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Companies prepare for Trump tariffs by ditching China... [Advertisement] November 09, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( Presented By [Virgin Voyages]( Good morning. What a week for the stock market—its best of the past year, in fact. Here are some milestones from that post-election bonanza: - The S&P 500 topped 6,000 points for the first time and closed at a record high. - The Dow crossed 44,000 for the first time. - Bitcoin topped $77,000 for a new record. - Fantasy football teams with Ja'Marr Chase soared to an all-time high. Have a great weekend! —Molly Liebergall, Matty Merritt, Sam Klebanov, Cassandra Cassidy, Neal Freyman MARKETS Nasdaq 19,286.78 +0.09% S&P 5,995.54 +0.38% Dow 43,988.99 +0.59% 10-Year 4.306% -4.0 bps Bitcoin $76,384.38 +0.69% Tesla $321.22 +8.19% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. [Here's what these numbers mean.]( - Markets: In addition to all the milestones we just mentioned, Tesla continued its post-election bounce to reach a [$1 trillion market cap]( as investors expect the electric vehicle-maker to benefit from CEO Elon Musk’s close relationship with President-elect Trump. Tesla closed trading on Tuesday with a value of $807.1 billion, per CNBC, but it has soared 24% in the days since.  MEDIA [The next age of news media is here]( [American flag superimposed over televisions]( Parsons This election cycle relied more heavily on podcasts than a cross-country driver with no passengers—and it’s part of a broader [transition]( that has long-standing media empires struggling to stay relevant, the Wall Street Journal reported yesterday. You can see it in…the interviews President-elect Donald Trump and Vice President Kamala Harris participated in on the campaign trail. - Trump appeared on ~20 podcasts this year, chatting with Logan Paul, Theo Von, Joe Rogan, the boys of Barstool Sports’s Bussin’ With the Boys, and others to [connect]( with younger men. His Rogan episode got a reported 70+ million combined views and listens. - Harris also went the podcast [route](. She sat down with former NFL player Shannon Sharpe, Brené Brown, and others. Her episode on Alex Cooper’s Call Her Daddy drew 8+ million people. A lot has changed in not a long time In 2016, cable news had so much sway that Trump critics partly blamed CNN for his win based on the airtime it gave his rallies. Traditional outlets are still influential—50+ million TV viewers tuned into the June presidential debate—but they’ve lost a lot of juice. Out with the old: On election night, a collective 21 million cable viewers tuned in to Fox News, MSNBC, and CNN, which is a 32% drop from 2020, per WSJ. In with the new: - In the past month alone, just about half of all people in the US have listened to a podcast, climbing to 60% among the sub-35 crowd, according to Edison Research. - On social media, “news influencers” frequently outperform legacy media outlets—the NYU student/Democratic Party supporter Henry Sisson got 6.7 million views on a TikTok video he posted about Trump’s win. NBC News and CBS News got about half as many eyeballs on similar videos. It’s unclear how big media can compete…especially since online traffic to news articles is falling: Washington Post social media referrals are down 52% in two years, per Similarweb.—ML Presented By Virgin Voyages [On cruise control]( [Virgin Voyages]( You wanna unwind. You wanna disconnect from your routine. And you wanna eat shrimp cocktail on your oceanfront balcony. Yes? Yes? And absolutely, yes? We figured the above list applied to pretty much anyone. 2024 was a busy year, so what better way to cap it off than aboard a [Virgin Voyages luxury cruise]( Virgin Voyages’ [award-winning, exclusively adult cruises]( were designed with your peace in mind. Explore over 100 gorgeous destinations aboard Virgin’s four lady ships. The journey is also very much the destination when you cruise with Virgin Voyages, with a variety of delectable eateries, entertainment, and spa options for every kind of sailor. Sea what else is in store by [booking your getaway here](. Bon voyage. WORLD [Tour de headlines](#) [bill ackman standing at a podium]Patrick McMullan/Getty Images Ackman plans to leave Amsterdam after antisemitic attacks on Israeli soccer fans. Israelis visiting the Dutch capital for a Europa League soccer game Thursday night were [assaulted]( by crowds of young people in violence that was condemned as antisemitic by authorities in the Netherlands, Israel, and throughout Europe. In response to what he called the city’s failure “to protect its tourists and minority populations,” billionaire hedge fund manager Bill Ackman said he would seek to [terminate]( the Amsterdam listings of music giant Universal Music Group (whose board he sits on) and his investment fund Pershing Square Holdings from the Euronext exchange.—NF The 67th Grammy Awards nominations are here. And Beyoncé is written [all over]( them. She received 11 nominations for her country album Cowboy Carter, bringing her total Grammy nominations to 99—the most in Grammy history and 11 more than her husband, Jay-Z. You’ll probably recognize most of the Song of the Year nominations as ones that Spotify forced-fed you, including “Birds of a Feather” by Billie Eilish, “Good Luck, Babe!” by Chappell Roan, and “Please, Please, Please” by Sabrina Carpenter. First-time nominees include Carpenter, Roan, Shaboozey, Benson Boone, and Doechii, while Grammy mainstay Taylor Swift took six nominations for the album The Tortured Poets Department, which she announced during her acceptance speech at the Grammys this year. The 2025 Grammys will be held on Feb. 2.—CC Wildfires burn across the Northeast and California. In Southern California, a wildfire that started Wednesday continued to plow through parts of the state, destroying 132 structures, mostly houses, as firefighters work to [contain]( it. As of yesterday morning, 10,000 people were under evacuation orders in Ventura County. In New Jersey, a 39-acre fire in the Palisades sent smoke into New York City on Friday morning and was 30% contained by the afternoon. Yesterday evening, a brush fire broke out in Brooklyn’s Prospect Park that brought about 100 firefighters to the scene. Hundreds of brushfires have ignited in the Northeast recently as the region deals with the consequences of a supremely dry summer and fall that have left 94% of the region either abnormally dry or in drought, according to the US Drought Monitor.—CC INTERNATIONAL TRADE [Companies prepare for Trump tariffs by ditching China]( [China manufacturers]( Images As President-elect Trump prepares to move into 1600 Pennsylvania Ave., some companies are already shifting production out of China in anticipation of his campaign promises about massive tariffs becoming reality. Shoe retailer Steve Madden said Thursday that it would [reduce its China-made products]( by 40%–45% and shift production to countries such as Vietnam and Cambodia. CEO Edward Rosenfeld said his company had been preparing for the scenario and kickstarted its China exodus plan right after the election results came in. Trump said he’ll impose a tariff as high as 60% to 100% on imports from China, as well as up to 20% tariffs on all goods imported from abroad. As Steve Madden’s move shows, even the threat of tariffs is already transforming the existing global trade order. But will companies set up shop in the US? Toolmaker Stanley Black & Decker is also looking to avoid tariffs by rejiggering its supply chain but recently said making products in the US was “unlikely.” On the flip side, CEO of Illinois-based auto and aerospace parts supplier HM Manufacturing Nicole Wolter said that she expects the import taxes to juice demand for its US-made products. Blender-maker Cruz said it wants to set up shop in the US in response to tariffs. Looking ahead…experts say that the businesses that choose to bite the bullet on tariffs, as well as those that end up producing more in the US to avoid them, will incur costs they’ll likely pass on to consumers.—SK Together With Indochino [Indochino]( A suit that actually fits 🫵. It’s time to level up your sartorial smarts. For Black Friday, [Indochino is offering suits starting at $329]( with endless customization options, including fabric, fit, and style. Want a sneak peek? Beginning Nov. 11, you can snag an appointment in their showroom aaand get your Black Friday deal. [Book your fitting](. RETAIL [Barnes & Noble is back, baby]( [New Barnes and Noble sign on location.]( Images The golden age of wandering around the mall with your crush is finally returning. A refreshed Barnes & Noble will [open]( 12 new locations this month, which puts the chain on track to hit its goal of 60 planned openings this year. The bookseller, which was on the verge of bankruptcy just six years ago, is [copying]( the indie bookstore model and ditching its one-size-fits-all attitude to claw its way back to the top. B&N fall from grace. Amazon crushed Barnes & Noble, which scrambled to try and win back customers by expanding its offerings and sinking $1 billion into a Kindle knockoff. In 2019, a hedge fund bought the chain (often the kiss of death for an ailing retailer), but instead of stripping it for parts, it handed over the reins to British bookstore turnaround legend James Daunt. - In addition to snapping up cheap retail space, Daunt immediately worked to undo everything. - Daunt ended publisher deals that accepted payments for featuring books and let individual locations build displays and organize stores to best fit their communities. Recent openings: Last week, the chain took over the historic 1919 Noel State Bank building in Chicago, and on Wednesday, it returned to the three-story Georgetown location it closed 13 years ago in Washington, DC.—MM STAT [Prime number: $200 for the voice of the internet](#) [AOL homescreen]Marie Hippenmeyer/Getty Images Elwood Edwards, one of the most famous men you’d never recognize on the street, died this week at the age of 74. Edwards voiced the iconic America Online “[You’ve got mail]( catchphrase—along with “Welcome,” “File’s done,” and “Goodbye”—for $200 in 1989. He got the job through his wife, who worked in customer service for the internet company, and recorded the greeting in his living room (pre-podcast mic era). Edwards said in an interview that at first, AOL tried to keep his identity a secret, but it eventually identified him. He spent much of his career in radio and TV and was briefly a weatherman. Edwards was invited to relive his catchphrase glory and say the line on The Tonight Show Starring Jimmy Fallon in 2015.—MM NEWS [What else is brewing](#) - [President-elect Trump]( included Elon Musk on a call with Ukrainian President Volodymyr Zelensky, per the New York Times. It’s not known what they talked about. - [US authorities]( including the FBI, are investigating racist text messages sent to Black Americans, including children and college students, in the days after the election. - [The DOJ]( charged a man who said he was hired by an Iranian government official to assassinate President-elect Trump prior to the election. - [Special Counsel Jack Smith]( received approval from a federal judge to vacate all pending deadlines for his election interference case against Trump, a sign he’s winding down the case ahead of Trump’s inauguration. - [New York Gov. Kathy Hochul]( is making moves to revive the NYC congestion pricing plan before Donald Trump takes office. RECS [Saturday To-Do List graphic] Desk tip: This compact work-from-home [setup]( is like an office in a bag.** Learn about bond yields with stick figures: This [four-minute video]( lets you do just that. Carmaggedon: [The timeline of Fisker’s collapse]( has some wild details. Master Excel: Confused and overwhelmed by Excel? [Join Miss Excel’s FREE live Excel 101 class]( to boost your confidence and save hours each week. “Super-size” your bedroom adventures: Become the Superman of satisfaction with the [Tenuto 2](. Four motors deliver electrifying sensations from you to your partner while giving you a heroic erection. [Get 30% off]( *A message from our sponsor. GAMES [The puzzle section](#) Brew Crossword: Today’s puzzle is a “beaut.” [Play it here](. Open House Welcome to Open House, the only newsletter section that is focused on building vertically. We’ll give you a few facts about a listing and you try to guess the price. [Giant barn home in Indiana.]Zillow Today’s [mansion]( is in Zionsville, Indiana, and resembles a barn attempting to make itself look bigger to ward off a predator. The lakefront retreat is 25,133 square feet of Midwestern design choices like a home theater and a basement paying homage to a ’50s diner. Amenities include: - 6 beds, 15 baths - Two-lane bowling alley - Fireplace that looks like a TV How much to stunt in Indiana? 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. 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