đ Good morning and Happy Halloween. Thanks to everyone who submitted their costumes for our contestâI feel like seeing some of you rock a Bud Lightyear outfit in your living room really took our relationship to the next level. Scroll down to see the winners.
âNeal Freyman
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Nasdaq
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11,102.45
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S&P
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3,901.06
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Dow
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32,861.80
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10-Year
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4.016%
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Bitcoin
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$20,695.28
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Meta
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$99.20
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*Stock data as of market close, cryptocurrency data as of 4:00am ET.
Here's what these numbers mean.
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Markets: Are we living through dot-com bust 2.0? Some analysts are beginning to compare this yearâs tech rout (which has cost the Nasdaq $8 trillion in value so far) with the bursting of the dot-com bubble in 2000â2002, when the Nasdaq lost the equivalent of $8.6 trillion in todayâs dollars. The industrial-focused Dow, on the other hand, is on track for its best October in history.
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Melissa Sue Gerrits/Getty Images
For more than 40 years, American universities have been allowed to factor in race when deciding which applicants to admit.
That could soon end. The Supreme Court is hearing two separate cases today that challenge race-based admissions policies, aka âaffirmative action,â at the University of North Carolina and Harvard. Given the 6â3 stranglehold conservatives have on the court, legal experts say affirmative action could be the next decades-old precedent to be reversed by SCOTUS, following Roe v. Wade.
That precedent: In 1978, SCOTUS ruled that race could be one of several factors considered in admissions decisions, but banned the implementation of racial quotas. That decision was upheld in a different case in 2003.
What are the arguments?
The pro-affirmative action camp, which includes universities and business groups, argues that diversity in higher education would decline in a race-neutral admissions process due to ongoing discrimination against Black and Hispanic students. Plus, there are centuries of racial harm that still need to be rectified, they say. UNC didnât admit Black students until 1955 and when those students arrived, they were forced to live in a separate dorm and walk through a campus that was full of memorials to segregationists.
The anti-affirmative action camp contends that UNC and Harvard are violating civil rights laws by treating people differently due to their raceâspecifically, by discriminating against white and Asian American applicants. The group bringing both challenges before SCOTUS is led by one man, Edward Blum, who calls himself a âone-trick ponyâ in his quest to end racial classifications in public policy.
And what does the public think? Itâs a little murky, because so much depends on how you frame the question. In a 2021 Gallup poll, 62% of Americans supported affirmative action policies for racial minorities. In March of this year, however, a Pew survey found that 74% of Americans do not support factoring in race and ethnicity to college admissions, per the AP.
Looking aheadâŠthe Supreme Court likely wonât issue a ruling until late spring 2023.
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SPONSORED BY E*TRADE FROM MORGAN STANLEY
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Halloween costume shopping usually goes like this: Hit up the thrift store, run to the pop-up shop, and rummage around momâs attic searching for vintage frocks.
Running multiple errands to piece together your costume is not all that different from trying to manage your money on multiple platforms.
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Anthony Wallace/AFP via Getty Images
Halloween tragedy in South Korea. 153 peopleâmostly in their twentiesâwere killed in a crowd crush in Seoulâs nightlife district Saturday night. As the cityâs first Halloween event with no Covid restrictions in years, it drew an estimated 100,000 revelers, and authorities are being questioned about the safety measures they had in place. Itâs one of South Koreaâs worst-ever disasters.
Russia pauses grain deal with Ukraine. Russia said it would stop participating in a UN-brokered deal that allows Ukrainian grain to be shipped to world markets, accusing Kyiv of a major drone attack in Crimea (Ukraine didnât publicly claim responsibility for the attack). US officials bashed the move as weaponizing food supplies and said it would increase the risk of starvation around the world. The EU is urging Russia to change its mind.
Twitter braces for layoffs. New owner Elon Musk has reportedly asked some managers to identify employees who could be cut, putting into action layoffs that have been rumored for a long time. Musk also tweeted, and later deleted, a link to an unfounded conspiracy theory about the attack on Paul Pelosi, written by a website that regularly publishes false news articles.
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Alexandre Schneider/Getty Images
Three years ago, Luiz InĂĄcio Lula da Silva was in prison, serving a 22-year sentence for corruption charges. Now, heâs set to become the next president of the largest Latin American country, marking his return to the post he held from 2003â2010.
Da Silva, known simply as Lula, narrowly defeated incumbent Jair Bolsonaro in Brazilâs runoff election yesterdayâconsidered to be the most significant election in Brazil in decades.
Thatâs because each of these politicians would have taken Brazil in completely opposite directions. A right-wing nationalist, Bolsonaro has promoted traditional social values and pulled back funding for protecting the Amazon rainforest, which experienced a surge in deforestation during his term, in the name of economic development.
Lula, a leftist, is a giant of Brazilian politics whoâs credited with helping to lift 20 million Brazilians out of poverty during his presidency. But his star plummeted after an investigation revealed vast corruption within his political party, and Lula was one of nearly 300 arrested in the scandal. (His convictions were annulled in 2019.)
Big picture: For years, Boslonaro has raised concerns about election fraud and the integrity of electronic voting systems, but previous investigations have found no foul play. As of last night, he had not conceded the race.
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Sarah Silbiger/Getty Images
A busy week for the economy. The Fed is pretty much a lock to hike interest rates by a ginormous 75 basis points on Wednesday for the fourth straight meeting. Evidence that its inflation-fighting campaign is working could come on Friday, with the October jobs report. Plus: lots more earnings.
Itâs about to get dark really early. Daylight Saving Time ends at 2am ET Sunday, so while weâll get an extra hour of sleep that night, it also means watching the sun set from your desk at work for the next few months.
The World Series heads to Philly. The Phillies and the Astros each took one game apiece in Houston, and the teams will play Game 3 tonight in front of a frenziedâand very wealthyâcrowd in Philly. I looked up tickets and the minimum to get in the door was $900. Not happening .
Everything else:
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Here are all the freebies you can get today for Halloween.
- The New York City Marathon is on Sunday.
- Dolly Parton, Eminem, and others will be inducted into the Rock & Roll Hall of Fame on Saturday.
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20th Century Studios
Stat: James Cameronâs sequel 13 years in the making, Avatar: The Way of Water, will have a runtime of three hours and 10 minutes, per The Hollywood Reporter. But if history is any indication, that wonât scare people off: The No. 2 and No. 3 highest-grossing movies in history, not adjusted for inflation, are Avengers: Endgame and Cameronâs Titantic, which both run longer than three hours. âItâs okay to get up and go pee.â Cameron has said.
Quote: âI will never go back to Foxconn. They donât have humanity there.â
A worker at the worldâs largest iPhone factory in China described to the FT how he and other employees fled the complex over the weekend to escape draconian Covid policies. Videos on Chinese social media platforms appeared to show Foxconn employees hopping fences and walking along the road, fed up with the restrictions intended to curb the spread of the virus.
Read: The real reason why people donât watch baseball as much as they used to. (The Atlantic)
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At least 132 people died when a pedestrian bridge collapsed in the Indian state of Gujarat.
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Brooklyn Nets guard Kyrie Irving defended posting about an antisemitic film and book on social media in a testy press conference.
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The Powerball jackpot is expected to hit $1 billion by todayâs drawing.
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Be careful out there today: Cars kill more pedestrians on Halloween than any other day of the year.
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This was an extremely tough decision, but Iâm giving the top prize to Tyler Smithâs two boys, Stetson and Barrett, for their Top Gun stroller fighter jet. Only minimal points deducted for the lack of mustache.
Tyler Smith
Honorable mention
Alyssa Lee and all the new hires at her company dressed up as âGoogle meets work from home, at the office.â Extra points for the attention to detail: dressy on top, PJs on the bottom.
Alyssa LeeBTWâŠif you want a second chance at glory or just missed the boat, our social media team is running a Halloween costume contest on Twitter today. Theyâre giving out an MB Shop gift card as a prize.
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Dive back into the week:
Geographic misconceptions: Venice is as far north as Minneapolis, and other geography facts that may surprise you.
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Turntable: Youâll find more Halloween Easter eggs (Halloween eggs?) in todayâs Turntable. Play it here.
Nutritional facts
In this special Halloween edition of Nutritional Facts, weâll give you the ingredients for a popular candy, and you have to name it.
Sugar, corn syrup, palm oil, condensed skim milk, cocoa, whey, soy lecithin, artificial and natural flavors.
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Can you achieve workâlife balance while trying to advance in your career? Do US workers put too much emphasis on hustle? We asked these questions to strangers at Oktoberfest in New York. Watch here.
đ± Whether youâre a Google Suite power user or an Excel wizard, we have the mouse pads for you. Shop now to level up your spreadsheet game.
There may be nothing scarier than being unprepared. Learning Brewâs newest course, Financial Forecasting, is built to help you survive budget season unscathed. Reserve your spot today.
The canât-miss event for every modern marketer is The Brief, where youâll hear from a powerhouse panel of speakers from the worldâs most recognized brands. Claim your tickets now.
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âłïž A Note From E*TRADE from Morgan Stanley
Securities products and services offered by E*TRADE Securities LLC, Member SIPC, a subsidiary of Morgan Stanley. © 2022 E*TRADE from Morgan Stanley. All rights reserved.
No commissions on online stock, options, and ETF trades. Exclusions and other fees may apply. For more information on pricing, visit etrade.com/pricing.
In Kiplingerâs annual Best Online Brokers and Trading Platforms Review of ten firms across eight categories, E*TRADE earned an overall score of 87.3 out of 100. E*TRADEâs ratings for all category rankings include: Overall (#1), Commissions and Fees (#7), Investment Choices (#3), Mobile App (#1), Tools (#1), Research (#1), User Experience (#5), and Advisory Services (#3). Read the full Best Online Brokers and Trading Platforms, 2022 survey. From Kiplingerâs Personal Finance. © 2022 The Kiplinger Washington Editors. All rights reserved. Used under license.
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Written by
Neal Freyman
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