Tuesday, March 24, 2020

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  • Which world leaders, US politicians have been exposed to the coronavirus?
    Which world leaders, US politicians have been exposed to the coronavirus?
     
    March 24, 2020 Read in Browser
    TOGETHER WITH
    		Within
    Good Tuesday morning. Some of you have commented we’re living in the Twilight Zone, which we’ve shrugged off until reading the following story: 
    The bankrupt sporting goods retailer Modell’s has stopped its liquidation sales to comply with laws ordering merchants to close. What does that mean? It can’t shut down its stores because its stores are shut down. 
    You win.

    MARKETS


    NASDAQ
    6,860.67
    - 0.27%
    S&P
    2,237.40
    - 2.93%
    DJIA
    18,591.93
    - 3.04%
    GOLD
    1,561.90
    + 5.21%
    10-YR
    0.788%
    - 6.60 bps
    OIL
    23.84
    + 5.35%
    *As of market close
    • U.S. markets: Even though the NYSE closed the trading floor, stocks continued to socially distance themselves from the color green. Another coronavirus stimulus bill failed a procedural vote.
    • Market history: It took just 22 days for the S&P to lose 30% of its value, the market’s fastest 30% pullback ever. To give you some context, No. 2 and No. 3 happened in the 1930s.
    Mario Tama/Getty Images
    Yesterday, Massachusetts and Maryland joined states including New York, New Jersey, Illinois, and California in ordering all "nonessential" industries to close. By limiting in-person operations to “essential” businesses, like grocery stores and health clinics, state governments are hoping to enforce social distancing and curb the spread of coronavirus. 
    But these orders are also spreading confusion and setting nonessential businesses up to fail. 

    According to whom? 

    Most “essential businesses” lists look pretty similar: food, healthcare, utilities, shipping, critical infrastructure.
    But small differences between states could trip up attempts to quarantine consumers. New York and New Jersey deemed liquor stores essential, while nearby Pennsylvania didn't. Some worry thirsty consumers will hop across the Delaware River for another handle of Tito's, undermining containment efforts. Pennsylvania's governor is reconsidering the ban. 
    • Some companies are still trying to figure out whether they're essential, like one California-based supplier of radio equipment for first responders. 
    • Others, like auto dealers, are struggling to parse out which services they can still offer. 
    • GameStop and Tesla tried stretching the definition, but have since complied with orders and closed. 
    To make things clearer for everyone, the U.S. Chamber of Commerce asked the White House to further clarify which businesses are considered “essential.” The chamber wants banks, hardware stores, taxis, laundromats, plumbers, gas stations, and more to fall under the umbrella.

    The industry you're really curious about

    Marijuana dispensaries have gone from illegal to essential in lightning speed. Many states are keeping medical and/or recreational facilities open, and some are relaxing rules to help customers stock up safely through home delivery, curbside pickups, and telemedicine. 
    • Smart move: With tens of millions stuck at home with nothing to watch but Planet Earth, legal cannabis sales are booming.
    The ones you didn't think about: Embrace those roots, because many states are deeming hairdressers nonessential, which could impact up to 1.3 million establishments. Rules against large gatherings are forcing many churches to halt services. And brothels in Germany, the Netherlands, and Nevada are closing over health concerns. 
            
    Giphy
    The coronavirus dealt the Federal Reserve a 2-7 offsuit, but Chairman Jerome Powell has no choice but to go all in. 
    Yesterday, the Fed said it would buy unlimited government debt and provide loans to businesses large and small in its most drastic move yet—a move that shows we're not wrong to use the words "staggering crisis" to describe the current state of the economy. 
    What's happening: The Fed is building a "wall of money" to make sure credit is available when companies, states, and local governments need a lifeline, the NYT writes. Investors have been selling assets and hoarding cash, causing financial markets to seize up and stop working. 
    As part of its CPR kit for businesses, the Fed said it would roll out a Main Street Business Lending Program that'll allow small and midsized businesses to borrow money on favorable terms to meet basic needs like payroll and rent. 
    With some of these programs, the Fed is stepping out of its traditional role. But, to blend a few phrases, desperate times call for the kitchen sink. 
            
    Public Domain Pictures
    Buying a house is currently the last thing on many Americans' minds. It's also getting harder to do. Because of coronavirus, brokerage Redfin is canceling open houses, limiting sizes of in-person tours, and restricting clients from entering small bathrooms. Re/Max also advised agents to pull open houses.  
    According to the National Association of Realtors, members are noticing significantly lower buyer interest (in residential and commercial real estate) but most homeowners haven't pulled listings. 
    • "I have been in business for 40 years, and this looks like a cross between 9/11 and 2008," Manhattan luxury real estate agent Donna Olshan told the WSJ.  
    Virtual tours time to shine? More realtors are turning to 3D home models or virtual tours. But in a state under lockdown like California, new listings are hard to get up because realtors, stagers, and photographers can't commute to work. And as vets of the NYC real estate market, color us skeptical of pre-staged units. 
    Bottom line: Real estate is getting hit on multiple sides: buyers who can't come out to tour and a deteriorating economy tightening purse strings.
            

    SPONSORED BY WITHIN

    Keep Tabs on the World of E-Commerce

    Within
    WITHIN is monitoring the effects of COVID-19 on e-commerce verticals. Using data across their clients, they are tracking year over year trends to the pre-COVID benchmark in real-time. 
    And starting today, you can also tune into Retail Pulse Live, their twice-weekly webinar series where they'll be talking trends and tactics for weathering the storm. 
    The first installment begins at noon ET, so be sure to RSVP and reserve your spot. If you can't make it today, don't worry—they'll be broadcasting every Tuesday and Friday until this situation is under control.
    Tayfun Coskun/Anadolu Agency via Getty Images
    While small businesses across the country are fighting for survival, some larger retailers are adding hundreds of thousands to their payrolls.
    Let's start with small businesses. Scheduling software provider Homebase has been tracking the effect of social distancing requirements on hourly workers and small businesses, and...it's grim. Small shops are rapidly closing across the country.
    coronavirus
    Francis Scialabba
    The story for bigger retailers is the polar opposite. The appetite for staple goods and delivery is so strong they're hiring over 600,000 workers to meet demand.
    • Instacart: 300,000 "shoppers" over the next three months. Last Sunday, downloads of the delivery platform's app were up 218% over February.  
    • Walmart: 150,000 workers who will undergo a 24-hour hiring process 
    • Amazon: 100,000 delivery and logistics workers
    • CVS and Dollar General: 50,000 workers each
    • Papa John's and Domino's: 30,000 staff combined
    • Kroger: 10,000 workers across stores, distribution centers, and factories
    Bottom line: Coronavirus has decimated some sectors, but many large retailers are greatly benefiting.
            
    Roy Rochlin/Getty Images
    That temple of glass is NYC’s Jacob K. Javits Convention Center.
    A month ago, it was hosting the 117th annual Toy Fair New York. Yesterday, it began its transformation into a makeshift hospital as the city’s healthcare system scrambles to treat 12,300+ coronavirus cases in the five boroughs. 
    New York Governor Andrew Cuomo said the main showroom will be split into four, 250-bed hospitals. It should be ready to admit patients in seven to 10 days.
            
    Francis Scialabba
    We did our very best to explain how the Fed is responding to the economic crisis. But sometimes...with a topic as important as this you just gotta call in the experts. Washington and Lee University economics professor Art Goldsmith is that expert. 
    We invited him on Morning Brew's Business Casual podcast to explain what the Fed's actions mean for your day-to-day, from getting a mortgage to choosing a bank. He also gives a master class on how Fed policy works, why it exists in the first place, and what we can expect from central bankers as COVID-19 derails the business world.
    This may be the most important Business Casual episode yet. It's also a reunion: Goldsmith was Business Casual host Kinsey Grant's econ professor in college. 
    Listen here: Apple / Spotify / everywhere else

    WHAT ELSE IS BREWING

    • Boeing is shutting down production at its Seattle-area factories for two weeks.
    • California utility PG&E agreed to plead guilty to 84 counts of involuntary manslaughter over its role in the 2018 Camp Fire.
    • SoftBank will buy back up to $41 billion of its assets to get its debt under control.
    • International Olympic Committee member Dick Pound said the Tokyo Games will be postponed but the details are still being worked out.
    • Twitter withdrew its Q1 revenue guidance because of the coronavirus.

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    • Tech Tip Tuesday: Try out the filters on Snap Camera when videochatting with friends and, potentially, your very chill boss. 
    *This is a sponsored post
    Giphy
    Today's Daily Quarantine Planner is brought to you by Brew Editorial Coordinator Jamie Wilde. As you'll see, she's got some excellent taste.

    Quick morning workout

    Let's do some yoga: Repeat Sun Salutation 5x, end in mountain pose, take five deep breaths, and set a simple goal for the day, like "brush my teeth before 1pm."

    Events happening in cyberspace

    • TED Connects is going live with hopeful experts weekdays at noon ET. Today, it's Bill Gates. 
    • Diplo's DJing from home all week (again)

    Work playlists

    Lunch break, but make it productive

    Dinner plans

    • Expectation: Make kimchi fried rice. Here's my favorite recipe, but saute some bacon and garlic between steps 1 and 2.
    • Reality: Warm up a Costco croissant. Tear in half and stuff a square of dark chocolate into each side. 

    Evening activities

    No screen: You don't need a feather quill to try faux calligraphy. Once you get the basics down, you can build out a bullet journal to add some structure to your socially distanced days, or just send your grandparents a nice letter.
    Screen: There's a reason everyone's buying the videogame Animal Crossing: New Horizons—you don't have to leave your house to hop on a Dodo Airlines flight. Set up your island, save up your Nook Miles, and come visit me. Here's my Dodo Code: 54SGT.
            

    WHAT'S TRENDING

    google trend chart
    Google
    What Google search term has exploded in the past few weeks? Don't say toilet paper.

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