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Your Daily BriefOctober 11th, 2022 |
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In Today’s Brief
- Nigeria: Capsized boat in Niger River leaves at least 76 people dead
- Los Angeles: City Council President steps down after leaked audio recording
- Carolina Panthers: Head coach Matt Rhule fired after 1-4 season start
- Five9: CEO Rowan Trollope announces resignation
- German Aerospace Center: Prototype of the world’s most eco-friendly car revealed
- Top Tips: Russian missiles strike several regions of Ukraine; former Fed Chair Ben Bernanke and two other economists awarded Nobel Prize in Economics; Nasdaq index closes down to hit a 2-year low
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Russian President Vladimir Putin orders missile strikes across Ukraine
Following the weekend attack on the bridge connecting Russia to the Crimean Peninsula, Russian President Vladimir Putin ordered missile strikes on Kyiv and other Ukrainian cities.
According to Ukraine’s Emergency Service, at least 11 people were killed and at least 64 were wounded in cruise missile attacks across the country yesterday morning during rush hour. In addition to Kyiv, explosions were reported in Lviv, Ternopil, and Zhytomyr in western Ukraine, Dnipro and Kremenchuk in central Ukraine, Zaporizhzhia in the south, and Kharkiv in the east, with parts of the affected areas left without power. The General Staff of the Ukraine Armed Forces said that Russia fired 75 missiles in total against Ukrainian targets yesterday, with 41 of them neutralized by air defenses.
In terms of land covered, the attack marks the broadest offense since Russia invaded Ukraine in February as part of what Russian President Putin called a “special military operation.”
Former US Federal Reserve Chair wins Nobel Prize in Economics
The Nobel Prize in Economic Sciences was awarded to former Federal Reserve Chief Ben Bernanke, as well as Douglas Diamond and Philip H. Dybvig.
The three economists won for their research that, according to the Nobel Prize Committee, helped governments and central bankers regulate financial markets and deal with financial downturns such as the 2008 global financial crisis. Per a press release wherein the recipients of the award were announced, Bernanke, Diamond, and Dybvig were responsible in the 1980s for executing the modern banking research that “clarifies why we have banks, how to make them less vulnerable in crises and how bank collapses exacerbate financial crises.”
Bernanke served as chairman of the Federal Reserve during the financial crisis and is currently a distinguished senior fellow at the Brookings Institution. Diamond is an economist at the University of Chicago, and Dybvig is an economist at Washington University.
Nasdaq 100 Composite index closes at its lowest point in two years
Major indexes in the stock market fell during yesterday’s trading session, with the Nasdaq 100 Composite index closing at its lowest level since July 2020.
The Nasdaq 100 Composite houses semiconductor companies like NVIDIA and Advanced Micro Devices, among others. The drop occurred the same day JPMorgan Chase CEO Jamie Dimon claimed he believes the U.S. would fall into a recession by next year, saying that the impacts of inflation, rising interest rates, and the ongoing war in Ukraine are “very serious things” that are “likely to put the U.S. in some kind of recession six to nine months from now.”
Along with the Nasdaq, the S&P 500 dropped by 0.75% to $3,612.39, while the Dow Jones Industrial Average fell by 0.32% to close at $29,202.88. All three indexes are in bear market territory, meaning they have shed 20% or more of their value since the start of this year.
Around the Globe
- At least 19 people have been confirmed dead in Guatemala and El Salvador as a direct or indirect result of rain and flooding from Tropical Storm Julia; Julia previously made landfall as a Category 1 hurricane in Nicaragua before moving west and being downgraded to a tropical storm yesterday
- Thailand’s Prime Minister Prayut Chan-o-cha ordered law enforcement agencies to enact tighter rules on gun ownership following an attack by an ex-policeman beginning at a daycare that left a total of 36 people dead
- A boat carrying 85 people capsized in Nigeria’s Niger River due to rising floods, resulting in the deaths of at least 76 of the individuals on board, according to Nigerian President Muhammadu Buhari
On the Homefront
- A 30-year-old woman in Shelby County, Tennessee was hospitalized after her family’s two pit bulls attacked her two-year-old daughter and five-month-old son, who died as a result; the two dogs were reportedly put to sleep one day after the attack
- Nury Martinez resigned from her role as President of the Los Angeles City Council after an audio recording leaked that allegedly captured her making racially-charged remarks about a fellow council member and his child
- The Brotherhood of Maintenance of Way Employes, a union representing over 11,000 workers who build and maintain railroad tracks, said in a statement that its members rejected the tentative contract brokered by the Biden administration to avert a nationwide railway strike - see the union’s statement here
Glitz & Games
- The Carolina Panthers let go of coach Matt Rhule after the team lost four of its first five games this season; Rhule is the first NFL coach to be fired this season and leaves with roughly $40M remaining on the seven-year, guaranteed $62M contract he signed in 2020
- English singer Rex Orange County (real name Alexander O’Connor) has reportedly been charged with sexually assaulting a woman on six separate occasions in London; O’Connor pleaded not guilty to all six charges and was released on unconditional bail, with a provisional trial date set for January 3rd, 2023
- The Philadelphia Phillies announced that they have signed Rob Thomson to a two-year contract to remain as their manager through 2024; Thomson took over on June 3 as interim manager when the team fired Joe Girardi with a record of 22-29 at the time
Business & Markets
- Stocks ended their fourth consecutive session with losses, and the Nasdaq closed at a 2-year low (Dow -0.32%, Nasdaq -1.04%, S&P 500 -0.75%)
- ARK Invest CEO Cathie Wood issued an open letter to the United States Federal Reserve on the ARK website that voiced criticism for the central bank’s “unanimous call for higher interest rates” - see the letter here
- Rowan Trollope, CEO of cloud software vendor Five9 (NASDAQ: FIVN), announced his resignation yesterday, and will be succeeded by former Five9 CEO Mike Burkland effective November 28th; shares of the company closed down -25.56% on the news - see Trollope’s tweets announcing his resignation here
Tip & Tricks
- Sneak Peek: Check out this first look of Sister Sage and Firecracker, two new characters coming to season 4 of Prime Video’s The Boys played by Susan Heyward and Valorie Curry, respectively
- Bump This: We dare you not to smile as you find yourself enveloped by the sunny vibes in Joy Oladokun’s song “Keeping the Light On” - listen on Apple Music and Spotify
- Chow Down: If you find yourself with leftover rice, don’t throw it away - instead, try out these five fried rice recipes that you can whip up with whatever vegetables and proteins are hanging out in your fridge
- Nerd Out: Read about the prototype electric car known as the Zero Emission Drive Unit - Generation 1 (or “ZEDU-1,” for short), the world’s most environmentally-friendly road vehicle created by the German Aerospace Center (DLR) and the engineering firm HWA that runs almost entirely without any emissions (our team is ready to accept donations that will go toward our future purchase–but no pressure, or anything)
- Say What: “He's doing great. He's a very funny kid. He loves Spiderman, jumping on my head and doing all the things we tell him not to do, and that’s thanks to Children’s Hospital ‘cause they fixed his heart,” television host Jimmy Kimmel said at the Children’s Hospital Los Angeles 2022 Gala about his son Billy, who underwent heart surgeries five years ago
- Hot Goss: Northeastern University School of Law accidentally sent over 4,000 acceptance letters to current applicants as well as to individuals who applied last year before admissions decisions were finalized, with the school later saying it “deeply regrets” the mistake (yikes–such clerical errors must not inspire confidence for future lawyers)
- Life Hack: The first few years of a child’s life set the foundation for their overall brain health - if you have kids, check out these six brain foods that will help them stay sharp and focused
Looking Back…
On October 11th: Former U.S. President Jimmy Carter wins the Nobel Peace Prize (2002); TV sketch comedy and variety show Saturday Night Live debuts on NBC (1975); astronaut Kathryn Sullivan becomes the first woman to walk in space (1984); American diplomat, humanitarian, and first lady Eleanor Roosevelt is born (1884).
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