Good morning. In today’s edition:

• 💰 What a Trump victory means for the economy
• 🏘️ Vacant apartments across America are starting to fill up
• 📲 Netflix wants you to share more clips

… and more.

🚀⏰ Ready, Set, Go: Today’s news should be a ~5.09-minute read (1,354 words).

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“Actions are the seeds of fate. Deeds grow into destiny.”

–Harry S. Truman (1884-1972)

Donald Trump was declared the winner of the 2024 presidential race yesterday morning.

And according to exit polls, a major driving factor of his victory can be attributed to voters believing he’ll be better for their pocketbooks. Here’s a look at what a second Trump term could mean for the economy.

Tariffs, tax cuts, and deregulation

This go round, Trump has posited higher tariffs – 60% on China, and 10%-20% on everyone else. This combo would lift US tariff rates to their highest since the 1930s, and are expected by economists and investors to put upward pressure on inflation. 10-year treasury yields yesterday increased to their highest level since July.

However, other factors could result in a less-than-expected inflationary impact, such as a rise in the dollar, which would offset higher import prices. On Wednesday, many international currencies lost value against a surging US dollar.

• Some advisors say Trump is using tariffs as a negotiating tactic to accomplish other goals, which could result in tariff increases smaller than advertised.
• Regardless, sectors exposed to tariff changes, such as semiconductors, autos, and clean energy, will likely be volatile.

Tax cuts: The 2017 Tax Cuts and Jobs Act expires in 2025, and Republicans have said they plan to extend it (but how much of it gets extended depends on Republicans taking the House). Other proposals posited by Trump include: lowering the corporate tax rate from 21% to 15%; exempting tips, Social Security benefits, and overtime pay from tax; and adding deductions for car loan interest and state and local taxes. These proposals by themselves would add ~$9 trillion to the US budget deficit over the next 10 years, according to estimates from the Committee for a Responsible Federal Budget (part of which would be offset by tariff revenue).

Deregulation: Trump has proposed lighter regulation, including of mergers and the oil-and-gas industry, as well as crypto. Markets and bitcoin rose to new all-time highs yesterday. Trump has also laid out plans to deport unauthorized migrants, which, according to the Wall Street Journal, could raise wage and price pressure at the margins of the US labor market – though the impact may not be noticeable given its size.

📝 Bottom line: Trump’s tariffs are expected to put upward pressure on inflation, while tax cuts and deregulation are expected to spur growth and add to the budget deficit – which collectively tends to nudge interest rates higher. The next rate-cut decision from the Fed is expected later today.

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🏛️ Republicans appear favored to win the House, though the race is still tight. The GOP has blocked some of Democrats’ pathways to victory in the House, though dozens of races remained too close to call as of 4:30 am ET. In the Senate, Republicans have already guaranteed themselves a majority with four races left to call, earning 52 seats vs. 44 for Democrats thus far.

🛒 Walmart is testing new tech that allows workers and/or shoppers’ phones to open security locks. The technology, which is live in a few hundred Walmart stores, is aimed at protecting against theft without hindering sales, per Bloomberg. While the retail giant is initially rolling out the phone-unlocking feature to employees only, it has reportedly discussed extending mobile unlocking to Walmart+ loyalty members as well.

🏢 Vacant apartments are starting to fill up across America. Since 2022, 1.2 million new apartments have been constructed across the US, representing the biggest such boom in four decades. But those places are now starting to fill up. The share of apartments that are vacant stopped rising last quarter for the first time in three years, as demand rose to its highest levels since 2021, per CoStar. If that demand is sustained, if the economy remains strong, and if housing prices remain near record highs, landlords likely will have more pricing power starting sometime next year, the Wall Street Journal reports.

Netflix is leaning into “chat: clip this.” The streaming giant recently launched a new feature on its iOS mobile app, called Moments, that allows subscribers to instantly save and share specific bite-sized scenes from their favorite shows on social media.

How it works: Subscribers can save specific clips using the “Moments” button at the bottom of their Netflix screen. Once saved, they can rewatch the clips at any time, as well as share them across various social platforms. When a user shares a clip to another platform, their friends and followers can click that post to open their own Netflix app to the specific scene.

The post-streaming era: Streaming services are increasingly targeting social platforms in an effort to market their content to younger audiences. ~95% of Gen Z viewers in the US say they decide to watch a TV show or movie because it's trending on social media, while 54% of Gen Z and millennials believe they get better TV recs on social apps than from the streamers themselves.

📲 Bottom line: The game for streamers – boost subscriber counts, but in a way that doesn’t release too much content outside of their own platforms.

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"...while I concede this election, I do not concede the fight that fueled this campaign. The fight for freedom, for opportunity, for fairness and for the dignity of all people, a fight for the ideals at the heart of our nation, the ideals that reflect America at our best – that is a fight I will never give up."

Vice President Harris formally conceded to Donald Trump in a speech yesterday afternoon at Howard University, roughly 12 hours after the Associated Press called the race for Trump.

• As of 10 pm ET last night, Trump had won 295 electoral votes compared to 226 for Harris, easily eclipsing the 270-vote threshold for victory.
• Out of the seven battleground states which experts said would decide the 2024 race, Trump won five and is leading the final two – Arizona and Nevada, the only presidential races yet to be called.

👀 Looking ahead… President-elect Trump’s victory sets off a 10-week scramble to vet and sign off on cabinet picks and top staffers ahead of Inauguration Day, which is on January 20.

• ☝️ Judy Garland’s iconic ruby slippers from The Wizard of Oz (1939) are up for auction by Heritage Auctions, with the current bid set at $1.02 million (buyer’s fee included); the slippers were stolen from a museum in 2005 by a mobster looking to make “one last score,” and were recovered by the FBI 13 years later.

BUSINESS & MARKETS

in partnership with NoNetz

• 💰 US markets rose across the board, each ending the day at a new record high (S&P: +2.5%; Dow: +3.6%; Nasdaq: +3.0%); the small-cap Russell 2000 increased 5.8%.
• 📈 Tesla shares rose 15% yesterday following Trump’s victory; Elon Musk is ~$20 billion richer as a result.
• 💄 E.l.f. Beauty, the cosmetics retailer popular with Gen Z, posted strong quarterly results, raised its full-year guidance; revenue increased 40% over the same period a year earlier. | 🏥 CVS Health reported Q3 results that beat revenue expectations but missed on earnings.

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SPORTS, MEDIA & ENTERTAINMENT

• 🙏 Chauncy Glover, three-time Emmy-winning journalist and LA TV news anchor, died unexpectedly at 39.
• 📱🥊 Altercations: Jason Kelce apologized for spiking a heckler's phone over a slur aimed at his brother, Travis. | Philadelphia 76ers star Joel Embiid was suspended three games by the NBA for shoving a reporter who wrote a column referencing Embiid's son and late brother.
• 🎶 "A Bar Song (Tipsy)" by Shaboozey topped the Billboard Hot 100 for a 16th straight week, tying the second-longest run in the chart’s 66-year history.

SCIENCE, SPACE & EMERGING TECH

in partnership with Caliber

• 🤖🚕 Waymo’s self-driving taxi rides are more expensive and take twice as long compared to ride-hailing services like Uber or Lyft, per a new study.
• 🪐🛰️ NASA’s Parker Solar Probe completed its seventh and final swing past Venus en route to coming within 3.8 million miles of the Sun's surface (closer than any other human-made object).
• 🧪 Scientists have successfully stirred an exotic state of matter called a "supersolid" – which is both rigid and fluid – for the first time. |🦠 New research reveals how mitochondria function under stress.

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MISCELLANEOUS

• 🌀🇨🇺 Hurricane Rafael made landfall in Cuba last night as a Category 3 storm, causing power outages across the country; Rafael is projected to make landfall as a much weaker storm this weekend anywhere from the US Gulf Coast to northeastern Mexico.
• 🇨🇳 Hackers linked to Chinese intelligence quietly compromised the cellphone lines of senior US national security and policy officials, in addition to American politicians, per a new Wall Street Journal report. | 🇩🇪 The German government’s three-way governing coalition is on the brink of collapse after Chancellor Olaf Scholz unexpectedly sacked his finance minister.
• 🗳️ State ballot measures to establish a right to abortion were approved in seven states, and failed to pass in three other states. (From the Left | From the Center | From the Right)

CLICKBAIT

• 👽 Ranked: The countries that believe in aliens the most.

🤑 Stat of the Day: Into sports and have $250,000 to blow? Morgan Stanley wants to talk. The investment banking and financial services giant is introducing a new portfolio for high net worth sports fans that’s tied to the performance of the most prominent sports leagues, which have collectively skyrocketed in value in recent decades. The minimum investment is a cool quarter-mil, and the portfolio’s holdings will consist of 250-400 stocks of companies seen on the sidelines, in the tickers, or among the advertisers of major sporting events.

🤔 Did You Know? In 1992, former President Abraham Lincoln was officially recognized by the National Wrestling Hall of Fame as an “Outstanding American” in the sport. He reportedly amassed ~300 victories over 12 years, with only a single known defeat.

📰 Worth a Read: The Ouija Board can’t connect us to paranormal forces – but it can tell a lot about psychology, grief and uncertainty → (Knowable Magazine)

Yesterday, we covered the results of the 2024 US election, which show the Republican party has clinched the presidency and Senate, and is leading in the yet-to-be-decided House race.

❓ Our question to you: Did you cast a ballot in the 2024 election?

• 👍 Yes: 86%
• 👎 No: 14%

+Note on sample size: We received 3,682 votes.

As Pokémon fans like to say: "You gotta catch 'em all." Unless, of course, you're card collector Ross “Coop” Cooper, whose mission is to give them all away.

🃏 How the magic works: If someone wanders up to his station, Coop asks them what their favorite Pokémon is. If he has a card with that Pokémon on it, he'll whip out his binder and gift it to them to take home for free. If he doesn't, Coop will give them an unopened booster pack and let them keep what’s inside.

• “At the end of the day, we all have a hobby we really enjoy,” he told CNN. “I know it’s going to be worth more, the experience, than getting a couple bucks in my pocket.”

Which UK city, pictured above, has more miles of canals than Venice?

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