Markets continued what’s been a dismal end of September with their worst performance in months on Tuesday, with the three major indices averaging a 2% drop as Treasury bond yields rose over concerns about Fed tapering and the dual risk of a government shutdown and debt-ceiling catastrophe hung over Wall Street and the rest of the U.S. economy - NYTimes and WSJ and Bloomberg and MarketWatch
While support for Jay Powell’s re-nomination as Fed Chair appears to be growing, it’s definitely not coming from the senior member of Massachusetts’ Senate delegation, who on Tuesday promised to oppose another term for him, calling him a “dangerous man to head up the Fed” - NYTimes and WSJ and Bloomberg and MarketWatch and Law360
The Journal continues its deep dive into Facebook’s troubled business model by showing—the day after the company temporarily set aside its Instagram For Kids effort—that Zuck & Co.’s efforts to target preteen users goes “beyond what is publicly known” and far past just Insta - WSJ
A consideration of what a cratered Evergrande means for the country that grew alongside the property giant for years as it embraced its Beijing-approved brand of capitalism - NYTimes
Company bondholders are kicking around what comes next, too - WSJ and Bloomberg
Eyewear maker Warby Parker will begin public trading today through its direct listing approach. The NYSE has “set a reference price of $40 a share, which is simply a guidepost to where it could open” - WSJ
Navient, a major student-loan servicer with upwards of 6 million federal loans in its portfolio, is seeking to end its contract with the Ed Department “and offload its responsibilities to Maximus, another federal loan servicer.” Navient is following in the footsteps of FedLoan, which ditched 15 million of its federal student loan borrowers several months ago - NYTimes and MarketWatch
TikTok reportedly topped the 1 billion users mark in recent days. Eyeballs? Check. Next step, monetizing, of course. Here’s the company’s plan on views into ad revenue for a company that rolled out paid ads over a year ago but hasn’t seen them boom in the way it hoped - NYTimes
More on the flood of recent fears over a new “hostage diplomacy” from Beijing after last week’s Meng Wanzhou saga - NYTimes
The SEC has selected former Gensler aide Dan Berkovitz to serve as the Commission’s general counsel. Berkovitz has been serving as a commissioner at the CFTC and will switch agencies on November 1 - WSJ and Law360
Too good to pass up, regardless of Star Wars fan status - Twitter
Stay safe, and get vaxxed,
MDR
Related Attorneys
Partner
