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Your Daily BriefSeptember 14th, 2022 |
Good morning, and welcome to your Wednesday! Did you know that in about four billion years, our Milky Way galaxy will be eaten by Andromeda, which has already swallowed multiple galaxies in the past 10 billion years? Sounds like the perfect plot for a screenplay set in the future, if you ask us. Anyway, before you start laying the groundwork for your Hollywood empire, here’s what we have for you:
In Today’s Brief
- Israel: Receives 2,000-year-old looted coin after 20 years
- Mark David Chapman: Man who shot John Lennon denied parole for 12th time
- Harlem Globetrotters: Returning to network TV for the first time in over 40 years
- Patreon: Laying off 17% of its staff
- Phoenix Suns: Owner Robert Sarver suspended and fined $10M
- Top Tips: U.S. inflation rose by 8.3% year-over-year in August; stock market indexes experience largest one-day losses in over two years; Twitter shareholders vote to approve Elon Musk’s $44B acquisition of the company
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Inflation in the U.S. rose by 8.3% in August compared to last year
Inflation as measured by the Consumer Price Index (CPI) rose by 8.3% in August compared to last year and 0.1% from the month prior, per a report from the Bureau of Labor Statistics.
According to the Labor Bureau’s report, energy prices rose 23.8% year-over-year. This figure includes the cost of electricity, which rose by 15.8%–its largest one-year increase in four decades. Other categories that saw price increases in the 30 days between July and August include motor vehicle maintenance and repair (+1.7%); health insurance (+2.4%); and pets and pet products (+1.6%). “Core” inflation–which removes the food and energy components of the report–increased by 6.3% compared to the same time period last year, and is up 0.6% from July.
Meanwhile, data from AAA shows that gas prices have fallen for three consecutive months and currently stand at a national average of $3.70 per gallon.
Stocks experience their steepest single-day losses since June 2020
Following yesterday’s inflation report from the Bureau of Labor Statistics, indexes in the U.S. stock market experienced their largest single-day losses since June 2020.
Yesterday’s session marked the largest single day of losses in all three major indexes in the U.S.–the Dow Jones Industrial Average, the Nasdaq Composite, and the S&P 500–since June 11th, 2020. All 30 stocks in the Dow declined, as well as all of the S&P 500’s 11 sectors. The Dow dropped by 1,276.37 points, or 3.94%, to close at 31,104.97. The S&P 500 fell 4.32% to 3,932.69, and the Nasdaq Composite–which contains more tech stocks than the other two indexes–closed down 5.16% on its worst day since March 2020.
Since the beginning of 2022, the Dow Jones is down 14%, the S&P 500 has lost 17%, and the Nasdaq has fallen by 26%.
Twitter shareholders approve $44B sale to Elon Musk
Shareholders of Twitter, Inc. voted to approve a proposed $44B sale to Tesla and SpaceX CEO Elon Musk first brought forth in April of this year.
The vote comes amid a legal dispute between the company and Musk over his attempt to back out of the acquisition, claiming that Twitter wasn’t forthcoming with how it calculated the self-reported percentage of fake accounts–or “spam bots”–on its platform. The shareholder approval also occurred on the same day as Twitter’s former head of cybersecurity, Peiter “Mudge” Zatko, appeared before the Senate Judiciary Committee to testify about security and privacy issues he allegedly uncovered while working at the company.
With the approval, it is now left up to a Delaware court whether Musk can get out of the deal. Twitter shares (NYSE: TWTR) closed yesterday at $41.74, roughly 23% lower than the price of $54.20 per share that Musk originally offered to take the company private.
Around the Globe
- American authorities returned a 2,000-year-old Jewish coin to Israel nearly 20 years after it had been looted, smuggled, and put up for auction in the U.S.; the coin was made in the year 69, is one of two confirmed to exist, and is estimated to be worth $1M, per the Manhattan District Attorney’s Office
- At least 49 Armenian soldiers and 50 Azeri military personnel were killed yesterday in a conflict between Armenia and Azerbaijan which began overnight along the border; in terms of casualties, it marks the deadliest clash between the two countries since 2020
- Queen Elizabeth II’s coffin arrived at Buckingham Palace last night; it will be moved from Buckingham Palace to Westminster Hall today, where the late Queen will lie in state for four days
On the Homefront
- Primary elections were held in Delaware, New Hampshire, and Rhode Island yesterday - see the results here
- Mark David Chapman, the man who shot and killed John Lennon outside the musician’s apartment building in New York City’s Upper West Side in December 1980, was denied parole for the 12th time
- Ken Starr–the prosecutor whose investigation led to former President Bill Clinton’s impeachment in 1998–has passed away at age 76, according to a statement from his family
Glitz & Games
- The Harlem Globetrotters will return to network television for the first time in over 40 years in a new weekly show on NBC called Harlem Globetrotters: Play it Forward; the show debuts on October 1st and will be hosted by Craig Robinson
- Lee Jung-Jae won best actor in a drama series at the 2022 Primetime Emmy Awards for his performance in Netflix’s Squid Game; Lee made history as the first person to win an acting award from the TV Academy for a non-English speaking performance
- The Cleveland Browns unveiled a field design featuring the team’s Brownie logo at midfield; the design was voted on by Browns fans and will feature a midfield logo at Cleveland’s FirstEnergy Stadium for the first time since 2016
Business & Markets
- Stocks fell in response to yesterday’s inflation report, with the Dow Jones Industrial Average dropping over 1,200 points (Dow -3.94%, Nasdaq -5.16%, S&P 500 -4.32%)
- Amazon announced its new entry-level $99 Kindle e-reader yesterday, featuring changes such as a sharper display than the one on the earlier $89 Kindle
- Creator subscription company Patreon is laying off 17% of its staff–or 80 employees–according to a letter that CEO Jack Conte wrote to the company’s staff
Tip & Tricks
- Binge Watch: Tighten those headbands and start practicing those roundhouse kicks, because season five of Cobra Kai is now streaming on Netflix
- Bump This: We dare you not to sing along to the falsetto hooks in the new track “Woke Up in Love” by Kygo, Gryffin, and Calum Scott - listen on Apple Music and Spotify
- Chow Down: If you’re on the go and need to whip up something delicious in under 20 minutes, take a look at this recipe for classic sesame noodles with chicken
- Nerd Out: Read about Ferrari’s new Purosangue model that comes with a naturally-aspirated V-12 engine, produces 715 horsepower, costs €390K, and is sure to turn heads when you drop your kids off at school
- Say What: “Most of the media chooses to focus on things that are negative, so if you are tuning into that frequency, you feel hopeless. My intention is to bring hope, to bring the possibilities, to show the beauty—to say, ‘Hey, we’re living in heaven, right here,’” Gisele Bündchen said in a cover story for Elle published yesterday
- Hot Goss: Phoenix Suns owner Robert Sarver has been suspended by the National Basketball Association and fined $10M as the result of an investigation into the franchise (yikes–writing that check has got to hurt)
- Life Hack: Unless your name is Shakira, your hips probably need some help - check out these eight hip stretches that release tension after sitting all day long
Looking Back…
On September 14th: Francis Scott Key is inspired to write “The Star-Spangled Banner” after Fort McHenry successfully withstands a British attack (1814); Mexico City is captured by U.S. forces in the Mexican-American war (1847); the sitcom The Golden Girls debuts on American television (1985); rapper and songwriter Nas is born (1973).
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