10.2.2023

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Good morning. It's Monday, Oct. 2, and we're covering a last-minute government funding deal, flooding in the Big Apple, and much more. First time reading? Sign up here.

 

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Need To Know
 

Shutdown Averted (for Now)

Lawmakers avoided a federal government shutdown over the weekend, agreeing to a 45-day stopgap funding bill ahead of a Saturday night deadline. The bipartisan measure passed the House by a vote of 335-91, with the Senate following suit, 88-9. The bill extends current funding levels during the timeframe, adding $16B for disaster relief and omitting new funding for Ukraine. 

 

The deal came as a last-minute surprise. House Speaker Kevin McCarthy (R, CA-20) had previously said he would not offer a short-term extension, known as a continuing resolution, instead raising a number of bills with Republican priorities, each of which failed to pass. 

 

The effort was strongly opposed by a bloc of conservative House members. A condition of McCarthy's election as speaker allows any single member to call a vote to oust him from the position. Rep. Matt Gaetz (R, FL-1) said he would raise the motion this week.

 

In related news, US Capitol Police are investigating whether Rep. Jamaal Bowman (D, NY-16) intentionally pulled a fire alarm to delay Saturday's vote. 

 

Deluge in New York

Roughly 23 million Americans were under flood watches Saturday after heavy rains doused areas of New York, New Jersey, and Connecticut throughout Friday. The National Weather Service reported the rains made New York's wettest September day since 1960. 

 

Portions of the tri-state region saw totals of 7 inches of rain Friday, with some areas recording over 2 inches falling in just one hour (the monthly average is roughly 3.5 inches). The deluge overwhelmed drainage systems, leading to several feet of water on some expressways and streets. Much of New York City's subway system was suspended, as were its regional train systems and some airplane terminals. In Brooklyn, roughly 150 public schools closed amid the rising waters, while one school was forced to evacuate. See photos of the flood here and videos here.

 

Amid the day's floods, one sea lion resident of Central Park Zoo was able to briefly swim out of her exhibit. 

 

Trump Civil Trial

A civil trial against former President Donald Trump begins today in New York City, with a judge set to determine penalties after determining he and his company committed fraud. State court Justice Arthur Engoron ruled last week the Trump Organization significantly inflated the value of its real estate assets to obtain better terms on financial deals.

 

The proceedings do not involve a jury. Engoron will be the sole arbiter over the fraud claims brought by New York Attorney General Letitia James (a jury may later consider additional civil claims in the case). James is seeking up to $250M in penalties, an order barring Trump from leading a business in the state, and the revocation of the Trump Organization’s business license in New York for five years.

 

Trump has broadly denied the charges, while his lawyers argued there was no evidence of default or complaints by lenders regarding any of the loans in question. The former president has also reportedly been listed as a witness and has suggested he may attend the proceedings in person. 

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In The Know
 

Sports, Entertainment, & Culture

In partnership with Upway

> MLB regular season wraps; see playoff bracket and schedule for all 12 postseason teams (More) | Tim Wakefield, former MLB All-Star pitcher, dies at 57 (More)

> Europe tops the US to win the Ryder Cup for the eighth time in the last 11 matches (More) | Canelo Alvarez beats Jermell Charlo by unanimous decision to retain undisputed super middleweight boxing championship (More)

> California Gov. Gavin Newsom (D) vetoes bill, backed by the Writers Guild of America and SAG-AFTRA, that would have provided unemployment benefits to workers on strike (More)

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Science & Technology

> Nobel Prize committee announces the 2023 award in physiology and medicine at 5:30 am ET this morning; see selection here (More)

> Scientists discover two types of brain cells that appear to protect against dementia and Alzheimer's disease, even if other increased risk factors are present (More)

> NASA's Perseverance rover captures Martian whirlwind, offering insights into the planet's atmospheric dynamics (More)

 

Business & Markets

> US stock markets close mixed Friday (S&P 500 -0.3%, Dow -0.5%, Nasdaq +0.1%); S&P 500 and Nasdaq close out worst month in 2023, down 4.9% and 5.8% in September (More)

> Student loan payments return after three-year pandemic hiatus; 40 million Americans owe student loans totaling over $1T (More)

> JetBlue Airways to increase flight attendant pay 5%; union will support airline’s proposed acquisition of Spirit Airlines (More)

 

Politics & World Affairs

> Up to 1 million people protest in the Polish capital of Warsaw supporting the country's opposition party ahead of Oct. 15 national elections; preliminary estimates suggest it was the biggest rally in city history (More

> Suicide bomber detonates outside government building in Turkey's capital of Ankara Sunday as parliament reopens, injuring two; second bomber shot and killed before detonation (More) | Five killed, five injured in Illinois truck crash that caused chemical spill late Friday; 500 nearby residents temporarily evacuated (More

> Gov. Gavin Newsom (D-CA) signals he will appoint a Black woman to temporarily replace the late Sen. Dianne Feinstein, won't select any candidates currently running in the 2024 race to fill the seat (More) | US Supreme Court begins new term today (More) | See background on upcoming cases (More)

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Etcetera
 

U2 opens Las Vegas's new giant Sphere.

 

See winners of this year’s microscopic video awards.

 

Tracking the saltwater flowing up the rainless Mississippi River.

 

Man completes 1,010 chin-ups in an hour, setting record.

 

How this season’s new pitch clock, base size rules changed baseball.

 

Jimmy Carter, the oldest living former president, turns 99.

 

Scientists snap shots of developing hammerhead embryos

 

Government shutdown nearly nixed "Fat Bear Week."

 

Clickbait: The robot wolves fending off bears in Japan.

 

Historybook: Mahatma Gandhi born (1869); Fashion designer Donna Karan born (1948); Thurgood Marshall sworn in as first Black Supreme Court justice (1967); Rock Hudson is first major US celebrity to die from AIDS-related complications (1985); Tom Petty dies (2017).

"The weak can never forgive. Forgiveness is the attribute of the strong."

- Mahatma Gandhi

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*Past performance is not indicative of future returns, investing involves risk. See disclosures masterworks.com/cd

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