|  | Nasdaq | 23,527.17 | |
| | S&P | 6,832.43 | |
| | Dow | 47,368.63 | |
| | 10-Year | 4.110% | |
| | Bitcoin | $106,025.93 | |
| | Nvidia | $199.05 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. | - Markets: Stocks jumped for joy yesterday as lawmakers seem to be nearing an end to the government shutdown (more on that below). Tech stocks, which had a rough one last week, regained some ground amid renewed investor optimism.
| Markets Sponsored by RAD Intel Stretch your gains: Your portfolio called, and it wants a deeper stretch. RAD Intel's $0.81 share price moves on Nov. 20—consider this your flexibility test. |
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TRAVEL Taylor Swift is now effectively banned from several major airports. The Federal Aviation Administration (FAA) restricted private jets at a dozen domestic air hubs starting yesterday in order to relieve the strain on understaffed air traffic control towers during the government shutdown. Planes where the pilot addresses the passengers by name are no longer flying in or out of New York's JFK, Newark, LAX, Chicago's O'Hare, Atlanta, Dallas-Fort Worth, and several other airports. Before this change, the rich person's version of calling an Uber instead of taking the bus became more popular after the shutdown began on Oct. 1, as commercial flights got disrupted because many unpaid air traffic controllers called out sick. Private jet provider Flexjet reported that the amount of time its planes were hired to fly increased by 42% in the first week of November from the same time in 2024, compared to a 20% increase overall this year. Bad news for those of us in economy Last week, the FAA required 40 airports to reduce flights by 4% to address the issue with understaffed control towers. Cancellations and delays followed: - Over 2,300 flights were canceled yesterday, amounting to ~5.5% of commercial air traffic.
- The FAA's order requires flight reductions to reach 10% by Friday, and it's unclear whether it will make a difference if the shutdown ends before then.
President Trump told air traffic controllers yesterday to go back to work, saying those who refuse will get "docked." He also proposed a $10,000 bonus for air traffic controllers who have continued to work without pay. But at least it looks like the shutdown is nearing its end: A deal to end the stalemate passed in the Senate yesterday, after eight Democratic senators broke with their caucus on Sunday, agreeing to fund the government through January. House Speaker Mike Johnson called representatives back to DC yesterday to vote on the funding bill, and it's expected to pass the House tomorrow. Then it will go to President Trump—who said he approves of the deal—for a signature. But it might take a few days for the government to go back to business as usual.—SK | | |
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Presented By RAD Intel Your portfolio called. It wants a deeper stretch. RAD Intel's AI platform has grown 4,900% in four years, helping brands scale smarter with real-time performance marketing campaigns. Backed by Adobe + Fidelity Ventures and fueling seven-figure brand contracts, it's now seeing 2x sales growth headed into 2025. Shares remain $0.81 until Nov. 20. After that, the price changes and the stretch gets steeper. Consider this your flexibility test. The opportunity's open now, but only until the price moves on Nov. 20. Invest before Nov. 20. |
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WORLD  SCOTUS rejects bid to overturn same-sex marriage ruling. The Supreme Court refused to hear a case inviting it to revisit its landmark precedent legalizing same-sex marriage nationwide. The justices turned away a long-shot appeal from Kim Davis, a former Kentucky court clerk who made headlines for refusing to issue marriage licenses in the wake of the court's 2015 decision Obergefell v. Hodges. Davis faced fines and was briefly jailed for contempt of court for her conduct, and she lost a reelection bid in 2018. In her appeal seeking to have the fines overturned, Davis had urged the court—which now has two more conservative justices than it did in 2015—to reconsider the constitutional right to same-sex marriage.
 Trump floats $2,000 tariff rebates. Praising tariffs after the Supreme Court last week appeared poised to potentially find some of them illegal, the president said on Truth Social on Sunday, "A dividend of at least $2000 a person (not including high income people!) will be paid to everyone." But don't start looking in your mailbox for a check yet—and not just because of SCOTUS. Treasury Secretary Scott Bessent said no formal proposal had been made, and, according to CNN, Congress would likely need to sign off on any such program. And although President Trump didn't specify who would qualify for the cash, CNN notes that $220 billion has been collected in tariffs, but a distribution to all taxpayers would cost ~$326 billion.
 Warren Buffett says he's "going quiet" as successor prepares to take over. The legendary 95-year-old investor put out a letter yesterday saying he no longer plans to write Berkshire Hathaway's annual shareholder letter, with Greg Abel poised to take over as CEO at the end of the year—though he plans to keep his Thanksgiving letter as an annual tradition, much like green bean casserole. Buffett also said he'd hold onto a significant chunk of his Class A shares while investors got comfortable with the firm's new leader, despite speeding up donations to his children's foundations.—AR
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MEDIA An hourlong documentary from the BBC titled Trump: A Second Chance? that aired just before the 2024 presidential election is at the center of a controversy that has resulted in two newsroom resignations and a threat of a $1 billion lawsuit from President Trump. The BBC's Director-General Tim Davie and News CEO Deborah Turness stepped down on Sunday over accusations that a section of the documentary where Trump is speaking before the January 6, 2021, attacks on the Capitol was misleadingly edited (you can see how here). Then yesterday, Trump sent a letter to the network demanding: - A retraction of the documentary and any other similar statements.
- An apology for those statements.
- "Appropriate" financial compensation for the harm caused.
The clock is ticking: The letter states that if the terms are not met by Friday at 5pm ET, there'll be a lawsuit for "no less than" $1 billion. Even if the BBC settles…it could still be costly. Trump has sued numerous media outlets since retaking the White House last year and reached settlement agreements with ABC ($15 million) and Paramount Skydance ($16 million). He also settled with social media platforms YouTube, X, and Meta after the suspension of his accounts for a total of nearly $50 million.—DL | | |
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FINANCE A legal dispute older than the iPhone might finally be wrapping up: Visa and Mastercard reached a settlement agreement with a group of businesses that accused them of charging unfairly high swipe fees 20 years ago, the card networks announced yesterday. Currently, merchants typically pay credit card companies between 2% and 2.5% per customer transaction. An "honor all cards" rule among Visa and Mastercard networks also requires businesses to accept all or none of their plastic. But under the new proposed deal: - Visa and Mastercard would lower their swipe fees by an average of 0.1% for five years, saving businesses an estimated $30+ billion.
- Businesses would get more surcharge flexibility and could broadly choose to accept certain cards by category—commercial, standard, and premium.
What this means for you: Potentially lower credit card surcharges that some merchants, especially small businesses, started tacking onto your receipt in recent years. Unfortunately for rewards chasers, your local café could also raise surcharges on or stop accepting premium cards (e.g., Chase Sapphire Reserve), which usually charge higher swipe fees to help subsidize their fancy perks. But premium cardholders dominate consumer spending, so it would be risky for businesses to refuse that category altogether. Looking ahead…the deal needs approval from a judge who rejected a previous settlement attempt last year, calling its proposed 0.07% fee reduction "paltry."—ML | | |
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STAT We hope you aren't planning to carbo-load for a big race, because Italian pasta may soon get a lot more expensive…or, in some cases, disappear from US store shelves. After a routine antidumping investigation—in which the US can impose tariffs to prevent foreign companies from flooding the market with cheaper goods—the administration said it would slap an unusually hefty 92% duty on pasta made in Italy by 13 companies as of January. Combined with President Trump's 15% tariff on EU goods, that amounts to a 107% import tax on the impacted pasta (Mamma mia! That's a spicy tariff!). The Commerce Department has regularly looked into Italian pasta imports since the 1990s, but the duties assessed have not been this high. The companies—and the Italian government—are pushing back. But if they don't succeed in getting the tax reduced, it would impact ~50% of the $780 million worth of pasta Italy exports to the US, an industry group told the Washington Post. That's a fraction of the domestically-dominated $6.2 billion US pasta market, but still a significant blow to Italy and to American foodies who want their pasta to originate in its homeland.—AR |
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NEWS - President Trump pardoned Rudy Giuliani, Mark Meadows, and several others who supported his unfounded claim that the 2020 election had been stolen. However, it's mostly a symbolic gesture, as they have not been charged with federal crimes, and the president does not have the power to pardon state offenses.
- Major League Baseball announced plans for its authorized sportsbook operators to cap bets on individual pitches and exclude them from parlays after two players were accused of rigging pitches.
- Burger King sold a majority of its China business to a private equity firm, hoping the new joint venture will help the chain grow faster in the country.
- Paramount Skydance said on Monday it expects $1 billion more in merger savings than it anticipated, bumping the total up to $3 billion, when it reported its first post-merger earnings.
- The FDA is removing long-standing black box warnings from hormone therapy treatments for menopause.
- Former French President Nicolas Sarkozy was released from jail, three weeks into a five-year prison sentence, as he appeals his conviction for taking part in a criminal conspiracy to take campaign funding from Libyan dictator Muammar Gaddafi.
- The McRib is officially back on the menu at some McDonald's (for now).
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PLAY Brew Mini: We wouldn't say today's puzzle is a riddle wrapped in a mystery inside an enigma or anything, but it is titled "Paradox," so…good luck! Play the Mini here. 11/11 trivia On this 11/11, which of the following does not amount to 11? - Typical number of people on a criminal jury
- The number of players on a field hockey team
- Number of herbs and spices in KFC's Original Recipe
- The number of time zones Russia has
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ANSWER There are typically 12 people on a jury—not 11. Word of the Day Today's Word of the Day is: paltry, meaning "small or trivial." Thanks to Gail from Mesa, AZ, for the non-meager suggestion. Submit another Word of the Day here. |
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✢ A Note From RAD Intel This is a paid advertisement for Rad Intel's Regulation A offering. Please read the offering circular at https://invest.radintel.ai/. |
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