The people whose problems include finding a place to park their yacht are starting to sound like everyone else when it comes to the US economy. A survey of CEOs from some of the biggest US companies revealed a decline in confidence in the economy—and a dim outlook for the next six months.

The Conference Board, a nonpartisan think tank, polled 141 chief executives of Fortune 500 companies during Q2 and returned a confidence score of 47, a 12-point drop from Q1. Anything below 50 is considered negative. But that’s not all from the demoralized C-suite:

• Only 8% of CEOs said conditions worsened in Q1, but that share exploded to 47% in Q2.
• Forty percent expected things to get worse over the next six months, up from 13% in the previous survey.

Consumers agree. The Conference Board also found that US consumer confidence dropped in May, reinforcing a similar report from the University of Michigan last week that showed consumer sentiment at an all-time low.

What’s got everyone anxious?

Regardless of your tax bracket, you can throw a dart at just about any economic indicator and have it hit something that will make you take a big swig of Pepto-Bismol.

Gross Domestic Product: The GDP for Q1 was adjusted down from 2% to 1.6% yesterday.

The change was due to “downward revisions to investment and consumer spending,” according to the Bureau of Economic Analysis.

Inflation: High gas prices—they affect cars and private planes—have helped drive the 12-month inflation rate to a three-year high of 3.8%, per the Commerce Department.

Fed’s next move: With inflation heating up, new Federal Reserve Chair Kevin Warsh may have a hard time delivering his desired interest rate cut. According to CME FedWatch, there’s now a 37% chance of a rate hike in December, as central bankers grow skeptical of the idea that AI-fueled growth will cool inflation.—DL

Deal talks went “back and forth” as Iran war reached three-month mark. The US and Iran have been negotiating a memo of understanding this week that would extend the ceasefire by 60 days and start discussions around Iran’s nuclear program, multiple outlets reported, but neither side signed off on it as of yesterday. Vice President JD Vance told reporters on the tarmac at Joint Base Andrews yesterday evening that the nations were going “back and forth” on a couple of language points, despite making significant progress. It followed Treasury Secretary Scott Bessent’s use of the same status update at a White House briefing yesterday afternoon. Meanwhile, the Pakistani government said its foreign minister would meet with Secretary of State Marco Rubio in Washington, DC, today.—HVL

Caesars Entertainment was sold for $6 billion. The iconic casino chain will soon be owned by Fertitta, which also owns a potpourri of entertainment ventures, including the Golden Nugget casino, the NBA’s Houston Rockets, and the restaurant you still have weird dreams about from a class trip in middle school (Rainforest Cafe). The deal is technically worth nearly $18 billion after adding in the almost $12 billion in debt that Fertitta will take on from Caesars. The casino brand has been under major pressure due to Las Vegas’s dwindling foot traffic and the rise of online betting platforms.—AE

Google employee charged with insider trading on Polymarket. Michele Spagnuolo, an information security engineer at Google who used the username “AlphaRaccoon,” allegedly made $1.2 million on bets using insider info. According to prosecutors, Mr. Raccoon correctly wagered that the singer D4vd would be the most-searched person of 2025 based on access he had to internal—and confidential—Google data. The arrest is the latest in a long list of insider trading scandals connected to prediction markets like Polymarket and Kalshi.—AE

Fresh off the company’s 10% layoff, Meta is officially rolling out subscriptions for its apps in an effort to diversify its heavily ad-based revenue.

Meta announced yesterday that users will be able to pay $3.99 a month for Facebook or Instagram Plus for features that predominantly seem to benefit influencers and people down bad for their crush:

• These new tiers will let you see how many people rewatched your story, provide a search function for story viewers, and let you extend stories beyond 24 hours.
• Meta is also rolling out plans for businesses and creators, with the most expensive plan at $49.99 a month offering access to human customer service agents.

That’s not all

WhatsApp Plus will let subscribers pay $2.99 a month for the ability to customize app themes, pin more conversations, and access premium stickers.

Meta also introduced Meta AI subscription tiers at $7.99 and $19.99 a month for more compute power. The company didn’t specify what limits might be imposed on nonpaying users.

Why now? The company’s non-advertising revenue—which includes hardware and subscriptions—was about $1.29 billion last quarter, a long way from its $55+ billion in advertising sales. But Meta needs to show investors it can make money off of its $600 billion AI infrastructure investment.—MM

If you buy bags of rice and ammo by the forklift, you may already be familiar with Vivos xPoint in South Dakota. The 18-square-mile, off-grid compound has 575 concrete bunkers that can allegedly withstand nuclear blasts, solar flares, super volcanoes, and economic collapse—a real Doomsday prepper’s paradise (or at least Paradise the TV show).

But they didn’t prep for HOA drama.

Rules for the apocalypse: According to the Wall Street Journal, if residents shell out $55,000 (plus rent and fees), they get a 99-year lease on a shelter, plus a long list of rules to follow (like what happens in Bunker Town, stays in Bunker Town). Failure to follow the regulations can get you evicted.

Heated survivalry: In September, more than 100 Vivos tenants sued, saying they never got amenities they were promised, including a gym, restaurant, general store, and clinic. Operations director Dante Vicino said those things are still in the works, but it’s been hard to find labor in the compound’s remote area. That’s not the only community issue:

• A septic system dispute resulted in a person getting shot.
• And, in another incident, a resident brandished a firearm over a dog running free.

Growing compound interest: Architectural Digest dubbed “luxury bunkers” one of its real estate trends back in 2023. That same year, Wired reported that Meta CEO Mark Zuckerberg worked extensive underground bunker plans into his $100 million compound in Hawaii.—BC

On Fridays, the Brew’s Dave Lozo looks at a sports business story that says a lot more than just the final score of a game.

Kansas City Chiefs tight end and frequent subject of Taylor Swift songs Travis Kelce became a minority owner of MLB’s Cleveland Guardians this week, joining a long line of athletes to dip a toe into sports team ownership.

“The opportunity came across my desk and I just couldn’t say no,” said Kelce, a Cleveland Heights native who shocked many by revealing that he owns a desk. Kelce’s share came out of the 35% stake owned by Blackstone exec David Blitzer, who can become the majority owner after the 2027 season.

Other athletes with ownership stakes in pro teams include: LeBron James (Boston Red Sox, Pittsburgh Penguins); Tom Brady (Las Vegas Raiders and Aces); David Beckham (Inter Miami CF); Giannis Antetokounmpo (Milwaukee Brewers); and Kelce’s teammate, Patrick Mahomes (Kansas City Royals).

Sports team valuations have soared to new heights, and the Guardians are no exception. Per Forbes, the team was valued at $920 million in 2017 but is worth $1.7 billion today.—DL