Daily Brew // Morning Brew // Update

May 09, 2025

Good morning. A Soviet spacecraft from the 1970s could crash your Saturday barbecue—or rather, crash into it. At some point in the next day, Kosmos 482, which failed to land on Venus after it was launched 53 years ago, is expected to hurtle uncontrolled back to Earth. Unfortunately, scientists have no idea where this half-ton hunk of metal will land, but they project it could fall anywhere from 52 degrees north to 52 degrees south (where virtually all of you are reading this from).

But here’s why you can probably go about your weekend undisturbed: The creaky Kosmos 482 could burn up upon reentry, and more importantly, most of the Earth is water, so the likelihood that it cannonballs into an ocean is far more likely than it plunking down on your head.

—Matty Merritt, Sam Klebanov, Molly Liebergall, Adam Epstein, Neal Freyman

MARKETS

Nasdaq

17,928.14

+1.07%

S&P

5,663.94

+0.58%

Dow

41,368.45

+0.62%

10-Year

4.373%

+10.0 bps

Bitcoin

$101,690.27

+5.56%

Krispy Kreme

$3.26

-24.71%

Data is provided by

*Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean.

Markets: All three indexes moved up yesterday as President Trump announced the framework of a trade deal with the UK and urged investors to buy stocks now. Meanwhile, Krispy Kreme hit a record low after it missed its Q1 revenue expectations, pulled its full-year outlook, and paused its partnership with McDonald’s. Woof.

ECONOMY

The US and UK have a trade deal (kind of)

Thierry Monasse/Getty Images

President Trump and UK Prime Minister Keir Starmer announced a loose trade deal yesterday, the US’ first with another country since Trump slapped tariffs on nearly every nation on Earth.

What we know for sure: Trump’s call to Starmer came right in the middle of the Arsenal match Wednesday night, but not a lot else. The US’ blanket 10% tariff on UK imports still stands. But we did learn that:

The UK will be allowed to send 100,000 cars to the US under that 10% levy, instead of the proposed 27.5%. This will predominantly benefit luxury carmakers like Range Rover and Aston Martin.
For context, roughly 96,000 vehicles entered the US from the UK last year, while the US brought in about 3 million vehicles from Mexico, the largest supplier of US auto imports, according to Bloomberg.

Tariff-free(ish): Rolls-Royce engines and plane parts can enter the US free from tariffs, and an undisclosed UK airline will purchase $10 billion worth of Boeing planes. The British government said that US tariffs on steel and aluminum imports from the UK would fall to zero, but the White House’s statement was more vague about duties on the materials, without committing to any hard cuts.

There’s a lot still up in the air

The UK said it would open up access for the US to sell beef, poultry, ethanol, and cereal, but whether or not that will be extended to other sectors, like pharmaceutical companies, is unclear. There are also no details about advanced tech like quantum computing or the UK’s digital services tax, which have huge implications for tech companies.

Big picture: The details that investors want to make sense of the chaotic tariffs likely won’t come for months. But even then, this deal could only have a small impact on the US economy, as the UK is not even in the US’ top five biggest trading partners and represented just 2.9% of American trade last quarter.—MM

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WORLD

Tour de headlines

Alberto Pizzoli/Getty Images

Robert Prevost chosen as the first American pope. After one of the fastest papal conclaves ever, Chicago native and Villanova University grad Robert Francis Prevost was elected as the next pope, becoming the first American to lead the world’s 1.4 billion Catholics. The 69-year-old Prevost, who is also a Peruvian citizen and fluent in five languages, took the name Leo XIV. In his address to the Vatican crowd, Leo XIV spoke mostly in Italian, emphasizing peace and the need to build bridges. He was seen as a massive longshot to become the pope, not even appearing as an option on several oddsmaking sites. But papal connoisseurs say Prevost recently emerged as a plausible candidate to succeed the late Pope Francis due to his global experience, calm demeanor, and ability to unite various factions within the Church.