Good morning. Did you know that, despite all of humanity's recent technological advancements, we're still considered to be living in the same geological epoch (the Holocene) as our hunter–gatherer grandparents did nearly 12,000 years ago? That could soon change. By the end of the year, scientists are expected to decide whether there's clear evidence that the Earth has entered a new epoch called the Anthropocene, which would reflect humans' profound impact on Earth's geology through industrial and radioactive materials. Catch us saying "see you next epoch" as we leave the office before the holidays. —Jamie Wilde, Matty Merritt, Max Knoblauch, Abby Rubenstein | | | |  | Nasdaq | 11,170.89 | | | | | S&P | 3,995.32 | | | | | Dow | 33,966.35 | | | | | 10-Year | 3.479% | | |  | Bitcoin | $17,824.01 | | | | | Charter Communications | $328.34 | | | | *Stock data as of market close, cryptocurrency data as of 4:00am ET. Here's what these numbers mean. | Markets: Stocks closed lower yesterday as investors digested Jerome Powell's message that the fight to curb inflation won't be over soon. The Fed did what everyone expected and hiked rates by 50 basis points—a smaller increase than the previous four (though yesterday's still pushed rates to the highest level in 15 years). So, why wasn't that enough to put investors in a good mood? Because the picture looks murkier for 2023: The Fed projected it would hit an even higher target range than expected before backing down, and that it won't start lowering rates again until 2024. Stock spotlight: The share price of Charter Communications plunged when investors got wind of how expensive its broadband expansion plan will be. | | | | STOCKS The SEC finally responds to meme stock mania | Special Meme Fresh Yesterday the SEC proposed the biggest update to the stock trading rulebook since 2005. The four proposed rules may become the magnum opus of Gary Gensler, who took over as SEC chair after the meme stock mayhem of 2021 and was like "wtf is going on here?" The rules aim to get retail traders better prices by targeting a method of executing trades called payment for order flow (PFOF). PFOF works like this: - Brokers like Robinhood send trades to wholesalers like Citadel, which profit off the difference between the individual trader's proposed price and the price they actually make the trade for.
- Wholesalers pay brokers a small fee for the privilege of making the trade, and *juicy detail alert* those "small fees" make up a huge chunk of the brokers' revenue.
Gensler has long argued that PFOF limits competition and encourages brokers to gamify risky trading behavior—like yeeting your life savings on GameStop stock. The practice is banned in the UK and Canada. The rules won't throw out PFOF entirely… But the SEC has definitely put it in the "no longer sparks joy" pile. Under the most significant rule proposed yesterday, the "order competition" rule, wholesalers would have to send most retail investors' trades to an auction where dealers compete to fulfill them for the best price. The wholesaler only gets to fulfill any leftover trades that no one has bid on. Some on Wall Street argue this will be the most common scenario so the rule won't have its intended effect, but Gensler thinks auctions could save individual traders up to $1.5 billion per year. Zoom out: We won't get into the nitty-gritty of the other three of yesterday's proposals, but just know that together they aim to protect small-time retail traders while curtailing the power of Wall Street bigwigs. And P.S., they could take years to go into effect because, well, government.—JW | | TOGETHER WITH APOLLO GLOBAL WEALTH MANAGEMENT | | When it comes to investing with impact, Apollo is at the forefront, leveraging its full platform to drive a more sustainable future—from how it invests to how it lends to how the firm operates globally. Apollo's comprehensive Sustainable Investing platform aims to deploy $50b in clean energy and climate investments across asset classes over the next five years. Its focus is to finance and invest in the energy transition and decarbonization. But that's only the beginning. Apollo sees the opportunity to deploy $100b by 2030. Learn more about how Apollo is investing in tomorrow—today. | | Dianna "Mick" McDougall  Social media influencers charged in pump-and-dump scheme. Federal prosecutors and the SEC have accused seven popular Twitter and Discord users of wielding social media to manipulate stock prices—pumping the shares and then selling off mass quantities for profit once they rose. An additional defendant, whose Twitter handle was @DipDeity, was charged with aiding and abetting the alleged fraud for hosting a podcast that featured and promoted the seven influencers as skilled traders to follow. Each influencer charged had well over 100,000 followers and, according to the SEC, the group earned about $100 million total in the scheme.
 Soccer journalist's death was caused by an aneurysm. The family of celebrated sports journalist Grant Wahl, who died suddenly last week while in Qatar covering the World Cup, said yesterday an autopsy showed that an aneurysm in his heart was responsible for his death. Prior to the autopsy report, there had been speculation that Covid vaccines had played a part—a claim Wahl's wife, infectious disease expert Dr. Celine Gounder, firmly rejected. Wahl's brother had also initially publicly aired his concerns that foul play was involved because Wahl stood up for gay rights in Qatar, but now says he no longer believes that to be the case.
 Apple may allow outside app stores. In a major reversal, Apple is preparing to permit downloads of apps on its devices without going through the company's app store, according to Bloomberg—but only in Europe, where it will soon have to comply with strict EU regulations. The change could also be applied elsewhere if other jurisdictions follow the EU's lead. The news spurred a rise in the share price of companies that rely on apps, like dating services, because the change would allow them to bypass Apple's fees. Apple has not confirmed the change.
| | SOCIAL MEDIA < Twitter grounds real-time jet tracking accounts | Francis Scialabba If you want to follow the movements of Elon Musk's private jet in real time, you're gonna have to do it the old-fashioned way (binoculars) or by tapping into publicly available data yourself. What you can't do is follow along on Twitter, because the social media platform suspended the account that tracked Musk's plane and changed its rules to forbid sharing live location information. @ElonJet, which had ~500,000 followers at the time of its suspension, was created by college student Jack Sweeney. In early November, Musk explicitly said that he would not ban the account as evidence of his commitment to free speech. But yesterday, the account was banned, and hours later, after Sweeney spoke to the press, so were his other jet tracking accounts and his personal account. The changes quickly got attention because Musk claims to be focused on transparency at Twitter. He has granted personally selected journalists access to internal company files that he says expose the former leadership's intention to muzzle conservative viewpoints (some experts dispute that's what the documents actually show). What now? Sweeney continues to track jets on other platforms (and the information transmitted by airplane transponders remains searchable), but Twitter's updated rules prohibit even linking to such info. Meanwhile, Musk tweeted that "legal action" was being taken against Sweeney.—MK, AR | | STREAMING Verizon wants to be your streaming middleman | Verizon Verizon wants you to kick back, binge Riverdale, and let it handle the hard stuff. The company introduced a beta version of its streaming hub—called "+play"—yesterday for customers to manage their streaming service subscriptions all in one place. Verizon is hoping to challenge current hubs like Amazon's Prime Video Channels and Roku in the latest evolution of the streaming wars. How it works: Verizon customers can subscribe to services like NFL+, HBO Max, Peloton, Duolingo, and others through the +play site and have them rolled into their existing phone or internet bill. To get customers interested, anyone who subscribes to a service through the hub right now will get a free year of Netflix's $19.99/month Premium tier. Big picture: Most people are juggling multiple streaming subscriptions—60% said they had at least four in a recent JD Power survey. Still, it's hard out there for streamers. Last year they spent exorbitant amounts of money on content to lure subscribers in, but with growth slowing this year to the putter of your high school 2001 Chevy Malibu, streamers have to start bundling to stay competitive.—MM | | | All night, every night. That's how long you'll have the best sleep of your life thanks to the Purple GelFlex® Grid. You get the pressure relief of a soft mattress with the support of a firm, while you stay cool—you guessed it—all night. Visit a showroom or enjoy Purple's 100-night, no-pressure trial. | | Hannah Minn Stat: If you've been waiting patiently for your opportunity to spill a drink on your work crush while the head of HR gives you the side-eye, you may be in luck this year. More than 57% of US companies are planning to hold in-person holiday parties, up from 26% last year and just 5% in 2020, according to placement firm Challenger, Gray & Christmas. Your company may not be among those throwing a 2019-style rager, but it's unlikely you'll have to participate in the dreaded Zoom happy hour this holiday season: Only ~2% of companies told the firm they're planning a virtual gathering, down from 7% last year. Quote: "We should have societal guilt for taking too long to deal with this problem. We have a moral obligation to pass and enforce laws that can prevent these things from happening again." Yesterday marked the tenth anniversary of the shooting at Sandy Hook Elementary School in Newtown, Connecticut, which left 20 first graders and six teachers dead. President Biden used the occasion to reiterate his commitment to banning assault weapons and high-capacity magazines, which were used in the Sandy Hook shooting and in many other mass shootings, saying such weapons "have no purpose other than to kill people in large numbers." However, whether such a ban can get through Congress remains to be seen, especially as control of the House will soon shift to the Republican party, where opposition to gun restrictions is much stronger. Read: The Indiana Jones era is over for museums with looted art. (New York Times) | | The World Cup final is set. France defeated Morocco 2–0 yesterday and will face Argentina in a battle of global soccer giants on Sunday. The US plans to restart a program to mail free at-home Covid tests to households that request them, as officials expect another winter surge. A severe storm is moving east across the US, bringing blizzards, heavy rain, and tornadoes. It's also wreaking havoc on travel, having caused ~4,500 flight delays and hundreds of cancellations already. Stephen Boss, better known as DJ tWitch on The Ellen Show, has died at age 40. | | Unsubscribe IRL: Here's how to get your address off junk mail lists. Bet you can't keep a straight face. Laughter is contagious. Get your finances sorted in 2023: Money with Katie is a free newsletter full of budgeting hacks, spending tips, and more to help you live the rich life you deserve. Glow on the go: Our holiday gift guide is packed with fun finds—including the award-winning Weekend Skin, your SPF 50 + vitamin C + glow in one. Shop all our top gifts here. Sponsored by Iris&Romeo.* *This is sponsored advertising content. | | Brew Mini: Today's puzzle centers around something we're all stressed out about right now—gifts. Play it here. Three headlines and a lie Three of these headlines are real and one is faker than everyone's Christmas tree. Can you spot the odd one out? - Scientists overlooked the snake clitoris, until now
- Jessica Chastain says she ate banana peels in her school lunchrooms 'so kids would notice me'
- An Oregon beauty queen is suing Nyx cosmetics and blaming the company for her Miss America loss
- Hundreds of skiing Santas hit the slopes in Maine
If you love Three Headlines and a Lie, play along on The Refresh from Insider and dive deeper into these weird headlines. | |  Planning a much-needed vacation? Well, what if we told you that you could travel for free? Check out Money with Katie's travel rewards series and learn how to use credit card points to fund your next trip.
 On Imposters, Morning Brew co-founder Alex Lieberman sits down with titans of industry, athletes, and entertainment's biggest names to discuss the mental challenges they've overcome to get where they are today. Listen here.
 Technology has evolved in 2022 and it's been hard to keep up. Don't miss a thing next year with Emerging Tech Brew—the free newsletter that keeps you informed about the latest tech news.
 Stream The Brief to hear our chat with the CMO of Magnolia Bakery about rebranding.
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