Morning Brew Daily – December 17, 2025

Episode Title: Market Tumbles After Jobs Report & Nasdaq Wants to Trade Around the Clock
Hosts: Neal Freyman & Toby Howell
Theme: The hosts dive into a disappointing jobs report, the drama over the next Fed Chair (spoiler: both frontrunners are named Kevin), and the Nasdaq’s push to make stock trading almost 24/7. Other stories include a legal battle over food delivery tipping, Paramount’s messy bid for Warner Brothers, and a viral raccoon fund-raiser.

Main Theme Overview

This episode centers on major shifts in the business and economic landscape:

• A mixed-bag November jobs report shakes market confidence and raises questions on the economy’s stability.
• The ongoing, surprisingly comical race to be the next Fed Chair (between two Kevins) is heating up.
• Nasdaq wants to extend stock trading hours to 23/24, triggering strong reactions from across the financial world.
  The hosts bring their signature wit and banter, keeping the tone light while dissecting serious economic topics.

Key Discussion Points & Insights

1. November Jobs Report Disappoints

Segment Start: [02:08]

• Headline numbers:

  • Only 64,000 jobs added in November; October revised to a loss of 105,000 jobs.
  • Unemployment rose to 4.6%, highest since September 2021.
  • “A steady rise in unemployment suggests the labor market is seeing a structural weakening, AKA the the exact kind of move that the Fed is hyper attuned to.” — Toby Howell [03:14]

• Sector breakdown:

  • Healthcare and social assistance are the lone bright spots, accounting for more than 100% of private sector gains (offsetting losses elsewhere, like manufacturing and government due to layoffs, especially those affected by DOGE policy changes).
  • Manufacturing: “Manufacturing lost 5,000 jobs in November… we have certainly not seen a manufacturing renaissance as a result of high tariffs on the rest of the world.” — Neal Freyman [06:32]

• Young workers hit hardest:

  • Unemployment for ages 16-24 jumped to 10.6%, the highest since 2021.

• Is it as bad as it looks?

  • Neal points out rounding exaggerates negative headlines (unemployment technically rose from 4.44% to 4.56%).
  • Private payrolls growth average (75,000 per month) suggests “maybe more of a confusing or muddy job report than the headline numbers suggest.” — Neal Freyman [05:03]

• Fed’s Perspective:

  • Data is viewed as messy due to recent government shutdown; Fed officials likely to wait for more clarity before reacting.
  • RSM economist Joe Bruce Sueilus summarized: “If you are not confused, you are not paying attention.” — Neal Freyman [07:51]

2. The ‘Kevin vs. Kevin’ Fed Chair Race

Segment Start: [07:51]

• The Situation:

  • Jerome Powell is outgoing; both frontrunners to replace him are named Kevin (Kevin Hassett and Kevin Warsh).
  • Trump is expected to decide soon, but prediction markets flip daily.
  • Hassett was favored due to closeness with Trump and preference for low rates; now Warsh is surging amid concerns about market reactions.
  • “On Tuesday, Kevin Warsh surged ahead of Hassett as the favorite for the next Fed chair... this really does feel like a toss up at this point.” — Neal Freyman [08:33]

• High stakes for Fed independence:

  • If Trump pushes for a compliant Fed chair, central bank independence is at risk.
  • “Either you want to kind of bend the knee to the executive branch… or you don't bend the knee and are subject to a very rocky tenure with Trump.” — Toby Howell [09:24]

• Possible wild card:

  • Trump is also meeting Fed governor Chris Waller, seen as defender of Fed independence — could he be the “dark horse”?

• Wall Street reaction:

  • Jamie Dimon (JPMorgan CEO): prefers Warsh (viewed as more mainstream).
  • Ken Griffin (Citadel CEO): stresses need for the Fed to remain independent, possibly a veiled criticism of Hassett.
  • “The two Kevins and a Chris. It sounds like a messed up sitcom that is coming down the pipeline — with only the global economy at stake.” — Toby Howell & Neal Freyman [11:41]

3. Nasdaq’s Bid for Nearly 24-Hour Stock Trading

Segment Start: [11:42]

• The Proposal:

  • Nasdaq asks SEC to allow trading from 9pm to 4am, in addition to traditional hours — totaling 23 hours per day.
  • This caters to international investors; global demand for US stocks is immense ($17 trillion in foreign holdings).

• Crypto’s influence:

  • Neal observes: “Bitcoin has come along over the past decade or so and, and you can trade it 24/7... This is just our new reality.” [13:42]

• Controversy:

  • Detractors (including a Wells Fargo trading desk) say it’s “literally the worst thing in the world” [14:19].
  • Concerns:
    • Increased speculation and risk (especially at low-liquidity hours).
    • Infrastructure headaches and major cost increases for Wall Street.
    • “Pauses are useful — companies need downtime to release earnings and avoid every single thing that they do moving the markets.” — Toby Howell [14:19]

• Momentum for continuous trading is growing:

  • “It looks like the momentum is shifting toward this 24/7 trading. It’s maybe a matter of when, not if.” — Neal Freyman [15:31]

4. Uber & DoorDash Tipping Law Showdown in NYC

Segment Start: [18:02]

• What’s happening:

  • New law: Prompt customers to tip upfront (minimum 10%) instead of after delivery, beginning January.
  • Uber and DoorDash are suing, claim it’s government overreach (“free speech” angle).
  • They argue upfront tips create “sticker shock” and lower order volume.

• Background & impact:

  • Last year, NYC imposed a minimum wage (~$21/hr) for delivery workers, leading apps to push tipping prompts to the end (result: tipping plunged).
  • “Tips, while they accounted for 50% of a worker's delivery income before this minimum wage law, now they account for just 13%.” — Neal Freyman [20:34]

• Why it matters:

  • The UX of when you’re asked for a tip has a major impact on pay.
  • NY City Council: goal is transparency and returning to the previous status quo.

• Booming delivery industry:

  • “New Yorkers spent more than $265 million on restaurant deliveries in the first half of 2025.” — Neal Freyman [21:57]

5. Quick Headlines

Segment Start: [22:16]

• Paramount vs. Netflix in Warner Bros. bid:

  • Kushner’s Affinity Partners drops out, Netflix back as favorite.
  • “The Ellison family is backstopping all $41 billion in equity commitments and they're just not sure whether he is truly committed.” — Neal Freyman [23:16]

• Volkswagen closes historic Dresden plant:

  • Economic pressure (weak sales, US tariffs); symbolic as the “Transparent Factory” closes for the first time in 88 years.

• Viral raccoon (the “trashed panda”) becomes a charitable sensation:

  • Merch sales raise $250K+ for the animal shelter.
  • “Sometimes a silly Internet story can do a little good.” — Neal Freyman [25:41]

Notable Quotes & Memorable Moments

On jobs report confusion:

• “If you are not confused, you are not paying attention.” — Neal Freyman, quoting RSM economist Joe Bruce Sueilus [07:51]

On the Kevin-Fed conundrum:

• “The two Kevins and a Chris. It sounds like a messed up sitcom… with only the global economy at stake.” — Toby Howell [11:28]

On 24-hour trading push:

• “Wells Fargo trading desk put out a response saying this is literally the worst thing in the world…” — Toby Howell [14:19]

On food delivery tipping wars:

• “Tips, while they accounted for 50% of a worker's delivery income before this minimum wage law, now they account for just 13%.” — Neal Freyman [20:34]

Viral raccoon:

• “Merch commemorating the viral raccoon has raised over a quarter of a million dollars…” — Neal Freyman [25:41]
• “This is what you're supposed to do when you have a very wholesome meme. Go viral. Cash in on it. Raise some money for a good cause.” — Toby Howell [26:20]

Timestamps of Important Segments

• 02:08 — Jobs report breakdown & implications
• 07:51 — Fed chair “Kevin v. Kevin” drama
• 11:42 — Nasdaq & the 24/7 trading revolution
• 18:02 — The NYC tipping law, Uber & DoorDash response
• 22:16 — Paramount-Netflix bid, Volkswagen plant closure, and viral raccoon charity
• 25:41 — Raccoon merch for a cause

Tone & Language

The hosts maintain a breezy, irreverent, and highly engaging style, blending humor with data-driven analysis. Listeners get clear debate, explained numbers (with some “extra decimal point” geekery), and real-world business implications — all punctuated with playful jabs and pop culture references.

This episode is ideal for keeping up with shifting economic narratives and understanding how even seemingly small policy decisions or quirky industry experiments (like trading hours or tipping UX) can have wide impacts. Even a viral raccoon story gets the Morning Brew treatment — useful, funny, and up-to-date.