- __1.9M:__ Global Covid deaths from January to June, already [higher](https://www.wsj.com/articles/covid-19-deaths-this-year-have-already-eclipsed-2020s-toll-11623350773) than 2020's toll.
- __57%:__ Percentage of US adults who have been fully vaccinated.
- __~$2.5K:__ The [average](https://www.wsj.com/articles/millions-are-unemployed-why-cant-companies-find-workers-11620302440?mod=hp_lead_pos1) monthly unemployment payout with boosted benefits, extended until September. 
- __-20%:__ Fall in the stock price of the 50 biggest SPACs this year.
- __5,000%:__ Surge in the price of Dogecoin this year so far. 


Numbers

The Numbers: five big numbers that defined the first half

Snacks

The S&P 500 fell 0.5% on Thursday, marking its third straight day in the red for the first time in o...

Luke Kawa

Markets Editor

Nia Warfield

Markets

What is North America’s favorite airport?

Americans reported to be the most bothered if they found out that AI was used to produce which of the following?

Which company has the most expensive ad-free streaming service?

Which country listens the most to music from local artists? 

Which Apple product sold 1 million units the fastest?

Which watchmaker is hoping to tap into the AI-powered emotion analytics market by selling a furry AI-powered pet robot?

Which website draws more web traffic than apple.com, hulu.com, and spotify.com?

Electric vehicle company  would prefer that the government didn’t roll back long-standing emissions ...

Rani Molla

Tech

Retail traders are swarming for the exits in fuel cell company , causing what was once a near 300% y...

Cannabis investors — a group of people who have learned not to get their hopes up too much over the ...

J. Edward Moreno

Business Reporter

 posted a solid gain Thursday, the latest in a series of relatively light-on-news moves in the stock...

Matt Phillips

Senior Markets Correspondent 

Amazon settles FTC Prime case for $2.5 billion

While roughly 100 countries have been making commitments to lower fossil fuel emissions at the Unite...

Millie Giles

World

Ethereum, the second-largest crypto by market cap, dropped below $4,000 early Thursday for the first...

Yaël Bizouati-Kennedy

Contributing Reporter

Crypto

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Christmas is still months  away, but the holiday shopping wars are already here.  Mega-retailers are...

Business

After rising nearly 10% premarket on news that  was taking a 5.4% equity stake in the company,  is n...

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Jon Keegan

Tech Reporter

 dove Thursday after an SEC filing showed company director Michael Klein sold some $6.7 million in s...

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 is not the most valuable public company in the world; that distinction goes to , which currently ha...

Shares of  were down 9% in premarket trading Thursday as Wall Street reacted to the personal styling...

Shares of  sank more than 13% in premarket trading following the company’s second-quarter earnings r...

Max Knoblauch

 is up more than 8% in premarket trading on news that  is taking a 5.4% equity stake in the company ...

Rental car behemoth  is up about 6% from yesterday’s close in early trading, after the company annou...

Tom Jones

1. __America's booming recovery...__ Cue the "[revenge spending](https://snacks.robinhood.com/newsletters/2lFqgJt0AfN3zJsbqdxm7m/articles/17MF35F4AhEUwPGvF1qKzt/)." The US economy is roaring back to life and is expected to grow [6.5%](https://www.wsj.com/articles/as-u-s-economy-roars-back-life-in-many-poor-countries-gets-worse-11617874201) this year, its highest rate since the '80s. Thank the US' massive stockpile of Covid vaccines for the glow-up — oh, and *$5.3T* worth of gov't stimulus. This year, Americans are spending more on restaurants, flights, and *non*-stretchy clothes (pajamas are about to enter a recession). US plane traveler volume is back to three-quarters of 2019 levels, up from 25% a year ago. But the reopening economy has also been driving inflation and shortages. And while the US recovers, poorer nations are falling [further](https://snacks.robinhood.com/newsletters/64VKtgKZkaaZZmAmaD67OM/articles/4D1D5CUdIwzesT1nTfvvJM/) behind. 

2. __The rise of alt-coins...__ This year, crypto mainstreamification is going far beyond Bitcoin: we call it "[coin crowding](https://snacks.robinhood.com/newsletters/dLcrQb1mMJkJggNDpsdYE/articles/2ZsEiE2UH2RHJdVHispio6/)." In January, BTC made up 70% of total crypto value — now, it makes up 45%. Alt-coins like Ethereum and Doge have picked up crypto market share, dimming BTC's spotlight. Smaller coins like DigiByte, VeChain and SafeMoon have also gained traction – and then there's [influencer coins](https://www.benzinga.com/markets/cryptocurrency/21/04/20747194/how-bitclout-aims-to-let-people-bet-on-twitter-influencers-using-creator-coins).  As BTC's environmental impact comes under scrutiny, "green" alternatives like Chia are getting attention, too.  Coin crowding is a new phenomenon with high volatility risk, and the long-term outcomes are still unclear.

3. __Big Tech's antitrust problems...__ have gotten a whole lot anti-er. This year, regulators are bringing real heat. Since the Apple-Epic [trial](https://snacks.robinhood.com/newsletters/5mrz8IgUB1Bjuc9ILsHQOj/articles/4GARoezVkzR6VmTXvlwEa1/) in May, the temp has gone from steam room to sauna. Just last week, a House committee [advanced](https://snacks.robinhood.com/newsletters/5tRYnsRgn3rJ4caqG3lXnl/articles/1RLuAoU5YouPqt1GL30lzZ/) major legislation to curb Big Tech's dominance. The headliner: a bill that would prohibit tech companies from playing favorites with their own products (think: Apple apps on App Store, Basics on Amazon). Meanwhile, newly confirmed FTC leader Lina Khan is a Big Tech critic who could expand the scope of antitrust enforcement. Blocked acquisition and even tech breakups seem more plausible.

_Inflation has been #trending — here's where some of the price jumps happened (source: BLS)_

Themes

The Big Picture: three key themes that defined the first half

1. __Inflation's effect on stocks...__ Will it have one? If the first half of the year were a hashtag, it would be #flated. For most of the year, investors worried that the Fed would raise interest rates sooner than expected to tamp down rising prices as the economy revved up (see: our chart above). This month, the Fed suggested it would do just that (ETA: 2023). Higher interest rates can make stocks less attractive compared to less risky assets like bonds and savings accounts. Despite the #flated sitch, stocks are at records highs. But if inflation starts to look like a trend rather than a one-time reopening blip, that could change. 

2. __Big tax hikes for corporations...__ Will they actually happen? This month, G7 countries came to a historic [agreement](https://snacks.robinhood.com/newsletters/1vHKAgE3hJdaCFv0cdJNIm/articles/6v5vQpqDdzXIWNmx3Oc9VL/): multinational companies should pay a minimum tax rate of at least 15% in each country in which they operate. That could hurt Big Tech companies like __Google__ and __Amazon__, who've  been plopping their international HQs in countries with low corporate tax rates. Meanwhile, President Biden wants to [raise](https://snacks.robinhood.com/newsletters/2FGYY02td4t3rp9KjKvLQM/articles/1d7eiIZp8iwgUI9aKXGIQZ/) the corporate tax rate in the US to 28% from 21% to fund trillions worth of proposals. Neither of these tax hikes have passed yet, and they'll likely get pushback — but they've become  more likely.

3. __Economic competition with China...__ Can the US stay #1? With its tech power and growing international influence, China’s becoming a bigger economic threat to the US economy. This month, the Senate approved a $250B bill to subsidize Made In USA  R&D for key industries of the future (think: tech, chips). The bipartisan goal: *keep the US competitive against China*. Then, G7 countries announced “Build Back Better World”: a Biden-inspired partnership to rival China's "Belt and Road" initiative by financing infrastructure projects in developing countries. 

The Numbers: five big numbers that defined the first half

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