Good morning. Yesterday, we said that September 2 was a highly unremarkable day on which nothing important ever happened. Of course, many of our readers disagreed and shared some important 9/2 events from history.

• In 1752, Britain adopted the Gregorian calendar, which means people went to sleep on September 2 and woke up on September 14.
• In 1945, Japan signed its unconditional surrender on a U.S. battleship, formally ending WWII. 
• In 1969, the first ATM in the U.S. debuted in Long Island, NY. 
• In 1989, Nathaniel was born. Happy belated, Nathaniel. 

Till next year.

ENTERTAINMENT

'Tenet' Will Give Us What no Nolan Film Ever Has

Clarity—about the state of the movie industry, that is. Tenet itself, which debuts in U.S. theaters tonight, has been called Christopher Nolan’s “most confusing movie ever,” and this is the same guy that already turned our brains into oatmeal with Inception.

But will blowing up the basic laws of physics be enough for Warner Bros. to revive a pandemic-stunted box office?

The stakes are higher than a Cats audience

Tenet is the first ultra-hyped, made-for-the-big-screen movie to debut in cinemas since theaters started lifting the curtains last month. By tonight, 70%+ of AMC and Cinemark locations will be open and following strict cleaning protocols.

• The going theory: If this movie can’t get people off their couches, nothing but a coronavirus vaccine will. 

In the spirit of Christopher Nolan, this analysis now diverges into two possible timelines...

1. It’s a blockbuster: Strong Tenet ticket sales could help theater owners pay backlogged bills and bring chains like AMC back from the brink of bankruptcy. A successful run is a sign that straight-to-streaming can complement, but not entirely replace, in-person theater viewing.

2. It’s a bust: Skipping theaters for home-viewing could become the industry norm. Trolls World Tour already proved the strategy has legs when it grossed about $95 million in digital downloads in three weeks in April. Mulan is launching for $30/pop on Disney+ tomorrow. 

• The long-tail effects: bankruptcies, acquisitions, and an industry shakeout.

Tenet’s outlook is promising

The film had a strong international showing last weekend, bringing in about $53 million across 41 markets—$13 million above expectations. And Tenet’s advance ticket sales are higher than they were for Interstellar and Dunkirk, per film analytics firm Movio.

Zoom out: The pandemic has put theater chains on the ropes and forced studios to experiment with new formats, like Universal’s deal with AMC to shorten the theatrical window to just 17 days. Could Tenet be the plot twist the industry’s been waiting for?

DEBT

The U.S. Looking at Its Credit Card Bill

The Congressional Budget Office just dropped a historic projection for the U.S. economy. It said government debt will reach 98% of GDP in fiscal 2020 (which ends this month), and surpass 100% of GDP the next fiscal year. 

• The debt-to-GDP ratio is used as a way to contextualize countries’ debt loads, and 98% is the highest it’s been for the U.S. in generations. The last time U.S. debt exceeded GDP (aka economic output) was in 1946, after the government financed World War II. 

How we got here

As a result of increased government spending and 2017's tax cuts, U.S. debt was on the rise before the pandemic. But the country's finances took two major thwacks early this year: Congress passed trillions in relief spending just as pandemic restrictions dried up government tax revenues. 

Looking ahead...most economists and lawmakers agree that another round of relief measures are necessary. But negotiations have been stalled for about a month now, as Democrats push for a $3 trillion plan and Republicans counter with $1 trillion.

GENERAL BIZ

Some Surprising Faces in What’s Up, What’s Down

What's up

Epic rallies: Peloton shares gained 9% yesterday after JPMorgan raised its price target for the red-hot fitness brand. Peloton’s stock has more than tripled this year as the workout-from-home movement continues to soak carpets with sweat. 

Adding the GOAT to the team: Michael Jordan joined the sports betting company DraftKings in an advisory role after buying an equity stake. DraftKings will get a boost from Jordan’s star power and business acumen, but the White Sox and Wizards preach caution. 

Not down as much as we thought: Macy’s reported a (much smaller than expected) net loss of $431 million in Q2...and online sales rose 53% from last year. CEO Jeff Gennette also announced plans to experiment with smaller stores outside of malls.  

What’s down

Epic rallies: It feels weird to type, but Tesla’s stock actually fell. Shares were down as much as 15% yesterday after a top shareholder, investment management firm Baillie Gifford, reduced its position due to portfolio restrictions.  

Extra peanuts: Facing major turbulence, United announced plans to furlough more than 16,300 workers when October rolls around. It’s far less than the 36,000 cuts it warned of in July, but the outlook for airlines remains bleak with demand simmering at 30% of typical levels.

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Put That Gold Pan Away

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HOUSING

How We Gonna Pay This Year's Rent?

You may not have to. Tuesday night, President Trump enacted an emergency order to prevent evictions through Dec. 31. 

Why? More than 20 million renters live in households that have experienced coronavirus-related job losses, the Aspen Institute estimates. Congress’s March relief package gave renters some insulation from evictions, but those protections have expired. The CDC is worried about a crush of renters losing their shelter and spreading COVID-19. 

• The protection is only available to certain renters— those with an expected income of <$99,000 and who can show they’ve suffered financial losses because of the pandemic, among other qualifications. 

The reaction: Tenant and landlord organizations are...actually on the same page. Tenant advocates cheered the move, but said what’s really needed is financial assistance so renters don’t get stuck with a giant bill on January 1, 2021. Landlord groups want the same thing, so they can get some help covering insurance, taxes, and payroll.

TOYS

Lego Isn’t Playing Around

The largest toymaker in the world built some serious quarantine momentum, reporting a 14% rise in sales in the first half of the year. It also read the pandemic instructions on ecommerce—website visits doubled to 100 million. 

The growth was fueled by...

• The usual suspects: Products from its Harry Potter, Disney Princess, and Star Wars lines were among the best performers.
• Some new faces: Sales of the most expensive and intricate sets grew 2.5x in the first half of the year. 

That’s because it’s not just kids getting in on the action. "We have more than a million adult fans signed up to our website," Lego CEO Niels Christiansen told the BBC. 

Bottom line: Despite the huge increase in online traffic, Lego still appreciates bricks...and mortar. The company said it was on track to open 120 new store locations around the world this year.

HOLY MOLY

How Was Your Wednesday?

David Blaine’s was dizzying. Yesterday, the stuntman ascended 24,900 ft. in the air via balloons in Arizona...or rather, over Arizona. He parachuted down to safety after about 30 minutes. 

Any final thoughts, Mr. Blaine? “Wow, that was awesome,” the daredevil said after landing.

WHAT ELSE IS BREWING

• Airbnb was reportedly approached by hedge fund manager Bill Ackman about a merger with his special purpose acquisition company (SPAC), but is for now opting for a traditional IPO.
• Robinhood, the popular trading app, is facing a fraud investigation from the SEC for failing to fully disclose its practice of selling orders to high-speed trading firms, the WSJ reports. 
• Steroids that are cheap and readily available reduced the risk of death in hospitalized COVID-19 patients by one-third, the WHO concluded in a new study.
• Joe Biden’s campaign and fundraising committees raised $364.5 million in August, a monthly record for a presidential campaign.
• Prince Harry and Meghan signed a multiyear production deal with Netflix.

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BREW'S BETS

Dumbbell shortage: Can’t find exercise equipment? Here are some bodyweight workouts, fitness tips, and 23 other at-home exercises.

All hail: This man proposes renaming "boneless chicken wings" at a Lincoln, NE, city council meeting. Laugh out loud stuff. 

Take a deep breath: Do a quick meditation exercise on this website, and watch your biggest worries fade away. 

SKYSCRAPER TRIVIA

Today is Skyscraper Day. Is that a real thing? Probably not, but we never turn down trivia material. Here’s today’s question: We’ll give you a year, and you have to name the world’s tallest building in that year. Here we go…

1. 2000 B.C.E
2. 1 C.E.
3. 1885
4. 1905
5. 1950
6. 2010

SKYSCRAPER TRIVIA ANSWER

2000 B.C.E.: Great Pyramid of Giza
1 C.E.: Also the Great Pyramid of Giza. Gotcha.
1885: Washington Monument 
1905: Eiffel Tower 
1950: Empire State Building 
2010: Burj Khalifa (in Dubai)

For more...here's a cool infographic on the tallest structures throughout history.