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Nasdaq |
24,404.39 |
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S&P |
7,109.14 |
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Dow |
49,442.56 |
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10-Year |
4.250% |
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Bitcoin |
$75,987.96 |
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American Airlines |
$12.24 |
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*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. |
- Markets: Stocks acted like your friend who always leaves the party early and dipped yesterday, ending the Nasdaq’s longest winning streak since 1992 as traders fretted over the impact of the Iran war. With the current ceasefire set to expire tomorrow and tensions high over the Strait of Hormuz, President Trump said an extension was unlikely if a peace deal is not reached. Airline and cruise stocks, in particular, took a dive amid worries about fuel costs and travel.
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Markets Sponsored by Cytonics
Big Pharma’s worst enemy: Big Pharma spent decades (and billions) failing to cure osteoarthritis. Cytonics may have beat them to it. Become a Cytonics investor today.
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Go fetch the Senate’s “SMOKIN’ HOT” apron because they’re about to start grilling in there. Today, lawmakers are set to question Federal Reserve chair nominee Kevin Warsh in a confirmation hearing that carries exceptional weight amid both geopolitical tensions and President Trump’s feud with current Fed Chair Jerome Powell. Expected topics include: Warsh’s takes on monetary policy (e.g., how the Fed handles inflation, the labor market, and interest rates), Fed independence (the hottest-button issue), and Warsh’s own finances. Warsh has strongly argued in favor of rate cuts, saying the Fed would “have to make a bet” on expected productivity gains from AI, though Fed officials are reportedly skeptical of that reasoning. But he could change his tune today—it’ll be Warsh’s first comment on interest rates since the war in Iran spiked oil prices, potentially undermining the case for cuts. Possible pain pointsWarsh will likely be asked how he’d handle pressure from Trump, and for his opinion on Trump’s pursuits of Powell and Fed Governor Lisa Cook. Democrats may mention that Warsh started calling for rate cuts once Trump returned to office in 2025, after previously gaining a reputation as a supporter of high interest rates. Warsh’s planned opening remarks, released yesterday, may shed light on his Fed independence responses:
- “I do not believe the operational independence of monetary policy is particularly threatened when elected officials—presidents, senators, or members of the House—state their views on interest rates,” his statement said.
- He also wrote that “Fed independence is placed at greatest risk when it strays into fiscal and social policies,” referencing times when the Fed took interest in climate change risks and racial inequity.
Meanwhile…Senate Democrats hope to rally “nay” votes in part by zeroing in on Warsh’s financial disclosures of $100+ million in assets, which they say don’t meet transparency standards, the Wall Street Journal reported yesterday. There’s also a game of chicken afoot: Republican Senator Thom Tillis has vowed to block Warsh’s confirmation until the DOJ ends its investigation into Powell, but Trump hasn’t indicated any willingness to drop the unpopular probe. Powell has said he’ll continue to lead if a new chair is not installed by the time his term in the top job ends in May.—ML |
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Osteoarthritis. It’s one of the world’s most common diseases, with over $560 billion spent managing its symptoms each year. But soon, its 500+ million patients may finally be able to do more than that. Cytonics is a biotech that may have developed what could be osteoarthritis’ first and only cure. They have already treated over 10,000 patients with their first-generation treatment. Now, Cytonics is building on that early success to develop a next-generation therapy that is even more potent. And they’re gearing up for phase 2 clinical trials. Potential medical breakthroughs like this are rare. What’s even rarer? You can invest in Cytonics before they launch their phase 2 clinical trials. Become a Cytonics shareholder by April 25 for exclusive early-stage bonus stock guarantees. |
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 Tim Cook to step down as Apple CEO. The man who took over for Steve Jobs in 2011 is now passing on the reins at Apple himself. Apple said yesterday that Cook will step back from the CEO role to become the company’s executive chairman on Sept. 1, with the company’s current senior vice president of hardware engineering, John Ternus, to succeed him as the chief executive. Like Jobs, Cook is a tough act to follow: Apple’s value increased ~24x during his time at the top.
 US labor secretary resigns amid scandals. Labor Secretary Lori Chavez-DeRemer is leaving the Trump administration to “take a position in the private sector,” the White House said yesterday. According to the New York Times, her decision to go comes amid an investigation into whistleblower claims of misconduct, including that she had an affair with a member of her security team and misused government funds. Keith Sonderling, the deputy secretary of labor, will be acting secretary.
🧅 The Onion plans to take over Infowars. That headline is real even though it comes from The Onion (we promise, we checked). The satirical publication—whose earlier attempt to purchase Alex Jones’s Infowars website was nixed by a bankruptcy court—is now asking a bankruptcy judge to let it license the site from its court-appointed manager, who has agreed to the deal. The license will cost The Onion’s parent company $81,000 a month. It looks like the site will be run as a parody, with The Onion vowing it “will democratize psychological torture, welcoming brutal and sadistic ideas from everyone, even the very stupidest among us.”—AR |
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FBI director Kash Patel sued The Atlantic magazine yesterday for $250 million, alleging defamation in a recent article claiming that he drinks excessively and that his “erratic” behavior has officials worried about national security. Journalist Sarah Fitzpatrick, who authored the article based on over two dozen anonymous sources, is named in the lawsuit—which The Atlantic called “meritless” and vowed to fight. Damaging lightThe lawsuit seeks damages for allegations in Fitzpatrick’s article that Patel’s lawyers assert were fabricated to destroy his reputation. The lawsuit claims that The Atlantic’s story falsely portrays Patel as “a habitual drunk, unable to perform the duties of his office” who is “unreachable in emergencies” and once required a “SWAT-style breach” of his office, and that it claims he used his position to target president Trump’s personal enemies. Patel vehemently denies the assertions, saying that the FBI notified the magazine they were “100% false” when it reached out to him less than two hours before publication. But establishing defamation is especially difficult for public figures, who must prove that a publication acted with “actual malice” by knowingly making false claims or recklessly disregarding the truth. It’s not a first…as the Trump administration has sued several media outlets. A judge recently dismissed Trump’s $10 billion defamation lawsuit against the publisher of the Wall Street Journal over an article about his ties to Jeffrey Epstein.—SK |
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A pancreatic cancer diagnosis is typically grim, with just 13% of patients living for more than five years after being diagnosed. But new data from a clinical trial showed that seven out of 16 patients who were given personalized mRNA vaccines responded to the treatment—and are still alive six years later. How it works: The vaccine works like immunotherapy. After cancerous tumors are surgically removed from an early-stage pancreatic cancer patient, they’re used to create a vaccine that trains the patient’s immune system to fight off lingering (or future) cancer cells. It’s the same mRNA technology that was used in the Covid vaccine, which studies estimate saved millions of lives:
- Scientists warn that mRNA still needs to be studied more as a cancer treatment. A larger Phase 2 trial is in progress.
- Earlier this month, Revolution Medicines also reported that a separate treatment, a pill called daraxonrasib, has nearly doubled a pancreatic cancer patient’s life expectancy compared with chemotherapy.
Big picture: Despite doctors saying mRNA technology is safe, Health Secretary Robert F. Kennedy Jr. and other Trump administration officials have questioned the technology, and put research dollars in limbo. In February, the FDA said it wouldn’t review a new flu vaccine that used mRNA technology, but quickly reversed its decision following backlash.—MM |
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There was a time when showing devotion to the company’s leader as a tech employee meant wearing a hoodie to your all-night coding session. But now, things are headed in a more pricey fashionable direction. The Wall Street Journal reports that Nvidia’s annual conference’s merch tables boasted a $178 sweater featuring CEO Jensen Huang’s face. And according to the WSJ, it’s not the only company cashing in on its founder’s look:
- In addition to top-secret government software, Palantir hawks a $75 t-shirt with CEO Alex Karp’s visage on it.
- And defense tech maker Anduril sold out of a $79 Hawaiian shirt inspired by those worn by its honcho Palmer Luckey.
The founder-forward fashion offerings come at a time when CEOs are being increasingly called upon for marketing efforts even outside the tech realm—like the recent bite-taking viral videos from McDonald’s and Burger King.—AR |
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Less gear, more running. Spring race season means one thing: Your legs are about to have opinions. Skechers’ AERO line keeps the decision simple—the AERO Razor for when you’re chasing pace, the AERO Burst for when you’re chasing miles. Two shoes, one rotation, zero overthinking. Find your fit. |
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- Jersey Mike’s filed confidential paperwork for an IPO. The decision to serve up a stock offering comes after Blackstone acquired a majority stake in the sandwich chain for ~$8 billion in 2024.
- Amazon agreed to invest up to $25 billion in Anthropic, and Anthropic committed to spending more than $100 billion on Amazon Web Services technologies over the next decade as the big AI infrastructure deals keep coming.
- The Supreme Court will consider whether religious preschools that refuse to accept children with same-sex parents can receive state funding.
- Elon Musk ignored French prosecutors’ request for a voluntary interview as part of a probe into alleged misconduct by X and the chatbot Grok.
- Singer D4vd has been charged with murder in the death of a teenage girl whose body was found in his trunk. Yesterday, he pleaded not guilty.
- Kenya’s John Korir and Sharon Lokedi repeated as the men’s and women’s champions in the 2026 Boston Marathon, with Korir setting a new course record.
- Red Lobster is bringing back its Endless Shrimp promotion (with some new restrictions), years after saying the deal was partially to blame for the chain’s bankruptcy. Good inspiration to test whether there are really no bad ideas at your team’s next brainstorm.
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 Read: Texas’s radical history.**
Lament: The decline of the movie tagline.
Recycle: When science says the clothes at the back of your closet will come back in style.
Talk better: An executive coach’s tips to improve your small talk.
Small swaps: Change doesn’t have to mean restriction or complication. FlavCity offers better-for-you All-in-One Protein Smoothies made with real ingredients and unreal flavor. Try it yourself.*
*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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Brew Mini: It took Holly 51 seconds to complete this puzzle. Womp womp. Will you fare better? Play the Mini here. Sandwich triviaJersey Mike’s, a soon-to-be public company, is the third-largest sandwich chain in the US by number of locations. What are No. 1 and No. 2? |
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 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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Subway and Arby’s, according to restaurant industry publication QSR. Word of the Day Today’s Word of the Day is: visage, meaning “face.” Thanks to Melissa from Philadelphia for a suggestion to help us face the day. Submit another Word of the Day here. |
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✢ A Note From Cytonics This is a paid advertisement for Cytonics’ Regulation CF offering. Please read the offering circular at https://cytonics.com/. |
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