|  | Nasdaq | 22,695.95 | |
| | S&P | 6,795.99 | |
| | Dow | 47,740.80 | |
|  | 10-Year | 4.136% | |
| | Bitcoin | $68,938.78 | |
| | American Airlines | $11.44 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. | - Markets: Don't let that sea of green fool you. Yesterday was anything but calm on Wall Street. Stocks started the day down amid soaring oil prices and rose as those prices sank back down and President Trump said the Iran war would end "very soon" (more on that below). Nowhere was this more reflected than in airline stocks, which dipped amid concerns that high fuel costs would spike ticket prices—only to take off again later in the day.
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HOW CRUDE Watching oil prices yesterday was almost as exciting as discovering the stuff on your land. Crude oil prices reached $119 a barrel in the morning—surpassing $100 for the first time since Russia's invasion of Ukraine sent prices soaring in 2022—then dropped back below the three-digit threshold after the Group of Seven's energy ministers appeared ready to act and President Trump suggested the Iran war could end soon. Prices hit the heights because Iran has choked off tanker traffic through the Strait of Hormuz after the US and Israel attacked. It's estimated that daily production in the Middle East could fall by 9 million barrels per day by the end of the month. But: - The G-7—which includes the US, Canada, France, Germany, Italy, Japan, and the UK—scheduled a virtual hang for this morning to discuss a possible coordinated release of their oil reserves. That news temporarily eased panic and sent prices down to $95.
- Prices fell even further from their morning heights yesterday evening after Trump said on Truth Social that the US would hit Iran "twenty times harder" if it stopped oil flows through the strait.
Keeping it  about $100 barrels Even though prices came back down yesterday, crossing the $100-a-barrel price point is significant, at least psychologically, for the market. Plus, war is unpredictable and Trump went back and forth in different remarks yesterday about whether the conflict would conclude soon. In the event that the fighting does extend beyond March Madness and crude prices soar back over $100, GasBuddy says there's an 80% chance gas will reach a national average of $4 per gallon this month. Gas prices in the US were averaging $3.48 per gallon yesterday—an increase of 50 cents in one week. And if oil prices stay higher for longer, lower- and middle-class Americans will feel the brunt more than anyone in this K-shaped economy, according to an economist who spoke to the Wall Street Journal. Looking ahead…expect more volatility as the situation in the Middle East continues to change.—DL, AR | | |
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Presented By AT&T Connected Car After a long, cold winter, it's finally time to bask in the changing of seasons. So where will you and the family go this spring break? Maybe you'll hit the road and head to the coast? Or drive up into the mountains? Or—our personal fav—you'll open a map, close your eyes, and go wherever your finger lands? No matter the destination, AT&T Connected Car™ can help make the ride to your spring break adventure feel easier and much more fun. It allows you to connect up to 10 devices (varies by manufacturer) for maps, music, and entertainment. Make every mile more enjoyable for the whole family. Experience AT&T Connected Car. |
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WORLD  Anthropic sues over "supply-chain risk" designation. The AI company sued the Department of Defense, Defense Secretary Pete Hegseth, and several other government agencies for slapping it with the classification—which is usually reserved for companies based in nations hostile to the US—following a clash about the use of its tech. The suit claims the Claude maker's government contracts are already being canceled and the label could also affect its contracts with other companies, "jeopardizing hundreds of millions of dollars in the near-term." And Anthropic argues that the Pentagon's blacklisting runs afoul of the company's First Amendment rights, punishing it for disagreeing with the government and potentially chilling speech by other contractors.
 Live Nation settles antitrust suit without breaking up. About a week into a trial in the government's lawsuit accusing the company of illegally monopolizing live entertainment since merging with Ticketmaster, Live Nation has reached a deal to resolve the case, avoiding the possibility of being forced to split apart. The settlement, which requires a judge's approval, calls for Live Nation to allow other platforms to offer tickets to events and performers to use other promoters for shows at its amphitheaters. It would also create a $280 million fund to resolve claims by states that sign on to the settlement—though some states are opposed, per Politico.
 Two charged after "ISIS-inspired terrorism" at Gracie Mansion. Two men were charged yesterday with attempting to provide material support to a foreign terrorist organization and using a weapon of mass destruction, after allegedly trying to detonate explosive devices outside of the New York City mayor's residence on Saturday. Prosecutors say Emir Balat and Ibrahim Kayumi expressed allegiance to the militant group after being arrested. Balat's lawyer, meanwhile, said, "He is 18 and he doesn't have any idea what he's doing."—AR
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GLP ONE LOVE The soundtrack to a monthslong GLP-1 dispute just skipped from "Lets Call the Whole Thing Off" to "It Had to Be You." Drugmaker Novo Nordisk and telehealth startup Hims & Hers will end their legal spat and partner up (again) to peddle Ozempic and Wegovy online together, the companies said yesterday, sending shares of Hims surging ~40%. Hims will start selling oral and injectable versions of Novo's blockbuster weight loss medications later this month. That's a pretty sudden 180: Novo sued Hims roughly three weeks ago for allegedly violating its patents by selling low-cost, compounded versions of semaglutide, the main ingredient in Ozempic and Wegovy. Now, under the new deal: - Novo will drop its lawsuit against Hims, but it reserves the right to refile.
- Hims will stop advertising compounded versions of Novo's diabetes and obesity medications and will only sell them on doctor's orders, for example, if a patient needs a custom formula.
Round two: Novo and Hims announced a similar partnership last April that abruptly ended when the drugmaker accused Hims of illegally selling compounded versions of Wegovy. Zoom out: Novo's new CEO said the deal aligns with a wider goal of boosting Wegovy pill prescriptions by leveraging telehealth. Meanwhile, Eli Lilly has sought to juice sales of its weight loss drug, Zepbound, through its partnership with Hims rival Ro.—ML | | |
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Together With BambooHR Bad bosses are bad for business. BambooHR found that 70% of employees say bad bosses are common in many workplaces. If left unaddressed, bad managers can tank retention rates and create unsafe work environments. Read BambooHR's full report to see how bad things can get for retention, retaliation, and more when a bad boss is in the mix. |
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POINTE OF DISAGREEMENT Timothée Chalamet faces a fiercer backlash from ballet and opera circles than someone failing to suppress a cough during a show. A recent clip of the big-screen ping-ponger saying he'd prefer not to work in ballet or opera, as they're struggling to survive because "no one cares about this anymore," inspired an aria of ire—and some marketing. The torrent of trolling ensued even though Chalamet immediately called himself out for the inflammatory sound bite—dropped in discussion with Matthew McConaughey about how cinema also pleads for butts in seats—and expressed "respect to all the ballet and opera people out there." Shade attracts spotlight While theaters and performers chastised Chalamet for starring in Wonka, many companies' marketers seized on the moment: - The Royal Ballet and Opera posted that thousands of people attend performances nightly and invited Chalamet to see it for himself.
- Seattle Opera went further, dropping the promo code TIMOTHEE for 14% off Carmen tickets.
In Timmy's defense…a shrinking sliver of Americans patronize opera and ballet. Only 1.9% of US adults said they saw live ballet in 2022, and only 0.7% went to the opera, down from 3.1% and 2.2%, respectively, in 2017. Meanwhile, 43% of Americans went to the movies at least once in 2022, though US box office revenues last year were still down 24% from 2019.—SK | | |
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STAT A new generation has discovered the joys of the Orange Julius. Gen Z is hanging out at the mall, according to the Wall Street Journal. And that could be a lifeline for mall owners, who have spent years trying to combat declining foot traffic. Especially because Gen Z is spending big in brick-and-mortar stores, per the WSJ: - Shoppers age 18 to 24 bought 62% of all their general merchandise in stores last year, compared with 52% for those 25 and older, according to Circana.
- And that percentage represents a lot of cash, since Gen Z's anticipated global annual retail spending surpasses $12 trillion over the next four years.
Thanks to Gen Z's enthusiasm, some malls are making themselves more social-media-friendly, while some online retailers are opening stores inside malls. But there's still one millennial doing her part to heed the call of Robin Sparkles: A local mall in London suburb Croydon got a boost recently when Taylor Swift featured herself riding down its escalator in her "Opalite" music video.—AR |
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Together With Pernas Research |
NEWS - Five members of the Iranian women's soccer team have been granted asylum by Australia amid concerns about their safety if they returned home.
- The Alexander brothers, two of whom were high-profile luxury real estate brokers, were convicted of sex trafficking.
- Ohio State University's president, Walter "Ted" Carter Jr., resigned after disclosing "an inappropriate relationship" with a woman.
- Uber expanded its women-only option for both riders and drivers nationwide in an effort to address safety concerns.
- Former Meta executives Sheryl Sandberg and Nick Clegg joined the board of AI data center developer Nscale, which recently raised $2 billion in funding.
- Netflix has stopped backing Meghan Markle's lifestyle brand As ever, known for its fancy jams.
- A woman was arrested for attempted murder after allegedly firing shots into Rihanna's house while the singer was home.
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RECS  Travel: Level up your carry-on game.**
Listen: Check out live radio from anywhere on the globe. Learn: Why hotels make the sheets so tight. Watch: Relive the cute and creepy history of the Furby. Spring break essentials: Make your travels smoother and more fun with AT&T Connected Car™. It lets you connect up to 10 devices the whole ride. Learn more.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. |
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PLAY Brew Mini: Today's puzzle has something special—and spatial—going on. Play the Mini here. Mario trivia Happy Mario Day! Fan fact: Mario was based on a real guy. Which of the following was the inspiration for the Mario character? - Mario Segale, a landlord who leased a warehouse to Nintendo
- Mario De Luca, the plumber at Nintendo America's headquarters
- Mario Torregrossa, the newly born son of the lead developer
- Mario Alfano, a famous Italian opera singer known for his high notes
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SHARE THE BREW  Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others:
morningbrew.com/r/?kid=1a7b2404 |
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ANSWER Mario was named after Mario Segale, the landlord. All the rest were made up. Word of the Day Today's Word of the Day is: patronize, meaning "frequent as a customer." Thanks to Ilana from Chicago for the not-at-all-condescending suggestion. Submit another Word of the Day here. |
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✢ A Note From AT&T Connected Car Disclaimer: Requires eligible car and wireless service plan. Additional restrictions apply. |
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