Good morning. During the NFL regular season, the league's games accounted for 91 of the top 100 TV broadcasts, and 48 of the top 50. This weekend showed why—it's simply the best content around. Among the craziness… - All four divisional playoff games ended in walkoff fashion.
- The Bills and Chiefs combined to score 25 points in the final 1:54 of regulation.
- Also, this is the first time in 12 years that a conference title game won't feature Tom Brady or Aaron Rodgers.
OK. Taking a deep breath and transitioning to business news in 3...2...1... —Neal Freyman | | | |  | Nasdaq | 13,768.92 | | | | | S&P | 4,397.94 | | | | | Dow | 34,265.37 | | |  | 10-Year | 1.774% | | | | | Bitcoin | $35,919.08 | | | | | Ethereum | $2,496.02 | | | | *Stock data as of market close, cryptocurrency data as of 8:00pm ET. Here's what these numbers mean. | - Markets: The S&P is off to its worst start to a year since 2016. The Nasdaq is in a correction. And things might get more turbulent in the week ahead that features a busy earnings slate and a Fed meeting. Crypto investors, meanwhile, wish they got the weekend off like stock traders, because bitcoin, ethereum, and other digital tokens continued to sink.
- Covid: Dr. Fauci said he is "confident as you can be" that the Omicron wave in the US will peak by mid-February. In a growing number of states, that peak has already come and gone and cases are plunging in states like New York and Florida. Other states, such as Oklahoma, Idaho, and Wyoming, are still reporting an uptick in new Covid cases.
| | Gary Miller/FilmMagic A blockbuster First Amendment trial that pits former Alaska governor and VP nominee Sarah Palin against the US' most iconic news source, the New York Times, will begin today. The backstory In 2017, following a shooting at a practice session for the Congressional Baseball Game for Charity, the NYT ran an editorial that established a connection between an ad produced by Sarah Palin's political action committee (PAC) and another mass shooting, one in Arizona in 2011 that killed six and wounded Democratic Congresswoman Gabby Giffords. "The link to political incitement was clear," the editorial board wrote. That, plus another assertion that Palin's PAC circulated a map that put Giffords and 19 other Dems under stylized crosshairs, was just not true. The NYT quickly issued corrections and tweeted an apology—but didn't mention Palin. Palin sued the paper less than two weeks later, accusing it of defaming her and seeking unspecified damages. The suit was originally dismissed but was revived later by an appeals court. How the trial will play out Palin will have an uphill battle to victory. As a public figure, she'll have to prove that the NYT acted with "actual malice" in publishing the editorial—that is, that it knowingly meant to harm Palin with the falsehoods or included the falsehoods with "reckless disregard." - That "actual malice" standard was established in 1964, in a Supreme Court ruling that also involved the Times.
The NYT has said it was an honest mistake. As a spokesperson told CNN, "We are deeply committed to fairness and accuracy in our journalism, and when we fall short, we correct our errors publicly, as we did in this case." Still, the trial may be embarrassing to the NYT for exposing sloppy editing practices ahead of tight deadlines. In the case of this editorial, the then-editor of the Times editorial board, James Bennet, inserted the false passages at the last minute after being unsatisfied with a draft from the actual author of the column, Elizabeth Williamson. Bottom line: "The case will help demarcate the line between really bad journalism and libelous journalism," the Washington Post's Erik Wemple wrote. | | A man walks past a destroyed building of a former military installation in eastern Ukraine. (Alexander Nemenov, AFP via Getty Images) Western leaders are scrambling to mount a unified response ahead of what they say is an imminent invasion of Ukraine by Russia. One potential response is sanctions—financial penalties that countries use against each other like a parent telling their disobedient kid he's grounded. Yesterday, Secretary of State Antony Blinken pushed back on calls to slap sanctions on Russia before an invasion. - "When it comes to sanctions, the purpose of those sanctions is to deter Russian aggression," Blinken said on CNN. "If they're triggered now, you lose the deterrent effect."
- Some US lawmakers disagree. Sen. Joni Ernst (R-IA) said that sanctions need to be introduced now: "Once an invasion happens, lives are lost, you can't go back from that," she said.
Some history: The US has already slapped Russia with a series of sanctions beginning in 2014, the last time Russia invaded Ukraine. More than 80% of Russian companies sampled for a study by Aalto University in Finland reported that sanctions imposed between 2014 and 2017 hurt business performance. Zoom out: The UK upped the urgency level even more on Saturday, when it accused Russia of hatching a plot to install a pro-Russian leader in Ukraine once it invades (Russia called the allegations "nonsense"). And last night the US State Dept. ordered family members at the US embassy to leave the country. + For a deeper dive on Ukraine: Read Adam Tooze's analysis of Russia's geopolitical strategy. | | Robert Nickelsberg/Getty Images New York City Mayor Eric Adams received his first paycheck on Friday, but instead of spending it on a Joe's slice, he planned to have it converted to bitcoin and ethereum. The move would partially fulfill a promise by Adams to convert his first three paychecks into crypto, and highlights his PR push to turn the Big Apple into the "center of cryptocurrency and other financial innovations." But as Tom Brady and Aaron Rodgers learned this weekend, the competition isn't backing down. Touting his city as the next crypto capital, Miami Mayor Francis Suarez has one-upped Adams and taken his last four paychecks in bitcoin. He even launched a crypto project, MiamiCoin, to raise funds for the city and publicize its crypto efforts. Why it matters: Well, on the surface most of us don't really care whether mayors get paid in USD or Snickers bars. But on a deeper level their efforts symbolize how mayors want to portray their cities as pro-innovation in order to attract new businesses and startups, particularly in fast-growing sectors like crypto. And crypto is growing…fast. VC firms invested $32.8 billion into blockchain and crypto startups in 2021, more than all previous years combined. | | TOGETHER WITH YIELDSTREET | | We bring exciting news: The investing techniques often dominated by the 1% are actually available to you, too. Is it magic? Nope. It's thanks to the good folks at Yieldstreet. With Yieldstreet, you can invest beyond the stock market and access alternative investments in real estate, art, venture capital, and more. Yieldstreet already has a cool 340K+ members who've invested over $2B using the platform. So, how does this happen? Yieldstreet offers a unique suite of products with various yields, minimums, and durations, all of which has been vetted by professionals. You can choose from a variety of investment products to suit your needs, and even try out Yieldstreet's handy portfolio simulator to visualize the building process that could unlock your $$$'s potential—which is the best kind of potential. Get started with Yieldstreet right here. | | Erin Clark/The Boston Globe via Getty Images Stat: Massachusetts, where stores have been selling recreational marijuana since 2018, has collected more excise taxes from cannabis sales than from alcohol for the first time ever this fiscal year, according to WCVB. Quote: "Where is Peng Shuai?" Don't wear apparel with that slogan to the Australian Open or you could find yourself getting asked to leave. Tournament security ejected two fans wearing messages in support of Peng Shuai, a Chinese tennis star whose safety has been questioned by the sport's leaders, under rules that prohibit "clothing, banners, or signs that are commercial or political" on tournament grounds. Read: The forgotten medieval habit of "two sleeps." (BBC News) | | Illustration: Francis Scialabba, Photos: Joshua Daniel/Unsplash, Rudy Sulgan/Getty Images Fed meeting: Federal Reserve officials will get together on Tuesday and Wednesday against the backdrop of quaking markets. No major announcements are expected, but investors will want to hear an update on Chair Jerome Powell's views on inflation. This Fed meeting will likely be the last before an anticipated interest rate hike in March. Earnings: A blizzard of companies will deliver some fresh Q4 financial powder this week, including nearly half of the Dow's 30 giants (American Express, 3M, IBM, and more) and tech heavyweights such as Apple, Microsoft, and Tesla. Tax szn: The income tax filing season opens today and government officials warn it could be bumpy due to a depleted IRS. The Treasury says to file early, file online, and request your refund via direct deposit to avoid the worst headaches. Everything else: - The Gilded Age, a period drama from the creator of Downton Abbey, premieres today on HBO.
- The Australian Open's women's and men's singles finals will take place Friday and Saturday ET, respectively.
- Today is National Compliment Day, which reminds me—your new haircut looks great.
| | - Activist investor Blackwells Capital has taken a significant stake in Peloton and will urge the company to fire its CEO and explore a sale, per the WSJ.
- Another activist investor, Trian Fund Management, has taken a stake in consumer goods giant Unilever, the WSJ reports. Kohl's is also facing the heat from activist investors.
- New Zealand Prime Minister Jacinda Ardern announced new Covid restrictions and postponed her wedding after detecting nine cases of Omicron in a family who traveled to the country.
- REI employees at a Manhattan location filed for a union election; if successful, it would be the retailer's first union.
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