|  | Nasdaq | 23,515.39 | |
| | S&P | 6,940.01 | |
| | Dow | 49,359.33 | |
| | 10-Year | 4.231% | |
| | Bitcoin | $93,023.27 | |
| | Gold | $4,676.70 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. | - Markets: US stock markets were closed yesterday in honor of Martin Luther King Jr. Day, but the rest of the world got to express their jitters over President Trump's threats to slap eight European nations with tariffs if they won't let the US have Greenland. European stocks fell, and gold and silver—havens where spooked investors park their cash—hit record highs. Look for American investors' reactions today.
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FINANCE While you were busy using the long weekend to sleep in make good on that New Year's resolution to exercise more, you might have missed that President Trump spent the weekend exercising his typing fingers on Truth Social. The president's post detailing plans to impose tariffs on European countries over their opposition to his desire to control Greenland got the most attention…but Trump also threatened to sue the US's largest bank within a fortnight. Rebutting a Wall Street Journal article that said Trump had offered JPMorgan CEO Jamie Dimon the role of Fed chair (a proposition Dimon took as a joke, according to the newspaper), Trump posted on Saturday: "[T]here was never such an offer and, in fact, I'll be suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest." What's the beef between Trump and de bank? President Trump has said previously that despite longstanding banking relationships, JPMorgan abruptly closed his accounts after the Capitol riot under pressure from the Biden administration. He has also criticized Dimon for allegedly "debanking" conservatives and claimed that Bank of America denied him services, too. The president signed an executive order in August that directed bank regulators to punish financial institutions that restrict access to services "on the basis of political or religious beliefs or lawful business activities." But JPMorgan claims there's nothing to see here. "While we won't get specific about a client, we don't close accounts because of political beliefs," JPMorgan spokesperson Trish Wexler told news outlets. "We appreciate that this administration has moved to address political debanking and we support those efforts." It's not the only issue that Trump and Dimon disagree on: Dimon has criticized the Justice Department's probe into actual Fed Chair Jerome Powell as a threat to the central bank's independence. And, like the rest of Wall Street, he has come out against President Trump's proposal to cap credit card fees at 10%.—AR | | |
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WORLD  Trump links his pursuit of Greenland to not winning the Nobel Prize. In a message to Norway's prime minister, President Trump tied his aggressive push to acquire Greenland or take it by force to the Nobel committee's decision to award the Nobel Peace Prize to Venezuelan opposition leader María Corina Machado (who later gifted Trump her medal) instead of him. In his text, Trump said that he no longer felt "an obligation to think purely of Peace." It comes as the nations that Trump threatened with a 10% import tax over Greenland stand together while scrambling to respond. So far, they appear to be favoring negotiation rather than retaliation—but there are fears Trump's tariffs could spark a trade war with Europe.
 China's birthrate falls to lowest since 1949. The numbers are out, and China's population fell last year for the fourth consecutive year, with the population of 2025 (14.04 billion) down by about 3 million from 2024. Last year's birth rate of 5.63 per 1,000 people is also the lowest China has had since the Communist party came to power and figure-keeping started. The country ended its decades-long one child policy in 2015, but China is still struggling to get people to have more babies to keep its economy chugging. And it's trying seemingly everything, including child-care subsidies and even taxes on condoms (that last one has not been popular).
 Fashion designer Valentino dies at 93. Valentino Garavani, an Italian designer so revered he was known almost exclusively by his first name—his namesake fashion line—died on Monday at his home in Rome, according to his foundation. The designer, known for dressing actors like Julia Roberts on the red carpet and making Jacqueline Kennedy's dress for her wedding to Aristotle Onassis, launched his dolce-vita-inspired company in 1959, often employing his signature "Valentino red." And his was the first designer name brand quoted on the Milan stock exchange. He was crowned "the last emperor" of fashion in a documentary released in 2008, the year that he retired.—AR
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MEDIA Prince Harry is looking for more than a retraction. The 41-year-old Netflix star and member of the British royal family is part of a group who is accusing the publisher of the Daily Mail of unlawful information gathering in a trial that began in London yesterday. The lawsuit: Harry and several high-profile plaintiffs that include Elton John and Elizabeth Hurley claim that Associated Newspapers Ltd. was "complicit" in using investigators to hack phone calls, place microphones in cars, and obtain private records to secure scoops as far back as 1993. A lawyer for ANL says the sources for those stories were "leaky" friends. The trial is expected to last nine weeks, and tens of millions of dollars are at stake. Harry is scheduled to testify on Thursday. He's been here before: - Harry launched similar invasion-of-privacy cases against Rupert Murdoch's News Group Newspapers and the owners of the Daily Mirror.
- Both the Mirror and News Group settled, and Harry emerged victorious in each case.
It's personal: Harry's mother, Princess Diana, died in a car crash as she was being chased by paparazzi in 1997, and he has blamed press attacks on his wife for pushing him away from royal life.—DL | | |
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Together With Green Coffee Company |
ENTERTAINMENT Get ready to have a ball, Maryland. The company behind the Las Vegas Sphere is planning to build a smaller version of the venue in National Harbor, MD, a popular tourist area about 15 minutes south of the nation's capital. The DC "mini-Sphere" will seat 6,000—making it about one-third the size of the Vegas version—but it'll have all of the same features. Those include a massive high-resolution screen, immersive sound, 4D effects, and haptic seating, plus an exterior that can display ads and artwork (or nightmare fuel). By the numbers: The venue will cost more than $1 billion to build, but the project is getting about $200 million in "state, local, and private incentives," according to Sphere Entertainment. However, the public will have to vote on some of them. The company says that the venue will: - Provide about 2,500 jobs during construction, and 4,750 jobs once it's up and running.
- Have an annual economic impact topping $1 billion.
What happens in Vegas, doesn't stay in Vegas: Sphere Entertainment CEO James Dolan says the company has always been focused "on creating a global network of Spheres." A full-sized version is already under construction in the United Arab Emirates.—BC | | |
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STAT If you build it, they will come…to snap up computing power for their AI models. While data centers may not be the construction projects of anyone's dreams, they are the ones commercial builders are counting on this year. The Wall Street Journal reports that construction consulting company FMI projects that spending on building new offices, hotels, apartments, and warehouses will fall, but spending on data center construction this year will increase by 23% compared to 2025 as tech companies race to build out infrastructure. That would elevate data centers to more than 6% of non-residential construction—compared to just 2% in 2023. And it may be a dream come true for builders, after all. One construction company president told the WSJ that while most major commercial building projects cost hundreds of millions of dollars and require hundreds of workers, data centers can cost north of $1 billion and need thousands of workers. With cash readily flowing from Big Tech, the only limitation may be finding those laborers.—AR |
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Together With FlavCity Try the better-for-you swap. Healthy doesn't have to mean complicated, boring, or cardboard-flavored. FlavCity's better-for-you options are made from real ingredients with big flavors. Speaking of, they're dropping eight new protein smoothie flavors in January that you can start your year with (think: Mint Chocolate, Salted Caramel, Banana Bread, and more). Grab yours. |
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NEWS - The New York Stock Exchange plans to seek regulatory approval for a 24/7 trading platform for tokenized securities, lending its venerable Wall Street cred to trading via blockchain.
- Spanish officials said yesterday that at least 40 people were confirmed dead in Sunday's high-speed rail collision and that more bodies could be recovered.
- Russia's Vladimir Putin is among the world leaders President Trump asked to join his new Board of Peace, which will oversee the Gaza peace plan and that, according to the Wall Street Journal, Trump appears to be forming as an alternative to the UN.
- Jerome Powell plans to attend oral arguments at the Supreme Court tomorrow on whether President Trump's attempt to fire Fed Governor Lisa Cook was lawful. (ICYMI Trump has also threatened to fire Fed Chair Powell.)
- Elon Musk wants to win as much as $134 billion in damages in his lawsuit against OpenAI and Microsoft that claims the ChatGPT-maker committed fraud by abandoning its nonprofit mission.
- The Buffalo Bills fired their head coach of nine years, Sean McDermott, for failing to get the team to the Super Bowl.
- Indiana beat Miami, winning its first national college football championship in an unexpectedly dramatic game.
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RECS  Drink: Listen to the sommeliers and let your wine breathe.**
Or stay dry: The world's most sober-friendly cities. Cook: Easy dinners for busy weeknights. Watch: A question we hope you never need the answer to: Could humans survive eating only each other? 16 simple hacks to save more: These little-known hacks could help you save money, earn extra cash, and cancel subscriptions you don't use. Learn more here.* *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 Mini: Today's puzzle is called "Croissant," but it's actually a no-calorie snack. Play it here. 2016 trivia With everyone reminiscing about 2016 on social media, let's see how well you remember that year. Here are five questions about 2016. - Where were the Summer Olympics held?
- Leonardo DiCaprio won the best actor Oscar for his role in what film?
- The iPhone 7 was released, shocking people with one significant change—what was it?
- Newspapers, buildings, and websites across the world adopted the color purple to pay tribute to which musician who died that April?
- In a speech, then-presidential candidate Hillary Clinton mentioned what mobile game that generated a frenzy in the summer?
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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 - Rio de Janeiro
- The Revenant
- Removal of the headphone jack
- Prince
- Pokémon Go
Word of the Day Today's Word of the Day is: fortnight, meaning "a period of two weeks." Thanks to Christopher Alfano from Colorado Springs, CO, for the timely suggestion. Submit another Word of the Day here. |
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✢ A Note From CIT Bank 1 Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of November 20, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100. 2 Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of December 15, 2025. * Promotion Disclosures This limited-time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025, and can end at any time without notice. Customers will receive a $225 or a $300 bonus provided that the program requirements are met. Click here to see promotion details and terms. ✳︎ A Note From Green Coffee Company This is a paid advertisement for Green Coffee Company's Regulation CF offering. Please read the offering circular at https://invest.greencoffeecompany.com/. Timelines are subject to change. Listing on the Nasdaq is contingent upon necessary approvals, and reserving a ticker symbol does not guarantee a company's public listing. |
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