☕️ Promising pill

Hollywood workers are behind the scenes no more... October 02, 2021 [View Online]( | [Sign Up]( [Daily Brew]( TOGETHER WITH [The Motley Fool]( Good morning. Do you know what it feels like to have your whole squad roll up to Chipotle in Morning Brew joggers and you’re wearing plain ol’ unbranded sweatpants? Don’t find out. You can [snag your Brew joggers]( by referring five people to the newsletter, but this is the final time we’ll mention it—the giveaway ends tomorrow and won’t come back for an entire year. [Get your joggers before it’s too late](. Then, have a gr8 weekend. —Jamie Wilde, Neal Freyman, Matty Merritt MARKETS Nasdaq 14,566.70 +0.82% S&P 4,357.04 +1.15% Dow 34,326.46 +1.43% 10-Year 1.463% -2.4 bps Bitcoin $48,209.04 +10.87% Merck $81.40 +8.37% *Stock data as of market close, cryptocurrency data as of 5:00pm ET. [Here's what these numbers mean](. - Markets: Great start to Q4, everyone. The Nasdaq [snapped]( its 5-day losing streak and even bitcoin popped off. Exciting data from Merck’s Covid antiviral pills sent the drugmaker and other “reopening” stocks higher. - Economy: A measure of inflation watched by the Fed [increased the most]( in 30 years in August. US officials have stressed that higher inflation is a short-term result of pandemic supply chain imbalances, but higher prices have lasted longer than initially predicted. ENTERTAINMENT [Trouble in La La Land]( [A sign says "lights camera strike"]( Francis Scialabba 60,000 of Hollywood’s behind-the-scenes workers, including camera operators, script coordinators, and makeup artists, could soon [go on strike](, halting much of the movie and TV production that had resumed after a long pandemic shutdown. The International Association of Theatrical Stage Employees (IATSE) called for the vote Sept. 20, after conversations with the Alliance of Motion Picture and Television Producers (AMPTP)— which represents big studios and streamers alike—broke down. Voting took place yesterday, and Variety reported that workers are overwhelmingly expected to vote in favor of striking. What do they want? Higher wages from streaming companies, for one thing. A 2009 agreement allowed streaming services with fewer than 20 million subscribers to pay workers lower-than-standard wages. It was intended to help streaming become more popular at the end of the Blockbuster era, but it's persisted to this day, when new services are ramping up the pace of content production. They’re [also demanding]( shorter work days. Grueling 14+ hour days are the norm for behind the scenes crew in the entertainment industry, with as little as eight hours before the next shift. New terms would require at least 10-hour “turnarounds” to let workers commute and sleep on weekdays, and 54 hours on weekends. Everyone’s feeling the need to weigh in. Ben Stiller, Seth Rogen, and other actors [expressed their support]( for the workers they couldn’t be successful without. 119 members of Congress signed a letter yesterday pleading with the warring parties to “reach a consensus agreement” because “a strike would dramatically disrupt the industry, the economy, and the communities” the legislators represent. Big picture: Workers vs. entertainment companies has become a hotter debate in Hollywood than the acceptable circumference of sun hats. On Thursday, Scarlett Johannson resolved her high-profile dispute with Disney over her earnings from Black Widow. But if ScarJo was the frying pan, this is the fire. This strike would be the first among behind-the-scenes workers since 1945 and far bigger than the 2007–2008 strike of 12,000 screenwriters.—JW �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Trouble%20in%20La%20La%20Land%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F10%2F01%2Fhistoric-strike-could-soon-shut-down-hollywood%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A COVID [Merck's Jagged Little Covid Pill]( [Merck's antiviral Covid pill]( Merck Merck’s antiviral pill for Covid, molnupiravir, [cuts the risk](of hospitalization or death in half, according to results from a late-stage trial. That’s a super result—so good that an independent committee of scientists said, “We’ve seen enough,” and stopped the trial to allow the company to apply for authorization from the FDA. If authorized, this antiviral drug, developed in partnership with Ridgeback Biotherapeutics, would be the first oral antiviral medication available for Covid-19. Scientists say these pills are crucial in the fight to keep coronavirus patients from overwhelming hospitals. Other treatments for Covid-19 do exist. Known as monoclonal antibody treatments, they are effective at reducing severe health risks, but [cost $$$]( and are more complex since they are typically given intravenously. Pills you pop in your mouth offer a cheaper, more convenient way to keep people out of the hospital from Covid. For example, Merck’s drug is intended to be taken twice daily for five days for people recently diagnosed with Covid. Zoom out: Other drugmakers, like Pfizer and Roche, are also testing antiviral pills. We’ll likely have results from their trials before the end of the year.—NF �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Merck%27s%20Jagged%20Little%20Covid%20Pill%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F10%2F01%2Fmerck-s-antiviral-covid-pill-shown-to-reduce-risk-of-hospitalization-death-in-study%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A GOVERNMENT [The Postal Service’s Bold New Strategy]( [Nathan For You meme that reads "The plan? Increase revenue by offering worse service.]( Oct. 1 didn’t just mark the first day you were allowed to play Hocus Pocus on repeat. It was the start of Postmaster General Louis DeJoy’s [new 10-year plan]( to get the USPS out of the red, which is expected to make the mail more expensive and take longer to deliver. Here’s the plan: - More road trips. The Postal Service is cutting the share of mail it delivers via airplane from 20% to 12%, meaning the 3-day delivery guarantee for your letters will be updated to a 2–5 day range. You can see how your neighborhood will be affected [here](. - Price surges. Costs for services like Priority Mail could run up to $5 more during the holiday season (Oct. 3–Dec. 26). And even after the holidays, prices for most mail services will stay elevated. Bottom line: The Postal Service already has $188 billion in liabilities and is expected to lose an additional $160 billion in the next 10 years if DeJoy’s cost-cutting measures can’t turn things around.—MM �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=The%20Postal%20Service%E2%80%99s%20Bold%20New%20Strategy%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F10%2F01%2Fnew-post-office-plan-will-make-mail-take-longer-and-cost-more%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A SPONSORED BY THE MOTLEY FOOL [What Are These Bills Doing Here?](#) [The Motley Fool]( Something’s amiss...we keep finding dollar bills scattered around, like the ones above, which somehow scattered in exactly the shape of a dollar sign. There’s only one explanation for all that money flying around: People are getting wind of [The Motley Fool’s “All In” Stock Buy Alert](. On average, stocks selected for the “All In” signal have returned about 629%, blowing the S&P 500 into next weekend (or beating it by almost 5x, however you want to put it). You can go All In, too. The Fool just issued another [All In alert](—which they’ve only done 93 times in their history. But extraordinary stocks call for drastic measures. This one’s a tiny internet company right in the middle of the advertising market, which is 10x bigger than the online streaming industry. [Learn more about The Motley Fool’s All In stock pick here](. GRAB BAG [Key Performace Indicators]( [Tesla parked in a driveway ]( Sigrid Harms/picture alliance via Getty Images Stat: Battery electric vehicles accounted for [77.5% of new car sales]( in Norway in September, up from 61.5% last year. Tesla’s Model Y was the No. 1 selling vehicle, followed by Tesla’s Model 3. Maybe Elon Musk should name his next child Oslo? Quote: “We want to end this pandemic. We are all exhausted by it.” California Gov. Gavin Newsom said yesterday that all elementary through high school students will [need to be vaccinated]( against Covid-19 once vaccines are fully approved for kids. It’s a first-of-its-kind policy in the US. Read: Maybe Russian microwave beams aren’t causing Havana syndrome? ([BuzzFeed News](). �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Key%20Performace%20Indicators%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F10%2F01%2Fkey-performance-indicators-october-2%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A MONEY [Venezuela’s Hollow New Currency]( [A man holds Bolivar bills a street market in Caracas' Catia neighborhood, on April 6, 2021, amid the Covid-19 pandemic.]( [PEDRO RANCES MATTEY](undefined) / Contributor via Getty Images Venezuela’s government [introduced]( a brand-new form of currency yesterday that it’s calling the “digital bolívar” with six fewer zeroes than previous notes. Slight problem. This new currency is not actually “digital,” no one has been able to get their hands on it, and even if they could, it wouldn't really solve anything. This is the third time Venezuela’s leaders have lopped off some zeroes on its currency in an attempt to address the country’s hyperinflation. - Venezuela’s rate of inflation will reach 5,500% by the end of the year, according to the International Monetary Fund. Ultimately, the only thing the move will really accomplish is simplifying everyone’s math. Current payment systems and businesses couldn’t handle the number of zeroes on previous notes.—MM �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Venezuela%E2%80%99s%20Hollow%20New%20Currency%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F10%2F01%2Fvenezuela-releases-new-currency-with-six-fewer-zeroes%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A WHAT ELSE IS BREWING - [Ozy Media]( is shutting down less than a week after a NYT report detailed a history of sketchy (if not downright illegal) business practices. That was fast. - [PwC]( is allowing 40,000 of its US employees to work remotely indefinitely, the first of the “Big Four” accounting firms to pivot to remote work so drastically. - [Google]( is scrapping its plan to offer bank accounts directly to its users. - [Today in higher prices](: Coal prices reached their highest level on record amid the global energy crunch. And [lumber prices]( (remember them?) are back up 40% from late August. - [The National Women's Soccer League]( canceled all of its matches this weekend following allegations that a coach, the now-fired Paul Riley, sexually coerced players. BREW'S BETS Meet Gainful. They take an innovative, science-backed approach to nutrition, personalizing protein powder to meet your unique needs. Why? Because your health deserves better than one-size-fits-all. [Get $15 off Gainful here](.* Makin’ money move. [DailyPay](, the fintech company valued at over $1 billion, is creating a new financial system that puts money in the right place at the right time, for everyone. [Join them and Change Pay for Good](.* Home recs: 1) the best [seat cushion]( for your bum 2) [beer can-shaped glasses]( and 3) the much-needed [laptop stand](. H/t to our Sidekick newsletter for all these recs. ([Sign up here](!) Weekend conversation starters: What will the most popular [Halloween costume]( be this year?[Shakira vs. wild boars]( We’ve all [been there]( Good haircut or [great haircut](? *This is sponsored advertising content GAMES [Brew Crossword](#) [Brew crossword promo image ]( You know what to do: [Slam the link]( and get a PR on our weekly crossword puzzle. SHARE THE BREW We think you should [share the Brew.]( Not only is it a smart thing to do for your friends, it’s also the smartest way to get showered in free Brew swag and exclusive content. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=4904f90a]( � � � � Written by [Neal Freyman](, [Jamie Wilde](, and [Matty Merritt]( Was this email forwarded to you? Sign up [here](. WANT MORE BREW? Industry news, with a sense of humor → - [Emerging Tech Brew](: AI, crypto, space, autonomous vehicles, and more - [HR Brew](: analysis of the employee-employer relationship - [Marketing Brew](: the buzziest happenings in marketing and advertising - [Retail Brew](: retail trends from DTC to "buy now, pay later" Tips for smarter living → - [Money Scoop](: your personal finance upgrade - [Sidekick](: lifestyle recs from every corner of the internet Podcasts → [Business Casual]( and [Founder's Journal]( Accelerate Your Career → - [MB/A](: virtual 8-week program designed to broaden your skill set [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2021 Morning Brew. All rights reserved. 22 W 19th St, 8th Floor, New York, NY 10011