Daily Brew // Morning Brew // Update

June 22, 2026

Welcome back, and HBD to…American fiat currency. On June 22, 1775, the Continental Congress created legal tender and authorized the printing of $2 million. If George Washington has never felt relatable, you should know that by 1778, he was already mad at inflation messing up his budget.

—Holly Van Leuven, Brendan Cosgrove, Neal Freyman

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

Homeownership costs going through the roof
The latest after overnight US–Iran negotiations
Possibly the best Father’s Day present given this weekend

MARKETS: YEAR-TO-DATE

Nasdaq

26,517.93

+14.09%

S&P

7,500.58

+9.57%

Dow

51,564.70

+7.28%

10-Year

0.000%

-416.3 bps

Bitcoin

$64,457.46

-26.34%

Marvell

$310.58

+265.92%

Data is provided by

*Stock data as of market close, cryptocurrency data as of 10:00pm ET. Here's what these numbers mean.

Markets: We’ll get an early look at how semiconductor summer is shaping up on Wednesday, when AI dynamo Micron reports earnings and Nvidia holds its annual shareholder meeting. Developments in the Middle East and UK politics could also make waves this week (more on that later).
Stock spotlight: Things are good in the Marvell universe. The chipmaker is up more than 247% year to date, and will join the S&P 500 today, along with manufacturing services company Flex.

PRICED OUT

Homeownership expenses are on a tear

Pm Images/Getty Images

On the spectrum that runs from gross hyperbole to established fact, the statement “everything about owning a home is more expensive” currently sits far closer to the latter than it has in a long time.

An analysis conducted by the Wall Street Journal found that costs went up in the following categories between 2019 and 2025:

Emergency repairs (up 175%)
Home maintenance (85%)
Insurance (72%)
Interest (35%)
Property taxes (31%)

Those cost increases have made it harder for middle-class Americans to join the ranks of homeowners. According to Redfin, homebuyers with a budget of $2,500/month in 2019 could have purchased a $517,500 home with 20% down at the then-common 3% interest rate without their budget spreadsheet throwing an #ERROR. Nowadays, with that same monthly budget, they could only afford a $384,000 home at the now-standard 6.5% interest rate.

Longtime homeowners feel the bite, too

In 2019, US homeowners spent an average of $9,000 per year on home improvement, maintenance, and emergency repairs. In 2025, they had to spend $12,500 for the same, according to Angi survey data.

While interest rates have risen, so have property valuations, keeping home prices high and igniting a cycle of property-tax reassessments in many parts of the country, raising taxes and straining affordability further.

What else is up? According to property management software Vantaca, HOA fees have gone up 51% from 2021 to 2025. And retail electricity rates. And labor and materials prices, which drive up maintenance and insurance costs.

Life is just a bowl of expenses: The current rate of inflation in the US is 4.2%, more than double the Federal Reserve’s traditional target of 2%. That means there are more demands on Americans’ budgets than there are relatives trying to log into their Disney+ account as the costs of food and housewares, as well as services like health insurance and childcare, rise alongside home expenses.—HVL

Sponsored By EnergyX

America’s hottest land grab isn’t for oil. Two of the world’s three largest energy companies are buying land in America’s lithium hotspot. EnergyX now has ~50,000 gross acres of lithium-rich land right next door. Now, they’ve just opened the largest lithium facility of its kind in the US to begin unlocking it. General Motors invested. Invest alongside them before EnergyX’s July 16 investment deadline.

HOWDY HOWDY HOWDY

Toy Story 5 didn’t play around in box-office debut

Julien Hekimian/Getty Images

If Lou Bega and the Short Circuit movies taught us anything, it’s that No. 5 has value. The fifth installment of Toy Story is taking that lesson all the way to the piggy bank, notching the strongest box-office debut of 2026. In its opening weekend, the Disney and Pixar movie:

Grossed $160 million domestically—a franchise best.
Made $152 million overseas.
Had the second-strongest animated debut ever, behind Pixar’s Incredibles 2 in 2018.

Like its predecessors, Toy Story 5 also has strong reviews from audiences and critics, so its mojo probably won’t collapse like the toys do when a human walks into the room.

To infinity and…even farther: Woody and the gang have been rounding up audiences for nearly 31 years. The first four movies brought in about $3 billion in total box-office revenue, and toys and merchandise tied to the movies raised the franchise’s total revenue to ~$16 billion, according to a Disney-commissioned economic study compiled by advisory firm Steward Redqueen reported on by Axios.

You’ve got a trend in me: The number of movie tickets sold in 2026 is up 7% so far from last year, according to research firm EntTelligence, and the domestic box office total is at its highest level since before the pandemic, per Rentrak.—BC

READER POLL

How many ‘Toy Story’ movies have you seen?

None.
Just the first one.
More than one, but they kinda blur together.
All but the one in theaters now.
All of them. I stan.

CALENDAR

The week ahead

Alfredo Estrella/Getty Images

Fed food for thought: The Federal Reserve will publish the results of its yearly bank stress test on Wednesday. The annual checkup tests how 32 large banks would perform in the face of broader economic problems. Then, the Fed has some fresh inflation data to consider on Thursday, when its preferred price metric, the personal consumption expenditures price index, will be released. It’s the central bank’s first look at inflation since it opted to keep interest rates steady last week and signaled a potential rate hike later this year.

Amazon Prime Day runs Tuesday through Friday: Amazon, which measures days differently than most of us, has its annual sales event this week. Amazon typically holds Prime Day in July, but it moved the event a month earlier this year to better match up with consumer spending habits around the World Cup and the 250th anniversary of the US’ independence. Let your dogs know now that they may see an influx of delivery drivers in the coming days, so they can plan accordingly.

Cannes it: The annual Cannes Lions advertising festival kicks off in France today. An estimated 13,000 people are expected to attend the event, including more than 250 creators who will rub elbows with marketing execs all week long, Business Insider reported. Per Emarketer, spending on influencer marketing is expected to hit $12.42 billion this year.

But wait, there’s more:

The US is already guaranteed a spot in the World Cup knockout round, but it still has a group stage game against Turkey on Thursday.
Curb your…happiness. Larry David’s new sketch comedy show, Life, Larry, and the Pursuit of Unhappiness, premieres on HBO on Friday.

BRENDAN’S GOT GOOD NEWS

Making sure dad got a kick out of Father’s Day

The Dallas Morning News/Hearst Newspapers/Getty Images

Mondays are bad enough, so the Brew’s own Brendan Cosgrove scoured the internet for a positive news story to help you start the week off right.

About 39% of shoppers looking for a Father’s Day gift this year said they wanted something that would create a special memory, according to a survey by the National Retail Federation and Prosper Insights & Analytics conducted before the holiday. Well, some gifts are more special than others, like the ones that make dad’s eyes mistier than a hydration break gone wrong.

Several people have posted social media videos of themselves surprising their soccer-crazy dads with tickets to a World Cup game. And making the purchase was quite the feat, requiring hours of monitoring resale sites and spending hundreds, or sometimes thousands, of dollars.

But it was worth it, according to Diana Figueira, who bought her dad $850 tickets to the Portugal–Democratic Republic of the Congo match. “Just seeing the excitement, seeing a dream come true for him, it just meant everything to me,” Figueira told NBC News.—BC

Long trivia

Since yesterday was the longest day of the year (in the Northern Hemisphere), the answers to the following clues all contain the word “long.”

It’s the biggest island in the contiguous US.
Adam Sandler and Chris Rock starred in this 2005 sports comedy remake.
This song contains the lyrics, “I flit, I float, I fleetly flee, I fly.”
He’s the main villain in Treasure Island.
The current world record for this track and field event (for men) is 8.95 meters.

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ANSWER

Long Island
The Longest Yard
“So Long, Farewell” from The Sound of Music
Long John Silver
Long jump

Word of the Day

Today’s Word of the Day is: embattled, meaning “bogged down by controversy.” Thanks to Gabe Smith from Akron, OH, for making a suggestion we wouldn’t argue with. Submit another Word of the Day here.

✳︎ A Note From EnergyX

Energy Exploration Technologies, Inc. (“EnergyX”) has engaged Morning Brew to publish this communication in connection with EnergyX’s ongoing Regulation A offering. Morning Brew has been paid in cash and may receive additional compensation. Morning Brew and/or its affiliates do not currently hold securities of EnergyX.

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Comparisons to other companies are for informational purposes only and should not imply similar results. Past performance is not indicative of future results. Market shortfall are forward‑looking estimates and are subject to substantial uncertainty.

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