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Good morning! The dockworker strike is underway, so here's a rundown of consumer items that are most likely to be affected.
In today's big story, what you need to know about tonight's vice presidential debate, and why it's worth paying attention to.
What's on deck:
- Markets: Why we could be on the cusp of a "Roaring '20s" economy.
- Tech: Breathe easy, Microsoft employees. Your remote work is safe … for now.
- Business: The consulting industry faces a reckoning as people head for the exits.
But first, let's introduce the candidates.
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The big story
Up for debate
Ohio Sen. JD Vance and Minnesota Gov. Tim Walz face off at 9 p.m. ET for an uncharacteristically important vice presidential debate, write Business Insider's Brent D. Griffiths and John L. Dorman.
VP debates aren't usually appointment television. The position might be a heartbeat away from the presidency, but it's far from undecided voters' minds.
But like much of this year's election, things are different this time around. Former President Donald Trump and Vice President Kamala Harris aren't planning on debating again, which makes the Vance-Walz showdown the last big night of the 2024 campaign.
And considering how tight the race is, every event, even the one with the backups, matters.
(Speaking of changes, CBS, which is broadcasting the debate, is taking a different approach to fact-checking it.)
Vance and Walz will also do some advocating for themselves tonight.
Neither candidate was a well-known entity prior to joining the race, meaning the debate might be some Americans' first and only chance to hear from them.
Vance's profile is bigger than Walz's thanks to his bestselling memoir "Hillbilly Elegy," which was made into a Netflix movie. But that hasn't led to success in the polls, writes Brent.
Trump's VP pick has been widely criticized. There's even been pushback within the Republican party, according to one survey that found nearly 80% disapproved of the selection in the immediate aftermath.
Vance has drawn the most heat over his "childless cat ladies" comment, which has become a rallying cry for the Harris campaign and hurt his polling among women.
Even so, voters' feelings about Vance and Walz only matter so much. Tonight is really about both candidates acting as surrogates for their running mates.
In that sense, there's a lot on the line. The aftermath of this year's two presidential debates was massive. The first represented the beginning of the end of President Joe Biden's reelection bid. The second saw Harris' campaign raise $47 million in the first 24 hours afterward.
So — even without the stars of the election present — tonight still matters.
News brief
Top headlines
- Israel launches ground operation into Lebanon to destroy Hezbollah strongholds.
- It's do-or-die for DirecTV and Dish — so they're teaming up.
- Addicted to your phone? A new app lets your friends stage an intervention.
- Hurricane Helene's devastation has shut down a one-of-a-kind mine for AI chips.
3 things in markets
- Roaring '20s, part two. UBS gives the economy a 50/50 chance of taking off for the remainder of the decade. That would mean sustained GDP growth of 2.5% or more and inflation in the 2%-to-3% range.
- Blackstone bet big on data centers. Now it needs to staff them up. The Wall Street giant is getting ahead of data-center labor shortages with training programs and internships.
- Three stock sectors poised to benefit from the Fed's "double whammy" of stimulus. The central bank doesn't usually cut rates while corporate profits are still growing, but that's exactly what it did last month. Take advantage of value stocks in real estate, financials, and energy while we're in this market sweet spot.
3 things in tech
- Buckle up for Nvidia's next big bet. The AI boom turned Jensen Huang's company into a trillion-dollar giant. Its next big market, advanced robotics, is even more complex, and could give way to humanoid robots.
- Microsoft says no to RTO. A Microsoft exec assured employees it won't be taking a page from Amazon's book and require a return to the office. In an internal meeting, Microsoft's chief of cloud and AI said the software giant has no plans to follow its rival's lead — but there's a catch.
- Everyone wants time with Mira Murati. Venture capitalists are clamoring to meet with Murati, the OpenAI CTO who announced her departure from the company last week, in hopes of funding a new startup. Several of OpenAI's cofounders have gone on to start their own companies, and Silicon Valley expects Murati to follow suit.
3 things in business
- Millennials, it's your time to shine. Boomers are retiring and leaving their small businesses behind. That's created the perfect opportunity for millennials to take what boomers started and run with it to their own golden retirements.
- Consulting is so last year. Once a magnet for business students and MBAs, consulting firms now face increased turnover. After a tough few years, workers are reconsidering consulting despite its alluring reputation for generous expense accounts and stability.
- Prada is beating the luxury slump. Thanks to a hot streak at Miu Miu, Prada has done what few luxury retailers have been able to do this year: grow. Its sales and stock are both up, and investors are excited. In short, it doesn't get trendier than Miu Miu — and trendy is good for business.
What's happening today
- Former president Jimmy Carter turns 100.
- Mark Rutte replaces Jens Stoltenberg as NATO Secretary-General.
- Claudia Sheinbaum assumes office as Mexico's first female president.
- Nike reports Q1 earnings, and new CEO Elliott Hill takes over.
- House Speaker Mike Johnson delivers speech at NYSE.
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.