|  | Nasdaq | 22,631.48 | |
| | S&P | 6,664.36 | |
| | Dow | 46,315.27 | |
| | 10-Year | 4.139% | |
|  | Bitcoin | $115,526.75 | |
| | StubHub | $18.46 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. | - Markets: Like Sir Edmund Hillary, stocks just keep climbing. All three major indexes closed at record highs for the second day in a row, with tech companies leading the way up. One company that hasn't soldiered upward is StubHub, which plunged for the third consecutive day following its IPO.
| |
|
|---|
TRAVEL Airlines rarely offer meals on flights nowadays, but that's not preventing United and Frontier from serving up beef. After United CEO Scott Kirby said Spirit would go out of business because the low-cost flying model doesn't make sense, Frontier CEO Barry Biffle defended the honor of discount carriers. The verbal sparring took the form of a math competition between two people who run companies that sometimes sell more tickets than a plane has seats: - Last week, Kirby said twice-bankrupt Spirit shutting down would be inevitable because "I'm good at math." The longtime hater of budget airlines—he called their business model "crappy" earlier this year—believes their profits are unsustainable because they promote cheap flights only to tack on fees later.
- But Biffle did his own number-crunching and on Wednesday said, "If he's good at math, he would understand that we have a [flight] oversupply issue in the United States."
Biffle's calculations are about cost—he pointed out that during the second quarter, Frontier had an edge because it charged 7.50 cents per available seat mile, a measure of the airline's operating costs (except for fuel) divided by its total available seats, while United's costs are 12.36 cents per mile. Budget concerns But despite Biffle's big talk, it's been an uphill climb for the no-frills flying business since the Covid-19 pandemic. - The cost of fuel increased 16% between December 2019 and December 2024, according to the Bureau of Transportation Statistics.
- The oversupply issue he mentioned has driven the cost of tickets down, allowing bigger airlines to compete with low-cost carriers by offering their own bare-bones ticketing options.
And airlines, including Frontier and United, have been trying to capitalize on Spirit's struggles by offering more flights along the routes it flies. Bottom line: Frontier reported a $70 million net loss in Q2 and forecast more losses in Q3 due to uncertainty stemming from consumers' concerns about President Trump's tariffs. While Frontier's stock price is up 11% since Spirit's second bankruptcy filing in late-August, it's down 27% year to date.—DL | | |
|
|
Presented By T-Mobile Treating yourself to a new phone? You can get more bandwidth, a signal that goes further, and the new iPhone 17 Pro with T-Mobile. With T-Mobile, you can save up to 20% on Experience plans. You can confidently text, stream, and work anywhere with T-Satellite, the only mobile + satellite network. Let's talk iPhone: New and existing customers get the new iPhone 17 Pro on T-Mobile with any condition trade-in. Enjoy the most powerful iPhone yet with a brilliant 6.3-inch display, 48 MP rear cameras, and breakthrough battery life—all on T-Mobile. Buy now. |
|
WORLD  Trump and Xi plan to meet after "very productive" phone call. Following months of US-China sparring over trade and technology, President Trump and China's Xi Jinping spoke on the phone yesterday for the second time since Trump's current term began. Trump said that they made progress on "trade, fentanyl, the need to bring the war between Russia and Ukraine to an end, and the approval of the TikTok deal." But it appeared the US and China are still hashing out the details of a framework agreement reached earlier this week for American investors to control TikTok in the US. Meanwhile, the Chinese government said that Xi asked Trump to refrain from imposing trade restrictions. With trade negotiations expected to continue, the leaders now plan to talk face-to-face at a regional summit in South Korea next month, and Trump said that he will go to China early next year.
 Senate fails to pass government shutdown-averting bill. Majority-holding House Republicans passed a bill yesterday to fund the government through much of November, but it failed to clear the Senate, where it needed 60 votes. The government's chances of keeping the lights on are now slim, since Congress is in recess until after Oct. 1, when its current funding runs out. Democrats refused to support the GOP plan to keep federal funding at roughly the same level with an emergency $88 million to bolster security for government officials in the wake of the Charlie Kirk assassination. The party put forward its own bill—which also failed—to fund the government until Oct. 31, but with $326 million in security funds, an extension of Obamacare subsidies scheduled to expire at the end of the year, and a rollback of Medicaid cuts enacted by the recent Republican-backed budget.
 CDC panel votes to end universal Covid vaccine recommendation. A panel of health advisors picked by Health Secretary Robert F. Kennedy Jr. voted yesterday to drop the Centers for Disease Control and Prevention's guidance that everyone older than 6 months get a Covid shot. If the CDC approves the new guidance, Americans will be advised to consult with a doctor before vaccination. But many health experts worry that ending the blanket recommendations could make it more difficult to access Covid vaccines for those who want them. The panel also voted to stop recommending a combined measles, mumps, rubella, and varicella vaccine for young children in favor of administering the varicella (or chickenpox) vaccine separately, and it put off a decision on whether to delay the hepatitis B vaccine for newborns.—SK
|
|
|
TECH The physical data storage business, like bag charms, is making a comeback. Following banger earnings reports from the world's leading hard drive makers, the type of technology you used to back up your college essays appears poised to ride the AI wave for the foreseeable future, the Wall Street Journal reported yesterday. All that data has to go somewhere. AI companies rely on data centers to store and process the text, pictures, and videos that their models train on and spit out. To hold that information, data centers mostly rely on massive hard drives. Last quarter: - Hard drive industry leaders Western Digital and Seagate Technology each reported ~30% revenue growth, with 90% of Western Digital's revenue coming from cloud computing.
- Western Digital shipped 32% more exabytes (one billion gigabytes) of storage than in the same period last year, and Seagate notched a 45% spike in its shipments.
Both companies' stocks have more than doubled this year, driven by rising investor confidence. Seagate now leads the S&P 500 for YTD gains, unseating Palantir. As long as AI isn't a bubble…its storage market is expected to keep growing. Research firm Gartner projects global hard drive revenue to hit $24 billion next year—that's roughly double what it was in 2023, though that's when hard drive revenue dropped ~30%, to be fair.—ML | | |
|
|
Together With Miso Robotics |
ICYMI Here's everything that didn't make it into this week's newsletters but we immediately sent to the group chat.  A man in Italy drove a Ferrari on an aircraft carrier and set a record for fastest car driven on a boat. As a midlife crisis goes, that's not bad.
The World Stone Skimming Championships were rocked by allegations that competitors used stones ground into a "suspiciously circular" shape to help them bounce on water. In the contestants' defense, they probably only skimmed the rulebook. European golfers are preparing for heckling at the Ryder Cup by wearing VR headsets that replicate the expected atmosphere. Sorry, but no tech can mimic someone 12 beers deep with a New York accent screaming "The Star-Spangled Banner" during your backswing. Authorities are accusing strip club executives of bribing a tax auditor with private dances to avoid paying millions in sales taxes. The New York Attorney General's office said the case fell right into their laps. Sneakers worn by Michael Jordan when he made two free throws with his eyes closed in 1992 are up for auction and expected to sell for $600,000. Sneakers worn by Shaquille O'Neal when he made two free throws with his eyes open do not exist.—DL |
|
|
NEWS - President Trump signed an order to raise the fee for H1-B visas—a program for skilled workers often used by the tech industry—to $100,000.
- The iPhone 17 line went on sale at Apple stores worldwide yesterday, in case you were wondering what all those lines were for.
- A federal judge tossed President Trump's $15 billion defamation lawsuit against the New York Times for now, but ruled that a shorter version that's more focused on the allegations rather than on praising the president and criticizing his foes could be refiled.
- Estonia said three Russian warplanes flew into its airspace for 12 minutes yesterday. This comes after Russian planes also recently breached the airspace of fellow NATO members Poland and Romania.
- A bipartisan duo introduced a bill to exempt coffee from President Trump's heightened tariffs, hoping to curb rising costs for the morning staple, which is typically grown outside the US.
- Taylor Swift is returning to movie theaters after her successful Eras Tour film, this time with a "release party" event for her new album.
|
|
|
Together With Fisher Investments Ease into your next chapter. You've worked hard to save for retirement. Now let your portfolio do some heavy lifting. The Definitive Guide to Retirement Income covers seven ways you can use a $1m+ portfolio to generate income so you can enjoy life. Plus, get insights to help you understand your cash-flow needs and manage your monthly expenses. Get the guide. |
|
COMMUNITY Last week, we asked: "What's the last luxury item you splurged on and didn't regret?" Here are some of our favorite responses: - "Château d'Yquem [wine] for an anniversary dinner whose price I misread as $55. In fact, it was $255!!"—Ruth Kleinfeld, Manchester, NH
- "I don't often wear cologne, but my wife bought me a high-end cologne for my birthday. Later, I went to give my friend a hug after not seeing him for awhile, and he held on for much longer than usual. He was entranced by the delightful scent. Now I'm a believer in high-end cologne!"—Bret from New Hampshire
- "I bought a 1974 British sports car. When I saw it, I had to have it. It had the power to run on US highways, a roof to protect me from rain and the hot summer sun, and a hatch in the back to carry groceries. And it is red, my wife's favorite color, to help get her approval when I brought it home."—Mike from Dallas-Fort Worth, TX
- "A beautiful pair of leather Italian sandals from a small shop on the Amalfi Coast. They are 20 years old, and I still love them and wear them."—Jan from Leesburg, FL
This week's question What old-timey art, craft, or skill would you want to spend a lifetime mastering? Sam's answer to get the juices flowing: "I'd dedicate myself to the intricate art of tending to bonsai trees and have the fruits of my labor outlive me by hundreds of years." Share your answer here. |
|
|
RECS  Read: Learn about how megaproject engineers have reshaped China.**
Consider: How big city restaurant prices spread across America. Bird-watch: The winners of the Audubon Society's photography contest. Plan your peeping: When fall foliage will peak across the US. Nice form: Quince's activewear is built for movement, versatility, and style. Hit downward-facing dog in the Power-Up High-Rise Training Pocket Legging, crafted for performance and the everyday.* Pocket-sized portfolio: Micro index options are changing the investing game with low capital requirements + high flexibility. Curious? Read up on 'em in our new article, in partnership with Nasdaq.* *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. |
|
|
PLAY Brew crossword: No need to puzzle over how to kick off your morning. Check out today's crossword here. Open House Welcome to Open House, the only newsletter section interested in bringing the outside in. We'll give you a few facts about a listing and you try to guess the price.  ZillowToday's home is a mid-century modern masterpiece in Atlanta, GA, that boasts a view of a 120-foot waterfall. With its organic architecture and proximity to tree-lined walking trails, everything about this property screams "flow." Amenities include: - Chestnut paneling from a single tree
- Wine cellar
- Unlimited access to mossy rocks
How much for your peaceful Southern retreat? |
|
|
ANSWER $4 million Word of the Day Today's Word of the Day is: foliage, meaning "the leaves of a plant." Thanks to Vinnie from Oklahoma City for a suggestion we just couldn't leaf behind. Submit another Word of the Day here. |
|
|
✳︎ A Note From Miso Robotics This is a paid advertisement for Miso Robotics' Regulation A offering. Please read the offering circular at invest.misorobotics.com. |
|
|---|
|
ADVERTISE // CAREERS // SHOP // FAQ
Update your email preferences or unsubscribe .
View our privacy policy .
Copyright © 2025 Morning Brew Inc. All rights reserved.
22 W 19th St, 4th Floor, New York, NY 10011 |
|
.png)
No comments:
Post a Comment