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=E2=80=A6and debt ceiling drama (fe= at. a trillion-dollar coin?)
<= td style=3D"font-size:0px;word-break:break-word;">
 
<= /table>

Playing spot the dupe on= TikTok? (Christian Vierig/Getty Images)

 
<= /table>
Yesterday=E2=80=99= s Market Moves
 
Dow Jones
33,301 (-1.11%)<= /span>		S= &P 500
4,124 (-0.29%)		Nasdaq=
12,285 (+0.40%)		Bitcoin
<= span style=3D"font-family: 'General Grotesque Bold', Arial; font-weight: 70= 0;">$26,876 (-8.98%)<= /span>
= = <= td>Bitcoin
$26,876 (-8.98%)
Dow Jones
33,301= (-1.11%)		S&P 500
4,124 (-0.29%)
Nasdaq
12,285= (+0.40%)
<= /table>
=

Hey Snackers,

Top YouTuber MrBeast i= s = reportedly scooping up homes in a North Carolina neighborhood to create= a Beast base for his family and employees. Next up: residents paid in Beas= t Bucks?

The Dow and S&P 500 fell for the week as investors saw n= o progress on a debt ceiling solution and fresh data provided more evidence= of a slowing economy. US consumer sentiment plunged to a six-month low ove= r worries that the federal government could default on its debt.

<= /td>

Superduper
<= /table>

Dupes might be 2023=E2=80=99= s biggest shopping trend as social media transforms the copyconomy

<= p>Birkin-shaped Amazon bag=E2=80=A6 #Dupe-tagged videos ha= ve billions of views on TikTok, with feeds full of frugal in= fluencers unboxing look-alikes =E2=80=94 or straight up counterfeits = =E2=80=94 of designer clothes, bags, and shoes (picture: $75 =E2=80=9CLouis= Vuitton=E2=80=9D slippers). Users have also proudly shared dupes of skinca= re, makeup, and even toilet paper (=E2=80=9CSharmin=E2=80=9D?).

  • Dup= ing =3D new thrifting? Google searches for =E2=80=9Cdupe=E2=80=9D = hit a record this year, and =E2=80=9Csuperfake=E2=80=9D handbags have R= eddit communities dedicated to finding the perfect Chanel replica.=

  • Trending up: Last year, 37% of 15- to 24-year-olds surveyed by the EU Intellectual Pro= perty Office said they bought at least one fake product. That=E2=80=99s up = more than double from 2019.

  • <= strong>FYI: Not all dupes try to pass as designer. But even unbran= ded look-alikes can cross the legal line (think: mimicking the Birkin shape= ).

Countering counterfeits=E2=80=A6 has go= tten tougher as more dupes are sold online (sorry, Canal Street). Many prod= ucers are thought to operate out of China, with supply chains set up like = =E2=80=9CLove Is Blind=E2=80=9D pods: sales reps might talk to factories, b= ut details like location are kept secret. It=E2=80=99s estimated that count= erfeiters rake in trillions annually.

THE TAKEAWAY

Social media has rebranded the copyconomy=E2=80=A6 Viral #ba= ddiesonabudget opting for look-alikes are proud of their frugality, hence t= he rebrand of =E2=80=9Cknockoff=E2=80=9D to =E2=80=9Cdupe.=E2=80=9D That=E2= =80=99s a threat to the real luxury market, which has boomed recen= tly as wealthier consumers snatch up price-hiked Prada bags and Rolexes. La= st year global luxury sales grew 22% and LVMH reported record sales and pro= fit.

<= div style=3D"font-family: 'General Grotesque Bold', Arial; font-weight: 700= ; letter-spacing: 0.03em; text-transform: uppercase; color: #000000; paddin= g: 6px 19px; border-radius: 30px; border: 0; background-color:#62E5DA; disp= lay: inline-block;">Zoom out
<= /table>

Stories we= =E2=80=99re watching

IOU blues=E2=80=A6 On Frida= y, the Congressional Budget Office said there=E2=80=99s a =E2=80=9Csignific= ant risk=E2=80=9D the US gov=E2=80=99t won=E2=80=99t be able to pay all its= bills in June if the debt ceiling isn=E2=80=99t lifted. If lawmakers don= =E2=80=99t reach an agreement, the outlook isn=E2=80=99t rosy: Treasury Sec= retary Yellen predicted an =E2=80=9Ceconomic catastrophe,=E2=80=9D and JPMorgan's= CEO said panic could sweep markets. Meanwhile, some are proposing wacky worka= rounds, including a trillion-dollar coin and using the 14th Amendment t= o argue the debt limit is unconstitutional (President Biden said he=E2=80= =99s considering that one).

Refill relief=E2=80=A6 A= fter years of gov=E2=80=99t pressure to lower diabetes drug costs, last wee= k Eli Lilly promised the Senate it would stop raising the price of its existing i= nsulin meds. It=E2=80=99s a big deal, since Eli Lilly and its rivals Sanofi= and Novo Nordisk supply 90%+ of the world=E2=80=99s insulin, and all of= the US=E2=80=99s (#three-opoly). This year, all three announced plans to s= lash insulin prices, which could provide relief to 8M+ Americans who rely o= n the lifesaving drug. Companies charge as much as $200/dose, though it can= cost less than $10 to make.

<= /tr>
<= /tbody>
<= div style=3D"font-family: 'General Grotesque Bold', Arial; font-weight: 700= ; letter-spacing: 0.03em; text-transform: uppercase; color: #000000; paddin= g: 6px 19px; border-radius: 30px; border: 0; background-color:#62E5DA; disp= lay: inline-block;">Events
<= /table>

Coming up th= is week

John Deere in the headlights=E2=80=A6 Deere is expected to report on Friday, and the tractor titan hopes to reap = the benefits of a heavy equipment boom that netted competitor Caterpillar a 26% p= rofit bump. Deere=E2=80=99s recent moves suggest it=E2=80=99s aiming to be = the Apple of agriculture. It=E2=80=99s leaning into software to release techy, se= lf-driving machinery and investing in a satellite network to help = connect advanced equipment in remote areas of the US and Brazil. By the end= of the decade, Deere wants 10% of its revenue to come from software fees.<= /p>

Bananas > blenders=E2=80=A6 Big box behemoths Walmart and Target are set to report, and the retail picture=E2=80=99s jumbled. Consumers ha= ve been cutting back on big-ticket items like TVs, clothes, and blenders, w= hich typically have higher margins. At the same time, Walmart benefited as = discount seekers turned to the value seller for groceries and other essenti= als. But when they last reported, both retailers gave tepid annual forecast= s as Americans cut back on discretionary spending. We=E2=80=99ll see later = this week if cooling inflation has shaken up those forecasts.

<= div style=3D"font-family: 'General Grotesque Bold', Arial; font-weight: 700= ; letter-spacing: 0.03em; text-transform: uppercase; color: #000000; paddin= g: 6px 19px; border-radius: 30px; border: 0; background-color:#62E5DA; disp= lay: inline-block;">ICYMI
<= /table>

Last week=E2= =80=99s highlights

  • Huney+: Disney will merge its streamers D= isney+ and Hulu into one app as it tries to apply a tourniquet to its cash-= bleeding streaming biz. Subscription fatigue has led to similar consolidati= ons by Warner Bros. and Paramou= nt.

  • Stan= dby: After Southwest's holiday meltdown, the White House pitched new= rules that would require airlines to compensate passengers for flight disr= uptions beyond just refunds (like: hotels, meals, cabs).

    • <= li style=3D"margin-bottom: 12px;">

    Gap: Goldman Sachs agreed to pay $2= 15M in one of the largest ever gender discrimination settlements. Women mad= e 82 cents on the dollar compared to men last year =E2=80=94 only 2 cents m= ore than in 2002.

<= /table>
What else we're Snackin'

  • = Tip: $4 jui= ce, 20% gratuity? As tipping prompts pop up everywhere from coffee shop tab= lets to self-checkout screens, some Americans are crying =E2=80=9Cemotional= blackmail=E2=80=9D as tip creep takes over.

  • Bet: The University of Iowa is investigating dozens of stude= nt athletes over suspicions that they violated sports betting rules. Inside= r betting scandals are piling up, from college coaches to NFL players.

    <= /li>

  • Flate: First i= t was the pandemic, then it was the avian flu. Corporate America may be lea= ning on =E2=80=9Cexcuseflation=E2=80=9D to keep prices high, even after= the pricing effects of the emergencies they point to wane.

=F0=9F=8D=AA Thanks for Snacking with us! Want to share the Snack= s? Invite your friends to sign up here.

=
<= /table>
Snack Fact Of the Day<= /div>
Most of the light in the universe is invisible to hu= man eyes (think: radio waves, UV rays)
=

<= /table>
Monday

  • Monday: Ear= nings expected from Grindr and Rumble

    =

  • Tuesday: Earnin= gs expected from Baidu, Home Depot, and <= strong>Vodafone

  • Wednesday: Earnings expected from Jack in the Box, Wix.com, TJX, Tencent, Cisco Systems, Siemens, and = Target

  • Thurs= day: Weekly jobless claims. Earnings expected from Bath &a= mp; Body Works, L Brands, Walmart, Alibaba, and Dole

  • Friday: Earnings expected from <= strong>Deere and Foot Locker

Auth= ors of this Snacks own shares of: Amazon, Apple, Google, Disney, and Walmar= t

=
<= !--[if mso | IE]>
<= tbody>
Sher= wood Terms and Conditions =E2=80=A2 Our Editoria= l Principles =E2=80=A2 Contact Us =E2=80=A2 <= a href=3D"https://sg.robinhood.com/ls/click?upn=3D6fntGirSE5selsQKrSSUHoUbu= 7HCYouJnThV5HTyMI1LwtWt7TkkydXIdH1MjYYry2GF_y6r4Y-2Fjyz39fUgiIVZvxszI1-2BOk= sX762wK6L32M97xgJ-2FnBU-2Fpq1oGUBER66ULtnMQqCF8U20HQRN-2B7VyNMV7EhomCxubHsX= QiU94aTsSYztIzDA8VuH4264SwlAb-2F9AbtE7-2B5PIAWiS0TAqt1c6qC8FI7Qb6NiwznzDbaH= ERkLHhdAasmjXbfVh80ZvAR4DqCmnZG5xdVx3Sc19hnMAPag0nDB8-2FoHo4uDjRELCESsDlMyC= aGI5ecF0NvB0NxMtv4Kr4AdiTKUGS3CcjNTKoogfX1q58acrVKCZwKTpUEDA3-2FrBJ7fSxuGrp= o-2BewX3GERkzkpxYBl0-2BNu4dEGJGTXWR2eV8TYReurzxIQH2c1pL-2FXVVx49tNXkfZxQlVA= jJmMb8A7aEPGve-2F9gpZHBX8XEMen2-2FJBGiHl0v7a3QXe2kDVkrP3NoynvuvMqx-2FriNscO= YbhRkQIfR4u-2ByTAUh4xsCouf1RuwxQ3JeB9lPnEA57u4UqUED8LPHK7zZkqncdzNFVp6WedNH= pP9I4Xxuv7owks8qVj0C-2BLKqnUowU-2FBa-2B3RKiyGQxg1i6vN4UasWeY-2BBbjakVY-2BOV= fvhlrXwHHo-2BbikKLVXt657KGTKoHLGgcv2-2FPhY9IYlxJIt81cpLKco0wyTCkAbjcZoiQ8xk= Gd3PTUDLDitQAAOzlM04nQs-3D style=3D"color: #26A19B; text-decoration: none; = font-weight: bold;" target=3D"_blank" rel=3D"noopener">Privacy Policy&n= bsp;=E2=80=A2 Advertise with us
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--19e67bf8bc6ba5ec0b3a85732492ed375816012f9a91ac013bba43e2e32d Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset=utf-8 Mime-Version: 1.0 @media only screen and (min-width:480px) { .mj-column-per-100 { width: 100% !important; max-width: 100%; } .mj-column-per-50 { width: 50% !important; max-width: 50%; } }
=E2=80=A6and debt ceiling drama (fe= at. a trillion-dollar coin?)
 

Playing spot the dupe on TikTok? (Christian Vierig/Getty Images)=

=
 
 
<= !--[if !mso]><= /table>
Yesterday=E2=80=99s Market Moves
Dow Jones
33,301 (-1.11%)		S&P 500
4,124 (-0.29%)		Nasdaq
12,285 (+0.40%)		Bitcoin
$26,876 (-8.98%)
Dow Jones
33,301 (-1.11%)		S&P 500
Nasdaq
12,285 (+0.40%)		Bitcoin

Hey Sna= ckers,

Top YouTuber MrBeast is reportedly scooping up homes i= n a North Carolina neighborhood to create a Beast base for his family and e= mployees. Next up: residents paid in Beast Bucks?

The Dow and S&P= 500 fell for the week as investors saw no progress on a debt ceiling solut= ion and fresh data provided more evidence of a slowing economy. US consumer= sentiment plunged to a six-month low over worries that the federal governm= ent could default on its debt.

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3D""
Superduper
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Dupes might be 2023=E2=80=99s biggest shopping trend as social media = transforms the copyconomy

Birkin-shaped Amazon bag=E2= =80=A6 #Dupe-tagged videos have billions of views on TikTok, with = feeds full of frugal influencers unboxing look-alik= es =E2=80=94 or straight up counterfeits =E2=80=94 of designer clothes, bag= s, and shoes (picture: $75 =E2=80=9CLouis Vuitton=E2=80=9D slippers). Users= have also proudly shared dupes of skincare, makeup, and even toilet paper = (=E2=80=9CSharmin=E2=80=9D?).

  • Duping =3D new thrifting? Go= ogle searches for =E2=80=9Cdupe=E2=80=9D hit a record this year, and =E2=80= =9Csuperfake=E2=80=9D handbags have Reddit communities = dedicated to finding the perfect Chanel replica.

  • Trending up: Last year, 37% of 15- to = 24-year-olds surveyed by the EU Intellectual Property Office said they boug= ht at least one fake product. That=E2=80=99s up more than double from 2019.=

  • FYI: Not al= l dupes try to pass as designer. But even unbranded look-alikes can cross t= he legal line (think: mimicking the Birkin shape).

= Countering counterfeits=E2=80=A6 has gotten tougher as more dupes = are sold online (sorry, Canal Street). Many producers are thought to operat= e out of China, with supply chains set up like =E2=80=9CLove Is Blind=E2=80= =9D pods: sales reps might talk to factories, but details like location are= kept secret. It=E2=80=99s estimated that counterfeiters rake in trilli= ons annually.

  • Fighting them: Designer brands like Mo=C3=ABt Hennessy Louis Vuitton (aka: LVMH) spend millions e= ach year taking legal action against counterfeiters. LVMH refused to partne= r with Amazon, sa= ying it doesn=E2=80=99t do enough to take down fakes.

  • Joining them: Lululemon is hosting =E2= =80=9CDupe Swap=E2=80=9D events where it replaces customers=E2=80=99 look-a= likes of its cult-favorite Align leggings with the bona fide $118 item. #Lu= lulemondupe has 188M views on TikTok.

THE TAKEAWAY

Social media= has rebranded the copyconomy=E2=80=A6 Viral #baddiesonabudget opt= ing for look-alikes are proud of their frugality, hence the rebrand of =E2= =80=9Cknockoff=E2=80=9D to =E2=80=9Cdupe.=E2=80=9D That=E2=80=99s a threat = to the real luxury market, which has boomed recently as wealthier = consumers snatch up price-hiked Prada bags and Rolexes. Last year global lu= xury sales grew 22% and LVMH reported record sales and profit.

<= div style=3D"font-family: 'General Grotesque Bold', Arial; font-weight: 700= ; letter-spacing: 0.03em; text-transform: uppercase; color: #000000; paddin= g: 6px 19px; border-radius: 30px; border: 0; background-color:#62E5DA; disp= lay: inline-block;">Zoom out
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Stories we= =E2=80=99re watching

IOU blues=E2=80=A6 On Frida= y, the Congressional Budget Office said there=E2=80=99s a =E2=80=9Csignific= ant risk=E2=80=9D the US gov=E2=80=99t won=E2=80=99t be able to pay all its= bills in June if the debt ceiling isn=E2=80=99t lifted. If lawmakers don= =E2=80=99t reach an agreement, the outlook isn=E2=80=99t rosy: Treasury Sec= retary Yellen predicted an =E2=80=9Ceconomic catastrophe,=E2=80=9D and JPMorgan&= #39;s CEO said panic could sweep markets. Meanwhile, some are proposing wacky workarounds, including a trillion-dollar coin and using the 14t= h Amendment to argue the debt limit is unconstitutional (President Biden sa= id he=E2=80=99s considering that one).

Refill relief=E2=80=A6= After years of gov=E2=80=99t pressure to lower diabetes drug cost= s, last week Eli Lilly promised the Senate it would stop raising the pri= ce of its existing insulin meds. It=E2=80=99s a big deal, since Eli Lilly a= nd its rivals Sanofi and Novo Nordisk= supply 90%+ of the world=E2=80=99s insulin, and all of t= he US=E2=80=99s (#three-opoly). This year, all three announced plans to sla= sh insulin prices, which could provide relief to 8M+ Americans who rely on = the lifesaving drug. Companies charge as much as $200/dose, though it can c= ost less than $10 to make.

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<= div style=3D"font-family: 'General Grotesque Bold', Arial; font-weight: 700= ; letter-spacing: 0.03em; text-transform: uppercase; color: #000000; paddin= g: 6px 19px; border-radius: 30px; border: 0; background-color:#62E5DA; disp= lay: inline-block;">Events
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Coming up th= is week

John Deere in the headlights=E2=80=A6 Deere is expe= cted to report on Friday, and the tractor titan hopes to reap the benefits = of a heavy equipment boom that netted competitor Caterpillar a 26% profit bump= . Deere=E2=80=99s recent moves suggest it=E2=80=99s aiming to be the Apple of agriculture.= It=E2=80=99s leaning into software to release techy, self-driving machiner= y and investing in a satellite network to help connect advanced eq= uipment in remote areas of the US and Brazil. By the end of the decade, Dee= re wants 10% of its revenue to come from software fees.

Banan= as > blenders=E2=80=A6 Big box behemoths Walmart and Target are set to report, = and the retail picture=E2=80=99s jumbled. Consumers have been cutting back = on big-ticket items like TVs, clothes, and blenders, which typically have h= igher margins. At the same time, Walmart benefited as discount seekers turn= ed to the value seller for groceries and other essentials. But when they la= st reported, both retailers gave tepid annual forecasts as Americans cut ba= ck on discretionary spending. We=E2=80=99ll see later this week if cooling = inflation has shaken up those forecasts.

<= div style=3D"font-family: 'General Grotesque Bold', Arial; font-weight: 700= ; letter-spacing: 0.03em; text-transform: uppercase; color: #000000; paddin= g: 6px 19px; border-radius: 30px; border: 0; background-color:#62E5DA; disp= lay: inline-block;">ICYMI
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Last week=E2= =80=99s highlights

  • Huney+: Disney will merge its streamers Disney+ an= d Hulu into one app as it tries to apply a tourniquet to its cash-bleeding = streaming biz. Subscription fatigue has led to similar consolidations by Warner Bro= s. and Paramount.

  • <= strong>Standby: After Southwest's holiday meltdown, the White Hous= e pitched new rules that would require airlines to compensate passengers fo= r flight disruptions beyond just refunds (like: hotels, meals, cab= s).

  • Gap: = Goldman Sachs agreed to pay $215M in one of the largest ever gender discrimination set= tlements. Women made 82 cents on the dollar compared to men last year =E2= =80=94 only 2 cents more than in 2002.

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What else we're Snackin'

  • = Tip: $4 juice, 20%= gratuity? As tipping prompts pop up everywhere from coffee shop tablets to= self-checkout screens, some Americans are crying =E2=80=9Cemotional blackm= ail=E2=80=9D as tip creep takes over.

  • = Bet: The University of Iowa is investigating dozens of student= athletes over suspicions that they violated sports betting rules. Insider = betting scandals are piling up, from college coaches to NFL players.

  • Flate: = First it was the pandemic, then it was the avian flu. Corporate America may= be leaning on =E2=80=9Cexcuseflation=E2=80=9D to keep prices high, even after the pricing effects of the emergencies they point to wane.

    =
Snack Fact Of the Day<= /div>
Most of the light in the universe is invisible to hu= man eyes (think: radio waves, UV rays)

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Monday

  • Monday: Ear= nings expected from Grindr and Rumble

    =

  • Tuesday: Earnin= gs expected from Baidu, Home Depot, and <= strong>Vodafone

  • Wednesday: Earnings expected from Jack in the Box, Wix.com, TJX, Tencent, Cisco Systems, Siemens, and = Target

  • Thurs= day: Weekly jobless claims. Earnings expected from Bath &a= mp; Body Works, L Brands, Walmart, Alibaba, and Dole

  • Friday: Earnings expected from <= strong>Deere and Foot Locker

Auth= ors of this Snacks own shares of: Amazon, Apple, Google, Disney, and Walmar= t

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Sher= wood Media, LLC produces fresh and unique perspectives on topical financial= news and is a fully owned subsidiary of Robinhood Markets, Inc., and any v= iews expressed here do not necessarily reflect the views of any other Robin= hood affiliate... See more
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