Good morning. Rick Astley is getting the last laugh. The singer’s “Never Gonna Give You Up,” a 1987 hit that found a second life decades later through the Rickrolling prank, just crossed 1 billion streams on Spotify—which means people are actively choosing to listen to this song instead of getting duped into it on YouTube.
Markets: Stocks kept the June momentum going yesterday, powering all three indexes up as new data showed the US job market is staying resilient amid trade tensions. Meanwhile, Nvidia had another strong day, and for the time being is the most valuable company in the world with a $3.444 trillion market cap.
Canada Dry is no longer the biggest winner during turbulence. Dollar General reported better-than-expected Q1 earnings yesterday and raised full-year estimates—not in spite of tariff price hikes, but because of them. The budget retailer credits economic uncertainty with pushing higher-income shoppers into its discounted aisles.
Dollar General said its sales jumped 5% last quarter, rising from $9.9 billion during the previous quarter to $10.44 billion. While customer traffic dropped slightly (0.3%) compared to the three previous quarters, the average amount spent per transaction went up 2.7%.
The company also said it’s added more seasonal decor and home items, which attract wealthier people who like to respond to compliments with, “Would you believe it’s from the dollar store?”
The stores that do well when everyone’s nervous
Companies like Costco and Walmart have shown similar success during economically bumpy times as higher-income customers tighten their budgets:
Chris Nicholas, CEO of bulk buyer Sam’s Club US, told the Financial Times, “Through good times we do well, and through times that are tough we do even better.” The retailer, which is owned by Walmart, reported a 6.7% increase in sales last quarter.
Costco, meanwhile, reported a 7.9% sales increase last quarter.
Don’t forget the soup: Campbell’s Co. said consumers are cooking at home at the highest levels it’s seen since the pandemic. Sales of broth were up 15% last quarter. While Big Bone and the publishers of chipped beef cookbooks might be celebrating the news, those numbers aren’t a great sign for the economy overall.
Looking ahead…while things are good for Dollar General now, low-income shoppers (households that earn less than $30,000) make up about 60% of its customers. The company said worsening tariff fears could exacerbate the growing financial strain on shoppers, and there are only so many cheap holiday-themed wreaths that can make up for it.—MM
Plenty of things divide Gen Z and millennials: side parts, bootcut jeans, memories of a life before smartphones. But despite their differences, their outlook on work tends to sync up.
Deloitte’s 2025 Gen Z and Millennial Survey (a survey of 23k respondents across 44 countries) finds that these generations prioritize career progression and learning. But for many, climbing to the top of the corporate ladder is not the end goal. Only 6% of Gen Zs are motivated by reaching senior leadership positions.
So, what drives these generations? How can organizations support them in the workforce and create work environments where they feel more inspired to reach senior leadership positions?
OECD warned of a global economic slowdown. In its latest forecast, the Organisation for Economic Co-operation and Development revised the global GDP growth rate for this year down from 3.1% in previous estimates to 2.9% as a result of the effects of the Trump administration’s trade policies. The organization also cut the US’ growth outlook from 2.2% as of March to 1.6%. “Substantial increases in barriers to trade, tighter financial conditions, weaker business and consumer confidence and heightened policy uncertainty will all have marked adverse effects on growth prospects if they persist,” the OECD said. The group also predicted that US inflation will rise, though other experts aren’t sure by how much or when.
The Dutch government coalition collapsed. The Netherlands’s fragile governing coalition fell apart yesterday after far-right leader Geert Wilders withdrew his party over an immigration dispute. That forced Prime Minister Dick Schoof to offer his resignation, though he’s expected to stay on as a caretaker until the country can return to the polls. The coalition, which was formed just 11 months ago, was the Netherlands’s first far-right government, seizing on a wave of anti-immigrant sentiment sweeping Europe. Wilders said he exited abruptly because the government wasn’t implementing his desired curbs on immigration fast enough. Support for his Freedom Party continues to drop in polls, the BBC reported.
Musk called President Trump’s spending bill a “disgusting abomination.” In by far the biggest break with the president since becoming his political advisor last year, Elon Musk maligned Trump’s tax bill in a scathing post on X. “Shame on those who voted for it: you know you did wrong,” the Tesla CEO added. Musk had previously voiced concerns with the bill, arguing it increases the deficit and undermines the work of DOGE, which he spearheaded until leaving the administration last week to focus on running his companies. After passing the House by just one vote, the bill now heads to the Senate, where it’s already met resistance, including from some of Trump’s fellow Republicans who are worried about adding trillions to the US’ debt.—AE
Meta is taking the only nuclear option that’s not capping your daily Instagram time at 30 minutes. Yesterday, the tech giant signed a 20-year electricity deal with Constellation Energy, the largest nuclear power operator in the US, as its electricity usage swells amid the AI boom.
Meta won’t actually use the energy: Constellation will deliver electricity on behalf of Meta to the local grid, helping the tech giant maintain its decarbonization goals despite its AI’s energy gluttony.
The agreement sets up Constellation’s nuclear plant in Illinois to continue operating beyond 2027, when state subsidies are due to expire, and will enable it to expand output at the site by 30 megawatts. Constellation’s stock initially popped 9% on the news but closed slightly in the red.
Nuclear is having a moment
Silicon Valley sees it as a clean energy source to offset data centers’ electricity consumption, and tech companies are investing in both traditional nuclear projects as well as next-gen plants:
Separate from yesterday’s deal, Meta said in December that it wanted to add up to four gigawatts of additional nuclear generation in the US.
Microsoft recently partnered with Constellation to revive the Three Mile Island nuclear plant in Pennsylvania and inked an agreement with a startup striving to launch an experimental nuclear fusion plant by 2028.
Alphabet is investing in the development of experimental small modular nuclear reactors.
President Trump is an atomic energy ally…recentlysigning four executive orders aimed at quadrupling stateside nuclear capacity by 2050.—SK
Together with Deloitte
How do you work, fellow kids? Deloitte’s newest survey dives into the beliefs and attitudes of 23,000+ Gen Z and millennial respondents across 44 countries. It finds these generations focus on growth and learning as they pursue money, meaning, and well-being. To learn more about these workers, download the report.
You can finally stop bothering the kid in the drive-thru and put down that petition. After months of teasing and years of begging by fans, yesterday McDonald’s announced the return of its deeply missed Snack Wraps, starting on July 10.
McDonald’s rebooting a beloved chicken item that was discontinued in 2016 signaled that the chicken wars have evolved into a wrap battle. Popeye’s launched its own limited-time chicken wrap on Monday. Both will challenge the incumbents that Burger King and Wendy’s brought to their menus in 2023.
McDonald’s needs the Snack Wrap to be a hit. Same-store sales declined 3.6% in Q1 this year, with one analyst placing the blame on inflation. The company didn’t announce a price for the item (it did, however, launch a fan site with behind-the-scenes material), but a comparable item at Burger King is $2.99—a tempting option for consumers eating at home more often to save money.
Wrap it up: To simplify the prep process, Snack Wraps will be made only with McCripsy Strips and offered in two flavors (spicy and ranch), so condolences if you wanted a grilled wrap with honey mustard. On the bright side, Snack Wraps are here permanently, unlike the elusive McRib.—DL
Don’t worry if you accidentally left your pot brownies out for grandma—she’s probably already zooted.
Per new research, older Americans’ use of marijuana surged 46%, to a record high, between 2021 and 2023 as more states legalized the drug and it became more socially acceptable as a treatment for pain and other issues:
As of 2023, 7% of Americans 65 or older said they use cannabis, up from 4.8% in 2021.
The rise was more noticeable among senior women, but older men still use cannabis more, Axios reported.
Doctors aren’t necessarily mad, but they’re still a bit hesitant to hop on board the Pineapple Express. They say more research is needed to weigh the risks versus benefits and understand how cannabis interacts with other medications.—AE
Ford sales jumped 16% year over year in May, the third straight month of double-digit increases after the automaker began offering employee pricing on certain models to all customers.
McKinsey’s generative AI platform has taken over some tasks that had typically been done by junior employees, Bloomberg reported.
The New York Knicks fired head coach Tom Thibodeau after the NBA team reached its first Eastern Conference final in 25 years, losing in six games to the Indiana Pacers.
Lee Jae-myung, the leader of South Korea’s liberal opposition party who survived an assassination attempt last year, won the country’s presidency in a snap election yesterday.
Jeopardy! and Wheel of Fortune will stream on Hulu and Peacock the day after episodes air on TV starting in the fall, Sony Pictures Television announced.
RECS
Cook: Switch out your plastic spatula for a stainless steel one.**
Watch: Morning Brew investigates why so many companies commit corporate fraud.
Frolic: The top “feel-good” summer cities in the US.
Generational attitude check:Deloitte’s latest survey provides a temperature check on attitudes, challenges, and goals for working millennials and Gen Z. Read the report to see the full breakdown.*
*A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission.
Today’s Word of the Day is: maligned, meaning “spoke evil of.” Thanks to Jayden from Hartford, CT, for the innocent suggestion. Submit another Word of the Day here.
OECD warned of a global economic slowdown. In its latest forecast, the Organisation for Economic Co-operation and Development revised the global GDP growth rate for this year down from 3.1% in previous estimates to 2.9% as a result of the effects of the Trump administration’s trade policies. The organization also cut the US’ 
The Dutch government coalition collapsed. The Netherlands’s fragile governing coalition 
Musk called President Trump’s spending bill a “disgusting abomination.” In by far the biggest break with the president since becoming his political advisor last year, Elon Musk maligned Trump’s tax bill in a 
Cook: Switch out your plastic spatula for a 
