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Forty-three days later, the U.S. government shutdown has come to an end. While it wreaked havoc on government services, flights, and paychecks for federal workers, stock market appears to have come through it unscathed. In fact, by some measures, it improved. The Dow Jones Industrial Average reached 46,441.10 on the first day of the shutdown. Since October 1, it has grown over 4%, reaching over 48,000 for the first time on Wednesday, November 12. While the record number came as the shutdowns end became a sure thing, the Dow had continued to rise throughout the period. The S&P 500 also followed a mostly upward trajectory throughout the shutdown. It opened at 6,664.92 on October 1 and closed at 6,850.92 on Wednesday. The tech-heavy Nasdaq Composite also grew about 4% during the shutdown period, even despite concerns of an AI bubble that had dinged shares of major tech companies like Nvidia and Palantir earlier this month. How do government shutdowns typically impact stock markets? Historically, shutdowns have not had a significant effect on the markets. Government shutdowns tend to be high profile though low-impact market events, Truist, a financial company, reported ahead ahead of the most recent shutdown. In the previous 20 shutdowns, there has been almost no change, on average, for the S&P 500, while it has been in positive territory 50% of the time during the shutdown period. As the shutdown began, Bloomberg shared data demonstrating the S&P 500s seemingly unrelated growth and decline during shutdowns. It further reported on the impact of what some experts see as a 16-year-long bull run in U.S. markets. Both Bloomberg and, more recently, MarketWatch point to historically elevated stocks that have created what many see as inflated valuations for quite a few companies, including many in the tech industry.
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E-Commerce
As electric bills keep soaring, Trump has tried to blame clean energy for the higher prices. But new research suggests the public isnt buying itand that clean energy could soon own the affordability argument. A new briefing from the nonprofit Potential Energy Coalition looks at how to talk about clean energy in the middle of a cost-of-living crisis, when some advocates have suggested talking less about climate change as a reason to move away from fossil fuels. Renewable energy is, however, the cheapest form of powerand many people recognize this. In a survey of more than 15,000 Americans, the nonprofit found that 38% already recognize that clean energy is cheaper than fossil fuels. Another 15% think that they cost the same, while 20% say that they dont know. Fewer than a third think that fossil-fueled power has a cost advantage. (When asked an open-ended question about whats causing the surge in energy bills, only 2% mentioned clean energy; the majority blamed corporate greed and politics, followed by weather and inflation.) Cost-of-living concerns are viewed by many elites as an obstacle to talking about clean energyas a reason to run away or change the topic,” says Will Howard, head of insights and advisory services at Potential Energy Coalition. “But the reality is, shying away from the topic is the last thing we should do. Plenty of people already see the cost benefits of clean energyand with the right message, many more do, too. The group tested various messages, including one that talked about rising demand for energy and the fact that clean sources are the most affordable way to get it. After seeing that message, the belief that clean energy is cheaper than fossil fuels jumped up by 27 points. Our messaging in the test was able to significantly increase the perception, which I think speaks to the fact that while there may historically be a green premium that people perceive, a really large amount of this is pretty movable, says Howard. People don’t come to this with a really firm understanding or a high level of confidence of their own understanding of the issue, and it’s fairly malleable. If you show them the right message, they can actually shift the way they’re thinking about these energy sources and the costs associated with them. The nonprofit also tested messages about climate. Since Trumps election, both business and politicians have moved away from talking about climate change. Some climate startups quickly pivoted to rebrand their products as focused on national security. A recent Searchlight Institute report suggested that the first rule in solving climate change is “don’t say climate change.” But Potential Energy Coalition’s research suggests that climate messages were equally effective, and respondents in their surveys were still as concerned about climate as they had been in the past. “If you’re looking at how much did you persuade people to take action on climate, or how much did you persuade people to transition to clean energythose two metrics specificallya message about the urgent consequences of climate change is just as effective or more effective than talking about affordability,” says Howard. The research suggests climate advocates should weave in key attributes that resonated in the tests, including the fact that clean energy is local, unlimited, and proven. One mistake, Howard says, is that some messages talk about clean energy as new or innovativesolar and wind power have been around for decades. “There’s a price tag that comes with being new, and it’s [also] the opposite of proven,” he says. “What we saw in the testing is that being provenwe’ve been trying to do solar for 50 years or moreand the fact that prices have come down so much over the last 25 years on these clean energy sources, is actually much more reassuring and drives affordability perception much more.” Another challenge is that people sometimes balk at the idea of building new infrastructure because of the upfront costs. But because of the surge in demand for new power, the choice isn’t between building renewables or just leaving fossil plants in placeit’s building renewables or adding more fossil fuels that have volatile, increasing costs. “The first step is getting them out of that binary and leveling the playing field of like, okay, hold on, we have to build something. So what should we build?” he says. The nonprofit, founded by a former corporate marketing executive who wanted to help tackle the problem of climate change, sees clean energy as a brandnot in the traditional sense of a company’s brand, in the sense that the phrase “clean energy” evokes a certain feeling and a shared public understanding. That brand is strong, Howard says. “The clean energy brand is better than we think, and it’s easy to strengthen it further if we’re disciplined about emphasizing the right attributes,” he says. “Specifically, not being afraid to position clean energy as the cheaper, better choice because it’s local, an unlimited resource, and a proven technology.”
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E-Commerce
Visitors to dozens of Starbucks stores across more than 40 cities may be greeted with picket lines today as Starbucks baristas go on strike. And its a strike that couldnt come at a worse time for Starbucks, as today is the companys annual Red Cup Day, which kicks off the Seattle coffee giant’s holiday sales season. Here’s what to know: Whats happened? Today, unionized Starbucks baristas went on strike at more than 65 Starbucks locations across 42 cities. The baristas are members of the Starbucks Workers Union (SBWU), a collective that says it includes over 12,000 Starbucks workers across 550 unionized stores. The union says it has been in stalled negotiations with Starbucks over three primary issues. Those issues include better working hours to improve staffing in Starbucks stores, higher take-home pay, and a resolution to hundreds of unfair labor practice charges for union busting. The stalled negotiations are the main driver for the unions strike actions kicking off today. Both Starbucks and the Starbucks Workers Union blame each other for the stalled negotiations. It should also be noted that Starbucks disputes SBWU’s claim that the union represents 12,000 members. Starbucks says the union represents “approximately 9,500 partners in 550 coffeehouses.” The strike actions will initially involve around 1,000 unionized baristas, but SBWU says those numbers could grow as the strike progresses. And it is a strike designed to put maximum pressure on Starbucks leaders. The strike kicks off today, a day that Starbucks designates as Red Cup Day, which kicks off its annual holiday sales. Customers can get a free reusable red cup with the purchase of a holiday-themed drink at a Starbucks store. What does the Starbucks Workers Union say? In a press release announcing the strike, SBWU representatives blamed the stalled negotiations on Starbucks. Were turning the Red Cup Season into the Red Cup Rebellion. Starbucks refusal to settle a fair union contract and end union busting is forcing us to take drastic action, a Starbucks barista and SBWU member said. Were striking for a fair union contract, resolution of unfair labor practices, and a better future at Starbucks. Michelle Eisen, a spokesperson for Starbucks Workers United, added, Starbucks knows where we stand. Weve been clear and consistent on what baristas need to succeed: more take-home pay, better hours, resolving legal issues. Bring us NEW proposals that address these issues so we can finalize a contract. Until then, youll see us and our allies on the picket line. The union says it would cost Starbucks less than one days worth of sales to finalize a fair contract with its workersbut that is something the multibillion-dollar coffee chain has so far failed to do. What does Starbucks say? Jaci Anderson, director of global communications at Starbucks, told Fast Company in an email that despite the strike kicking off today, the company was currently seeing “minimal impact” across its stores. Anderson went on to say that the company was disappointed that SBWU called for a strike instead of returning to the table for negotiations. “Weve been very clearwhen the union is ready to come back to the bargaining table, were ready to talk,” Anderson said, adding, “Any agreement needs to reflect the reality that Starbucks offers the best job in retail, including more than $30 an hour on average in pay and benefits for hourly partners. Starbucks also pointed to a November 5 letter published by chief partner officer Sara Kelly. In that letter, Kelly criticized some of SBWU’s proposals, including immediate pay increases of 65% as well as additional payments for other aspects of work. “Some of the proposals would significantly affect store operations and customer experience, including the ability to shut down channels like Mobile Order when there are just five orders in the queue,” Kelly wrote. “These arent serious, evidence-based proposals.” The company has also disputed SBWU’s assertion that it would cost the company just one day of sales to finalize the union’s contract demands. When is the Starbucks barista strike? The Starbucks barista strike begins today, Thursday, November 13. How many stores will be on strike? To begin with, more than 65 stores will see baristas taking part in strike action. However, that number could expand in the future. The Starbucks Workers Union represents 550 Starbucks stores across the country. Where will the strike take place? Initially, the Starbucks barista strike will take place at more than 65 Starbucks locations across 42 cities. The website No Contract, No Coffee has a full list and map. The cities are: Anaheim, CA Long Beach, CA San Diego, CA Santa Clarita, CA Santa Cruz, CA Scotts Valley, CA Seal Beach, CA Soquel, CA Colorado Springs, CO Lafayette, CO Des Plaines, IL Evanston, IL Geneva, IL Alpharetta, GA Roswell, GA Chanhassen, MN Minneapolis, MN Saint Louis, MO Brooklyn, NY New York, NY Columbus, OH Lewis Center, OH Reynoldsburg, OH Upper Arlington, OH Worthington, OH Beaverton, OR Damascus, OR Eugene, OR Gresham, OR Portland, OR Dickson City, PA Lancaster, PA Philadelphia, PA Pittsburgh, PA Austin, TX Dallas, TX Denton, TX Farmers Branch, TX Mechanicsville, VA Richmond, VA Redmond, WA Seattle, WA When will the strike end? That likely depends on how long it takes Starbucks and SBWU to come back to the table. With no set end date to the strike, baristas across more than 550 current union stores are prepared to continue escalating to make this the largest, longest strike in company history if Starbucks fails to deliver a fair union contract and resolve unfair labor practice charges, the SBWU warned. This story is developing…
Category:
E-Commerce
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