☕ Vroom

What George Santos bought with his campaign cash... [Advertisement] November 17, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Monogram]( Good morning. Our team is busy preparing a special Black Friday newsletter all about the booming business of returns, because in America, the thought doesn’t really count that much. To make that newsletter sparkle, your help is needed. This question goes out to anyone who has worked in retail: What was the most ridiculous item you saw returned (or attempted to be returned) at your store? [Let us know here]( and we’ll share the best stories a week from today. Thank you! —Cassandra Cassidy, Dave Lozo, Matty Merritt, Adam Epstein, Neal Freyman MARKETS Nasdaq 14,113.67 +0.07% S&P 4,508.24 +0.12% Dow 34,945.47 -0.13% 10-Year 4.448% -8.0 bps Bitcoin $35,850.23 -5.36% Walmart $156.05 -8.09% *Stock data as of market close, cryptocurrency data as of 11:00pm ET. [Here's what these numbers mean.]( - Markets: Stocks were mixed on Thursday, as the Nasdaq and S&P 500 ticked up but the Dow fell, [snapping]( a four-day win streak powered by positive news on inflation. Oil prices dropped to a four-month low over [worries]( about global demand. And Walmart shares took a tumble after the retailer issued a cautious outlook on [consumer spending](.  SPORTS [The Vegas Grand Prix is mid]( [The F1 Las Vegas Grand Prix track]( Dan Istitene - Formula 1/Getty Images After an extensive transformation to turn the streets of Sin City into a Formula One circuit, this weekend’s Vegas Grand Prix has not attracted the brouhaha that its owners had in mind. Facing lackluster ticket sales, waning hotel room rates, and an unhappy Dutch driver, race and F1 owner Liberty Media [lowered profit expectations]( for the event, which some had thought could be a bigger deal than the Super Bowl. After an [opening ceremony]( that featured John Legend, fireworks, and elevated stages that made the drivers look like members of One Direction, Red Bull driver and world champion Max Verstappen called the race “99% show, 1% sporting event.” Is this a sign the F1 bubble is about to burst? For a sport that rose to prominence in the US faster than you can say “vroom,” it’s certainly experiencing a dip. F1’s TV audience is down 8% from last year, according to ESPN, and streaming viewership is [down]( 7% for Formula 1: Drive to Survive, the Netflix series that catapulted the sport (and Charles Leclerc But… dwindling interest in the much-hyped race could be due to the uninteresting track or the lack of competition. Verstappen already clinched the championship title last month no matter what happens in Vegas. Vegas is still becoming a major sports capital. Yesterday, MLB gave the green light for the [Oakland A’s]( to move to Vegas, where the team would join the WNBA champions Aces and NHL champions Golden Knights. As for Vegas hotels, they’ll be filled up soon—the city will host the finals of the NBA’s mid-season tournament in December and the Super Bowl in February. And next year, a UFC fight is scheduled to take place inside the Sphere.—CC   PRESENTED BY MONOGRAM [Paging Dr. Robot]( [Monogram]( When it comes to investing, it’s always great to see companies that try to push the boundaries of what’s possible. [Monogram]( (Nasdaq: MGRM) aims to launch the first active-cutting robotic surgical assistant on the market to install their personalized, 3D-printed joint implants. That’s perfect timing, since 50% of joint replacement surgeries will involve robotics by 2030. They even showed off their robot’s potential with [a live surgery]( on a cadaver for a 5k-person digital audience earlier this year. Now Monogram has an even bigger plan to shake up the $19.4b orthopedic industry. [Be the first to know by signing up for updates here](. WORLD [Tour de headlines](#) [UAW workers on the picket line]Bill Pugliano/Getty Images UAW workers narrowly approved their new contract with GM. After some uncertainty that the deal would pass, 55% of United Auto Workers members voted to ratify the labor contract with General Motors, granting them [historic wage gains]( and other perks following their six-week strike against the automaker. Majorities at some factories voted against the deal over disappointment that it didn’t win back other benefits, like retiree healthcare and pensions. The UAW will now finish voting on similar deals it made with Ford and Stellantis, and those are likely to pass with bigger margins. The first CRISPR therapy was approved in the UK. A British regulator said it will [allow]( Casgevy—the first medicine licensed using the gene-editing tool CRISPR—to treat patients with sickle cell disease and thalassemia. By restoring working hemoglobin in the body, Casgevy is believed to be able to [prevent excruciating pain]( in sickle cell patients and eliminate the need for frequent blood transfusions for those with thalassemia. Next up is approval by the FDA, which is expected to make a decision by early December. More pandas are coming. As a gesture of goodwill, Chinese leader Xi Jinping said China [will send]( new pandas to the US as part of the two countries’ attempt to reduce tensions. Xi’s promise of the furry “envoys of friendship” came after he met with President Biden this week in San Francisco, where the two agreed to resume military communications and made a deal to address the fentanyl crisis. Three giant pandas were recently [sent back]( to China from the National Zoo in Washington, DC, leaving the four at the Atlanta Zoo as the only ones left in the US until the promised reinforcements arrive. RETAIL [Could the price be right again for shoppers?]( [A price tag marked "sale"]( Francis Scialabba Deflation could be arriving this holiday season, and we’re not just talking about what your relatives will feel when they unwrap that package of tube socks you gifted them. Walmart CEO Doug McMillon on Thursday said [deflation]( may be on the horizon, citing a decline in the prices of grocery items such as chicken and eggs. McMillion said that although some items like beef remain expensive, he expects prices on other staples to come down in the coming months. It’s the latest welcome news for everyone feeling the squeeze from inflation and rising interest rates. - Target Chief Growth Officer Christina Hennington said earlier this week that the average price of basics fell three percentage points between Q2 and Q3. - JCPenney announced last month that it planned to keep prices for Black Friday the same or lower than last year. It’s unclear what this means for holiday shopping. Retail spending [dropped in October]( for the first time since March, and [a WalletHub survey]( revealed 34% of families planned to skip gift giving this holiday season. But 81% of [Gen Zers and millennials]( say they’re ready to splurge (hopefully on something better than tube socks).   TOGETHER WITH AT&T [AT&T]( When hitting the road hits different. Car keys? Check. Road trip snacks? Check. In-car Wi-Fi? Check—thanks to [AT&T](. When AT&T In-car Wi-Fi is along for the ride, your adventures can include streaming your fave shows, movies, and music on the go. [Get started with 4 days of free, unlimited in-car Wi-Fi](. POLITICS [George Santos allegedly balled out with campaign cash]( [New York Republican Congressman George Santos arrives at Manhattan Court, where New York police tightened security measures on Tuesday ahead of Former US President Donald Trump’s arraignment in New York, United States on April 04, 2023.]( Anadolu Agency/Getty Images After fending off multiple attempts to oust him from office, George Santos may have finally grifted himself into a corner. The House Ethics Committee [said]( yesterday it found evidence that Santos, the New York Republican representative who’s spent most of his time in DC cosplaying as a Real Housewives villain, stole campaign money and used it for wild personal expenses. Here are a few purchases Santos reportedly made with his constituents’ money: - $2,000 on a glitzy trip to Atlantic City with his husband. - $1,500 on Botox, which was registered on his campaign spreadsheet as “Botox.” - $20,000 of campaign funds to his personal business, which he spent on rent and casinos. - A $4,127.80 Hermes purchase and smaller Sephora and OnlyFans charges. In response, Santos has stuck to his method of razzmatazz and denial. He did say he would not pursue reelection in 2024…if he isn’t sent packing before then. Several congresspeople already plan to file motions today to expel him. Big picture: Getting expelled from Congress might be the least of Santos’s worries. He was indicted in October by New York federal prosecutors and faces 23 charges, including identity theft and scamming donors.—MM   GRAB BAG [Key performance indicators](#) [Raising Cane's chicken fingers meal]Raising Cane's Stat: Watch out, Bezos—the chicken man is coming. Todd Graves, the founder of the fast-food chain Raising Cane’s, is now worth [$7.6 billion]( according to Bloomberg’s Billionaires Index. That makes him the 307th wealthiest person in the world and the richest man in Louisiana. Known for its tasty chicken fingers and [mysterious proprietary sauce]( Raising Cane’s did $3.3 billion in sales for the 12 months ending in June and recently expanded to 750 locations worldwide. Its crowning achievement? Raising Cane’s now has a flagship location in the chain restaurant capital of the world, Times Square. Quote: “You have said the actual truth.” That was Elon Musk’s [response]( to an antisemitic post on X claiming that Jewish communities push “dialectical hatred” toward white people. Part of the post also appeared to repeat the same antisemitic conspiracy theory espoused by Robert Bowers, who shot and killed 11 people at the Pittsburgh Tree of Life synagogue in 2018. This was [not the first time]( the billionaire X CEO flirted with antisemitic rhetoric, though he claims not to hold any antisemitic views. Musk’s post comes at a time of rising violence against Jews and “historic levels” of antisemitism, according to FBI director Christopher Wray. Read: How TMZ became Hollywood’s grim reaper. ([The Hollywood Reporter]( QUIZ [News Quiz >>]( [New Friday quiz image]( The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to parallel parking into a tight spot on the first try with a crowd looking on. It’s that satisfying. [Ace the quiz](. NEWS [What else is brewing](#) - [Amazon]( will soon let you buy cars on the platform, starting with Hyundai in 2024. - [Boeing]( won three times as many aircraft orders as rival Airbus at this year’s Dubai Airshow. - [Anheuser-Busch’s]( US CMO is stepping down at the end of the year as sales of Bud Light slump following conservative backlash against the beer brand. - [Disney CEO]( Bob Iger revealed that not only is Frozen 3 in the works, but the company is also developing Frozen 4. - [Apple]( announced it will make it easier to text between iPhones and Androids, reversing its long history of being protective of iMessage. RECS [Friday to-do list] Groove: André 3000 of Outkast fame [releases]( his debut solo album, New Blue Sun, today, described as “an entirely instrumental album centered around woodwinds.” Read: [How math]( built the modern world, which they probably didn’t teach you in calculus (or history class, for that matter). Watch: Idrisi Ensemble, a group that performs rare and never-recorded medieval music, [sings]( a Greek alleluia dating back to the fourth or fifth century. Think different: These [foldable coat hangers]( could change your life. Your investor aura: What kind of investor are you? Find out in our [financial personality quiz](. It’ll give you [a personalized playlist]( from Fresh Invest, our investing podcast with Fidelity.* *A message from our sponsor. GAMES [The puzzle section](#) Jigsaw: Even if you’re not going to be in NYC on Thanksgiving, you can “snoop” on the floats in the upcoming parade in today’s jigsaw. [Play it here](. Friday puzzle Here’s a brain teaser that went viral on social media this year: A man steals a $100 bill from a store register. He then uses that $100 bill to buy $70 worth of goods at the store. The store owner hands him back $30 in change. How much money did the store lose? 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 The store lost $100. Here are [some]( [explanations](. Word of the Day Today’s Word of the Day is: razzmatazz, meaning “noisy and noticeable activity, intended to attract attention.” Thanks to Ed from Arizona and others for the flashy suggestion. Submit another [Word of the Day here](. ✢ A Note From Monogram This is a paid advertisement for Monogram Orthopedics. Learn more at [(. ✳︎ A Note From AT&T Requires eligible car and wireless service plan. Additional restrictions apply. ✤ 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 [Adam Epstein]( [Neal Freyman]( [Cassandra Cassidy]( Dave Lozo, and [Matty Merritt]( Was this email forwarded to you? Sign up [here](. Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2023 Morning Brew. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011