|  | Nasdaq | 23,530.02 | |
| | S&P | 6,944.47 | |
| | Dow | 49,442.44 | |
| | 10-Year | 4.160% | |
|  | Bitcoin | $95,289.78 | |
| | Goldman Sachs | $975.88 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. | - Markets: Stocks edged up yesterday, in part thanks to strong earnings reports from Goldman Sachs and Morgan Stanley, which calmed investors after they were unimpressed by a string of earnings from other big banks earlier in the week (more on that below). Elsewhere, oil prices fell following reports that the US is less likely to attack Iran.
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FINANCE The biggest banks' latest financial report cards failed to impress Wall Street in the same way as their mediocre lollipops underwhelm clients. Shares of Bank of America, Citi, JPMorgan Chase, and Wells Fargo dipped after their Q4 earnings this week made investors uneasy. It's causing ears to perk beyond trading floors as bank earnings are a vital barometer of economic health. Skies are no longer cloudless Though banking behemoths had a blockbuster 2025—benefiting from revived dealmaking and roller-coaster market volatility, which boosted their trading businesses—some shakiness emerged in Q4: - Bank of America beat earnings expectations in Q4 but raised eyebrows with restrained income projections, suggesting its expenses would be higher than Wall Street anticipated.
- JPMorgan reported a 4% drop in dealmaking revenue for the quarter driven by delayed merger deals and a decline in profit for the year.
- Wells Fargo missed analysts' estimates, with disappointing home mortgage lending and rising costs due to severance payments to laid-off employees.
- Citi also struggled to keep costs down, with expenses rising by 6% in Q4, largely due to a hiring spree.
Gold star Two other banking behemoths, however, bucked the trend, largely thanks to the booming business of dealing with wealthy clients: - Goldman Sachs had a blockbuster quarter, with profits rising 12% and equity trading revenues hitting a Wall Street record of $4.31 billion.
- Morgan Stanley boasted a 47% jump in investment banking revenues amid a dealmaking bonanza, propelling profits past projections.
In 2026…big banks will likely continue to get bigger, but Wall Street sage and JPMorgan CEO Jamie Dimon said that, though consumer spending remains resilient, investors are underappreciating geopolitical complexity, elevated asset prices, and the risk of persistent inflation. Plus: This week, the industry was flummoxed by President Trump's effort to cap credit card fees, which bankers say would hollow out their consumer lending businesses.—SK | | |
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Think Ohio's just business? Think again. Great schools, thriving careers, and a vibe that makes you feel right at home. Yep, Ohio's that good. See what opportunities await in Ohio. |
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WORLD  Trump threatens to invoke Insurrection Act in Minneapolis. In a social media post yesterday, President Trump said he would institute the rarely used Insurrection Act if the anti-ICE protests in Minnesota did not end. The law, which dates back to 1807, gives the president the power to deploy the US military to states to stop an insurrection or armed rebellion. Though Trump threatened to use it several times in his first term and has again in his second, the Insurrection Act has not actually been invoked since 1992, when then-President George H.W. Bush used it to quell the LA riots (at the request of local authorities). Minnesota Gov. Tim Walz responded to Trump's threat by asking the president to turn the temperature down while urging Minnesotans to protest peacefully. Minnesota Attorney General Keith Ellison said the state would challenge any invocation.
 X blocks Grok from generating sexualized deepfakes. About a week after Grok, Elon Musk's AI chatbot, drew widespread criticism for generating sexualized images of women and children, the company said it was restricting Grok's ability to do so in jurisdictions where it is illegal. According to the New York Times, the restrictions appeared to only apply to the use of Grok on X, and not on Grok's standalone website or app. Despite X's move to disable the feature, the company is still under investigation by several countries and US states, including Canada and California.
 Spotify is hiking Premium subscriptions in the US to $13. It will soon cost a bit more to make a banger playlist of 2010s EDM bops to impress your millennial friends on your next road trip. Spotify announced yesterday that it's increasing Premium subscription costs from $12 to $13 per month starting in February, as the company looks to boost profitability. Other subscription tiers, including student and family plans, are also getting $1–$2 hikes. Data has shown that Spotify subscribers tend to be loyal and are willing to pay more.—AE
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SPORTS New year, new sports gambling scandal: Federal prosecutors revealed yesterday that they're accusing a ring of college basketball players, alumni, professional gamblers, and one former NBA player of meddling in more than two dozen games, which netted them millions of dollars in sportsbook winnings. According to the indictment: - It all started in September 2022, when gamblers paid a former Chicago Bulls shooting guard playing overseas in the Chinese Basketball Association to make fewer baskets in order to fix final game score margins in favor of their bets, in a ploy known as point shaving.
- The group then recruited mostly smaller-time US college ballers, who were unlikely to earn significant NIL money, with bribes ranging from $10,000 to $30,000 per game.
- All together, 39 NCAA players across more than 17 Division I teams became involved with the gambling ring, which fixed or tried to fix more than 29 games in recent years.
This type of allegation is "not entirely new information to the NCAA," and investigations into almost all named teams, which include Alabama State and Tulane, are already underway or completed, the NCAA's president said in response to the news. Airball: One NCAA defendant allegedly texted the bagman during a fixed game to assure him that co-conspiring players would keep the ball away from a teammate who was playing too well. Zoom out: Game-fixing fiascos recently hit the NBA and MLB, too. To protect college sports, the NCAA is lobbying to ban prop bets on collegiate matchups.—ML | | |
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Together With Mutha New year, new mood. MUTHA just reimagined its bestselling Body Butter and Exfoliating Body Bar with Detox Greens, a fresh eucalyptus-meets-amber scent that turns daily body care into a reset ritual. Clinically proven hydration, zero fillers, spa-level vibes. Upgrade your routine. |
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TRAVEL Good luck trying to wash your hands, your face, your hair with snow; there's not nearly enough of it to do all that. Vail Resorts is lowering its expected 2026 earnings after some of the lowest snowpack in recorded history has cratered visits at its North American locations by nearly 20% since the start of the season through January 4. Skiers staying home is taking its toll: Vail's ski school revenue has dropped 14.9% since the start of the season compared to last year, and dining revenue fell nearly 16%, the company said in an investor statement released yesterday. Just how dry is it? A rare polar vortex and La Niña combination dumped record amounts of snow on the East Coast this year…while starving everywhere else. The company said snowfall during November and December at its Rocky Mountain locations was down almost 60% compared to the area's historical 30-year average. Western US resorts were faring only slightly better, with 50% less snowfall than average. - On Tuesday, Vail Mountain reported its worst snowpack since it started keeping records in 1978, with just 4.4 inches.
- Only about 11% of Vail Resort's terrain in the Rocky Mountains was open last month.
Zoom out: The wipeout comes amid the return of CEO Rob Katz, who revolutionized the ski business by consolidating resort ownership and introducing the Epic Pass, after years of the company faltering financially without him in the C-suite.—MM | | |
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STAT You know you've got a lot of land when your property makes the Dutton Ranch look like a studio apartment in Manhattan. After buying up a million acres of New Mexico ranchland in December, Los Angeles Rams owner Stan Kroenke now holds 2.7 million acres in total, making him America's biggest private landowner: - That's not only larger than the fictional Yellowstone ranch, but it's also more acreage than the real-life Yellowstone National Park, which is a measly 2.2 million acres.
- Kroenke's land holdings are the equivalent of about 2 million football fields, CNBC noted.
America's billionaires are increasingly snatching up farmland as a hedge against inflation—not simply because they like cattle. Though when Dallas Cowboys owner Jerry Jones does it, it's probably for both reasons.—AE |
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Together With eltaMD Dermatologists don't gatekeep good skin. They wear it. For 30+ years, EltaMD has been the #1 dermatologist-recommended sunscreen, built with zinc oxide and science-backed formulas that feel weightless and work overtime. Your winter getaway's most important accessory? Daily SPF your skin actually loves. Get yours. |
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QUIZ The feeling of getting a 5/5 on the Brew's Weekly News Quiz has been compared to the moment your work laptop snaps shut on the Friday of a long weekend. It's that satisfying. Ace the quiz. |
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NEWS - María Corina Machado, the Nobel laureate and leader of Venezuela's opposition, met with President Trump at the White House yesterday and gave him her Nobel Peace Prize.
- A sixth oil tanker was seized by the US near Venezuela yesterday, as the Trump administration continues to target vessels carrying sanctioned crude.
- US Energy Secretary Chris Wright said that Washington completed its first sale of Venezuelan oil, valued at about $500 million, and that the US got a 30% higher price than what Venezuela was getting three weeks ago.
- Taiwan and the US announced a trade deal yesterday that reduces American tariffs on Taiwanese goods from 20% to 15% and that will see Taiwan invest $250 billion in semiconductors and other tech stateside.
- Verizon said that Wednesday's widespread service outage was the result of an issue with a software update. The company is offering those affected a $20 credit.
- Beyond Meat is launching a protein drink—its first nonmeat product in its 17-year history.
- Hans Zimmer will compose the music for HBO's upcoming Harry Potter series. BRAAAAM.
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RECS  Pack: Travel-sized bottles that last a lifetime.**
Eat: A ranking of America's famous slop bowls. Balance: The surprising health benefits of standing on one leg. Plan: A tool that stacks time zones to help you find the best time to schedule a meeting. Walk this way: Explore Main Street's hidden gems with our new hub, Meet You on Main Street, sponsored by Walmart Business. See how small businesses—like a NY candy shop and an inclusive playground—are thriving.* *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 Decipher: The theme of this week's game is "movie quote," but you don't need to know about any of the Golden Globe nominees of the past two decades to do well. Play Decipher here. Friday puzzle In each sentence below, an animal is concealed. Can you find the critters? Example: What shall I do, Gertrude? = dog - A gold key is not a common key.
- Horace tries in school to be a very good boy.
- People who drive too fast are likely to be arrested.
- Did I ever tell you, Bill, I once found a dollar?
- John came late to his arithmetic class.
- I enjoy listening to music at night.
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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 - Monkey
- Beaver
- Bear
- Lion
- Camel
- Cat
(Source) Word of the Day Today's Word of the Day is: invocation, meaning "an act of legal or moral implementation." Thanks to Drew from Hoboken, NJ, for the suggestion. Submit another Word of the Day here. |
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