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TOGETHER WITH
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Good morning. On
this day one year ago, the Dow fell 2,997 points (nearly 13%) for its
worst point loss in history. The S&P fell 12% for its second-worst
day ever. It felt like the world was ending.
What's happened since?
- Investors have added $40 trillion to the value of global stocks.
- Healthcare and technology, which accounted for a third of global equity market capitalization, now account for 42%.
There's a lesson here somewhere...
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NASDAQ
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13,459.71
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+ 1.05%
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S&P
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3,968.94
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+ 0.65%
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DOW
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32,953.46
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+ 0.53%
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GOLD
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1,730.00
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+ 0.59%
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10-YR
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1.610%
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- 1.90 bps
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OIL
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65.28
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- 0.50%
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*As of market close.
Here's what these numbers mean.
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Markets: Continuing the theme from the top blurb, the Dow and S&P 500 both hit fresh record highs. The Dow is on a seven-day win streak, the S&P five.
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Covid: Starting today, Mississippi will become the second state
after Alaska to open vaccine eligibility to all adults. And the Sixers
are becoming even bigger favorites in the East now that Pennsylvania is
allowing numerous businesses, including sports venues, to increase capacity.
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Francis Scialabba
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We're just going to rip off the Band-Aid: President Biden is aiming to raise taxes sooner rather than later, according to a new Bloomberg report.
What can you expect? For individuals...
- Bumping the income tax to 39.6% for those earning $400,000+
- Taxing capital gains like normal income if you earn $1+ million
- Increasing estate taxes to 45% for assets worth $1+ million
So, if you
still clip coupons, don't expect any changes. These increases largely
follow Biden's campaign proposals to only tax high-earners.
What about businesses?
The headline
proposal is raising the corporate rate to 28%. Biden may also get rid
of preferential tax treatment for "pass-through businesses" like LLCs
and increase incentives to avoid offshoring.
When Trump
slashed the corporate rate to 21% in 2017, he wasn't the first to bat
for business interests. From 2000–2018, 76 countries reduced
their corporate rates to attract investment; now, the average rate is
~24%. Treasury Sec. Janet Yellen wants to stop that "race to the
bottom," which some economists say has only benefited large companies,
so she's working with allies on establishing a global minimum tax for
multinationals.
- UC
Berkeley economists estimate 40% of profits earned by multinational
firms (or $700+ billion) were located in tax havens in 2017.
Critics argue this plan puts companies at risk for double taxation. And the Tax Foundation estimates that some of the proposed changes to corporate taxes would reduce US GDP by 0.8% and wages by 0.7% in the long run.
So why do they want to do this?
Given that
the last major tax hike happened in 1993, it's not an easy play for
hearts and votes. And groups with lots of money at stake are sure to
lobby against the plan.
But after
funding his ambitious $1.9 trillion Covid package largely with
government debt, Biden needs something more sustainable for the even
more ambitious infrastructure package he's eyeing, which could run anywhere from $2–$4 trillion.
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Francis Scialabba
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Yesterday, Germany, France, and Italy joined several of their neighbors in suspending
AstraZeneca's two-shot Covid vaccine following reports of blood clots.
Indonesia and the Democratic Republic of the Congo also suspended
rollout.
Only 37 out
of the 17 million Europeans who received an AstraZeneca shot reported
clots—a number some experts say is below the expected natural occurence
in a sample size that large. The WHO and AstraZeneca maintain
the shot is safe, and countries including the UK and Poland continue to
administer it, arguing the benefits of preventing Covid outweigh the
risks.
- Several countries will wait on an assessment scheduled for Thursday from the European Medicines Agency.
Zoom out: The EU's vaccine rollout has been slower than expected and plagued by production issues. Suspending the vaccine from AstraZeneca, the bloc's second-largest supply after Pfizer-BioNTech, could delay a goal of immunizing 75% of the population by August by several weeks, per research firm Airfinity.
It's especially bad timing. Several EU countries—including Germany and Italy—are facing a third wave of cases. Over half of Italy's population is back under strict lockdowns.
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Giphy
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Like the duo
of ranch and buffalo sauce on a Chick-fil-A sandwich, Discovery and
ViacomCBS have been huge under-the-radar successes this year.
Since the
start of 2021, ViacomCBS stock is up 156% and Discovery has gained 141%,
powered by the launches of their respective streaming services,
Paramount+ and Discovery+. They're among the top performers in the
S&P 500.
The backstory: The companies had been written off
by experts who thought Netflix, Disney, and other tech/entertainment
giants would muscle out these slow-moving dinosaurs in the streaming
wars. But while the biggest players have gobbled up hundreds of millions
of subscribers...there are plenty of leftovers.
- Since
launching in December, Discovery+ has attracted more than 11 million
subscribers, while Paramount+, ViacomCBS's streaming service, is
believed to have around 8–9 million subscribers.
Bottom line: Investors
have cheered these companies' moves to leverage their content libraries
for streaming, proving that as long as you bring beer to the party, no
one cares if you show up late.
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You don’t need a PhD in molecular biology to understand the investment potential of this scientific breakthrough.
The alien lifeform (we’re pretty sure) in the image above is a patented, genetically engineered protein developed by Cytonics.
This protein, “CYT-108,” is a novel therapy developed to treat osteoarthritis—a debilitating disease that affects millions worldwide—and now you have a chance to invest in its future.
A couple of key stats:
- Cytonics has raised over $15 million to-date, including a $4 million investment from Synthes (a Johnson & Johnson company) and a successful SeedInvest round in 2019.
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CYT-108 is based on a naturally occurring molecule, and Cytonics’s research shows that it has the potential to reverse the progression of cartilage damage in arthritic joints.
More than $180 billion is spent on treating osteoarthritis every year—but these treatments only focus on symptoms. Cytonics's revolutionary CYT-108 attacks osteoarthritis at the source.
Invest in Cytonics today.
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Pool/Getty Images
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Quote: "Effective
as of March 15, 2021, the titles of Elon Musk and Zach Kirkhorn have
changed to Technoking of Tesla and Master of Coin, respectively."
In a new filing with the Securities and Exchange Commission, Tesla promoted (?) its CEO and CFO to esteemed new positions, though to the relief of many Tesla investors, they'll also keep their previous titles.
Stat: Yesterday, Rosalind Brewer became the only Black woman currently serving as the CEO of a Fortune 500 company. She's the new head of Walgreens.
Read: Will the literature of the suburbs be written on TikTok? (Dirt)
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Francis Scialabba
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In the biggest shakeup to inflation tracking since bike pumps added a PSI gauge, the UK’s Office for National Statistics has added
Covid-era staples including hand sanitizer, home exercise equipment,
and men's sweatpants to the basket of goods it uses to calculate
inflation.
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How it works: Officials assemble a "virtual basket"
filled with hundreds of goods and services meant to reflect the
spending habits of consumers. If the price of that basket goes up, that
means inflation is on the rise.
The UK
updated its basket to show not only how the pandemic has impacted
current spending, but also what spending post-pandemic could look like.
For instance, face masks didn't make the cut because officials don't
think they will play a role in a post-Covid world. But electric and
hybrid vehicles did.
Bottom line: In
total, 17 items were added to the basket while 10 items, including gold
chains, canteen sandwiches, and Axminster carpets, were dropped.
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Deb Haaland was confirmed as Interior secretary. She makes history as the first Native American to lead a Cabinet agency.
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Netflix's Mank topped the list for most Oscar nominations with 10. Here's a thread of NYTimes reviews for all the best picture nominees.
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US airline execs
reported "glimmers of hope" for a travel rebound at a conference
yesterday. Last weekend was the busiest at US airports since the
pandemic began.
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Sen. Mitt Romney called for an "economic and diplomatic boycott" of the Beijing Olympics in 2022.
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GM-backed Cruise is buying fellow self-driving company Voyage as the industry consolidates around a few major players.
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China glowed orange yesterday during the country's biggest sandstorm in a decade.
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There’s spring cleaning, and there’s spring redecorate everything. With HAY,
there’s never been a better time for both. From colorful home
essentials to modular furniture in fresh hues, you can ready your home
and patio for warmer weather with HAY. Enjoy 15% off site-wide.*
Fly commando with confidence. The Vuori Kore Short
comes with a breathable, boxer brief liner, meaning you can cruise
along comfortably while running, hiking, training, traveling, or yes,
just chilling. Get 20% off your first purchase of these soft, stretchy shorts here.*
Tech Tip Tuesday: Here's how to create and sell an NFT, if you happen to be the main character of a 2013 meme or something. Plus, this is the only NFT guide you need.
Stay secure: This infographic shows how long it would take a hacker to figure out your password through brute force.
GPOAT Sweet 16: The
64 products that began our Greatest Product of All Time tournament have
been whittled down to just 16. #14 air fryer continued its Cinderella
run, while Coke bested Bud Light in the battle of the beverages. Check
out the full results, then get ready for the next round on Wednesday.
*This is sponsored advertising content
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Mark Wang
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After the
moon completes just one more rotation around the Earth, you will be
staring face-to-face with the deadline to file your taxes this year.
Yes, that was kind of meant to freak you out, but here's something meant to un-freak you out: This filing season, we created a tax guide
with a focus on the growing gig economy. So if you're a
freelancer/contractor or have a side hustle, there's likely something
very helpful for you here.
You'll find...
- Tips from veteran freelancers (including a former NBA player) about how they file taxes
- Guides on filing as an S-corp, LLC, and more
- Fun quizzes
Check out the tax guide.
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Google Finance
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Discovery
and ViacomCBS aren't the only companies dominating the market. One year
ago, this stock was at $8.54. Yesterday, it closed higher than $136.
What is the company?
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Hint: It made a big acquisition in January 2020.
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Enjoying the Brew? Consider sharing it with a friend.
When
you do, we don’t just give you a pat on the back and say, “Well done
old sport.” You earn rewards like our classic coffee mug or T-shirt.
Hit the button below to start sharing the Brew.
Click to ShareOr copy & paste your referral link to others:
morningbrew.com/daily/r/?kid=a17a7110
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Penn National Gaming. The acquisition was Barstool Sports.
Here's Why Democrats Are Begging Supporters for Donations
Daylight Savings Time Could Soon Become a Thing of the Past
Mexico’s President Andres Manuel Lopez Obrador formed a shocking friendship with President Trump.
Some even went so far as to call him Trump’s puppet.
And now Joe Biden is furious after Mexico’s President said two words about him you won’t believe.
Click here to read the full story >> Joe Biden saw one set of poll numbers that made him take a deep breath
Nancy Pelosi is not going to like these polling numbers that just reported a bunch of bad news
Trey Gowdy revealed the one scary place cancel culture will lead America
Joe Biden admitted something about Barack Obama that left Democrats’ jaws on the ground
The Supreme Court is about to hand Trump this big win on voter fraud
March 16th, 2021
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March 16
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| FEATURED BIOGRAPHY
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| Caroline Herschel
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| FEATURED EVENT
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| 1968
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| My Lai Massacre
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Why Were Donald Trump's Accounts Closed; By a Florida
Bank?
Could Your Account Be
Next?
If you have more than $5,000
in an American bank account, this could be the most important message you see in
2021
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