Good morning. Spooky season has officially ended, and whatever the period in between Halloween and Thanksgiving is called has begun (light coat-a-thon?). Whatever you want to name it, it's going to be hella busy. - The midterms are one week from today.
- Black Panther: Wakanda Forever arrives Friday the 11th.
- The World Cup begins on the 20th.
- A 16-pound Thanksgiving turkey needs to start thawing the 21st, latest.
—Matty Merritt, Max Knoblauch, Abby Rubenstein, Neal Freyman | | | |  | Nasdaq | 10,988.15 | | | | | S&P | 3,871.98 | | | | | Dow | 32,732.95 | | | | | 10-Year | 4.048% | | | | | Bitcoin | $20,465.66 | | |  | GameStop | $28.31 | | | | *Stock data as of market close, cryptocurrency data as of 2:00am ET. Here's what these numbers mean. | - Markets: Stocks dipped a bit yesterday as investors wait for the Fed's likely move to raise interest rates by 75 basis points again on Wednesday. But it wasn't a total fright fest on the last day of October: The Dow closed out its best month since 1976. Meme stocks also had another moment as GameStop shares were briefly halted after spiking early in the day. The price dropped back down later—and, as usual, no one can quite explain the jumpiness.
| | | | Photo Illustration: Dianna "Mick" McDougall, Photo: Jose Luis Pelaez Inc/Getty Images If you work in New York City, you can celebrate Marked-Down-Halloween-Candy Day by comparing your salary to your future coworkers'. Today a new city law goes into effect that requires companies with four or more employees to disclose a specific pay range in every job posting. Several states including Colorado, California, and Washington have already passed similar transparency laws, with more on the horizon. Supporters of salary transparency laws say the rules will help close racial and gender pay gaps. Even businesses that initially pushed back against the NYC law, calling it another hurdle in a tight labor market, are now submitting to the inevitable pay transparency wave. It doesn't matter where a job is posted: Internal or external sites, flyers, classified ads—even if a job opening is yelled out in the middle of Times Square by the town crier, it will need a salary range. Indeed said it won't post any NYC-based roles that don't include salary ranges as of today. The law is expected to affect 4 million private-sector employees: It covers full- and part-time roles, internships, and independent contractors. Even if you don't live in NYC, you'll start to see changes If an NYC-based company is hiring for a remote role outside of the Big Apple, it won't technically need to include the salary info. But companies hiring all over the country are now likely to slap salary ranges on every job. Corporations like American Express and Citigroup have already started doing just that. And a majority of workplaces are seriously considering it, according to a survey from consulting firm Willis Towers Watson. There may be some growing pains…companies are preparing for a surge of raise requests after employees get a clearer picture of what their bosses are willing to pay for someone to do their jobs.—MM | | | The billion-dollar Houses of Coinbase and Masterworks, simplifiers of crypto and art investing, have a new acquaintance called reAlpha. This time, real estate is coming. reAlpha is making Airbnb ownership as easy as using an app: Users purchase fractional shares and collect rent from high-potential properties without ever having to maintain or manage them. It's such a solid idea that Churchill Real Estate sent in the cavalry—$200m in financing—to help reAlpha acquire properties (one of the largest deals in industry history). Users around the world will soon join the  House of Fractions to reap the benefits of property ownership without the hassle… But you can own a piece of the entire kingdom when you become a reAlpha shareholder today. | | Francis Scialabba  Biden threatens oil companies with higher taxes. Days after oil companies reported massive profits for the last quarter, President Biden accused them of profiteering off the war in Ukraine, and urged them to boost production and bring prices down. If they don't increase output, he vowed to work with Congress to impose higher taxes in his latest bid to bring gas prices down as midterms approach.
 Pelosi attack suspect wanted to "break her kneecaps," authorities say. David DePape, who allegedly broke into House Speaker Nancy Pelosi's home and beat her husband Paul Pelosi with a hammer, planned to take her hostage and harm her as a warning to other politicians, a federal criminal complaint filed against him yesterday said. DePape has been charged with assault and attempted kidnapping, as well as other crimes.
 Turns out everyone was rooting for the anti-hero. Taylor Swift became the first artist in history to occupy all top 10 spots on the Billboard Hot 100 song chart with tracks from her new album, Midnights, last week. And although we're all still wondering how "Vigilante Shit" squeaked in there, Swift now has the most top 10 songs (40) of any woman artist, beating Madonna by two songs.
| | Francis Scialabba Like anyone else who just made a huge, potentially regrettable purchase, Elon Musk is scrambling for new ways to make money fast. Twitter's new owner plans to begin charging Twitter users $20 per month to retain their "verified" badge, according to The Verge. Musk wants to make subscribing to Twitter Blue—the company's paid tier, currently available only in the US, Canada, New Zealand, and Australia—the only way to be verified on the site. And he wants to raise the price from $4.99 to $19.99. Critics pointed out that this update could defeat the current purpose of verification: showing that an account really belongs to the brand, celebrity, or dashing newsletter writer it purports to be. Employees were told to make this change by November 7 or be fired, The Verge wrote. What else is brewing at Twitter? Since purchasing the company on Thursday, Musk has been busy trying to implement drastic changes. Yesterday, we learned that he... - Instructed engineers to reboot Vine, the beloved short-form video platform that Twitter shuttered in 2016, according to Axios.
- Dissolved Twitter's board and became the company's only director (which he said was a temporary move).—MK
| | Jon Cherry/Getty Images With only one week left until the midterm elections, we'll be bringing you different stories from around the campaign trail. First up: the election's supply chain problem. The US may be deeply divided this midterm season, but both sides can agree on one thing: There's not enough paper. That's a problem because, even though it is the year 2022, US elections still require reams of the stuff—30 million pounds of it for the midterms to be exact, experts told ABC. And now, election officials are worried they could run out of ballots, envelopes, and voter registration forms. Why is there a paper shortage? Supply chain snarls, of course. As the world went digital, paper production in the US decreased with dwindling demand. During the pandemic, many paper mills shifted production to more in-demand shipping materials. To fulfill regular paper orders, they relied on their stockpiles. That means there's less paper to go around, putting a strain on the election system: - Costs have ballooned 40%—a problem for candidates, since it ups the price of all those lawn signs and flyers.
- Paper orders that used to take days to fulfill can now take months, so election officials have been warned to take extra care to avoid typos that would require last-minute reprintings.
No major paper complications have cropped up in this election yet, but there have been some small snags. And there could be more to come: The paper shortage is expected to drag on through 2023.—AR | | Christian Petersen/Getty Images Stat: While other sports leagues experiment with high-tech stadiums and crypto sponsorships, the NHL is exploring the concept of tiny homes. The Phoenix Coyotes recently made their home debut in the 5,000-seat capacity Mullett Arena, a stadium they'll temporarily share with its owner: Arizona State University. The Coyotes were evicted from their home stadium, Gila River Arena, last December over outstanding payments, and will play at Mullett for at least three years. On the bright side, the Coyotes expect to sell out every game. Quote: "I've heard the word diversity quite a few times, and I don't have a clue what it means." Justice Clarence Thomas expressed skepticism yesterday about diversity as a goal in college admissions. He made those remarks as the Supreme Court heard a pair of cases about whether schools can continue to consider race when making decisions about which students to accept. The cases, which concern affirmative action policies at the University of North Carolina and Harvard, could upend how universities have been selecting new students for the past 40 years. Read: How a new EU law will reshape the internet. (Wired) | | - A judge blocked Penguin Random House's acquisition of its publishing rival Simon & Schuster, reflecting the Biden administration's antitrust crackdown. Penguin Random House and its parent company will appeal.
- Shanghai Disney abruptly closed yesterday to comply with China's strict Covid prevention policies, leaving the park's visitors trapped inside (with the rides still running) until they could produce negative Covid tests.
- Brazil's President Jair Bolsonaro, who lost the country's presidential election on Sunday, did not speak publicly yesterday, raising concerns he might refuse to concede. He plans to address the nation today.
- Former President Trump has asked the Supreme Court to keep his tax returns from getting handed over to Congress.
- Katie Ledecky set a new world record for the 1,500-meter freestyle this weekend. The US Olympic swimmer demolished the old record by almost 10 seconds.
| | Need a name? This AI business name generator will take your keywords and spit out a brand identity for you. Winter is coming (but for real): 10 ways to get your home ready before it gets cold. Hate the sound of your own voice? Us too. But why? Actress, writer, and director Lake Bell tries to find out in her new audiobook that features contributors like Drew Barrymore, Susie Essman, and Jeff Goldblum. Check it out. A step toward financial security: Expert financial planning from Facet Wealth provides unbiased guidance so you can save, spend, and invest with confidence—now and into the future. Get 2 months free* during your first year.* A fresh $500: On this season of our Fresh Invest podcast, we've covered everything from thematic investing to crypto's tax implications. Take this recap quiz for a chance to win one of 10 $500 prizes from Morning Brew.* *This is sponsored advertising content. | | Brew Mini: "German sausage" (five letters) is your sample clue of the day—also, not a terrible lunch idea. Play the Mini here. November trivia Congrats, you made it to November—here's a trivia game about the new month. We're going to give you a historical event, and you have to determine whether it happened in the month of November or not. - Guy Fawkes and other conspirators failed to blow up the House of Lords and assassinate James I. (1605)
- President Lincoln delivered the Gettysburg Address. (1863)
- The US declared war on Japan and days later entered World War II. (1941)
- Mariah Carey's "All I Want for Christmas Is You" was released. (1994)
- Al Gore formally conceded the presidential election to George W. Bush. (2000)
- The Arizona Diamondbacks won the World Series. (2001)
| |  Do mass layoffs have you worried? Business Casual dives into what you need to know about the "white-collar recession" this week. Listen here.
 Want leadership advice from some of the best in the business? Our Leading Questions series offers a fresh take from industry-leading professionals and right now it's free for you to access. Check it out.
 Join marketing leaders from HBO Max, Poshmark, REI, and many more on Nov. 15 at our one-day-only summit: The Brief.
| | - Yes. It is commemorated every Nov. 5 with Guy Fawkes Day.
- Yes. That happened on November 19.
- No. That happened in December, following the attack on Pearl Harbor.
- No. That song was released on October 29.
- No. That happened in December due to the chaos of counting votes in Florida.
- Yes. That World Series got pushed back to November due to the September 11 attacks.
| | | ✢ A Note From reAlpha MA, MD, and Hawaii Residents: reAlpha's Regulation A offering is not being made in MA, MD, and Hawaii, and reAlpha's common stock is not available for purchase by MA, MD, and Hawaii residents. ✤ A Note From Facet Wealth Facet Wealth is an SEC Registered Investment Advisor headquartered in Baltimore, Maryland. This is not an offer to sell securities or the solicitation of an offer to purchase securities. This is not investment, financial, legal, or tax advice. *Two months free offer is only valid for an annual fee paid at the time of signing. ✤ A Note From Fidelity Investments Investing involves risk, including risk of loss. Morning Brew and Fidelity Investments are independent entities and are not legally affiliated. Fidelity Brokerage Services LLC, Member NYSE, SIPC.
Submitting your completed board does not guarantee a prize from Morning Brew. See sweepstakes rules for more details. | | |
No comments:
Post a Comment