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Good morning. Tomorrow is October 31, more popularly known as All Hallows Eve, and most popularly known as Halloween.  If you're new to the Brew, you should beware: We go all out for Halloween. This is our Super Bowl, New Year's, and Wednesday night before Thanksgiving combined. We may even be registered in Delaware as the Morning Boo.  So, as you read today's newsletter, just know we'll have something a lot lighter (darker?) tomorrow morning to get everyone in the holiday spirit. See you then.

MARKETS NASDAQ 11,185.59 + 1.64% S&P 3,310.14 + 1.20% DJIA 26,659.04 + 0.52% GOLD 1,870.00 - 0.49% 10-YR 0.830% + 5.80 bps OIL 36.39 - 2.67% *As of market close Energy: Oil prices dipped to their lowest level in nearly five months. Hopes for a spike in demand are drying up as people start to hunker down for this tough pandemic winter. Markets: With earnings season hitting its apex, stocks bounced back from their Wednesday plunge. Positive economic data reports (record GDP growth, lower jobless claims) helped.

BIG TECH Today's Special Is Ginormous Numbers

Francis Scialabba After the bell yesterday, four Big Tech bigwigs dispatched earnings reports. Taking a page from many of their product strategies, we've bundled up the main points for you below.  Apple posted strong numbers for its fiscal Q4 that modestly beat expectations, with Macs and AirPods offsetting weaker iPhone sales. But it didn't offer guidance for next quarter, so investors don't know what to expect for the just-released iPhone 12.  The context: Apple has worked on shoring up its software and services, plus it’s boosted products like AirPods and the Apple Watch. Its hyped Apple One bundle, which combines several services, launches today.  Amazon made expectations wish they were never born; sales increased 37% yearly to $96.1 billion and profits jumped almost 200%. And that doesn't even include Prime Day. And Amazon has been spending big on warehouses and delivery infrastructure.  The context: The pandemic has boosted Amazon's e-commerce business, but its advertising and cloud computing segments are in fine form, too.  Google parent Alphabet also reported blowout earnings, with profits at $11.2 billion and revenue at $46 billion last quarter.  The context: It looks like Google recovered from its first-ever revenue dip in Q2. But astronomical advertising revenue doesn't exactly bode well for its fight against the DOJ's antitrust allegations.  Facebook beat expectations on both revenue ($21.5 billion) and daily active users (1.8+ billion, up 12% yearly).  The context: Optics-wise, Facebook has had a tough 2020, with magnified scrutiny over its handling of political content and advertising. But numbers-wise, it's done well—last quarter, it officially reached 3 billion monthly users across Facebook, Instagram, WhatsApp, and Messenger.  Bottom line: Earnings season ain’t over yet, but these four plus Microsoft account for 46% of the Nasdaq 100. That predominance in the stock market, plus the growing criticism over their market power, means they’re watched magnifier-closely.

ECONOMY Blockbuster Q3 GDP Has a Big But

Francis Scialabba Yesterday, the Commerce Department posted grades for the U.S.' second ECON-19 midterm. How'd it do?  Q3 GDP* grew at a record annualized rate** of 33.1% from July–August. *GDP: the value of all goods and services produced in the economy. **Annualized rate: measured as if the economy will continue growing at that pace for a full year. That's important to distinguish because during Q3, the U.S. reopened the economy after a once-in-a-century pandemic () shut everything down. Not the kind of thing you do multiple quarters in a row.  On a quarter-to-quarter basis, Q3 GDP rose 7.4%, following a 9% drop in Q2. Overall, GDP is down 3.5% this year.  Economists were expecting a rebound following Q2's record drop in economic output. But it's still been an uneven recovery with room to improve: Only half the 22 million jobs lost in March and April have been recovered. Looking ahead...growth is expected to continue in Q4, albeit more slowly. But the third wave of Covid infections and the lack of federal stimulus could be a drag on those numbers.

ENTERTAINMENT Netflix's Queen’s Gambit Yesterday, Netflix announced its first price hike in nearly two years. The damage:  +$1 on the standard plan, now $13.99/month +$2 on the premium tier, now $17.99 No change to the basic plan, $8.99 Okay, maybe this won't tank the bank, but it's a big deal. Netflix is expected to pass 200 million subscribers this year, and those dollars add up. Shares rose 3.7% following the news. The reasoning: Every year, Netflix invests more money in pumping out original content (did you see Holidate?). Execs think that value for customers is worth a pricier subscription. More original content = a better arsenal for Netflix to fend off a growing list of competitors, including... Disney+, which is nearing its 1-year anniversary with 60+ million subscribers and a new season of The Mandalorian out today.  WarnerMedia's HBO Max, which parent company AT&T said has 57 million global subscribers.  NBCUniversal's Peacock, which collected nearly 22 million users after three months. (Parent Comcast hasn't disclosed how many are paying.)   That's just the streaming platforms. Netflix is also competing in the eyeball economy against the likes of YouTube, TikTok, Twitch, and even your REM schedule.

SPONSORED BY UBS You, The Election, And a Lot of Questions We don’t need to get into all the reasons why 2020 has been a year unlike any other—it goes without saying. But the biggest thing on everybody’s mind right now is: Who will lead the U.S.? The election is around the corner, and with it comes an abundance of questions on what it means for the markets and your portfolio.  To help answer these questions, UBS has conducted independent research to gauge investor sentiment around the election. They learned: Investors are split on who they are voting for (51% Biden vs. 49% Trump). More than 50% of investors plan to make portfolio changes regardless of who wins. Investors say the biggest issue in this election is the economy (89%). With these stats in mind, UBS created their five-part virtual UBS Election Watch series where UBS experts and policymakers—including Jennifer Granholm, Nikki Haley, and Karen Hughes—provide insights into how potential outcomes of the election could impact you as an investor. Watch highlights of the entire series right here.

ELECTION Pennsylvania in 2020: The Frackstory

Robert Nickelsberg/Getty Images This article is part of our weeklong series exploring state-level issues in the upcoming election.  Right now, the Trump and Biden campaigns are all over the commonwealth of Pennsylvania like Sheetzes and Yuengling taps. It's a swing state that boasts 20 electoral votes.  President Trump won Pennsylvania in 2016, but by only 44,292 votes...which wouldn't fill Lincoln Financial Field.  Biden is currently favored to win the state, per FiveThirtyEight. Biden's strategy: hitting on broad economic themes.  Trump's: claiming dubiously that Biden would ban fracking. Biden has pledged to ban fracking on federal lands and offshore, not overall.  What's fracking again? When a drilling company injects a high-pressure water mixture into a rock formation to release gas.  Why Trump is so focused on it: Pennsylvania produces ~25% of the U.S.' natural gas that comes from fracking. It's been an economic savior for some parts of the state that were hollowed out by the decline of manufacturing jobs, but some Pennsylvanians are against it on environmental grounds.  Bottom line: Fracking really isn't top-of-mind for the majority of Pennsylvania voters. But campaign strategists say that in a state where the race is so close, an issue that can even slightly tip the scales is significant.  + Miss any of our state-level stories this week? Here they are: The states voting on marijuana legalization, California's expensive Prop 22, Texas's urban renaissance, and Wisconsin's Foxconn debacle.

MEDIA Have You Heard of This Shop?

Morning Brew Word is they're worth some $$$ and everyone who underestimated them in high school has egg all over their face. Yesterday, Insider Inc., parent of Business Insider, said it's buying a controlling stake in digital media startup Morning Brew at a reported valuation of up to $75 million.  Why the Brew was attractive: Morning Brew expects to bring in $20+ million in revenue this year, has been consistently profitable, and has incredibly good-looking newsletter writers.  Its products include a daily email with ~2.5 million readers, three industry-specific newsletters read by 500,000 subscribers, a new lifestyle newsletter, and a podcast, Business Casual, that's notched 6 million downloads.  Why Insider was an attractive buyer: Morning Brew cofounders Alex Lieberman and Austin Rief said they were drawn to Insider's "history of welcoming entrepreneurs with open arms and empowering them to build their businesses independently."  To that point, Insider's not messing with the Brew's popular brand and will keep it as an independent entity. Zoom out: While the broader digital news media is struggling in a landscape dominated by tech behemoths, Morning Brew found success by building strong relationships in one of the most underappreciated places: the email inbox.

QUIZ Hocus Poquiz The feeling of getting a 5/5 on the Brew's Weekly News Quiz has been compared to cutting open a perfectly ripe avocado. It's that satisfying. Ace the quiz.

WHAT ELSE IS BREWING ExxonMobil's star continues to fade. The energy company announced it'll cut 1,900 jobs in the U.S. and 15% of its global workforce.  Walmart is pulling ammunition and guns off its sales floor ahead of potential "civil unrest" related to Election Day.  Spotify said podcast investments are growing its top line, and defended its handling of an episode of Joe Rogan's podcast that featured conspiracy theorist Alex Jones.  Leon Black, the CEO of private equity firm Apollo Global Management, said on an earnings call yesterday that he made a "terrible mistake" working with convicted sex offender Jeffrey Epstein.  Starbucks offered some hopeful news—that its rebound in 2021 will be better than expected.  Juul, the e-cigarette maker, has slashed its valuation to $10 billion. It was worth $38 billion in 2018.

SPONSORED BY SLACK Thanks to organized convos, you can actually get stuff done. (If your company uses Slack, that is.) Look down at your email inbox: We bet that unread number is slowly growing, and we bet the majority of those emails are useless. Slack organizes everything into channels, which help conversations stay on topic and work-focused—as opposed to those email chains that could stretch around the equator. Say hello to Slack channels.

BREW'S BETS Your input needed: You know that Markets graphic up near the top of the newsletter? The one with S&P, DJIA, red arrows, green arrows, and more? We want to make it more useful to you. If you have a sec, take this quick survey to help us shape the future of the Markets section. Thanks! Election Lite: Guess who voted for Biden or Trump by looking inside their fridges, and geek out over Google search trends by analyzing the most-searched terms this election.  Follow Friday: Ranked in order from least to most spooky, follow ghosthoney on TikTok, Doth on Twitter, Trevor Henderson on Instagram, and the infamous subreddit: nosleep.  Tips on getting Brew referrals: We're always reminding you that you can earn Morning Brew swag by referring friends to this newsletter. But we messed up. We never gave you any tips on the easiest ways to do that. So, whether you're searching for some stickers or ballin' for a Brewneck, this guide will give you actionable tips on how to acquire Brew referrals—and free swag—just in time for the holidays. Read it here.

GAMES Friday Puzzle Draw one line—it doesn't need to be straight—that will divide the figure into two identical parts.

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Breaking News     SHOCK! Since COVID, Global Flu Cases Mysteriously Down by 98 Percent   Vadzim Kushniarou/iStock/Getty Images Plus So-called experts around the globe were worried that the world’s populace would be devastated by the simultaneous presence of COVID-19 and influenza, but the “twin-demic” appears unlikely to materialize as t[...]   Read More

More Top Stories     Third-quarter GDP Beat Expectations, Adds Momentum to Trump Campaign Read More   Thousands flock to Halloween parade in Wuhan, China Read More   Denver security guard held in death of pro-police demonstrator denied bail reduction: report Read More Recent Posts Franklin Graham: Kamala Harris “Most Liberal Senator In Congress” Ocasio-Cortez Attacks GOP For Not Taking Democrats Seriously Trump Admin Vows to DESTROY Iranian Missiles Shipped to Venezuela Allegedly Damaging Hunter Biden Tapes Released to Public Ghislaine Maxwell Deposition Transcripts Released   Featured Today JUST IN: Franklin Graham Reveals Kamala Harris' Dirty Secret...     Follow UPS Responds To Disappearance Of Tucker Carlson Package ‘Damning’ To Biden; UPDATE: Documents Found Read now » Cybersecurity Expert Authenticates New York Post’s ‘Smoking Gun’ Hunter Biden Email, Report Says Read now » Trump Campaign Calls On Joe Biden To Respond To Report That Hunter Biden Under Criminal Investigation Read now » Pakistani Court Validates Marriage Of 13-Year-Old Catholic Girl Allegedly Abducted By 44-Year-Old Muslim Man Read now » Kappa Delta Sorority Deletes Tweet Congratulating Fellow Sister Amy Coney Barrett Read now » Support These 14 Conservative House Candidates RIGHT NOW In Case You Missed It... >> Hillary Wants Joe To Pack The Court >>  Girl Scouts Slammed for Congratulating Justice Barrett >>  Democrats Are Already Plotting to Impeach Justice Barrett It's Now Official: The FBI and DOJ Are Investigating the Bidens - See the Videos Hunter and Joe Biden may not be smiling for long. See the videos that prove they are under active investigation by the FBI  >>> CLICK HERE Joe Biden says his son Hunter is ‘the smartest guy I know’ WATCH: Woman at Trump rally ripped up Pelosi, Schumer, and Schiff photos Twitter Suspends U.S. Border Chief for Celebrating Wall’s Protection From Aliens Biden Whistleblower: Here Is the Evidence I’m Risking My Family Over Advertisement October 30 FEATURED BIOGRAPHY John Adams READ MORE   FEATURED EVENT 1485 Henry Tudor crowned king of England READ MORE   Advertisement Advertisement   MORE EVENTS ON THIS DAY 2018: American crime boss Whitey Bulger—who, as head of the Boston-area Winter Hill Gang, was a leading figure in organized crime from the late 1960s to the mid-1990s—was beaten to death by fellow inmates while in prison. [ How well do you know mobster names?] 2003: American basketball player LeBron James, who was drafted directly out of high school, made his NBA debut with the Cleveland Cavaliers. [See where LeBron James ranks on our list of the 10 greatest basketball players of all time.] 1995: Voters in Quebec narrowly defeated a referendum that proposed sovereignty for the province within a new economic and political partnership with the rest of Canada. [ Sort fact from fiction in our quiz about Canada.] 1974: Muhammad Ali knocked out George Foreman in the “Rumble in the Jungle,” regaining the world heavyweight boxing title. [Test your knowledge of boxing.] 1961: The Soviets detonated Tsar Bomba over Novaya Zemlya island in the Arctic Ocean; the largest nuclear weapon ever set off, it produced the most powerful human-made explosion ever recorded. [Take our quiz about weapons and warfare.] 1938: Orson Welles's radio dramatization of H.G. Wells's War of the Worlds was broadcast, causing great alarm—though reports of a nationwide panic were unfounded—as some listeners feared a genuine invasion from Mars. [ Test your knowledge of radio .] SEE ALL EVENTS ON THIS DAY ALSO BORN ON THIS DAY 1735 John Adams president of United States 1960 Diego Maradona Argentine soccer player 1885 Ezra Pound American poet 1935 Michael Robert Winner British film director 1909 Homi Bhabha Indian physicist 1896 Ruth Gordon American writer and actress SEE ALL BIOS ON THIS DAY