Axios

The S&P 500 closed at a new all-time high on Friday.

Why it matters: Reaching a new high-water mark confirms that we are indeed in a full-on, horns-out, snorting bull market, at least according to the conventional definition long used on Wall Street.

Postage stamp prices are on the rise and will increase by another 2 cents starting Sunday.

Why it matters: The U.S. Postal Service's third rate hike in 12 months will push the price of a first-class stamp up to 68 cents.

Bitcoin ETFs have picked up billions since their launch last week.

Why it matters: In just four trading days since listing on exchanges, investor flows in some of 10 are stacking up to broad-market funds, according to Bloomberg Intelligence data.

There is a large chunk of the recently converted GBTC spot bitcoin ETF that will be forcibly sold, if it hasn't been already.

Why it matters: GBTC is one of 10 spot bitcoin exchange traded funds vying for new dollars since receiving the milestone nod from the SEC to list last week.

Sports Illustrated editorial staffers were warned on Friday that layoffs were coming that could affect the entire staff, according to multiple memos reviewed by Axios, after their publisher missed a $3.75 million licensing payment for the Sports Illustrated name.

Why it matters: This could be the end of one of America's most iconic media brands, which was founded 70 years ago.

Here's a quick update on the world's most well-telegraphed credit market problem — office loans.

The big picture: The WFH wars are over — hybrid work won. And the departure of roughly a quarter of white-collar workers from offices will continue rattling through the $20 trillion private commercial real estate market for the foreseeable future.

The Los Angeles Times union plans a one-day, multi-city walkout on Friday in protest of sweeping job cuts that are imminently expected.

Why it matters: It's the first newsroom work stoppage in LA Times' history. It comes amid broader business and cultural challenges at the storied paper.

Mike Allen, the hardest-working person I've ever met, never hesitates to move instantly on, well, basically anything he deems important, Jim VandeHei writes.

• If he's going to connect with someone, he does it now. Apologize? Now. You wanna get lunch? How's tomorrow? Start a new health habit? On it!
• If Mike can find time to move within minutes or hours, all of us can. This could turn Mike's superpower into your new strength, at work and away from it.

Why it matters: Speed has a force-multiplying effect. It eliminates festering problems faster and accelerates vital progress on important to-dos. This is the power of now. This is my personal mantra for the Axios executive team — and full company — in 2024.

• Yes, there are moments for deliberation. Too often, though, that's a cop-out or excuse.
• The benefits of speed far outweigh any episodic messiness of moving too fast.

Between the lines: Work and anxiety expand to fill the time we give it. Get it out of the way and you've freed up bandwidth — and liberated yourself from the dumb stuff we all do to avoid something hanging over our head.

• If you plunge in, you realize instantly if you need course-correction or follow-up, instead of pushing the distraction or disruption down the road.

So what does this look like in practice?

1. If something is important, do it today. Why wait until Monday to start eating healthier (one last binge!) or next weekend to call your parents or next month to start running again? Every hour you wait increases the chance you'll simply blow it off... again.
2. Start with emails and phone calls. Most take mere seconds or minutes to answer. I personally get hundreds of emails per day. 90% of the time, I respond within minutes. My joke, which is actually my reality: "I will respond within seconds, or never."
3. If you need to have a tough conversation with a friend or colleague, do it now. This is where everyone drags their feet too long, too often. The problem spreads and deepens. You prolong your anxiety about the tough talk. Every minute you dither is another minute of pain, and another minute that person is not spending fixing their issue — or solving yours.
4. Same with compliments. Don't wait for reviews or in-person meetings or your next dinner. Do it today. Often, this will invigorate the other person and, if nothing else, make their day. (And, at work, cc their boss. Doubles the smile.)
5. Bang out your critical to-do list now. Speed begets speed. If we wait to get healthier or connect with friends or up our game at work, we're robbing ourselves. One of my biggest learnings since taking this job: The moment you realize you need to make a change, move!
6. Pay "now" forward. If you see the fruits of now, tell your friends and co-workers. Share this column. Set the tone. And give yourself — and others — the power of now.
7. It can save your life. If you notice a blemish, or know you should get a test or exam, putting it off can be fatal. We know our bodies; we're creatures of habit. And if you suddenly feel funny or notice something worrisome, move on it if you're lucky enough to have care available. Sadly, just about every one of us has a loved one who regrets waiting.

This column appeared in Axios Finish Line, our nightly newsletter on life, leadership and wellness. Sign up here.

Macy's is closing five stores and trimming its workforce by 3.5%, the retailer confirmed to Axios Thursday.

Why it matters: While Macy's had a strong third quarter relative to its past performance, the department store category remains deeply troubled, Axios' Richard Collings reports.

Retailers are eager to master generative AI and to understand gen Z.

Zoom in: Along with how to design physical stores to compete with online shopping, those were among the most sought-after discussions at this year's National Retail Federation Big Show in New York on January 14-16.

Former President Trump's social media platform, Truth Social, generated just $1.07 million in revenue during the third quarter of 2023, according to SEC filings.

The big picture: Truth Social has become Trump's main means of communicating with the masses, but it hasn't yet leveraged his political popularity into a a financially sustainable business.

Health insurers are feeling the pain as patients are getting treated at higher rates than expected.

Why it matters: The more people use their insurance plans, the lower the profits for the insurers and, typically, the higher prices are for people.

Walmart is increasing pay for store managers and said Thursday it will hike the current average manager salary from $117,000 to $128,000 starting Feb. 1.

Why it matters: The nation's largest private employer and largest retailer is hoping to attract and retain managers in a competitive labor market.

Costco is taking its crackdown on membership sharing to the next level with a trial at some locations that requires members to scan their cards when entering stores.

Why it matters: It's the latest effort to convert freeloaders into paying members, similar to Netflix's password-sharing shakedown.

A powerful mix of high inflation, cheap wine and an "aisle of shame" have made Aldi the fastest-growing grocery store chain in the country.

Why it matters: More Americans are turning to the no-frills discount grocer known for its lower prices and quirky ways it saves money.

U.S. private equity is about to get a big boost from Australia's largest pension fund.

Driving the news: AustralianSuper, which manages nearly US$200 billion, tells Axios that it plans to double its global private equity exposure over the next five years, with between 70-80% of those new dollars heading to the U.S.

Subway is looking to capitalize on America's growing snacking appetite with three new footlong snacks that hit restaurants nationwide Jan. 22.

Why it matters: Snacks make up about a quarter of what Americans eat in a day with 90% of people eating one to three snacks, according to a recent report in the journal Nutrients.

Top communicators are increasingly going off on their own to launch independent advisory firms.

Why it matters: These challenger firms — or high-level, strategic communications advisories that are more agile than the agencies of lore — are changing the PR business model and its offerings.

Macroeconomic factors like shrinking budgets and an influx of available talent have normalized the collective model — which is being embraced by firms and consultancies of all sizes.

Why it matters: Collectives allow for "Avengers"-like communication teams to assemble for one-off projects or particularly thorny assignments.

State of play: The Weber Shandwick Collective recently began tapping outside experts — like former White House officials, CCOs, academics and policy experts— to service their clients in advisory roles.

• There's also the so-called 1099 strategy (named after the tax form for consulting work). Gray Wolf is the latest firm to operate on this "fluid workforce" model — meaning its founders, Endeavor alums Shaun Clair and Layton Lassiter, run the day-to-day operations and tap a network of 30 freelancers, independent consultants and small independent agencies for special projects as needed.

It's fairly common to see fractional chief marketing or chief financial officers — and these temporary or part-time opportunities are starting to normalize in the communications role too.

Why it matters: This represents yet another flexible and cost-effective way for companies or brands to tap into senior-level expertise.

Driving the news: A group of former CCOs and an experienced recruiter recently launched CommsCollectiv, a firm specializing in fractional employment for seasoned communications professionals.

• Since its launch in November, CommsCollectiv has filled roles for Fortune 500 companies, professional services firms and smaller, private-equity-backed entities looking for senior-level executives available on a short-term basis.

"Every single one of us will need to write a new job description, just like we did in the mid-'90s with the internet."

The ability to develop content is a huge advantage in 2024 — and top firms are doubling down on these narrative-driven efforts.

Why it matters: This could lead to an even murkier relationship between communications and marketing, which historically oversaw this domain.

As chief communications officer of Booking Holdings, Leslie Cafferty considers herself to be the voice of the company.

Why it matters: Booking Holdings is the parent company of travel and leisure brands like Booking.com, Kayak, Priceline and OpenTable and reaches millions of travelers each year.

A new report saying billionaire Patrick Soon-Shiong has sunk hundreds of millions of his own money into an unprofitable Los Angeles Times underscores how desperate the news industry is to chart a plan for survival in the digital era.

Why it matters: If billionaire owners can't make the L.A. Times or the Washington Post profitable, then the news industry has to ask itself: What can?

Oil prices have fallen, despite escalating Mideast violence.

Why it matters: Since at least the Yom Kippur War of 1973 — and the Arab nations' oil embargo that followed — the region's regular episodes of violence and political volatility have often generated spikes in oil prices.

The Midwest and Mountain West are America's latest new-business hotspots, a new Axios analysis finds.

Why it matters: New business applications — which rose 7.4% nationally between December 2022 and December 2023 — are an excellent indicator of economic sentiment. Few people try to start a company when they foresee bad times ahead.

The Apple Watch Series 9 and Ultra 2 will go on sale in U.S. stores Thursday morning without their blood oxygen features, the company announced.

Driving the news: The announcement came after a federal appeals court ruled Wednesday that Apple couldn't import wearables with this feature into the country while the company appeals the U.S. International Trade Commission's finding that the devices infringe patents.