Good morning readers. In a whirlwind of trading activity, the Dow Jones Industrial Average breached the coveted 38,000 mark for the first time, riding on the coattails of technology giants and Goldman Sachs shares. The Dow surged 0.4% to reach a record-high of 38,001.81, joined by the S&P 500 and Nasdaq Composite, each posting respective gains of 0.2% and 0.3%. Smaller companies in the Russell 2000 outperformed, soaring around 2%. As earnings season unfolds and optimism about artificial intelligence persists, investors are keeping a watchful eye on economic data and corporate results. However, some experts advocate caution amidst the euphoria.

Let’s jump into today’s storylines.

In today’s digest:

• Facebook is getting out of the news distribution business

• Headline Hustle: Apple introduces ‘Stolen Device Protection’ with its latest update, Canada caps international student permits, California State University faculty walk off the job

• Wall Street changes its stance on Donald Trump

• Pulse Points: What’s Trending

TECH

Facebook unfriends the news

If you're mourning the loss of seeing your favorite news updates between family photos and friend updates on Facebook, you're not alone. The platform's pivot away from news content has media outlets scrambling for alternatives, and not everyone’s loving it.

Meta's move away from news didn't just happen overnight

The latest shift by Facebook, rebranded as Meta, isn’t just about changing algorithms – it’s about changing narratives. After years of grappling with misinformation and political bias accusations, Zuckerberg’s empire is now more interested in virtual hangouts and short video formats à la Reels than the day’s headlines.

The impact? It’s huge. From The Daily Mail to The Independent, media behemoths are scrambling to find new ways to lure readers, as their Facebook traffic trickles away. Even BuzzFeed had to close its news division, a hard pill to swallow for a site that was once synonymous with viral content.

But it’s not just about Facebook turning its back on news. It’s about Meta’s new darling – user behavior, and their bet on the shiny new world of the metaverse. The message is clear: less politics, more play.

As Facebook shuts its doors on news, other doors open. Google searches, newsletters, and direct-to-consumer approaches are now the weapons of choice for media outlets in survival mode. And let’s not forget TikTok – the new kid on the block for news consumption. The platform poses a new challenge and opportunity, albeit with a catch – its influencer-driven, short-video format doesn't quite align with traditional media models.

Zoom out, and it’s a landscape in transition. Media giants, once riding the Facebook wave, are now navigating uncharted waters, wary of putting all their eggs in one basket. This isn’t just about Facebook’s pivot; it’s a wake-up call for media literacy and the importance of direct audience engagement. In the shifting sands of digital media, adaptability isn’t just a skill – it’s a necessity.

Headline Hustle

📱 Apple introduces ‘Stolen Device Protection’ with latest update. Apple's latest iOS 17.3 update introduces a pivotal security feature, Stolen Device Protection, in response to increasing iPhone thefts. This advanced setting, which must be manually activated, limits the power of the passcode in unfamiliar locations. It requires biometric authentication for accessing sensitive data and changing key settings, incorporating a delay mechanism for critical actions. Despite its sophistication, it doesn't fully shield email and Apple Pay, highlighting the importance of strong passcodes and additional security measures for apps.

🇨🇦 Canada limits international student permits amid housing crunch. In a decisive move, Canada caps international student permits and ceases some postgraduate work permits, aiming to alleviate a rapidly growing housing crisis. This action, expected to slash study permits by 35% in 2024, addresses both the exploitation of students by under-resourced educational institutions and the strain on housing and services. Amidst surging immigration-driven population growth, this policy, criticized by student groups for inadequate support, marks a significant shift in Canada's approach to balancing educational opportunities and national infrastructure needs.

🏫 Largest US university system faces faculty strike amid pay disputes. Faculty members at California State University, the largest US university system, launched a strike on the first day of the spring semester. The California Faculty Association union, representing 29,000 members including professors, librarians, and counselors, seeks pay raises in line with the cost of living and a minimum wage standard for low-paid faculty. They also demand manageable workloads, expanded mental health services, and extended paid parental leave. The strike will last until January 26, affecting classes, athletic practice, and counseling services. Over 400 major strikes have occurred in the past year in the US, mirroring growing labor activism.

POLITICS

Wall Street’s new bet? Trump winning

On Wall Street, where fortunes are made and lost on the turn of a dime, a new bet is being placed. As Donald Trump gathers steam in the Republican nomination race, the financial titans are recalibrating their strategies. Gone are the days of hoping he'd fold; now, they're preparing for a potential Trump comeback.

This change has caught many by surprise

Many on Wall Street had initially clung to the hope that Trump would not secure the nomination, but now reality is setting in. As one private equity firm executive put it, "People were in the first stage of [grief], denial. Now they're trying to get their heads around the fact that Trump could be the nominee." This sentiment is shared by a significant portion of Wall Street, who are grappling with the idea that Trump could potentially triumph over Democratic President Joe Biden in November.

Longtime Wall Street executive and former Trump communications director, Anthony Scaramucci, admits, "It's painful for me to admit this, but Wall Street is basically nonchalant to this election." The prevailing view seems to be that Trump, despite his polarizing image, is perceived by many as having a neutral to positive impact on the economy and business.

But why this cautious approach? Wall Street executives are treading lightly to avoid alienating their diverse constituencies, which include employees, investors, and customers. They are stewards of other people's money, and they don't want to take a position that could divide these groups.

The dilemma for Wall Street is clear: support Trump or hedge their bets on the outcome of a closely contested race between Trump and Biden. The financial world is watching closely as the moneyed class calculates their next move.

SNIPPETS

Pulse Points

• The U.S. and U.K. conducted strikes on eight Houthi targets on Monday as part of their ongoing efforts to halt the Yemeni rebel group's attacks on ships in the Red Sea.

• Weight-loss medications like Wegovy and Zepbound are gaining popularity due to their remarkable effectiveness, but they may lead to muscle-mass loss as a potential drawback.

• On Monday, Elon Musk visited Auschwitz, the former Nazi death camp, and paid his respects by laying a wreath at the Death Wall memorial where thousands of Jewish prisoners were executed during World War II.

• Following a year marked by strikes by actors and writers, Hollywood faces the potential for another strike as the American Federation of Musicians (AFM) starts negotiations on a new contract with the Alliance of Motion Picture and Television Producers (AMPTP).

• A Georgia judge suspended a subpoena for DA Fani Willis's testimony in her deputy's divorce case and revealed court records that showed minimal evidence of financial gain from an alleged affair in the Trump investigation.

• The U.S. SEC attributed the breach of its official account on X, previously Twitter, to a SIM swap attack.

• Dexter Scott King, younger son of Dr. Martin Luther King Jr. and Coretta Scott King, passed away from prostate cancer, as announced by the King Center in Atlanta.

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