Good morning. Beware the fives of March. —Jamie Wilde, Matty Merritt, Neal Freyman | | | |  | Nasdaq | 13,313.44 | | | | | S&P | 4,328.87 | | | | | Dow | 33,614.80 | | | | | 10-Year | 1.732% | | | | | Bitcoin | $38,879.81 | | | | | Delta | $34.52 | | | | *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. | - Markets: The combo of the war in Ukraine and upcoming Fed rate hikes has taken its toll on stocks—the Dow took another licking for its fourth straight losing week. There was plenty of hurt to go around yesterday, but travel stocks were especially bludgeoned.
- Energy: Due to the rapid run-up in oil prices, average US gas prices surged to $3.84 a gallon on Friday. At 11 cents higher than Thursday's levels, it's the fastest price increase since Hurricane Katrina in 2005.
| | Francis Scialabba NYC and LA County lifted their indoor mask mandates yesterday. Coastal elites will soon be allowed to dine, shop, attend school, work out, and see movies indoors without wearing masks and/or having to flash their vax cards. These moves from two of the staunchest implementers of Covid rules signal an end to US pandemic restrictions as we know them. (A federal mask mandate on public transit is still in effect, not that LA cares.) In dropping the mask and proof-of-vax mandates, NYC Mayor Adams gave one directive to New Yorkers: It's time to party. "We have become so boring as a city. I want all my parades back, every one of them," he said. So life is normalizing…how about work life? During his State of the Union address on Tuesday, President Biden said, "It's time for Americans to get back to work and fill our great downtowns again. People working from home can feel safe to begin to return to the office." Companies have been priming their cold brew kegs. In the last few days, several tech giants announced office reopening plans: - Twitter is opening its offices (and resuming business travel *airlines cheer*) March 15.
- Google said employees can head back to some locations, including its Bay Area HQ, starting April 4.
- Apple told workers to return to the office one day per week beginning April 11, with that cadence ramping up to 2x three weeks later.
American Express, Meta, and Microsoft are among the companies that already introduced back-to-office plans last month. But hopes for full offices and bustling business districts are unrealistic. Economists estimate that three-fourths of the increase in telework during Covid will continue past the pandemic stage of the disease, and the number of fully remote workers will double compared to before the pandemic. Many employees who do return to offices won't be required to work in-person for the entire week: Twitter in particular has gone so far as to leave the decision of working in offices and for how many days entirely up to its employees. Big picture: Companies that don't offer flexible work options could be at a disadvantage for hiring new employees and retaining current ones in this tight labor market. 60% of US workers with jobs that can be done from home say that, given the choice, they'd prefer to work from home all or most of the time, according to a recent Pew survey.—JW | | Sergei Chuzavkov/AFP via Getty Images  Ukraine latest: Western leaders condemned Russia's attack on the Zaporizhzhia nuclear power plant in Ukraine early Friday morning. "By the grace of God, the world narrowly averted a nuclear catastrophe last night," the US envoy to the UN Linda Thomas-Greenfield said. Meanwhile, the Ukrainian port city of Mariupol has been besieged by Russian forces, and its mayor said residents have no water, heat, or electricity.
 Russian oil ban debated. The US is reportedly considering a ban on US imports of Russian crude, though the White House is still hesitant given the potential impacts on US and European economies. In a poll taken yesterday of Morning Brew readers, 92% supported a ban on Russian energy exports to the West.
 Two thumbs up for the jobs report. US employers added 678,000 jobs in February, (far more than expected) and the unemployment rate fell to 3.8%. And in more potential good news, annual wage growth ticked down from the prior month. Why is that even remotely good news? Because it suggests that the feared "wage–price spiral" that could drive inflation even higher may not be materializing.
| | Francis Scialabba The Russian government blocked access to Facebook and Twitter in the country, and not because it's worried about screen time addiction. The ban is part of the government's broader attempt to control the narrative of the war by clamping down on what it considers fake news. Also yesterday, the Russian Parliament passed a law to criminalize what it deems false information about Russia's military. Anyone, including non-Russian citizens, can face up to 15 years in prison for breaking the law. Western outlets immediately reacted to what Bloomberg's editor-in-chief said "makes it impossible to continue any semblance of normal journalism inside the country." - Citing the new law, BBC News and Bloomberg said they're halting the work of their journalists in Russia.
- CNN also announced yesterday that it will stop broadcasting in Russia.
Big picture: Russian citizens can still access most sites via Telegram or through personal VPNs, but many Russian independent news organizations have already pulled Ukraine content or simply shut down due to tighter censorship policies from the Kremlin.—MM | | | They say money can't buy happiness, but we're pretty sure a little extra moolah never ruined anyone's day. With Daily Cash from Apple Card, you get up to 3% unlimited cash back every day on every purchase you make. No confusing points. Just real cash you can use wherever, however you want. You can even share your Apple Card with anyone you call family, as long as they're 13 years of age or older. Apple Card is also a fee-free zone—no annual fees, late fees, or foreign transaction fees (not even those sneaky hidden ones). No points, no fees, no gimmicks. Did we mention the cash? Apply right here. Terms apply. | | Grant Halverson/Getty Images Tonight, Duke men's basketball head coach Mike Krzyzewski will coach the final home game of his 42-year career against archrival UNC. Given Coach K's mythical status at Duke—five national championships, 12 Final Four appearances, gloriously losing to Maryland a few times while I was a student there—demand for tickets is blowing the roof off of Cameron Indoor Stadium. - As of last night, the cheapest ticket to enter the game was $3,243, which is more than the cheapest ticket to attend this year's Super Bowl.
- With an average ticket price of $7,400, it's the most expensive regular-season game in any sport in SeatGeek's records.
But there's a catch: If you're a student at Duke, you can get into the game for free. But there's another catch: You have to sleep in a tent outside the arena for months to maintain your place in line. And the property value of the camp that's sprung up for this game is on par with prices in places like Vail or Palm Beach, Zillow's senior managing economist Chris Glynn told the WSJ. Glynn estimates that each square foot of "Krzyzewskiville" is worth ~$1,000, giving the entire community a value of $20 million.—NF | | Brandon Sanderson's Kickstarter page Stat: Prolific fantasy author Brandon Sanderson has raised more than $20.8 million in three days to self-publish new books, setting the record for the highest-funded Kickstarter project ever. Sanderson, who's famous for creating the Cosmere universe and being the best thing to come out of Nebraska since Kool-Aid, was aiming to raise $1 million to self-publish the four novels he wrote during the pandemic. Quote: "There is no room in this party for apologists for Putin." Former VP Mike Pence denounced the Republicans who have failed to criticize Russian President Vladimir Putin at a speech to GOP donors in New Orleans last night. Read: On CO2, students, and ventilation (Why is this interesting?) | | - Tesla's new factory in Germany won conditional approval to start churning out cars.
- Disney+ is adding a cheaper, ad-supported tier starting later this year.
- Russian-owned businesses in the US have been getting vandalized and have faced threats during the war.
- Flag manufacturers in the US are seeing huge spikes in demand for Ukrainian flags.
| | IT'll cost ya: But with Electric's free IT-cost calculator, you can get an estimate of the time and money your biz spends on IT-related tasks. Not crazy about your result? Electric can save you 50% on IT costs with their lightning-fast support. Calculate here.* Get those tails a-waggin'! Fuzzy makes it a breeze to find vet-curated meds, treatments, and supplements that'll help your 4-legged friend thrive. Take the quiz to discover your pet's personalized recommendations and get 50% off your first month. Sign up today.* Ukraine roundup: If you missed any of our extensive coverage of the war in Ukraine, we created a webpage with all of the stories here. Plus, we wrote an explainer on what a bank run could mean for the Russian economy. Weekend conversation starters: *This is sponsored advertising content. | | | Audio clues are back in a big way with today's FX-themed crossword. Plug in your headphones then play it here. | | | Written by Neal Freyman, Matty Merritt, and Jamie Wilde Was this email forwarded to you? Sign up here. WANT MORE BREW? Industry news, with a sense of humor → - Emerging Tech Brew: AI, crypto, space, autonomous vehicles, and more
- HR Brew: analysis of the employee-employer relationship
- Marketing Brew: the buzziest happenings in marketing and advertising
- Retail Brew: retail trends from DTC to "buy now, pay later"
| ADVERTISE // CAREERS // SHOP // FAQ
Update your email preferences or unsubscribe here.
View our privacy policy here.
Copyright © 2022 Morning Brew. All rights reserved.
22 W 19th St, 4th Floor, New York, NY 10011 | |
No comments:
Post a Comment