BREW WITH HEADLINES

TOGETHER WITH

Good morning.  Shot...GameStop shares shot up 104% in a wild rally yesterday afternoon, sparking jumps in other meme stocks like AMC and Express. Chaser...Charlie Munger, the 97-year-old business legend and BFF of Warren Buffett, criticized the “momentum trading by novice investors lured in by new types of brokerage operations like Robinhood. I think all of this activity is regrettable. I think civilization would do better without it.”

MARKETS NASDAQ 13,597.97 + 0.99% S&P 3,925.43 + 1.14% DOW 31,961.86 + 1.35% GOLD 1,803.20 + 0.29% 10-YR 1.382% + 3.20 bps OIL 63.37 + 0.24% *As of market close. Here's what these numbers mean. Covid: The FDA said J&J’s single-dose coronavirus vaccine is safe and effective, a good sign (obviously) ahead of tomorrow’s meeting to discuss whether to approve it. Meanwhile, Moderna will begin clinical trials of its new vaccine, which is designed to offer better protection against the highly contagious variant B1351. Markets: Stocks’ love language is Fed Chair Jerome Powell saying he’s not anticipating higher inflation anytime soon. Energy, industrial, and financial stocks powered the Dow to a record high.

CRYPTO Picasso, Rothko, Cézanne, Warhol, and....Beeple? Christie's Today, digital artist Mike Winkelmann, aka Beeple, will join the ranks of “best artists to name drop on a date” by having a piece auctioned by Christie’s today. But this is no ordinary piece. It will be the first fully digital, NFT-based artwork ever sold by a major auction house, and the first to accept cryptocurrency (Ether, specifically) as a payment option.  On the auction block: A digital collage of the first 5,000 other-worldy images from Beeple’s “everyday” series, in which Winkelmann has created a new piece of digital art every day for over 10 years. A new-fangled...what? This year, NFT went from NFL spelling error to the business world’s buzziest acronym. But what is it? A “Non-fungible token” (non = not, fungible = interchangeable, token = voucher). NFTs are distinct, easily verifiable digital assets that can represent items from virtual real estate to cherished moments in NBA history.  In other words, owning an NFT is owning a piece of the internet. Some examples: “Nyan Cat,” the decade-old rainbow cat meme, sold for about $580,000 last week. A video of LeBron James dunking raked in $208,000. 3LAU’s newest music album, featuring a song the buyer can creatively direct, goes on sale today. The NFT market is, as they say in professional circles, blowing up. It tripled in 2020 to $250+ million, according to Emerging Tech Brew. And NBA Top Shot, an NFT marketplace for basketball highlight reels, just cleared $95 million in sales in seven days. Now, NFT couldn’t ask for a more legitimizing moment While NFTs can arguably be traced back to 2012, they didn’t hit the mainstream until 2017 with blockchain-based CryptoKitties. Meanwhile, Christie’s held its first sale 10 years before the Declaration of Independence was drafted. The auction house isn’t just an arbiter of taste; it’s an arbiter of art history. Interested in a Beeple? Last December, a collection of 20 Beeple pieces sold for $3.5 million on another NFT platform, Nifty Gateway. Christie’s official sale estimate for Everydays: The First 5000 Days? An uncommon “Unknown.” + Have more questions about NFTs? We have more answers. Check out our NFT FAQ here.

SUPPLY CHAIN Biden Thinks Current Supply Chains Are a Bunch of Malarkey Last April, as the US was gripped by PPE shortages, a plane owned by the New England Patriots flew to China to pick up desperately needed N95 masks. Though the trip was a success, it exposed just how fragile the US public health supply chain is.  Fast forward to yesterday, when President Biden signed an executive order to make sure the Bucs don’t have to repeat such an operation.  The order launched a 100-day review of the most fragile yet essential US supply chains, including defense, public health, communications technology, transportation, energy, and food production. Priority number one? Semiconductors. Due to the consumer electronics industry hoovering up every available chip and automakers scaling back orders at the beginning of the pandemic, the auto industry had to go into mini hibernation because there aren’t enough chips for cars. Ford has been forced to slow down F-150 production and GM has turned “temporary” layoffs into “indefinite” ones because of the lack of chips.  Bottom line: While just a starting point, Biden’s executive order hopes to eventually reduce the US’ reliance on other countries across a wide swath of critical industries.

COVID-19 Covax Takes Off by Touching Down Nipah Dennis/Getty Images Yesterday, Ghana became the first country to receive a vaccine care package from the UN-backed Covax program. The 600,000 doses will start being administered next week, with healthcare workers, people over 60, and people with preexisting health conditions first in line.  Quick refresh: Covax is coordinated by the WHO, the Global Vaccine Alliance, and the Coalition for Epidemic Preparedness Innovations, and it aims to narrow the vaccination gap between rich and low-income countries.  Some rich countries have been criticized for buying more than they need—but those countries defend the purchases by arguing they were made while vaccines were in development and it wasn’t clear which would be viable.  By December, wealthy nations had netted 53% of the world’s most effective vaccines, despite constituting only 14% of the world’s population, per the People’s Vaccine Alliance.  Thus, Covax. Funded by donations, it hopes to vaccinate 20% of people in the world’s 92 poorest countries by the end of the year.  Looking ahead...Ivory Coast is up next later this week.

SPONSORED BY FUNDRISE Hunting for Diamonds A diamond is a piece of coal that has handled stress exceptionally well. Whether that stress is from 725,000 pounds of pressure or an unstable economy...who's to say? When it comes to finding diamonds in the rough, no one’s better than Fundrise, the peeps creating real estate investing’s future by giving you access to institutional-quality private market real estate. Fundrise sorts through the coal that is thousands of potential deals each year and looks for diamonds: well-priced, well-located properties that they believe are well-positioned to thrive in any economic environment.  That’s a lot of wells—and even more potential returns. By cutting out the middlemen and slashing unnecessary high fees with their direct-to-consumer tech, Fundrise gives you unrivaled access to the historically stable and high-performing world of real estate investing. Open up a portfolio today.

GRAB BAG Key Performance Indicators Michael Kovac/Getty Images Quote: “This is not ideal for us and it’s not a new normal. It’s an aberration that we are going to correct as quickly as possible.”—Goldman Sachs CEO David Solomon must have super annoying roommates, because he railed against remote work at a Credit Suisse conference yesterday. “I am very focused on the fact that I don’t want another class of young people arriving at Goldman Sachs in the summer remotely,” he said. Stat: Since 2004, customers of Texas’s deregulated electricity market have paid $28 billion more for electricity than state residents served by full-service regulated utilities, according to a WSJ analysis. Texas’s move to deregulate power generation is being blamed for last week’s electricity crisis. Read: The secret message NASA sent to Mars, and the people who decoded it. (New York Times)

RETAIL World’s Kooky Electronics Chain Count Down by One

Patrick T. Collins/Getty Images Yesterday morning, electronics chain Fry’s announced on its website that it will shut down and close all its stores.  The backstory: First opened in Sunnyvale, CA, in 1985, Fry’s was a family-run Bay Area fixture beloved by many Silicon Valley techies. It grew its footprint to 31 stores across nine states.  Like most Bay Area fixtures, it was pretty quirky. The Fry's store in Campbell, CA, had an ancient Egyptian theme, and the one in Burbank featured a UFO crashing through its exterior.  But not even the giant octopus at that same Burbank Fry’s could defend it from the upheavals in the retail sector of the past few decades. Fry’s was unable to pivot to e-commerce quickly enough to compete with rivals like Amazon and Best Buy.  Then, the Covid-19 pandemic delivered the fatal blow, causing foot traffic to plummet and in-store experiences to become irrelevant.  + For nostalgia: Any West Coast natives might enjoy folks tweeting about Fry’s here, here, and here.

WHAT ELSE IS BREWING Postmaster General Louis DeJoy said the Postal Service was “in a death spiral” and needed financial help during testimony on Capitol Hill yesterday. He also apologized for delays in service.  The Fed’s system for facilitating money transfers between financial institutions was down for a few hours yesterday. McKinsey leader Kevin Sneader has reportedly been voted out as global managing partner after a series of crises enveloped the consultancy.  Two-thirds of NYC’s arts and culture jobs vanished last year from 2019, a new report showed. Disney+ announced its spring and early summer slates of shows.

BREW'S BETS Searching for peace of mind? Easy peasy. Protect your home with SimpliSafe. You can customize your security system online, have it shipped to your door, and set it up in under an hour. Click here to get started.* Difference makers only. The CMA® (Certified Management Accountant) certification allows you to make a difference in your career, and your company as a whole. Take charge of your career in finance and accounting by earning your CMA today.* How they built this: The cofounders of Morning Brew, Alex Lieberman and Austin Rief, are talking with Guy Raz of NPR’s legendary How I Built This podcast today at noon ET. It’s a great story—you should tune in.  Writing tips: You know that phrase, “This meeting should have been an email”? Well, here’s a new one: “This sentence should have been a much shorter sentence.” Brew writer Eliza Carter explains how you can avoid the curse of wordiness in the most recent Brew Style Blog post. *This is sponsored advertising content

FROM THE CREW Brew's Bookshelf: Black History Month

Francis Scialabba As Black History Month nears its close, we’re resurfacing some of our favorite Bookshelf recommendations and some new reads to continue the conversation about race in America.  Check out our 15 books to celebrate Black History Month.

GAMES Three Headlines and a Lie Everyone thinks they can separate fact from fiction, but this week’s headline quiz will put your BS sensors to the test. Three of these crazy news stories are real, and one we made up. Can you spot the fake?  "Two Floridians attempted to get second doses of the Covid-19 vaccine by dressing as elderly women" "India’s Modi renames cricket stadium after himself" "'That bird is an a**hole’: World record bubble-blowing attempt thwarted by curious crow" "Alaska woman using outhouse attacked by bear, from below"

SHARE THE BREW Chances are you have a friend who'd enjoy the Brew as much as you do. When you share your referral link and new readers sign up, you earn rewards like our classic coffee mug. 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

ANSWER Hate to burst your bubble, but we made up the crow one.

✢ A Note From Fundrise

(Here's all the legal jargon we know you love reading.)

February 25

FEATURED BIOGRAPHY Pierre-Auguste Renoir READ MORE   FEATURED EVENT 1986 Ousting of Marcos in the Philippines READ MORE

MORE EVENTS ON THIS DAY

2001: Australian cricketer Don Bradman, one of the greatest run scorers in the history of the game and often judged the greatest player of the 20th century, died at the age of 92. [ Test your knowledge of cricket.]

1975: American comedian Chelsea Handler, known for her earthy, bawdy style, was born in Livingston, New Jersey. [Test your knowledge of pop culture.]

1964: American boxer Muhammad Ali , known at the time as Cassius Clay, became the world heavyweight champion by knocking out Sonny Liston in seven rounds. [Watch a video about Ali's life and career.]

1943: British musician George Harrison—lead guitarist of the Beatles, one of the most important and influential bands in the history of rock and roll—was born. [Sort fact from fiction in our Beatlemania quiz.]

1917: English novelist and critic Anthony Burgess—whose fictional explorations of modern dilemmas combine wit, moral earnestness, and a note of the bizarre—was born. [Test your knowledge of famous authors.]

1913: The Sixteenth Amendment to the U.S. Constitution, which permitted a federal income tax, went into effect. [ Test your knowledge of amendments to the U.S. Constitution.]

SEE ALL EVENTS ON THIS DAY

Capitol Police Officer Brian Sicknick’s Mother: ‘He Wasn’t Hit on the Head’ on Jan. 6

Warning for America: The Four Steps of Marxist Takeover Were Activated in 2020

No Bikinis: Beach Volleyball Stars Boycott Qatar Event Because Of No-Bikini Policy

Behar: FNC’s Tucker Carlson Should Be ‘Tied Up and Put in the Corner’– But Not Harmed

INCITEMENT: Joy Behar Says Tucker Carlson Needs To Be “Tied Up And Put In A Corner” [WATCH]

Columnists The Important Thing Is No Mean Tweets Kurt Schlichter It Took Just One Voice: Janice Dean's Crusade for Truth Larry O'Connor A Monopoly On Stupid Derek Hunter We Have Lost an American Genius Victor Davis Hanson Joe Biden Is Our Worst Nightmare Dinesh D'Souza What Were the Capitol Rioters Thinking? Byron York More People Than Ever Distrust Media Disinformation So of Course the Press Lies to Themselves as to Why Brad Slager The Case Against Reparations: Part 1 Larry Elder Like Obama, Biden Promised to Let Americans Keep Their Health Plans. Is He Gearing Up to Break That Promise? Hayden Dublois ADVERTISEMENT Black Inventors Are Often Overlooked In American History Ken Blackwell Enemies Can’t Determine Rush’s Eternity Tom Tradup Reform the Democratic Party Emmett Tyrrell It's a Racist Plan, Not a Rescue Plan Betsy McCaughey Don't Overlook Minimum Wage's Negative Effects Veronique de Rugy Internal Divisions Are America's Greatest Vulnerability Austin Bay We Need to Have a Frank National Conversation About Guardianship Abuse Dr. Nan Hayworth What to Cut? Plenty Cal Thomas President Joe Biden's Assault on Gun Owners Armstrong Williams Why H.R. 1 Must Be Defeated Jenny Beth Martin Elevate Your Thinking Jackie Gingrich Cushman Frittering Away Our Grandchildren’s Future? Jerry Newcombe INVESTING

Tipsheet The White House's Plan B for Neera Tanden Leah Barkoukis Wait...These Are the Top Three Concerns for Democratic Voters? Yes, It's Insane. Matt Vespa Federal Bureaucrats Are Expected to Receive a Special COVID 'Relief' Benefit Beth Baumann ICE Received a Stark Warning from DHS About Coming Border Surges Bronson Stocking Tucker Carlson's Segment on Misinformation Ends with a Brutal Uppercut to CNN Matt Vespa Why Sen. Kennedy Is Comparing Biden's Actions to That of a 'Banked Catfish' Beth Baumann USWNT Offers Peculiar Reason for Why They're Now Going to Stand for the National Anthem Matt Vespa 'System Racismic' Is Why One State Eliminated Its Cash Bail System Beth Baumann Fact Check: Biden's HHS Nominee Claims He Never Sued Nuns Over Abortion Coverage Bronson Stocking Sheriff In One County Now Has the Power to Arrest Feds Attempting to Enforce Gun Control Beth Baumann ADVERTISEMENT Political Cartoons Bearing Arms New Prosecutor In McCloskey Gun Case Says He'll Start With "Blank Slate" | Cam Edwards Arkansas Committee Approves Stand Your Ground Bill, Media Seemingly Displeased | Tom Knighton Researchers Want To Equip Smart Guns With "Ethical AI" | Cam Edwards KC Paper Slams Bill Allowing Guns On Public Transportation | Cam Edwards VA Passes Bill Barring Some Convicted of Misdemeanors From Having Guns | Tom Knighton

In Backing South Carolina GOP Chair, Trump Remains Active

Here's What We Know >>

 

FOX Daily update ⋅ February 25, 2021
	NEWS
	Opinion: Hey, Democrats: Hands off Fox News's cable carriers Washington Post Anna G. Eshoo and Jerry McNerney are outraged at the disinformation that has piled up on programs from Fox News, One America News and ... Flag as irrelevant
	Tiger Woods was unaware of 'how gravely he was injured' immediately after wreck, deputy says Fox News Fox News Flash top headlines are here. Check out what's clicking on Foxnews.com. Tiger Woods crashed his vehicle in a Los Angeles neighborhood ... LIVE UPDATES: Tiger Woods injured in serious crash - Fox News Tiger Woods was driving on curvy road minutes before horrific crash, video shows - Fox News Full Coverage Flag as irrelevant
	High school track athlete 'disappointed' after Biden DOJ drops support of challenge to transgender ... Fox News Alanna Smith tells 'Fox News Primetime' transgender athletes have 'taken spots on the podium that belong to biological females'. By Jeff Field | Fox ... Connecticut girls lose support from Biden administration in transgender athlete case - Fox News Full Coverage Flag as irrelevant
	Alleah Taylor, ex-girlfriend of Chad Wheeler, recalls alleged vicious assault Fox News Fox News Flash top headlines are here. Check out what's clicking on Foxnews.com. Alleah Taylor, the ex-girlfriend of NFL lineman Chad Wheeler, ... Flag as irrelevant
	Merelize Van Der Merwe faces backlash for posing with heart of giraffe she killed Fox News Fox News Flash top headlines are here. Check out what's clicking on Foxnews.com. A trophy hunter is facing furious backlash for posing with the heart of ... Flag as irrelevant
	Dozens of House Democrats want Biden to give up sole authority to launch nuclear weapons Fox News Fox News Flash top headlines are here. Check out what's clicking on Foxnews.com. About three dozen House Democrats have signed a letter asking ... Flag as irrelevant
	Obama says reparations 'justified' but 'politics of White resistance' made it 'nonstarter' to propose Fox News Fox News Flash top headlines are here. Check out what's clicking on Foxnews.com. Former President Barack Obama blamed "the politics of White ... Flag as irrelevant
	Stock futures trade cautiously higher despite inflation concerns Fox Business U.S. equity futures are trading cautiously, searching for direction. The major futures indxes suggest a gain of 0.1% at the opening bell. GET FOX ... Flag as irrelevant
	Surveillance video shows woman jumping into frozen pool to save dog Fox News 'He went into shock as soon as he hit the water,' Jennie Tatum says. Stephanie Giang-Paunon. By Stephanie Giang-Paunon | Fox News. Flag as irrelevant
	Biden State Department creates 'diversity and inclusion' position Fox News Fox News Flash top headlines are here. Check out what's clicking on Foxnews.com. President Biden's State Department announced Wednesday the ... Flag as irrelevant
	WEB
	Fox 11 Los Angeles - WATCH LIVE | Facebook Facebook Police are monitoring a suspect with a gun at the intersection of Strathern St. & Tampa Ave. in Reseda. Stu Mundel reports live from SkyFOX. Flag as irrelevant
See more results | Edit this alert

Today's Top Headline

At Apple Meeting, CEO Cook Dismisses Monopoly Allegations

Sponsored

1000 FREE Tactical Gun Bags Are Being Given Away To Support American Civil Heroes... Don't Miss Out!

Trending

Biden Rushes To Address Global Computer Chip Shortage With His Latest Executive Order

Tiger Woods involved in single car rollover in Southern California, taken to hospital for surgery

U.S. Economic Recovery Is Heavily Dependent On Expanded Internet Access

NATIONAL STORIES Continuing to reverse previous policies, President Biden revokes Trump executive orders » Biden orders a review of US supply chains for vital goods » Biden's CIA nominee pledges to provide 'unvarnished' intelligence » Biden administration withdraws from transgender athlete case »

REGIONAL STORIES 'Zombie law' cited in court fight over Mississippi marijuana » Interactive county-by-county maps show how Mississippi voted in 2020 election » Mississippi general election results: November 2020 » Madison alderman's widow runs to fill his seat »