☕ Soft landing

The first CRISPR gene-editing therapy is here... [Advertisement] December 09, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Ray-Ban Meta]( Good morning. Fun fact: For most people living in the US, you’ve already endured the earliest sunset of the year (in New York City, it was yesterday), and the evenings will only get brighter—albeit very slowly—from here on out. You might’ve noticed that the earliest sunset of the year arrives weeks before the shortest day of the year in terms of daylight: the winter solstice (Dec. 21). That’s because while our clocks are programmed to think a day is exactly 24 hours long, the length of a day measured using the sun is…not. And that’s about the extent of our understanding. —Sam Klebanov, Matty Merritt, Molly Liebergall, Adam Epstein MARKETS Nasdaq 14,403.97 +0.45% S&P 4,604.37 +0.41% Dow 36,247.87 +0.36% 10-Year 4.233% +7.7 bps Bitcoin $44,354.02 +2.45% Paramount $16.85 +12.11% *Stock data as of market close, cryptocurrency data as of 12:00am ET. [Here's what these numbers mean.]( - Markets: [Stocks shot up]( on Friday as investors saw the economy’s “soft landing” come into view following the release of another positive jobs report. The S&P 500, which is up 20% on the year and trading at its highest level since March 2022, hit a high for 2023. The day’s big winner was Paramount, which spiked on [reports]( that Shari Redstone might sell the entertainment giant.  ECONOMY [We might be all clear for an economic ‘soft landing’]( [A graphic showing money parachuting to the ground softly]( Francis Scialabba Rejoice—the economy is looking like it could avoid a downturn and achieve a landing as soft as a pile of fuzzy Pillow Pets. US employers [added]( a more-than-expected 199,000 workers to their payrolls last month, the Bureau of Labor Statistics said yesterday. The solid result calmed many analysts’ fears that a steeper economic slowdown is imminent due to the Federal Reserve’s earlier rapid-fire interest rate hikes. And it brings us closer to the coveted “soft landing” scenario, in which the Fed plays inflation-taming superhero by throwing cool water on the economy without drowning it. - The unemployment rate unexpectedly ticked down for the first time since July, to 3.7%. - Average hourly pay increased by 0.4% and is now up 4% for the year, beating the projected pace of annual price growth. But the job market isn’t quite what it used to be Last month’s 199k jobs created were below the average of 240,000 added in the preceding 12 months. Plus, November hiring was confined to just a handful of industries. - Healthcare and the government were responsible for two-thirds of the headcount growth, adding 77,000 and 49,000 jobs, respectively. - The manufacturing sector gained 28,000 workers—but that was largely due to folks returning to work after striking against the Big Three automakers. In another sign that employers might be pulling back from onboarding new people, the Labor Department reported earlier this week that job openings in late October [were at their lowest]( since March 2021. The economy might still be too good for J. Powell…while more jobs and higher wages mean we’re probably not staring down the barrel of a severe crash, it also heralds higher inflation risk. The upbeat numbers make it less likely that the Fed will lower interest rates in early 2024, something that many bond traders and anyone planning to take out a mortgage next year were hoping for.—SK   PRESENTED BY RAY-BAN META [The next generation of smart glasses]( [Ray-Ban Meta]( There’s nothing better than creating lifelong memories with your loved ones. Imagine being able to capture them from your unique POV as they happen. Capture life’s best moments—and look good doing it—in [Ray-Ban Meta smart glasses](. They’re designed for living in the moment, helping you [share the memories, hands-free](. Jam to your favorite songs via built-in, open-ear speakers that keep you connected to the world around you, call or send messages without having to pull out your phone, and get your questions answered by Meta AI. And with a 12 MP camera and five-mic system, you can livestream directly to Facebook and Instagram. The best part? The Ray-Ban Meta collection is available in a variety of colors, lenses, and sizes, including the iconic Wayfarer. [Check ’em out](. WORLD [Tour de headlines](#) [Vladimir Putin]Getty Images Vladimir Putin said he’s running for reelection. The Russian president revealed the expected news during a military awards ceremony yesterday at the Kremlin. The election, [scheduled for March]( would mark Putin’s fifth presidential term. Already the longest-serving Russian leader since Josef Stalin, Putin signed a law in 2021 that effectively allows him to stay in power until 2036. The election is largely viewed as a formality, as Putin’s political opponents have been imprisoned, exiled, or poisoned. It will also mark the first time that people living in occupied regions in Ukraine can vote for the Russian president, which US officials have called a “sham.” UK regulators are looking into Microsoft’s partnership with OpenAI. A British watchdog is [asking for feedback]( on whether Microsoft’s $13 billion, 49% stake in the ChatGPT-maker’s for-profit division constitutes a merger, the WSJ reported. If the agency decides to launch a formal investigation into whether the partnership creates an unfair advantage in the artificial intelligence industry, it could eventually force the companies to change how they operate. Following OpenAI’s dramatic firing and rehiring of CEO Sam Altman last month, Microsoft was given a “nonvoting observer” seat on the OpenAI board. Taylor Swift made more history. It’s Taylor Swift’s world, and we’re just spending billions of dollars on her concerts in it. The pop star’s Eras Tour has [generated]( more than $1 billion in ticket sales, according to the trade publication Pollstar, making it the first concert tour ever to cross the billion-dollar threshold. And she’s not done: Eras will exceed $2 billion by the end of 2024, Pollstar projected. The news caps off another winning week for the “Cruel Summer” singer after she was named Time’s Person of the Year on Wednesday. HEALTH [1st CRISPR medicine will treat sickle cell disease]( [DNA strands falling out of a needle.]( Francis Scialabba The FDA [approved]( a revolutionary new treatment that could provide nearly 100,000 Americans some relief from the debilitating illness sickle cell disease. Named Casgevy, the medicine is the first FDA-approved therapy to use the Nobel-prize-winning CRISPR gene-editing technology. How it works: Sickle cell, which predominantly affects Black people, is a disorder in which red blood cells are shaped like crescent moons, or sickles. This causes cells to clump up in blood vessels and leads to severe bouts of pain that some can only manage with opioids like morphine. Previous treatment was limited to bone marrow transplants, but patients often struggle to find donor matches. With Casgevy, bone marrow stem cells are removed, genetically modified, and infused back into the patient. According to clinical trial results from the FDA, the one-time therapy can eliminate patients’ symptoms for anywhere from one year to almost four years. The bad news: The life-saving treatment comes with significant risks. Chemotherapy that’s required to prep patients for the procedure essentially turns off their immune system. It’s also expensive. Casgevy currently costs $2.2 million per patient—and that’s not even including the price of the multimonth hospital stay that accompanies it. About half of all people with the disease rely on Medicaid, whose approval processes vary state-by-state.—MM   TOGETHER WITH TIMELINE NUTRITION [Timeline Nutrition]( Stay strong. Maintaining muscle is crucial for healthy aging, but we begin losing muscle mass as early as our 30s. Here’s the good news: In clinical studies, the supplement Mitopure® [increased strength and endurance]( with no change (!!!) in the participants’ exercise routines. Try it out and [take 20% off with code BREW20](. SOCIAL MEDIA [Have you seen these TikToks?]( [@dollievision, @justinflom, @through.the.lleaves TikToks]( @dollievision, @justinflom, @through.the.lleaves/TikTok They’re the three most viral videos of the year…but a lot of people have never come across them before. TikTok released its annual list of the [year’s top content]( this week. The three highest-ranked videos each netted ~400 million–500 million views, with the No. 1 spot going to creator [@dollievision]( for a mesmerizing makeup routine, followed by [@justinflom]( DIY Iron Man ceiling light, and [@through.the.lleaves]( holding an enormous cat. None of the TikToks on the list have fewer than 100 million views, but even some people whose jobs require online-ness haven’t seen them (including most of us here at the Brew). Why? TikTok’s engagement-based [algorithm]( creates silos, aka [sides]( of TikTok. So, you probably haven’t seen most of this year’s top videos if you gravitate more toward [FrogTok]( or whatever genres [these]( [are]( rather than toward “get ready with me” vlogs/dog videos/other wholesome fun. Just like on TikTok, theories abound: Tech reporter Katie Notopoulos [wrote]( that the videos spotlighted on TikTok’s list all have such a positive vibe that it feels as if they could be curated to counteract [widespread]( [concerns]( about the app’s safety. While it’s hard to know exactly how popularity works given the secrecy surrounding TikTok’s algorithm, the company has [said]( before, especially in response to content concerning the [Israel–Hamas war]( that viewership counts alone don’t provide a full picture of what’s trending.—ML   GRAB BAG [Key performance indicators](#) [SantaCon in New York City in 2022]Alexi Rosenfeld/Getty Images Quote: “Regardless of what they want to label it, throwing the party is not a charitable activity.” If SantaCon seems like the kind of organization that would spend the money it raises on Burning Man and crypto, that’s because SantaCon is spending the money it raises [on Burning Man]( and crypto. Notre Dame law professor Lloyd Mayer told Gothamist that SantaCon’s expenditures aren’t necessarily illegal—but they sure aren’t charitable, either. The group, which bills its annual Santa-themed bar crawl across NYC as an event for charity, only gave a fifth of the $1.4 million it raised from late 2014 through 2022 to registered nonprofits, according to a Gothamist analysis of tax records. Meanwhile, more than a third went to Burning Man-related art projects. SantaCon also reportedly lost more than $17,000 on crypto investments in 2018. Stat: Sorry in advance if you live in a swing state. The US political advertising market is [projected]( to reach a record $16 billion in 2024—more than 31% higher than in 2020, according to estimates from GroupM. That’s bigger than the entire ad market of Australia. The presidential race is unsurprisingly driving the record spending, as candidates now have more platforms than ever on which to ask Americans for votes. Among the new forms of advertising this cycle is artificial intelligence, which already has the Federal Election Commission perturbed. Read: How the biggest boutique fitness company turned suburban moms into bankrupt franchisees. ([Bloomberg]( NEWS [What else is brewing](#) - [Israel]( increased its airstrikes in Gaza on Friday, hitting 450 targets, the country’s military said. UN Secretary-General António Guterres called the situation in Gaza a “spiraling humanitarian nightmare.” Meanwhile, White House National Security Council spokesperson John Kirby said “more can be done” to reduce civilian casualties even as the US vetoed a UN resolution calling for an immediate cease-fire. - [Starbucks]( said it wants to resume talks with the union that represents hundreds of its locations in order to reach new contract agreements in 2024. - [A bipartisan group of US senators]( introduced a long-awaited bill to bring changes to the live-event ticketing industry. - [Tesla]( lost a legal battle with Sweden’s postal service after its workers refused to deliver license plates to the automaker in solidarity with striking mechanics. - [The Biden administration]( announced $8.2 billion in new funding for high-speed rail projects across the country. RECS [Saturday To-Do List graphic] Watch: An expert Lego builder makes a functioning miniature [ski slope](. Listen: The ultimate Hanukkah [playlist](. Learn: [The science]( behind the (misleading) claim that going outside in the cold with wet hair makes you sick. Prepare your nostrils: This Scottish washed-rind cheese might be the [smelliest]( in the world. Become a bedroom legend: The [Tenuto 2]( is an FDA-registered, doctor-recommended device that’s clinically proven to help with performance anxiety and ED—and provide powerful, 2-person pleasure. [Save 30%]( on yours.* *A message from our sponsor. GAMES [The puzzle section](#) Brew crossword: Today’s crossword is best accompanied by Bach’s Christmas Oratorio and gingerbread cookies in the oven. [Play it here](. Open House Welcome to Open House, the only newsletter section that’s realizing everyone is moving to Florida, so we might as well give in, too. We’ll give you a few facts about a listing and you have to guess the price. [Florida home with granite flooring and countertops, white walls, and pool. The property sits on the beach and has a private boat dock.]Zillow Today’s behemoth of a [home]( is in Sarasota, Florida, in the exclusive gated community of Harbor Acres. But if you feel a little caged in, you can sprint down your private boat dock and sail away. Amenities include: - Four beds, eight baths - White granite…everywhere - Outdoor grand staircase to descend into glamorous pool parties How much for the peninsular mansion? 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 $13.4 million Word of the Day Today’s Word of the Day is: perturbed, meaning “worried or troubled.” Thanks to Kristen from Maryland for the unconcerning suggestion. Submit another [Word of the Day here](. Written by [Adam Epstein]( Sam Klebanov, [Matty Merritt]( and [Molly Liebergall]( 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