Net Neutrality Is Back (For Now)

Good morning and happy Friday. Dan Rather will make his first appearance on CBS in almost two decades this weekend. The former news anchor will be featured on CBS Sunday Morning, 18 years after he was forced out following a botched 60 Minutes II report on former President George W. Bush. Have a great weekend.

In Today’s Brief

• USC: Main graduation event canceled

• France: Moulin Rouge mishap

• Supreme Court: Trump immunity hearing

• Southwest Air: Seating changes?

• NFL Draft: QBs go 1-2-3

... and more

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Top Tips

1) Level playing field

Net neutrality has been restored.

• What happened: The FCC has restored rules that require all internet service providers to treat all traffic equally and classify broadband as a form of telecommunication. Providers like AT&T and Comcast are once again prohibited from blocking or throttling certain apps and websites. Offering higher connectivity speeds to customers for more money is also off the table.

• Catch up: The FCC first established net neutrality in 2015 under former President Barak Obama's administration. The commission then repealed the rules in 2017 after former President Donald Trump entered office, and they are now back under President Joe Biden. The rules were reinstated on a 3-2 party-line vote, with three Democrats approving and two Republicans dissenting.

• Big picture: The order goes into effect 60 days after it is published in the Federal Register. But Republicans remain opposed to net neutrality while the telecommunications industry believes it is unnecessary government interference in business. So the rules could boomerang again in a second Trump administration. The impact on consumers under both approaches has been negligible, though.

2) GDP dive

Wall Street's solid week hit turbulence with more concerning inflation numbers.

• What happened: The Q1 GDP numbers were less than ideal. The U.S. economy only grew by 1.6% in the first three months of this year, according to the Department of Commerce. Analysts had expected a 2.5% increase. Q1 GDP was down 0.6% YoY and 1.8% QoQ. It's the second straight quarter where GDP growth has dropped over 1%.

• Also of note: The personal consumption expenditures price index was up 3.4% in Q1, well above the 1.8% posted in Q4 of 2023. Those figures and the GDP numbers signal inflation remains sticky despite the economy beginning to cool down -- further signs the Federal Reserve will not be able to cut interest rates anytime soon (and its role in the presidential election will likely grow).

• The markets: Major indexes all closed down on the news. The Dow Jones (-0.98%) finished down 375 points after being down over 600 during trading. The Nasdaq (-0.64%) and S&P 500 (-0.46%) also tumbled. But all three indexes were up pre-market last night.

3) Shocking reversal

Disgraced Hollywood producer Harvey Weinstein's 2020 rape conviction was overturned by the New York Court of Appeals

• What happened: The court ruled, 4-3, that the judge in Weinstein's trial exhibited prejudice, chiefly by allowing women to testify about allegations that were not part of the case against Weinstein. The panel has ordered a new trial.

• Next steps: Weinstein learned of the decision while serving a 23-year sentence at the Mohawk Correctional Facility. He will remain imprisoned since he was also convicted of rape in Los Angeles in 2022, receiving an additional 16-year sentence. But defense attorney Arthur Aidala indicated he will push for a quick retrial, assuming the state wishes to proceed. The retrial would come before a new judge and prosecutor and could not include witnesses used in the first trial.

• Big picture: Weinstein has faced allegations of rape, sexual assault and misconduct from over 80 women, including prominent actresses. But this ruling, like comedian Bill Cosby's 2021 sentence reversal in Pennsylvania, is a setback for the #MeToo movement. If Weinstein's New York charges are dropped or if he is acquitted in a retrial, it could place his California conviction in jeopardy.

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Quick Tips

U.S. News

• USC has canceled the main-stage graduation ceremony that traditionally draws over 60K due to security measures sparked by pro-Palestinian protests on campus. Smaller commencement events remain scheduled; the school previously canceled a speech by a pro-Palestinian student (More)

• The CDC has identified the first instances of HIV transmission through a cosmetic procedure. Three women were likely infected after receiving "vampire facials" at an unlicensed spa in New Mexico (More)

• A 74-year-old Ohio woman charged with armed robbery of a bank may have been an online scam victim. The woman's family claims she duped into sending her money to someone, but the robbery does not appear to be related to the alleged scam (More)

World News

• The sails fell off the iconic windmill atop the Moulin Rouge cabaret club in Paris. The cause was not immediately clear but "foul play" was ruled out; there were no injuries and the landmark will be repaired (More)

• A U.S. military-built humanitarian pier is expected to be operational in Gaza next month, according to the Israel government. President Biden announced the controversial measure in March during his State of the Union address (More)

• Haitian Prime Minister Ariel Henry formally resigned as a transitional national leadership council was sworn in. The Caribbean nation has been engulfed by gang violence for weeks (More)

Campaign News

• The Supreme Court appears likely to reject former President Trump's claims of sweeping presidential immunity for actions taken while in office. But the justices may rule in a manner that further delays Trump's federal election interference trial (More)

• President Biden's campaign has opened its first field office in Florida. A recent University of North Florida poll has Trump leading the Sunshine State by just two points; Trump has won the state twice (More)

• About half of registered voters would replace both Trump and Biden on the ballot this year if they had the option. Pew Research Council found over 90% of each candidate's 2020 supporters plan to vote the same way (More)

Business & Markets

• Southwest Airlines may change its single-class, open-seating cabins to drive more revenue. Analysts say the airline is leaving money on the table with a lack of premium seating offerings (More)

• Honda will invest $11B in new electric vehicle and battery plants in Canada. The Japanese automaker plans to expand operations alongside existing facilities in Ontario (More)

• The FTC will send almost $6M in refunds to consumers after a settlement with Ring. The Amazon-owned doorbell camera and home security company failed to protect the devices' footage from outside access (More)

Entertainment & Sports

• A trio of quarterbacks were selected with the first three picks of the NFL draft. The Chicago Bears took USC’s Caleb Williams at No. 1; LSU’s Jayden Daniels and North Carolina’s Drake Maye went to the Washington Commanders and New England Patriots at Nos. 2 and 3, respectively (More)

• An extended and remastered version of the The Lord of the Rings trilogy will have a short stint in theaters nationwide this summer. The Warner Bros. films will show at locations associated with Fathom Events from June 8-10 (More)

• A Montana minor league baseball team is in a trademark battle with the National Park Service. The Department of the Interior is protesting one of the Glacier Range Riders' logos (More)

Quick Hitters

• Fun Stuff: People think this dog must have been a person in another life. What else can explain these impeccable table manners?

• Weird Science: A plant at a botanical garden in England is blooming for the first time in nearly 20 years. A distant relative of the pineapple, staffers are hand-pollinating flowers -- which only live a few days -- to mimic hummingbirds.

• Take Note: Digital books have become very popular for readers, who save money and space. But they are actually far more expensive for libraries than physical copies.

• Go Deep: Doppelgangers, or unrelated people who look exactly like each other, are real. A new documentary examines why people go out of their way to find them.

• Life Hack: You are likely loading your dishwasher incorrectly, or at least failing to maximize its capabilities. Here are a few ways to get more out of the appliance.

• OPTIMIZE ME: Researchers “found convincing evidence that higher intake of ultra-processed foods was associated with 50% increased risk of cardiovascular disease-related death, a 48% to 53% higher risk of anxiety and common mental disorders, and a 12% greater risk of type 2 diabetes”

Want more health and wellness news? Subscribe to our brand new newsletter, Optimize Me, and start living a healthier life through diet, exercise, sleep, and mindfulness:

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Looking Ahead …

An election angle flying under the radar: Democrats and Republicans could be poised to end lengthy droughts in high-profile races. The GOP has a chance to grab a Senate seat in Maryland and the Washington state governor's house for the first time in almost 50 years while Texas Democrats are aiming for their first Senate seat in close to four decades.

Question of the Day — Friday Trivia Edition

Yesterday’s results:

Will the new overtime laws effect you?

• No (98%)

• Yes (2%)