Good morning. It's Thursday, May 7, and welcome to this week's Business & Finance newsletter. This week, we're covering the Nasdaq, remote work, and, because of Kevin Warsh's impending appointment as the new Federal Reserve chair, the Federal Reserve itself. If you have any feedback for us (or just want to say hello!), feel free to hit the "reply" button on this newsletter to send us a note.
As always, thank you for being a reader!
—Phoebe Bain, 1440 Business & Finance Section Editor
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The First Electronic Stock Exchange |
The Nasdaq, explained.
Typically sitting just behind the New York Stock Exchange in terms of market cap, the Nasdaq has historically been known as the world's second-largest stock exchange. It's best known as a high-tech alternative to the NYSE, listing top technology companies including Apple, Microsoft, and Nvidia. Unlike the NYSE, the Nasdaq does not have a physical trading floor—everything is done electronically.
The Nasdaq became the first electronic stock exchange when it launched in 1971, meaning that stock prices were displayed on screens for the first time rather than quoted exclusively by phone. The National Association of Securities Dealers built this "automated quotation system" in response to a study revealing the chaotic nature of finding out share prices. The name "Nasdaq" is an acronym for the National Association of Securities Dealers Automated Quotation System.
A company might opt to go public on the Nasdaq rather than the NYSE for a variety of reasons, including a desire to be branded as a high-growth tech company, comparatively lower listing fees, and operating under a dealer-based model rather than an auction-based one.
Explore everything else we've found on the Nasdaq.
Also, check out ...
> The world's 25 largest stock exchanges, visualized. (View)
> Stock indexes, explained. (Watch)
> What are the Nasdaq's "magnificent seven"? (View)
> The history of the world's oldest stock exchange. (Read) |
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In partnership with Northwestern Mutual |
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What is remote work?
Also known as "working from home" (WFH), remote work is an arrangement in which an employee does not work from a central office with their coworkers, but teleworks instead. Roughly 22% of US workers work remotely at least some of the time.
While the COVID-19 pandemic significantly accelerated the adoption of remote work—the number of US workers who work from home more than tripled from 2019 to 2021—the practice dates back to the 1970s, when the term "teleworking" was coined. Today, 82% of global workers with the option to work remotely work from their residences, while 5% opt to work from coworking spaces, and roughly 2% work from a coffee shop or cafe.
Critics of remote work include top CEOs like Elon Musk and JPMorgan's Jamie Dimon, who argue that working from home decreases productivity and collaboration among team members. Proponents note that companies can benefit from remote work in multiple ways, including generating more diverse and competitive talent pools given that the candidates aren't limited to a single geographic area.
Explore everything else we've found on Remote Work.
Also, check out ...
> The people working remotely from prison. (Listen)
> A list of one digital nomad's favorite countries for remote work. (Read)
> Why can't we just turn the empty offices into apartments? (Listen)
> How Zoom took Skype's crown as a work-from-home staple. (Read) |
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How the Federal Reserve works
No institution wields more power in US finance than the Federal Reserve. Known casually as “the Fed,” the century-old independent central bank sets interest rates, which helps determine how much ordinary people pay for mortgages, car loans, and more, all to achieve its dual mandate of price stability and maximum employment. Consisting of a central board of governors working in tandem with 12 regional banks, the Fed also manages the US money supply and acts as the lender of last resort.
Throughout the 19th century, the US experienced periodic economic downturns, resulting in financial panics. Customers raced to withdraw their cash before their neighbors, draining the system of its liquidity during so-called bank runs. A major reason behind this volatility was the lack of a central bank. After the panic of 1907, major financiers and lawmakers worked to draft a plan for a Federal Reserve system, and in 1913, the Federal Reserve Act was signed into law by President Woodrow Wilson.
Despite its independence—that is, its ability to operate without requiring government approval—the Fed is often a political lightning rod due to its significant impact on both national and household economies.
Explore everything else we've found on The Federal Reserve.
Also, check out ...
> The best (and worst) Federal Reserve chairs since 1914. (Watch)
> See a chart of public trust in the Federal Reserve. (View)
> Get the inside story of the duck hunt that birthed the Federal Reserve. (Read)
> Who is Kevin Warsh, President Donald Trump's nominee for Fed chair? (Read) |
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One Story We're Taking Stock In |
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As more studies are published about the different ways women and men use AI at work, two camps have emerged.
One (which counts actress Reese Witherspoon among its devotees), argues that women who do not use AI risk being left behind as men gain the skills to use these tools and train the AI models on their responses. The other argues that using AI at work could do more harm than good to women's careers. For instance, female engineers who use AI to write code may be perceived as less competent than their male counterparts who do the same, according to one 2025 paper.
The feature story below on the debate—one of our favorite long reads of the week—explores both sides of the argument, using a wide variety of recently published research coming out about AI's gender disparity. |
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> The messy reality of AI’s much-discussed gender gap. (Read) |
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> Get a better understanding of how generative AI works and why it matters. (1440 Topics) |
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In partnership with Northwestern Mutual |
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The Most Overlooked Part of Your Plan |
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When we think of our financial plans, most of us focus on retirement, savings, or college funds. Those are all great, but you’re forgetting one huge blind spot: Life insurance.
Life insurance can play a critical role in any financial plan, and a good financial professional will help you address that. From factoring it into your “big picture” to helping your money work harder for you and your family, a qualified financial professional (like those at Northwestern Mutual) will help you cover all your bases—all you need to do is reach out and get started. |
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