| Good morning. More than 75 million Americans have already voted in this year's election—that's already over half of the total votes counted in 2016's election. If you're reading this while waiting in line to vote, here are some ideas to help pass the time (after you've read this newsletter, of course): - Start a game of 20 Questions among your fellow democracy-lovers
- Rack up Brew referrals
- When all else fails…squats
| | | |  | NASDAQ | 11,004.87 | - 3.73% | | | | S&P | 3,271.38 | - 3.52% | | | | DJIA | 26,521.37 | - 3.43% | | | | GOLD | 1,878.80 | - 1.73% | |  | 10-YR | 0.775% | UNCH | | | | OIL | 37.35 | - 5.61% | | | *As of market close | - Markets: Three days before Halloween, they're officially spooked. U.S. stocks followed their European pals down the gutter yesterday, and the S&P had its worst one-day drop since June.
- Economy: Big day today. The Commerce Department will release data on third-quarter GDP (our broadest measure of economic activity). The numbers will probably show the strongest quarterly growth on record in the U.S. However, Q3 also followed the biggest GDP drop on record, so the numbers won't reflect a rip-roaring economy.
| | Today's Markets Snapshot is Sponsored by Fidelity Discover what to know when investing today in our newest podcast with Fidelity, Fresh Invest. Listen now. | |
|  Francis Scialabba | Facing alarming numbers of Covid-19 infections, hospitalizations, and deaths, Germany and France tightened restrictions on businesses and social life yesterday with the most dramatic measures they have taken since the spring. - The WHO said the European region accounted for almost half of the new Covid-19 cases reported last week.
The epicenter of Europe's second wave is the epicenter of its wine culture: France. The country's seven-day average of new daily cases jumped over 50% in the past week, and its hospitals are at risk of being overwhelmed. - There was already a curfew from 9pm to 6am in France's larger cities.
- Then yesterday, President Emmanuel Macron announced a nationwide lockdown nearly as strict as those imposed in March; people are allowed to leave their homes only for school, essential goods, and work—if their employer says it's impossible to do the job from home.
France's neighbor Germany also enacted a partial, month-long lockdown. German restaurants, bars, gyms, concert halls, and theaters will close starting Nov. 2. - The government will spend up to 10 billion euros (about $11.8 billion) to cover some lost sales for affected businesses.
Zoom out: Some economists say governments should pursue measured lockdown orders to prevent kneecapping the global economy like we saw in the spring. But others say a brief, strict lockdown is the best approach to getting infections under control so businesses can open back up sooner. The moves made the Continent's stock markets swoon The Stoxx 600, a pan-European index, suffered its worst one-day drop since September ahead of Macron's announcement. France's CAC and Germany's DAX dipped 3.7% and more than 4.4%, respectively. Bottom line: The U.S. and Europe have resoundingly failed to hold onto the progress made over the summer against the virus. Many East Asian countries resoundingly haven't; South Korean President Moon Jae-in said on Tuesday his country has contained the coronavirus. | | | Big Tech's version of the Avengers assembled yesterday, when Twitter CEO Jack Dorsey, Facebook CEO Mark Zuckerberg, and Alphabet CEO Sundar Pichai faced off against a Senate panel over the widespread protections Section 230 offers their tech empires. - Quick refresher: Section 230 is a 26-word provision tucked away in a 1996 law that says internet companies cannot be held liable for the content their users post. It's been attacked by both conservatives and liberals, and even the CEOs themselves for its imprecise language and sweeping consequences.
Here are the best soundbites from the feisty affair: "Section 230 is the Internet's most important law for free speech and safety." Jack Dorsey claimed that weakening the protections offered by the law would change the fabric of the digital world. "Congress should update the law to make sure it's working as intended." Zuckerberg said he supports change because more clarity around content moderation benefits everybody, including the platforms. "Mr. Dorsey, who the hell elected you and put you in charge of what the media are allowed to report…?" Republican Senator Ted Cruz broke out the H-E-double-hockey-sticks, reprimanding Twitter for disabling the sharing of a NY Post article about Hunter Biden. "The issue is not that these companies...are taking too many posts down. The issue is that they are leaving too many dangerous posts up." Democratic Senator Ed Markey said tech companies could go further in limiting the spread of hate speech and misinformation. | |  Brendan Smialowski/Getty Images | This article is part of our weeklong series exploring state-level issues in the upcoming election. In 2018, President Trump visited Wisconsin to break ground on what he called "the eighth wonder of the world," a high-tech manufacturing facility for TV screens that would bring 13,000 jobs and $10 billion in investment to the swing state. Narrator: It didn't go as planned Behind the project is Taiwan's Foxconn Technology Group, famous for its role as Apple's main manufacturing partner. But more than two years later, the grand vision has been downgraded—the facility is now set to produce less-advanced screens—and Wisconsin officials aren't sure what they're getting. Foxconn was set to receive as much as $4 billion in incentives if it met certain targets. But the company has fallen short in hiring and investments. In 2019, it brought on less than a quarter of the planned 2,000+ employees. - For the second year running, Foxconn was denied incentives under the agreement. It's renegotiating the terms with Wisconsin officials as construction continues.
Big picture: Trump was personally involved in the deal from the beginning, and for his critics, this factory is a high-profile example of campaign promises to manufacturing workers, especially in the Rust Belt, that haven't been fulfilled. | |  | Ah, the holidays. When you once again realize you have much less time than previously thought to shop for all of your friends and family. And while we can't help with that, we can help you switch to Radius Bank, named Bankrate's Best Online Bank of 2020. Before you go shopping, switch to Radius Bank and you can earn up to 1.5% cash back on everyday debit card purchases. In fact, Radius Bank customers earn about $52 per month in rewards like unlimited cash back, ATM fee rebates, and interest. Ho-ho-holy cow that's a lot of good stuff. WIth no monthly or hidden fees, an award-winning mobile app, and friendly U.S.-based customer service, a Radius Bank Rewards checking account is the greatest gift you can get yourself this holiday season. Apply online in less than 3 minutes today. | | | If you said London's Heathrow, you'd have been correct...until yesterday. Heathrow said it had been overtaken by Charles de Gaulle in Paris as the busiest airport in Europe, with Amsterdam Schiphol and Frankfurt "close behind." What happened? We could say "the coronavirus," but Paris, Amsterdam, and Frankfurt had to deal with that, too. Specifically, Heathrow's bosses blamed the British government for being too slow to implement a Covid-19 testing program at the airport, while its rivals had installed testing systems. - Passenger testing is important because it allows travelers to avoid long quarantines following a trip. You can imagine more people might travel through Heathrow if they knew they could avoid quarantine.
Zoom out: No matter what airport you fly out of, you won't have to wrestle anyone for the charging outlet. Heathrow's passenger numbers fell 69% in the first nine months of the year; Charles De Gaulle traffic fell 67%. Looking ahead...to recapture the European throne, Heathrow's CEO said Britain needs to install pre-departure Covid tests and partner with the U.S. to open a "pilot airbridge to America." | |  Clodagh Kilcoyne/Getty Images | Ryan Smith, the billionaire founder of Qualtrics, acquired a majority stake in another Utah-based business yesterday for a reported $1.6 billion: the Utah Jazz. Ryan Smith: boring name, interesting dude While most kids get their dad's eye color or temperament, Smith used a survey tool his father developed for academics to start Qualtrics in Provo, UT, in 2002. He took the idea and turned it into a software behemoth that over 11,000 organizations in 100 countries now use to measure customer experience. - In 2018, just before Smith was set to take Qualtrics public at a $5 billion valuation, European software giant SAP offered $8 billion to buy the company, which Smith accepted.
The Jazz are jazzed to have him: For the past three years, Smith has collaborated with the team on a first-of-its-kind philanthropic jersey patch that's raised $25 million. And he loves Utah even more than your friend who just came back from Zion—Qualtrics is currently doubling the size of its Provo HQ. Bottom line: Smith joins an NBA owners club with more tech billionaires than a U.S. Senate hearing: Mark Cuban, ex-Microsoft CEO Steve Ballmer, Alibaba cofounder Joseph Tsai, and former AOL exec Ted Leonsis all own teams. | | | Holy cow it's almost Turkey Time. ButcherBox delivers high-quality meat like 100% grass-fed beef and wild-caught seafood to your door for about $6 per meal. And if you sign up now, you'll get a 10-14 lb, free-range, all-natural turkey for free in your first box.* What are you flippin' waiting for? We're gonna be sad to not say flippin' so much, but it's the final month to invest in Flippy, the world's first autonomous robotic kitchen assistant. It's revolutionizing QSR, and can do the same for your portfolio. Last month to invest—go.* Cheap thrills: A few weeks ago, we asked for your best purchases for $10 or less. Then, we sifted through hundreds of answers and selected the top responses. Check them out. So you've voted...here's a Pocket full of articles that explain how those votes will be counted and what happens next. Horrors in this house: How does one celebrate Halloween during a pandemic? We'd love to know. Share your Halloween plans here. *This is sponsored advertising content | |  Giphy | Despite rising concerns about the spread of fake news, almost one in five U.S. adults mostly use social media to stay current. But tech execs like Zuck and Dorsey are still new to the whole "controlling the global dissemination of news" thing. So, just like you wouldn't trust someone who recently got their learner's permit to drive your Jeep, you shouldn't trust social media to filter your perfect cup of fresh-brewed, fact-checked news. As we barrel roll toward the election, the news you read on social media won't just affect your vote, but liking or sharing it could send posts spiraling into the East Australian Current that is going viral. And if the post is anything less than factual, that would be like, totally not cool, dude. To help, the Brew's social media expert Jamie Wilde created a step-by-step guide that walks you through how to suss out fact from fiction when looking at a social media post. Dive in here. | | | The electoral college has received a lot of criticism, but since it's still around...we might as well quiz you about it. How this game works: We'll give you two states; you have to choose the state with more presidential electors. - Texas or New York
- Georgia or Colorado
- Maine or Vermont
- Ohio or Wisconsin
- New Jersey or Virginia
| | - Texas (38) has more than New York (29)
- Georgia (16) has more than Colorado (9)
- Maine (4) has more than Vermont (3)
- Ohio (18) has more than Wisconsin (10)
- New Jersey (14) has more than Virginia (13)
| | |
Retail newsletter → 
Tech newsletter → 
Marketing newsletter → 
Quarantine newsletter → 
Business podcast → 
No comments:
Post a Comment