A total waste of time

MARKETS

• Currency: The U.S. dollar hit a three-month low after a few central bankers offered their intriguing thoughts on the current interest rate environment. Sorry about the tease, but we'll get to that in 3...2...1...

MARKETS

Do You See This Glass? It's Half Full

The calls of a coming recession never end. The government shutdown is on Day 20 with no resolution in sight. The History Channel canceled "Vikings."

It sure feels like this winter might be especially bitter. But before you lock yourself in a dark room with Adele's "25," consider that the market is...actually looking up.

Equities have notched four straight days of gains after December clobbered stocks from tech to finance and everywhere in between. In fact, the S&P is now on its longest winning streak since September.

What's going on, you ask?

1. The Fed put on another dovish show

Two Federal Reserve officials said the bank should pause to reassess economic conditions before raising interest rates again. Remember, the Fed's hiked rates for the last five quarters, sending a shiver through markets (which had gotten used to easy money).

In the minutes the Fed published yesterday from its most recent meeting, the central bank signaled it probably won't hike rates at its January and March meetings and can "afford to be patient" on policy.

2. The U.S. and China are working on that trade deal

Representatives from the countries finished their first face-to-face trade talks since declaring a temporary truce in December. The verdict? Although some of the thornier issues are being relegated to the higher-ups, progress was made.

China reportedly agreed to purchase more U.S. goods and services and open its markets to more U.S. capital. But that 90-day clock to strike a deal is ticking...

3. And oil is rallying

Likely for two reasons: Traders hope 1) a U.S.-China trade resolution will stoke demand from the world's two largest economies and 2) OPEC supply cuts could be extended.

Bottom line: Unfortunately for the millions affected by ongoing gridlock in D.C., talks to end the government shutdown were a "total waste of time," according to President Trump. Still, the Fed is helping make sure the markets enjoy their first taste of 2019.

TECH

You Know Who Just Doesn't Get Enough Media Coverage?

Big tech CEOs. That's why we're giving these grossly under-recognized leaders the newsletter space they deserve. We know it's tough, but someone had to do it.

New year, new Zuck

Facebook's chief makes a resolution yearly, but his 2019 goal? "Host a series of public discussions about the future of technology in society."

Zuck's really going to need to boost his lunch-and-learn game, though. His 2018 resolution was "fixing" Facebook...and many agree there's still a ton of work to be done.

Jeff Bezos makes a change

The world's richest person and his wife, MacKenzie, are divorcing after 25 years. FYI, DA Davidson said the divorce should have no material impact on Amazon or its shares. Still, the uncoupling could become one of the most expensive divorces in history.

And Tim Cook makes bank

Well, more bank than he usually makes...which is always a lot. Cook's fiscal 2018 bonus of $12 million was the biggest the Apple CEO has ever received. And it's just the cherry on top—his total haul for 2018 was $136 million.

DIAMONDS

Where Did You Get That Rock?

Everyone knows the five C's of diamonds—cut, color, clarity, carat, and country of origin. Ok, we added that last one. But it could join the "I'm close to proposing" lexicon any day now.

That's because Tiffany & Co. (-0.56%) just launched a program that identifies the country where a customer's diamond was mined and eventually will reveal where it was cut, polished, and set.

Tiffany's thinking? Attract millenials. They want to know the home farm, social security number, and mother's maiden name of the chickens they eat...so why not be more transparent about diamonds?

• FYI: TD Bank found the average millennial couple spent just over $3,000 on an engagement ring last year, up from $2,600 in 2017 and ahead of the $2,800 other age groups spend.

And even though it sold more than $500 million worth of diamond engagement rings in 2017, 182-year-old Tiffany faces an uphill battle luring younger customers, many of whom care about the ethics behind their purchases. And the diamond business has had a bad reputation...you've heard of blood diamonds, right?

LOGISTICS

For J.B. Hunt, It’s All About That Last Mile

When you drive down the Jersey Turnpike you see warehouses, 18-wheelers, and maybe even that tollbooth you recognize from "The Sopranos."

But trucking company J.B. Hunt (+1.14%) sees a whole lot of opportunity. It's buying New Jersey-based Cory 1st Choice Home Delivery for $100 million, gaining access to 14 warehouses and over 1,000 independent contractors in the process.

What this is all about: Meeting the expectations of e-commerce consumers.

• 30 years ago, you'd purchase new appliances through a local store. Now, you head to a website you saw on Instagram, buy a refrigerator, and expect it to show up at your door tomorrow.
• ...Not only that, you also expect to be able to track the shipment down to the minute.
• ...Not only that, you also expect someone to install it in your house.

Bottom line: National trucking juggernauts including J.B. Hunt, XPO Logistics, and Ryder are gobbling up local companies to offer online shoppers all these services and more. They know the last-mile delivery market is growing much faster than standard freight.

REAL ESTATE

Another NYC Icon Is Up for Sale

No, not Morning Brew.

The Chrysler Building, an Art Deco beauty (if we do say so ourselves) built between 1928-1930. At one point, it was the world's tallest structure.

The current owners: An Abu Dhabi wealth fund and Tishman Speyer, a New York developer.

The price: It's really hard to estimate, the WSJ reported, but there's no guarantee the sale will fetch $800 million, which the Abu Dhabi fund paid for 90% of the property just over a decade ago.

Selling points: The Chrysler's Building ripe old age is both a blessing and a curse. It's got that "vintage" appeal some companies look for in an office space...but pre-war buildings are a headache to maintain.

It won't be the first Manhattan treasure to change hands in the last few years, though.

• The Metropolitan Transportation Authority said it would pay $35 million for Grand Central Terminal in November 2018.
• WeWork acquired the landmark Lord & Taylor building on Fifth Avenue for $850 million in October 2017.
• Google bought Chelsea Market for $2.4 billion last spring.

WHAT ELSE IS BREWING

• Sears Chairman Eddie Lampert has submitted a revised bid for the bankrupt retailer worth $5 billion, per CNBC. That’s up from his initial (and rejected) offer of $4.4 billion.
• Bird, the e-scooter unicorn, is reportedly raising $300 million in new funding led by Fidelity, per Axios.
• Instagram is adding a feature to allow you to repost the same content on all of the accounts you control. Translation? Soon you can regram yourself.
• "Baby Shark," the catchy children's song that's definitely stuck in your head now, hit No. 32 on the Billboard Hot 100's Top 40.
• Ford and Volkswagen are expected to unveil details of a deepened partnership meant to save them billions, per Reuters.
• Bed Bath & Beyond stock spiked more than 20% after hours after the retailer said it's ahead of schedule for meeting long-term financial goals.

BREAKROOM

Word Puzzle

Each sentence below contains a word that can be anagrammed to answer or describe the sentence.

Example: Craft that might tip in the ocean. Answer: Canoe (Anagram of ocean)

1. Bit of brush
2. Opposite of unite
3. Writings of a steno
4. They affix without paste
5. Having less reason for fears
6. Animal that may need a shoer

(Answer located at bottom of newsletter)

Breakroom Answers

Word Puzzle
1. Shrub 2. Untie 3. Notes 4. Tapes 5. Safer 6. Horse