December 09, 2023
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PRESENTED BY
Good morning. Fun fact: For most people living in the US, you’ve already
endured the earliest sunset of the year (in New York City, it was yesterday),
and the evenings will only get brighter—albeit very slowly—from here on out.
You might’ve noticed that the earliest sunset of the year arrives weeks before
the shortest day of the year in terms of daylight: the winter solstice (Dec. 21).
That’s because while our clocks are programmed to think a day is exactly 24
hours long, the length of a day measured using the sun is…not. And that’s
about the extent of our understanding.
—Sam Klebanov, Matty Merritt, Molly Liebergall, Adam Epstein
MARKETS
Nasdaq
14,403.97
+0.45%
S&P
4,604.37
+0.41%
Dow
36,247.87
+0.36%
10-Year
4.233%
Bitcoin
$44,354.02
+7.7 bps
+2.45%
Paramount
$16.85
+12.11%
*Stock data as of market close, cryptocurrency data as of 12:00am ET. Here's what these
numbers mean.
Markets: Stocks shot up on Friday as investors saw the economy’s “soft
landing” come into view following the release of another positive jobs
report. The S&P 500, which is up 20% on the year and trading at its
highest level since March 2022, hit a high for 2023. The day’s big winner
was Paramount, which spiked on reports that Shari Redstone might sell
the entertainment giant.
ECONOMY
We might be all clear for an economic ‘soft
landing’
Francis Scialabba
Rejoice—the economy is looking like it could avoid a downturn and achieve
a landing as soft as a pile of fuzzy Pillow Pets. US employers added a morethan-expected 199,000 workers to their payrolls last month, the Bureau of
Labor Statistics said yesterday.
The solid result calmed many analysts’ fears that a steeper economic
slowdown is imminent due to the Federal Reserve’s earlier rapid-fire interest
rate hikes. And it brings us closer to the coveted “soft landing” scenario, in
which the Fed plays inflation-taming superhero by throwing cool water on the
economy without drowning it.
The unemployment rate unexpectedly ticked down for the first time since
July, to 3.7%.
Average hourly pay increased by 0.4% and is now up 4% for the year,
beating the projected pace of annual price growth.
But the job market isn’t quite what it used to be
Last month’s 199k jobs created were below the average of 240,000 added in
the preceding 12 months. Plus, November hiring was confined to just a
handful of industries.
Healthcare and the government were responsible for two-thirds of the
headcount growth, adding 77,000 and 49,000 jobs, respectively.
The manufacturing sector gained 28,000 workers—but that was largely
due to folks returning to work after striking against the Big Three
automakers.
In another sign that employers might be pulling back from onboarding new
people, the Labor Department reported earlier this week that job openings in
late October were at their lowest since March 2021.
The economy might still be too good for J. Powell…while more jobs and
higher wages mean we’re probably not staring down the barrel of a severe
crash, it also heralds higher inflation risk. The upbeat numbers make it less
likely that the Fed will lower interest rates in early 2024, something that
many bond traders and anyone planning to take out a mortgage next year
were hoping for.—SK
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WORLD
Tour de headlines
Getty Images
Vladimir Putin said he’s running for reelection. The Russian president
revealed the expected news during a military awards ceremony yesterday at
the Kremlin. The election, scheduled for March, would mark Putin’s fifth
presidential term. Already the longest-serving Russian leader since Josef
Stalin, Putin signed a law in 2021 that effectively allows him to stay in power
until 2036. The election is largely viewed as a formality, as Putin’s political
opponents have been imprisoned, exiled, or poisoned. It will also mark the
first time that people living in occupied regions in Ukraine can vote for the
Russian president, which US officials have called a “sham.”
UK regulators are looking into Microsoft’s partnership with OpenAI.
A British watchdog is asking for feedback on whether Microsoft’s $13 billion,
49% stake in the ChatGPT-maker’s for-profit division constitutes a merger,
the WSJ reported. If the agency decides to launch a formal investigation into
whether the partnership creates an unfair advantage in the artificial
intelligence industry, it could eventually force the companies to change how
they operate. Following OpenAI’s dramatic firing and rehiring of CEO Sam
Altman last month, Microsoft was given a “nonvoting observer” seat on the
OpenAI board.
Taylor Swift made more history. It’s Taylor Swift’s world, and we’re just
spending billions of dollars on her concerts in it. The pop star’s Eras Tour
has generated more than $1 billion in ticket sales, according to the trade
publication Pollstar, making it the first concert tour ever to cross the billiondollar threshold. And she’s not done: Eras will exceed $2 billion by the end of
2024, Pollstar projected. The news caps off another winning week for the
“Cruel Summer” singer after she was named Time’s Person of the Year on
Wednesday.
HEALTH
1st CRISPR medicine will treat sickle cell
disease
Francis Scialabba
The FDA approved a revolutionary new treatment that could provide nearly
100,000 Americans some relief from the debilitating illness sickle cell
disease. Named Casgevy, the medicine is the first FDA-approved therapy to
use the Nobel-prize-winning CRISPR gene-editing technology.
How it works: Sickle cell, which predominantly affects Black people, is a
disorder in which red blood cells are shaped like crescent moons, or sickles.
This causes cells to clump up in blood vessels and leads to severe bouts of
pain that some can only manage with opioids like morphine.
Previous treatment was limited to bone marrow transplants, but patients
often struggle to find donor matches. With Casgevy, bone marrow stem cells
are removed, genetically modified, and infused back into the patient.
According to clinical trial results from the FDA, the one-time therapy can
eliminate patients’ symptoms for anywhere from one year to almost four
years.
The bad news: The life-saving treatment comes with significant risks.
Chemotherapy that’s required to prep patients for the procedure essentially
turns off their immune system.
It’s also expensive. Casgevy currently costs $2.2 million per patient—and
that’s not even including the price of the multimonth hospital stay that
accompanies it. About half of all people with the disease rely on Medicaid,
whose approval processes vary state-by-state.—MM
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SOCIAL MEDIA
Have you seen these TikToks?
@dollievision, @justinflom, @through.the.lleaves/TikTok
They’re the three most viral videos of the year…but a lot of people have
never come across them before.
TikTok released its annual list of the year’s top content this week. The three
highest-ranked videos each netted ~400 million–500 million views, with the
No. 1 spot going to creator @dollievision for a mesmerizing makeup routine,
followed by @justinflom’s DIY Iron Man ceiling light, and
@through.the.lleaves holding an enormous cat. None of the TikToks on the
list have fewer than 100 million views, but even some people whose jobs
require online-ness haven’t seen them (including most of us here at the
Brew).
Why? TikTok’s engagement-based algorithm creates silos, aka sides, of
TikTok. So, you probably haven’t seen most of this year’s top videos if you
gravitate more toward FrogTok or whatever genres these are rather than
toward “get ready with me” vlogs/dog videos/other wholesome fun.
Just like on TikTok, theories abound: Tech reporter Katie Notopoulos
wrote that the videos spotlighted on TikTok’s list all have such a positive vibe
that it feels as if they could be curated to counteract widespread concerns
about the app’s safety. While it’s hard to know exactly how popularity works
given the secrecy surrounding TikTok’s algorithm, the company has said
before, especially in response to content concerning the Israel–Hamas war,
that viewership counts alone don’t provide a full picture of what’s trending.—
ML
GRAB BAG
Key performance indicators
Alexi Rosenfeld/Getty Images
Quote: “Regardless of what they want to label it, throwing the party is not a
charitable activity.”
If SantaCon seems like the kind of organization that would spend the money
it raises on Burning Man and crypto, that’s because SantaCon is spending
the money it raises on Burning Man and crypto. Notre Dame law professor
Lloyd Mayer told Gothamist that SantaCon’s expenditures aren’t necessarily
illegal—but they sure aren’t charitable, either. The group, which bills its
annual Santa-themed bar crawl across NYC as an event for charity, only
gave a fifth of the $1.4 million it raised from late 2014 through 2022 to
registered nonprofits, according to a Gothamist analysis of tax records.
Meanwhile, more than a third went to Burning Man-related art projects.
SantaCon also reportedly lost more than $17,000 on crypto investments in
2018.
Stat: Sorry in advance if you live in a swing state. The US political
advertising market is projected to reach a record $16 billion in 2024—more
than 31% higher than in 2020, according to estimates from GroupM. That’s
bigger than the entire ad market of Australia. The presidential race is
unsurprisingly driving the record spending, as candidates now have more
platforms than ever on which to ask Americans for votes. Among the new
forms of advertising this cycle is artificial intelligence, which already has the
Federal Election Commission perturbed.
Read: How the biggest boutique fitness company turned suburban moms
into bankrupt franchisees. (Bloomberg)
NEWS
What else is brewing
Israel increased its airstrikes in Gaza on Friday, hitting 450 targets, the
country’s military said. UN Secretary-General António Guterres called
the situation in Gaza a “spiraling humanitarian nightmare.” Meanwhile,
White House National Security Council spokesperson John Kirby said
“more can be done” to reduce civilian casualties even as the US vetoed
a UN resolution calling for an immediate cease-fire.
Starbucks said it wants to resume talks with the union that represents
hundreds of its locations in order to reach new contract agreements in
2024.
A bipartisan group of US senators introduced a long-awaited bill to bring
changes to the live-event ticketing industry.
Tesla lost a legal battle with Sweden’s postal service after its workers
refused to deliver license plates to the automaker in solidarity with
striking mechanics.
The Biden administration announced $8.2 billion in new funding for highspeed rail projects across the country.
RECS
Watch: An expert Lego builder makes a functioning miniature ski slope.
Listen: The ultimate Hanukkah playlist.
Learn: The science behind the (misleading) claim that going outside in
the cold with wet hair makes you sick.
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GAMES
The puzzle section
Brew crossword: Today’s crossword is best accompanied by Bach’s
Christmas Oratorio and gingerbread cookies in the oven. Play it here.
Open House
Welcome to Open House, the only newsletter section that’s realizing
everyone is moving to Florida, so we might as well give in, too. We’ll give
you a few facts about a listing and you have to guess the price.
Zillow
Today’s behemoth of a home is in Sarasota, Florida, in the exclusive gated
community of Harbor Acres. But if you feel a little caged in, you can sprint
down your private boat dock and sail away. Amenities include:
Four beds, eight baths
White granite…everywhere
Outdoor grand staircase to descend into glamorous pool parties
How much for the peninsular mansion?
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ANSWER
$13.4 million
Word of the Day
Today’s Word of the Day is: perturbed, meaning “worried or troubled.”
Thanks to Kristen from Maryland for the unconcerning suggestion. Submit
another Word of the Day here.
Written by Adam Epstein, Sam Klebanov, Matty Merritt, and Molly Liebergall
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