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November 27, 2023
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In an important sign for the economy, Black Friday sales were strong this past weekend.
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The consumer is back — but for how long?
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Black Friday and today’s Cyber Monday shopping bonanzas hold outsize political significance this year with the retailing events emerging as key recession
<span style="font-style:italic;font-size:inherit">
and
</span>
inflation indicators.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
So far, so good.
</span>
Bargain hunters turned out in force
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
for Black Friday sales
</a>
, and Cyber Monday is forecast to be
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
even bigger
</a>
. But with consumers showing signs of pulling back on spending, will this splurge be enough to save retailers’ Christmas and keep the U.S. economy from contracting or even
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
plunging into recession
</a>
?
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The White House is paying attention
</span>
. Consumers have grown pessimistic about the economy,
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
data shows
</a>
. At the same time, President Biden’s polling numbers have fallen, with the economy seen as a glaring weaknesses.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
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<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Biden’s advisers are pushing back. This past weekend, they
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
pointed to
</a>
strong Black Friday data as a sign of the economy’s resilience. Still, inflation remains
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
a particular sore point
</a>
with voters. According to The Washington Post, the White House has
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
begun tracking inflation gripes
</a>
posted on social media.
</p>
</td>
</tr>
</tbody>
</table>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The Fed will be watching, too.
</span>
Inflation remains well above the central bank’s 2 percent target, prompting Jay Powell, the Fed chair, to signal that policymakers will likely keep borrowing costs higher for longer in an effort to cool down prices. This month’s retail data could be a factor in how the central bank approaches its interest rates policy next year.
</p>
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Here are some takeaways from Black Friday, including where people are shopping and how the pastime is changing.
</p>
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The U.S. consumer is still spending:
</span>
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<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Black Friday sales rose 2.5 percent in the U.S. compared to last year, according to
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
The Wall Street Journal
</a>
, citing Mastercard SpendingPulse, which measures in-store and online sales.
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Retail foot traffic rose 2.1 percent in the same period.
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Will that be enough
</a>
, though, to save America’s beleaguered shopping malls or its commercial real estate sector?
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Online shopping was the big winner. E-commerce sales jumped 7.5 percent to $9.8 billion,
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
according to Adobe Analytics
</a>
.
</span>
</li>
</ul>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
But Black Friday looked different from past years:
</p>
</td>
</tr>
</tbody>
</table>
</div>
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<tbody>
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<td style="padding:0 0 5px">
<ul class="css-27qc8p" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Amazon is trying to get even bigger.
</span>
The company
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
aired the N.F.L.’s first-ever Black Friday game
</a>
exclusively on its Prime streaming service as part of its roughly $100 million “
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Thursday Night Football” broadcast agreement
</a>
. To help promote deals, the broadcast featured
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
a bevy of QR codes
</a>
during a matchup between the New York Jets and Miami Dolphins.
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The deals started flowing earlier
</span>
as
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
retailers grew nervous that shoppers wouldn’t show up
</a>
.
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
“
</span>
When you think about Black Friday, the competitive landscape has really shifted to Black Friday deals prior to Black Friday,” Jeff Gennette, the C.E.O. of Macy’s, told
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
investors on a recent call
</a>
.
</span>
</li>
</ul>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
What to watch:
</span>
The rise of so-called
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
social commerce
</a>
, which is big in Asia. TikTok is trying to bring the practice to the U.S. and turn the short-video app’s users into shoppers.
</p>
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HERE’S WHAT’S HAPPENING
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Israel and Hamas might extend their cease-fire.
</span>
Hamas said it would seek to
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
extend a pause
</a>
in fighting after
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
releasing Israeli hostages
</a>
over the weekend. Benjamin Netanyahu, Israel’s prime minister, said he was open to a continuation if more hostages are released. Separately, Elon Musk
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
met today
</a>
with Netanyahu and families of hostages as he faces accusations of
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
amplifying antisemitism on X
</a>
.
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President Biden will skip the U.N. climate summit.
</span>
A White House official said that the president
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
wouldn’t attend COP28
</a>
, which starts on Thursday in Dubai and is expected to feature King Charles III, Pope Francis and leaders from more than 100 countries. No reason was given, but aides suggested that Biden’s work on the Israel-Hamas war and Ukraine were behind the decision.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
TikTok’s parent company reportedly plans to retreat from video games.
</span>
ByteDance, the Chinese internet giant, will
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
lay off hundreds of workers
</a>
in its gaming division and look to sell off titles, according to Reuters. It may also
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
sell a studio
</a>
it bought for $4 billion. It’s a black eye for ByteDance, which had sought to compete with a rival Chinese tech titan, Tencent.
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Disney’s latest animated feature falls short of expectations.
</span>
“Wish” was forecast to
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
earn up to $50 million
</a>
in worldwide box office in its debut weekend, trailing the latest “Hunger Games” movie and “Napoleon.” That’s bad news for Disney, where expensive movies — “Wish” cost an estimated $200 million, excluding marketing costs — have underperformed.
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The S.E.C. on trial
</h2>
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The Supreme Court will hear a landmark case this week that could determine the future of the S.E.C.’s in-house enforcement arm and have serious consequences for how other regulators operate.
</p>
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It all began with an enforcement action against a hedge fund manager.
</span>
About a decade ago, the S.E.C. charged George Jarkesy, an investment adviser and conservative media personality, with securities fraud. Jarkesy was found guilty in an administrative proceeding overseen by an administrative law judge. But he won a later challenge to that process in federal court, saying that the Seventh Amendment guaranteed the right to a jury trial.
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The S.E.C. has challenged that ruling.
</span>
The agency argues that the right to a jury trial is limited for civil actions and that Congress did not make a mistake in setting up the agency in this way. Defendants, however, contend that these proceedings are weighted in favor of the agencies.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Most justices have shown an inclination to limit agency power
</span>
and this is just one of several cases challenging the power of federal regulators. The Supreme Court is also mulling the
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
future of the Consumer Financial Protection Bureau
</a>
and whether to overrule a principle that requires judges to defer to agencies’ interpretations of administrative rules.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Regulators are on tenterhooks.
</span>
Some, including the F.T.C., can conduct civil proceedings in internal courts overseen by administrative law judges. But
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
</span>
if the Supreme Court rejects the S.E.C.’s defense of its administrative process, other agencies would become vulnerable to similar challenges.
</p>
</td>
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</tbody>
</table>
</div>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
An earlier ruling had already made legal challenges of regulatory power more likely.
</span>
In unanimous rulings by the Supreme Court last year on two related cases against the S.E.C. and F.T.C., the justices said businesses could immediately
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
sue the agencies
</a>
in federal court rather than waiting for the administrative case to conclude first.
</p>
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</tbody>
</table>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Executives and business groups want the high court to go further.
</span>
The Chamber of Commerce, Business Roundtable and others filed an amicus brief urging the justices to
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
curb the overreach
</a>
of a vast “administrative state.” Executives and investors, including Elon Musk and Mark Cuban, have also weighed in, arguing that the S.E.C.’s in-house processes “
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
lead to unequal and unjust results
</a>
.”
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
The Supreme Court will hear arguments on Wednesday. A decision is expected before the end of this term in June.
</p>
</td>
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</td>
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</tbody>
</table>
</div>
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
The road to the real estate industry’s big fight
</h2>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Last month, a Missouri jury issued a verdict that promised to
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
alter the $100 billion business
</a>
of buying and selling American homes. The National Association of Realtors and two large brokerages were ordered to pay at least $1.8 billion for keeping agent commissions artificially high.
</p>
</td>
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</tbody>
</table>
</div>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
The verdict, if it stands, could rewrite the American real estate industry. And, according to The Wall Street Journal, it
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
started with a phone call
</a>
by a consumer advocate in Minnesota:
</p>
</td>
</tr>
</tbody>
</table>
</div>
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<p class="css-2pb6aj" style="text-align:left;font:17px/25px georgia,serif;margin:0 50px 15px;color:#000">
George Farah, then a partner at Cohen Milstein, took the call with the advocate who had spent decades investigating practices in the industry. Farah says he readily talks to advocates about case ideas and has at times had to listen to a 45-minute soliloquy about how squirrels in the park are creating a shortage by hoarding nuts.
</p>
<p class="css-2pb6aj" style="text-align:left;font:17px/25px georgia,serif;margin:0 50px 15px;color:#000">
But this time Farah readily saw the potential for a major antitrust case. “C’mon, this is just sitting here,” he remembered thinking. “I was stunned to see that it hadn’t happened yet.”
</p>
<p class="css-2pb6aj" style="text-align:left;font:17px/25px georgia,serif;margin:0 50px 15px;color:#000">
Farah, who has since started his own firm with a couple other attorneys, said he combed through every rule in NAR’s roughly 175-page handbook and homed in on the requirement that homes listed on a multiple listing service must advertise the compensation offered to the buyer’s agent. Plaintiffs attorneys would ultimately argue that the rule, in combination with a few others, allowed the industry to conspire to keep commissions high, in part by allowing buyers’ agents to steer clients away from homes where sellers offer a lower commission.
</p>
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
“He ignored me royally, which is his privilege. And he lost almost all the money that he had invested.”
</h2>
</td>
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<span style="font-style:italic;font-size:inherit">
—
</span>
<span style="font-style:italic;font-size:inherit">
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Christine Lagarde
</a>
</span>
<span style="font-style:italic;font-size:inherit">
, the president of the European Central Bank, on how her son lost big investing in cryptocurrencies despite her many warnings about the risks.
</span>
</p>
</td>
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</tbody>
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</td>
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</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<td align="left">
<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
The week ahead
</h2>
</td>
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</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Oil, climate change and inflation data will be in the spotlight. Here’s what to watch.
</p>
</td>
</tr>
</tbody>
</table>
</div>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Tomorrow:
</span>
The Conference Board publishes its latest consumer confidence report. Also, Workday, CrowdStrike and Intuit report results.
</p>
</td>
</tr>
</tbody>
</table>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Wednesday:
</span>
The Fed’s latest “beige book” report, which details economic activity across 12 regions, is set for release. Before that, Germany, which is teetering on the brink of recession, will disclose its consumer prices data for November.
</p>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Salesforce, Snowflake and Dollar Tree also report.
</p>
</td>
</tr>
</tbody>
</table>
</div>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Thursday:
</span>
COP28 is scheduled to begin in Dubai — coinciding with an OPEC+ meeting, which had been delayed by four days
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
amid disagreements
</a>
about potential cuts in oil production. The price of Brent crude, the international benchmark, is down this morning, having slumped more than 10 percent during the past month amid slowing demand and a relative easing of geopolitical tensions over the Israel-Hamas war.
</p>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Inflation hawks will be watching two releases on both sides of the Atlantic. First up is the Eurozone C.P.I. for November. Then it’s the so-called core Personal Consumption Expenditures Index deflator, the Fed’s preferred measure on pricing trends.
</p>
</td>
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</tbody>
</table>
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</td>
</tr>
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Gain unlimited access to The Times —
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<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
THE SPEED READ
</h3>
</td>
</tr>
</tbody>
</table>
</div>
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<table cellpadding="0" width="100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
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Deals
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<td style="padding:0 0 5px">
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<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Investors plan to follow through with a
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
tender offer for OpenAI employees’ shares
</a>
, testing faith in the future of the artificial intelligence start-up after its leadership drama last week. (FT)
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Jeff Zucker’s proposal to buy The Telegraph newspaper, a bid that is backed by Abu Dhabi, is likely to
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
lead to further scrutiny
</a>
of the emirate’s media-investment strategy. (FT)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Policy
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<ul class="css-27qc8p" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
“At Meta, Millions of Underage Users
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Were an ‘Open Secret,’ States Say
</a>
” (NYT)
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The U.S. Navy intervened to
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
protect a commercial cargo ship
</a>
from Somali pirates. Hours later, Houthi rebels in Yemen apparently fired on the American vessel that had responded to the incident. (NYT)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
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Best of the rest
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-27qc8p" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Switzerland plans to bid for the Winter Olympics, a version it says will be the
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
cheapest on record
</a>
. (Bloomberg)
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Can an
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Instagram-worthy workplace
</a>
help bring young workers back to the office? (NYT)
</span>
</li>
</ul>
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</tr>
</tbody>
</table>
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<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-style:italic;font-size:inherit">
Correction: Wednesday’s newsletter misstated the gains for Nvidia’s share price. The stock is up more than 200 percent in the past year, not up more than 300 percent.
</span>
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Thanks for reading! We’ll see you tomorrow.
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1 year, 6 months ago - nytdirect@nytimes.com
DealBook: Black Friday’s big stakes
Also, the S.E.C. faces Supreme Court scrutiny.View in browser|nytimes.comContinue reading the mai...