Morning Brew - ☕ Very important week

Thanksgiving meal deals are getting cheaper...
October 29, 2024 View Online | Sign Up | Shop

Morning Brew

Incogni

Good morning. Stock market news is about to get busier than your hometown bar on Thanksgiving eve—and just as rowdy.

The five most valuable US companies in the S&P 500 report earnings this week, and updates on three key economic indicators are set to drop: gross domestic product, inflation, and the jobs report. Then, look out, because next week brings the election and another expected rate cut from the Fed.

If you’re wondering what it all means for your stock portfolio, check out Brew Markets—our investment-focused newsletter that hits your inbox daily after the bell rings on Wall Street and gives you a quick recap of the top markets stories from the day. Sign up here to get smarter about stocks.

Sam Klebanov, Cassandra Cassidy, Molly Liebergall, Holly Van Leuven, Neal Freyman

MARKETS

Nasdaq

18,567.19

S&P

5,823.52

Dow

42,387.57

10-Year

4.278%

Bitcoin

$69,592.04

Trump Media

$47.36

Data is provided by

*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean.

  • Markets: Stocks added a shot of espresso to their morning coffee yesterday. All three stock indexes rose to start a week that will be filled with high-stakes data.
  • Stock spotlight: Trump Media & Technology Group gained almost 22% on Monday, following the former president and current GOP candidate’s Madison Square Garden rally. The pop means that Trump Media, which includes Truth Social, is now more valuable than Elon Musk’s X.
 

ELECTION 2024

Philly sues Elon Musk’s PAC over $1 million giveaway

illustration of a hand holding a money bag over a sea of hands rising up to grab it Francis Scialabba

Earlier this month, Elon Musk’s MAGA-promoting super PAC began conducting a daily $1 million sweepstakes for registered swing state voters who sign a petition supporting Constitutional amendments. But as the lucky winners puffed celebratory cigars, Philadelphia District Attorney Larry Krasner told the group to lawyer up.

Philly’s top law enforcement honcho sued America PAC yesterday, claiming that its millionaire-minting exercise is unlawful in Pennsylvania, but not for election law reasons:

  • Kranser accused it of running an “illegal lottery scheme” since lotteries in PA must be regulated by the state.
  • He also said the PAC violated consumer protection laws by employing “deceptive” lottery rules and alleged that winners were not chosen randomly since multiple prize recipients attended Trump rallies in the Keystone State.

He said that Musk’s “scheme to influence voters” must be stopped ASAP. A hearing that could end the sweepstakes is scheduled for Friday. America PAC didn’t comment publicly but shared a video of the day’s giveaway winner. Musk previously said that the “no-brainer” petition in support of the Constitution wasn’t meant to influence anyone’s vote or voter registration status.

The Justice Department warned the super PAC last week that its election jackpot might be breaking federal election law as it is illegal to pay people to register to vote in the US. Some legal experts opined that the requirement for giveaway winners to be registered voters could constitute a monetary reward for registering.

More cash is deployed: Musk has donated $75 million to his super PAC that supports the former president’s campaign and appearing alongside him at rallies. Trump says he wants to make him the head of a proposed government efficiency commission, referring to his potential role as the “Secretary of Cost-Cutting.” Musk shared this week that he envisions slashing the federal budget by $2 trillion.—SK

   

Presented By Incogni

How’d you get this number?

Incogni

WORLD

Tour de headlines

Employees leaving a Volkswagen factory in Germany Sean Gallup/Getty Images

Volkswagen plans mass layoffs, plant closures. Yesterday, Volkswagen autoworkers in Germany left their jobs for an hour to protest the major restructuring announced by their employer. The plan includes closing three German plants and mass layoffs for its workforce of about 300,000. The company is currently negotiating new contracts with workers, who have threatened to strike if a deal isn’t reached by December. Volkswagen’s works council head told employees, “Management is absolutely serious about all this. This is not sabre-rattling in the collective bargaining round.”

Boeing tries to avoid junk rating with massive stock sell-off. While its machinists continue to strike, the troubled aerospace company announced the sale of about $19 billion worth of stock and depositary shares to generate much-needed cash. Boeing hopes to hang onto its investment-grade rating, which currently sits at BBB− (the lowest investment grade). Fitch Ratings has warned the planemaker that a prolonged strike by its machinists could see its credit rating downgraded to junk. The union has been on strike for more than 45 days, with pension plans being a central sticking point.

Robinhood gets in on the election prediction game. Better a week before the closest presidential contest since 1964 than never? Trading platform Robinhood has joined the likes of Polymarket, Kalshi, and PredictIt and is now offering users the option to trade Kamala Harris and Donald Trump “contracts,” which enables them to bet on who they think will win. Vanity Fair noted that this election is the first in 60 years where neither of the candidates has had more than a 5-point lead in polling in the last three weeks. Those neck-and-neck conditions are fueling election betting.—HVL

TECH

Apple’s very important week

Apple store Anadolu/Getty Images

Apple is rolling out announcements this week like a Southern high school during homecoming. The company kicked off a week of updates yesterday with a suite of new products and the launch of Apple Intelligence as it gears up to unveil earnings on Thursday.

What’s here: Apple Intelligence on iPhone 15 and newer models. Highlights include a better Siri, an option for your phone to proofread text, photo cleanup that edits strangers out of your honeymoon pics, and notification summaries. But the best is yet to come: Flashier features, like the ability to make your own emoji and Siri’s integration with ChatGPT, will launch with the next software update, iOS 18.2, in December.

What’s coming: A new 24-inch iMac, debuting November 8. The model uses Apple’s state-of-the-art M4 chip, a major tech upgrade that will bring more power and speed to the computer, so it can deal with AI and complex gaming.

  • Apple also introduced a new keyboard, trackpad, and mouse.
  • A new MacBook Pro and Mac Mini, also with the elite M4 chip, are expected later this week.

Zoom out: You may swoon over the new butter yellow iMac, but Apple still faces headwinds. Indonesia blocked sales of the iPhone 16 yesterday due to Apple’s failure to meet local investment requirements, while demand for the iPhone 16 has been slower than expected. Thursday will likely show to what extent.—CC

   

Together With Elf Labs

Elf Labs

GROCERY

Thanksgiving meal deals are getting even cheaper

Target-stamped turkey Illustration: Anna Kim, Photo: Adobe Stock

All you need for Turkey Day this year is a $20 bill and a dream: In a bid to steer inflation-weary holiday shoppers to the bullseye, Target is offering its least expensive Thanksgiving meal deal yet, the store announced yesterday.

Down from $25 last year, the grocery bundle for four includes a frozen turkey—which got a 20% price cut to just $0.79 per pound—potatoes, canned green beans, cream of mushroom soup, Stove Top Stuffing mix, and jarred gravy.

Please come back. The bargain cart joins ~8,000 other products that Target already discounted this year as it tries to show anyone with a tight wallet that runaway supermarket prices are tempering: Grocery inflation clocked in at 1.3% in September, about a point below overall inflation, according to BLS data.

With so many stores trying to win shoppers back, your options for an affordable Thanksgiving dinner are open:

  • Aldi’s Thanksgiving meal, costing $47 for 10 people, is its cheapest in five years.
  • Walmart’s is less expensive than last year and ranges from about $45 for four people to about $98 for two dozen.
  • On the pricier end, Sam’s Club’s new Thanksgiving meal is $100 for 10 people—but it also comes fully precooked.

Hold the baster. Thanksgiving Eve is traditionally one of the most popular pizza-for-dinner nights of the year, so Target is offering a free frozen pie to Circle 360 members who place a same-day delivery order between Nov. 13 and 16.—ML

   

STAT

Prime number: Have you seen this cheddar?

illustration of a burglar pushing a shopping cart with a large wedge of cheese in it Illustration: Anna Kim, Photo: Getty Images

The Naked Chef needs your help tracking down 1,000 cloth-wrapped wheels of cheese, collectively weighing about 48,502 pounds. Jamie Oliver put out a plea to his social media followers to help find the expensive artisan cheese that was stolen last week from Neal’s Yard (a posh dairy in London, not our fearless leader’s curtilage).

How did thieves pilfer ~$390,000 worth of Hafod Welsh Cheddar? They posed as agents of a French supermarket and told the real purveyors to deposit the goods in a particular warehouse for inspection. But once the cheese was dropped off, authorities believe it was transferred elsewhere by stooges for the criminals.

Patrick Holden, the legitimate owner of the missing cheese, told the BBC that he thinks it may be in Russia or the Middle East “because people won’t ask questions there.”—HVL

NEWS

What else is brewing

  • Hundreds of mail-in ballots were destroyed in two fires set Monday morning at drop boxes in Washington state and Oregon.
  • The Washington Post lost more than 200,000 subscribers in the first few days after news of the blocked Harris endorsement made the rounds, two anonymous internal sources told NPR. For context, that’s 8% of its total subscriber base. Post owner Jeff Bezos responded to the fallout.
  • Treasury Secretary Janet Yellen urged Prime Minister Benjamin Netanyahu to sign a waiver that would allow Palestinian and Israeli banks to correspond. The move would keep the Palestinian economy from collapsing.
  • The Quarter Pounder will return to McDonald’s menus after the brand’s beef patties were ruled out as the source of its E. coli outbreak.
  • JPMorgan sued customers who exploited an ATM glitch that went viral on TikTok in late August.
  • Oil prices fell dramatically following Israel’s limited missile strike on Iran, which did not impact the country’s oil production.

RECS

Tuesday To Do List

Find Timmy: A Timothée Chalamet look-alike contest drew the man to the arena.

Pit check your puffer: Here’s how to actually clean your down jacket.

Make a side: For your Halloween party, consider spider sliders, Frankenguac, and more.

Exclusive savings: Plan ahead for next year’s finances by getting on the 2025 Wealth Planner waitlist and get a code for 25% off.

The facts: Everyone’s talkin’ about AI—it’s easy to get lost in the noise. That’s why we teamed up with Arm to clear the air on the AI revolution. Read the article.*

Get covered: Make the most of open enrollment with our new article, where we’re sharing key tips from MetLife. Get the coverage you need.*

*A message from our sponsor.

GAMES

The puzzle section

Brew Mini: Solving today’s crossword will give you as many jump-scares as walking through a haunted house. Play it here…but beware.

Parent company trivia

Not every company can be independent—many need parent companies to help them do math homework or take them to soccer practice.

Here is a list of brands and companies that are subsidiaries of a parent company. Name their corporate overlord.

1. Geico

2. Cheerios

3. Lamborghini

4. Snickers

5. Old Navy

6. Blue Moon

SHARE THE BREW

Share Morning Brew with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag.

We’re saying we’ll give you free stuff and more friends if you share a link. One link.

Your referral count: 2

Click to Share

Or copy & paste your referral link to others:
morningbrew.com/daily/r/?kid=303a04a9

ANSWER

  1. Berkshire Hathaway
  2. General Mills
  3. Volkswagen Group
  4. Mars Inc.
  5. Gap Inc.
  6. Molson Coors

Word of the Day

Today’s Word of the Day is: curtilage, meaning “a piece of ground (such as a yard or courtyard) within the fence surrounding a house.” Thanks to Rick Mauger from Biddeford, ME, for not gatekeeping the suggestion. Submit another Word of the Day here.

✳︎ A Note From Elf Labs

This is a paid advertisement for Elf Labs’ Regulation CF offering. Please read the offering circular at elflabs.com.

         
ADVERTISE // CAREERS // SHOP // FAQ

Update your email preferences or unsubscribe here.
View our privacy policy here.

Copyright © 2024 Morning Brew. All rights reserved.
22 W 19th St, 4th Floor, New York, NY 10011

Older messages

☕ A loyal welcome

Monday, October 28, 2024

Kroger, Ferrara, and loyalty. October 28, 2024 Retail Brew It's Monday, and let's start the week on a cheesy note with a report from London that a thief posing as a food distributor managed to

☕ Say eh-oh!

Monday, October 28, 2024

Behind the social success of Teletubbies HQ. October 28, 2024 Marketing Brew Presented By Snowflake It's Monday. Goldfish temporarily changed its name to Chilean Sea Bass crackers to emphasize that

☕ AI for polishing

Monday, October 28, 2024

How Vimeo is using AI. October 28, 2024 Tech Brew presented by IBM It's Monday. How does Martha Stewart envision her AI avatar? She discussed that very topic at Vimeo's first video AI

☕ Late in the game

Monday, October 28, 2024

What does ice cream have to do with copyright law? October 28, 2024 View Online | Sign Up | Shop Morning Brew Presented By SoFi Good morning. Early voting is in full swing across the United States.

☕ Morning BOO!

Sunday, October 27, 2024

Read on, if you dare... presented by Wendy's October 27, 2024 | View Online | Sign Up | Shop James Clapham EDITOR'S NOTE Halloween is not just a day for you and your partner to show up to a

You Might Also Like

GeekWire Mid-Week Update

Wednesday, December 25, 2024

Read the top tech stories so far this week from GeekWire Top stories so far this week Early Microsoft leaders go all in on AI with Seattle-area startup Total Neural Enterprises Rich Tong has seen

Thursday Briefing: Rebel factions try to unite in Syria

Wednesday, December 25, 2024

Plus, “Squid Game” returns. View in browser|nytimes.com Ad Morning Briefing: Asia Pacific Edition December 26, 2024 Author Headshot By Gaya Gupta Good morning. We're covering rebel factions uniting

The best Wirecutter picks of 2024

Wednesday, December 25, 2024

You all have a great taste View in browser Ad The Recommendation December 25, 2024 Ad A little present for you: Our 100 most popular picks of 2024 Ninja 12-Cup Programmable Coffee Maker CE251,

Roots of wintertime celebrations and holidays

Wednesday, December 25, 2024

+ how Charlie Brown TV special was almost dropped ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Time to get rid of all those gifts you don’t want

Wednesday, December 25, 2024

Some advice for your post-Christmas declutter. December 25, 2024 View in browser Whizy Kim is a senior reporter at Vox covering wealth, economic inequality, and consumer trends. Whizy Kim is a senior

Operation Christmas Drop, Christmas NFL Games, and What's Open Today

Wednesday, December 25, 2024

Seven nations' air forces collaborated in Operation Christmas Drop 2024, delivering over 77000 pounds of humanitarian aid to remote Pacific islands in the DOD's longest-running airlift mission.

9 Things Anna Kendrick Can’t Live Without

Wednesday, December 25, 2024

Plus: Nice things to spend your FSA money on. The Strategist Every product is independently selected by editors. If you buy something through our links, New York may earn an affiliate commission.

Holiday Briefing: A day to celebrate

Tuesday, December 24, 2024

A special edition for a special day. View in browser|nytimes.com Ad Morning Briefing: Asia Pacific Edition December 25, 2024 Natasha Frost headshot Gaya Gupta headshot By Natasha Frost and Gaya Gupta

Here’s how we do it.

Tuesday, December 24, 2024

How did our work reach millions of eyes and ears in 2024? It's because we follow the money to find the real story behind breaking news. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

☕ You’re missing out

Tuesday, December 24, 2024

CMOs on overlooked marketing trends and opportunities. December 24, 2024 View Online | Sign Up Marketing Brew 'Twas the night before Christmas, and all through the house, not a creature was