Good Afternoon. Today feels like a time warp, the U.S. penny took its final bow after 232 years, while Apple launched a Digital ID that could make even wallets obsolete. Cash is fading, credentials are going code, and the future of everyday life is getting a firmware update. Let’s get into it.

—Rosie, Wyatt, Evan & Conor

🔥 What’s Hot: 🔥

🥶 What’s Not: 🥶

1. Dow Breaks 48,000 as Shutdown Deal Nears; Gold and Silver Sparkle While Tech Slips

The News: Markets surged Wednesday on hopes that the record-long U.S. government shutdown is finally coming to an end. The House is expected to pass a spending bill to reopen the government through Jan. 30, sending it to President Trump’s desk for signature. The Dow Jones Industrial Average jumped past 48,000 for the first time ever, while the S&P 500 inched higher. The Nasdaq, however, dipped as investors continue to rotate out of big tech names including Palantir, Meta, Oracle, and Tesla. Meanwhile, gold and silver rallied as Treasury yields slipped, a sign investors are hedging uncertainty about rates and global growth. Oil prices fell, weighed down by OPEC’s unchanged demand outlook and reports of rising inventories.

Why It Matters: The end of the shutdown could unlock a backlog of key economic reports — including the long-delayed September jobs data — though the White House confirmed October’s inflation and employment reports will likely never be released. That missing data leaves the Federal Reserve with less clarity heading into its December meeting, where policymakers remain split between fighting inflation and supporting a cooling jobs market.

What to Watch: With the shutdown ending and bond yields falling, traders are now betting the Fed may deliver one more rate cut before year’s end. But with tech stocks under pressure and metals shining, Wall Street’s message is clear: the reopening rally may belong more to Main Street than to Silicon Valley.
Source: wsj.com

2. U.S. Corporate Bond Sales Hit $1.5 Trillion, Highest Since Pandemic Era

The News: U.S. investment-grade bond sales have surged to $1.499 trillion in 2025, marking their second-highest total ever, just behind the 2020 pandemic record of $1.75 trillion, according to Bloomberg. Companies have rushed to lock in lower borrowing costs and refinance maturing debt as central banks ease monetary policy and investor appetite for high-grade paper stays strong. Globally, bond issuance hit an unprecedented $6 trillion, underscoring how falling rates have reignited debt markets. October alone set records, driven by Meta’s $30 billion mega-offering — the largest investment-grade deal in over two years.

Why It Matters: After two years of tight money, corporate America is moving fast to refinance before rates rise again. The spread between corporate bonds and U.S. Treasuries fell to just 0.72 percentage points in September, the narrowest since 1998, signaling strong investor confidence and demand for yield. Roughly $1 trillion in corporate debt matures this year, prompting a refinancing boom that could carry into 2026.

What to Watch: Wall Street expects even higher issuance next year as companies continue funding acquisitions, AI investments, and balance-sheet cleanups. The bond market may be sending an early signal that corporate America’s credit cycle is stabilizing or that it’s borrowing now before the next storm hits.
Source: bloomberg.com

3. Apple Launches Digital ID for iPhone Travelers

The News: Apple has rolled out its Digital ID feature in Wallet, allowing travelers in the U.S. to verify their identity for domestic flights without showing physical documents. Available on iOS 26.1 and later, users can scan their passport, verify via NFC, and complete a short facial-recognition sequence to create a secure digital identity stored entirely on their iPhone or Apple Watch. Apple says it cannot access or track when IDs are used.

Why It Matters: The launch marks another step in Apple’s plan to make the iPhone a true “everything wallet,” expanding beyond payments into full identity management. With REAL ID requirements now in effect and millions of travelers scrambling for compliant documents, Digital ID could dramatically streamline airport security lines. It also reinforces Apple’s privacy-first model as it competes with governments and fintech firms to define the future of digital identity.

What to Watch: The feature is currently in beta, with TSA checkpoints upgrading readers over time. Expect Apple to pilot Digital ID use for age verification, hotel check-ins, and even cross-border travel once international standards emerge. In other words: one step closer to leaving your wallet — and maybe your passport — at home.
Source: apple.com

4. R.I.P. to The U.S. Penny: Officially Retired at Age 232

The News: The U.S. penny was officially discontinued Wednesday, ending a 232-year run that began in 1793 under Alexander Hamilton’s Coinage Act. The Treasury Department cited “irrelevance and cost” — it now costs more than 3 cents to mint a single cent. The final coins were struck in Philadelphia as officials marked the farewell of a currency that once embodied thrift and luck but had long since lost its buying power.

Why It Matters: With over 250 billion pennies still in circulation, cash transactions will now round to the nearest nickel, echoing Canada’s 2012 move to retire its one-cent coin. The decision saves taxpayers tens of millions in annual production costs and highlights how inflation, digital payments, and simple arithmetic finally did what decades of lobbying couldn’t. For collectors, it closes a chapter that spanned Lady Liberty, Lincoln, and countless “Take a Penny” trays.

What to Watch: Expect debates over whether the nickel — which costs more than a dime to make — is next on the chopping block. Look for further stablecoin talk as a way to replace these old coins. Until then, keep an eye out for stray pennies: they may not buy much, but finding one heads-up might still be worth the good luck.
Source: nytimes.com

5. First-Time Homebuyers Hit Record Age 40, Reflecting a Generation Shut Out

The News: A new survey by the National Association of Realtors shows the median age of first-time homebuyers has climbed to 40, the highest ever recorded. Just 21% of all home purchases now come from first-time buyers—about half the historical norm before the 2008 financial crisis. The findings highlight how rising housing costs, limited inventory, and heavy debt loads are reshaping the American dream of homeownership.

Why It Matters: That 10-year age jump — from 30 to 40 — translates into roughly $150,000 in lost housing wealth, according to NAR Vice President of Research Jessica Lautz. Younger adults are struggling to save for down payments while paying record rents, student loans, and childcare costs. Meanwhile, repeat buyers’ median age has risen to 62, meaning older, cash-ready homeowners are dominating a market where first-timers can’t compete.

What to Watch: Lautz expects some relief in 2026, with lower mortgage rates and more inventory on the horizon. But unless wages catch up to housing prices, many millennials and Gen Zers may stay lifelong renters — turning the “starter home” into a relic of another era.
Source: abc30.com

1. Google and Cassava Partner to Bring Data-Free AI Access Across Africa

The News: Google has teamed up with Cassava Technologies to offer data-free access to its Gemini AI platform for millions of users across Africa — a move unveiled at the Africa Tech Festival 2025 in Cape Town. Eligible users will be able to use the Gemini app without consuming mobile data and receive a six-month trial of Google AI Plus, including NotebookLM and Gemini for Docs. Google CEO Sundar Pichai called the partnership a step toward “expanding access to Gemini without needing to use any mobile data.”

Why It Matters: Mobile data remains one of Africa’s biggest barriers to digital inclusion — an entry-level internet-enabled phone can cost up to 87% of monthly income for low-income households. The deal not only tackles affordability but also underscores Google’s push to cement Gemini as a global AI standard, even in regions with low connectivity. For Cassava, now an NVIDIA Cloud Partner with over 12,000 GPUs across five sites, it’s a defining play to anchor itself as the backbone of Africa’s digital infrastructure.

What to Watch: Expect other AI firms — including OpenAI and Anthropic — to follow with zero-rated or subsidized access models across emerging markets, as the next AI battleground shifts from power users to first-time users. And if Gemini starts helping students “learn without watching a data meter,” as Google puts it, that’s one algorithm even regulators won’t want to throttle.
Source: blog.google.com

2. Venezuela Mobilizes Military as U.S. Aircraft Carrier Arrives in Caribbean

The News: Venezuela has announced a “massive mobilization” of troops, weapons, and equipment in response to the arrival of the USS Gerald R. Ford, America’s largest warship, in the Caribbean. Defense Minister Vladimir Padrino López said the nationwide drills—spanning land, air, and naval forces—were ordered by President Nicolás Maduro to counter what he called an “imperialist threat.” The exercises include both the regular armed forces and the Bolivarian Militia, a civilian reserve of claimed 8 million members.

Why It Matters: The deployment marks the sharpest escalation in U.S.–Venezuelan tensions in years, coming after Washington sent more than 15,000 personnel to the region under the banner of anti-narcotics operations. Caracas views the buildup as a pretext for regime change, especially after President Trump authorized CIA operations inside Venezuela last month. The move also tests how far the U.S. will go in flexing power in Latin America without triggering open confrontation.

What to Watch: Analysts are watching for U.S. reconnaissance flights or naval patrols near Venezuelan waters, which could provoke further mobilizations or accidents. If history’s any guide, “training exercises” can turn into headline events faster than a carrier group can change course.
Source: cnn.com

3. Bessent Signals Tariff Cuts on Coffee and Bananas Coming Soon

The News: Treasury Secretary Scott Bessent said Wednesday that the administration will announce “substantial” tariff relief on imported staples like coffee and bananas, promising “prices will come down very quickly.” Speaking on Fox News, Bessent said the cuts will target goods “we don’t grow here in the United States.” President Trump echoed the message a day earlier, pledging to “lower some tariffs” on coffee in an effort to ease consumer costs. Inflation has risen each month since Trump’s tariff plan began in April, reaching 3% in September.

Why It Matters: Coffee prices have surged nearly 45% over the past year, driven by droughts in Brazil and tariffs as high as 50%. Cutting those import duties could offer quick relief to consumers while signaling a modest retreat from Trump’s hardline trade stance. For Brazil and Central American exporters, the move would reopen key U.S. markets and cool diplomatic tensions after months of tariff spats.

What to Watch: Look for an official tariff schedule in the coming days—and for your next latte to test whether “substantial relief” translates to cheaper caffeine or just smaller sticker shock. Either way, it’s the first time in months coffee drinkers might have grounds for optimism.
Source: nbcnews.com

Q: Why don’t scientists trust atoms?

A: Because they make up everything.

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The process of drawing general conclusions based on specific observations or examples; the conclusions are probable, not certain.

“After seeing the sun rise every morning, he used inductive reasoning to predict it would rise again tomorrow.”

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