Hey Snackers,
School’s out for the summer, but this yearbook will be rock-hard to sign: researchers realized this marble slab is actually an ancient Greek yearbook. HAGS.
The bear market has finally arrived: the S&P 500 index plunged nearly 4% yesterday to a new low for the year, down 22% from its record high in November (read: official bear territory). Investors don’t love that the Fed may be considering a big rate hike this week.
McDowell’s vibes… but this isn’t a “Coming to America” tale of Big Macs vs. Big Micks. Former McDonald’s locations in Russia are reopening under different owners — with the same ketchup packets. Quick refresher: McDonald’s closed its 840 Russian restaurants in May in response to Russia’s war on Ukraine, and later sold them to a Siberian oil mogul. Last weekend, after a quick-and-dirty rebrand, they began reopening:
The Calorie Curtain has some holes… American food behemoths like McDonald’s and Starbucks stopped selling Big Macs and Venti Lattes in Russia months ago (the #CalorieCurtain), joining Western peers like Disney, Apple, and Shell. But Russia’s economy hasn’t been crushed by the corporate exodus:
A knockoff economy is emerging… but it’s easier to replace burgers than computer chips. Corporate departures and sanctions haven’t caused Russia’s economy to shut down. Yet they’re forcing Russia to rebuild itself with fewer trade partners and many missing pieces. Long term, sanctions could have a more dire effect: Putin still hasn’t found replacements for key components, like microchips, and Europe’s looming oil ban will likely hit Russia’s coffers.
Extra-rough Monday… Bitcoin dropped below $24K for the first time since 2020 yesterday, sending ripples through the industry. Celsius, one of the biggest crypto lenders, halted transactions for its nearly 2M customers, citing “extreme market conditions.” Celsius manages ~$12B in assets, and it’s TBD when (and if) customers will get their $$ back.
Moving like the market… Some thought crypto could be a hedge against inflation and stock-market moves. That hasn’t panned out so far this year. While stocks tumbled, the crypto market lost $200B in value over the past week — and $2T+ in the past eight months. Celsius isn’t the only crypto company feeling the heat:
Crypto’s getting a reality check… It’s not just prices: from Stablegains to the Anchor Protocol, promises of big returns have lured investors to the high-flying world of crypto lending. But some of those investments have crashed and burned. Celsius’ freeze puts the spotlight on lawmakers and regulators, who could face more pressure to step in. Meanwhile, a bipartisan bill to regulate digital assets is already in the works.
Authors of this Snacks own: bitcoin and shares of Amazon, Tesla, Disney, Apple, and Starbucks
Correction: In the story about Celsius we linked to the wrong company. This is the correct company. We regret the error.
ID: 2246385