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Good morning. Let's
cut straight to the important stuff: This week, you'll have the easiest
opportunity in history to win free Brew swag.
How it works: Get five
people to sign up for this newsletter before the week’s over, and we will
send you a pair of our new Morning Brew joggers. Five people! That's it.
The only caveat is that the giveaway is for U.S. readers only.
Get your Brew joggers now.
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NASDAQ
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11,671.56
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+
30.08%
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10-YR
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0.746%
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-
117.40 bps
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*As
of market close
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- Markets: Just a reminder that on
Monday we publish year-to-date markets info rather than the
day-to-day changes. So the prices and gains/losses you’re seeing
above reflect how the S&P, Dow, etc. are performing since Jan. 1
2020.
- Energy: OPEC and allies will meet today to
chat about an oil market that’s in the dumps. To keep prices from
collapsing, producers drastically cut output in the spring when the
coronavirus gutted demand for fuel.
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Giphy
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Not since the “relationship status”
button was added to Facebook has there been this much intense focus on
social media sites. Yesterday, Twitter kept the issue of curtailing
misinformation top of mind by taking down a
tweet from Scott Atlas, one of President Trump’s top coronavirus task
force members.
- Atlas's
tweet questioned the efficacy of wearing a mask, reading “Masks
work? NO."
Get caught
up
Social media companies have danced,
tip-toed, and flip-flopped on the contentious issue of content moderation
in the past week. Here were the biggest developments:
- Wednesday:
Twitter locked the NY Post’s
account and blocked users from sharing an article the
Post wrote about Joe Biden’s son, Hunter. The company said the
article contained hacked materials; Facebook also took steps to
limit the distribution of the article because it could potentially
contain misinformation.
- Thursday: Twitter doubled down and
temporarily locked the official Trump campaign account for trying to
share the Post article. YouTube also announced new policies
designed to limit the sharing of “conspiracy theory content used to
justify real-world violence”—primarily aimed at the QAnon conspiracy
theory.
- Friday: In its best Tony Hawk
impression, Twitter pulled a 180 on the NY Post article, allowing
users to share it and changing the policies
it used to block the article.
The rule at the
center of it all
Section 230 of the Communications
Decency Act. The controversial law that grants social media platforms
sweeping protection from user-generated content is in the spotlight again
after Supreme Court Justice Clarence Thomas said last week that the court
should look for the right case
to begin scaling it back.
While there's bipartisan support for
reform, the differing motives behind each party’s distaste for Section
230—Republicans claim the law allows these platforms to exhibit
anti-conservative bias, while Democrats say it doesn’t do enough to limit
hate-speech—make it unlikely any legislation will be passed before the
election.
Bottom line: With
Election Day just over two weeks away, the role of social media in
America’s democratic process has become one of the defining issues of the
campaign.
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“I can’t believe how fast the second wave
has hit...another recession is absolutely possible.”—Katharina
Utermöhl, a senior economist at Allianz, warned the FT of further
economic pain as Covid-19 cases continue to rise
across Europe.
“Additional differences...must be addressed
in a comprehensive manner in the next 48 hours.”—A top
aide to House Speaker Nancy Pelosi announced a two-day deadline
for any stimulus agreement before the election (the deadline is
today).
“Maybe I’ll have to leave the country.”—President
Trump pondered his future plans if he lost to Joe Biden during a campaign
rally in Georgia.
"Elections aren't always great at
bringing people together."—New Zealand Prime
Minister Jacinda Ardern stated the obvious after her Labour Party dominated the
country’s general election. Arden has earned international praise for her
handling of the coronavirus.
“Have you seen Nurse Ratched?”—Your
coworker trying to make small talk this morning. Netflix tweeted that 48 million people
have watched the show in the first 28 days of its release, making it
Netflix’s most popular original Season 1 of the year.
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Giphy
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As ski mountain resorts gear up to reopen
for the winter, we’re learning more about their plans to allow safe gnar
shredding during a pandemic.
In many ways, skiing is Covid-friendly.
Masked-up skiers were defogging glasses before it was cool, and the sport
already takes place outside with lots of protections against the
elements.
But resorts are still taking major precautions.
Expect social distancing requirements while waiting in lines, fewer
opportunities to make a new friend on a chair lift, and a toned-down après-ski
scene after you get off the mountain.
- Plus,
less availability. With rules limiting capacity, industry giant Vail
is giving first-priority to pass holders at its 34 North American
locations.
On that note, good luck finding a
place to stay. The real estate market in ski towns was crazy busy this
summer as city dwellers looked for homes closer to nature.
Zoom out: The start of
the ski season shows just how long we’ve been living with the pandemic.
Mountains were forced to shut down when the virus first began to spread
widely in March.
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There are a lot of people who work
hard to craft this here newsletter and get it to your inbox every
morning.
We like to think it’s because we’re
newsletter wizards, but to tell you the truth, we owe much of this
sorcery to Slack.
Slack is the new way of working,
effectively replacing email so we can, ehrm, write this email newsletter faster, more
organized, and more securely.
Slack doesn’t just
help us hone our humor in team channels and test puns we’re too
embarrassed to share here, their platform actually empowers us to catch up on projects,
share data and documents, and present memes to our Executive Meme
Committee before publication.
You must understand, we’re a super
serious media company and there’s a lot at stake, so we rely heavily on Slack to keep us
connected and ensure the lights at the newsletter factory stay on.
See how Slack can help your
team collaborate today.
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Antonin Cermak/Fairfax Media via Getty Images
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Today marks the anniversary of one of
the most infamous days in Wall Street history. On October 19, 1987, the
Dow Jones Industrial Average dropped 22.6%, the
biggest single-session drop in history. It’s called...drumroll
please...Black Monday.
What happened? The Brew’s
Alex Hickey walks us through
the timeline:
- The
Dow gained 44% in seven months by late August, stoking fears of a
bubble.
- Then,
a “perfect storm” of conditions, including a falling dollar and the
recent introduction of computerized trading, accelerated a global
selloff.
- On
Black Monday, risk arbitrage traders, individual investors, and
portfolio insurance holders sold stocks like Girl Scout cookies.
Unlike other financial crises, Black
Monday didn’t trigger a recession or a banking collapse. The Dow clawed
back 57% of Black Monday losses in two sessions. And by September 1989,
stocks were at pre-Black Monday levels.
The legacy of Black Monday: Among
other market reforms, the U.S. installed circuit breakers that pause
trading if stocks fall too much too quickly. If you remember this past
March, those circuit breakers were triggered three times in just over a week
when the market plummeted at the onset of the pandemic.
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Ezra Shaw/Getty Images
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Way back in July, we picked the Tampa
Bay Rays to win the World Series. They’re about to prove us right.
Monday: IBM
earnings
Tuesday: The new electric
Hummer is revealed; Game 1 of the World Series; earnings (P&G,
Netflix, Snap)
Wednesday: The Fed’s
beige book economic survey; earnings (Tesla, Chipotle, Verizon)
Thursday: Final
presidential debate; earnings (AT&T, Coca-Cola, Intel, Southwest,
American Airlines)
Friday: New Bruce
Springsteen album; American Express earnings
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Whether you plan to rock them at
Sunday brunch or for your Zoom meetings, these outrageously comfy Morning
Brew joggers need to be in your closet ASAP.
And it couldn't be easier. All you
need to do is refer five
people to the Brew this week using your unique link.
That's it.
- Quick note: It
doesn’t matter how many referrals you currently have—you need to
refer five additional
people this week.
- And
remember, U.S. only.
Don't put this off. Win your joggers
today.
Share to Win
Or copy & paste your referral
link to others:
morningbrew.com/daily/r/?kid=9c914e
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- American Airlines
revealed plans to return Boeing’s 737 Max to service before the end
of the year.
- Israel has
started to ease its second lockdown as Covid-19 cases decline (same with
Australia). But restrictions are growing
across Europe.
- More companies
are delaying their return to the office until summer 2021 at the
earliest.
- Robert Smith,
the billionaire private equity exec who became famous for paying off
the student debt of Morehead College seniors last year, admitted to
15 years of tax fraud.
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Looking to move? Check
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In the WFH trenches: For
all the pajama-wearing employees out there, here’s some actionable advice
from 11 veteran WFHers.
Recipe of the week: Vegan Nutella.
*This
is sponsored advertising content
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Every
Monday, we curate a handful of balanced resources about a hot-button
business issue and encourage you to discuss with friends, family, or
coworkers.
This week’s topic: Diversity
training. Late last month, President Trump issued an executive order laying
new ground rules for diversity and inclusion training at companies with
federal contracts or grants. It’s been...controversial.
- First,
catch up on what’s been going on and what both sides are arguing
about. (USA Today)
- Find
basic information about Trump’s order, including why it prohibits
unconscious bias training. (Department of Labor)
- Read
the letter from a coalition of 150+ business groups that say the
order is already having
a “broadly chilling effect.”
- What
is critical race theory, the prominent framework for examining
racism that’s under fire by the Trump administration? (Time)
- Corporate
America’s diversity training programs have never been perfect. (Axios)
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Today's Brew Crossword, created by
Ashlee Vieregger, is super clever and takes its theme from something
mentioned in this newsletter.
Play the crossword
to find out what it is.
Remember, you can submit your own
Brew Crossword to be featured in this section. Check out the guidelines.
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