Good morning. We told y'all there would be some big Brew announcements this week, so here's today's entry: Our Business Casual podcast is officially back. On Mondays and Thursdays, co-hosts Nora Ali and Scott Rogowsky will talk to the biggest names in biz, asking industry leaders all the questions you wish you could ask yourself. The early reviews are in, and word is Nora and Scott are on the shortlist for next year's Nobel Prize in Chemistry. Listen to the latest episode here. —Matty Merritt, Max Knoblauch, Neal Freyman | | | |  | Nasdaq | 14,255.48 | | | | | S&P | 4,300.46 | | | | | Dow | 34,002.92 | | |  | 10-Year | 1.482% | | | | | Bitcoin | $48,962.03 | | | | | Oil | $77.72 | | | | *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. | - Markets: As concerns of persistent inflation swirl, tech stocks got pummeled—and as tech stocks go, so goes the rest of the market. Meanwhile, US crude prices at one point hit a seven-year high after OPEC and its allies decided against bigger output increases.
- Economy: When asked whether he could guarantee the US would avoid breaching the debt ceiling on Oct. 18, President Biden said, "No, I can't," and argued that Republicans were stonewalling Democrats from getting the job done. Senate Minority Leader Mitch McConnell has blocked Dems' attempts to suspend the debt limit in a maneuver to make them pass the bill without any GOP votes.
| | ![Twitter's tweet]() Twitter Facebook, Instagram, and WhatsApp all suffered widespread global outages yesterday, which meant the only places to share niche hot takes were Twitter or a Michael's craft store comment section. Messenger, Oculus VR, and Facebook's internal communications tools also stopped working. It appears to be the company's largest outage in history based on the number of users affected. Here's what we know Facebook-owned platforms disappeared from the internet around 11:40am ET and stayed that way until about 6pm ET, when the apps started to work again. Late last night, the company confirmed theories that the outage was caused during a routine update to the company's Border Gateway Protocol (BGP) records. In other words, someone at Facebook "took away the map telling the world's computers how to find its various online properties," cybersecurity reporter Brian Krebs wrote. Plenty of jokes were made. Because Facebook's internal communications systems were disrupted, some FB employees described it as a "snow day." And Twitter CEO Jack Dorsey joined many users in dunking on Zuck. But a Facebook outage isn't all fun & memes. More than 3.5 billion people use FB's platforms to conduct business and communicate with friends and family. "Sorry for the disruption today—I know how much you rely on our services to stay connected with the people you care about," Mark Zuckerberg wrote when the sites had been restored. It was already an intense day at the office On Sunday night, former Facebook product manager Frances Haugen, who leaked tens of thousands of pages of documents to the WSJ and the SEC, went on 60 Minutes to argue that the company was prioritizing engagement over user safety. Facebook shares, which had already been sliding after Haugen revealed herself to be the whistleblower, fell more than 5% yesterday. It was the stock's worst day all year. Looking ahead...this week will only get rockier for Facebook as Haugen is set to testify today before a Senate subcommittee about Facebook and Instagram. —MM | | | Giphy This holiday season, the role of Ebenezer Scrooge will be played by the broken global supply chain. Exhibit A: Amazon rolled out "Black Friday-worthy" deals yesterday, exactly *checks notes* 53 days before actual Black Friday. The company said customers should expect "deep discounts across every category," and also rolled out a tool that allows Prime members to send gifts to people without putting in an address. - Target is also kicking off its holiday promo next week to attract customers who want to knock out their shopping list before the leaves lose their chlorophyll.
Zoom out: Black Friday creep has been happening for a while, but this year's shopping season is set to be the longest ever, as retailers give themselves breathing room to accommodate delivery delays caused by supply chain bottlenecks. Factories in Asia have been closed due to Covid lockdowns, shipping containers are harder to find than a heat lamp, and companies are struggling to hire workers to staff ports and drive trucks. "I've been doing this for 43 years and never seen it this bad," the CEO of toymaker MGA Entertainment told Bloomberg. + For more retail news: Of course there's a Brew newsletter for that. You can sign up for Retail Brew right here. —NF | | | NBC Ozy Media CEO Carlos Watson declared on the Today show yesterday that his media company was going to "open for business." It's a curious thing to say considering Ozy announced on Friday that it was shutting down. A quick timeline: In late September, an NYT investigation revealed that Ozy's business practices were about as legit as whatever is in a Hot Pocket. Ozy is accused of inflating its audience numbers and acknowledged that COO Samir Rao impersonated a YouTube exec on a pitch to a potential investor. After growing backlash, the company fired most of its staff and said it was closing its doors last week. But Watson did some deep thinking over the weekend and, after conversations with investors, advertisers, and former employees, believes a revival is possible. He called it Ozy's "Lazarus moment" in a nod to a follower of Jesus who was raised from the dead. Looking ahead...despite having only two board members and virtually no staff, Watson said Ozy will release at least one new TV show by early next month, a new podcast by EOQ, and newsletters by the end of the week. Siri, define chutzpah. —MM | | | | You're in Ohio. What are you doing in Ohio? Odds are you aren't here for the state flower, although the carnations certainly are lovely. Nor are you here because you have a thing for cardinals, Ohio's official state bird. You moved to Ohio because you decided to go where business is booming, and you know it's a state with low taxes and top-rated affordability. In fact, Ohio was ranked the No. 1 Most Affordable State in 2020 by US News Rankings. Not to mention that the biggest names in tech can't resist the charms of Ohio, like its generous statewide programs and burgeoning STEM community. Facebook, Google, IBM, Amazon Web Services, and other tech leaders recognize the benefits of doing business in the Buckeye State. Whether you specialize in state-of-the-art software, artificial intelligence, cybersecurity, or data science, JobsOhio can help you grow your business at a fraction of the cost. Learn more today. | | Stat: 98% of members of the International Alliance of Theatrical Stage Employees (IATSE) voted to authorize a strike, which could halt TV and film production around the country. It's the first time in the union's 128-year history that members have greenlit a nationwide strike. We wrote about what the workers are demanding here. Quote: "Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven't found it yet, keep looking. Don't settle." Apple cofounder Steve Jobs died 10 years ago today. He was very much in the "follow your passion" camp. Read: The act of smelling. (The Believer) | | | The Nobel Prize in Physiology or Medicine was awarded on Monday to a pair of scientists who, partly by working with hot peppers, made major discoveries about the human nervous system. Hear that, Buffalo Wild Wings? 2022's your year. Scientists David Julius and Ardem Patapoutian were awarded the prize for their work identifying how exactly humans sense heat, cold, and touch—specifically, how these sensations initiate signals in the nervous system. Give it up for chili peppers and pipettes: - Through experiments using capsaicin (the chemical that makes peppers hot), Dr. Julius identified a specific sensor in our nerves that signals pain and heat sensations.
- By poking a cell line with a pipette and silencing touch receptor genes, Dr. Patapoutian discovered sensors that allow us to feel the sensation of "touch" and "pressure."
So why does it matter? According to the Nobel committee, the scientists identified "critical missing links" in our understanding of how our bodies respond to the environment, and their research has led to a "rapid increase" in our understanding of our nervous system. Their discoveries could lead to the development of non-opioid painkillers and treatments for "a wide range of disease conditions, including chronic pain." —MK | | - The Fed is working with the Office of Inspector General to investigate whether last year's trading activity by top Fed officials violated any laws and met ethics guidelines.
- GM predicts its Cruise autonomous vehicle unit will reach $50 billion in revenue, per Bloomberg.
- The US said it'll reopen trade talks with China, but won't lift tariffs imposed by the Trump administration.
- NFT sales jumped to $10.7 billion in Q3, up more than 8x compared with the previous quarter, according to market tracker DappRadar.
- Bubba Wallace became the first Black driver to win a NASCAR Cup Series race since 1963.
| | Change out of sweats?! No thanks. Vuori's Ponto Performance Pant is made from Vuori's signature, super-soft DreamKnit fabric and features a straight-leg fit that's perfect for wear in and out of the house. Get 20% off your first purchase here.* Happier travels: With Hilton Honors, Hilton's guest loyalty program, you can earn Points towards free nights, discounts, and exclusive experiences. Btw, it's free to join, and new members can score up to 5,000 Bonus Points through the end of 2021. Travel happier here.* Cool engineering: 1) How trains stay on the tracks when they round corners 2) a single company makes most of the world's bread clips 3) a keyboard that only copies and pastes. Tech Tip Tuesday: Everything you need to know about Windows 11, which arrives today. Sunday Edition note: Like Facebook, we too are prone to technical glitches, and we neglected to credit the amazing artist who created our cover illustration last Sunday. His name is Mitch Blunt and you should check out his stuff. *This is sponsored advertising content | | Brew Mini: Good thing we don't make our Mini Crosswords using Instagram. Here's today's puzzle. Guess the logo In honor of Windows 11 launching today, can you identify the correct Microsoft logo?  | | | Written by Neal Freyman, Matty Merritt, and Max Knoblauch 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
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