Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?

Summary

Morning Brew Daily – May 13, 2025 Episode: Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts? Hosts: Neal Freyman & Toby Howell

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US-China Trade Deal Sparks Market Optimism

The episode kicks off with significant news from the global economic front. The United States and China have reached a pivotal agreement to reduce tariffs, signaling a potential end to the prolonged trade war that has unsettled global markets for over a year.

Neal Freyman highlights the immediate market reaction: "The S&P 500 popped over 3%, the NASDAQ officially entered a bull market and The Dow gained 1100 points while traders piled into the dollar and oil and out of gold, a safe haven." (04:33). This surge reflects investor relief, viewing the tariff reductions—from 145% to 30% for the US on Chinese goods and from 125% to 10% for China on US goods—as a stabilizing move for international commerce.

However, the discussion delves deeper into the implications. Toby Howell adds, "The US tariff rate is now just 17.8%, the highest since 1934." (05:34), pointing out the historical significance of the rate reductions. He further analyzes China's export strategies, noting a 21% decrease in shipments to the US was offset by a 21% increase to other Asian markets, suggesting a strategic pivot rather than a complete economic setback.

The hosts ponder the sustainability of this deal, especially considering historical tariff levels and the unpredictability of future negotiations. Neal raises concerns about inflation: "We're going to see all of these containers ... waiting to come over because of massive tariffs. ... this huge shipping surge could drive up freight rates, leading to higher prices on shelves." (06:12). This anticipation of increased costs highlights the nuanced outcomes of the trade agreement.

Big Pharma Faces Executive Order on Drug Pricing

Shifting focus to the healthcare sector, the podcast addresses President Trump's recently signed executive order aimed at reducing drug prices. The policy reinstates the "most favored nation" approach, compelling pharmaceutical companies to align US drug prices with those of their lowest-priced global counterparts.

Toby Howell explains the executive order: "We will get whoever is paying the lowest price and that's the price we're going to get." (08:10). This move is backed by data showing the US pays nearly three times more for drugs compared to other developed nations, as reported by the Rand Corporation.

The pharmaceutical industry's initial reaction was one of apprehension, with shares of major drug makers like Pfizer and Eli Lilly dipping in premarket trading. However, the market sentiment shifted as the day's trading unfolded. Neal Freyman observes, "This executive order comes through the pipeline and executives and traders looked at it and said, wow, that's really not that bad at all." (09:39). The order's lack of immediate legal authority to enforce price cuts provided some reassurance to investors.

Despite the relief, Toby raises critical points about the long-term impact: "Drug makers might just leave some of those overseas markets and just abandon them altogether, which obviously isn't a great outcome for the people living in those countries." (10:31). This scenario underscores the delicate balance between regulating prices and maintaining pharmaceutical innovation funded by profits.

President Trump's Strategic Business Diplomacy in the Middle East

The conversation then shifts to President Trump's inaugural international trip of his second term, focusing on securing substantial investments from Saudi Arabia, Qatar, and the United Arab Emirates. The objective: to garner up to $1 trillion in investments spanning sectors like artificial intelligence, sports, and entertainment.

Neal Freyman details the motivations behind these efforts: "They are pledging to invest literally trillions of dollars in the US Economy." (14:22). This aligns with Trump's transactional approach to foreign policy, emphasizing mutually beneficial economic deals over traditional diplomacy.

However, skepticism arises regarding the Gulf states' ability to fulfill these promises. Neal questions, "Can they actually afford it? Saudi Arabia has launched these huge megaprojects... but oil has been in the dumps recently... is an open question." (15:23). The fluctuating oil prices and ambitious projects like Neom cast doubts on the feasibility of such massive investments.

Toby Howell concurs, noting the inherent tensions: "This is in direct opposition to one of Trump's stated goals, which is to bring down the price of oil as well." (15:23). Nonetheless, the hosts acknowledge the cordial relations portrayed during Trump's visit, suggesting a temporary alignment of interests despite underlying economic challenges.

Remote Work: Higher Engagement, Greater Stress

In the segment titled "Toby's Trends," the hosts delve into the paradoxical nature of remote work. According to recent Gallup data, fully remote employees exhibit higher engagement levels—31% report increased enthusiasm and connection to their organizations compared to their hybrid or in-office counterparts.

Toby Howell explains, "Remote workers have more autonomy over their workday, which allows them to use their time more efficiently." (18:52). This autonomy fosters productivity and job satisfaction, aligning with the preferences of many modern workers.

However, this freedom comes at a cost. Neal Freyman points out the downside: "Nearly half said they felt a lot of stress recently, more than the 38% of on-site workers." (18:52). The lack of social interactions leads to feelings of loneliness and isolation, exacerbating stress levels. Additionally, the high autonomy can be overwhelming, especially for individuals who thrive under structured environments.

The hosts discuss the implications for employers, emphasizing the need to address these stressors to retain talent. With 57% of fully remote workers either actively looking or passively considering new job opportunities due to stress, companies must find ways to support their remote workforce effectively.

Record-Breaking Memorial Day Road Trips

As Memorial Day approaches, Toby Howell shares travel trends indicating a surge in road trips. Approximately 39.4 million Americans are expected to embark on car journeys this weekend—a 3.1% increase from the previous year and the highest in two decades, according to AAA.

The reasons behind this shift include economic uncertainty, low gas prices, and rising flight anxiety. Neal Freyman humorously reflects on personal travel preferences: "I'm going to be flying this Memorial Day, but I wish I was driving because there's really nothing better than a road trip." (21:29). This surge in road travel underscores changing consumer behaviors influenced by broader economic factors.

Apple's Siri Settlement Offers Compensation to Users

The episode also covers a class-action lawsuit settlement involving Apple's Siri voice assistant. Apple has agreed to a $90 million settlement, allowing users to claim up to $20 per connected device for incidents where Siri unintentionally listened to private conversations.

Neal Freyman provides the details: "Eligible devices include the iPhone, iPad, MacBook, Apple Watch, iMac, HomePod, Apple TV, and iPod Touch." (22:06). Users must have used their Siri-enabled devices between September 17, 2014, and the end of 2024 and experience unintended activations during private conversations.

Toby Howell remarks on the practicality of the settlement: "You can gather up to $100 from this claim, but that only happens if you own five Siri-connected Apple devices." (23:01). While the payout per device is modest, the ease of filing a claim could encourage widespread participation.

Sports Highlights: Mavericks' Draft Lottery & Michael Jordan's NBC Return

In sports news, the Dallas Mavericks have secured the first pick in the NBA draft lottery, a significant turnaround for a franchise often criticized for inconsistent trades. They now have the opportunity to draft Duke star Cooper Flag, sparking curiosity and conspiracy theories among fans regarding the timing of superstar trades and draft outcomes.

Neal Freyman muses, "Any time a blockbuster trade sends one major superstar to another market, they seem to get the number one pick directly after." (24:22), hinting at possible correlations between high-profile trades and draft lottery outcomes.

Additionally, the episode covers the nostalgic return of Michael Jordan to the NBA, not as a player but as a special contributor for NBC. This move aims to rekindle 90s basketball nostalgia, with MJ joining the broadcast team amid NBC's broader strategy to assemble a "greatest collection of content" for the upcoming sports seasons.

Conclusion

Neal Freyman and Toby Howell wrap up the episode by touching on the broader implications of the discussed topics, emphasizing the interconnectedness of global trade policies, healthcare reforms, international diplomacy, workplace dynamics, consumer trends, and cultural shifts in sports and technology. Their insightful commentary provides listeners with a comprehensive understanding of current events' multifaceted impacts.

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Timestamp Reference:

• 04:33 US-China Trade Deal
• 05:34 Historical Tariff Rates
• 06:12 Inflation Concerns
• 08:10 Drug Pricing Executive Order
• 09:39 Pharma Industry Reaction
• 10:31 Long-term Impact on Pharma
• 14:22 Trump's Middle East Visit Motivation
• 15:23 Feasibility of Gulf Investments
• 18:52 Remote Work Engagement and Stress
• 21:29 Memorial Day Travel Trends
• 22:06 Apple's Siri Settlement Details
• 23:01 Practicality of Siri Claims
• 24:22 Mavericks' Draft Lottery
• 25:26 Michael Jordan's NBC Role

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Transcript

[Toby Howell]

Why are people from around the world calling Minnesota home? Is it the friendly, welcoming culture, the stunning natural beauty, the strong diverse economy.

[Neal Freyman]

And access to world class health care.

[Toby Howell]

Affordable homeownership and great education? It's all those things. See why Minnesota is ranked the least stressed state in the nation? Learn more about the Star of the [e-mail] live. That's exploreminnesota.com live.

[Neal Freyman]

Good morning, Brew Daily Show. I'm Neal Freyman.

[Toby Howell]

And I'm Toby Howell.

[Neal Freyman]

Today the US And China decide they don't want to break up after all. Esther Perel, you did it again.

[Toby Howell]

And Trump signed an executive order asking for lower drug prices. But asking and getting might be two different things. It's Tuesday, May 13th. Let's ride.

[Neal Freyman]

How do you feel about going to the movies on a weeknight? Kind of weird, right? Feels like a weekend thing. Well, the theater chain AMC hopes to remove that mental hurdle by offering tickets at 50% off on Wednesdays. Their promotion, which is available to members of its loyalty program, AMC Stubs, kicks off on July 9th and means Wednesday will join Tuesday as the two weeknights where you can score discounted tickets at AMC. Toby half off enough to get you out on a weeknight?

[Toby Howell]

I. I think so, actually. I love the idea of a, of a Wednesday movie because I also love the idea of a solo movie night. I've done one of those recently and it just, I don't know, it's just a time for yourself. But I think AMC needs this. Their first quarter admissions revenue fell 11% from a year earlier. Outside the pandemic, it was their worst first three months of the year since 1996. So they're pulling all the levers that they can to try to get people, people to come out. That being said, AMC CEO Adam Iran said that their first quarter was an anomaly and they're already seeing people start to come back to the movies. So maybe you just need a lot of teenagers who love screaming chicken jockey rather than any big promotion to bring people back to the theaters. And now a word from our sponsor. Iterable. Neil, you're in the dating pool. Ever try texting someone who only replies every third Tuesday?

[Neal Freyman]

Nothing worse. Sometimes I feel like I got a sense of smoke signals in order to get a response. Even worse, though, that's how most brands still operate. They're stuck in their own timeline.

[Toby Howell]

But your customers don't live on a marketing calendar. They live in the moment. They buy when they're ready, not when your Q3 campaign says it's time.

[Neal Freyman]

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[Toby Howell]

Whether a customer just opened your app, abandoned the cart or heck just ghosted you intervals AI triggers the right message right then. No waiting around.

[Neal Freyman]

Need to find me a date that understands that. Go to end the campaign.com and meet customers where they are, not where your calendar thinks they should be it was Christmas in May on Wall street yesterday after the US And China announced a major de escalation in a trade war that threatened to topple global commerce. Following a weekend meeting that could not have been an email, the US said it would lower tariffs on China from 145% to 30% while China will lower tariffs on the US from 125% to 10%. Those new rates will be in effect for a 90 day period so that talks can continue. And with that, the Sell America trade that had been running since Liberation Day turned into Buy America once again. The S&P 500 popped over 3%, the NASDAQ officially entered a bull market and The Dow gained 1100 points while traders piled into the dollar and oil and out of gold, a safe haven. The ramping down of tariffs signaled to investors that for now the the worst case economic scenario was likely averted and the scale of the tariff reduction was even more than they had expected. The general feeling among economists was we're not sure why this trade war was launched in the first place, or what it has accomplished besides sowing chaos, but we are glad to be waking up from April's nightmare over in China. They were almost as ecstatic as on Wall street, touting the deal as a major victory for President Xi Jinping, who went 12 rounds with the world's top economy in the trade ring and held it to a split decision. What happens next is the big question mark hanging over all of this. The US still has 30% tariffs on Chinese goods, eight times higher than when Trump took office, and it's unclear what it would take to lower those even further. For now though, a big sigh of relief for businesses across the Pacific.

[Toby Howell]

Yeah, still the sigh of relief is coming as the US tariff rate is now just 17.8%, the highest since 1934. So people are celebrating returning to literal Smoot Hawley level tariffs right now in and the big question was, was this even really hurting China beforehand? A little bit. Chinese shipments of goods to the US dropped 21% from a year earlier as a result of the increased tariffs. But then you look at where Beijing was sending other goods. And you see that their exports to the bloc of South Asia, Southeast Asian nations surged 21%. So 21% lower to the United States, 21% higher. Maybe they were finding demand elsewhere. Obviously the US is their biggest trade partner. So it's not a like for like sort of things that. All that being said though, this does seem like a dream scenario because just a few days ago, Trump was suggesting that 80% tariffs was where things were going to normalize. 30% is obviously a lot lower than that. So all things being considered, you could see why it was a very green day on Wall street yesterday.

[Neal Freyman]

Yeah, let's talk about that. I mean, stocks that were exposed most to China and that had been hurt since April 2nd shot up yesterday. Apple, which was the face of the trade war because they, a lot of their iPhones and other products in China shot up more than 6% which drags all of the indexes bigger because Apple's the most valuable company in the world. Williams, Sonoma, Estee Lauder, Best Buy, Lululemon, Nike were all up 7, at least 7%. As traders sort of breathe that sigh of relief and said, wow, all of these companies that we had knocked because they were so exposed to China are now getting, you know, we're sending them back up because things seem to be calming down.

[Toby Howell]

Yeah, the dollar and bond yields also rose as well. Now there's this expectation that will grow faster once again now that these trade tensions have died. And if you look at the odds of a recession too on Polymarket, on Kalshi, Those dipped below 40% from for the first time since back in April. So it really is just, I mean, sigh of relief is the word that you keep hearing here because it did come out a little bit softer than people expected. Like this level of thawing was not necessarily something that people thought was was going to happen when Scott Bessant entered Geneva to do those talks over the weekend. So a lot of just people going who is not the worst case scenario. We're in a manageable position now let's.

[Neal Freyman]

Talk about inflation and prices because they were about to skyrocket with 145% tariffs. What does it mean with 30% tariffs? Well, because of the quirks of ocean shipping and how we get goods from China to the United States to our retail shelves, there is probability that there still will be inflation and price hikes because there's going to be a surge in shipping from China to the to the US we saw a huge amount of frontloading in March and April to get ahead of Liberation Day. Tariffs now, tariffs are still high. There's this 90 day pause, but they could go back up. We don't know. So you're going to see all of these containers. There are thousands and thousands of containers in Shanghai, in Shenzhen, waiting to come over to the United States that they had just not come over because of these massive tariffs. Now there's going to be a huge spree and all of that demand could drive up freight rates, which could lead to higher prices on shelves this summer and back to school for back to school shopping and holidays. So you see retailers being like, okay, this is great, 30% is still, you know, a big chunk of change that we need to pay. And also we're going have to pay so much more in freight rates, at least as this huge shipping surge comes across the Pacific over the next days and weeks.

[Toby Howell]

Drug pricing has long been a controversial aspect of the American health care system, one that President Trump is targeting with an equally controversial policy. Yesterday, he signed an executive order that, amongst other things, brings back the most favored nation policy when it comes to drug pricing. Basically what we're doing, trump said to the press on Monday, we will get whoever is paying the lowest price and that's the price we're going to get. The proposed policy gives pharmaceutical companies price targets to reach over the next 30 days with the goal of ending what Trump describes as systemic overcharging of Americans. The data does back up what he's saying. The US paid nearly three times as much for all drugs in 2022 compared to other wealthy developed nations and over three times more for brand name medications, according to the Rand Corporation. The pharma industry pushed back on the law, saying that any threats to their profits could impact the money they put into R and D to create new drugs down the line. Initially, shares of US Drug makers like Pfizer and Eli Lilly fell yesterday in premarket trading, but then came roaring back throughout the day, mainly because the order cites no obvious legal authority to mandate lower prices, according to the New York Times. Plus, hours before Trump's announcement, Congress proposed $700 billion in health care cuts, but didn't touch drug prices. So, Neal, not quite as toothy as some pharma execs were expecting, but it's clear Trump wants to try and bring the US in line with other countries when it comes to drug pricing.

[Neal Freyman]

The pharma industry was preparing for a bloodb yesterday. I mean, stocks were down pre market. They were waiting to see what Trump would do with this executive order they feel like bringing, like bringing prices down 59%, which Trump wants would threaten their businesses completely because they thought they use these profits to invest in R and D. And they say this would lead to new medications that they could monetize. So they were preparing for the worst. This executive order comes through the pipeline at 11am and executives and traders looked at it and said, wow, that's really not that bad at all. I mean, it's basically a kick starting negotiation phase for 30 days. There's not a lot of legal precedent that they can stand on. So the pharma industry, you know, we said in the first story they're breathing a sigh of relief after this executive order came down because it doesn't feel like it would impact them much at all.

[Toby Howell]

Let's talk about the motivation behind it though. So Trump said that even though the United States is home to only 4% of the world's population, pharma companies make more than two thirds of their profits in America. That is not a good thing. And drug makers do make a substantial amount of their profits worldwide from sales in the United States. They typically design their entire business strategy around the US Market. And so what are some of the outcomes if suddenly most favored nation policy does come into play? 1, 1 outcome is drug makers just leave facing a choice between, you know, making cuts to their pricing in the US or the loss of super profitable or not super profitable overseas market. They might just leave some of those overseas market and just abandon them altogether, which obviously isn't a great outcome for the people living in those countries. And it probably will leave the United States paying the same amount that they were going to pay. Because if they abandon some of those most favored nations, then you're still going to end up paying higher prices, the United States as well. So people are starting to poke some holes in this, even though the general thrust of the order is something that a lot of people are actually aligned behind. Right.

[Neal Freyman]

Economists are again, sort of the price setting action of this, where the government comes in and says this is the price that you pay for that. You know, free market. Free market experts are totally against that. But one idea that seems to be gaining momentum across the board, from Donald Trump to Mark Cuban, is this idea of going direct to consumer and cutting out those middlemen, those pharmacy benefit managers that have sort of drawn a lot of scrutiny from regulators for driving up prices. Those people that sit in the middle between the manufacturer and the customer and the insurer. And Trump went after them yesterday. This executive order that no one really expected a Portion of that was, you know, allowing and enabling more direct to consumer sales, which is what Mark Cuban has done with his new company with generics. So we'll see if there's a further squeeze on those middlemen in the drug, drug process in order to bring down prices. President Trump landed in Saudi Arabia today to kick off his first major international trip of his second term. And while any number of geopolitical crises are swirling around the region, this visit is focused on one thing. Securing business deals. Over the next three days, Trump will roll through Saudi Arabia, Qatar and the United Arab Emirates to secure up to $1 trillion in investments from these oil rich nations who've become increasingly influential in sectors spanning AI to sports and entertainment. That the Saudis are getting Trump first is no coincidence. Crown Prince Mohammed bin Salman was the first world leader to call him after the election, pledging to invest $600 billion in the US over the next four years. You know who wants a piece of that money? American CEOs. A gaggle of them, including Sam Altman, Jensen Huang, Mark Zuckerberg, and Elon Musk will all be in the kingdom today, aiming to forge closer ties with these autocratic flags, free spending leaders who are going all in on AI. So, Toby, we've got a very unusual first international trip by a president here. Less diplomacy, a lot more term sheets.

[Toby Howell]

Yeah, this makes sense given Trump's transactional approach to foreign policy in general, because in Trump's eyes, these states have a lot to offer him. One, they're pledging to invest literally trillions of dollars in the US Economy. That's been a theme throughout Trump's early presidency so far. They also pledged to spend a lot of money on US Weapons systems as well. So this is a very carefully crafted strategy from those Gulf states to try to, you know, woo Trump, to maybe get some extractions and benefit for themselves as well. So they are seeing this as almost like a once in a lifetime opportunity to have a US President come in to try to, you know, land things like security pacts that Saudi Arabia wants with the United States. So it's definitely a, a mutually beneficial relationship where they think they can solve a lot of win, win issues.

[Neal Freyman]

Here's the question, though. I mean, this is a lot of money, trillions of dollars like that. You know, we know that these countries are rich, but can they actually afford it? And I think that is a question that people are asking and are a little doubtful on because Saudi Arabia has launched these huge megaprojects. We know they have this futuristic city of Neom that was supposed to be, you know, online by 2030, but they're dramatically reducing the scope of that project. You know, they use oil money to fund all these expansions into AI and other sectors. But oil has been in the dumps recently. I mean, the price of oil was $62 today compared with $77 when Trump took office. So at oil prices at that level, they're, you know, their bank account is shriveling up. So the question about whether these three countries can actually spend $1 trillion and buy all these AI chips from Nvidia and whatnot, you know, is, is a open question that I think most people say they actually can't afford it.

[Toby Howell]

And it's in direct opposition to one of Trump's stated goals, which is to bring down the price of oil as well. So that is a point of tension between the two nations. But as we saw him land this morning, it looks to be a very chummy relationship. I mean, they literally had horses escorting his limo as he entered, you know, the Kingdom of Saudi Arabia. So definitely not a relationship that is too strained or too tense right now because clearly the two leaders get along. Up next, we have Toby's friends. Neil, you know that one friend who holds the group together like when you're on a trip abroad, They've checked the weather, done the research, and know the currency conversion.

[Neal Freyman]

Without them, we'd be lost, literally and figuratively.

[Toby Howell]

And here's the good news. Wise Business can be that friend for your global business.

[Neal Freyman]

Wise makes it easy for you to process payments, get paid, and manage your money internationally.

[Toby Howell]

WISE helps you manage your business's finances in 40 plus currencies, all with no hidden fees, no markups on the exchange rate, and no ongoing subscription costs. It's fast, too.

[Neal Freyman]

Sounds like a business's best friend.

[Toby Howell]

To learn more about how you can use Wise Business to save time, money and stress, visit wise.com business. That's wise. Com Business. This episode is brought to you by whoop. The all new Whoop is here. The only wearable that turns your health and fitness data into personalized guidance. Now 7% smaller and with more than 14 days of battery life. I just ran the London Marathon and Whoop was huge for helping me balance my daily strain while staying on top of my recovery. You can't get faster without proper rest and whoop's insights helped me dial in both sides of the equation. Now WHOOP includes heart screener with on demand ECG readings so you can check in on your heart anytime time and share results with your healthcare provider. It also includes the Health Span, a new feature that demystifies the aging process and shows how your daily habits impact your pace of aging, as well as hormonal insights for personalized guidance through your cycle or pregnancy. It's the only wearable that gives you a truly comprehensive view of your body, designed to help you improve your performance, longevity and overall health. Join now@join whoop.com brew daily that's join.loop.com/brew daily so I know a lot of you guys listen to the podcast while on your commute, which thank you. Hope you're not too stressed coming into work, but this edition of Toby's Trends goes out to all you remote employees out there who, even without a commute, are more stressed than you might expect. New data from Gallup shows that remote workers represent a bit of a paradox. Fully remote employees are actually more engaged at work than their in person or hybrid counterparts, with 31% reporting higher levels of enthusiasm for their work and connection to the organization compared to their hybrid and fully in office counterparts. Part of the reason for this higher engagement is that they have more autonomy over their workday, which allows them to use their time more efficiently. But a downside to that autonomy is that they are more stressed out too. Remote workers are more likely to feel negative emotions like anger, sadness and loneliness compared to people who go into an office. Nearly half said they felt a lot of stress recently, more than the 38% of on site workers. And that's true controlling for how much money they make as well. So combine all that data and it shows how working fully remote can lead to higher highs and lower lows compared to going into an office or having a mix of both. So Neil, thank goodness we're doing this podcast in person, who I'm still stressed, that's for sure.

[Neal Freyman]

But you know, CEOs are certainly paying attention to this report and they're saying, wow, a lot of my remote workers are probably super stressed and they're angry and they're lonely. I, you know, there's I probably need to address this to prevent them from leaving because also in this survey they showed that 57% of fully remote workers were actively looking or passively watching for new job opportunities, which is a very high share. So you see that this stress and these lower levels of happiness with their job is actually taking a toll that might lead them to look for more work. I don't know if that is also in a remote role or not, but they're, you know, nearly two over half, almost two thirds of Remote workers are actively or passively looking for a new job as a result of these stressors that they're under.

[Toby Howell]

And Gallup kind of called out some of those stressors. A lot of them have to do with the fact that distance makes things more difficult for some employees. Remote work feels like just work because you don't get any of the friendship, you don't get any of the shared meals, you don't get any of the banter that you have with your co workers as well. So that isolation can increase that feeling of loneliness as well. And then also I mentioned the autonomy piece, which is why there's this paradox, because if you do feel autonomy over your work and you can dictate how you spend your work day, you probably do get more done. You can enter a flow state more easily. But also that is stressful for a lot of people. There's a reason why, you know, not everyone is an entrepreneur. Some people just want to know what they have to do today. They don't want too much ownership because then it feels like the whole world is on your shoulders, especially when you're alone. So that autonomy can be a two sided sword as well. And then obviously to technology is just frustrating as well because everyone's tried to been on a zoom call before. It's not working and you just feel like, oh, why can't I just do these things in person? So those are a few of kind of the triggers that Gallup called out as reasons that remote workers are feeling these increased levels of stress. Now let's sprint to the finish with some final headlines. Pack the Twizzlers and fill up the cooler with Mountain Dew. It is a road trip time, baby. A record 39.4 million Americans are expected to hit the road this Memorial Day weekend to travel by car, up 3.1% from last year and the most in 20 years, according to Triple A. Just 3.6 million people, on the other hand, plan to fly, which is up a mere 1.7% from last year. The reasons people are channeling their inner rascal flats and treating life like a highway are plentiful. Rising economic uncertainty, higher living costs, gas prices near a four year low, combined with flight prices and flight anxiety rising means a lot more Americans are hitting the roads. Neal, going to be a busy one out there.

[Neal Freyman]

It is. I mean, I'm going to be flying this Memorial Day, but I wish I was driving because there's really nothing better than a road trip. Hand out the window. And one of my favorite games to play on any road Trip is beat Google Maps eta. I feel like that's gotten harder to do. I don't know if anyone resonates with this, but maybe five years ago you could reliably beat Google Maps ETA by just going the speed limit and they change their algorithm to account for you beating them. And now it's pretty spot on, which is which I get, but is also quite frustrating.

[Toby Howell]

You're advocating for finding more efficient routes, not speed. Okay, good.

[Neal Freyman]

I just wanted to clarify more efficient route side skirting traffic. But yeah, they're on to me. Okay. If you own an Apple device with Siri, you could be in line for a small payment. Last January, Apple settled a class action lawsuit for 90 million that accused Siri, its voice assistant, of inadvertently listening in on private conversations. Now the window is open for anyone with a Siri enabled gadget to file a claim to secure their slice of the $95 million pie. Eligible devices include the iPhone, iPad, MacBook, Apple Watch, iMac, HomePod, Apple TV, and iPod Touch. But you had to have bought and use them between September 17, 2014 and the end of 2024. And you must live in the U.S. you also have to declare that you experienced at least one where Siri was activated unintentionally and you were having a private conversation at that moment. Toby, this might be the most helpful thing Siri has ever done.

[Toby Howell]

News you can use right here. You can go and file a claim online. You're probably not going to get a hefty chunk of change because it's about 20 bucks per connected device. So you can, you can gather up to $100 from this claim, but that only, you know, happens if you own five Siri connected Apple devices, which actually maybe a lot of us have. I mean, I got an Apple Watch and a computer in front of me, so I'm almost half, half the way there already. But yeah, you can submit this claim. This kind of came through the pipeline with Apple denying everything but wanting to settle it and just kind of get it out of the way. Because this is not a massive number, but still something to, if you want a little nice dinner later in the year, maybe submit a claim and try to get your 100 bucks.

[Neal Freyman]

The apple Stimmies are coming and their website is Lopez Voice Assistance Settlement Dot com. So there you go. You can file a claim there. The Dallas Mavericks may no longer be the punching bag of the NBA, the franchise everyone has been making fun of for their inexplicable trade of superstar Luka Doncic improbably won the draft lottery last night, meaning they'll have the opportunity to pick Duke star Cooper Flag with the number one pick. The Mavericks had just a 1.8% chance to grab the top spot in the draft heading into last night, sparking all sorts of conspiracy theories. Toby, you buying any of them?

[Toby Howell]

I mean, let's just go through some of the recent draft outcomes over the years. LeBron leaves Cleveland. The Cavs get the first pick and get Kyrie Anthony Davis leaves New Orleans. Pelicans get the first pick and get Zion Mavs trade Luka, get the first click and land Flag. So I'm not saying anything. It just seems like any time a blockbuster trade sends one major superstar to another market, they seem to get the number one pick directly after. So, again, I'm not saying anything, but you're just asking. I'm just asking questions here. Speaking of basketball, time to reopen the goat debate because Michael Jordan is coming back to the NBA. No, he's not suiting it up for the Wizards, though he could probably break into their starting five. He's been hired as a special contributor for NBC beginning next fall. As a network who brought us Bubba Bubba Basketball leans further into 90s nostalgia. Neil. NBC last aired the league in 2002. Jordan last suited up in 2003. So they're trying to harken back to the glory days with this hire. I just wonder how he's going to do in the booth without Scottie Pippen.

[Neal Freyman]

We'll see. I mean, I think this seems like a lower stake situation than, you know, Tom Brady calling games for Fox in the football booth. You know, they really haven't given any details about how they're going to use MJ. But you're right, they're going back to the 90s with the theme song and bringing MJ back. And yeah, just everything about this NBC broadcast is supposed to evoke nostalgia. And NBC also talked up their slate in next February, which they're calling the greatest collection of content that has ever been assembled by one media company. And that is certainly debatable. But you can, you can.

[Toby Howell]

Have they seen the morning social media accounts? I mean, come on.

[Neal Freyman]

Well, it's the super bowl, right? And then they have the Winter Olympics and then the, you know, this may drag down a bit, but the 2026 NBA All Star Game all in the span of 17 days. But super bowl and Winter Olympics, you're gonna have a lot of eyeballs and we'll see if MJ can drive anybody to the All Star Game. That has just been awful. The past few years. Okay, let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Tuesday. If you have any thoughts on the show, send an email with questions, comments or feedback to Morning Brew daily@morning brew.com let's roll the credits. Emily Milligan is our executive producer. Raymond Liu is our producer. Our associate producers are Olivia Graham and Olivia Lake. Garrett Peck is on audio, hair and makeup. Can't wait to get on the road again. Devin Emery is our president, and our show is a production of Morning Brew.

[Toby Howell]

Great show meal. Let's run it back tomorrow.