☕ 152-year high

It's a good time to be an oil exec... October 29, 2022 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [The Ascent]( Good morning. We’re not sure anyone’s administered a Halloween costume contest for 4.2 million people, but we’re going to give it a shot. Reply to this email with a pic of your Halloween costume (PG-13 rated or less), and we’ll choose a winner to shout out in Monday’s newsletter. Note: If you’re going as a Liz Truss + lettuce couples costume, just be aware we’re expecting approximately 40,000 of those submissions. —Abby Rubenstein, Neal Freyman, Matty Merritt, Max Knoblauch MARKETS Nasdaq 11,102.45 +2.87% S&P 3,901.06 +2.46% Dow 32,861.80 +2.59% 10-Year 4.016% +9.2 bps Bitcoin $20,596.28 +1.11% Apple $155.74 +7.56% *Stock data as of market close, cryptocurrency data as of 12:00am ET. [Here's what these numbers mean.]( - Markets: It was a wild ride for markets this week, with both tanking Big Tech shares dragging things down and signs that the Fed might cool it on rate hikes giving investors more confidence—but in the end, hope won. Stocks rose yesterday, and all three major indexes closed out the week [higher](. One big exception to the tech gloom: Apple, which had its best day since 2020 yesterday after reporting stronger-than-expected quarterly profits the day before.  POLITICS [Nancy Pelosi’s husband attacked by home intruder looking for the Speaker]( [Paul and Nancy Pelosi]( Tasos Katopodis/Getty Images Paul Pelosi, the 82-year-old husband of House Speaker Nancy Pelosi, was beaten with a hammer in their San Francisco home yesterday by a man who [broke in]( and was searching for the politician (who was in Washington). Police identified David Depape, 42, as the attacker and said he would be charged with crimes including attempted homicide, assault with a deadly weapon, elder abuse, and burglary. Though authorities have so far maintained that the motive is unclear, the attacker reportedly yelled “Where is Nancy?” at Paul before the assault. The question recalls chants heard from the mob that attacked the US Capitol on Jan. 6, 2021. Depape’s social media posts include conspiracy theories about the 2020 election, the Jan. 6 insurrection, and Covid vaccines, per CNN. Threats against lawmakers have been on the rise, and the attack on Paul Pelosi has only increased concerns about safety as the midterm elections approach. - US Capitol Police investigated 9,625 threats against members of Congress in 2021, up from just 3,939 in 2017. - In the first quarter of 2022, they opened 1,820 new investigations. Besides that he’s Nancy’s husband, what else do we know about Paul Pelosi? Ever since Nancy launched her political career in 1976, Paul has preferred to stay out of the spotlight (though a recent DUI conviction thrust him there anyway). But he’s had major success in business: He’s the founder of San Francisco-based investment firm Financial Leasing Services, which invests in real estate and stocks. Insider has estimated the couple’s combined wealth at around $46 million. They even own a vineyard. What now? Paul was hospitalized for surgery after the attack, but a statement from the House Speaker’s office said he is expected to make a “full recovery.”—AR �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Nancy%20Pelosi%E2%80%99s%20husband%20attacked%20by%20home%20intruder%20looking%20for%20the%20Speaker%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2022%2F10%2F28%2Fnancy-pelosi-husband-paul-attacked%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%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%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A TOGETHER WITH THE ASCENT [Holiday shoppers, get your wallets ready]( [The Ascent]( Holiday season sales have started earlier than ever, but we know another way you can start scoring major savings while checking items off your list. With [this no-fee card](, you’ll get up to 5% cash back on categories you’ll actually use. But that’s not all: You’ll also get an intro 0% APR for balance transfers and purchases into 2024. That amounts to a good chunk of change going back in your wallet to use how you please. Talk about getting in the holiday spirit. Let the shopping season begin. [Apply for this card here](. WORLD [Tour de headlines](#) [Elon Musk pointing with a bird on his finger]Photo Illustration: Dianna “Mick” McDougall, Photo: Getty Images/Frederic J. Brown Elon Musk’s first full day owning Twitter was…eventful. Musk said he was [forming]( a “content moderation council with widely diverse viewpoints” and won’t reinstate any accounts before the council meets. Meanwhile, two trolls calling themselves Rahul Ligma and Daniel Johnson posed as fired Twitter employees outside company HQ, though no staff layoffs have actually been announced (yet). As for the top execs who were fired on Thursday, they’re eligible for [more than $100 million]( in severance and equity award payouts. It’s hard out here for tech billionaires. The 20 richest ones have collectively seen [$480 billion]( of their wealth evaporate this year (at least on paper) as most tech stocks came down from pandemic highs, per the Bloomberg Billionaires Index. Meta CEO Mark Zuckerberg alone lost $11.2 billion this Thursday as his company continues to struggle with declining ad revenues and his own determination to focus on the metaverse. He’s still worth around $37.7 billion, so you don’t have to feel too bad for him. Flu season is gonna be a doozy. Influenza is hitting the US both early and extra hard this year, according to [new CDC data](. There have already been ~880,000 cases so far, resulting in nearly 7,000 hospitalizations—and experts estimate this year’s season will be the worst they’ve seen since 2009, when swine flu hit. This comes as new Covid variants and a spike in RSV cases are already testing the healthcare system. ENERGY [Oil execs last quarter]( [Jerry Seinfeld counting money and laughing]( Seinfeld/Sony Pictures Entertainment via Giphy Exxon’s been around for 152 years. It has never scored higher profits than it did last quarter. ExxonMobil, the largest US oil company, said it raked in [nearly $20 billion in profits]( in Q3. And Chevron, the country’s No. 2 oil company, reported quarterly profits of $11.2 billion—its second-best quarter on record. To put some of those astronomical numbers in perspective… - Exxon’s quarterly earnings of $19.7 billion almost match those of famously profitable Apple, which brought in $20.7 billion. - Exxon’s full-year profits are projected to top those of Amazon, P&G, and Tesla combined, according to Bloomberg. But cashing those kinds of checks while Americans are struggling to pay for gas won’t earn oil execs many Halloween party invites. Exxon CEO Darren Woods dug himself a deeper hole yesterday when he boosted the company’s dividend and justified it by saying, “There has been discussion in the US about our industry returning some of our profits directly to the American people. In fact, that’s exactly what we’re doing in the form of our quarterly dividend.” President Biden responded on Twitter: “Can’t believe I have to say this but giving profits to shareholders is not the same as bringing prices down for American families.” How the tables have turned. In August 2020, when oil prices were in the dumps, Exxon was booted from the Dow to make way for a software company. Now, as oil prices have skyrocketed and inflation stalks the globe, energy is eating software’s lunch. The S&P’s energy sector is up more than 61% YTD while tech is down ~29%—NF �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Oil%20execs%20last%20quarter%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2022%2F10%2F28%2Fexxonmobil-rakes-in-record-profits-in-another-monster-quarter-for-oil-companies%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%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%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A ART [75 years of Mondrian misdirection]( [Mondrian painting being flipped around]( Illustration: Francis Scialabba, Photo: Mondrain/Holtzman Trust A careless museum curator? A mischievous sculpture in a Night at the Museum situation? No one knows for sure how the famous work by Dutch artist Piet Mondrian got flipped around, but for 75+ years it’s been hanging [upside down](. The artwork, “New York City I,” features pieces of colorful tape overlapping each other on canvas. It was first displayed (incorrectly) at MoMA in 1945 and has traveled to a number of famous museums—it has lived in one in Düsseldorf, Germany, since 1980. An upcoming show prompted curator Susanne Meyer-Büser to research the painting, and she found: - A painting with a similar name and style that’s currently on display in Paris has the same thick overlap of lines present in the piece at the top of the painting, rather than the bottom. - In a photo from Mondrian’s own studio, the piece was flipped opposite to the way it’s been hung for decades. Nothing we can do now. Unlike in the embarrassing [Matiss-ident]( of ’61, the Mondrian will not be turned around. Meyer-Büser said if it got corrected now, gravity would destroy the already frail tape. May we suggest just adding a few more pieces of tape?—MM �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=75%20years%20of%20Mondrian%20misdirection%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2Ffamous-mondrian-piece-hanging-upside-down-for-75-years%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%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%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A TOGETHER WITH FIRST NATIONAL REALTY PARTNERS [First National Realty Partners]( Add this asset class to your investing cart. Wanna invest in one of the most stable asset classes in the game? First National Realty Partners gives everyday investors access to grocery-anchored, necessity-based CRE assets that generate passive income and provide a hedge against inflation. [Learn more about investing with FNRP](. GRAB BAG [Key performance indicators](#) [12-foot-tall Home Depot Skeleton gif with hearts and dancing skeletons.]Dianna “Mick” McDougall, Sources: Home Depot, Getty Images Stat: Halloween’s not just for the candy-crazed anymore: Home improvement chains are relying on the holiday to get people into stores since outdoor decorations have gained popularity. Home Depot, known for its 12-foot skeleton, went from offering 418 holiday-themed products last year to 861 this year, according to [Retail Dive](. While its rival, Lowe’s, has only boosted its Halloween product assortment by ~20% this season, it also debuted a 12-foot mummy to compete with the skeleton, per CNBC. Quote: “We wish only the best for each other as we pursue whatever new chapters in our lives that are yet to be written.” Football star Tom Brady announced that he and supermodel Gisele Bündchen have gotten [divorced]( after 13 years of marriage. They were one of the world’s true power couples—Brady has seven Super Bowl rings and Bündchen was reportedly the highest paid model globally in 2016. Read: How Hershey sweetened its share price by going salty. ([Wall Street Journal]() CARTOON [Saturday sketch](#) [A crime scene lineup with one of the accused being a scary horsemen with a pumpkin as a head.]Max Knoblauch WHAT ELSE IS BREWING - [McDonald’s]( stock hit an all-time high yesterday after the fast-food chain’s earnings beat expectations, helped along by nostalgic promotions and cheap menu items. - [Brazil]( will hold its runoff presidential election Sunday between right-wing incumbent Jair Bolsonaro and leftist former leader Luiz Inácio Lula da Silva, and the outcome is likely to determine the fate of environmental protections for the Amazon. - [Rihanna]( released her first single in six years, a ballad for the upcoming Black Panther: Wakanda Forever soundtrack. - [Scientists]( in the UK have captured rare video footage of a Madagascan aye-aye picking its nose and eating its snot, adding them to the list of species known to exhibit this behavior. BREW'S BETS Halloween weekend conversation starters: - What are the world’s [most haunted travel destinations](? - How do you say [“Boo!” in other languages](? - Why can’t you have [candy for dinner](? - What makes horror movies [sound so scary](? Zombies are real: [Watch what happens]( when a worm takes over a snail’s brain. The taste of fear: [50 recipes]( to celebrate the season. GAMES [The puzzle section](#) Brew Crossword: Playing today’s Halloween song-themed 15x15 crossword will make for a perfect weekend playlist. [Play it here](. Open house Welcome to Open House, the only newsletter section brave enough to make the live-action Black Cauldron. We’ll give you a few facts about a listing and you try to guess the price. [8,000 square-foot castle in Idaho.]Zillow Today’s [pick]( was going to be a good old-fashioned haunted house, but what’s scarier than a half-built new construction in the midst of sky-high interest rates? That’s what we thought. This 8,000-square foot castle is in Sagle, ID, just 74 miles south of the Canadian border. Amenities include: - 2 beds, 3 baths - Private dock on Lake Pend Oreille (fifth-deepest lake in the US) - Rapunzel-esque in-law tower How much for Castle Von Frandsen (you can rename it though)? AROUND THE BREW [Have 80+ shortcuts always within reach]( [Have + shortcuts always within reach]( ️ If your two favorite things are a caffeine kick and a spreadsheet shortcut, then this is the mug for you. [Shop the Excel Mug]( now to always have 80+ shortcuts within reach. 🎃 Is being asked to help with the P&L the scariest thing that’s happened to you this spooky season? Learning Brew’s newest course, Financial Forecasting, is built to equip you with the tools to create the perfect budget. [Reserve your spot today](. ️ Should you invest in an electric vehicle now? Here are a few things you should keep in mind. [Watch now](. ANSWER $7 million � � � � � Written by [Neal Freyman](, [Abigail Rubenstein](, [Matty Merritt](, and [Max Knoblauch]( Was this email forwarded to you? Sign up [here](. WANT MORE BREW? Tips for smarter living → - [Incrypto](: Finally, crypto news you can understand - [Money Scoop](: your personal finance upgrade - [Money With Katie](: manifest your financial freedom - [Sidekick](: lifestyle recs from every corner of the internet Accelerate Your Career with our Courses → - [Business Essentials Accelerator](: Become a better communicator, operator, and innovator. - [Leadership Accelerator](: Grow your team, grow yourself, grow your impact. - [Business Analytics Accelerator](: Understand the business of numbers and make better decisions with data. [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2022 Morning Brew. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011