|  | Nasdaq | 22,573.47 | |
| | S&P | 6,656.92 | |
| | Dow | 46,292.78 | |
| | 10-Year | 4.120% | |
| | Bitcoin | $111,775.26 | |
| | Amazon | $220.71 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. | - Markets: Stock did their best Hans Gruber impression and fell from a great height yesterday after they were spooked by Jerome Powell saying the Fed would proceed with caution on more interest rate cuts. Amazon led the decline in Magnificent Seven stocks, dropping ~3%.
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INTERNATIONAL Argentinian President Javier Milei is tight on cash, and everyone is mad at him. In an effort to stave off economic collapse, keep the bill collectors at bay, divert attention from a bribery scandal, and calm growing political tension before his country's midterm elections next month, Milei asked a friend for help. President Trump met with the chainsaw-wielding leader yesterday (he left the chainsaw at home) at the United Nations General Assembly in New York, where he pledged his full support to the country—but said they don't need a bailout: - Milei's allyship with the US is working in his favor: Treasury Secretary Scott Bessent promised to offer "all options for stabilization," including a direct loan.
- The World Bank said it would speed up sending $4 billion to the country as part of a larger $12 billion package it announced in April.
A drop in the bucket The continued allyship from Trump and his administration might buy Milei and his ultra-libertarian, free-market plan a little more time, but…it's not looking good. When Milei was elected in 2023, he promised to bring down inflation from nearly 26% in 2023, which he did. It was 1.9% last month. But economists say Milei's strategy—to overvalue the peso against the US dollar—was shortsighted and ultimately devastated Argentina's economy in other ways. While Milei anticipated a V-shaped recovery, unemployment has jumped from 5.7% to 7.6% since he took office. Inflating the peso has also tanked economic growth and made it impossible for Argentina's central bank to replenish its dwindling reserves: - Last week, the central bank spent $1.1 billion of the reserve's $20 billion in just three days to keep the peso's value up.
- And next year, the country needs to pay roughly $9.5 billion in debt payments.
The timing couldn't be worse for Milei: As businesses in the country close and unemployment rises, his approval rating is plummeting ahead of the country's October midterms, jeopardizing his support in Congress.—MM | | |
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WORLD  Jimmy Kimmel's show returns, and President Trump threatens lawsuit. Almost a week after being suspended by ABC parent company Disney, the late-night host addressed his show getting yanked, saying he disagreed with the decision, and its being allowed back, which he acknowledged puts the network "at risk" in the current political climate. Kimmel thanked Republican Senators Ted Cruz, Rand Paul, and Mitch McConnell, among others, for being "people who don't support my show and what I believe, but support my right to share those beliefs anyway." He also praised Erika Kirk, the widow of Charlie Kirk, for her speech at Sunday's public memorial in which she forgave the person who killed her husband. Kimmel said, "If there's anything we should take from this tragedy to carry forward, I hope it can be that, and not this." On Truth Social, President Trump said he would "test ABC out" for allowing Kimmel to return, writing, "Last time I went after them, they gave me $16 Million Dollars. This one sounds even more lucrative."—HVL
 Trump questions point of UN in combative speech to UN. In his first in-person address to the United Nations General Assembly in six years, President Trump castigated UN member countries over energy, immigration, and foreign policies before asking what purpose the intergovernmental organization serves. "Your countries are going to hell," Trump said, while boasting that the US is "the hottest country anywhere in the world." He also called climate change a "con job." In a major shift that followed a meeting with Ukrainian President Volodymyr Zelensky, Trump said he now believes Ukraine can win the war with Russia and regain the territory it lost. Before Trump's speech, the US Secret Service reportedly thwarted a telecommunications plot that could have dismantled New York City's cellphone network and severely disrupted the General Assembly. Officials said the investigation is still ongoing, but they believe at least one foreign nation was involved.—AE
 JPow sees a "challenging situation." Jerome Powell is not mad, he's just frazzled. At a conference in Rhode Island yesterday, the Federal Reserve chair said the central bank's decision to cut interest rates last week was driven by the weakening labor market, which outweighed concerns over inflation. "Two-sided risks mean that there is no risk-free path," Powell added. Low employment and high inflation present an ongoing challenge to the Fed's ability to determine monetary policy, though Powell said it's still "well positioned" to respond to economic developments, like tariffs. Markets did not love what JPow had to say, as all three major indexes fell as he spoke.—AE
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ECONOMY The phrase "In this economy?" might only get more timely, according to the Organization for Economic Cooperation and Development (OECD). Yesterday, it released a report stating that, despite the global economy taking a smaller initial hit from President Trump's tariffs than it previously predicted, growth will continue to slow, with the full effects yet to be felt. The organization projects that, as American companies deplete their stockpiles of foreign products, economic lethargy will set in: - The organization expects US growth to be higher than it predicted in June, but still not as strong as last year. It projects it to reach 1.8% in 2025, down from 2.8% in 2024. And in 2026, it expects growth to slow further to 1.5%.
- Meanwhile, instead of global GDP expanding by 2.9% as it predicted in June, the OECD now projects 3.2% growth in 2025 and 2026 (it was 3.3% in 2024).
The OECD noted that the US economy was recently buoyed by tech companies investing heavily in AI. But the group pointed out that job markets are sputtering in many countries, including the US, and said that global GDP growth could slow even further if additional tariffs are introduced or a major global stock market decline occurs. Zoom out: Elsewhere, 71% of CEOs surveyed at a recent Yale School of Management gathering said that Trump's tariffs hurt their businesses.—SK | | |
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Together With HeartSciences |
FOOD & BEV Health-conscious beer drinkers have gone from oxymoron to a flourishing market in the US. Anheuser-Busch announced on Monday that its low-calorie brand Michelob Ultra has surpassed Modelo to become the best-selling beer in the US. Michelob puts AB back on top after a two-pronged boycott besieged the company in 2023: Conservatives attacked AB's Bud Light after it enlisted transgender influencer Dylan Mulvaney as a spokesperson, and liberals later fled after AB dropped her, leading to a crash in sales. Modelo ended Bud Light's 22-year US reign at the top. Modelo's fall: The US political climate and tariffs on aluminum have hurt the Mexican import's sales, according to Bill Newlands, CEO of Constellation Brands, which owns the US rights to Modelo. He said half of Modelo's US customers are Hispanic, and some have stopped congregating at restaurants for fear of being caught up in deportation sweeps. Ultra's rise: The post-pickleball beer crowd is defying a decline in US beer consumption. The 95-calorie libation with minimal carbs was already a bestseller in bars and restaurants. Anheuser-Busch credited the ascension to its new non-alcoholic option and a recent effort to market the beer through sporting events.—DL | | |
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STAT NASA announced its 10 new astronaut candidates this week, marking the first time in the space agency's 66-year history that most are women. Six women and four men make up NASA's latest group of spacegoers, which includes military personnel, scientists, and one former Ultimate Frisbee pro. Before officially becoming astronauts, they must train for two years, learning to fly T-38 jet planes and speak Russian (to communicate with cosmonauts on the International Space Station). Some of them could set foot on the moon as part of NASA's Artemis program. But they might not stop there. "One of these 10 could actually be one of the first Americans to put their boots on the Mars surface," Sean Duffy, NASA's acting administrator, said. Hope the Martians like Frisbee!—AE |
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Together With Vuori Ready for gym or swim. When it comes to shorts, versatility reigns supreme. So show off those knees in Vuori's Banks Session Short 7″. They're made with VCycled™ performance stretch, so they're as at home in the water as they are in the gym. Get yourself a pair. |
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NEWS - President Trump canceled a meeting with top Democratic lawmakers this week ahead of a looming government shutdown on Oct. 1 if a funding bill is not passed.
- Disney will raise the price of an ad-free Disney+ subscription to $19 per month (from $16) and the cost of Disney+ with ads to $12 (from $10) as of Oct. 21.
- Ryan Wesley Routh was found guilty by a Florida jury of attempting to assassinate President Trump on a golf course last year.
- Errol Musk, Elon Musk's father, was accused of sexually abusing five of his children and stepchildren since 1993, according to a New York Times investigation.
- Amazon is closing all 19 of its Amazon Fresh stores in the UK and converting some of them into Whole Foods, the company said.
- Chick-fil-A is opening a beverage concept shop with specialty coffees and smoothies (but no chicken).
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RECS  Drink: This water bottle comes with a straw that also acts as a filter.**
Learn: This simple, interactive site teaches you musical chords and scales. Save: Tips to make your smartphone last longer. Adventure: Twenty-six of the best hikes in US national parks. Find your HR fit: Not loving your HRIS, ATS, or payroll system? SSR Advisor can help you find the right tools for your org. Get your free software matches.* The why behind AI: With AI arriving in a big way on the retail investing scene, where will it be used outside of research? And does its speed reflect accuracy? Brew Markets' Ann Berry explores this topic with Public's COO.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. |
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PLAY Word Search: You don't have to be Michelangelo to name these famous statues. Try it here. NASA trivia Here's an amazing stat you can whip out at a party: Approximately 37% of all human US spaceflights have contained an alumnus of a single university. Can you name it? Hint: It's in the Big Ten conference. |
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ANSWER Purdue, known as the "cradle of astronauts." Two of the 10 astronauts in the newest class are Boilermakers. (source) Word of the Day Today's Word of the Day is: castigated, meaning "criticized or reprimanded severely." Thanks to Rebecca from Richmond, VA, and several others for the suggestion. Submit another Word of the Day here. |
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✳︎ A Note From HeartSciences This is a paid advertisement for HeartSciences' Regulation A+ offering. Please read the offering circular at https://invest.heartsciences.com/. |
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