|  | Nasdaq | 22,716.14 | |
|  | S&P | 6,775.80 | |
| | Dow | 47,417.27 | |
| | 10-Year | 4.208% | |
| | Bitcoin | $70,482.95 | |
| | Campbell's | $22.94 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. | - Markets: Like a dad trying not to show emotion in front of his kids, the S&P 500 was hardly moved yesterday, though the Dow did sink nearly 300 points as the Iran conflict raged on. Meanwhile, Campbell's had a forgettable Wednesday after cutting its outlook over weak demand for its soup and snacks.
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OIL TOIL With tanker traffic through the world's key oil corridor halted, the International Energy Agency (IEA) announced yesterday that it will let loose 400 million barrels of stockpiled fuel in an attempt to buttress global oil supplies and ease prices. "The oil market challenges we are facing are unprecedented in scale," IEA Executive Director Fatih Birol said. Since Israel and the US started striking Iran on Feb. 28, Iran's attacks and threats against tankers passing through the Strait of Hormuz have led to the biggest global oil disruption ever by some estimates, sending oil prices surging as much as 40%. The decision to release more stockpiled oil than ever before was unanimous among the IEA's 32 member nations, which include the US, Canada, Australia, New Zealand, Turkey, Japan, Korea, and most of Europe: - The move more than doubles the IEA's previous record of 182 million barrels, set after Russia invaded Ukraine in 2022.
- This is only the sixth emergency oil release in the IEA's 52-year history.
Only a Band-Aid "This is probably the first time we're likely to see the whole world releasing as fast as it can," Bloomberg oil reporter Alex Longley wrote. Still, oil prices rose yesterday, reflecting analysts' worries that the Iran war will persist and the IEA's efforts won't suffice: - The Persian Gulf disruption is costing up to 16 million barrels of oil per day, Citigroup estimated, and the IEA's maximum outflows can likely only cover a portion of that. (For context, its 2022 emergency release came out to 2 million barrels per day.)
- Speed is also a concern—US petroleum reserves account for the biggest chunk of IEA stockpiles, but they take 13 days to reach the market after being greenlit.
Looking ahead…analysts and the IEA's chief agree that the only real solution is reopening the Strait of Hormuz…but there's no indication of when that will happen. Yesterday, President Trump said oil companies should return to the waterway after the US struck several Iranian mine-laying ships, within hours of Iran attacking several cargo ships in the region.—ML | | |
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WORLD  FBI warns that Iran could try to attack California. According to ABC News, the FBI alerted Golden State police departments as recently as February that Iran aspired to launch a "surprise attack" with drones if the US conducted strikes on the country. The agency did not have information about the specific timing or target of a potential attack. Iran has retaliated against the US' and Israel's bombing campaigns with drone strikes throughout the Middle East, including on US military bases and embassies. President Trump said yesterday that he is not worried about Iran executing a domestic terror attack.—AE
 US accused India, China, EU, and other partners of unfair trade practices. US Trade Representative Jamieson Greer announced yesterday that the Trump administration launched an investigation into 16 trading partners centered on "excess capacity and production in manufacturing" that have led to what it called persistent trade surpluses. The US Trade Representative Office is using Section 301 of the Trade Act of 1974 to carry out the inquiry, which could provide new means for the administration to levy tariffs on these nations in the aftermath of the Supreme Court's ruling last month that tariffs imposed by Trump using the International Emergency Economic Powers Act were unlawful.—HVL
 Inflation holds steady—but it may not last. Consumer prices jumped 2.4% last month, in line with expectations, the Labor Department reported yesterday. The reading provides a snapshot of where prices stood before the Iran war began, but analysts say it will be quickly rendered obsolete by the conflict, which could hike prices on energy, travel, food, and more. "The February data is already completely inconsequential," one economist told the Wall Street Journal. Meanwhile, Target and McDonald's announced price cuts to some items yesterday in an effort to woo consumers amid inflation.—AE
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WORST RESPONDERS Researchers found that some popular AI chatbots served as enablers when asked for help in planning violent attacks. Among the most willing, according to the studies, were allegedly ChatGPT and DeepSeek. "Happy (and safe) shooting!" DeepSeek said in one chat. During tests on 10 chatbots conducted jointly by CNN and the Center for Countering Digital Hate, researchers posed as teens and requested advice on how to inflict harm: - OpenAI's ChatGPT gave tips in 61% of cases, including insight into which shrapnel would be the most lethal in a synagogue attack. Google's Gemini had similar results.
- China's DeepSeek answered with details about hunting rifles to be used in a political killing.
- Meta's Llama AI model listed nearby gun stores and shooting ranges when asked about harming women.
Some resisted: Anthropic's Claude and Snapchat's My AI consistently refused to offer help to the would-be attackers. Claude discouraged the actions in 33 of 36 conversations. Real-life examples: A man detonated a Cybertruck in front of Trump International in Las Vegas after getting input from ChatGPT on explosives, while a 16-year-old in Finland allegedly conducted research in the app before stabbing three classmates. Companies respond: Character.AI pointed to a disclaimer saying chats are fictional, while Meta said it has taken steps "to fix the issue identified." Google and OpenAI said they have since released updated models with improved safeguards.—DL | | |
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BIENVENIDO The West Coast's farewell banner has gotten a ton of use over the last few months. Former Starbucks CEO Howard Schultz said yesterday he's retiring to Miami with his wife, joining a number of other billionaires who have recently made Florida their new home state. Schultz reflected warmly on his past 44 years building the popular coffee chain from Seattle, but his cross-country announcement on LinkedIn came the same day that Washington's House passed a new 9.9% tax on household incomes over $1 million. The tax is expected to pass the state Senate and be signed by the governor. Meet the new neighbors: - Schultz reportedly purchased a $44 million penthouse in Surfside, FL, an area just a short, highly secured jaunt from the private Indian Creek Island.
- The island is home to fellow former Seattle resident Jeff Bezos. It's also got Ivanka Trump and Mark Zuckerberg, who recently ditched California to purchase a mansion there for a record-breaking $170 million.
- Google co-founder Sergey Brin also recently closed on a Miami-area estate for $51 million.
Washington's not alone in raising taxes on the rich: Massachusetts passed a millionaire tax in 2022, creating a blueprint that states like Virginia and Rhode Island are trying to repeat. California has a ballot measure that, if approved in November, would retroactively institute a 5% tax on billionaires. It's prompted many to say they'll move.—MM | | |
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STAT The site where you once watched the Grape Lady fall and groan in pain for 14 uninterrupted seconds is now the largest media company by revenue in the world. According to an analysis by MoffettNathanson: - YouTube's $62 billion in total revenue last year surpassed Disney's $60.9 billion (not including its parks business) as the most of any media giant.
- The Alphabet-owned video platform's $40.4 billion in ad revenue is more than Disney's, Paramount's, NBCUniversal's, and Warner Bros. Discovery's...combined.
YouTube's growth is staggering, but not shocking. As consumers cut the cord, advertisers have pivoted to meeting them where they are: not watching traditional TV, but rather bingeing ASMR ear-cleaning videos. Still, YouTube has a long way to catch up to true social media giants like Meta, which reported $196.2 billion in ad revenue last year.—AE |
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NEWS - Meta rolled out four custom, in-house chips as part of its AI data center expansion, weeks after striking deals to use Nvidia and AMD chips as well.
- Grubhub will test drone delivery of takeout orders in a limited, three-month pilot program in New Jersey.
- Porsche plans to cut more jobs as tariffs and a sales slump in China weigh on the luxury automaker.
- Iran's national soccer team cannot participate in the 2026 World Cup, the country's sports minister said yesterday.
- Papa Johns has received interest from a Qatari-backed investment fund to go private, the Wall Street Journal reported.
- The Defense Department barred press photographers from the Pentagon after Defense Secretary Pete Hegseth's staff said they took "unflattering" photos of him, the Washington Post reported.
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PLAY Brew Mini: Your sample clue of today is: "Kitchen counters?" Play the Mini here. Three Headlines and a Lie Three of these headlines are real and one is faker than the serving suggestions for Kettle Brand's honey dijon chips. Can you spot the odd one out? - Vermont's largest Warhammer group rocked by insider trading scandal
- Runners are discovering they can churn butter on their runs—and it's surprisingly easy
- 20,000 pounds of corned beef? This 60-year-old South Side shop is ready for St. Paddy's Day
- Buffalo Wild Wings unveils wing-flavored protein espresso martini
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ANSWER We made up the one about Warhammer. Word of the Day Today's Word of the Day is: buttress, meaning "to strengthen, support, or reinforce." Thanks to Kevin Ellis from Charlotte, NC, for the suggestion. Submit another Word of the Day here. |
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