☕️ Remembering two visionaries

There's still a lot we don't know about Omicron... November 29, 2021 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [Bombas]( Good morning. It sure is nice to be back in the inbox after a few days off, especially with so much news to unpack. But before we get to the unpacking, here’s a wild project our team cooked up in the spirit of the holiday season: 12 Days of Giveaways, which aims to get serious prizes in the hands of readers who share the Brew. How serious? Well, today we’re giving away $2,000 in cash. If you refer a friend to the Brew before midnight (ET) tonight, you'll be entered into a raffle to win $2,000. And if you win, a friend who signs up will win $2,000, too. [Start sharing now](. —Neal Freyman MARKETS: YEAR-TO-DATE Nasdaq 15,491.66 +20.20% S&P 4,594.62 +22.33% Dow 34,899.34 +14.03% 10-Year 1.536% +61.7 bps Bitcoin $57,563.20 +98.48% Oil $71.84 +48.06% *Stock data as of market close, cryptocurrency data as of 9:00pm ET. [Here's what these numbers mean](. - Markets: Stocks dropped sharply in the post-Thanksgiving trading session on Friday due to concerns over the new Covid variant, Omicron. The Dow fell 2.5% for its [worst day of the year](, and the S&P also tumbled 2.3%. Oil prices and travel stocks also got rocked given fresh worries over travel demand, while “stay-at-home” names like Peloton and Zoom got a boost. - Economy: It’s still way too early to know the impact of Omicron on economic growth. As we laid out last week, the Fed is [under pressure]( to accelerate the winding down of its stimulus measures in order to battle inflation, but the new variant could change the calculus. Investors [dialed back]( their expectations of a sooner-than-expected rate increase on Friday. COVID [Omicron Crashes Thanksgiving]( [Scene from Arrested Development, where Tobias says "I hate to turn up out of the blue uninvited"]( Arrested Development We take a break from writing a newsletter for three days and look what happens—a new variant of Covid-19 called Omicron has put the world on [high alert]( over its potential to spread rapidly, evade protection offered by current vaccines, and increase the risk of reinfection. Never again. So what’s Omicron and why has the WHO deemed it a “variant of concern”? Also known as B11529, this variant is like an especially powerful Covid X-Man. Omicron has [more than 30 mutations]( on the critical spike protein, which is what the virus uses to latch onto human cells. It’s not yet known whether it causes more severe illness than previously discovered strains. Omicron was first identified by researchers in South Africa, who were investigating a surge in cases in the country’s most populous region. But over the weekend, cases of Omicron were detected in a number of European countries as well as Israel, Australia, and more. Dr. Fauci said he wouldn't be surprised if Omicron was already spreading in the US. Countries are reimposing travel restrictions to slow the spread Israel banned all foreign nationals from entering the country. The US, Germany, Japan, Canada, and many others are also restricting travel from southern African nations. In defending the US’ travel restrictions, Biden said, “I’ve decided that we’re going to be cautious,” given the US’ lethargic response to containing the spread of another Covid-19 variant, Delta. But South Africa is [irate](, arguing that it’s being punished economically for its ability to detect new variants. Travel industry groups also pushed back against the renewed restrictions. Will current vaccines work against Omicron? We’ll find out soon. BioNTech is currently investigating how well the vaccine it developed with Pfizer combats the new variant. Moderna is doing the same, and results could be released in two weeks. - Moderna’s Chief Medical Officer Paul Burton told the BBC that, if needed, his company could have a [new vaccine]( formulated to neutralize Omicron in early 2022. - Pfizer and BioNTech also said they could ship a new vaccine within 100 days. Bottom line: We are still in the very early stages of understanding Omicron and how it may change the trajectory of this pandemic, so scientists are stressing patience while they gather more data. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Omicron%20Crashes%20Thanksgiving%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F11%2F28%2Fomicron-variant-crashes-thanksgiving-weekend%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%3Da905682a%26utm_source%3Demail_share%0A RETAIL [Black Friday Ain't What It Used to Be]( [Shoppers at Lululemon on Black Friday ]( Joel Lerner/Xinhua via Getty Images The preliminary numbers are in from the nationwide shopping spree over the Thanksgiving weekend. Here’s [what we learned](. On Black Friday, store traffic was a mixed bag. It was 47.5% higher than last year, when Covid was spreading across the country and vaccines were not yet authorized, per Sensormatic Solutions. But store traffic was down 28.3% from 2019 levels, suggesting that more Americans took advantage of early discounts and snagged their gifts before Black Friday. Online spending also declined. For the first time ever, online Black Friday spending declined from a year earlier, down to $8.9 billion this year from $9 billion in 2020, according to Adobe Analytics. Speaking of Thanksgiving…more people are sticking around for dessert. With major chains like Target and Walmart closed on the holiday, visits to brick-and-mortar stores on Thanksgiving plunged 90.4% from 2019, per Sensormatic. And finally, Cyber Monday. Adobe predicts shoppers will shell out between $10.2–$11.3 billion today, which is the biggest online shopping day of the year in the US. That would be on par with last year’s Cyber Monday, when $10.8 billion was spent. + For in-depth retail news...check out [Retail Brew](. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Black%20Friday%20Ain%27t%20What%20It%20Used%20to%20Be%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F11%2F28%2Fshoppers-returned-to-stores-on-black-friday-but-still-28-below-2019-levels%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%3Da905682a%26utm_source%3Demail_share%0A OBIT [Remembering Two People Who Changed the Game]( [Creative Director Virgil Abloh poses after the Off-White Fall/Winter 2021/2022 show as part of Paris Fashion Week]( Pierre Suu/Getty Images The world lost two geniuses who pushed the boundaries of their crafts this weekend. Virgil Abloh The influential menswear designer [died on Sunday]( after privately undergoing treatment for a rare and aggressive cancer for more than two years. He was 41. Abloh is famous for bringing streetwear sensibilities into the historically vanilla world of high fashion. He founded the brand Off-White in 2013, and later was chosen as artistic director of menswear at Louis Vuitton—becoming the first Black designer to lead a major luxury brand. In addition to his day job, Abloh took on a variety of other projects that showcased his passion for blending culture, music, and design. He worked closely with Kanye West as the musician’s creative director, and frequently collaborated with many brands, including Nike, Evian, and Ikea. Stephen Sondheim The composer and lyricist behind many of Broadway’s most innovative and enduring shows, including Sweeney Todd, Company, and Sunday in the Park with George, [died on Friday]( at 91. He also wrote the lyrics to West Side Story, and one listen to “Maria” will tell you Sondheim’s lyrics were “the most beautiful sound I ever heard.” �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Remembering%20Two%20People%20Who%20Changed%20the%20Game%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F11%2F28%2Fremembering-virgil-abloh-and-stephen-sondheim%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%3Da905682a%26utm_source%3Demail_share%0A TOGETHER WITH BOMBAS [Look at These Lewks](#) [Bombas]( And then, look at this: [Bombas]( is having their Big Bonanza of a Holiday sale where everything is 20% off. These lewks look downright delish, with fun patterns, exciting colors, and thoughtful design features like invisible seams and super soft fabrics. And look, we know the lewks themselves are compelling, but Bombas has also donated over 50 million items of essential clothing to those in need. With socks, underwear, and t-shirts being the most requested items at homeless shelters, Bombas is once again making the holiday season a time of giving. Lewks like this, that feel this good and do so much good, don’t come around so often. And try as you might, you won’t find softer, more festive lewks that are [20% off right now](. [So please, look here at these lewks and save 20% during the Bombas Holiday Sale](. GRAB BAG [Key Performance Indicators]( [A set from MrBeast's recreation of Squid Game]( MrBeast/YouTube Stat: YouTuber Jimmy Donaldson, better known as MrBeast, [spent $3.5 million]( building a set that recreates the challenges from Netflix’s series Squid Game, and invited 456 contestants to compete for a chance at winning a $456,000 jackpot. Unlike the show, MrBeast’s Squid Games were nonviolent, but the [video]( has racked up more than 100 million views on YouTube in less than a week. Quote: “I don’t come up with ideas in a test tube, I come up with ideas by breaking test tubes.” —Virgil Abloh Read: The 100 best inventions of 2021. ([Time]() �  �  �  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%2F28%2Fkey-performance-indicators-november-29%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%3Da905682a%26utm_source%3Demail_share%0A CALENDAR [The Week Ahead]( When you’re not binging the new Beatles documentary or doomscrolling for news on the Omicron variant, here are the other major events to look out for. Economic data: The November jobs report lands on Friday amid signs the labor market is picking up steam. Last week, initial jobless claims came in at 199,000, their [lowest level]( since Nov. 15...1969. Oil in focus: OPEC+, a group of major oil producers, will [meet]( on Thursday to decide whether to ramp up output. Their plans have been thrown for a loop given the Omicron-induced plunge in oil prices on Friday, not to mention President Biden’s recent move to release oil from the US’ strategic reserve. Art Basel: The global art extravaganza arrives in Miami Beach on Thursday after being canceled in 2020. If the words “art” and “Miami” appearing in the same sentence is any indication, NFTs will play a big role in this year’s fair. Everything else: - The Supreme Court will hear the most [consequential abortion case]( in decades on Wednesday. - It’s Always Sunny in Philadelphia returns for a 15th season on Wednesday. - Chanukah began yesterday and lasts for eight nights. Remember [this jam]( from two years ago? �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=The%20Week%20Ahead%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F11%2F28%2Fthe-week-ahead-november-29%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%3Da905682a%26utm_source%3Demail_share%0A WHAT ELSE IS BREWING - [The sex-trafficking trial]( of Ghislaine Maxwell, the British socialite who is accused of recuriting girls for Jeffrey Epstein’s sexual abuses, will hear opening statements today. - [The domestic box office]( showed signs of life over the 5-day Thanksgiving weekend, bringing in $142 million in ticket sales. But in non-Covid years it’s typically grossed more than $250 million in the same period. - [Half of companies]( that raised more than $1 billion in an IPO this year are now trading at or below their listing price, per the FT. - [Canada]( is dipping into its strategic reserves of maple syrup to combat a shortage of the sticky stuff. SPONSORED BY SIMPLISAFE [SimpliSafe]( Great news for you. Absolutely horrendous, awful news for thieves. [SimpliSafe’s Cyber Monday]( sale is on now. That means you can get 50% off your custom security system PLUS an indoor SimpliCam for FREE. You can set up your system in just 30 minutes, so every window, door, archway, patio, reading nook, and fancy foyer can be protected in no time. [Get 50% off and a free SimpliCam when you order today](. BREW'S BETS The fry universe: Why do you like some french fry shapes more than others? [Find out here](. Dive back into the week: - Shallow dive: Your [average pool player]( - Medium dive: Andrew Garfield on [dealing with grief]( - Deep dive: An [excellent interview]( with Stephen Sondheim - Cannonball: We should be paying way more attention to [air pollution]( GAMES [The Puzzle Section](#) Turntable: Ease back into the week with [this addicting word game](. Auto trivia At 86 years, which car model has the longest production run of all-time? Hint: It’s an American brand and not a sedan. SHARE THE BREW [12 Days, 12 Giveaways](#) [Graphic showing readers can win $2,000 by sharing the Brew]( Day 1 of our 12 Days of Giveaways is a doozy. When you [share the Brew]( today, you’ll be entered into a raffle to win $2,000. And there’s a mega-sweetener: If you’re chosen as the winner, a friend who you referred will also win $2,000. Not sure if there’s a dictionary entry yet for a “win-win,” but this is as close to one as you can get. Keep in mind: Every confirmed referral is 1 entry to win. So the more you refer, the more entries you get. [Share to win]( Disclaimer: Only readers with US addresses are eligible to participate. Check out the full [terms and conditions](. ANSWER Chevy Suburban HOW WAS TODAY'S NEWSLETTER? [GREAT]( [GOOD]( [BAD]( � � � � � Written by [Neal Freyman]( 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 Podcasts → [Business Casual]( and [Founder's Journal]( [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