# data[].attributes.attachment_link.readable_text
The league and the players negotiated long after another self-imposed deadline, but a deal could not be reached to save a 162-game season.

Fans gathered in Jupiter, Fla., to hear Rob Manfred, the M.L.B. commissioner, discuss negotiations with players on March 1. At the time, M.L.B. announced that the first two series of the season would be canceled. Credit... Wilfredo Lee/Associated Press

Despite another marathon negotiating session that dragged from Tuesday morning until Wednesday night - with only a brief respite for sleep - Major League Baseball and the players' union could not reach a labor deal ahead of yet another self-imposed deadline by the league. As a result, M.L.B. Commissioner Rob Manfred announced on Wednesday night that another week of regular season games has been canceled.

"Because of the logistical realities of the calendar, another two series are being removed from the schedule, meaning that Opening Day is postponed until April 14th," Manfred said in a statement. "We worked hard to reach an agreement and offered a fair deal with significant improvements for the players and our fans. I am saddened by this situation's continued impact on our game and all those who are a part of it, especially our loyal fans."

Although M.L.B. had once threatened not to reschedule canceled games - nor pay players for them - the league offered the union a chance this week to play a full 162-game season with rescheduled games, and thus full pay and service time.

The sides spent all day Tuesday negotiating, and the conversations carried over into the wee hours of Wednesday. The union asked for - and received - time to confer with its executive board of players in the morning regarding the league's latest offer and then to return with its counterproposal. In the early afternoon, union officials departed M.L.B.'s offices in Manhattan after presenting their response and returned to their own headquarters a few blocks away.

There was progress in recent days, and the proposals advanced significantly. But it wasn't enough to strike a deal or end the lockout - already the second-longest work stoppage in the league's history.

On March 1, when the sides failed to agree to a new pact ahead of the first self-imposed deadline from the league, Manfred called off the first two series of the regular season, which had been scheduled to begin on March 31. More than 75 games through April 6 were lost.

Early last month, Manfred said losing regular-season games would be " disastrous" for the industry. M.L.B. has now canceled games twice since Manfred enacted the lockout on Dec. 2.

Sensing the urgency this week, the sides began making progress on big issues - such as the luxury tax system or a bonus pool for players not yet eligible for salary arbitration - on Monday and into Tuesday. The packages of proposals evolved repeatedly, but the implementation of an international draft and the elimination of the qualifying-offer system emerged as big hurdles on Wednesday.

Now an already tense and complicated labor dispute could get even thornier over a significant issue: pay and service time for players tied to the missed games.

Though M.L.B. changed its stance this week on canceled games, the wiggle room in the calendar is getting smaller. With further delays, it is unlikely that there will be enough time to reschedule two weeks' worth of games while keeping the same dates for the World Series in October.

In M.L.B.'s eyes, lost games mean less revenue for its clubs, and thus the league does not believe it should have to compensate players for those missed contests. The union's position has been that the players will demand full pay and service time for games that M.L.B. unilaterally canceled, or they will attempt to have them rescheduled.

The previous two collective bargaining agreements had been viewed as further tilting the balance of power and economics in the owners' favor. Realizing that significant changes to the system would be tense and full of brinkmanship, the union spent years preparing for this very fight against M.L.B. owners, who ran an $11 billion-a-year business before the coronavirus pandemic.

With the latest developments, the sides face the high likelihood of the first games being missed because of a work stoppage since the 1994-95 players' strike, which resulted in the cancellation of more than 900 games and the 1994 World Series. That remains the longest work stoppage in baseball history.

# data[].attributes.attachment_link.title
M.L.B. Cancels Another Week of Games as Lockout Continues

# data[].attributes.attachment_link.description
The league and the players negotiated long after another self-imposed deadline, but a deal could not be reached to save a 162-game season. Despite another marathon negotiating session that dragged from Tuesday morning until Wednesday night - with only a brief respite for sleep - Major League Baseball and the players' union could not reach a labor deal ahead of yet another self-imposed deadline by the league.

# data[].attributes.attachment_link.title
Ukraine pleads for Western warplanes. Will the US help deliver?

# data[].attributes.attachment_link.description
Biden “can do more, I’m sure he can, and I would like to believe that, that he’s capable of doing that,” Zelenskyy told ABC News.

# data[].attributes.body
Chris Shaffer

# data[].attributes.body
Hailey Austin

# data[].attributes.attachment_link.readable_text
Whether driven by environmental concerns or health reasons, plant-based food has been propelled into the international spotlight. People all over the world have leaned towards vegan, vegetarian, and flexitarian diets as plant-based foods prove to be an attractive nutritional source while promoting new sustainable standards.

More consumers want plant-based products, but they needs to be accessible, or in other words, fast and cheap. For non-vegan customers, it can be difficult to jump into a plant-forward diet, met with concerns regarding price, protein, and availability. Fast-food giants have taken note over the last year, developing several plant-based variations or brand new vegan dishes to accommodate the growing plant-based demand.

With rapidly rising popularity, plant-based or plant-based options have started appearing at more retailers and on more restaurants menus. Plant-based meat is appearing on the menu 1,320 percent more than before the pandemic, according to a report from AI Platform Tastewise. The report explained that 9.2 percent of restaurants in the US incorporate vegan meat into their menu. Now, fast-food innovation is bringing plant-based alternatives directly to consumers.

Across the entire plant-based sector, fast food giants such as McDonald's and Burger King have paved the way for accessible plant-based eating. Although not the healthiest options, the fast-food establishment provides options for plant-based consumers. By developing healthier and more sustainable alternatives, the fast-food market is providing an entryway to millions of non-vegans who feel intimidated by the plant-based diet.

Americans have decided that even if they cannot completely eliminate animal products from their diets, then they will attempt to reduce meat and dairy consumption as much as possible. A Nielson report shows that 39 percent of Americans claim that they try to purchase alternatives to meat and dairy products whenever possible, aiming to adopt a fully plant-based diet. While only approximately 6 percent of Americans are currently fully vegan, fast food companies have developed new and enticing plant-based options that have changed the industry.

1. McDonald's McPlant

McDonald's finally unveiled its long-awaited plant-based burger following years of anticipation. Earlier this year, the fast-food giant announced a partnership with Beyond Meat, teasing the new plant-based future for the company. Now, the restaurant corporation is working to bring McPlant burgers to customers worldwide. The company initially released the McPlant burger in Europe, but recently, the company entered the United States market.

The fast-food chain claimed that it would be doubling down on its sustainability goals earlier this year when it promised to reach net-zero emissions by 2050. The company declared that its sustainability measures would be enacted with a plant-based angle. The McPlant is McDonald's biggest leap into the world of plant-based protein. The company launched the US McPlant on November 3 in Texas, California, Louisiana, and Iowa before further distribution. Keep a lookout in the new year for a McPlant near you.

2. Taco Bell Rolling Out Vegan Meat

For decades, Taco Bell provided one of the most vegan-friendly menus in the fast-food world. Loaded with beans, potatoes, guacamole, and more, the Taco Bell menu is a haven for plant-based eaters in a pinch. Over the last year, the company decided to extend its selections and enter the world of plant-based proteins. Taco Bell is finally beginning to offer plant-based meat to supplement some of its familiar favorite menu items, lightening its deeprooted reliance on beans

Taco Bell announced that it would begin introducing its proprietary vegan meat at its restaurant locations in Detroit following a successful test run in California. The plant-based meat simply called "boldly seasoned plant-based protein" will be available as a substitute for any animal-based protein free of charge.

The new plant-based protein also coincides with the company's partnership with Beyond Meat. Earlier this year, the taco chain teamed up with Beyond to develop vegan meat to meet rising customer demands. As a favorite for many vegan customers, Taco Bell is working to broaden its menu offerings and create delicious plant-based meat available nationwide.

3. Burger King's First Vegetarian Location

Over recent years, Burger King has managed to stay ahead of the curve. The international burger chain released the Impossible Burger when nearly no market competitors had successfully launched an alternative protein burger. This year, Burger King took its plant-based campaign a step further, opening its first fully vegetarian location in Spain.

The Vurger King pop-up took over a Burger King location in Spain to showcase the company's strides in plant-based alternatives. The plant-based pop-up lasted one month, featuring specialized vegetarian options created in partnership with The Vegetarian Butcher. The plant-forward location showcased vegetarian alternatives for the Whopper, nugget meals, and the Long Vegetal - a plant-based version of the restaurant's signature Long Chicken Sandwich.

4. Long John Silvers' Vegan Crab Cakes

For years, plant-based categories such as chicken, pork, and beef alternatives have dominated the market, but over 2021, plant-based seafood pushed its way into the spotlight. Long John Silver's - the largest fast-food seafood chain in the US - helped propel vegan seafood to the forefront of the industry, making seafood alternatives widely available earlier this year.

The fast-food chain partnered with Good Catch to provide a plant-based menu option that featured vegan crab cakes and fish-free fillets at locations across Georgia and California. The plant-based seafood marks the first time a major fast-food corporation introduced vegan seafood alternatives onto the menu. Although the company has yet to announce a nationwide release, the trial run aimed to expand the company's consumer base and reach out to plant-based consumers nationwide.

5. Panda Express Redesigns Its Most Popular Menu Item

Throughout the last year, Beyond Meat entered into every food category in the fast-food market. Panda Express was no exception. The global American-Chinese fast-food chain revealed its Beyond The Original Orange Chicken menu item, providing a plant-based alternative to the chain's most popular menu item.

The plant-based alternative was initially rolled out in locations across New York City and California. Following the widely successful trial run, the company then expanded its distribution across 10 additional states including Georgia, Illinois, Texas, Florida, Washington, Pennsylvania, Maryland, and Virginia as well as additional locations in New York and California. The famous orange chicken substitute is set to reach customers across the United States and the company prepares for a nationwide rollout.

6. Plant Power Fast Food Expands

Fast food giants may be feeling the pressure from plant-based consumers, but Plant Power Fast Food is attempting to establish itself in a position to win. The vegan fast food company recently launched its 10th location in Vegas, marking the first time that the company exited its home state of California. The innovative fast food concept provides an extensive and delicious selection of fast-food classics without any animal-based ingredients, setting a sustainable standard for fast food cuisine.

Plant Power Fast Food recently partnered with Scale x 3 Management - a real estate group based in the Southwest United States - to begin a rapid expansion nationwide. The plant-based company intends to bring vegan fast food to consumers everywhere, preparing an accessible and attractive vegan option for American consumers. The company's expansion follows a $7.5 million Series A funding round dedicated to expanding its storefront presence across the United States.

"We're grateful to see major chains adding plant-based options to their menus, but there's no doubt that consumers are seeking out progressive new brands with an authentic commitment to taste and sustainability," Co-founder and Chief Executive Officer of Plant Power Fast Food Jeffrey Harris said. "The massive growth that we've experienced since we started in 2016 is proof that the time is right for a major 100 percent plant-based, cruelty-free, sustainable, and healthier option in the fast-food segment."

# data[].attributes.attachment_link.title
These Fast Food Chains Added Vegan Options to the Menu in 2021 | The Beet

# data[].attributes.attachment_link.description
Whether driven by environmental concerns or health reasons, plant-based food has been propelled into the international spotlight. People all over the world have leaned towards vegan, vegetarian, and flexitarian diets as plant-based foods prove to be an attractive nutritional source while promoting new sustainable standards.

# data[].attributes.attachment_link.readable_text
By CNN Business

Updated 7:36 a.m. ET, March 3, 2022

What we're covering here

US stocks rose Wednesday but energy markets were starting to panic that Russia's invasion of Ukraine could trigger a major supply shock.

Fed Chair Jerome Powell testified before the House Financial Services Committee at 10 am ET. He signaled that interest rates are likely to head higher.

Global oil prices surged to about $110 a barrel, the highest since 2014. Fear was stoked by comments from White House Press Secretary Jen Psaki that the option of sanctioning Russian oil and gas was still "on the table."

US stocks rebounded from Tuesday's steep losses. The market enjoyed a strong rally Wednesday, led by financial stocks. Banks rallied as long-term bond yields rose following Federal Reserve chair Jerome Powell's comments about a likely rate hike later this month.

Oil prices popped again as the Russia-Ukraine conflict continues, but investors brushed off those worries. All eleven of the S&P's sectors ended the day in green.

The Dow rose 1.8%, or about 596 points.

The S&P 500 surged 1.9%.

The Nasdaq Composite gained 1.6%.

As stocks settle after the trading day, levels might still change slightly.

"30 for 30" isn't just the name of a popular sports documentary series on ESPN. It also describes the state of the Dow Jones Industrial Average on Wednesday: every somg;e stock in the Dow 30 is higher Wednesday.

Stocks surged, even as oil prices continue to climb in the wake of Russia's invasion of Ukraine, after reassuring comments from Federal Reserve chair Jerome Powell about the likelihood that interest rate hikes will be small and gradual. Solid earnings from Dow component Salesforce ( CRM) and other companies helped, too.

Caterpillar ( CAT), chemical giant Dow ( DOW) and Intel ( INTC) were among the blue chip average's leaders.

Intel, whose CEO Pat Gelsinger attended Tuesday's State of the Union address to hear President Biden talk about the chip company's plans to build a new plant in Ohio, helped lead a big rally in other semiconductor stocks, too.

The Dow was up about 700 points, or 2.1% in late afternoon trading, more than making up for Tuesday's loss of almost 600 points. The Nasdaq and S&P 500 were in rally mode too, gaining 1.8% and 2.1% respectively. Only 31 stocks in the S&P 500 were in red and all eleven sectors in the index were higher for the day.

Investors took a break from worrying about Russia and Ukraine and applauded comments from Jerome Powell.

Stocks rose sharply Wednesday after the Federal Reserve chair told the House Financial Services Committee that the Fed would likely raise interest rates by just a quarter-point at its meeting next month.

"I'm inclined to propose and support a 25 basis point rate hike," he said.

The Dow was up nearly 550 points, or 1.6%, in late morning trading. The S&P 500 rose 1.5% and the Nasdaq gained about 1%.

Investors had been worried that the Fed might look to raise rates more aggressively due to inflation concerns, especially as oil prices have soared due to Russia's invasion of Ukraine. Stocks plunged Tuesday.

But Powell allayed those fears Wednesday. And given how much we constantly hear about the market hating uncertainty, Wall Street seems thrilled to have more clarity about where rates are heading next.

Inflation has unsurprisingly taken center stage at a House Financial Services hearing this morning.

As of January, multiple measures of inflation were at their highest levels since the early 1980s.

That's indeed "the appropriate historical reference for what we're trying not to replicate," Federal Reserve Chairman Jerome Powell told lawmakers.

Once the Fed has raised interest rates, demand will moderate over time as the higher rates get into the economy, said Powell.

"Inflation is too high [...] and we're working on it," he said. "By the way, it's too high around the world. It's just higher in the United States because our economy is stronger"

Many Federal Reserve officials have opined on where they think monetary policy should go this spring. At today's hearing, Chairman Jerome Powell was pushed to discuss his own views about the March meeting that takes place in two weeks.

"I'm inclined to propose a 25 basis point rate hike," Powell said in response to a question from Representative Patrick McHenry.

"Here's how I'm thinking about the March meeting," he added: The labor market is tight and inflation is running above demand. Until the Russian invasion of Ukraine, the committee was set to raise the policy rate in what would be the first of a series of increases.

"The question now really is, how the situation in Ukraine [...] has changed that," Powell said. "The economic effects of these events are highly uncertain"

The Moscow stock market exchange remains closed and shares of several big Russian companies that trade in the United States are halted Wednesday.

But two exchange-traded funds in the US that own leading Russian stocks - such as oil companies Gazprom and Lukoil, mining company Norilsk Nickel, financial firm Sberbank and search engine Yandex - are still trading and they're getting annihilated.

The Van Eck Russia ETF ( RSX) and iShares MSCI Russia ETF ( ERUS) were halted several times Wednesday morning in volatile trading. But both funds have plunged about 60% in just the past five days and are down around 70% so far this year.

Once the Moscow Exchange does reopen, the Russian-listed shares of these and other companies may resume their sharp slide at home. The Moscow Exchange has plummeted about 40% in 2022,

Federal Reserve Chairman Jerome Powell's semiannual testimony before Congress has gotten under way in Washington.

Powell is sitting before the House Financial Services Committee today. Judging by the opening statements, inflation, Ukraine and the economic fallout from Russia's invasion, as well as cryptocurrencies will be the prominent themes of the session.

US stocks bounced back from Tuesday's steep drop and rallied Wednesday, even as global crude prices rose above $110 a barrel. The White House is not ruling out a ban of Russian oil.

Investors are cheering a strong jobs report from ADP, which showed that 475,000 private sector jobs were added last month, more than expected. Wall Street is also keeping close tabs on Federal Reserve chairman Jerome Powell's congressional testimony about the economy.

The Dow rose 0.6%, or about 210 points.

The S&P 500 gained 0.6%.

The Nasdaq Composite was up 0.5%.

The time of ultra-low interest rates has come to an end. That's what Federal Reserve Chairman Jerome Powell will tell lawmakers in his semiannual testimony on Wednesday and Thursday.

"Our monetary policy has been adapting to the evolving economic environment," Powell will say, according to prepared remarks. "We have phased out our net asset purchases. With inflation well above 2% and a strong labor market, we expect it will be appropriate to raise the target range for the federal funds rate at our meeting later this month."

This is in line with the Fed's previous guidance. At the January policy meeting, Powell first hinted at a potential interest rate increase in the spring.

Market expectations for a quarter-percentage-point hike are above 90%, according to the CME FedWatch tool.

Read the full story here.

What we're covering here

US stocks rose Wednesday but energy markets were starting to panic that Russia's invasion of Ukraine could trigger a major supply shock.

Fed Chair Jerome Powell testified before the House Financial Services Committee at 10 am ET. He signaled that interest rates are likely to head higher.

Global oil prices surged to about $110 a barrel, the highest since 2014. Fear was stoked by comments from White House Press Secretary Jen Psaki that the option of sanctioning Russian oil and gas was still "on the table."

US stocks rebounded from Tuesday's steep losses. The market enjoyed a strong rally Wednesday, led by financial stocks. Banks rallied as long-term bond yields rose following Federal Reserve chair Jerome Powell's comments about a likely rate hike later this month.

Oil prices popped again as the Russia-Ukraine conflict continues, but investors brushed off those worries. All eleven of the S&P's sectors ended the day in green.
As stocks settle after the trading day, levels might still change slightly.

"30 for 30" isn't just the name of a popular sports documentary series on ESPN. It also describes the state of the Dow Jones Industrial Average on Wednesday: every somg;e stock in the Dow 30 is higher Wednesday.

Stocks surged, even as oil prices continue to climb in the wake of Russia's invasion of Ukraine, after reassuring comments from Federal Reserve chair Jerome Powell about the likelihood that interest rate hikes will be small and gradual. Solid earnings from Dow component Salesforce ( CRM) and other companies helped, too.

Caterpillar ( CAT), chemical giant Dow ( DOW) and Intel ( INTC) were among the blue chip average's leaders.

Intel, whose CEO Pat Gelsinger attended Tuesday's State of the Union address to hear President Biden talk about the chip company's plans to build a new plant in Ohio, helped lead a big rally in other semiconductor stocks, too.

The Dow was up about 700 points, or 2.1% in late afternoon trading, more than making up for Tuesday's loss of almost 600 points. The Nasdaq and S&P 500 were in rally mode too, gaining 1.8% and 2.1% respectively. Only 31 stocks in the S&P 500 were in red and all eleven sectors in the index were higher for the day.

Investors took a break from worrying about Russia and Ukraine and applauded comments from Jerome Powell.

Stocks rose sharply Wednesday after the Federal Reserve chair told the House Financial Services Committee that the Fed would likely raise interest rates by just a quarter-point at its meeting next month.

"I'm inclined to propose and support a 25 basis point rate hike," he said.

The Dow was up nearly 550 points, or 1.6%, in late morning trading. The S&P 500 rose 1.5% and the Nasdaq gained about 1%.

Investors had been worried that the Fed might look to raise rates more aggressively due to inflation concerns, especially as oil prices have soared due to Russia's invasion of Ukraine. Stocks plunged Tuesday.

But Powell allayed those fears Wednesday. And given how much we constantly hear about the market hating uncertainty, Wall Street seems thrilled to have more clarity about where rates are heading next.

Inflation has unsurprisingly taken center stage at a House Financial Services hearing this morning.

As of January, multiple measures of inflation were at their highest levels since the early 1980s.

That's indeed "the appropriate historical reference for what we're trying not to replicate," Federal Reserve Chairman Jerome Powell told lawmakers.

Once the Fed has raised interest rates, demand will moderate over time as the higher rates get into the economy, said Powell.

"Inflation is too high [...] and we're working on it," he said. "By the way, it's too high around the world. It's just higher in the United States because our economy is stronger"

Many Federal Reserve officials have opined on where they think monetary policy should go this spring. At today's hearing, Chairman Jerome Powell was pushed to discuss his own views about the March meeting that takes place in two weeks.

"I'm inclined to propose a 25 basis point rate hike," Powell said in response to a question from Representative Patrick McHenry.

"Here's how I'm thinking about the March meeting," he added: The labor market is tight and inflation is running above demand. Until the Russian invasion of Ukraine, the committee was set to raise the policy rate in what would be the first of a series of increases.

"The question now really is, how the situation in Ukraine [...] has changed that," Powell said. "The economic effects of these events are highly uncertain"

The Moscow stock market exchange remains closed and shares of several big Russian companies that trade in the United States are halted Wednesday.

But two exchange-traded funds in the US that own leading Russian stocks - such as oil companies Gazprom and Lukoil, mining company Norilsk Nickel, financial firm Sberbank and search engine Yandex - are still trading and they're getting annihilated.

The Van Eck Russia ETF ( RSX) and iShares MSCI Russia ETF ( ERUS) were halted several times Wednesday morning in volatile trading. But both funds have plunged about 60% in just the past five days and are down around 70% so far this year.

Once the Moscow Exchange does reopen, the Russian-listed shares of these and other companies may resume their sharp slide at home. The Moscow Exchange has plummeted about 40% in 2022,

Federal Reserve Chairman Jerome Powell's semiannual testimony before Congress has gotten under way in Washington.

Powell is sitting before the House Financial Services Committee today. Judging by the opening statements, inflation, Ukraine and the economic fallout from Russia's invasion, as well as cryptocurrencies will be the prominent themes of the session.

US stocks bounced back from Tuesday's steep drop and rallied Wednesday, even as global crude prices rose above $110 a barrel. The White House is not ruling out a ban of Russian oil.

Investors are cheering a strong jobs report from ADP, which showed that 475,000 private sector jobs were added last month, more than expected. Wall Street is also keeping close tabs on Federal Reserve chairman Jerome Powell's congressional testimony about the economy.

The time of ultra-low interest rates has come to an end. That's what Federal Reserve Chairman Jerome Powell will tell lawmakers in his semiannual testimony on Wednesday and Thursday.

"Our monetary policy has been adapting to the evolving economic environment," Powell will say, according to prepared remarks. "We have phased out our net asset purchases. With inflation well above 2% and a strong labor market, we expect it will be appropriate to raise the target range for the federal funds rate at our meeting later this month."

This is in line with the Fed's previous guidance. At the January policy meeting, Powell first hinted at a potential interest rate increase in the spring.

Market expectations for a quarter-percentage-point hike are above 90%, according to the CME FedWatch tool.

Read the full story here.

# data[].attributes.attachment_link.keywords[]
stock market news today: dow and s&p 500 updates

# data[].attributes.attachment_link.title
Stock market news today: Dow and S&P 500 updates

# data[].attributes.attachment_link.description
By CNN Business Updated 7:36 a.m. ET, March 3, 2022 What we're covering here US stocks rose Wednesday but energy markets were starting to panic that Russia's invasion of Ukraine could trigger a major supply shock. Fed Chair Jerome Powell testified before the House Financial Services Committee at 10 am ET.

# data[].attributes.body
Nick H

# data[].attributes.attachment_link.readable_text
Marijan Murat / Getty Images

Editorial Independence

The war in Ukraine has introduced new uncertainty to a stock market that's already had a shaky start to the year. After an initial drop following Russia's invasion of Ukraine last week, the stock market bounced back and is trading above where it was before the conflict started.

With hundreds of civilians dead, including children, and more than half a million refugees having fled Ukraine, the most important consequence is clearly the human cost, rather than anything having to do with people's investments. As the war continues, so does the unpredictability of the consequences beyond the borders of Ukraine.

Last week, the S&P 500 index logged its first correction in nearly two years, meaning it dropped more than 10% from its recent peak - and even though there was uncertainty about what was going to happen next, the U.S. stock market bounced back quickly. Several experts told TIME this week that while the human costs of this war are capturing attention across the globe, the financial implications are a bit more complicated. For now at least, the experts say the strength of the response by NATO and European nations has stalled concerns that Russia's attack on Ukraine had potential to send global markets into a free fall, the experts say.

When the market starts to tank, investors might be tempted to overreact and sell their investments, but experts advise against that. "Don't pull your money out. Don't stop investing. Any reaction you have to the situation is more likely to hurt you than help you," says Jeremy Schneider, personal finance expert at Personal Finance Club. The rebound of the stock market shows that volatility in investing is par for the course, and investors should not panic.

Of course, the loss of lives and the destruction of war is always more important than what happens to our investments. May there be a quick and peaceful resolution to this conflict.

But we'll talk about what you should do as this situation develops.

What's Going on With the Market, and How Is the Russia-Ukraine War Affecting Stocks?

The overall market has recently been reactive to inflation at a 40-year high, rising interest rates, the ongoing pandemic, and now, the devastating situation in Ukraine.

This situation is "an example of how you can't be reactive to news in investing. If you woke up [on Thursday] and sold your investments because of the war, you would actually have lost to the market," says Schneider.

It's human instinct to react, and we are seeing that play out in the stock market right now. Remember, the market has more than doubled since the beginning of the COVID-19 pandemic when we saw the market drop over 30% in March 2020.

Is the Market Going To Crash?

"I'll tell you exactly whether it's going to crash and the answer is - I don't know," Schneider says.

Probably not, at least historically speaking. But it's typical to see wars affect the market, Schneider explains.

For the last six U.S.-involved wars, the stock market rose in the 10 years following the breakout of war. "The worst was during World War II when the market only doubled" in the 10-year period following the initial breakout in 1939. "And the best was during the Gulf War where it was up almost 500%," from 1990 through 2000.

If the entire stock market were to crash, that would mean that no publicly-traded companies in the country made a profit. And if that happens, the scenario would be more dire for humanity than just a loss of money.

We can't predict if the market is going to crash because it's already based on all publicly available knowledge.

It's going to do what it's going to do, and that's likely up as it's always done.

Should Investors Change Their Strategy or Pull Out Money?

"This is what investors should change based on the Russia-Ukraine situation," advises Schneider. "Absolutely nothing."

You should stay the course, stick to your plan, and continue to buy and hold index funds, he says. Plan to hold your investments for decades, don't try to time the market, and don't sell any of them until you retire.

That said, volatility in the stock market is a reminder of why it matters to have a solid emergency fund in cash before you invest. That way, you have safe and secure money you can access at any time, even if your investments are swinging up and down in value.

So stick to your overall financial plans, such as building your savings, paying down debt, and investing. The best thing to do right now is to keep your routines going and continuing to invest at regular intervals.

"Invest early and often," says Schneider.

# data[].attributes.attachment_link.title
War in Ukraine Means Fresh Volatility for the Stock Market. That Shouldn't Change Your Investing Strategy

# data[].attributes.attachment_link.description
Marijan Murat / Getty Images Editorial Independence The war in Ukraine has introduced new uncertainty to a stock market that's already had a shaky start to the year. After an initial drop following Russia's invasion of Ukraine last week, the stock market bounced back and is trading above where it was before the conflict started.

# data[].attributes.attachment_link.readable_text
After a week of war - and despite Ukrainians' tougher-than-expected resistance - officials said Russian troops had a major city, a first during this invasion. So far, more than 800K people have fled Ukraine.

Stocks rebounded yesterday after Fed Chair Powell that a smaller-than-expected rate hike is coming, which eased some investors' worries - even as oil continued to climb.

The first big crypto conflict... The war in Ukraine has demand for crypto on both sides of the fight, helping to lift the price of nearly 25% since the start of Russia's invasion - and thrusting decentralized finance (DeFi) into a major military conflict. How crypto is impacting the war so far:

Crowdfunded resistance: Ukraine has over $35M in crypto to finance its ops. After Ukraine's deputy PM a link to a digital wallet, donations poured in from around the world. Still, Ukraine's crypto war chest is tiny compared to the $270M it's raised from war bonds.

Sanction resistance: Russia can also use crypto to blunt the damage of sanctions, since crypto transactions are harder to block. Russia's access to global banking is mostly frozen and its currency is nearly worthless - but it can still spend bitcoin.

Exchange resistance: Ukraine officials asked crypto exchanges to bar all Russian users from their platforms, but , Kraken, and Binance refused to pull the plug. Kraken's CEO a ban would contradict bitcoin's "libertarian values."

A geopolitical X factor... Russia wouldn't be the first country to use crypto to get around sanctions: Iran and North Korea have reportedly crypto after being frozen out of global markets. Analysts are concerned Russia and China could do the same, and both countries are also rolling out state-sponsored digital currencies.

THE TAKEAWAY

Crypto could reshape war... and war could reshape crypto. Digital currencies may change how wars are fought and financed by providing a new way to move money quickly and securely. But by the same (decentralized) token, crypto's influence in Russia's war on Ukraine could push lawmakers to accelerate plans to crack down. US regulators plan to clarify their crypto rules sometime this year.

Break out the Batmobile... If you want to catch Robert Pattinson in tights on opening night, it could cost extra. testing a new pricing strategy by raising the cost of tickets for popular movies, like Warner's "The Batman'' (hits theaters Friday). In LA and NYC, ticket prices are running about a buck more, but that hasn't dampened demand:

Batty expectations: "The Batman" could be the first blockbuster of the year: it's tracking for a $245M+ worldwide open, and not a moment too soon for chains like AMC.

Strategy shift... During the pandemic, some studios have embraced a new way to reach viewers at home (think: same-day streaming releases). That's had mixed results: Warner's "Dune" pulled in $400M at the global box office. But the studio's other day-and-date releases, like "" and "" bombed on the big screen. With North American ticket sales still down 60% from pre-Covid levels, theater chains are getting creative:

Lux-ification: reclining seats, contactless concessions, and 4D experiences are some ways theaters are enticing people back. Pricier seats for popular showings of studio tentpoles could add to the premium feel.

BTW: AMC is already charging European theatergoers extra for theater seats (think: middle, not too close).

THE TAKEAWAY

Movie tix are getting "premium-ized"... Movie tickets are famously uniform: you'll pay the same to see a $200M Marvel blockbuster as a $2M indie flick. And dynamic pricing has long been a popular model in other industries, from flights to hotels to concerts. Whether you're booking a last-minute red-eye or front-row seats to a J. Biebs show, high demand = higher cost. But hiking prices could jeopardize attendance - at a time when theaters are struggling to fill seats.

What else we're Snackin'

In his first State of the Union, President Biden said the CDC's new mask guidelines and antiviral pill would help the US return to "more normal routines."

Hold on to your Cheerios: Grocery prices are expected to spike - again - this time because Russia is a major supplier of the fertilizer used to produce many snack-aisle staples.

splitting itself into two businesses, one for gas-powered models and one for EVs, as a way to juice its electrification efforts. The Blue Oval expects to spend $50B on EVs over the next five years.

holding its first product event of the year on Tuesday. The big reveal is expected to be a cheaper iPhone SE model and an updated iPad Air.

Fitbit is recalling 1.7M smartwatches because of a risk of the battery overheating while on users' wrists. snatched up Fitbit last year for $2B to get deeper into wearables.

Snacks Daily Podcast

Two ginger kombuchas, zero credit cards...

Thanks to Amazon's "just walk out" tech, Whole Foods wants you to leave your wallet at home.

to hear why the Zon takes a "slow and steady" approach to shopping experiments.

Snack Fact of the Day

Reported Covid cases in the US have fallen by 96% from their peak in mid-January. Globally, reported cases have dropped by 16% in the past week

Thursday

Weekly jobless claims

Earnings expected from Costco, Kroger, Broadcom, TD Bank, Best Buy, Brown Forman, Gap, Duolingo, Sweetgreen, and Utz

Authors of this Snacks own: Bitcoin, and shares of Ford, Amazon, Apple, Pfizer, and Google

ID: 2063213

# data[].attributes.attachment_link.title
🔑 The first crypto conflict - Robinhood Snacks

# data[].attributes.attachment_link.description
After a week of war - and despite Ukrainians' tougher-than-expected resistance - officials said Russian troops had a major city, a first during this invasion. So far, more than 800K people have fled Ukraine. Stocks rebounded yesterday after Fed Chair Powell that a smaller-than-expected rate hike is coming, which eased some investors' worries - even as oil continued to climb.

# data[].attributes.attachment_link.readable_text
Rising inflation and global supply chain strains remain top of mind for retailers as they navigate the post-holiday earnings season. But also making its way into conversations with analysts and investors is Russia's invasion of Ukraine, which entered its second week on Thursday.

A number of retailers have temporarily halted operations in Russia, either as a signal of corporate condemnation of the war or because these companies are unable to carry on business in the country due to imposed sanctions impacting logistics.

Some, such as Victoria's Secret, are warning that uncertainty created by the war could weigh on business in the first quarter and potentially beyond.

The biggest concern for many retailers will likely be the duration of the crisis, said Chuck Grom, an analyst with Gordon Haskett.

"You have to think the longer it goes on, the more problematic" it gets, Grom said. "In other words, the consumer spends more time getting absorbed with the situation."

Retailers are already trying to gauge future demand in still unpredictable times and keep shelves stocked without ordering too much merchandise. Businesses are trying to lure consumers back into their stores as Covid cases wane and immunity increases. Yet it could prove to be trickier than this time a year ago, when President Joe Biden and Congress signed off on stimulus payments to families.

Pittsburgh-based clothing retailer American Eagle Outfitters said Wednesday it is taking the war between Russia and Ukraine into consideration when forecasting its outlook for the year, though it didn't offer specifics on how much of a financial impact the war could have on consumer demand. American Eagle doesn't operate any brick-and-mortar shops outside of North America and Hong Kong, but it ships merchandise to 81 countries.

Chief Financial Officer Michael Mathias said on an earnings conference call that the retailer is cognizant of multiple factors currently at play: Rising inflation, the fact that American Eagle is beginning to lap a period during which stimulus payments were issued to many consumers last spring, and continued disruption in the global supply chain, "including the war in Ukraine."

"Against this backdrop, we're taking a cautious view," Mathias said.

American Eagle warned that its earnings will decline in the first half of the year compared with prior-year levels, in large part due to heightened freight costs. It does expect earnings to rebound in the back half.

Lingerie retailer Victoria's Secret, which has a small presence in Russia, also made a slight mention of the war. When it reported its fiscal fourth-quarter results Wednesday, it said inflation and "global unrest" will create a challenging environment in the coming months. Victoria's Secret issued a disappointing outlook for the first quarter but said it believes the third quarter will be an inflection point for better results.

Kohl's Chief Executive Michelle Gass was asked Tuesday, on an earnings conference call with analysts, about the situation in Ukraine and how it might hurt the department store chain's business.

"We're prepared that there's going to be an environment of a lot of uncertainty. We certainly contemplated that as we guided this year," Gass said on the call. "We'll stay close and be responsive."

All of this could weigh heavily on the American consumer. Companies, from food producers to auto makers, will likely bear greater burdens from skyrocketing oil prices and ongoing supply chain headaches. Price increases are often passed on to the customer.

"There are implications for U.S. retailers in the higher cost of energy, because of the interruption of and disruption in energy markets," said David French, senior vice president of government relations at the National Retail Federation, the leading retail trade group. "And there are implications for U.S. retailers in food prices, because of the significance of Ukraine and Russia ... as major agricultural regions."

"Those are probably the biggest first-order effects," he said, adding that many U.S.-based retailers have modest exposure to Russia and Ukraine, if any. He did mention Ukraine being a major hub for companies outsourcing IT help, however, which could become a larger issue if the crisis persists.

French emphasized that even during the pandemic, consumers have been reporting that their confidence is down but at the same time they're shopping as if consumer confidence is way up. Holiday retail sales in 2021 surged a record 14.1% from prior-year levels, according to NRF, in spite of inflation and the spreading omicron variant.

BMO Capital Markets analyst Simeon Siegel echoed this sentiment. "Setting aside what it says about humanity, as we learned with Covid, people are really good about not letting things bother them until it knocks at their door," Siegel said.

At the same time, companies have been quick to take a stance on the Kremlin's invasion of Ukraine.

Furniture retailer Ikea said Thursday it is closing all of its stores in Russia, stopping production in the country and halting all exports and imports to and from Russia and Belarus.

"The war has both a huge human impact and is resulting in serious disruptions to supply chain and trading conditions, which is why the company groups have decided to temporarily pause Ikea operations in Russia," the company said in a statement.

Nike, fast-fashion retailer H&M, and coat maker Canada Goose have all said they're suspending sales in Russia, too. A statement on Nike's website in Russia says the sneaker giant can't currently guarantee product delivery in Russia. A spokesperson didn't respond to a request for additional comment.

Craig Johnson, founder of the retailer consulting group CGP, said he expects that retailers or brands with a presence in central and eastern Europe are likely already developing, if not implementing, contingency plans.

"Contingency plans are most critical for in-store and back office employees and hours of operations," Johnson said. "But they also include plans for physical and cyber security, vendor and public communications, and trimming or delaying merchandise receipts as warranted."
This story is developing. Please check back for updates.

# data[].attributes.attachment_link.title
Retailers start to warn of business impact from Russia's invasion of Ukraine

# data[].attributes.attachment_link.description
Rising inflation and global supply chain strains remain top of mind for retailers as they navigate the post-holiday earnings season. But also making its way into conversations with analysts and investors is Russia's invasion of Ukraine, which entered its second week on Thursday.

# data[].attributes.attachment_link.readable_text
Coming up on the 75th anniversary of the end of World War II, the world is now focused on the possibility of an armed conflict between the U.S., its allies and Iran. So far the U.S. has spent an estimated $6.4 trillion on wars post 9/11, and going by the president's latest tweets, it appears willing to keep spending if things escalate. But there is little clarity of how far Iran, its economy already struggling and its leadership deeply unpopular, is willing to go to avenge the death of its top general.

Security experts are weighing in, and only time will tell, but investing experts are sending out reminders that past wars didn't push U.S. equities lower long-term.

LPL Financial said in a note that stocks have largely shrugged off past geopolitical conflicts. "As serious as this escalation is, previous experiences have indicated it may be unlikely to have a material impact on U.S. economic fundamentals or corporate profits," said LPL Financial Chief Investment Strategist John Lynch. "We would not be sellers of stocks into weakness related to this event, given stocks have weathered heightened geopolitical tensions in the past."

"From the start of WWII in 1939 until it ended in late 1945, the Dow was up a total of 50%, more than 7% per year. So, during two of the worst wars in modern history, the U.S. stock market was up a combined 115%," wrote Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth Management, in an article about counterintuitive market outcomes. "The relationship between geopolitical crises and market outcomes isn't as simple as it seems."

History tells us periods of uncertainty like we're seeing now are usually when stocks suffer the most. In 2011, researchers at the Swiss Finance Institute looked at U.S. military conflicts after World War II and found that in cases when there is a pre-war phase, an increase in the war likelihood tends to decrease stock prices, but the ultimate outbreak of a war increases them. However, in cases when a war starts as a surprise, the outbreak of a war decreases stock prices. They called this phenomena "the war puzzle" and said there is no clear explanation why stocks increase significantly once war breaks out after a prelude.

Similarly, Mark Armbruster, the president of Armbruster Capital Management, studied the period from 1926 through July 2013 and found that stock market volatility was actually lower during periods of war. "Intuitively, one would expect the uncertainty of the geopolitical environment to spill over into the stock market. However, that has not been the case, except during the Gulf War when volatility was roughly in line with the historical average," he said.

In terms of the Iran conflict, however, investors have had a muted reaction to the headlines."If 2019 taught us anything, it's that you have to try as best as possible to keep to your process and not get caught up in the headlines," said Strategas technical analyst Todd Sohn to The Washington Post. "In a sad way, I wonder if we've become used to it. I wonder if the market has learned to discount these events."

"Part of the reason for the calm may lie in the changing structure of global oil markets and how the U.S. economy has become less vulnerable to energy price swings," said JPMorgan Funds chief global strategist David Kelly in a note. "Part of the reason may be purely psychological. Today's investors have seen the stock market recover from both 9/11 and the Great Financial Crisis, arguably the greatest geopolitical and economic shocks of our time. This makes it easier for investors to shrug off other events."

"Over the last few years, markets have been conditioned not to overreact to political and geopolitical shocks for two reasons: first, the belief that there would be no significant subsequent intensification of the initial shock; and second, that central banks stood ready and able to repress financial volatility," said Mohamed Aly El-Erian, the chief economic adviser at Allianz, in a Bloomberg column.

But he warned that investors buying the dip should use a selective overall strategy. "This includes emphasizing up-in-quality trades that are anchored by robust balance sheets and high cash-flow generation, resisting the strong temptation for large-scale shifts away from U.S. assets in favor of international investments, and reducing exposure to inherently less-liquid market segments that have experienced beneficial spillovers from extraordinary central bank stimulus and the general reach for yield and returns," he said.

# data[].attributes.attachment_link.title
How the Modern Stock Market is Affected by War

# data[].attributes.attachment_link.description
Coming up on the 75th anniversary of the end of World War II, the world is now focused on the possibility of an armed conflict between the U.S., its allies and Iran. So far the U.S. has spent an estimated $6.4 trillion on wars post 9/11, and going by the president's latest tweets, it appears willing to keep spending if things escalate.

# data[].attributes.attachment_link.readable_text
MLBPA leadership speaking now

MLBPA executives Tony Clark and Bruce Meyer, and high ranking player officials Max Scherzer and Andrew Miller are meeting with reporters in Florida.

"Today is a sad day," Clark said. "We came to Florida to navigate and negotiate for a fair collective bargaining agreement. Despite meeting daily, there is still significant work to be done. The reason we are not playing is simple: a lockout is the ultimate economic weapon."

Several other MLB players, including Trea Turner and Noah Syndergaard, are in attendance to show solidarity with the union.

# data[].attributes.attachment_link.title
MLB lockout: Five takeaways as Rob Manfred cancels regular season games after owners, MLBPA fail to reach deal

# data[].attributes.attachment_link.description
MLBPA executives Tony Clark and Bruce Meyer, and high ranking player officials Max Scherzer and Andrew Miller are meeting with reporters in Florida. "Today is a sad day," Clark said. "We came to Florida to navigate and negotiate for a fair collective bargaining agreement. Despite meeting daily, there is still significant work to be done.

# data[].attributes.attachment_link.title
What Does Russia’s Invasion of Ukraine Mean for the U.S. Economy? (Published 2022)

# data[].attributes.attachment_link.description
The Russian attack on Ukraine could push up oil and food prices globally at a time of already-high inflation. In the U.S., it will drive up uncertainty.

# data[].attributes.body
https://www.nbcnews.com/news/us-news/indiana-teacher-banned-school-grounds-video-shows-slapping-student-rcna18201

# data[].attributes.attachment_link.title
Indiana teacher banned from school grounds after video shows him slapping student

# data[].attributes.attachment_link.description
Video shows the student hitting their head against the wall from the force of the blow and falling to the ground seconds later.

# data[].attributes.body
https://www.upi.com/Odd_News/2022/03/03/Guinness-World-Records-highest-restaurant-building/2671646345136/

# data[].attributes.attachment_link.readable_text
March 3 (UPI) -- A restaurant that seats customers more than 1,800 feet off the ground in China's tallest skyscraper has been named the highest restaurant in a building by Guinness World Records.

Guinness said the Heavenly Jin restaurant, situated on the 120th floor of Shanghai Tower, the tallest building in China and the third-tallest in the world, is at an altitude of 1,825 feet, making it the world's highest restaurant in a building.

# data[].attributes.attachment_link.title
Shanghai Tower restaurant named world's highest in a building

# data[].attributes.attachment_link.description
March 3 (UPI) -- A restaurant that seats customers more than 1,800 feet off the ground in China's tallest skyscraper has been named the highest restaurant in a building by Guinness World Records.

# data[].attributes.attachment_link.title
Disney+ to launch cheaper ad-supported tier later this year

# data[].attributes.attachment_link.description
Disney did not provide a launch date or price for the new tier.

# data[].attributes.attachment_link.readable_text
The Commerce Department said on Tuesday that the trade deficit increased 27.0% last year to an all-time high of $859.1 billion. The deficit was at $676.7 billion in 2020. "The US trade picture won't return to normal until the pandemic purchases start to slow and life returns to what it was," said Christopher Rupkey, chief economist at FWDBONDS in New York.

The trade gap represented 3.7% of gross domestic product, up from 3.2% in 2020. The economy grew 5.7% in 2021, the strongest since 1984, after the government provided nearly $6 trillion in pandemic relief, which fueled consumer spending on goods.

The goods deficit shot up 18.3% to a record $1.1 trillion last year. Imports of goods hit an all-time high of $1.8 trillion. They were driven by imports of industrial supplies and materials, which increased to their highest level since 2014.

Food imports were the highest on record as were those of capital, consumer and other goods. There were record imports from 70 countries in 2021, led by Mexico, Canada and Germany.

Robust import growth overshadowed a sharp rebound in exports. Goods exports surged 23.3% to a record $1.8 trillion. Exports of industrial supplies and materials, foods, consumer goods, other goods and petroleum were the highest on record.

The United States logged record exports to 57 countries last year, led by led by Mexico, which increased to $276.5 billion. Shipments to China rose to $151.1 billion, while exports to South Korea increased to $65.8 billion.

The final boost to the trade deficit came from a 1.8% increase to $80.7 billion in December. Economists polled by Reuters had forecast a $83.0 billion deficit.

# data[].attributes.attachment_link.description
The Commerce Department said on Tuesday that the trade deficit increased 27.0% last year to an all-time high of $859.1 billion. The deficit was at $676.7 billion in 2020. "The US trade picture won't return to normal until the pandemic purchases start to slow and life returns to what it was," said Christopher Rupkey, chief economist at FWDBONDS in New York.

# data[].attributes.attachment_link.title
Momentum builds for new Oakland A’s ballpark, but hard work remains

# data[].attributes.attachment_link.description
Momentum is building to construct a new baseball stadium at Oakland’s Charles P. Howard Terminal with the certification of a key environmental document last week. But, hard work is ahead.

# data[].attributes.attachment_link.keywords[]
biden is vowing to seize russian oligarchs' yachts. here's where they are right now  - cnn

# data[].attributes.attachment_link.title
Biden is vowing to seize Russian oligarchs' yachts. Here's where they are right now

# data[].attributes.attachment_link.description
The ships span the length of a football field or longer, come outfitted with helipads and swimming pools, and have shown up at ports around the world -- towering over nearby fishing vessels and motorboats like giants.

# data[].attributes.body
https://www.cbssports.com/mlb/news/mlb-lockout-five-takeaways-as-rob-manfred-cancels-regular-season-games-after-owners-mlbpa-fail-to-reach-deal/live/

# data[].attributes.attachment_link.readable_text
MLBPA leadership speaking now

MLBPA executives Tony Clark and Bruce Meyer, and high ranking player officials Max Scherzer and Andrew Miller are meeting with reporters in Florida.

"Today is a sad day," Clark said. "We came to Florida to navigate and negotiate for a fair collective bargaining agreement. Despite meeting daily, there is still significant work to be done. The reason we are not playing is simple: a lockout is the ultimate economic weapon."

Several other MLB players, including Trea Turner and Noah Syndergaard, are in attendance to show solidarity with the union.

# data[].attributes.attachment_link.title
MLB lockout: Five takeaways as Rob Manfred cancels regular season games after owners, MLBPA fail to reach deal

# data[].attributes.attachment_link.description
MLBPA executives Tony Clark and Bruce Meyer, and high ranking player officials Max Scherzer and Andrew Miller are meeting with reporters in Florida. "Today is a sad day," Clark said. "We came to Florida to navigate and negotiate for a fair collective bargaining agreement. Despite meeting daily, there is still significant work to be done.

# data[].attributes.body
Tom V

# data[].attributes.attachment_link.title
Apple’s next event is March 8 – TechCrunch

# data[].attributes.attachment_link.description
Invites just went out for Apple’s next big event, scheduled for 10 AM PT (1 PM ET) on March 8. It will be an online event broadcasting from Apple Park. Anybody will be able to watch it from Apple’s website. The invite features an Apple logo that looks like the entrance of a neon tunnel. […]

# data[].attributes.body
Evan Balingit

# data[].attributes.attachment_link.title
More US Companies Join In Restricting Products and Services In Russia

# data[].attributes.attachment_link.description
Russia’s invasion of Ukraine last week, citing a “special operation,” prompted the Western governments to put sanctions on Russia. Many major U.S. conglomerates are...

# data[].attributes.attachment_link.readable_text
In the weeks leading up to the premiere of Inventing Anna, a nine-part series about the ersatz heiress Anna Delvey, Netflix's marketing team posted a giant receipt on one of the perimeter walls of the Gansevoort Hotel.

The bill included, among other things, three bottles of Dom Perignon totaling $6,300, five bottles of Domaine Ponsot at $9,750, 12 orders of a dozen oysters each which cost $288, and four orders of foie gras at $240. Next to it was an equally large poster of star Julia Garner as Delvey, with a line proclaiming in all caps: "SPENT $36,000 ON A SINGLE DINNER. BUT NEVER PAID THE BILL."

It was a well-chosen marketing tool; Delvey's story, which was first reported in New York magazine in 2018 by journalist Jessica Pressler, focuses heavily on the ways Delvey financially terrorized New York's most stylish hotels and socialites. The poster tactic was downright ingenious, as far as I was concerned, since it was located directly on my daily lunchtime walk. While carrying home my overpriced salads, I'd fantasize about indulging in the show, watching someone scam their way into luxury and guzzle down all that champagne.

Sadly, though, Inventing Anna, isn't as good as its poster.

The show certainly provides indulgence (if maybe not enough for my taste). Its failure is in the framing of Delvey's story: It's depicted as a quasi-feminist, girlboss-adjacent revenge fantasy. Delvey does the things she does, we're told, because she's a product shaped by society's ills - narcissism, sexism, capitalism, all the -isms - coupled with the knowledge that the game of wealth is rigged, stacked against all of us.

The show almost seems to be capitalizing on the Robin Hood spirit of Hustlers, the 2019 hit movie about a cabal of strippers who, with the aid of some illicit drugs, roofied their banker clients and maxed out their credit cards. Hustlers, which was also written by Pressler for New York magazine, operated as a critique against capitalism and the hollowness of the American Dream, showing how a particular group of seemingly powerless women maneuvered through the 2008 financial crisis that threatened to swallow them whole.

Inventing Anna wants that same result, but with half the work. The series goes to great lengths to tell us (but never really show us) how sexism, elitism, and inequality are barriers that keep regular folks from ever becoming rich. The show can't seem to decide if Delvey is a revolutionary feminist or someone who just wanted the money; if her wins were derived from supernatural charisma and intelligence or the result of corrupt systems too impressed with displays of wealth to do their due diligence.

However unsure, it's ultimately willing to embrace themes of heroism and radical self-empowerment. By the end, as a group of reporters literally cheers for Delvey's court successes, one thing is clear: It expects we're all rooting for her. The show is too willing to conflate these qualities with heroism and nobility, rather than allowing its protagonist to be someone who just wanted the money.

Perhaps the soft-pedaling makes the scams feel less icky for viewers, or maybe it's an overcorrection of Hollywood historically being too quick to paint real-life women as villains. But what it does show is that Inventing Anna just isn't equipped to tell this story.

Inventing Anna wants to gaslight, gatekeep, and girlboss the art of grifting

In seemingly every single one of the nine episodes of Inventing Anna, a character - usually Vivian Kent (Anna Chlumsky), who is based on Pressler - talks about how Delvey has a special talent for swindling her rich friends. Kent discusses this talent with Delvey's defense lawyer. She wonders about Delvey's brilliance aloud to her writer friends in "Scriberia" (a term for the corner of the office she and other writers occupy). She argues with her editor, and with her husband to the point that marriage counseling is perhaps needed, that this is what makes the Delvey story worth covering.

In other words, Delvey is somehow singular and special, and that makes her more than just a thief. And the flipside of this assertion is that grifting for the sake of grifting - or, more to the point, for survival - is ignoble.

Many of the episodes flank arguments about Delvey's culpability with allusions to sexism that she and other women face. Her boyfriend Chase has no problem raising money for his futile projects; her defense lawyer points out that Frank Sinatra famously scammed people, too. She's looked down upon by rich women (one treats her like a full-time assistant) who have seemingly shut the door behind them and perpetuate systemic inequality.

Delvey's scam is positioned as a victory over said sexism because the harm she does is focused on the people who run the system. There's something honorable in her grift, the show seems to argue, and if you don't agree, you might be a bit sexist. By the end, characters are either Team Anna, or they're painted as shrews and simpletons. The latter, like an actual heiress who appears early in the series, are easily disposable, as are their opinions on Delvey's thievery. Her remaining friends defend her vigorously.

This is all shown to be a lie through the character of Rachel, based on Rachel Williams, who wrote her personal story for Vanity Fair before Pressler's article was published. Rachel is by no means impoverished, but she's not nearly as wealthy as the society matrons Delvey bilks early on. The show paints her as a weak-minded wannabe who sold out her friend for profit.

Delvey convinces Rachel to put a $60,000 Moroccan hotel stay on her work credit card, with promises to repay her. This is the fraud that gets Anna caught, and there's a particular cruel joy to how she's treated in the trial: humiliated on the stand for taking profitable television and book deals despite not being painted as talented, smart, or charming - not being Anna, essentially. ( Netflix famously did not buy the TV options to Rachel's account, while Delvey was reportedly paid some $320,000 for her film rights.)

In the final episode, Delvey's defense lawyer and the journalist Kent lament that they've taken advantage of Delvey, suggesting that she might be the real victim of this hoopla. The lasting impression of Inventing Anna is less an account of Delvey's story than a revenge story.

The frustrating part of Inventing Anna's narrative is that it feels so simple, as if the jagged, unpleasant edges of this woman's life have been smashed down to fit the mold of "misunderstood famous woman" that's overtaken television and pop culture. A major component of movies like, recent documentaries about Britney Spears and Paris Hilton, a reexamination of Janet Jackson's legacy, and shows like Ryan Murphy's Impeachment and American Crime Story, is the idea that these women were all misunderstood victims and that observers were complicit in their downfalls.

The show seems to combine a fairly accurate portrait of Delvey - a slippery figure - with a narrative viewers can embrace

While Delvey likely was a victim in some ways, and was perhaps unfairly mocked, I do wonder about how her character in Inventing Anna has been sanded down (something that can happen with the subjects of those other stories, too) to fit into this mold of storytelling, with this unsatisfying payoff. The show seems to combine a fairly accurate portrait of Delvey - a slippery figure - with a narrative viewers can embrace.

It's not that there isn't satisfaction in a revenge plot. This was what made Hustlers, after all, such a great watch: We like to be assured that rich people can be idiots and aren't impervious to consequences. That movie deftly asks the question of why it was that the men who caused the financial crisis were able to recover just fine, while average people like Ramona - and, presumably, the viewer - weren't allowed that same privilege.

Inventing Anna, on the other hand, leans on that sort of argument with no depth. It manages little beyond confidently asserting that there's more to Delvey's story, suggesting that it can show more truths about capitalism in America than one might know. I'm just not sure the show's choice - to launder Delvey's story with the suds of honorable feminism and a whiff of misunderstood genius - gets there.

# data[].attributes.attachment_link.title
Inventing Anna's lazy girlboss revenge fantasy

# data[].attributes.attachment_link.description
In the weeks leading up to the premiere of Inventing Anna, a nine-part series about the ersatz heiress Anna Delvey, Netflix's marketing team posted a giant receipt on one of the perimeter walls of the Gansevoort Hotel.

# data[].attributes.attachment_link.readable_text
Valentine's Day is almost here, and marriage is all the rage. According to the Wedding Report, there will be some 2.5 million weddings this year - the most since 1984.

As an economist, I'm all for it: Marriage beats partnering long-term. I'm no expert on how to meet the love of your life; my goal is to make sure that you barter for a spouse or partner understanding the economic resources and financial obligations that you each bring to the table.

Yes, bartering for love sounds heartless, but it's on full display on America's 1,500 dating apps and websites.

I'm not claiming that money is the only deciding factor in pairing up. For most of us, love transcends money.

But we humans have the capacity to fall in love with lots of people. And there's no shame in targeting your swooning on someone who can provide you with a higher standard of living.

Put it this way: If two people are the same in most respects, except one earns twice as much as the other, don't flip a coin. Go for the higher earner, and yes, marry for money. You won't be the first to play the oldest financial trick in the book.

Choosing to marry over partnering long-term may mean somewhat higher net taxes, but it comes with an array of valuable implicit insurance arrangements, which the formality and legality of marriage help enforce.

On top of short-term financial benefits of marrying, like the implicit joining of resources, there are long-term benefits, as well.

First, after just nine months, you're eligible to collect future widow(er) Social Security benefits. Plus, after one year of marriage, you and your spouse are eligible to collect future spousal benefits. And if you stay married for 10 years, you're eligible for divorced spousal and divorced widow(er) benefits.

But, to be clear, with the way Social Security's benefits formulas work, the spousal benefit will be useful only to spouses who earn very little in absolute terms and also earn a lot less than their marital partner.

The widow(er) benefit, on the other hand, can be of tremendous value to the lower-earning spouse (or divorced person), provided the higher-earning spouse (or ex-spouse) dies first.

Marriage can also benefit your long-term standard of living, albeit to a highly imperfect and uncertain extent, if you're awarded alimony in divorce.

An estimated 41% of all first marriages will end in divorce or separation, according to data from California-based law firm Wilkinson & Finkbeiner. Some 60% of second marriages go south, while 73% of third marriages will start with "forever" and end with "sayonara."

Yet, we all marry convinced we'll make it. Economists call this phenomenon "irrational expectations" - when people collectively believe in something they know is collectively false.

But wishful thinking about marriage comes at an awful price. Many marriages end in exorbitantly costly divorce war, with children forced to take sides and family ties shredded forever.

Maybe it's time to reset our idea of marriage from a lifetime partnership to a temporary arrangement that should be celebrated for lasting as long as it does, not lamented for coming apart.

Take the case of hypothetical Sally, who wants her spouse-to-be, Sam, to stay home with the kids while she pursues her lifetime dream of being a contractor. Sally is a go-getter. Her plan is to borrow $1 million, construct and sell a dream house, and use it to showcase her talents.

The problem, from Sam's perspective, is that fulfilling Sally's dream means giving up his career. Plus, if they split and the house sells for $500,000, Sam will get stuck with $250,000 in "their" debt.

Moreover, Sally wants to live in Texas, which is far less generous in providing alimony than, say, Massachusetts. So, if Sally's career takes off, but she takes off with the tile subcontractor, Sam will reap precious little from his investment.

If Sally and Sam marry without resolving this potential conflict, Sam may get cold feet and file for divorce before he co-signs the construction loan. But what if they sign a prenup that assigns, upon divorce, all construction debts to Sally, but provides Sam half the profits if Sally's company succeeds for, say, 20 years?

This lets Sally take her shot while protecting Sam.

Despite the clear benefit of prenups, not signing one is a huge mistake that many people make. Whatever financial concerns would be addressed in a prenup will inevitably arise once you get married.

It's far better to negotiate in advance how things will be settled than have one party feel they have, in getting married, lost bargaining power in making financial decisions that could damage them in the context of divorce.

My advice? When you kneel down and propose, take two things out of your pocket - a sparkling diamond ring and a leather-bound prenup, which will surely be worth far more than its weight in gold.
is an economics professor and the author of "Money Magic: An Economist's Secrets to More Money, Less Risk, and a Better Life." He received his Ph.D. in Economics from Harvard University in 1977. His columns have appeared in The New York Times, WSJ, Bloomberg and The Financial Times. In 2014, The Economist named him one of the world's 25 most influential economists. Follow him on Twitter .

# data[].attributes.attachment_link.title
'Yes, marry for money': A top economist shares the surprising financial benefits of marriage

# data[].attributes.attachment_link.description
Valentine's Day is almost here, and marriage is all the rage. According to the Wedding Report, there will be some 2.5 million weddings this year - the most since 1984. As an economist, I'm all for it: Marriage beats partnering long-term.

# data[].attributes.attachment_link.readable_text
The price of energy has already shot higher, and the conflict imperils supply chains, factors that could exacerbate inflation and suppress growth.

Send any friend a story
As a subscriber, you have 10 gift articles to give each month. Anyone can read what you share.

Give this article Give this article Give this article

A Moscow supermarket on Monday. In recent years, President Vladimir V. Putin has taken steps to insulate Russia's economy from Western pressure. Credit... The New York Times

Patricia Cohen, based in London, covers the world economy.

In the span of just a few days, the global economic outlook has darkened while troops battled in Ukraine and unexpectedly potent financial sanctions rocked Russia's economy and threatened to further fuel worldwide inflation.

The price of oil, natural gas and other staples spiked on Monday. At the same time, the groaning weight on supply chains, still laboring from the pandemic, rose as the United States, Europe and their allies tightened the screws on Russia's financial transactions and froze hundreds of billions of dollars of the central bank's assets that are held abroad.

Russia has long been a relatively minor player in the global economy, accounting for just 1.7 percent of the world's total output despite its enormous energy exports. President Vladimir V. Putin has moved to further insulate it in recent years, building up a storehouse of foreign exchange reserves, reducing national debt and even banning cheese and other food imports from Europe.

But while Mr. Putin has ignored a slate of international norms, he cannot ignore a modern and mammoth financial system that is largely controlled by governments and bankers outside his country. He has mobilized tens of thousands of his troops, and, in response, allied governments have mobilized their vast financial power.

Now, "it's a gamble between a financial clock and a military clock, to vaporize the resources to conduct a war," said Julia Friedlander, director of the economic statecraft initiative at the Atlantic Council.

Together, the invasion and the sanctions inject a huge dose of uncertainty and volatility into economic decision-making, heightening the risk to the global outlook.

A corn warehouse near Stavropol, Russia. Russia and Ukraine are large exporters of corn. Credit... Eduard Korniyenko/Reuters

The sanctions were designed to avoid disrupting essential energy exports, which Europe, in particular, relies on to heat homes, power factories and fill gas tanks. That helped dampen, but did not erase, a surge in energy prices caused by war and anxieties about disruptions in the flow of oil and gas.

Worries about shortages also pushed up the price of some grains and metals, which would inflict higher costs on consumers and businesses. Russia and Ukraine are also large exporters of wheat and corn, as well as essential metals, like palladium, aluminum and nickel, that are used in everything from mobile phones to automobiles.

Already eye-popping transport costs are also expected to soar.

"We are going to see rates skyrocket for ocean and air," said Glenn Koepke, general manager of network collaboration at FourKites, a supply chain consultancy in Chicago. He warned that ocean rates could double or triple to $30,000 a container from $10,000 a container, and that airfreight costs were expected to jump even higher.

Russia closed its airspace to 36 countries, which means shipping planes will have to divert to roundabout routes, leading them to spend more on fuel and possibly encouraging them to reduce the size of their loads.

Loading rolls of steel onto a ship at the port of Mykolaiv in Ukraine. One expert predicted that ocean transport costs could triple. Credit... Brendan Hoffman for The New York Times

"We're also going to see more product shortages," Mr. Koepke said. While it's a slower season now, he said, "companies are ramping up for summer volume, and that's going to have a major impact on our supply chain."

In a flurry of updates on Monday, several Wall Street analysts and economists acknowledged that they had underestimated the extent of Russia's invasion of Ukraine and the international response. With events rapidly piling up, assessments of the potential economic fallout ranged from the mild to the severe.

Inflation was already a concern, running in the United States at the highest it has been since the 1980s. Now questions about how much more inflation might rise - and how the Federal Reserve and other central banks respond - hovered over every scenario.

"The Fed is in a box, inflation is running at 7.5 percent, but they know if they raise interest rates, that will tank markets," said Desmond Lachman, a senior fellow at the American Enterprise Institute. "The policy choices aren't good, so I don't see how this has a happy outcome."

Others were more cautious about the spillover effects given the isolation of Russia's economy.

Adam Posen, president of the Peterson Institute for International Economics, said there were vexing questions, particularly in Europe, about what the conflict would mean for inflation - and whether it posed the prospect of stagflation, in which economic growth slows and prices rise quickly.

But overall, he said, "the damage is likely to be small."

That doesn't mean there won't be intense pain in spots. Mr. Posen noted that a handful of banks in Europe could suffer from their exposures to the Russian financial system, and that Eastern European companies might lose access to money in the country.

Thousands of people fleeing Ukraine are also streaming into neighboring countries like Poland, Moldova and Romania, which could add to their costs.

Thousands of Ukrainian refugees, including this family at the Polish border in Medyka, have fled Ukraine for Poland, Romania and Moldova. Credit... Maciek Nabrdalik for The New York Times

Turkey's economy, which is already struggling, is likely to take a hit. Oxford Economics lowered its forecast for Turkey's annual growth by 0.4 percentage points to 2.1 percent because of rises in energy prices, disruptions to financial markets and declines in tourism.

In 2021, 19 percent of its visitors came from Russia, and 8.3 percent came from Ukraine. Inflation, already at a two-decade high of nearly 50 percent, is now estimated to reach 60 percent, Oxford said.

In the United States, the chair of the Biden administration's Council of Economic Advisers, Cecilia Rouse, said the biggest impact on the American economy from the war was rising gas prices. "This has definitely clouded the outlook," she said at a forum in Washington.

Gasoline prices are roughly a dollar higher than a year ago, with a national average of $3.61 a gallon, according to AAA.

Rising energy prices are tough on consumers, although good for producers - and the U.S. economy has both.

Other oil-producing nations will also see a rise in revenues. And for Iran, which has been shut out of the global economy for years, the demand for oil from other sources could help smooth negotiations to lift sanctions.

Over the longer term, the current conflict is likely to have effects on several countries' future budget decisions. Germany's chancellor, Olaf Scholz, announced that he would increase military spending to 2 percent of its economic output.

"Defense spending has fallen consistently in the post-WWII world," Jim Reid, managing director of Deutsche Bank, wrote in a note on Monday. Now, with this shift in "the geopolitical tectonic plates," he said, priorities are changing, and "those levels are likely to rise."

In Russia, the central bank and government took a series of actions, including doubling a key interest rates to 20 percent to increase the ruble's appeal, barring people from transferring money to overseas accounts, and closing the stock market to contain the damage and tamp down panic.

"What's happening right now is we're looking at the dismemberment of one of the largest economies on the planet," said Carl Weinberg, chief economist at High Frequency Economics. "And from what I know about tactics, this is a dangerous tactic."

Peter S. Goodman and Jeanna Smialek contributed reporting.

# data[].attributes.attachment_link.title
Within Days, Russia's War on Ukraine Squeezes the Global Economy

# data[].attributes.attachment_link.description
The price of energy has already shot higher, and the conflict imperils supply chains, factors that could exacerbate inflation and suppress growth. Send any friend a story As a subscriber, you have 10 gift articles to give each month. Anyone can read what you share.