Bloomberg - Evening Briefing - ‘Crazier’ than the dotcom bubble

Bloomberg’s Evening Briefing

The November U.S. jobs report on Friday was, in a word, weird. It showed the smallest jobs gains this year, a participation rate that was edging up, and an unemployment rate that fell more than forecast. It’s a mixed bag that may nevertheless push the Federal Reserve to quicken the wind-down of its pandemic bailout. Between the jobs report, a selloff in big tech and concerns over a hawkish-sounding Fed, it was tough day for the markets, with Nasdaq closing lower by about 2%. Here’s your markets wrap

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

Here are today’s top stories

“I wish they’d never been invented.” Berkshire Hathaway’s Charlie Munger ripped into cryptocurrencies and praised China’s regulation of them during an appearance at a conference in Sydney, Australia. He also said stock valuations are “even crazier” now than the go-go 1990s.  

The world still doesn't know for sure if omicron is more transmissible than delta (though there’s some preliminary evidence), let alone if it causes more serious disease, but drugmakers continue to sound the alarm that vaccines will need to be tweaked (which means they would be making, and selling, more boosters). But nations will face an omicron wave with a new weapon: treatments that could help make infections less deadly. As of Friday, at least six U.S. states have confirmed omicron cases, with Nebraska reporting six cases. South Africa, where the variant was first detected, reported the daily number has virtually quadrupled in four days.  Here’s the latest on the pandemic

Passengers line up at check-in desks inside Cape Town International Airport in South Africa. Many travel bans on the country remain in place.   Photographer: Dwayne Senior/Bloomberg

The biggest and most exciting new hedge funds on Wall Street are all being launched by women. 

Spyware from Israel’s NSO Group was reportedly used to hack the mobile phones of at least nine U.S. State Department employees. The hacks targeted officials based in Uganda or focused on issues concerning the East African country. In November, the U.S. blacklisted NSO.

Ride hailing giant Didi is delisting from the New York Stock Exchange, bowing to pressure from Chinese regulators. The reversal—just months after its June debut—underscores the depth of the U.S.-China rivalry, Beijing’s concern about data leaks and the extent to which China will go to punish a wayward firm.

Didi Global offices in Hangzhou, China  Photographer: Qilai Shen/Bloomberg

After months of volatility triggered by a whistleblower’s revelations and disappointing quarterly results, Facebook parent company Meta neared its own bear market after losing $224 billion in value. Shares are down 20% since a September high.

Less than two months into his tenure as Consumer Financial Protection Bureau director, Rohit Chopra, who was formerly with the Federal Trade Commission, is laying the groundwork for greater scrutiny of big tech.

What you’ll need to know tomorrow

He Fought the Kremlin, and the Kremlin Won

Ilya Sachkov was once a globetrotting cybersecurity executive. Now, he’s behind bars, charged with treason in Russia and facing 20 years in a labor camp. Details of the crimes Sachkov is accused of under Russia’s authoritarian regime are shrouded in secrecy. But interviews reveal that his surprise detention has links to one of Vladimir Putin’s most notorious hacking operations: the one that sought to taint the 2016 U.S. election.

 Ilya Sachkov in 2019 Photographer: Peter Kovalev/TASS

Older messages

Omicron’s greater risk

Thursday, December 2, 2021

Bloomberg's Evening Briefing View in browser Bloomberg In some of the first data to come back on the omicron variant of the coronavirus, researchers in South Africa, where it was first identified,

‘Stench’ of politics

Wednesday, December 1, 2021

Bloomberg's Evening Briefing View in browser Bloomberg Access to abortion as America currently knows it seems likely to shrink next year as six Republican-appointed members of the US Supreme Court

Still too early to tell

Wednesday, December 1, 2021

Bloomberg's Evening Briefing View in browser Bloomberg Reports of mostly mild illness from Covid-19 infections caused by omicron need to be interpreted with caution because they may not reflect the

Market mayhem

Saturday, November 27, 2021

Bloomberg's Weekend Reading View in browser Bloomberg Follow Us Get the newsletter Market mayhem welcomed investors back from the Thanksgiving holiday as a new coronavirus variant was identified in

Another Covid wave begins

Tuesday, November 23, 2021

Bloomberg's Evening Briefing View in browser Bloomberg The vast majority of those who need intensive care and ventilators are unvaccinated. That's the common refrain across America and much of

You Might Also Like

🇨🇳 The US is out, China is in

Tuesday, March 11, 2025

Citigroup's forecast for US and Chinese stocks, Lego stacked bricks, and Boeing's investigation | Finimize Hi Reader, here's what you need to know for March 12th in 3:10 minutes. Citigroup

The Under-the-Radar Threat to Your Retirement

Tuesday, March 11, 2025

Nearly half of older adults are burdened by bad debt ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

15 Years Since We Bought Our Toxic Asset

Tuesday, March 11, 2025

In a new Planet Money plus episode, former Planet Money hosts David Kestenbaum and Chana Joffe-Walt look back at a pioneering series that sought to explain a major source of the 2008 financial crisis.

👋 Investors ditched the S&P 500

Monday, March 10, 2025

The US president didn't rule out a recession, but TSMC eased some of investors' other worries | Finimize Hi Reader, here's what you need to know for March 11th in 3:07 minutes. TSMC's

💳 Find a new credit card

Monday, March 10, 2025

Let's get those rewards ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Text and Telos

Monday, March 10, 2025

Plus! Diff Jobs; Scaling; Retail Investors; Comparative Advantage; Transaction Costs and Corporate Structure; DeepSeek Governance Text and Telos By Byrne Hobart • 10 Mar 2025 View in browser View in

Longreads + Open Thread

Saturday, March 8, 2025

Personal Essays, Lies, Popes, GPT-4.5, Banks, Buy-and-Hold, Advanced Portfolio Management, Trade, Karp Longreads + Open Thread By Byrne Hobart • 8 Mar 2025 View in browser View in browser Longreads

💸 A $24 billion grocery haul

Friday, March 7, 2025

Walgreens landed in a shopping basket, crypto investors felt pranked by the president, and a burger made of skin | Finimize Hi Reader, here's what you need to know for March 8th in 3:11 minutes.

The financial toll of a divorce can be devastating

Friday, March 7, 2025

Here are some options to get back on track ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Too Big To Fail?

Friday, March 7, 2025

Revisiting Millennium and Multi-Manager Hedge Funds ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏