|  | Nasdaq | 23,501.24 | |
| | S&P | 6,915.61 | |
|  | Dow | 49,098.71 | |
| | 10-Year | 4.239% | |
| | Bitcoin | $89,605.79 | |
| | Intel | $45.07 | |
| | 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 were mixed yesterday to cap off a short week that still managed to provide investors with the kind of ride you'd usually have to wait in line for at Six Flags. Ultimately, stocks were down for the second week in a row amid highs and lows largely tied to President Trump's stance toward Greenland.
- A dip for chips: Intel tanked yesterday after the company's earnings report on Thursday made it clear that its turnaround won't be quick. The company lost money in Q4 and issued tepid guidance for the future, noting that an inventory shortage is making it hard for it to make hay from the demand for its chips for data centers.
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SOCIAL MEDIA TikTok is an American company now, so everyone's password has been changed to the high note at the end of "and the rockets red glare." Ownership of TikTok's US operations has officially changed hands, but your experience on the app likely won't change much…immediately. A group of American investors closed a $14 billion deal Thursday night to acquire the US version of the short-form video app and avoid a shutdown mandated by the 2024 divest-or-ban law due to national security concerns. Under the deal, TikTok's original parent, ByteDance, will retain 19.9% of the company while Larry Ellison's Oracle, private equity firm Silver Lake, and Abu Dhabi-based investment company MGX will split 45% of the company as managing investors. Most of the remaining shares of the new US TikTok entity will be owned by existing ByteDance investors. - The three managing investors will own US user data and be tasked with moderating US content.
- ByteDance will still own its wildly valuable algorithm, but, according to a White House official, it will lease a copy to the owners of the US entity.
What will 200 million Americans' midafternoon distraction look like now? For starters, you won't need to download a new app. But you've probably already seen new service terms pop up. These have alarmed some users and pushed some to delete the app, because TikTok will now collect your precise location—not just your approximate location—if you agree to the new terms. Just like in the videos, there's controversy. TikTok bans hate speech and inappropriate content, but with the new owners moderating, its standards could change (see also: Elon Musk buying Twitter). Some critics claim that the concern that necessitated the sale—that the Chinese government could manipulate the algorithm and spread propaganda—could simply shift to worry about the messages favored by the app's new ownership, who are pretty close with the current US president. Plus…the 2024 law demands that ByteDance have no operational relationship with the US company, leading some observers to question whether the deal fully complies.—MM | | |
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WORLD 🧊 Baby, it's cold outside. You've probably heard that there's a storm headed your way (or looked outside and saw one)—since roughly half the US population is facing frigid temperatures and the threat of storms this weekend from Texas up the East Coast, bringing ice, snow, and possible power outages. The storm began yesterday afternoon in parts of New Mexico and Texas. By early this morning, at least 18 states and Washington, DC, had declared a state of emergency, and 8,300 flights had been canceled for the weekend. At least 200 million people are living in areas with weather advisories, and meteorologists told the Associated Press that the damage could be comparable to when a hurricane blows through.—AR  Gold hit a new price record of nearly $5,000/ounce. Seems like Scrooge McDuck isn't a quack when it comes to investing, as the price of gold keeps shattering records. Yesterday, it was up 8% over the week and 15% since the start of 2026. Investors have been snatching up the shiny stuff as a hedge against market-jolting geopolitical shocks, like this week's spat between the US and Europe over President Trump's push to control Greenland. Plus, declining interest rates eroding returns on government bonds and fears that stocks might be overpriced have made precious metals a more attractive investment. Gold's pale cousin silver is rallying even harder, with the price of an ounce more than tripling over the year. It rose nearly 14% this week and surpassed $100 for the first time ever yesterday.—SK
 The US, Russia, and Ukraine hold first trilateral peace talks. Russia and Ukraine began direct peace talks for the first time since Russia's 2022 invasion yesterday in the United Arab Emirates, as the US continues to press for an end to their war, and they're supposed to keep talking today. A White House official called yesterday's talks "productive," but Ukrainian leader Volodymyr Zelensky said it was too soon to draw conclusions from the talks. One major sticking point appears to be the Donbas region in eastern Ukraine, which Russia's Vladimir Putin is demanding Ukraine surrender.—AR
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NATIONAL Amid wind chills as low as -40 degrees Fahrenheit, Minnesotans just made clear that they'll tolerate extreme cold, but not ICE. Hordes of people marched through frigid Minneapolis yesterday afternoon as part of a daylong economic blackout protesting ICE activity, following an immigration officer's killing of Renee Good earlier this month and the detainment of a preschooler this week. Community leaders and labor unions organized "ICE Out" day, which called for no work, no shopping, and no school (most districts closed due to the cold anyway) to show local solidarity, demand that ICE leave Minnesota, and pressure Congress to intervene: - Businesses and shops around Minneapolis sat empty, the New York Times reported, and many had signs in their windows expressing support for the day of protests. More than 700 businesses—including bookstores, movie theaters, museums, and restaurants—closed for the day, organizers said.
- Thousands of residents were expected to call out of work.
- The Minneapolis City Council and a group representing 1,000+ local unions endorsed the strike, though the Minneapolis Regional Chamber of Commerce president told HR Brew that the Chamber didn't "particularly love the idea."
At Minneapolis-Saint Paul International Airport, police arrested ~100 clergy members protesting deportation flights yesterday. Earlier this week, Vice President JD Vance blamed tension in Minnesota on "a failure of cooperation" from state officials. Zoom out: Target, UnitedHealth, 3M, and 14 other Fortune 500 companies are headquartered in Minnesota. Some are reportedly issuing internal guidance on the Trump administration's immigration crackdowns—but none have commented publicly.—ML | | |
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Together With Kalshi Snow market. The New York City area is bracing for what is shaping up to be one of the heaviest snowfalls that the area has seen in years. Kalshi traders have the over/under pegged at around 12 inches at the time of writing, with some signs pointing to the way, way over. Make your prediction. |
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ICYMI Here's everything that didn't make it into this week's newsletters but we immediately sent to the group chat.  Former sideline reporter Michele Tafoya announced she is running for Senate in Minnesota. Hopefully, someone asked for her keys to victory right before the campaign kicked off and later will ask what adjustments she needs to make in the second half of her campaign to win.
Pitchfork published a guide that explains its music rating system. For example, anything between 9.1 and 9.9 is an instant classic, anything between 5.6 and 5.9 is decent, and anything between 0.0 and 0.9 is Benson Boone. A conspiracy theory says that Earth will lose gravity for seven seconds at exactly 9:33am ET on August 12, 2026. NASA says this isn't true, but just in case it is, if you press play on John Mayer's "Gravity" at 9:32:24, you will hear him sing "Gravity" just as you float away. Three members of the Norwegian ski jumping team were suspended for 18 months for enlarging the crotches of the suits of two male skiers to help them fly further through the air. Officials became suspicious after seeing bulges that big in weather that cold. A beach in England was covered with uncooked french fries and raw onions after a cargo ship spilled its contents. The combination is already being hailed by British food critics as the country's most delicious cuisine.—DL |
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NEWS - President Trump said an American "armada" was headed toward Iran "just in case."
- The president revoked Canada's invitation to participate in his "Board of Peace," an initiative intended to oversee post-war Gaza, after its Prime Minister Mark Carney criticized the US at Davos.
- The US has officially walked away from the World Health Organization after 80 years of membership.
- Tesla is removing its Autopilot software as a standard feature on new cars in hopes of boosting sales of its more advanced Full Self-Driving mode.
- Ryan Wedding, a former Canadian Olympic snowboarder who made the FBI's most-wanted list after allegedly smuggling cocaine from Latin America into the United States and orchestrating several murders, has been arrested.
- Rhode Island is considering discontinuing its Mr. Potato Head specialty license plates because the toy's maker, Hasbro, moved its headquarters out of the state.
- Skyscraper Live, Netflix's live special of Alex Honnold scaling the Taipei 101 tower in Taiwan without ropes or safety equipment, was delayed by 24 hours due to weather. It will now stream live tonight at 8pm ET.
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COMMUNITY Last week, we asked: "If you could spend a day with a character from any book, movie, or TV show, who would it be and what would you do?" Here are some of our favorite responses: - "Spend the day with Sherlock Holmes and Dr. Watson solving the Isabella Stewart Gardner Museum art heist."—Bob from Madison, WI
- "I can imagine nothing better than sitting on a park bench with Forrest Gump and chatting about the most incredible encounters after a 10-mile run."—Dylan Steinfeld from Atlanta, GA
- "Winnie-the-Pooh. The two of us would sit in my backyard, and he would certainly show me things I haven't seen before or have forgotten to cherish."—Lesa from Cave Creek, AZ
- "I'd walk around a big city—New York or Tokyo—with [Bill Murray's character in the Sofia Coppola film Lost in Translation] Bob Harris, mostly in silence. Late afternoon bathhouse, an unhurried steak dinner, then a nightcap at a dim, wood-paneled bar. Just moving through the day."—Anonymous from Athens, GA
This week's question What's the best advice you've ever received? Sam's answer to get the juices flowing: "Always read the reviews for a theater show before buying tickets. I realized the steep cost of ignoring this wisdom 2.5 hours into an abstract performance with atrocious acting and rambling monologues." Submit your response here. |
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RECS  Cover: A phone case that will actually last forever.**
Observe: Why snow isn't actually white. Take in the view: The northern lights, as seen from an airplane. Eat your veg: Smoothie recipes that feature vegetables but actually taste good. Small-biz stories: Here's your all-access pass to Meet You on Main Street, our new hub sponsored by Walmart Business. Meet local entrepreneurs, explore new spaces, and tap into your entrepreneurial side.* *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 Brew Crossword: Things get a little meta in our big puzzle this week. Put on your thinking cap and give it a try here. Open House Welcome to Open House, the only newsletter section that needs a pool view and ocean view. We'll give you a few facts about a listing and you try to guess the price.  ZillowToday's 4,600-square-foot French colonial-inspired home is in Pass Christian, MS. The updated house has thankfully avoided an infestation of subway tiles and barn doors. Amenities include: - 5 beds, 4 baths
- Saltwater pool
- Pool house (no saltwater unless you bring it in)
How much for this charming Gulf home? |
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SHARE THE BREW  Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others:
morningbrew.com/r/?kid=eaab23a8 |
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ANSWER $2.1 million Word of the Day Today's Word of the Day is: atrocious, meaning "of a very poor quality; extremely bad or unpleasant." Thanks to Brooke from Portland, OR, for the surprisingly pleasing suggestion. Submit another Word of the Day here. |
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