Good morning. As part of Apple's iconic "Think different" ad campaign, the company launched a TV commercial in 1997 that saluted the "crazy ones" who dared to challenge the status quo. We took inspiration from that message for our new podcast, called, inventively, The Crazy Ones. In the pod, successful startup founders Alex Lieberman, Jesse Pujji, and Sophia Amoruso will help entrepreneurs (and anyone who's thinking about becoming one) build their companies. The first episode just dropped today. Listen or watch here. —Abby Rubenstein, Matty Merritt, Max Knoblauch, Neal Freyman | | | |  | Nasdaq | 10,542.10 | | | | | S&P | 3,612.39 | | | | | Dow | 29,202.88 | | |  | 10-Year | 3.889% | | | | | Bitcoin | $19,233.73 | | | | | Nvidia | $116.70 | | | | *Stock data as of market close, cryptocurrency data as of 2:00am ET. Here's what these numbers mean. | - Markets: Stocks did not take a day off for the holiday yesterday, and like the rest of us in that position, they really wish they had. The Nasdaq fell to a two-year low, in part because chipmakers like AMD and Nvidia are taking a hit from strict new rules limiting exports to China. With the sanctions, President Biden is taking this tech battle with China to the next level.
| | | | Clueless/Paramount Pictures via Giphy Around this time last year we warned everyone to get a jump on their holiday shopping before stores ran out of things you could buy. Supply chain bottlenecks were the hottest trend around, and logistics snarls even forced some of retail's biggest players to charter their own ships to keep shelves stocked. But a year can make a big difference, and now…retailers are facing the exact opposite problem: they have too much stuff to sell. And what happens when stores have excess inventory? Sales. Big ones. Cue "Black Friday" in October. Target and Walmart are among the chains that have all already started their holiday promotions, and Amazon's second Prime Day starts today. - Discounts will hit record highs this holiday shopping season for electronics, toys, and computers, according to Adobe Analytics.
- Adobe also predicts that the early deals will push consumers to shop sooner, cutting into how much business retailers can expect to see on the real Black Friday and Cyber Monday, even though the steepest price drops are still likely to come in late November.
How'd we get here? Since most things we buy arrive on cargo ships from overseas, orders are made months in advance. Stores and brands over-ordered product based on the demand they were seeing when shoppers were flush with stimulus checks, still not really spending on going out and traveling, and not yet facing inflation-induced sticker shock (Nike, for example, recently said its North American inventories were up 65%, but sales didn't match). Now they've got to hold garage sales to get rid of the glut. Bottom line: What's a relief for inflation-weary shoppers is likely to be stressful for retailers. Analysts from Morgan Stanley are predicting that to avoid being saddled with too much merchandise they can't unload, retailers could get stuck in a race to the bottom on prices that will eat into their profits.—AR For more retail news, make sure to sign up for Retail Brew. | | TOGETHER WITH FACET WEALTH | | The holidays are fast approaching, and you know what that means: family time, awkward dinners, and spending Benjamins on gifts and festivities. But with the economy still in a blizzard, you need a personalized financial plan to maintain a holly jolly bank account. Enter Facet. They offer virtual financial planning that conveniently provides 1-on-1 meetings with a CERTIFIED FINANCIAL PLANNERTM professional (the highest certification) so you can build wealth—not just throughout the holidays, but throughout your lifetime. Oh, and did we mention that you can get 2 months of free planning* during your first year? You know what that means: The first round of eggnog is on you. Turn your portfolio into a winter wonderland here. | | Pavlo Palamarchuk/SOPA Images/LightRocket via Getty Images  The US will provide Ukraine with air defense systems. Following Russian missile attacks on multiple Ukrainian cities, including Kyiv, that killed at least 14 and took out power in several places, President Biden pledged to help Ukraine out with advanced air defense systems. The strikes—the most widespread in months and targeted at civilian areas—drew strong condemnations from both the US and the UN. India and China, which have mostly refrained from criticizing Russia's invasion, called for de-escalation.
 Los Angeles City Hall in turmoil over leaked racist comments. Nury Martinez, the Los Angeles City Council's president, stepped down from her leadership role yesterday after a recording leaked of her making racist remarks about another councilmember's child in October 2021. But Martinez still hasn't given up her seat on the council, and a growing number of LA politicians, including Mayor Eric Garcetti, are calling on her—and the other councilmembers she was with while making those offensive comments—to resign.
 Here's how everyone learned airports have websites. The websites of 14 US airports, including Atlanta's Hartsfield-Jackson and Los Angeles's LAX, were briefly offline yesterday morning thanks to a Russian-speaking hacker group. Known as Killnet, they've been targeting NATO countries since Russia invaded Ukraine and have claimed responsibility for recent cyberattacks on local government websites. The attacks didn't appear to disrupt actual air travel, so they didn't impact passengers, except that one guy who loves "About Us" pages.
| | LABOR Requiring workers to keep webcams on is a human rights violation, Dutch judge says | Photo Illustration: Dianna "Mick" McDougall, Sources: Getty Images Developing a stockpile of excuses for why you can't turn on your Zoom camera is a key stage in every remote worker's life. A Dutch court understands that, and recently ruled in favor of a former employee of a US company for wrongful termination involving webcam monitoring, and suggested such surveillance is a human rights violation. The employee, working remotely from the Netherlands for Florida-based software company Chetu, was ordered to keep his webcam on for an entire workday for training. Already sharing his screen, he refused, claiming that nine hours of on-camera monitoring was an invasion of his privacy. After being fired for insubordination, the employee took Chetu to court, where a Dutch judge ultimately ruled in his favor and ordered the company to pay him ~$73,000. Zoom out: It's not the first time a European country has moved to protect remote workers. The case calls to mind a 2021 decision by Portugal's parliament to outlaw texts from employers after work. For workers based in the US, though, where at-will employment reigns supreme (meaning employers can fire workers at any time for any reason), the webcam case would likely have gone differently.—MK | | TECH Your iPhone would prefer you stick to the teacups | The Simpsons/20th Television Animation via Giphy Apple's new iPhone 14 and Apple Watch models, which have a function called "crash detection," have been mistakenly calling 911 over roller coaster rides and other noncollisions, according to the Wall Street Journal. How is this happening? All the makings of a good coaster—like quick deceleration and abrupt stops—can trigger the devices' sensors. If your phone thinks you were in a car wreck, it deploys a warning on your screen with a 10-second countdown before automatically alerting 911 and sending your location. The ability to detect serious crashes was a big selling point for the new devices, and it has proven vital in actual crashes. But the accidental calls to first responders waste resources. The Warren County Communications Center in Ohio has received six calls already from iPhones on rides at Kings Island since September, when the iPhone 14 was released. It's not just prank calling first responders: One motorcyclist's new phone alerted his emergency contacts (his mother and girlfriend) that he had been in a crash after it flew off his handlebars onto the highway.—MM | | | Ever see an event this epic? BambooHR's HR Virtual Summit 2022 is the 100% free event where HR and business pros can hear from esteemed speakers like Serena Williams and Simon Sinek, gain fresh industry knowledge, earn SHRM and HRCI recertification credits just by attending, and so much more. PS: You can watch from anywhere. Register today. | | Tannis Toohey/Toronto Star via Getty Images Stat: Around 15 million colonoscopies are performed in the US yearly as part of standard preventive care for adults over 45, but a new study has called into question whether all the footage from those tiny cameras is really necessary. Over a 10-year period, people who had the screenings were 18% less likely to develop colon cancer than people who didn't, according to the study in the New England Journal of Medicine. However, the risk of death from the cancer for both the screened and unscreened was about the same, hovering around 0.3%. Quote: "These are very, very serious things…and they're likely to put the US in some kind of recession six to nine months from now." JPMorgan Chase CEO Jamie Dimon issued a warning for both the US and the global economy yesterday, predicting that a recession could arrive by the middle of 2023. Dimon pointed to runaway inflation, high interest rates, quantitative tightening, and fallout from Russia's invasion of Ukraine as the most worrying indicators. He also said that the S&P 500 could still fall by "another easy 20%," with the bleak forecast that "the next 20% would be much more painful than the first." Read: How California's bullet train went off the rails. (The New York Times) | | - Ben Bernanke, who led the Fed during the 2008 financial crisis, was awarded the Nobel Prize in economics alongside fellow American economists Douglas Diamond and Philip Dybvig for their work on banks and economic crises.
- Cathie Wood, whose tech-heavy ARK Innovation ETF fell more than 60% this year after soaring during the pandemic, fired off an open letter to the Fed saying rapid rate rises are a mistake.
- Portugal's new digital nomad visa will let you work in mild weather while sipping vinho verde for up to a year.
- Fat Bear Week joins chess, poker, and fishing as yet another niche competition that's being rocked by a cheating scandal.
| | Planning a road trip? Make time for the weirdest roadside attraction in every state. Pizza from a vending machine: Follow one drunken reporter's quest to find out just how bad it can be (it was bad). The physics of Top Gun: Neil deGrasse Tyson is not impressed. London, 1942: A serial killer brutally murders "good time girls." Historian Hallie Rubenhold's podcast, Bad Women: The Blackout Ripper, examines why the war years proved so perilous for women who led independent lives. Listen now. | | Brew Mini: "Juice box brand" (three letters) is your sample clue for today's Mini. Play it here. Guess the logo A North American professional sports franchise is repped by this logo. Can you name it?  | |  ️ Finally, a mug that delivers a caffeine kick and spreadsheet efficiency. Shop the Excel Mug to excelerate your workflow like never before.
 On Business Casual, Nora speaks with entrepreneur and investor Jesse Pujji, the founder and CEO of Kahani and the founder of Gateway X, about growth marketing strategies, building a successful DTC business, and the future of e-commerce. Listen now.
 Have you heard? Marketing Brew is hosting a must-attend event for the modern marketer in the heart of NYC. It's called The Brief and it's all going down on November 15.
| | | It's for the NHL's newest team, the Seattle Kraken. The league's regular season got underway in Europe a few days ago, and continues in North America tonight. | | | ✢ 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. | | | Written by Neal Freyman, Abigail Rubenstein, Matty Merritt, and Max Knoblauch Was this email forwarded to you? Sign up here. WANT MORE BREW? Industry news, with a sense of humor → - Healthcare Brew: the comprehensive industry guide for administrators, medical professionals, and more
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