☕️ Progress

What happened at the NFT conference in NYC? November 06, 2021 [View Online]( | [Sign Up]( [Morning Brew]( TOGETHER WITH [Justworks]( Good morning. We can’t wait to cheer on Sarah Singer, our head of multimedia, who’s running in the New York City Marathon tomorrow. If you’re going, look for the woman decked out head-to-toe in Brew gear crushing her PR. While cheering is nice, what Sarah really wants is for you to follow our [TikTok]( and [YouTube]( channels and [listen]( to our [podcasts](. —Neal Freyman, Matty Merritt, Jamie Wilde MARKETS Nasdaq 15,971.59 +0.20% S&P 4,697.53 +0.37% Dow 36,327.95 +0.56% 10-Year 1.453% -13.1 bps Bitcoin $61,242.39 -0.30% Peloton $55.64 -35.35% *Stock data as of market close, cryptocurrency data as of 5:00pm ET. [Here's what these numbers mean](. - Markets: We’re officially on a roll, folks, with the S&P notching its [seventh straight day]( of gains after a strong jobs report. On the flip side, Peloton shares [cratered]( a day after its earnings report showed demand for the company’s at-home fitness equipment was drying up. Plus, its CEO John Foley is no longer a billionaire, and it froze hiring across all departments. - Government: They did it. After months of tortuous negotiations, the House [passed]( a historic $1 trillion infrastructure package intended to improve the nation’s roads, broadband, and other public works, sending it to President Biden’s desk for his signature. ECONOMY [Do You Want the Good News or the Good News?]( [Zooming in on a guy who's smiling ]( Giphy We know we’re not supposed to say this, but...yesterday morning delivered a double shot of goodness that made coffee unnecessary. First, the jobs report The US cruised past expectations, [adding 531,000 jobs]( in October while the unemployment rate ticked down from 4.8% to 4.6%. Job gains were sprinkled across industries, with the badly bruised hospitality and leisure sector picking up the most (+164,000). - Even better, the August and September jobs reports were not nearly as disappointing as we thought. August was revised upward by 117,000 jobs, and September’s by 118,000. Why it matters: The labor market is back on the open highway after getting slowed down by the Delta variant and a historic shortage of workers. That shortage, however, does seem to be sticking around. The labor-force participation rate, which measures the share of adults with jobs or looking for work, hasn’t improved in the last few months. Next, the Covid pill Pfizer released clinical trial data for its Covid-19 pill, and it was a [report card]( any helicopter parent would be proud of: The treatment reduced hospitalizations and deaths in the most vulnerable patients by 89%, a result so good Pfizer halted clinical trials early. Antiviral pills like Pfizer’s and Merck’s (which was just granted authorization in the UK) are crucial tools in the fight to turn Covid-19 from a pandemic to an endemic virus. When taken at home within days of discovering Covid symptoms, these pills are much more accessible than current treatments, which require a visit to a medical office. Why it matters: We know you’ve been hearing this for a while, but this time it really is true...the end is in sight. With booster shots flowing and effective pills on their way to authorization, by January 4—the vaccination mandate deadline for large US employers—“this pandemic may well be over” in the US, former FDA Commissioner Scott Gottlieb said yesterday.—NF �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Do%20You%20Want%20the%20Good%20News%20or%20the%20Good%20News%3F%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F11%2F05%2Fjobs-report-pfizer-covid-pill-data-gives-much-needed-boost-to-the-economy%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 JOBS [The Labor Market's Recovery in One Chart]( [Chart of jobs rebounding following historic recessions]( Calculated Risk Compare the rebound in jobs in the most recent recession (red) to the financial crisis of 2007–2008 (blue). Via [Calculated Risk](. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=The%20Labor%20Market%27s%20Recovery%20in%20One%20Chart%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F11%2F05%2Fthe-labor-market-s-recovery-in-one-chart%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 CLIMATE [Climate Update: The Youths Are Angry]( Thousands of young people, including Swedish activist Greta Thunberg, [occupied Glasgow]( yesterday to protest climate inaction as the COP26 conference wrapped up its first week. How does Greta think it’s going? “It is not a secret that COP26 is a failure,” she said. While environmental activists bashed the conference for failing to deal with the crisis, representatives did announce some progress. Here’s a recap of the biggest announcements: - 23 countries joined 167 others in agreeing to ditch new coal production over the next several decades. Still, the world’s biggest coal consumer, China, didn’t add any updates to its [promise in September]( to stop building new coal plants abroad. - 100+ countries representing over 85% of the world’s forests said they would end and begin reversing deforestation by 2030. - 105 countries signed onto the Global Methane Pledge to cut emissions 30% by 2030. - More than 450 finance firms joined GFANZ to make the Paris agreement’s targets a [central focus]( of their investments, and India is committed to hitting net-zero emissions by 2070. Looking ahead...some experts say there’s a “[cautious optimism](” going into Week 2 as negotiations on a global carbon market deal take center stage.—MM �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Climate%20Update%3A%20The%20Youths%20Are%20Angry%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F11%2F05%2Fcop26-wraps-up-week-1-with-disappointment-and-a-little-bit-of-hope%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 TOGETHER WITH JUSTWORKS [H-R U Kidding Us?](#) [Justworks]( That was our word-for-word reaction when we learned about all the HR and benefits tools from [Justworks](. They make it easier than ever to manage your team, all in one place, regardless of your team’s actual location. H-R U ready for some specifics? Justworks offers: - The ability to manage PTO, store key documents, and generate reports - Compliance support to stay on top of federal, state, and local laws - Access to national, large-group health insurance plans, plus mental health and wellness perks for your team H-R U impressed yet? Rhetorical question, of course you are! [Justworks]( is the ultimate partner to help you run your company better. H-R U tired of this joke yet? No problem—you can [click here to learn more about Justworks]( and request a demo. GRAB BAG [Key Performance Indicators]( [Aaron Rodgers ]( Sean Gardner/Getty Images Quote: “I realize I'm in the crosshairs of the woke mob right now.” Packers QB Aaron Rodgers, in an interview on “The Pat McAfee Show,” [confirmed]( that he hasn’t been vaccinated, said the media was on a “witch hunt” to determine which NFL players were vaccinated or not, and revealed that he took treatment recommendations from a “now good friend of mine Joe Rogan.” [Watch the full thing here](. Stat: Starbucks said it can customize beverages in [170,000+ different ways]( beyond the drinks on its standard menu. TikTok influencers are concocting the most outrageous combinations possible for videos, driving baristas insane, writes the WSJ. Read: The worst gadgets we’ve ever touched. ([The Verge]() �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Key%20Performance%20Indicators%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F11%2F05%2Fkey-performance-indicators-november%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 CRYPTO [NFT Enthusiasts Did the Unthinkable]( [NFT NYC ]( NFT.NYC Met each other in person. Over 5,000 JPEG lovers [schmoozed]( in NYC this week for the non-fungible token conference NFT.NYC. In 2019, the event had just 460 attendees. - The conference’s popularity reflects the rapid growth of the NFT market. Last quarter, more than $10 billion worth of NFTs were sold, up 700% from the quarter before, per DappRadar. Some notable schmoozers: Mike Winkelmann, aka Beeple (the artist behind the most expensive NFT ever), director Quentin Tarantino, YouTuber Logan Paul, Wikipedia founder Jimmy Wales, Reddit cofounder Alexis Ohanian, and Morning Brew’s Dan Toomey. - Toomey found a guy at the conference with a diamond tattooed on his hand, which...not surprising. At the 4-day event dubbed “Crypto Coachella” or “Woodstock for NFTs,” more than 600 speakers discussed the finer points of non-fungibility at numerous panels. Plus, there [were parties](: at the always-classy Margaritaville Times Square, the Edison Hotel’s rooftop, and on a yacht, hosted by Bored Ape Yacht Club, which makes NFTs of ape avatars. Bottom line: Normally, NFT fans interact behind an avatar on a Discord server, but the scale of this year’s NFT.NYC highlights 1) the growth of the space during the pandemic and 2) the community forming behind Pudgy Penguins and Cryptopunks.—JW �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=NFT%20Enthusiasts%20Did%20the%20Unthinkable%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F11%2F05%2Fnft-nyc-draws-over-5-000-attendees%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 CARTOON [Saturday Sketch]( [Sketch showing an employee attending a meeting in the metaverse dressed as a football player]( Max Knoblauch �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Saturday%20Sketch%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F11%2F05%2Fsaturday-sketch-life-in-the-metaverse%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 - [Tesla’s]( market cap of $1.2 trillion is greater than the market cap of the S&P 500’s entire energy sector. - [Meta]( is considering opening retail stores across the world to sling its virtual and augmented reality products, per the NYT. - [Kroger]( is investigating a fake press release that stated it was going to accept bitcoin cash at its stores. Walmart was hit with a similar crypto hoax back in September. - [Climate-tech startups]( have pulled in $30+ billion in funding this year, already 30% more than last year. TOGETHER WITH THE MOTLEY FOOL [The Motley Fool]( Quite the crypto wager. There are a lot of cryptocurrencies out there—and as an investor, it’s tough to tell which one is gonna be a winner. They can be volatile and nebulous, so when The Motley Fool decides to buy $5 million of a single one, your ears perk up. [Click here to see which cryptocurrency the Fool decided to bet big on](. BREW'S BETS Fashion goals: Making [bomb-looking outfits]( out of Marvel superheroes. Weekend conversation starters: - What’s the best way to [reheat a pizza](? - A [moose crashed Algebra class]( - Did you know [pebble art]( was a thing? - Any [Taylor Swift fans](? GAMES [Brew Crossword](#) [Brew Crossword promo image]( Some amazing throwbacks in today’s puzzle will have you reminiscing about the movies of the ’90s and the YouTube vids of the 2000s. [Play it here](. 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. 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](, [Matty Merritt](, and [Jamie Wilde]( Was this email forwarded to you? Sign up [here](. WANT MORE BREW? 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