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TOGETHER WITH
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Good morning. Thinking back to last year's Thanksgiving and remembering that the main topic of conversation was falling asleep while watching The Irishman.
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NASDAQ
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11,854.97
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- 0.42%
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S&P
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3,557.54
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- 0.68%
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DOW
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29,263.48
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- 0.75%
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GOLD
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1,869.60
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+ 0.44%
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10-YR
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0.829%
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- 0.60 bps
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OIL
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42.17
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+ 1.03%
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*As of market close
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Markets: Stocks didn’t do anything that notable this week, which is ironic because we are noting it.
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Economy: JPMorgan became the first major bank to predict that the U.S. economy would contract
in the first quarter of 2021 because of the current surge in Covid-19
cases. Q2 and Q3 are expected to be much better, though.
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Tasos Katopodis/Getty Images
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It’s the rivalry no one asked for but we got because everything else is canceled. Here’s what happened:
Thursday afternoon, Treasury Secretary Steve Mnuchin decided not to renew
several emergency lending programs run by the Fed when they expire at
the end of the year. Not only that—he asked the Fed to return all the
money that hadn’t been used.
- Those programs were set
up to prevent a credit freeze from crippling markets in March and April.
They include corporate bond buying and loans to small- and medium-sized
businesses.
The Fed,
which wasn’t consulted in this decision, thinks it’s too soon to pull
funding for these programs. Thursday night, the central bank said it
would “prefer that the full suite of emergency facilities established
during the coronavirus pandemic continue” to support the fragile
economy, which is as close to a “come at me, bro” that the Fed can
muster.
Mnuchin: Nobody panic
Mnuchin
tried to calm down investors by doing an interview with someone who’s
known for calming down investors: Jim Cramer. In a chat
with the CNBC host yesterday morning, Mnuchin said he was only doing
Congress’s bidding...and there’s plenty of money available, should it be
needed.
- “Markets should be very comfortable that we have plenty of capacity left,” he said.
Zoom out: The
duo of Mnuchin and Powell has earned praise for their all-hands-on-deck
approach to steering the economy through the pandemic. But Thursday’s
surprise announcement was one of the few times that politics may have
weaseled into their relationship. (Mnuchin categorically denied it was a
political move.)
Looking ahead...the
focus turns to President-elect Biden, whose own Treasury Secretary will
have to pick up where Mnuchin left off. And who might that be? We don’t know, but Biden does. He said he’s made his pick, one who will be accepted by “all elements of the Democratic Party.” Expect an announcement around Thanksgiving.
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Francis Scialabba
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The light at the end of this impossibly dark tunnel just got a little bit brighter yesterday, when Pfizer officially asked the FDA to clear its Covid-19 vaccine for emergency use.
- With vaccines, “emergency” is relative. The FDA is expected to take about three weeks to issue a decision.
But just
getting to this point is a historic achievement. Pfizer’s vaccine, which
was co-developed with Germany’s BioNTech, was proven to be 95%
effective in a huge, late-stage trial. And, if approved, it would mark
the West’s fastest vaccine development program ever, writes the WSJ.
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Important to note: Emergency use is
not full approval. It’s reserved for public health emergencies and only
allows for a limited number of doses to be distributed.
Looking ahead...Moderna, which reported a 94.5% effective vaccine, will be next to file an application. If that’s approved, about 20 million Americans—likely healthcare workers and the elderly—could be immunized before the end of the year.
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Giphy
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Mobile e-commerce marketplace Wish filed to go public yesterday after executing the “grow insanely fast during the pandemic” playbook to a T.
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A playbook refresher: Shutdown of
physical retail + increased time spent on our phones + gov. stimulus
money = 32% year-over-year revenue growth in the past nine months and
100 million monthly active users for Wish.
Wish isn’t the only one promoting its growth story
The personal lender Affirm and ultra-popular videogame platform Roblox also revealed their IPO paperwork this week.
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Affirm offers attractive financing
options for big-ticket consumer items like furniture, mattresses, and,
most lucratively, Peloton bikes. Crazy stat of the day: Affirm’s
partnership with Peloton accounts for 30% of its total revenue.
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Roblox is also flexing some crazy stats.
So far in 2020 it’s 1) earned $1.2 billion from selling virtual in-game
currency and 2) overtaken videogame juggernaut Minecraft in monthly
active users.
Looking ahead...most of these offerings are set to occur in the period between Thanksgiving and Christmas, per CNBC.
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Our family,
friends, significant others, and the guy who lives in apartment 4B have
all heard an earful about our infatuation with CARIUMA sneakers. But we still aren’t done raving about Morning Brew’s favorite footwear.
Some say we
just don’t know when to shut up (this is true). Others say we have
joined some kind of sustainable-sneaker-loving cult (this is partially
true).
You can say what you want, but you can’t say we’re wrong. Because
there’s no better feeling in the world than strutting around in
CARIUMA’s crazy comfortable IBI sneaks made from bamboo, sugarcane,
organic mamona oil, and cork.
Their lightweight, 100% vegan, and machine-washable sneaks had a 16K waitlist for a reason. Now they’re making a comeback in Fall Colorways—like stone grey, stone black, and a new hightop version.
For a limited time, you can get 15% off the sneakers that will leave you 100% obsessed.
So get your CARIUMA-on before they’re CARIUMA-gone.
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Francis Scialabba
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If this week is any indication, the theatrical window is shrinking faster than wet cotton candy.
On Monday, Universal struck a landmark deal with theater chain Cinemark that allows it to debut a movie on premium streaming services just 31 days after it hits theaters.
- The typical window had
been 90 days...but given broad theater shutdowns and a resurgent virus,
that now appears toast. After all, AMC agreed to a similar deal with
Universal in July.
More worrying news for theaters?
WarnerMedia said it would simultaneously debut Wonder Woman 1984
in theaters and on HBO Max on Christmas Day. The company’s push for
subscriber signups in lieu of a big opening weekend could be the result
of seeing another movie, Tenet, underperform in U.S. theaters earlier this year.
Zoom out: Even
in the Netflix-and-chill era, exclusive theater releases were key for
blockbuster movies to generate blockbuster profits. But amid the
pandemic, Hollywood is repositioning its financial calculus toward home
theaters and away from theater theaters.
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Kelly Barnes/Getty Images
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Yesterday, authorities in South Australia lifted
an emergency six-day lockdown early, after it was revealed a guy who
worked at a pizza shop deliberately misled contact tracers.
The backstory:
The worker said he contracted Covid-19 shortly after picking up a
takeout pizza at a restaurant (not the one he worked at). That prompted
Australian authorities to institute one of the strictest lockdowns in
the world, banning outdoor exercise and even dog walking, fearing a new
hyper-infectious strain of the virus had emerged.
- What actually happened: The man had worked for prolonged periods of time next to an infected coworker but lied about it to authorities.
Bottom line: In
the time of Covid, a single person's actions can affect the daily lives
of everyone in their region—in this case, 1.7 million people.
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Hospitals in at least 25 states are short of critical staff as they deal with an influx of coronavirus patients, according to STAT.
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Vox
lost a pair of top leaders: Cofounder Ezra Klein is leaving to
join—where else—the New York Times as an opinion columnist. And
editor-in-chief Lauren Williams is establishing a nonprofit news
organization for Black audiences.
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A WHO panel recommended against the use of Gilead’s drug, remdesivir, to treat the coronavirus.
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The Toronto Raptors will begin the 2020–2021 NBA season playing their home games in Tampa, FL, due to Covid-19 restrictions.
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SPONSORED BY THE MOTLEY FOOL
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Let’s get disruptive. With our stock picks, we mean; we’re typically pretty mild mannered. Our investing friends at The Motley Fool offered up some more of their expertise
to help us decide which innovative and disruptive companies may need
places in our portfolio (hint: probably don’t invest in your buddy’s
petri dish cheese company). Take a look at the article we put together and get disruptive with us—intelligently. Check it out here.
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The next Tesla? Check out the 100 best inventions of 2020.
Leaders be leadin’: A list of politicians who got in trouble for breaking their own lockdown rules.
Weekend Conversation Starters:
- Think up sentences that went from gibberish last year → completely sensical in 2020
- Settle an argument for the Brew Crew by voting yea or nay on Thanksgiving stuffing
- Why are there sidewalks in the Cars universe?
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Selina Meyer would devour today's Brew Crossword, which is all about recent Veeps.
Shoutout to Steven Zissere for writing this banger. Try it out here.
+ Think you have what it takes to write your own? Spoiler: You do. Check out our tutorial then be sure to submit. If we select yours, we'll also send you the iconic Brewneck sweatshirt.
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CALLING ALL PATRIOTS
WILL YOU STAND WITH TRUMP IN NOV?
Stand up and show your support today.
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November 21
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| FEATURED BIOGRAPHY
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| Voltaire
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| FEATURED EVENT
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| 1620
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| Signing of Mayflower Compact
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SEE ALL BIOS ON THIS DAY
| MORE EVENTS ON THIS DAY
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2000: The United Farm Workers called off the boycott of California table grapes begun in 1984 by union organizer Cesar Chavez, saying the goals of the strike had been met.
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| ADVERTISEMENT |
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SATURDAY 11.21.2020
BREAKING NEWS
November 21st, 2020
 | | Donald Trump Jr. Diagnosed with COVID-19 |
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A spokesman says President Donald Trump’s eldest son, Donald Trump Jr.,
has tested positive for COVID-19.The spokesman says the younger Trump
received his diagnosis earlier this week, has no symptoms... Read More › | | |
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Exercise During Cancer Treatment: What You Should Know
A
cancer diagnosis can upend your life. But, some routines—like physical
activity and exercise—should continue to be part of your day.
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| Nuggets to sanitize your gobbler by Fox News Flash top headlines are here. Check out what's clicking on Foxnews.com. **Want FOX News Halftime Report in your inbox every day? Sign up ... |
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| Sat, 21 Nov 2020 12:19:52 +0000 |
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