as AI and fake openings muddy the hunt
Unemployment hold music⌠is becoming an earworm. The number of Americans receiving recurring unemployment benefits climbed this month to its highest level since November 2021. Yesterday the Labor Department said 1.84M people filed continuing claims in the week ended June 15. While economists say we shouldnât overanalyze weekly claims #s, the uptick could be one of several signs that finding a job is getting harder.
So long, 3âs: The unemployment rate hit 4% in May, eclipsing the 3% range for the first time in 27 months (the longest streak since the â60s). In April, job postings hit a three-year low. The labor marketâs still relatively hot, but it appears to be wading into cooler waters.
Gen Z blues: Nearly 8% of 20- to 24-year-olds were unemployed in May, up from 6.3% a year earlier. Thatâs the biggest leap in 14 years. Only 13% of entry-level applicants have found work so far this year, down from 20% two years ago.
LinkedIn, ticked off⌠A few factors could be contributing to the tougher job hunt. Nearly 40% of hiring managers recently surveyed by Resume Builder said theyâve posted fake-job listings in the past year â which, if accurate, could be swaying strong job-openings figures. 85% of managers who post âghostâ jobs said theyâve interviewed candidates for roles they didnât plan to hire for. Meanwhile, AI tools used to speed up hiring and applying have created a jobs-board bot battle. Jobs platform Greenhouse said that in January recruiters reviewed about 70% more applications than last year.
A gentle landing can be hard on some⌠The Fedâs rate moves seem to be successfully cooling the labor market while not destroying the economy. Itâs soft-landing territory, but it doesnât mean itâs comfy for everyone. Even with 1.5M more US job openings than unemployed folks, finding the right role, salary, location, and flexibility is challenging, and fake jobs and AI arenât making it easier.
The robotics startup breaking ice in an $80B industry
Just a sweet, sweet fantasy⌠An ice cream robot sounds like something from a childrenâs fantasy movie. Thatâs still true â but itâs not going to be a fantasy for much longer, and this is your last chance to invest in this round.Â
The scoop: Meet Dice Cream, the company using robotics and AI to revolutionize the $80B ice cream industry. Their novel autonomous ice cream vending machine can help cut down on expensive labor and real estate costs in order to increase profit margins. Â
Iced, priced and Diced⌠With a functioning prototype1 and partnerships in place to begin operations in Korea and Taiwan2, Dice Cream is preparing to deliver more scoops and more delight than humanly possible.3Â
Invest today to power Dice Creamâs vision and define the dessert of the future â the limited-time offering ends on July 15th!4
Denmark taxes cow burps in a global first, after farmers protest in the EU
Not better out than in⌠Denmark became the first country to set a tax on livestockâs CO2 emissions this week. The mootivation: livestock â mostly cows â belch out 11% of the worldâs greenhouse-gas emissions. And in Denmark, a major exporter of dairy and pork, agriculture is the top CO2 spewer. Its new burp tax is expected to pass this year and go into effect in 2030, when the govât will start charging farmers $43 for every metric ton of emissions (in cow math, thatâs nearly $100/cow).
Denmark hopes other countries will follow its lead, even after months of escalating farmer protests in the EU. New Zealand walked back a similar livestock tax after backlash from farmers.
Havinâ a cow⌠Farmers have staged 4K+ protests in Europe this year, up more than 4x from last year. EU environmental policies are a major gripe for farmers, along with other govât plans they say hurt their livelihoods. Farmers recently organized convoys of tractors to block streets throughout the EU. Protests in Belgium escalated after farmers threw beets and sprayed manure at police. In response to the unrest, the EU scrapped some eco-policies (including a polarizing anti-pesticide proposal) but is plowing ahead with others. Stateside, thereâve been calls to ramp up funding for eco-friendly farming.
Itâs hard to see the field for the crops⌠The climate crisis is already devastating agriculture: extreme weather hammered Florida oranges and Georgia peaches last year, and dramatically decreased yields of wheat, pears, and apples in EU countries. The farming industry â a major contributor of CO2 emissions â is stuck in a vicious cycle. Breaking out of it, without breaking farmersâ banks, could be a major hurdle for policymakers.
The Crypto Catch-UpâŚ
đ° Spendy⌠Hackers and scammers stole $573M from the crypto industry this quarter, a report said. Thatâs up more than double from a year ago, as thieves targeted the ethereum blockchain and centralized exchanges.
đ¤šââď¸ Quirky⌠Tobacco giant Philip Morris walked back efforts to squash a meme coin that shares a name with Zyn, its popular nicotine pouch. The Solana blockchain has helped make so-called meme coins easy and cheap to launch.
đŞ Coins⌠VanEck filed paperwork with the SEC for a solana ETF, and the blockchainâs native token popped 8% after the news. The asset manager appears to be betting that the SEC will soon approve spot ethereum ETFs and that solana ETF approvals will follow.
What else weâre Snackinâ
Swoosh: Nikeâs annual sales grew at the slowest pace in 14 years (excluding the pandemic) as its lifestyle-apparel business failed to just do it for folks. The sneaker star said it would cut its annual forecast.
Temuzon: Amazon is said to be planning a discount section on its site that would feature unbranded goods shipped from China. The moveâs being viewed as a response to Temuâs and Sheinâs growing appeal to US shoppers.
Walgone: Walgreensâ stock plunged 22% yesterday after the co said itâd shutter stores and pull back on its primary-care biz. Retail pharmacies have taken a profit hit from rising drug costs and competition from telehealth alts.
4Sale: The US housing marketâs loosening up as prices start cooling. Active US listings are up 35% on the year, and typical houses are selling for under asking price â a first since the pandemic.
Distressed: Levi stock zipped down 15% yesterday after the denim icon said its sales grew 8% last quarter (slightly below expectations). Still, Levi swung to a profit as it focused on its direct-to-consumer biz.
Snack Fact of the Day
Americans have been setting off July 4th fireworks going back to at least 1777
Friday
NHL draft
Iranian presidential election
Personal consumption expenditures index
Authors of this Snacks own ethereum and shares of: Amazon
Advertiser's disclosures:
š There is a working product prototype, but the product is still currently under development.
² Dice Cream currently has non-binding LOIs signed with Shoprider to operate 80 units across Japan and Korea.
Âł Each parlor would be able to serve over 500 customers before needing restocking. Dice Creamâs Unmatched Capacity and Efficiency, 6/13/24 Update
â´ Equity crowdfunding investments in private placements, and start-up investments in particular, are speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest in start-ups. Companies seeking startup investment through equity crowdfunding tend to be in earlier stages of development and their business model, products and services may not yet be fully developed, operational or tested in the public marketplace. There is no guarantee that the stated valuation and other terms are accurate or in agreement with the market or industry valuations. Further, investors may receive illiquid and/or restricted stock that may be subject to holding period requirements and/or liquidity concerns.
Please read the offering circular and related risks at Dice Creamâs Start Engine page. This is a paid advertisement for Dice Creamâs Regulation CF Offering.