The Washington Post tries to turn things around...
[Advertisement][Advertisement] November 06, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [BMW]( Good morning. Yesterday marked one year until Election Day, and the polls are not looking great for President Biden. A New York Times and Siena College [poll]( released this weekend found that Biden is trailing former President Donald Trumpâhis likely opponent next fallâin five of the six battleground states that could decide the 2024 election. Itâs still early, but Biden appears to have lost considerable popularity among young and nonwhite voters: - Voters under 30, who leaned hard for Biden in the last election, now favor him by just a single percentage point.
- Nearly 70% of nonwhite voters under 45 said they voted for Biden in 2020. Now, only 49% support him. Only 364 days to go⦠âNeal Freyman, Dave Lozo MARKETS: YEAR-TO-DATE Nasdaq 13,478.28 +29.76% S&P 4,358.34 +13.97% Dow 34,061.32 +2.79% 10-Year 4.519% +63.9 bps Bitcoin $35,205.30 +112.75% Oil $80.89 +5.15% *Stock data as of market close, cryptocurrency data as of 12:00am ET. [Here's what these numbers mean.]( - Markets: Investors were dealt pocket aces last week with an ideal jobs report and a [Treasury borrowing plan]( that calmed nerves on Wall Street. Bond yields, which had been spiking and putting pressure on stocks, fell the most since March, lifting stocks to their best week all year. Another busy week of corporate earnings will put the rally to the test.  REAL ESTATE [Major changes coming to the homebuying process](
[Scene from Always Sunny in Philadelphia about real estate agents]( Itâs Always Sunny in Philadelphia/FX A federal jury in Missouri last week found the National Association of Realtors and large brokerages conspired to keep commissions artificially high, finding them liable for $1.8 billion in damages. This decision could have a [major impact]( on anyone buying or selling a home. For one, it could lead to a 30% decrease in the $100 billion Americans pay in real estate commissions every year, according to investment banking firm Keefe, Bruyette & Woods (KBW). What else might change? More flexibility for buyers. Under the current system, sellers pay their own agentâs commission of roughly 5%â6%, which is shared with the buyerâs agent. If sellers are banned from paying buyersâ agents, then buyers would have to pay their own agent (if they choose to use one) a flat fee or hourly rate. But first-time buyers could feel the crunch. That fee could be a bigger issue for first-time buyers who havenât amassed the savings to pay for an agent on top of their down payments and closing costs. Less commission paid by sellers. In order to advertise a listing on a database known as the MLS (Multiple Listing Service), which populates real estate websites like Zillow and Redfin, sellers in most markets must agree to pay the buyerâs agentâs commission as well as their own agentâs. That practice could be scrapped. Trouble for real estate agents. With $30 billion potentially leaving the industry, KBW estimates 1.6 million agents could lose their jobs. Startups get new life. Previously, companies like Purplebricks and REX offered lower or flat fees to sellers and did not promise to pay the buyerâs agentâs commission, but were eventually forced to close their doors. REX co-founder Jack Ryan [told the WSJ]( âThis will be a catalyst because no one could break the cartel.â Looking aheadâ¦legal battles are still ongoing, and the size of the fallout will become clearer when the judge in the Missouri case explains what industry rules will need to change following the juryâs guilty verdict. But whatever the judge says, the US real estate industry will never be the same.   PRESENTED BY BMW [Electric luxury](
[BMW]( The holidays are guaranteed to be hectic. But you can make the most of every journey with the rush of 100% electric power and precision from BMW. Thereâs no better time to bring home the Ultimate Electric Driving Machine. Hurry in to the [BMW Road Home Sales Event]( happening now through Nov. 30. Wherever your drive leads you this holiday season, take on the winding winter roads with confidence in the [100% electric BMW i5 and BMW iX](. These two machines are built with cutting-edge style and endless luxury, ensuring that every time you get behind the wheel, itâs a moment to remember. Discover the charge of 100% electric performance. Shop the [BMW Road Home Sales Event](. WORLD [Tour de headlines](#)
[US Secretary of State Antony Blinken (L) shakeshands with Palestinian president Mahmud Abbas at the Palestinian Muqataa Presidential Compound in the West Bank city of Ramallah]Jonathan Ernst/Pool/AFP via Getty Images Blinken makes high-stakes diplomatic tour of Middle East. Secretary of State Antony Blinken made [surprise stops]( in the Israeli-occupied West Bank and Baghdad, where he discussed getting more aid to civilians in Gaza and suggested the Palestinian Authority could have a âcentral roleâ in Gaza should Israel dismantle Hamasâs control in the territory. Over the weekend, pro-Palestinian demonstrations were held in global cities, including a [large protest]( in DC, while Israelis whose family members were taken hostage by Hamas decried the [lack of attention]( on the kidnappings. Influential US senators called on Israel to [change tactics]( and limit Palestinian civilian casualties as the death toll soars. Elon Musk unveils Grok, the ârebelliousâ chatbot. Thereâs a new generative AI chatbot on the scene and itâs here to ask, âHow do you do, fellow chatbots?â Elon Musk announced his latest invention Sunday morning, saying his new chatbot, [Grok]( by his AI company, xAIâwill have a ârebellious streakâ and bring a sense of humor and sarcasm that rivals like ChatGPT donât offer. Musk posted an example of Grokâs cutting-edge abilities on X where the chatbot [gave broad instructions for making cocaine]( but ended the recipe with the famous comedic phrase, âJust kidding!â Grok will have real-time access to X, which Musk says gives it a massive advantage over other chatbots. Berkshire Hathaway posts surge in profits and record cash. Warren Buffettâs Omaha-based conglomerate reported a [40% increase]( in operating profits to $10.8 billion and grew its cash pile to a record $157 billion last quarter. Buffett seemed pretty sour on stocks: In Q3, he sold more than $5 billion worth of US and foreign stocks while piling money into Treasury bills now yielding 5% or more. Berkshire-owned insurance company Geico, which Buffett has called his âfavorite child,â continued to bounce back from its recent slump with underwriting earnings of $1.1 billion. MEDIA [Can a new CEO turn around the Washington Post?](
[William Lewis is the new publisher and CEO of The Washington Post]( Elliott O'Donovan for The Washington Post via Getty Images As it tries to plug a big financial hole and boost declining readership, the Washington Post [hired]( news industry vet William Lewis as its new CEO and publisher. Acquired by Jeff Bezos for $250 million in 2013, the Post was on a roll when then-President Donald Trump was in the headlines, reaching a peak of 3 million digital subscribers in 2020. But since Trump left office, the companyâs digital audience has plunged 28% and its subscriber base has fallen to 2.5 million. Itâs on pace to lose $100 million this year, per the New York Times. Missed revenue goals and low employee morale caught the attention of Bezos, who took a [renewed interest]( in the Post in January after being hands-off for years. In a letter to journalists last month, Bezos wrote that heâs âas committed to the future of The Post as ever,â but stressed itâs âimportantâ that it become profitable. Enter: William Lewis. The ârelevant experienceâ section of Lewisâs resume would run well over a page, since heâs been the CEO of WSJ-parent Dow Jones, the editor of the Daily Telegraph, and co-founder of the startup News Movement. He was even knighted earlier this year. Looking aheadâ¦Lewis will try to capitalize on interest around the upcoming presidential election (ft. Trump) to make Bezos not regret his purchase.   TOGETHER WITH FIDELITY
[Fidelity]( Just gonna circle back . We just wrapped up the 4th season of Fresh Invest, the investing podcast sponsored by Fidelity and powered by Morning Brew. For our final ep, weâre recapping some big hits from the season, including: - [key strategies for millennial investors](
- [the ins and outs of preparing for retirement](
- [how AI is changing the landscape of finance](
- [blending finances with your partner]( CALENDAR [The week ahead](#)
[5 Things to Know About WeWork CEO Adam Neumann]Michael Kovac/Getty Images for WeWork WeBankrupt: Once among the most valuable startups in the world, WeWork is expected to file for [bankruptcy]( this week. WeWorkâs bankruptcy would be a blow to landlords who have leased a large portion of their real estate to the company, particularly in New York, and are struggling to make payments on debt tied to their buildings. It will also be a good time to revisit when WeWork invested in a company that makes [artificial surfing waves](. Donald Trump to take the stand in his civil trial: Trump is [scheduled to testify]( today in a civil fraud trial over accusations that he inflated his net worth by billions of dollars to secure better loans from banks. While the former president is not facing prison time, the trial could cost him his real estate empire. The presiding judge already ruled that Trump, his sons, and the Trump Organization committed fraud by exaggerating the value of their assetsâall thatâs left to be determined is how much they will owe and whether the Trumps can continue doing business in New York. Virginia election seen as bellwether for national races: As Americans head to the ballot box on Tuesday, Virginiaâs statewide elections will be closely watched as a [preview]( of next yearâs presidential race. The biggest campaign issue appears to be abortion. According to Politico, Democratic TV ads [mentioned abortion]( ~2.5 times more frequently than the second most talked about issue, education. Everything else⦠- Disney, Warner Bros. Discovery, and Uber highlight another busy earnings week.
- The highly anticipated [PlayStation 5 Slim]( will reportedly be available Friday and come with a copy of Call of Duty: Modern Warfare III.
- The Marvels, starring Brie Larson and Samuel L. Jackson, opens Friday.
- [College hoops]( returns to action today.
- Veterans Day is Saturday (but observed on Friday). GRAB BAG [Key performance indicators](#)
[Deputy Jaime Moran (R) from the Los Angeles Sheriffs Department speaks with a driver as fellow officer checks the location of the catalytic converter beneath the vehicle for engraving with a traceable number on July 14, 2021, in City of Industry, California]Frederic J. Brown/AFP via Getty Images Stat: The Great Catalytic Converter Panic of 2022 has been exhausted. After surging during Covid, the average number of catalytic converter thefts per month has [dropped by about half]( this year, according to the National Insurance Crime Bureau. While law enforcement has cracked down, the primary catalyst for fewer thefts is a simple matter of supply and demand. Catalytic converters became a target when the precious metals theyâre made ofâlike rhodiumâspiked in value. But the price of rhodium has plunged from nearly $26,000 per ounce in 2021 to less than $5,000 now, drying up the black market. Quote: âThe situation at Harvard is dire and getting worse, much worse than I had realized.â Billionaire investor Bill Ackman [wrote a letter]( urging Harvard University President Claudine Gay to take immediate action to address antisemitism on campus. Ackman, a Harvard alum, wrote that Jewish students are facing verbal abuse and are concerned about their physical safety given the spike in antisemitic incidents during the IsraelâHamas war. Ackmanâs note follows a [letter]( sent to more than 100 law school deans by top US law firms that implied theyâd be hesitant to hire students from universities that donât take an âunequivocal stanceâ against antisemitism. Read: The twilight of prestige television. ([New Yorker]( NEWS [What else is brewing](#) - [157 people]( were killed in Nepalâs worst earthquake in eight years on Friday.
- [Tyson Foods]( is recalling about 30,000 pounds of its dino-shaped chicken nuggets.
- [An organization]( called the Matthew Perry Foundation has been set up in honor of the late actor to help people struggling with addiction.
- [Mark Zuckerberg]( tore his ACL while training for a competitive MMA fight. Another fantasy team ruined.
- [Tamirat Tola]( of Ethiopia broke the menâs New York City Marathon course record with a time of 2 hours, 4 minutes, and 58 seconds. The womenâs race was much closer, with Kenyaâs Hellen Obiri putting on the jets in the final 400 meters for the win. RECS
[Monday to-do list image] Winter is coming: Here are the [signs]( of seasonal depression. Travel tips: Five [travel lessons]( and one âmistakeâ from 50 years of Lonely Planet. Top to bottom: This very basic website allows you to [rank]( anything objectively. Screen time: Why Amazonâs Echo Show 8 is still the [smart display]( to beat. Excel class: You asked, and we delivered. Our popular free events with Miss Excel are back this Wednesday, Nov 8. Learn how to excel at Excel with this exclusive, two-session offering. [Snag your seat now](. Crystal clear: Meet the worldâs first hearing aids with dual processing. [hear.com]( devices are backed by cutting-edge German technology, providing double the power + clarity. [Start your 45-day no-risk trial]( *A message from our sponsor. GAMES [The puzzle section](#) Turntable: Did you know that âMondayâ can be anagrammed into âdynamoâ? Pretty neat. Assemble more letters into words in [todayâs Turntable](. Electoral college trivia With the US election less than one year away, letâs help you brush up on the electoral college system that will determine the next president. There are six states that have three electoral votes each. This is the minimum number of electoral votes a state can have, so these states are the ones with the fewest people. Can you name them? 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. Weâre saying weâll 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 North Dakota, Alaska, Delaware, South Dakota, Vermont, and Wyoming. (Washington, DC, also has three electoral votes.) Word of the Day Todayâs Word of the Day is: catalyst, which in some uses can mean âa person or event that quickly causes change or action.â Thanks to Jaye in New Jersey for the transformational suggestion. [Submit another Word of the Day here](. â³ï¸ 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 Written by [Neal Freyman]( Was this email forwarded to you? Sign up [here](. Get smarter in just 5 minutes - Money & Career: [Money With Katie](  [Raise](  [Bossy]( Business education without the BS - Programs in [Business Essentials]( [Analytics]( and [Leadership]( Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](.
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