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| Need To Know. |
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| Markets Sink Amid Recession Fears. |
| The Dow Jones Industrial Average fell over 800 points yesterday amid fears of slowing economic growth and a possible recession. It was the worst trading day of the year (Dow, -3.0%; S&P 500, -2.9%; Nasdaq, -3.0%), driven by a foreboding signal from bond markets as the yield on 10-year Treasury notes briefly slipped below the yield on 2-year notes. The symbolic marker, known as an inverted yield curve, has been a reliable indicator of coming recessions and can reflect lower confidence in long-term growth (read more here). The market phenomenon has occurred five times in the last 40 years, each time preceding a recession - though the lag time between the inversion and recession is on average about 22 months. The thumping comes amid ongoing concerns over trade tensions with China, a stalled economy in Germany, and a looming split between the UK and European Union all expected to cause economic disruption. |
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| Woodstock 50th Anniversary. |
Today marks the 50th anniversary of the iconic Woodstock music festival, drawing over 400,000 people to a 600-acre dairy farm in upstate New York. The rainy, three-day concert featured performances from The Who, Janis Joplin, Jimi Hendrix, The Grateful Dead, and others (see lineup) - though the Grateful Dead's act was accidentally cut short when an amp overloaded. Originally billed as a celebration of "peace and music," the festival's cultural significance has grown over the years. With zero violent incidents reported despite the large crowd, the event became a counterweight to the tumultuous years of the late 1960s, a time which included public perception turning against US involvement in Vietnam. The festival was also a unifying moment for hippie culture, helping cement its role as a political movement. See photos from the festival here, and relive Jimi Hendrix's classic take on the Star Spangled Banner here.
Though the concert for the Woodstock 50th anniversary fell apart, a celebration will still be held at the original site this weekend. |
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| A$AP Rocky Found Guilty. |
| American hip hop artist A$AP Rocky was found guilty of assault by a Swedish court yesterday, but will not be sentenced to any additional jail time, having already spent a month in a Stockholm prison awaiting the trial. Prosecutors had asked for six months behind bars - while judges found the rapper was not in imminent danger and therefore not entitled to violence in self-defense, they said the altercation did not require further jail time. The case stems from a scuffle between the rapper's (whose legal name is Rakim Mayers) entourage and two men during a trip to Stockholm (see video). Though on the surface the incident was a minor assault, it garnered international attention amid accusations of racism and the attempted intervention of President Trump. Mayers will also have to pay the victim, 19-year-old Mustafa Jafari, a small sum of about $1,300. |
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| In The Know. |
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| Sports, Entertainment & Culture. |
| > 2019 Little League World Series begins today with 16 teams from 9 countries vying to become the 11-12-year-old baseball world champions (More) |
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| > London's National Gallery reveals previously unseen Leonardo da Vinci sketches found hidden beneath the surface of Virgin of the Rocks, one of his most famous works (More) |
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| > Joseph Tsai, co-founder of e-commerce company Alibaba, purchases Brooklyn Nets from Mikhail Prokhorov for $2.35B, the largest-ever purchase price for an American sports franchise (More) |
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| Science & Technology. |
| > Researchers find microplastic contamination in isolated Arctic ice cores, some drilled up to six feet deep; estimates say over 100 million tons of plastic have been released into the oceans to date (More) |
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| > "Jurassic world" of over 100 ancient volcanoes found buried in central Australia; formations are estimated to be 160-180 million years old (More) |
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| > Scientists demonstrate control over sex of mice offspring by artificially slowing down and filtering out X chromosome sperm (More) |
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| Business & Markets. |
| > Coworking office giant WeWork files for IPO, has $1.5B billion revenue and ~$690M loss in first half of 2019, 527k members across 528 locations in 29 countries (More) |
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| > Macy’s second-quarter earnings fall ~50%, shares fall ~13% to 10 year low (More) |
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| > Oil prices drop 3% on Chinese and German global economic concerns (More) |
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| Politics & World Affairs. |
| > 6 officers suffer non-life threatening injuries during 8-hour standoff with shooter in Philadelphia; suspect was taken alive, began shootout after police tried to serve a warrant (More) |
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| > Election 2020: Former Colorado Governor John Hickenlooper to drop out of race for Democratic nomination today, may eye 2020 run for Senate (More) |
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| > Nepali panel proposes rule changes for climbing Mount Everest following deadly climbing season; must have climbed a Nepali peak over 6,500, prove fitness, and have experienced guides (More) |
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| In Depth. |
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| Remembering Woodstock '94. |
| Longreads | Steve Edwards. Not everyone is old enough to have celebrated at the original Woodstock. Though a facsimile of the '69 festival, the 25th anniversary let a generation of youth share a similar experience. (Read) |
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| When the Lights Went Out. |
| The Reader | David Nye. In 2003 a massive blackout hit the Northeast US and parts of Canada, leaving nearly 50 million in the dark, some for up to two weeks. It wasn't a terrorist attack, but revealed the precarious state of US power infrastructure. 16 years later, have we learned our lesson? (Read) |
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"The measure of achievement is not winning awards. It’s doing something that you appreciate, something you believe is worthwhile."
- Julia Child |
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