☕️ Change of plans

TikTok is suing the U.S. government... August 24, 2020 [View Online]( | [Sign Up]( [Daily Brew]( TOGETHER WITH [The Motley Fool]( Good morning and welcome back to the week. This is your friendly reminder that Spotify will almost certainly do its Spotify Wrapped "year in review" thing again, and instead of being caught defenseless, you can craft your own Spotify Wrapped destiny. It's not too late for a top 5 you'll be proud of. MARKETS YTD PERFORMANCE NASDAQ 11,311.80 + 26.07% S&P 3,397.16 + 5.15% DJIA 27,930.33 - 2.13% GOLD 1,947.40 + 28.12% 10-YR 0.636% - 128.40 bps OIL 42.25 - 30.98% *As of market close - Markets: Many thought the stock market would reverse its epic climb without a fresh stimulus package from Congress. That emergency relief seems [as far away as ever,]( yet the S&P still hit a record last week. - More markets: Short positions in U.S. stocks (when an investor bets that a stock's price will fall) have reached their [lowest level]( in more than a decade, the FT reports. SOCIAL MEDIA [TikTok on the Clock and the Party Don’t Stop]( [TikTok back to school] Francis Scialabba And by party we mean legal action. Over the weekend, Chinese-owned social media giant TikTok [confirmed reports]( that it'll sue the U.S. government today. The backstory: On Aug. 6, as we all collectively wondered how it was August already, President Trump signed an executive order blocking all U.S. transactions with TikTok owner ByteDance in 45 days. The U.S. government has deemed TikTok a national security threat because of a Chinese law that could compel it to fork over Americans’ personal data to Beijing. - As we shifted into “wait, does this mean September is next?” mode on Aug. 14, Trump stepped on the gas pedal, inking another order that gave ByteDance 90 days to divest all U.S. TikTok operations. - Now TikTok is mounting a defense, saying the president's executive order denied its right to due process. It has repeatedly denied it could be strong-armed by the Chinese government. But ByteDance still has to drop TikTok in the U.S. And the horserace to buy it is very much still on. Where it stands: Early leader Microsoft is still “[the favorite](” at 2–1 odds, says Axios’s Dan Primack, who handicapped the race last Friday. Microsoft broke from the gate first, negotiating with the White House weeks before any of us were the wiser. Plus, it has a war chest worthy of Secretariat. - But Oracle (5–2 odds), another enterprise tech company, is only about a length behind. It helps that some execs are buddies with Trump. - Twitter (20–1) is in the mix as well, but it’s more like a colt rounding the far turn as the other two thunder toward the finish line. It would need a financial sponsor, and while being Trump's favorite platform, it isn't his favorite company. Looking ahead...we’ve got 22 days left on the clock. President Trump has said he’d be okay with a sale to either Microsoft or Oracle. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=TikTok%20Confirms%20Plans%20to%20Sue%20U.S.%20Government:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 2020 [Your Turn, GOP]( [Republican National Convention 2020 ] Logan Cyrus/Getty Images If the national presidential conventions were the Super Bowl, J.Lo would have just left the halftime stage and the Republicans would be receiving the second-half kickoff. Tonight, they’ll begin their own convention and make the case that President Trump deserves a second term. - The Democrats held their own convention last week, all-virtual and generally without production hiccups. - The Republicans had initially intended to host theirs in Charlotte, NC...then Jacksonville, FL...but the coronavirus made large in-person events untenable. What the GOP is planning: President Trump told Fox News on Thursday that “we’re going to have more of it live than what they did,” though we don’t know specifics. We do know that two former producers of the show The Apprentice (starring Trump) are involved in the planning, [according to the NYT](. In terms of economic themes, the convention is expected to highlight President Trump’s actions on trade, deregulation, and emergency aid during the pandemic. Previews: The AP has a [good one](, and here’s the [entire speaker list](. Fox News �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=Following%20Dems,%20Republicans%20Take%20Their%20Convention%20Turn:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 WORK [Companies Double Back on Return-to-Work Plans]( We Brew employees had marked Sept. 8 as the moment we’d finally get to examine our coworkers’ new facial hair up close see our colleagues in person. But alas, we won’t get to evaluate those mutton chops until at least next March. - The Brew isn’t the only one backing off reopening plans, reports the WSJ. In an August survey by the Pacific Business Group on Health, 57% of major U.S. employers said they'd [postponed]( return-to-work plans because of recent bumps in coronavirus infections. One catalyst for that flip-flop? Many school districts announced plans for remote or hybrid learning, throwing a protractor into working parents’ plans to return to the office. Another factor? Running an IRL office is going to be much costlier than before due to the pandemic. If/when companies return to in-person work, [they’ll be required]( to reorient their operations to ensure the safety of their workers. That spending will drag down profits and creditworthiness, according to a Moody’s analysis. Finally, companies are hesitating to bring employees back to the office because they're concerned about the legal liability they'll shoulder should someone get sick. GOP lawmakers are pushing for protections in the next coronavirus bill. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=Companies%20Postpone%20Return-to-Work%20Plans%20Slated%20for%20September:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 SPONSORED BY THE MOTLEY FOOL [Two Sages Bestow Investing Knowledge Upon Thee](#) [The Motley Fool]( Tis no secret [The Motley Fool]( bears the wisdom thou doth seek in your eternal quest for stock market aptitude and knack. And it’s no secret we are entirely inept at writing in Old English. So as much as we’d like to continue this fantasy novel, we’re here to talk to you about something very real: [The Motley Fool’s latest “All In” buy alert](. The Fool only issues this alert when cofounders David and Tom Gardner independently research and select the same stock. In other words: it’s rarer than getting a fantasy novel published. Across the mere 26 times this has happened in the history of [the Fool](, the average return has been an astounding 931%. Now, venture forth ye rising investor. The latest gem inside The Motley Fool’s “All In” buy alert awaits you. [Sign up for the Stock Advisor today](. CULTURE [NYC's Museums Hope You'll Rembrandt Them]( [Ferris Bueller and friends at the museum] Giphy Grab your monocle and rehearse your chin stroking—NYC’s museums and cultural institutions are allowed to [open today]( for the first time since March. The typical COVID measures will be in place: 25% occupancy, a face mask mandate, and rules that enforce social distancing. Despite the restrictions, reopening the city’s museums is an important milestone for an industry that’s been [decimated]( by pandemic-related restrictions on indoor gatherings. The world-famous Metropolitan Museum of Art, for example, laid off 79 staff members in August and furloughed others during the monthslong closure. It’s also an important milestone for New York City and its battle with COVID-19. Once the worst outbreak in the U.S. by far, NYC's hospitalization rate last Wednesday dropped to its lowest level since March 18. But is it enough to save the city? The future of New York has quickly turned into the most heated debate since Yanny vs. Laurel, with some [arguing]( the pandemic has stripped the city of its status as a cultural epicenter. Reopened museums will put that theory to the test. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=NYC's%20Museums,%20Cultural%20Institutions%20Can%20Reopen%20Monday:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 CALENDAR [The Week Ahead]( [Jerome Powell testifying before Congress] U.S. Federal Reserve The biggest economic event on the calendar this week arrives on Thursday, when Fed Chair Jerome Powell will speak about the Fed's [monetary policy framework review]( it's been working on for almost two years. Monday: USPS Postmaster General Louis DeJoy testifies before House committee Tuesday: New home sales; earnings (Salesforce, Best Buy, Medtronic); we get to watch Luka play basketball again Wednesday: Durable goods; earnings (Dick’s, RBC, Tiffany) Thursday: The Fed’s virtual Jackson Hole symposium begins; second reading of Q2 GDP; jobless claims; earnings (Dollar General, Dollar Tree, TD Bank) Friday: Personal income and spending data �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=The%20Week%20Ahead:%20August%2024:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 WHAT ELSE IS BREWING - [The Trump administration]( said it's authorizing the emergency use of a convalescent plasma treatment for hospitalized coronavirus patients. - [The U.S. House]( passed legislation aimed at reversing recent changes to the Postal Service and plugging it with $25 billion ahead of the election, though it’s likely DOA in the GOP-controlled Senate. - [Tropical Storm Laura]( and Hurricane Marco are aiming their sights on Louisiana in a never-before-seen twin strike on the Gulf of Mexico this week. - [Schools]( across the U.S. are struggling to secure laptops for students this fall, per an AP investigation. - [Box office report](: a pleasant surprise. In the first real weekend back for many movie theater chains, Russell Crowe's Unhinged brought in more than $4 million. BREW'S BETS Chocoholics deserve a metabolic boost, too. [Sakara’s]( plant-based, stimulant-free Metabolism Super Powder is the natural—and oh so chocolatey—way to help restore your metabolism, eliminate bloat, enhance energy, and control cravings. Go for cacao and get [20% off your order](.* Mow me over. [Graze]( is the autonomous lawnmower disrupting the $53 billion commercial landscaping industry. And if you can believe it (you should), they’re letting you invest in this grass-changer—but only until Sept 18th. [Invest in Graze before it’s too late](.* Fun with the stock market: Watch its [collapse and recovery]( in less than a minute. Then, check out this [cool art]( that's based on stock charts. Reddit knows best: Here's a list of [simple life hacks]( everyone should follow. *This is sponsored advertising content FROM THE CREW [Start Talking]( On Mondays, we present some of the most knotty business topics of the day, give you a few balanced resources, and encourage you to discuss with friends, family, and coworkers. This week’s topic: Uber and Lyft are poised to shut down service in California over the state's AB5 law. AB5 went into effect in January and requires gig economy companies to reclassify independent contractors as employees, thus entitling them to more benefits. Uber and Lyft are fighting it with everything they’ve got. - AB5 has implications for gig workers and non-gig workers across industries. ([CBS News]() - Uber’s CEO weighs in. ([NYT Opinion]() - How AB5 could break Uber’s business model. ([Napkin Math]() - Why proponents think AB5 is a new beginning for contract workers. ([National Employment Law Project]() - AB5 was supposed to bring changes—just not the ones it has. ([McNicholas & McNicholas LLP]() �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=Start%20Talking:%20Uber,%20Lyft,%20AB5,%20and%20the%20Gig%20Economy:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 CROSSWORD Props to Brew reader Jessica Goldstein for creating this week's excellent Brew Crossword. You can [give it a spin here](. Remember, we're now accepting reader submissions for crosswords. It's a great hobby to learn during the pandemic, so if you enjoy solving crosswords every week, try your hand at making one. - When you have your winner, send your 15x15 crossword in a PDF file to [crosswords@morningbrew.com](mailto:crosswords@morningbrew.com?utm_source=morning_brew) for consideration. Good luck! SHARE THE BREW You only need 5 more referrals to receive Morning Brew stickers. In the wise words of a certain Jedi master: “Sticker or no sticker, there is no point in having a laptop if it doesn’t have a Brew sticker on it.” Or something like that. [Share your unique link]( to start racking up referrals. [Click here to get free swag.]( Hit the button below to learn more and access your rewards hub. [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=4904f90a](             Written by [Eliza Carter](, [Alex Hickey](, and [Neal Freyman]( Was this email forwarded to you? Sign up [here](. WANT MORE BREW?  Retail newsletter → [Retail Brew](  Tech newsletter → [Emerging Tech Brew](  Marketing newsletter → [Marketing Brew](  Quarantine newsletter → [The Essentials](  Business podcast → [Business Casual]( [ADVERTISE]( // [CAREERS]( // [SHOP]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. 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