Happy Friday! Dow hits 40,000 for first time, but Main Street is NOT feeling it; Super Bowl champ faces backlash for advice to women; and Biden blocks classified doc interview audio.

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Good morning,

Commencement season is in full swing, and in a time of division, author Brad Meltzer’s recent commencement address to University of Michigan grads told them to prioritize empathy and unleash kindness.

• He says it takes strength to put oneself in another person’s shoes, but implores grads not to swipe to a new app and shut down, but to lean into other people's stories.

  • Meltzer, a first-generation college grad and UMich alum, is one of the only writers to hit the bestseller lists in fiction, nonfiction, children’s literature, advice, and comic books.

Here’s the full speech. Spread a little ❤️ and have a great weekend!

Mosheh, Jill, & Lauren

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📈 DOW HITS 40,000: THE WALL ST VS. MAIN ST DIVIDE

The Dow Jones Industrial Average surpassed 40,000 yesterday as the two other major stock indexes —the S&P 500 and the Nasdaq—also reached record highs in recent days.

• Leading the way: The Dow is made up of 30 blue-chip (or big-business) stocks — from Amazon to McDonalds. Industrial, technology and consumer shares have helped with the rise — American Express is up more than 70% in the past few years.

• Dow 40,000 is really just a symbolic milestone. Notably, the S&P 500 index is much more indicative of the state of the market (it is also up!)

  • Part of this week’s rising market is fueled by a lower-than-expected inflation report, adding to the expectation that the Fed will cut interest rates this year.

“THE SOFT LANDING”
The market and investors are getting more confident that the Fed will actually achieve what we thought was nearly impossible– “the soft landing.” Meaning, the Fed raised interest rates enough to slow down inflation, but not too much that it put the economy into a recession.

• An economist told the WSJ, “Not only didn’t we have a recession, we had a robust economy with tight labor markets, healthy consumers who were consuming.”

• Some think Wall Street’s optimism could cross over to Main Street, where consumer sentiment recently dropped to a six-month low.

WALL STREET TO MAIN STREET
The stock market milestone impacts fewer Americans than the headline suggests. Federal data shows that the wealthiest 10% of Americans own 93% of stocks — a record high concentration.

• While a record number (58%) of US households own some stocks via mutual funds or as individual shares, the vast wealth in the market is owned by a small fraction of people.

• Bottom line: The gains that are making headlines mainly go to the richest stockholders.

  • "Stock market booms primarily boost the wealth of households at the top of the wealth distribution, as their portfolios are dominated by listed and unlisted business equity," wrote three academics who studied long-term trends in wealth inequality in the US back in 2020.

• Meanwhile over on “Main Street”: Americans are still feeling the pains of dramatically increased food, gas, rent, and housing prices since the pandemic. And paychecks have not kept up.

  • The proof of the challenges can be linked to more Americans falling behind on their credit card bills, where almost 1 in 5 cardholders have "maxed out" their credit card limit.

🎧 BIDEN BLOCKS CLASSIFIED DOCS INTERVIEW AUDIO FROM GOING PUBLIC

President Biden invoked executive privilege yesterday, at the request of Attorney General Merrick Garland, to block House Republicans from obtaining the audio recordings from his deposition on the classified documents found in his home and office.

• Republicans already have access to the full written transcripts, but are seeking the audio. The White House argued the committees are only seeking it to “manipulate” edited audio clips “for political gain.”

  • Garland said, “We have gone to extraordinary lengths to ensure that committees get responses to their legitimate requests. But this is not one… To the contrary, this is one that would harm our ability in the future to successfully pursue sensitive investigations.”

• How we got here: Special Counsel Robert Hur declined to press criminal charges against Biden after his interview, but characterized him as an “elderly man with a poor memory.”

  • Biden insists Hur mischaracterized the interviews in his report, but still doesn’t want the raw audio released.

It comes as the Republican controlled House continues to use their slim majority to push the impeachment of Biden over the issue.

• Republicans are reviewing Hur’s investigation and Biden’s handling of classified documents as part of a sweeping impeachment inquiry into the president. The impeachment effort has largely stalled without widespread Republican support.

• Speaker Mike Johnson said in a statement: “President Biden is apparently afraid for the citizens of this country and everyone to hear those tapes.”

📌 SUPER BOWL CHAMP SPEECH HEARD ‘ROUND THE INTERNET

Kansas City Chiefs kicker Harrison Butker is getting heat for his commencement address at Benedictine College, a small Catholic school in Atchison, Kansas. In it, he suggested women should prioritize being a homemaker and getting married over their career ambitions.

ABOUT THE SPEECH
Butker, a devout Catholic, encouraged men to be “unapologetic in your masculinity” and spoke directly to the female graduates about his wife Isabelle’s journey from leaving her “dream of having a career” to focusing on raising their family. [BTW: Butker’s mother is a medical physicist at Emory University’s Winship Cancer Institute in Atlanta.]

• Butker also criticized President Biden’s support for abortion access, blamed Jews for killing Jesus and attacked IVF and surrogacy. He also referred to LGBTQ community as engaging in a “deadly sin.”

The roughly 20-minute address at the college centered around living Butker’s views of the Catholic faith and pushing back on other Catholics’ views that do not align with his. Check out the full speech here.

WOMEN IN MEDIA WEIGH IN
Over on ‘The View’, Whoopi Goldberg said, “These are his beliefs and he’s welcome to them.” But that she does not have to believe nor accept them.

• On Today With Hoda & Jenna, Hoda said she likes to start her day on a positive note, but Butker’s speech upset her: “Stop speaking for women out there.” Regarding staying home or choosing a career, Jenna said, “Let’s not compare one to the other… by a man.”

• Maria Shriver posted, “As a woman who has leaned into my vocation of living a meaningful life inside and outside the home to not only raise good humans but also raise up our country in various ways, I think it’s demeaning to women to imply that their choices outside of wife and motherhood pale in comparison to that of a homemaker.”

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⏳ SPEED READ

🚨NATION

📌 House Republicans "curry favor" with Trump trial visits (AXIOS)

📌 TX Gov. Abbott grants pardon of Army sergeant who killed Black Lives Matter protester (FOX NEWS)

📌 VP Harris accepts CBS News' VP debate offer for the summer (ABC NEWS)

📌 California city orders scientists to stop controversial cloud brightening experiment (SF GATE)

📌 House passes bill to prevent Biden from withholding weapons to Israel as GOP ramps up pressure on Democrats (CNN)

🌎 AROUND THE WORLD

📌 Pope Francis says US Catholic conservatives have 'suicidal attitude' (REUTERS)

📌 Suspect charged in attempted assassination of Slovakia leader (CNN)

📌 Putin is putting his bromance with Xi on full display — but China has reason to be wary (BI)

📌 Algerian man kept captive in neighbor’s cellar, found alive after 26 years (BBC)

📱BUSINESS, SCIENCE & TECH

📌 The most misunderstood emoji of 2024 (AXIOS)

📌 Teen died from eating a spicy chip as part of social media challenge (AP)

📌 Nearly 900,000 popular ‘immune support’ tea bags recalled due to possible pesticide contamination (CNN)

📌 Are tacos and burritos sandwiches? A judge in Indiana ruled yes. (WASHINGTON POST)

🎬 SPORTS & ENTERTAINMENT

📌 Full ‘Wicked’ movie trailer released (WATCH)

📌 Nicola Coughlan 'specifically asked' to be 'very naked' in Bridgerton Season 3 (PEOPLE)

📌 Caitlin Clark’s WNBA debut helps ESPN set viewership record for league game on network (AP)

📌 Ben Affleck reportedly staying at separate house from Jennifer Lopez as split rumors loom (PAGE SIX)

📌 Kevin Spacey receives star support as he fights to get his career back (CNN)

🎉 CHEERS TO THE FREAKIN WEEKEND

• WHAT WE’RE WATCHING: Mosheh: Brad Meltzer commencement address; Jill: Bridgerton Season 3 ~ Netflix.

• WHAT WE’RE READING: Mosheh: Where to Find the ‘Best’ Pizza Slice in NYC? It’s Complicated. ~ WSJ’s Matthew Kronsberg; Jill: Working Moms Have a Secret: We Love Our Jobs ~ Bloomberg’s Sarah Green Carmichael.

• WHAT WE’RE EATING: Mosheh: New Adirondack Creamery ice cream flavors (Kashmiri Kahwa + Black Mountain Brownie); Jill: Checking out all the trends when it comes to sweets and snacks from the Sweets and Snacks Expo in Indianapolis. Dana Pollack of Dana’s Bakery— friend of the Mo News podcast— was there and sampled the sweets that will soon be on store shelves.

  • Her takeaways:

    • Puff snacks are blowing up. (Even Pringles is coming out with puffer chips that look like twist ties.)

    • Everything is also being made sour, so expect Sour Tootsie Rolls in time for Halloween.

    • And finally— reversible gum balls! Candy on the inside. Gum on the outside.

    • Dana has all the highlights from #CandyExpo24 on her Instagram.