Daily Brew // Morning Brew // Update

June 11, 2026

Good day. What’s the only thing you need to complete a $100,000 wedding? For many brides, apparently, it’s a $14 “Good Weather Spell” from an Etsy witch. A Nerdwallet personal finance expert told Bloomberg, “Because the financial part of weddings feel so out of control, people are trying to do whatever they can to maintain control.” However, Etsy actually bans witches they catch selling supernatural spells on its platform, so it feels a bit risky.

A less exciting but maximally legal option is to *checks notes* spend less than $100,000 on a wedding.

—Dave Lozo, Matty Merritt, Molly Liebergall, Holly Van Leuven

In today’s newsletter, we’ll get into:

Inflation rising to 4.2%
The stadiums with “bland-new” names for the World Cup
That viral Knicks chant

MARKETS

Nasdaq

25,169.50

-1.98%

S&P

7,266.99

-1.62%

Dow

49,918.78

-1.87%

10-Year

4.542%

+1.0 bps

Bitcoin

$61,585.12

-0.21%

Oracle

$201.26

-2.21%

Data is provided by

*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean.

Markets: Traders needed a “Lemon, it’s Wednesday” reminder yesterday, after the three major indexes closed in the red due to a high inflation reading and renewed aggression in the Iran war (more about those below).
Stock spotlight: Oracle finished the trading day down because investors were already worried about its AI strategy. It reported better-than-expected earnings after the bell but fell further in after-hours trading because it announced plans to raise another $20 billion this year to spend on AI infrastructure.

Markets Sponsored by Doroni

Final week for $3.10/share: After reserving the Nasdaq ticker $DRNI, Doroni’s preparing for a potential public listing. But until June 18, you can buy private shares at $3.10/share.

THE COST OF LIVING

Energy prices send inflation to a 3-year high

Niv Bavarsky

Inflation for May reached 4.2%, the highest level since April 2023, driven by the energy price shock stemming from the Iran war, according to the consumer price index report released yesterday. But the month-over-month increase was smaller for May than April, in a sign that the worst of the price spikes may be behind us:

Another good sign is that gas prices have ticked down slightly so far in June.
Of course, prices continuing to decrease will depend on the US achieving a durable peace agreement with Iran and oil tanker traffic through the Strait of Hormuz returning to prewar levels.

When asked about the report from the Bureau of Labor Statistics yesterday, President Trump said, “I love the inflation,” and that oil barrel prices are coming down because “we took out the other night, 22 ships,” seemingly referring to the US getting ships through the strait under cover of darkness in a clandestine operation.

Working on your core

The core CPI reading, which excludes the more volatile energy and food prices, is considered a better indicator of future inflation by analysts, and it offers reasons for optimism:

Core prices climbed 0.2% in May, which was less than the 0.4% rise in April and came in under the 0.3% predicted by analysts.
For the year, the CPI is up 2.9%, in line with experts’ expectations.

Sky-high beef prices fell, but…beware the screwworm. The cost of uncooked ground beef, roast, and steaks dropped last month, but the parasitic fly that appeared in the US last week could complicate logistics for ranchers and lead to higher prices. Government and industry officials stressed that the pest with a fun-to-say name isn’t an immediate threat to the food supply.

As for interest rates, few expect a cut when the Fed makes its first announcement with Chair Kevin Warsh in charge next Wednesday. The odds favor one rate movement this year—a hike in December.—DL

READER POLL

Where are you most feeling the bite of rising consumer prices?

The grocery store.
The gas station.
Travel planning.
Not feeling it—this is overblown.

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WORLD

Tour de headlines

Tehran on June 10. Atta Kenare/Getty Images

US strikes on Iran continued for a second day. The round of attacks began at midnight on Thursday in Tehran and continued until about 4:30am local time. President Trump said the strikes were launched because Iran was taking “too long to negotiate” a peace deal. The Islamic Revolutionary Guard Corps said early Thursday local time that it had responded with attacks of its own on US military assets in Kuwait and Bahrain. Also yesterday, the US military said it had shot and disabled the oil tanker Settebello in the Gulf of Oman because it violated the American blockade of Iran. An Indian official said this morning that three Indian nationals were killed in the attack on the vessel.

Knicks lead 3–1 after making biggest comeback in NBA Finals history. Game 4 of the series, held last night at Madison Square Garden, looked like it would be going to the San Antonio Spurs, which led by 29 points for a moment. With 2 minutes and 21 seconds left on the clock, the Knicks narrowed the deficit to just one point. Knicks forward OG Anunoby made a one-handed tip-in with 1.2 seconds left in the game, bringing the score to 107–106 in favor of New York. Game 5 will be played on Saturday night in San Antonio. If the Knicks win it, the championship is theirs.

Amazon takes on more shipping jobs, scaring legacy players. Amazon said it would offer “less-than-truckload” (also known as LTL) shipping to customers through its Amazon Supply Chain Services, whether or not those customers or shipments have anything to do with sales on Amazon’s marketplace. That means industry stalwarts like Old Dominion, FedEx Freight, and Saia will now compete with Amazon for those freight jobs. LTL shipments are anything larger than a parcel but smaller than a full truckload. Legacy freight companies are already struggling with high fuel prices.—HVL

GET SOME TAPE

Drop the Lumen, it’s just Field

Morning Brew Inc., Photo: Adobe Stock

It’s the first day of the World Cup, and in addition to sporting fresh new grass fields and extra tall beer cans, 11 stadiums across the US have scrubbed thousands of normal sponsors from their grounds. This expensive “debranding” stems from FIFA’s requirement that stadiums be wiped clean to protect the organization’s multimillion-dollar marketing deals with companies like Coca-Cola and Adidas.

Through July 19, Seattle’s Lumen Field will don covers over the Lumen logo on everything from the stadium exterior to smaller interior logos. One Lumen marketing exec even drew more attention to the company by creating social media content showing him covering up all the logos in the stadium.

SoFi Stadium will be “Los Angeles Stadium” this summer (and then again in 2028 for the Olympics).
The process has been a bit of a nightmare for older stadiums like the 71,000-seat ~~Mercedes-Benz~~ Atlanta Stadium, which has a retractable roof and required 2,000+ removals and coverups.
NRG Stadium in Houston budgeted over $1 million to meet the debranding requirements, according to Sports Business Journal.

Big picture: FIFA has deployed a “no free press” strategy, as the organization is set to reap roughly $2.8 billion in marketing rights in the current four-year cycle, the bulk of which will come from matches taking place on everyone’s phone screens during their commute over the next few weeks.

Here’s a World Cup viewing guide with info on where and how to watch matches. —MM

Three Headlines and a Lie

Three of these headlines are real and one is faker than sustained commitment to a rec volleyball team. Can you spot the odd one out?

Why the Supreme Court is debating which Founding Fathers were drunks
Student protesters accidentally discovered an ancient Roman villa beneath their school
The woman trying to 3D-print a salad
Tom Brady launches Good Nut coconut water line with Gopuff in market expected to reach $11b by 2030

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ANSWER

We made up the one about the salad printer.

Word of the Day

Today’s Word of the Day is: clandestine, meaning “secret.” Thanks to Mike from Cardiff-by-the-Sea, CA, and the other 134 of you who could not keep a good suggestion to yourselves. Submit another Word of the Day here.

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☕ It’s just Field