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=E2=80=A6and a big week for Big Tec= h
<= table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" rol= e=3D"presentation" style=3D"background:rgb(255, 255, 255);background-color:= rgb(255, 255, 255);width:100%;">
 

Traffic jam in Shanghai= (Lu Hongjie/Costfoto/Future Publishing via Getty Images)

 
=
Last Week=E2=80=99s Marke= t Moves
=
 
Dow Jo= nes
33,811 (-1.86%)		S&P 500
4,271 (-2.75%)		= Nasdaq
12,839 (-3.83%)
Nasdaq
12,839 (-3.83%)
S&P 500
4,271 (-2.75%)
<= /table>

Hey Snackers,

This could be the most significant scientific breakthrough of our time= s: MIT researchers confirmed that the perfect Oreo split is possible. FYI: =E2=80=9COreolog= ist=E2=80=9D is a career path.

Stocks plunged for the week as investo= rs digested some bummer corporate earnings (cough, Netf= lix) and fretted over the Fed=E2=80=99s rate hikes, which coul= d slow growth even more. The S&P lost nearly 3% for the week, and the D= ow had its worst day since 2020.

Also, big update for the Snackers: t= oday Nick and Jack are relaunching the pod independently as =E2=80=9CThe Be= st One Yet.=E2=80=9D Robinhood is stoked to be the exclusive sponsor, and w= e can=E2=80=99t wait to see what=E2=80=99s next.

Smash that subscribe= button to follow the TBOYs on Apple, Google, = Spotify, or wherever you listen= .

Btw... Do you want to start= getting Snacks daily? Or prefer to unsubscribe? Manage your subscription p= references here.=

Waves
<= /table>

As China = tightens its =E2=80=9Czero-Covid=E2=80=9D lockdowns, the world=E2=80=99s ec= onomy could get rocked 2020-style

S= tark contrast... While Americans fly to spring vacays (legally) un= masked, 26M people in Shanghai are under strict Covid lockdown, policed by = robot dogs and = drones. China's largest city has been on a monthlong freeze as the gove= rnment enforces its zero-Covid policy. Last week Shanghai reported three Covid deaths, the first official fatalit= ies of an outbreak that=E2=80=99s infected about 400K people since March. D= espite a near-zero death rate and falling cases=E2=80=A6

    <= li style=3D"margin-bottom: 12px;">China=E2=80=99s doubled down on the harshest measures since the pandemic began: it=E2=80=99s sending all Covid-positive patient= s in Shanghai to quarantine centers, regardless of symptoms. It=E2=80=99s a= lso amping up mass testing and tracing.
  • Some residents are running out of food and water as cl= ogged ports and closed roads crush supplies. It's illegal to leave home= to get groceries, and food-delivery drivers are overstretched. The food cr= isis has sparked clashes between residents and police.

A city 3X the size of NYC... Shanghai accounts for a 10th of Chi= na's exports, but now the world's busiest port is at a virtual stan= dstill. It=E2=80=99s hurting China: spending fell last month and unemployment hit the highest level since ea= rly in the pandemic. It=E2=80=99s also rippling across the global economy, = disrupting everything from corporate profits to the ETA of your Shein order= :

  • <= strong>Pricey shipping: The cost to export a container is 5X highe= r than pre-pandemic, and air freight rates have doubled.
  • Deflated earnings: Nearly a fifth of = S&P 500 companies get at least 5% of their business from China, and hal= f of US companies in China have reduced their annual sales estimates.
    • <= li style=3D"margin-bottom: 12px;">Crushed output: = Tesla, Volkswagen, and iPhone-assembler Pegatron are among the manufact= urers that=E2=80=99ve had to shut down plants during the lockdown.
=
THE TAKEAWAY

It could be worse= than 2020=E2=80=A6 at least economically. That=E2=80=99s because = the world=E2=80=99s been relying more on Chinese products since th= e pandemic started. China=E2=80=99s shares of global exports surged to 15.4% last y= ear, the highest in a decade. Read: China=E2=80=99s lockdowns will likely h= ave an even greater impact on inflation and global growth than they did the= first time around.

=
Zoom Out
=
<= /table>

Stories we=E2=80=99re watching...

Break out the breath mints=E2=80=A6 The great de-masking is = here, and it=E2=80=99s confusing. Last week a federal judge tossed the mask= mandate for transportation. Airlines like United, American, and= JetBlue dropped their mask rules = in response (some pilots did so midflight). Uber and <= strong>Lyft followed suit. But the Biden admin= is appealing the ruling. Travelers now face a maze of rules heading into t= he busy summer travel season: masks are optional on flights, but must be on= for public transit (subways, buses, cabs) in cities like NY and LA.

= Putting the =E2=80=9Cmore=E2=80=9D in mortgage... It=E2=80= =99s a hard time to be a house hunter. In the past two years, inventory san= k to a 20-year low just as home prices started hitting record highs. Now mo= rtgage rates are above 5% =E2=80=94 their highest level in a decade. Soarin= g rates are making it more expensive for buyers to borrow $$, if they=E2=80= =99re lucky enough to win a bid. Though rising rates are already starting to cool demand, experts expect = housing prices to stay high for a while. Some economists even worry the US is at ris= k of another housing bubble.

=
Events
<= /table>

Coming up this week...

Growin= g, growing, gone... Big Tech may be in for a bumpy earnings week. = Last week, Netflix reported a = subscriber loss for the first time in a decade, which wiped $50B from its m= arket cap. It=E2=80=99s not the only techie stalling out: in February, Meta posted<= /a> its first user drop ever. Other tech giants face a combo= of labor, inflation, and regulatory issues. We=E2=80=99ll see if the pande= mic profit party=E2=80=99s ending for Microsoft, Google, Apple, and Amazon when t= hey report this week, and whether Meta has reversed its last quarter=E2=80= =99s user shrinkage.

Treat-yo-self season... is stil= l here. Visa and Mastercard are seeing a spike in swipes as you splurge on= new fits and dining out. Last quarter, both saw revenues jump 25%. Now higher credit costs (wh= ich rise with interest rates) could boost payments from card holders. Plus,= this month Visa and Mastercard plan to raise swipe fees for merchants, whi= ch make up the bulk of their profits. But since those fee hikes are passed = to customers, lawmakers are calling for them to be shelved. Still, the swip= e fees could push profits close to records when they report this week.

<= /div>

=
ICYMI
<= /table>

Last week's highlights...

  • Bravo: The maker of pricey Steinway pianos filed to go public on the= NYSE. The IP-ian-O comes as luxe spending booms, especially in China, wher= e 30M kids study piano (compared to 10M in the rest of the world).=
  • Rev: Tesla=E2=80=99s delive= ring more cars than ever, even in the face of parts shortages that are hold= ing back its OG competitors. While GM and Toyota saw big sales declines, T= esla=E2=80=99s making record profits. But China=E2=80=99s zero-Covid policy= could slow it down.
  • Adflix: Are you still watching? Apparently not. Netflix=E2=80=99s surprise sub= scriber loss is sending shockwaves through the streaming world. The Flix is= planning an ad-supported tier and a crackdown on password sharing to juice= growth.

What = else we're Snackin'
  • Mickey: = Special-district status has allowed Disney to govern itself in Florida for decades, but on Friday Gov. DeSantis rev= oked that status in a political fight that could cost taxpayers $1B.
  • Sneeze: Pass the tissues =E2=80=94 WFH is = killing the sick day. While you can=E2=80=99t catch a cold through your scr= een, experts say managers still need to prioritize employee wellbeing.
    • =
  • Stage: Coachella=E2= =80=99s a content farm, but nothing ruined the live-music magic like Revolv= e Fest, an event for Coachella VIPs that some are calling =E2=80=9CFyre Fes= t 2.0.=E2=80=9D Think: influencers stranded in the desert.
<= /td>
<= /table>
Want your Snacks daily?
The Daily Newsletter
Get fresh tak= es on financial news every week day. Try a sample:

=F0=9F=8E=B9 Steinway=E2=80=99s IP= -ian-O =E2=80=A2 Apr 22, 2022
=F0=9F=9A=9A Tesla delivers =E2=80=A2 Apr 21, 2= 022
=F0=9F=8D=BF Netflix + ads? =E2=80=A2 Apr 20, 2022

Subscribe to the Daily

<= /table>
Snack Fact Of the Day
Nearly 12B spam texts were sent last month in the US. That= =E2=80=99s about 40 texts for every American

= <= /table>
This Week
    Monday: Earnings expected = from Coca-Cola, Activision Blizzard, and = Canon
  • Tuesd= ay: Earnings expected from Microsoft, Alp= habet, Visa, PepsiCo, No= vartis, UPS, BP, GE, Starbucks, Mondelez, 3M, UBS, GM, Capital One, and Chipotle
  • <= strong>Wednesday: Billboard Music Awards. Earnings expected from <= strong>Meta, T-Mobile, PayPal, <= strong>Sony, Boeing, Ford, Warner Bros. Discovery, Kraft Heinz, e= Bay, Spotify, Pinterest, Hertz, Mattel, and Harley-Davidson
  • Thursday: Econo= mic data from the first quarter. NFL draft. Weekly jobless claims. Earnings= expected from Apple, Amazon, Mas= tercard, Merck, Comcast, Intel, McDonald=E2=80=99s, Caterpillar, Altria, and Hershey
  • Friday: Earnings expected from = ExxonMobil, Chevron, AbbVie, AstraZeneca, Bristol Myers Squibb
  • The weekend: Eid al-F= itr, the celebration in Islam that marks the end of Ramadan, starts on Sund= ay

Authors of this Snacks own: shares of Netflix, Apple, Alphab= et, Starbucks, Ford, GM, Tesla, Amazon, Disney, Microsoft, Uber, and Spotif= y

ID: 2166680

=
Robinhood Snacks newsletters reflect the opinions = of only the authors who are associated persons of Robinhood Financial LLC (= Member SIPC) and do not reflect the views of Robinhood Markets, Inc. or= any of its subsidiaries or affiliates. They are for informational purposes= only, and are not a recommendation of an investment strategy or to buy or = sell any security, digital asset (cryptocurrency, etc) in any account. They= are also not research reports and are not intended to serve as the basis f= or any investment decision. Any third-party information provided therein do= es not reflect the views of Robinhood Markets, Inc., Robinhood Financial LL= C, or any of their subsidiaries or affiliates. All investments involve risk= including the loss of principal and past performance does not guarantee fu= ture results.
To unsubscribe from all commercial emails, click here
--5cb0f8fc0f9153411c11070dc01f54df2d7d8b42ced5169955903009e71f Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset=utf-8 Mime-Version: 1.0
=E2=80=A6and a big week for Big Tec= h
=
Disclosures
<= !--[if mso | IE]>
 
=
<= /tr>

Traffic jam in Shangh= ai (Lu Hongjie/Costfoto/Future Publishing via Getty Images)

 
=
Last Week=E2=80=99s= Market Moves
 
= Dow Jones
33,811 (-1.86%)		S&P 500
4,2= 71 (-2.75%)		Nasdaq
12,839 (-3.83%)=
<= tr>
Dow Jones<= br>33,811 (-1.86%)S&P 500
4,271 (-2.75%)
Nasdaq
12,839 (-3.8= 3%)
=
<= /table>

Hey Snackers,<= /strong>

This could be the most significant scientific breakthrough o= f our times: MIT researchers confirmed that the perfect Oreo split is possible. FYI: =E2=80=9COreologist=E2=80=9D is= a career path.

Stocks plunged for the week as investors digested som= e bummer corporate earnings (cough, Netflix) and = fretted over the Fed=E2=80=99s rate hikes, which could slow growth even mor= e. The S&P lost nearly 3% for the week, and the Dow had its worst day s= ince 2020.

Also, big update for the Snackers: today Nick and Jack are= relaunching the pod independently as =E2=80=9CThe Best One Yet.=E2=80=9D R= obinhood is stoked to be the exclusive sponsor, and we can=E2=80=99t wait t= o see what=E2=80=99s next.

Smash that subscribe button to follow the = TBOYs on Apple, = Google, Spotify, or wherever you listen.

=
Btw... Do you want to start getting Sn= acks daily? Or prefer to unsubscribe? Manage your subscription preferences = here.

3D""
Waves
<= /table>

As China tightens i= ts =E2=80=9Czero-Covid=E2=80=9D lockdowns, the world=E2=80=99s economy coul= d get rocked 2020-style

Stark contr= ast... While Americans fly to spring vacays (legally) unmasked, 26= M people in Shanghai are under strict Covid lockdown, policed by robot dogs and drones.= China's largest city has been on a monthlong freeze as the government = enforces its zero-Covid policy. Last week Shanghai reported three Covid deaths, the first official fatalitie= s of an outbreak that=E2=80=99s infected about 400K people since March. Des= pite a near-zero death rate and falling cases=E2=80=A6

    China=E2=80=99s doubled down on the harshest measures since the pandemic began: it=E2=80=99s sending all Covid-positive pat= ients in Shanghai to quarantine centers, regardless of symptoms. It=E2=80= =99s also amping up mass testing and tracing.
  • Some residents are running out of food and water= as clogged ports and closed roads crush supplies. It's illegal to leav= e home to get groceries, and food-delivery drivers are overstretched. The f= ood crisis has sparked clas= hes between residents and police.

A city 3X the siz= e of NYC... Shanghai accounts for a 10th of China's exports, b= ut now the world's busiest port is at a virtual standstill. It=E2=80=99= s hurting China: spending fell last mont= h and unemployment hit the highest level since early in the pandemic. It=E2= =80=99s also rippling across the global economy, disrupting everything from= corporate profits to the ETA of your Shein order:

  • Pricey shipping: The cost to export a container is 5X higher than pre-pandemic, and a= ir freight rates have doubled.
  • Deflated earnings: Nearly a fifth of S&P 500 companies get = at least 5% of their business from China, and half of US companies in China= have reduced their annual sales estimates.
  • Crushed output: Tesla, <= strong>Volkswagen, and iPhone-assembler Pegatro= n are among the manufacturers that=E2=80=99ve had to shut down pla= nts during the lockdown.
THE TAKEAWAY

It could be wo= rse than 2020=E2=80=A6 at least economically. That=E2=80=99s becau= se the world=E2=80=99s been relying more on Chinese products since= the pandemic started. China=E2=80=99s shares of global exports surged to <= a href=3D"http://sg.robinhood.com/ls/click?upn=3D6fntGirSE5selsQKrSSUHqKeH-= 2FmzTmoP04MXGd9pfJIG1OKsIkVJFoSD3ZBpCgvxZt-2FLAVIlcFL-2BZi9w7Pt9puUB0k5zn2T= 6-2Bdn-2FzMFvskrLkkvmq7Expm8tyMiPkLoe087hDElyLahxJELjPEJQWHGs9TqL3zPkvo2wSR= Dwcdo-3DMBvn_y6r4Y-2Fjyz39fUgiIVZvxszI1-2BOksX762wK6L32M97xie1xf12-2B2gAV2B= r5fKbHDFINjz-2FpBuGkff8X556kyxwc2JtKAi5s5K0styMZ0d1B4DCblypP9ayiv6tiOxfAdWD= 6SEvv7lFmVRFnOXZNu84a3bKUI9yHci9q9VgrgFh4IckZhgO3tBBxvKIC30c-2Bz-2Bq3eLx0f9= qRVDAT2RvspnW2SOXMDdl8cSUJZK0J0br7afVca5Yc4brsMrt3eG9X-2FZV-2FLRfeAFoRh-2BR= 8Jh-2B0Mjv-2FcIaHJUpsuf3zcwLtnIoXIpoq7iq9Ug1FiZ-2F6sUp-2BI9PP-2F5g5Y1475W0t= ThDk-2B6aZ4inCuklJ-2Bd9E5gjJq00E0-3D" style=3D"color: rgb(0, 200, 5); text-= decoration: underline; font-weight: bold; text-decoration-thickness: 2px; t= ext-underline-offset: 1px;" target=3D"_blank" rel=3D"noopener">15.4% la= st year, the highest in a decade. Read: China=E2=80=99s lockdowns will like= ly have an even greater impact on inflation and global growth than they did= the first time around.

=
Zoom Out
=
<= /table>

Stories we=E2=80=99re watching...

Break out the breath mints=E2=80=A6 The great de-masking is = here, and it=E2=80=99s confusing. Last week a federal judge tossed the mask= mandate for transportation. Airlines like United, American, and JetBlue dropped their mask rules in response (so= me pilots did so m= idflight). Uber and Ly= ft followed suit. But the Biden admin is appealing the ruling.= Travelers now face a maze of rules heading into the busy summer travel sea= son: masks are optional on flights, but must be on for public transit (subw= ays, buses, cabs) in cities like NY and LA.

Putting the =E2= =80=9Cmore=E2=80=9D in mortgage... It=E2=80=99s a hard time to be = a house hunter. In the past two years, inventory sank to a 20-year low just= as home prices started hitting record highs. Now mortgage rates are above = 5% =E2=80=94 their highest level in a decade. Soaring rates are making it m= ore expensive for buyers to borrow $$, if they=E2=80=99re lucky enough to w= in a bid. Though rising rates are already starting to cool demand, experts expect housing prices to stay h= igh for a while. Some economists even worry the US is at risk of another housing bubble.<= /p>

=
Events
<= /table>

Coming up this week...

Growin= g, growing, gone... Big Tech may be in for a bumpy earnings week. = Last week, Netflix reported a subscriber loss for the first time in a decade, which wiped $50B from = its market cap. It=E2=80=99s not the only techie stalling out: in February,= Meta posted its first user drop ever. Other tech gia= nts face a combo of labor, inflation, and regulatory issues. We=E2=80= =99ll see if the pandemic profit party=E2=80=99s ending for Microsoft, Google= , Apple, and Amazon when they report this week, and whether= Meta has reversed its last quarter=E2=80=99s user shrinkage.

Treat-yo-self season... is still here. Visa and Mastercard a= re seeing a spike in swipes as you splurge on new fits and dining out. Last= quarter, both saw revenues jump 25%. Now= higher credit costs (which rise with interest rates) could boost payments = from card holders. Plus, this month Visa and Mastercard plan to raise swipe= fees for merchants, which make up the bulk of their profits. But since tho= se fee hikes are passed to customers, lawmakers are calling for them to be = shelved. Still, the swipe fees could push profits close to records when the= y report this week.

=
ICYMI
<= /table>

Last week's highlights...

  • Bra= vo: The maker of pricey Steinway pianos filed to go public on the NYSE. The IP-ian-O comes as luxe spending bo= oms, especially in China, where 30M kids study piano (compared to 10M in th= e rest of the world).
  • Rev: Tesla=E2=80=99s delivering more cars than ever, ev= en in the face of parts shortages that are holding back its OG competitors.= While GM and Toyota = saw big sales declines, Tesla=E2=80=99s making record profits. But China=E2= =80=99s zero-Covid policy could slow it down.
  • Adflix: Are you still watching? Apparently not. Netflix=E2= =80=99s surprise subscriber loss is sending shockwaves through the streamin= g world. The Flix is planning an ad-supported tier and a crackdown on passw= ord sharing to juice growth.

What = else we're Snackin'
  • Mickey= : Special-district status has allowed Disne= y to govern itself in Florida for decades, but on Friday Gov. = DeSantis revoked that status in a political fight that could cost taxpay= ers $1B.
  • Sneeze: Pass the tissues = =E2=80=94 WFH is killing the sick day. While you can=E2=80=99t catch a cold= through your screen, experts say managers still need to prioritize employe= e wellbeing.
  • Stage: Coachella= =E2=80=99s a content farm, but nothing ruined the live-music magic like Rev= olve Fest, an event for Coachella VIPs that some are calling =E2=80=9CFyre = Fest 2.0.=E2=80=9D Think: influencers stranded in the desert.
<= /table>
Want your Snacks daily?
Get fresh takes on financial news every week day. Try a s= ample:

=F0=9F=8E=B9 Steinway=E2=80=99s IP-ian-O =E2=80=A2 Apr 22, 2022<= br>=F0=9F=9A=9A Tesla delivers =E2=80=A2 Apr 21, 2022
=F0=9F=8D=BF Netflix + ads?<= /a> =E2=80=A2 Apr 20, 2022

Subscribe to the Daily

<= /table>
=
Snack Fact Of the Day
Nearly 12B spam texts were sent last month in the US. That= =E2=80=99s about 40 texts for every American

= <= /table>
This Week
    Monday: Earnings expected = from Coca-Cola, Activision Blizzard, and = Canon
  • Tuesd= ay: Earnings expected from Microsoft, Alp= habet, Visa, PepsiCo, No= vartis, UPS, BP, GE, Starbucks, Mondelez, 3M, UBS, GM, Capital One, and Chipotle
  • <= strong>Wednesday: Billboard Music Awards. Earnings expected from <= strong>Meta, T-Mobile, PayPal, <= strong>Sony, Boeing, Ford, Warner Bros. Discovery, Kraft Heinz, e= Bay, Spotify, Pinterest, Hertz, Mattel, and Harley-Davidson
  • Thursday: Econo= mic data from the first quarter. NFL draft. Weekly jobless claims. Earnings= expected from Apple, Amazon, Mas= tercard, Merck, Comcast, Intel, McDonald=E2=80=99s, Caterpillar, Altria, and Hershey
  • Friday: Earnings expected from = ExxonMobil, Chevron, AbbVie, AstraZeneca, Bristol Myers Squibb
  • The weekend: Eid al-F= itr, the celebration in Islam that marks the end of Ramadan, starts on Sund= ay

Authors of this Snacks own: shares of Netflix, Apple, Alphab= et, Starbucks, Ford, GM, Tesla, Amazon, Disney, Microsoft, Uber, and Spotif= y

ID: 2166680

=
Robinhood Snacks newsletters reflect the opinions = of only the authors who are associated persons of Robinhood Financial LLC (= Member SIPC) and do not reflect the views of Robinhood Markets, Inc. o= r any of its subsidiaries or affiliates. They are for informational purpose= s only, and are not a recommendation of an investment strategy or to buy or= sell any security, digital asset (cryptocurrency, etc) in any account. The= y are also not research reports and are not intended to serve as the basis = for any investment decision. Any third-party information provided therein d= oes not reflect the views of Robinhood Markets, Inc., Robinhood Financial L= LC, or any of their subsidiaries or affiliates. All investments involve ris= k including the loss of principal and past performance does not guarantee f= uture results.
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