| |  | Nasdaq | 15,363.52 | | | | | S&P | 4,535.43 | | | | | Dow | 35,369.09 | | | | | Bitcoin | $51,700.70 | | | | | 10-Year | 1.326% | | | | | Oil | $69.03 | | | | *Stock data as of market close, cryptocurrency data as of 5:00am ET. Here's what these numbers mean. | - Markets: The US stock market is closed for Labor Day.
- Covid: Dr. Fauci said that Moderna's vaccine may not be ready in time for the planned September 20 rollout of booster shots, but will be available at most a couple weeks later. The booster program will likely start with just those who received Pfizer-BioNTech's vaccine at least eight months earlier.
| | | Francis Scialabba | One of the largest—and certainly the most divisive—of all the pandemic-era relief programs ends today. Almost 3 million people will lose their extra $300/week in benefits provided by the federal government. 25 states had already wound down the program over the summer, arguing it was keeping potential workers on the sidelines and fueling a historic labor shortage. The backstory: In March 2020, as the US was shedding almost 1 million jobs per day, Congress authorized an extra $600/week in unemployment benefits on top of what states offered to keep jobless Americans afloat (the $600/week was later reduced to $300 in August 2020). Around the same time, the government also expanded the number of workers eligible for unemployment insurance (UI) by including people like gig workers and the self-employed. That program, which comprised 40% of all UI claims during the pandemic, also expires today. In all, the US government has spent $680 billion on unemployment benefits since last March, the second-highest amount among Covid stimulus programs behind only the Paycheck Protection Program ($835 billion). It's split the US more than Laurel and Yanny Critics of letting the extra benefits expire say it's too early to rip out support for millions of Americans who are still without work because of the pandemic, especially as the Delta variant thwacks the labor market. The economy added only 235,000 jobs in August, much lower than expectations. But many Republicans and business leaders say letting the extra benefits expire is long overdue. They've argued that the additional money disincentives people to look for work and has created an impossible situation for businesses desperate to hire. While it's still early to fully analyze the effects of the enhanced benefits on the labor market, preliminary studies show that removing extra UI has a modest, if any, impact on job growth. Economists point to other factors, such as health concerns over Covid and a lack of childcare options, as more meaningful drivers of the worker shortage. Looking ahead...the expiration of the unemployment programs could lead to $8 billion in reduced consumer spending in September and October, UMass economist Arindrajit Dube estimates. | | | 
Bilal Guler/Anadolu Agency via Getty Images Passengers board the first domestic flight from Kabul's airport since the Taliban's takeover of Afghanistan. Ariana Afghan Airlines has resumed some commercial flights between Kabul and regional cities, and a Taliban spokesperson said international flights will start "very soon." 
John Walton/PA Images via Getty Images The Tokyo Paralympic Games closed this weekend with the US earning 37 gold medals, including in men's wheelchair basketball and women's sitting volleyball. China topped the gold medal leaderboard, followed by Great Britain and the US.  Anthony Pham/via Getty Images The legend himself, Harry Styles, opened his North American tour at the MGM Grand Garden in Las Vegas Saturday night. All attendees for his performances are required to be vaccinated or present a negative Covid test to enter. | | | US Army | Leading up to the anniversary of the September 11 attacks this Saturday, we'll feature stories that explore the economic impact of 9/11, 20 years later. Up first: The WSJ described the dramatic rise of the homeland security-industrial complex that sprang up following the attacks. Did you know? Before September 11, 2001, the US had been cutting military spending. At the time of the attacks, spending on the military as a share of GDP had declined to less than one-third of what it was during the peak of the Vietnam War. But 9/11 "changed the dynamic," retired Air Force Gen. Hawk Carlisle, now the CEO of a major defense trade group, told the WSJ. Here are a few  stats that illustrate the change. - Military spending doubled to $700 billion in the decade following 9/11, to about 20% of total government spending.
- In 2001, the Defense Department had about $181 billion in contract obligations to 46,000 companies. In 2011, it had $375 billion in obligations to 110,000+ contractors.
- Increased military spending by the government turned the Washington, DC, area into the country's hottest regional economy from 2001–2011.
Bottom line: US military spending as a share of GDP has shrunk since peaking in 2011, but the booming homeland security industry it helped create remains a permanent fixture of the economy. | | SPONSORED BY AMERICAN EXPRESS | | The card you're carrying should be an American Express® Business Card. Why? Because they're jam-packed with helpful features and benefits**. Benefits like: - Membership RewardsⓇ points
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- The FDA will decide by Thursday whether Juul's devices and nicotine pods can stay on the market.
- Saturday, September 11, also marks 18 months since the WHO declared Covid-19 a global pandemic.
| | - Lyft and Uber will pay the legal fees of their drivers who get sued under Texas's new abortion law.
- Marvel's Shang-Chi earned an estimated $71.4 million at the domestic box office this weekend, good for the second-best pandemic opening after Black Widow.
- The UAE is looking for $150 billion in foreign investment as it tries to position itself as a global finance hub.
- Next Digital, the Hong Kong media company owned by jailed pro-democracy activist Jimmy Lai, said it was liquidating due to China's recent crackdown.
| | | Kriss Kross: Grab popcorn and a large soda before solving today's puzzle. Sweet Tooth Can you identify the following candy bars from their cross-sections? 
Scandy Bars | | | 1. Butterfinger
2. 100 Grand
3. Snickers
4. Baby Ruth
5. Rolo
6. Almond Joy | | | ✤ A Note From AsomBroso Tequila You should read the Offering Circular and Risks related to this offering before investing. This Reg A+ offering is made available through StartEngine Primary, LLC, member FINRA / SIPC. This investment is speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment. Please drink responsibly.
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