☕ Playing dress up

Why Hollywood stars have to rethink their Halloween costumes... [Advertisement] October 21, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Masterworks]( Good morning. Wet weather is forecast for New York City today, the seventh consecutive weekend it’s rained here. Seriously—what is going on? Meteorologists say that a persistent weather pattern in the upper atmosphere has created ripe conditions for storms in the Northeast. But we’re convinced it’s a curse…the Curse of Dave Lozo. Not coincidentally, Dave started writing at the Brew around the same time the weekend washouts began. The only way to break the spell and restore balance to the universe: We must hire Lave Dozo. Who knows them? —Sam Klebanov, Cassandra Cassidy, Matty Merritt, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 12,983.81 -1.53% S&P 4,224.16 -1.26% Dow 33,127.28 -0.86% 10-Year 4.928% -6.2 bps Bitcoin $29,650.10 +3.05% AmEx $141.57 -5.38% *Stock data as of market close, cryptocurrency data as of 4:00am ET. [Here's what these numbers mean.]( - Stocks [fell]( yesterday as investors stayed spooked by high bond yields, rising oil prices, and concerns about the Fed’s next move. American Express dropped despite reporting record profits for last quarter because the growth of spending on its cards by businesses has slowed.  Markets Sponsored by Fidelity AI real talk: Learn about how AI is impacting business and the economy in the latest episode of Fresh Invest, our investing podcast sponsored by Fidelity. Watch on Fidelity’s YouTube [or listen here](. INTERNATIONAL POLITICS [Hostage release highlights Qatar’s role as mediator]( [Signs with hostages]( Leon Neal/Getty Images Hamas allowed two Americans who were among the 203 hostages held by the group to leave Gaza yesterday. The deal to [free the mother and daughter]( captured during Hamas’s violent Oct. 7 incursion into southern Israel was brokered by Qatar. The tiny, oil-rich country is uniquely positioned to liaise between the Israeli-allied US and Hamas, which the US and the EU have labeled a terrorist group. Why? Qatar hosts a strategic American air base within its borders, earning it the Major Non-NATO Ally (MNNA) designation the US typically reserves for countries with a close relationship like Australia and Japan. At the same time, the country that hosted last year’s World Cup has been hosting (and bankrolling) Hamas… - Qatar’s capital, Doha, is the location of Hamas’s international headquarters and is the longtime home of the org’s top brass, including its de facto leader, Ismail Haniyeh. - The Qatari government doles out $30 million monthly to needy residents of the Gaza Strip, which Hamas governs, and for Hamas-run civil services. However, the notorious shadiness of Hamas’s finances makes it impossible to know where all the [suitcase cash]( goes. It’s a fine line to walk Being the mediator boosts Qatar’s international profile, but its continued chumminess with Hamas has pushed [some critics to call]( on Western governments to sanction the constitutional monarchy and its flashy global investment portfolio, which includes stakes in British Airways, Paris Saint-Germain FC, and the Empire State Building. - Speculation about which swanky hotel(s) Haniyeh and Co. reside in even [prompted]( one US lawmaker to demand that Bill Gates bar them from the hotel chain he partially owns—the Four Seasons, which has a Doha location. Some experts predict that the Israel-Hamas war might force Qatar to choose between maintaining its longtime commitment to funding extremist groups in the region and keeping its relationships with Western allies. But for now, the US is reportedly [trying to negotiate]( the release of more hostages via Qatari mediators. Qatar’s strength as a mediator goes beyond the Middle East: Its diplomats also recently helped convince Russia to [return four Ukrainian children]( to their families.—SK   WORLD [Tour de headlines](#) [Jim Jordan]Anna Moneymaker/Getty Images Jim Jordan is no longer the House speaker nominee. After losing a third vote on the House floor and another one behind closed doors, the Ohio rep became the second lawmaker nominated by his party (after Steve Scalise) to [give up]( trying to become the replacement for Kevin McCarthy, who was ousted by a hard-right group of colleagues. Where does this leave the leaderless House, which can’t conduct any business? Still stuck. Republicans say they’ll start fresh on Monday to try to find someone they can get behind. It’s not clear who that could be, but any potential speaker needs broad GOP support because Democrats will continue to unite behind their own party leader. Biden asked Congress for $106 billion in foreign aid. Whoever ends up with the speaker’s gavel is going to have their work cut out for them, especially since the president just asked for a [massive aid package]( in part to avoid future fights over new funds for Ukraine and Israel—both of which have their critics in Congress. The package includes $61 billion to carry Ukraine through a full year, $14 billion for Israel as it fights Hamas, $10 billion for humanitarian aid, plus cash to counter China in Asia. Whether it can get through Congress or not, you’ll probably hear more about this request as the election heats up. SCOTUS to weigh White House communications with social media companies. The Supreme Court has [agreed to review]( an appeals court’s ruling that the White House coerced social media companies to take down controversial content. While it does, it’s putting on hold the appeals court’s order barring some members of the Biden administration from further communication with the companies. It adds to a high court term already packed with social media cases, including one about when government officials can block social media followers and another over state governments’ efforts to regulate content moderation. PRESENTED BY MASTERWORKS [Billionaires wanted it. 54,578 everyday investors got it first.]( [Masterworks]( When incredibly valuable assets come up for sale, it’s typically the wealthiest people who end up taking home an amazing investment. But not always… One platform is taking on the billionaires at their own game, buying up some of history’s most prized blue-chip artworks. Its investors have already realized annualized net [returns of 17.8%, 21.5%, 35% and more](. It’s called Masterworks. Their nearly $1 billion collection includes artists like [Banksy, Picasso, and Basquiat](. When Masterworks sells a painting—like the 16 it’s already sold—investors reap their portion of the net proceeds. Offerings can sell out in minutes, but Morning Brew readers can [skip the waitlist to join with this exclusive link](. TAXES [The IRS crackdown on millionaires is paying off]( [Mr. Burns saying "Oh dear god"]( The Simpsons/20th Century Television What do the IRS and the person who Venmo charges their ex-boyfriend for his birthday gift have in common? They’re both getting what they’re owed. Yesterday, the [agency reported]( that it had recovered $160 million from more than 175 high net worth individuals. The crackdown is part of a larger effort by the IRS, bolstered by $60 billion in funding from the Inflation Reduction Act, to close the estimated $688 billion gap between taxes owed and what the agency collected in tax year 2021. Some of the money recouped so far came as restitution in criminal cases. - One miscreant paid back $15 million to the IRS after being caught deducting personal expenses—including a 51,000 square-foot mansion with tennis, basketball, and bocce ball courts—as business expenses. - Another person pleaded guilty to falsifying tax returns and stealing $670,000 from their business, $502,000 of which went to gambling. Looking ahead…in 2024, the IRS plans to bring on new accountants (if it can [find any]( to work on audits of some of the largest tax-paying corporations and to incorporate AI to help detect tax cheating.—CC   TOGETHER WITH NYSE [NYSE]( Things are looking up. Resilient economic and earnings data, an expected end to Fed rate hikes, lower market volatility, and a broader recovery in the equity markets are favorable signs for IPO activity. With 8 of the 10 largest tech IPOs ever, the NYSE is ready when you are. [Learn more](. ENTERTAINMENT [No struck Halloween costumes, actors union says]( [Halloween costume bag with a picture of a wizard on it and the bag reads “Wizard: General”. There’s a sticker on the package that says “SAG-AFTRA APPROVED!”]( Francis Scialabba Actors will have to get creative or fight over the giant banana costume at Spirit Halloween. SAG-AFTRA [urged]( its members not to dress up as characters from works by studios they’re striking against this Halloween as the actors union continues its longest walkout in history. Sorry to celebs who were going to dress as M3GAN or rollerblading Ken and Barbie, but if they want to post their costumes on social media, they’ll have to find a generic costume like a wizard or ghost to avoid giving studios publicity. Union members can also dress up as characters from reality TV, music videos, commercials, or independent productions—so the slate of A24 horror films is fair game. Today marks 100 days on strike for SAG-AFTRA. A note about costumes probably wasn’t the message workers in the entertainment industry were hoping to get from the union after negotiations abruptly [stalled]( last week and studios said said the union’s demands would create “an untenable economic burden.” There was a brief moment of optimism when a group of Hollywood A-listers led by George Clooney pitched the actors union a plan that would involve highly paid actors chipping in more to cover benefits the studios aren’t willing to pay for. But the union [rejected]( the idea.—MM P.S. For the TL;DR of the actors strike (and some solid musical numbers), watch our [video](.   GRAB BAG [Key performance indicators](#) [A weight-loss drug]NurPhoto/Getty Images Stat: The already booming market for weight loss treatments like Ozempic might get even bigger as drug companies seek to make them available for small fries. The CDC estimates that ~20% of kids 6+ in the US have obesity, and manufacturers are working to make their weight loss drugs available for that age group. According to Bloomberg, Novo Nordisk [is testing]( its Saxenda in kids as young as six, and Eli Lilly is getting ready for similar trials of Mounjaro. That could give the companies lifelong customers since the drugs only keep weight off as long as people take them—and Goldman Sachs’s recent estimate that the drug category would make $100 billion by 2030 didn’t even take sales to children into account. Quote: “There is no hope for unification in our community until you step aside.” Dun-dun: Law & Order creator Dick Wolf is the latest big-name donor to pull back from his Ivy League alma mater (UPenn) over perceived antisemitism on campus concerning a Palestinian literature event and the school’s response to the Israel-Hamas war. But Wolf is going further than just saying he won’t write any more checks: The Emmy winner—whose name adorns UPenn’s Wolf Humanities Center—[wrote a letter]( demanding that the university’s president and the chair of its board of trustees step down, according to CNN. Read: How the bond market is screaming “danger” for the economy. ([New York Magazine]( NEWS [What else is brewing](#) - [OpenAI]( is reportedly in talks for a share sale that values the company at ~$80 billion. That’s triple what the company was valued at less than three months ago and would make it the most valuable startup in San Francisco. - [The UAW’s]( president said “there’s more to be won” despite Detroit’s Big Three automakers offering up record 23% raises. But the union did not further expand the strike yesterday. - [Donald Trump’s]( legal troubles may be mounting: Trump campaign attorney Kenneth Chesebro agreed to plead guilty in the Georgia election interference case, making him the second Trump attorney to do so after Sidney Powell. And a [New York judge]( fined the ex-prez $5,000 for violating a gag order. - [Jon Stewart’s]( talk show won’t be getting a new season on Apple TV+ after the comedian reportedly clashed with Apple execs over how to cover issues such as China, Israel, and AI. - [Argentine voters]( will pick a new president tomorrow. The current front-runner is far-right candidate Javier Milei, who wants to abolish the central bank and owns five cloned dogs. RECS [Saturday To-Do List graphic] Play: Imagine working for Elon: This game puts you in charge of running a [trust and safety team](. Watch: How “the Picasso of counterfeiting” made such [realistic bills](. Eat: Even Martha Stewart gets too busy to spend time in the kitchen—here are her top [15-minute dinner]( suggestions. Explore: Travel without getting off the couch with this [digital 3D map]( of Tokyo’s public transportation system. Watch and learn: Curiosity Stream offers a [giant library]( of shows + series covering topics like science, nature, history, technology, and more. Watch high-quality documentaries + expand your knowledge when you [subscribe here]( *A message from our sponsor. GAMES [The puzzle section](#) Brew crossword: Get in the Halloween spirit with today’s crossword. [Play it here](. Open House Welcome to Open House, the only newsletter section not afraid of the name Gore Valley. We’ll give you a few facts about a listing and you try to guess the price. [Mansion in Vail, Colorado with glass windows, a lot of long fire places, marble surfaces, indoor in-ground hot tubs, and an infinity pool outside.]Sotheby’s Today’s [ice castle]( in Vail, Colorado, has so many marble surfaces and straight lines that it feels just as cold on the inside as it is on the outside. The home is 8,801 square feet and has an outdoor infinity pool with a glass bottom. Other amenities include: - 6 beds, 7 baths, 2 half-baths - 6,500-square-foot heated deck - Loooong fireplace How much for the winter retreat? SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. We’re saying we’ll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=4904f90a]( ANSWER Open House: $40 million Word of the Day Today’s Word of the Day is: miscreant, meaning “someone who behaves badly or breaks the law.” Thanks to upstanding citizen Scott from Florida for the suggestion. Submit another [Word of the Day here](. ✷ A Note From Fidelity Investing involves risk, including risk of loss. Fidelity and Morning Brew are independent entities and are not legally affiliated. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 ✢ A Note From Masterworks Past performance is not indicative of future returns. Investing involves risk. See disclosures at [masterworks.com/cd](. Written by [Neal Freyman]( [Abigail Rubenstein]( Sam Klebanov, [Cassandra Cassidy]( and [Matty Merritt]( Was this email forwarded to you? Sign up [here](. 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