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TOGETHER WITH
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Good morning. Feel like we haven't said this in years, but...wow, what an eventful weekend.
Let's get
straight to business: There are 50 days until the election, and today
Morning Brew is super excited to roll out a voter registration
initiative to help you get your voice heard (and earn some exclusive
stickers in the process). Read on for the details.
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NASDAQ
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10,853.55
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+ 20.96%
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S&P
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3,340.97
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+ 3.41%
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DJIA
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27,665.64
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- 3.06%
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GOLD
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1,948.10
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+ 28.16%
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10-YR
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0.671%
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- 124.90 bps
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OIL
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37.39
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- 38.92%
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*As of market close
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Economy: The U.S., England, and Japan will all announce interest rate decisions this week. Investors aren’t expecting any major changes in their outlooks. -
Nation: Historic wildfires have killed at least 33 people
across California, Oregon, and Washington. Oregon Gov. Kate Brown
blamed the fires on “decades of mismanagement” and climate change.
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Giphy
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ByteDance has finally chosen its suitor to take over TikTok’s U.S. operations. And the rose goes to…
...cut to commercial break…
...cut back...
Oracle
The Silicon
Valley software giant beat out some of the biggest names in corporate
America to land the megapopular video app and its 100 million monthly
users in the U.S. But there’s a reason we’re not using the word “sale.”
The WSJ says Oracle will be TikTok’s “trusted tech partner”—not acquirer. A full sale isn’t expected to be a part of the fine print.
The backstory: would
take longer than Dominic Thiem’s victory at the U.S. Open. Last month,
President Trump ordered ByteDance, the Chinese tech company that owns
TikTok, to sell TikTok’s U.S. operations to an American company or else
face a ban.
TikTok is considered a
national security threat by the White House so long as it’s owned by
ByteDance. The U.S. fears that ByteDance could be compelled to hand over
Americans’ personal info to the authoritarian Chinese government.TikTok has repeatedly said it wouldn't hand over user data.
The
president’s threat to ban TikTok set off a Frodo-style quest among all
the companies that could scrounge up enough cash to place a bid.
Oracle’s main competitor was Microsoft (with an assist from Walmart),
but Microsoft said earlier on Sunday that ByteDance rejected its offer.
What’s next
There are
still a number of big questions to be answered, including a) if this
isn’t a sale...what are the exact terms b) will it satisfy the desires
of the U.S. and Chinese governments, and c) what is the fate of TikTok's
legendary algorithm at the center of the dispute?
However the details shake out, it’s clear that the TikTok saga is a turning point
in U.S.-China relations. For years, China has demanded steep
concessions from American firms to operate in the mainland; now the U.S.
is returning the favor with its historic intervention in a major
Chinese cultural export.
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Tomohiro Ohsumi via Getty Images
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SoftBank has agreed to sell Arm Holdings to Nvidia for $40 billion in a huge chip deal.
These may be some new faces for many readers, so let's meet the main characters:
SoftBank is
a Japanese conglomerate famous for its eccentric leader, Masayoshi Son,
and big bets on the tech sector. Some have worked, some have WeWorked.
Nvidia is
a chip powerhouse, having recently overtaken Intel as the most valuable
chipmaker in the U.S. Nvidia's claim to fame is its graphics chips for
videogames, but the company is building a bigger presence in other
markets like data centers.
Arm is a UK-based chip designer
that was sold to SoftBank four years ago for $32 billion. It doesn't
make chips, but instead works behind-the-scenes creating the blueprints
for them. Arm's designs are found in nearly all smartphones.
What this deal means: a
shakeup in the chip industry as Nvidia adds a powerful new dimension to
its product lineup. For that same reason, antitrust regulators are
expected to take up to 18 months to approve the deal.
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Francis Scialabba
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Sixty years ago today, Saudi Arabia, Iran, Iraq, Kuwait, and Venezuela founded
the Organization of the Petroleum Exporting Countries (OPEC) to
coordinate oil policies and counter the influence of British and
American producers. But unlike a cast iron skillet, this cartel hasn’t gotten better with age.
What’s going on: Internal
disagreements, the U.S.’ rise as a leading exporter, and a renewables
boom have weakened OPEC’s sway. Its market share has fallen from 50% in
1973 to 30%, while the U.S.’ has doubled in a decade.
"A functional cartel
needs to set tough limits to production and stick to them. OPEC sets
easy targets and still often fails to meet them," Brown Prof. Jeff
Colgan told DW News.
In 2016, Russia and nine other producers joined the OPEC+ alliance to increase leverage against the U.S.
But American influence remains strong. U.S.
sanctions have sidelined Iran and Venezuela, and OPEC’s de facto leader
Saudi Arabia has increasingly appeased the Trump administration's
demands, including this summer’s historic supply cuts to offset the
nosedive in prices from the pandemic.
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Well, good news. We’re teaming up with WHOOP to deliver them straight to your inbox.
Why WHOOP? They let you track activities, sleep, and overall health with their sleek,
no-nonsense wearable that has 24/7 heart rate monitoring and
personalized, actionable insights to help you unlock your potential.
So since WHOOP helps you know yourself through data, we thought we’d look inward for our first tip.
TIP #1, Pre-Sleep: Right
before bed, turn off the lights, switch to Do Not Disturb, and simply
listen to your body for 10 minutes. Think about what you’ve been through
that day, and how you can improve for tomorrow.
And then
when you wake up, get a full breakdown of your sleep quality with WHOOP,
and take note of any disturbances to see where you can improve.
Thanks to WHOOP, we can finally add “Fit-fluencer” to our resumé.
Learn more today.
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Astra
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"Rockets are hard"—Elon Musk tweeting encouragement after a rocket launched by the startup Astra failed to reach orbit
in Alaska Friday night. Astra, which also shrugged off the launch as
"valuable experience," wants to eventually provide cheap, frequent trips
for satellites.
"We have a good chance that we will know if the product works by the end of October"—Pfizer CEO Albert Bourla discussing his company's potential coronavirus vaccine. Bourla thinks regulators could approve the drug before 2021.
"The quarantine gave me a chance to think a lot about things, what I want to accomplish, what I want people to remember me by"—Tennis
star Naomi Osaka after winning the U.S. Open. Osaka, the world's
highest-paid female athlete, used her platform during the tournament to draw attention to the Black Lives Matter movement.
"75 per cent are willing to pay for flights to nowhere"—The Straits Times describing
Singapore Airlines's plan to launch "no-destination flights" to boost
business. The flights would take three hours, cost hundreds of dollars,
and not take you anywhere.
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Not mentioned: an IPO bonanza that includes tech stars Snowflake and Unity.
Monday: 50 days until the election
Tuesday: Apple’s hardware event (don’t expect iPhones); FedEx earnings
Wednesday: Retail sales; conclusion of Fed meeting with Jerome Powell press conference
Thursday: Housing starts; jobless claims; U.S. Open in golf begins
Friday: iHeartRadio Music Festival; Quadruple Witching Day in the markets; Rosh Hashanah begins at sundown
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AstraZeneca
and Oxford are resuming Phase 3 trials of their potential coronavirus
vaccine after pausing it last week after a patient fell ill. -
New York Fashion Week, which started last night, has essentially gone all-virtual this year. -
U.S. coronavirus cases continued declining overall last week, though 11 states are experiencing an uptick in infections. -
Michael Bloomberg is committing at least $100 billion to help Joe Biden’s campaign in Florida. -
Gilead Sciences bought biotech Immunomedics, which has an all-star breast cancer drug, for $21 billion. -
Roam Research is a note-taking tool that just raised a seed round at a $200 million valuation.
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SimpliSafe is a pretty good name, tbh. These guys make it super simple to install your own home security system in under an hour. Then once you’re done, SimpliSafe’s trained experts will be monitoring your house 24/7. Get safe, simply.*
The most important word in investing? Diversification. But
how do you actually do it? By investing in art, which has CRUSHED the
S&P by 180% from 2000–2018. Now you can access the world’s most
exclusive asset in just a few minutes thanks to Masterworks. Skip the 25k person waitlist.*
There aren't enough babies: And that will be a major economic problem down the road. In her latest column, Business Casual host Kinsey Grant tackles the issue of declining birth rates and explains what we can do to right the ship. Give it a read here.
Interesting Reddit thread: What’s an industry secret in the field you work in?
Legendary TikTok: These guys really love Chipotle (language warning).
*This is sponsored advertising content. See Masterworks' important information.
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Francis Scialabba
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The 2020 presidential election is exactly 50 days away, and we want to make sure your voice is heard.
Introducing: Brew Votes. It’s your one-stop-shop for checking your registration status—and registering if you haven’t already.
But we saved
the best part for last—stickers. When you post about Brew Votes, we’ll
send you an exclusive sticker sheet with never-seen-before designs.
Get started here.
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After a week off in Aruba, the Brew Crossword is back and in need of aloe.
Give it a try here.
Remember,
this crossword is now made by all you smart folks. If you'd like to
submit a crossword to be featured in this section, check out our brand
new submission guidelines. Happy puzzling.
Sturgis “Super Spreader” Bike Rally Vs BLM “Fiery But Mostly Peaceful” Protests
The 9/11 Attacks: The Domestic Fall-Out From America’s Secret War
Los Angeles Offers $100,000 Reward in Ambush Shooting of Deputies
“Free Palestine” Vandalism of Kenosha Synagogue During Riots is Par for the BLM
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I urge you to watch before it’s taken down...
Thousands are being invited to watch it.
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Breaking News
Senator Sasse’s Call to Repeal the 17th Amendment |
Mon, 14 Sep 2020 07:59:41 +0000 |
PatriotsNews |
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