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September 09, 2020 View Online | Sign Up TOGETHER WITH Good morning and Happy Birthday. We feel extremely comfortable saying that, because according to a dataset of births from 1994–2014, September 9 was the most common birth date.  We know you're wondering...nine months before September is December.  MARKETS NASDAQ 10,847.69 - 4.11% S&P 3,331.85 - 2.78% DJIA 27,501.42 - 2.25% GOLD 1,941.10 + 0.35% 10-YR 0.683% - 3.80 bps OIL 36.93 - 7.14% *As of market close Markets: This technology sell-off has turned into a multi-day affair. The Nasdaq has dropped 10% over the last three trading sessions and is now in "correction" territory. Energy: Oil prices had their worst day since mid-May as demand for fuel remains gutted by the pandemic. Producer Saudi Aramco recently cutting its prices doesn’t inspire confidence.  HUMAN RIGHTS 'Mulan' Filming Location Gets Disney in Trouble

Pierre Crom/Getty Images If you made it to the credits of Disney’s Mulan remake this weekend, you probably skipped right over the customary "thank yous" hoping for a bonus scene.  But some eagle-eyed viewers spotted controversial nods to eight government entities in China’s western Xinjiang region, where part of the movie was filmed. Those entities include multiple propaganda agencies on a White House blacklist for links to forced labor and human rights abuses.  What’s going on in Xinjiang? It’s where China’s Communist Party has detained an estimated 1+ million ethnic minorities, particularly Uighur Muslims. China claims it's running job-training centers and combating Islamic extremism. But numerous reports, leaks, and testimonies point to mass surveillance of Uighurs as well as physical and verbal abuse, indoctrination, and “demographic genocide” (reducing birth rates through forced birth control, sterilization, and abortions).  Human rights advocates call it China’s worst abuse in decades, and foreign governments have pressured Beijing to stop. It's a big deal for businesses Importing goods produced by forced labor is a violation of federal law. In July, President Trump added 11 companies with ties to alleged human rights violations to the blacklist, affecting a supplier for apparel brands including Ralph Lauren and Hugo Boss.  A recent NYT investigation found at least 17 Xinjiang companies use Uighur labor to produce medical-grade face masks sold in the U.S. Yesterday, the White House said it banned imports from a trio of companies in Xinjiang and plans to add six more to the list targeting cotton, textiles, and tomatoes. Xinjiang produces 84% of China’s cotton and is a top textile and apparel supplier. A ban could have major implications for clothing brands and increase pressure to relocate supply chains.  Zoom out: According to the Uyghur Human Rights Project, “because forced labor is used so ubiquitously throughout Xinjiang...governments, companies, and consumers should assume that any cotton products sourced from China are a product of China’s cotton gulag.”

AUTO Nikola Has a New WinGMan

Francis Scialabba Yesterday, hallowed Detroit automaker GM announced a $2 billion investment in Nikola, the sexy electric truck shop that went public in June via reverse merger.  The details: GM will develop and manufacture Nikola’s new models in exchange for an 11% stake in the company and a seat on the board. Picture Timon and Pumbaa guiding Simba, but instead of eating bugs they’re teaching him how to install fuel cells.  GM stock popped almost 8% on the news; Nikola jumped nearly 41%.  One problem to solve later: Nikola’s Badger truck, which GM will help Nikola produce by late 2022, could eventually compete with GM’s trucks.  Zoom out: This is yet another example of an established automaker moving into the EV world via supplying components to younger rivals. Ford struck a similar agreement with Rivian last year, and EV startup Fisker also plans to outsource components. There is one exception though, and it’s a big one—Nikola’s last name/rival Tesla is vertically integrated, meaning it hasn't needed to strike the manufacturing partnerships that've become the industry norm.

BANKING PPP Stands for Potential Plunder Problems

"Jamie Dimon, CEO of JPMorgan Chase" (CC BY 2.0) by jurvetson Yesterday, JPMorgan’s operating committee sent an email to all 256,710 employees notifying them that a) someone’s leaving half-eaten bananas in the fridge again and b) the bank’s role in the U.S. government’s pandemic relief programs may have involved some shenanigans.  The email said there was evidence of “conduct that does not live up to our business and ethical principles—and may even be illegal” by customers misusing Paycheck Protection Program loans, unemployment benefits, and other programs.  “Some employees have fallen short, too,” it added. An investigation is underway. JPMorgan was the biggest issuer of PPP loans, which put the burden on applicants to prove they needed support, rather than on the Treasury or on the banks that serviced the loans. This "honor system" may have allowed some applicants to access funds fraudulently. Big picture: PPP was designed to be a sledgehammer instead of a surgical knife. A June watchdog report found that the program’s vast scale and scrunched timeline may have exposed it to fraud.

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FOOD & BEV Like Everything Else, Kitchens Go Virtual

Getty Images Virtual kitchen startup Virtual Kitchen revealed $20 million in new funding yesterday, CNBC reports. Cofounded by former Uber execs, the company provides tech for commercial kitchens that want to ditch water refills and napkin folding to focus specifically on delivery.  Yesterday’s round was led by Keith Rabois at Peter Thiel’s Founders Fund. Last year, famed VC shop Andreessen Horowitz led a $15.3 million round.  Big picture: With the "ghost kitchen" market expected to reach $2.6 billion by 2026, competition is getting tougher than a well-done flank steak. NYC-based Zuul, which has a partnership with Sweetgreen, raised $9 million in July.  But the Goliath in the field is CloudKitchens, the ghost kitchen startup created by former Uber CEO Travis Kalanick. It raised $400 million last year.  Big picture: Ghost kitchens were earning their sea legs before the pandemic, which shut down in-person dining and supercharged growth. But they can still be risky, forcing restaurants to partner with delivery services and relying on delivery app promotions.

ELECTRONICS Toy Story 2020

Microsoft Fall means flannel, a pause in chlorophyll production, and new hardware. Let’s talk about the latest gadget announcements.  Microsoft: What is this...an Xbox for ants? Microsoft confirmed rumors of the “smallest Xbox ever,” the Series S, which will cost $299 in the U.S. It will reportedly be released with the high-end Xbox Series X ($499) on November 10.  Peloton: The fitness brand is expanding its lineup to include a dramatically cheaper treadmill ($2,495) and a more expensive stationary bike ($2,495)—while dropping the price of its current bike to $1,895.   The company is trying to 1) appeal to a wider user base and 2) manage relentless demand during the pandemic. Prepare yourself for monster fiscal Q4 earnings on Thursday.  Apple: The company sent invites for a press event on September 15, but the new iPhone probably won’t make an appearance. Considering the event title is “Time Flies,” analysts think it could be a showcase for the new Apple Watch.  Zoom out: Sales at electronics and appliance stores dominated other retail categories in July, surging 23%.

WHAT ELSE IS BREWING School closures could dent the U.S. economy by $15.3 trillion in the worst-case scenario, the OECD said in a new report. Tesla shares continued their slide yesterday, closing down more than 20% for their worst day ever. On Friday, the company was not selected for inclusion in the S&P 500 despite hitting the necessary criteria. Slack shares also tanked 15% after hours as user growth slowed and competition grew last quarter. Boeing disclosed a manufacturing flaw in the 787 Dreamliner, just days after it reported several other issues with the plane. Uber promised that every vehicle in its network will be electric by 2040. It’ll spend $800 million in the next five years to help drivers make the switch. Apple ramped up its legal fight with Epic Games by revealing plans to seek damages against the Fortnite maker.

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OPEN HOUSE TRIVIA In this trivia section, we show you a current home listing on Zillow, and you have to determine the price of the listing.  Presenting...a 4-bed, 4-bath charmer in the Hollywood Hills. The 4,028-square-foot home was originally built for the silent film actress Claire Windsor in 1923, but now has plenty of modern amenities including a heated pool, sauna, and an outdoor kitchen.

Zillow Can you guess the listing price? (Price Is Right rules...you can’t go over.)

SHARE THE BREW When you share the Brew with your network, you earn free swag like our classic Morning Brew t-shirt. Are you one of those people who is always going places? Then you probably need a shirt. Might as well be this bad boy with the Morning Brew logo plastered across the chest. Hit the button below to learn more and access your rewards hub. Click to Share Or copy & paste your referral link to others: morningbrew.com/daily/r/?kid=a17a7110

OPEN HOUSE TRIVIA ANSWER

$3,385,000

September 09

FEATURED BIOGRAPHY Henri de Toulouse-Lautrec READ MORE   FEATURED EVENT 1976 Death of Mao READ MORE

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MORE EVENTS ON THIS DAY 2015: Elizabeth II became the longest-reigning monarch in British history, surpassing Victoria's record reign of 63 years and 216 days. [Take our queens in England quiz.] 1998: Special Prosecutor Kenneth W. Starr sent to Congress the report on his investigation into the actions of U.S. President Bill Clinton in the Whitewater affair and subsequent matters, including Clinton's improper sexual relationship with intern Monica Lewinsky. [Test your knowledge of modern U.S. political scandals.] 1990: American tennis player Pete Sampras defeated Andre Agassi at the U.S. Open to capture his first of 14 Grand Slam singles titles. [ Sort fact from fiction in our quiz about tennis.] 1966: American comedian and actor Adam Sandler, who was known for his portrayal of infantile but endearing characters, was born. [Take our actors and acting quiz.] 1941: American singer and songwriter Otis Redding , considered one of the great soul stylists of the 1960s, was born. [Take our quiz about musicians.] 1919: The Boston Police Strike began after the city denied the police's right to unionize. SEE ALL EVENTS ON THIS DAY

ALSO BORN ON THIS DAY 1966 Adam Sandler American comedian 1967 Akshay Kumar Indian actor 1975 Michael Bublé Canadian singer 1960 Hugh Grant British actor 1828 Leo Tolstoy Russian writer 1980 Michelle Williams American actress SEE ALL BIOS ON THIS DAY

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Columnists The Silent Majority Isn’t So Silent, If You Just Listen Kurt Schlichter The Democrats Pick the Criminal Ben Shapiro Today and Yesterday Walter E. Williams China's Dark Turn John Stossel One Sign at a Time, Pennsylvania Veteran Makes the World a Better Place Salena Zito The Democrat Platform Is in Complete Disarray Brad Slager How One FDA Regulation Could Impact President Trump’s Re-election Chances Tim Andrews Economic Recovery Starts, Thanks to Capitalism Star Parker Why Won’t They Speak Her Name? Douglas MacKinnon ADVERTISEMENT The Hyperbolic, Hyperpartisan Atlantic Magazine Tim Graham Democrats' Plot to Abolish Election Night Betsy McCaughey 21st Straight Year: More Than One Million High School Boys Played Football in 2019 Terry Jeffrey Has the Trump Administration Ended Clinton's Less-Than-Splendid Balkan War? Austin Bay What if, in Those Violent Cities Run by Democrats, the Politics Were Different? John Kass Are Video Arcades More Dangerous Than Casinos During a Pandemic? Jacob Sullum Pastors John MacArthur and Andy Stanley Disagree, But I Agree with Both of Them Michael Brown Recall Anti-Law and Order Prosecutors Before They Destroy Our System of Justice Bob Barr Review of Mexico City Policy Shows International Abortion Providers Decline U.S. Aid Frank Pavone Local and State Governments Thumb Nose at Targeted Tax Break Disclosures Johnny Kampis Latest Book About Melania Trump a Dishonest Smear from Disgruntled Former Contractor Boris Epshteyn Diplomacy, Not Troops, Is the Key for the US in the Middle East Daniel DePetris Black Lives Matter Wants to Brainwash America’s Students Chris Talgo Save One Prominent Iranian to Help Safeguard Iranian Democracy Activists Hassan Nayeb-Agha What Would We Do Without the Postal Service? John McHugh Rioters Burn Cities and Gun Sales Skyrocket Steve Sherman Those Who Control the Language Control the Culture Michael Brown Video Gov. Evers: Saying Abortionists 'Execute Babies' Is 'Blasphemy' Trump blasts Schiff as 'political hack' Pelosi's condescension offers some laughs Pelosi open to border infrastructure INVESTING Why The Founding Fathers Despised Democracy The Wrong Way To Vote For Trump Michael Cohen, Tony Podesta, And The Nauseating Corruption Enabled By Big Government Fascism Is Socialism: Here’s The Proof Gunzilla Games A new player in the ААА game development market . GAMESUP42 holding. | Personal Finan Socialism Is Only Good For The Elite

Tipsheet New Book on Failed Trump Impeachment Push Touches on When House GOP Knew Schiff was Up to Something Matt Vespa Why LA County Slapped Grace Community Church with a Fine Beth Baumann Here's What President Trump Plans to Make a Priority in His Second Term Beth Baumann Hmm: Facebook Launches an Election-Related 'Study' Beth Baumann AP: Here's the One Problem with Mail-In Ballots in Battleground States Beth Baumann War for the White House Podcast: The Disaster That Is Kamala Harris Ellie Bufkin Why Police Who Detained a Black Jogger Ended Up Offering Him a Job Leah Barkoukis Did Dan Rather Really Just Say That About The Atlantic's Shoddy Anti-Trump Hit Piece? Matt Vespa Pump Those Numbers Up: Over 20 Trump Officials Have Denied 'The Atlantic's' Story On the Record Julio Rosas Oh Really? Lefty Atlantic Writer Threatens to 'Re-tell Story' of Meeting Conservative Singer to Smear Him Ellie Bufkin ADVERTISEMENT Political Cartoons Bearing Arms Biden's Gun Control Plans Just As Unconstitutional As His Mask Mandate | Cam Edwards Why People Shouldn't Trust Government For Protection | Tom Knighton Democrat Sheriff Jumps Ship, Joins GOP | Cam Edwards Teachers Keep Calling Cops On Kids With Toy Guns | Cam Edwards "Stand Your Ground" Is Legalized Murder? Think Again | Tom Knighton

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Twice-Elected Dem Sheriff Switches to GOP, Says Dems Are Burning the Flag Every Day   A Democratic sheriff in Indiana has publicly abandoned his party just two months ahead of the November election, and he cited his faith and attacks from members of his former party on law enforcement and the American flag on the way out. Vanderburgh [...]   Read More