Good Friday morning from Silicon Valley.
Situational awareness: "The opening ceremony of the 23rd Winter Olympics unfurled in frigid temperatures and high spirits [in South Korea this morning, ET], as athletes from the two Koreas came together less than 50 miles from the heavily-fortified border between their nations and offered hope of a breakthrough in a tense, geopolitical standoff that has stirred fears of nuclear conflict." (N.Y. Times)
The Rob Porter crisis has become a John Kelly crisis, and it has now totally engulfed the West Wing, Axios' Jonathan Swan reports:
The official White House line — that Kelly only became “fully aware” of the domestic assault allegations when the Daily Mail story broke — doesn’t pass the smell test:
The big picture: In any major corporation in America, Porter would have been escorted out the door the minute senior officials learned of these allegations.
Why it matters: This White House, already short on high-powered, experienced talent, is bleeding manpower — and brainpower. At the same time, the chaos scares off reinforcements. Two top White House officials told me this is the single greatest threat to American governance and security right now.
AP bulletin, midnight: "The U.S. government shut down at midnight, as Congress misses deadline to pass spending bill."
What happened while you (hopefully) slept, via the WashPost:
"Savaged global stocks head for worst week since 2011," per Reuters:
Why yesterday's 1,000-point Dow decline matters ... "The Dow Jones Industrial Average and S&P 500 entered correction territory for the first time in two years," The Wall Street Journal reports:
But, but, but ... Edward N. Wolff, an economist at New York University, in N.Y. Times:
Fans gather in front of the Philadelphia Museum of Art (famous for the "Rocky" steps) as the Philadelphia Eagles' Super Bowl victory parade proceeds along Benjamin Franklin Parkway yesterday.
Twitter, Snap surge = bad news for publishers ... "Nearly all the social media and online advertising companies posted strong fourth quarter earnings in the last week," writes The Information's Tom Dotan:
P.S. An encouraging publishing story ... New York Times Co. subscription revenue passed $1 billion last year, the paper reports: "Subscription revenue [more stable than ads] now accounts for 60 percent of the company’s total revenue."
And a milestone for one of the past year's great media success stories:
Jerome "Jay" Powell, who became Fed chair in a rocky week, has his white-knuckle in-box dissected on the covers of two new magazines:
"The anxiety that has gripped the market this week appeared to escalate [yesterday] just as President Trump and lawmakers were setting the government up for annual budget deficits that would routinely exceed $1 trillion," AP's Josh Boak and Paul Wiseman report:
How it's playing ... N.Y. Times: "Republicans Learn to Love Deficit Spending They Once Loathed ... Once Deficit Hawks, Republicans Open the Money Spigot."
A snapshot on China's transformation into a manufacturing powerhouse, by Axios' Erica Pandey:
"Tech workers in Austin saw the sharpest salary increases, making 7 percent more on average last year than they did the year before, according to ... Hired, a job search marketplace," Recode reports:
The N.Y. Times' current "Most Shared on Facebook" story ... From the forthcoming N.Y. Times Magazine, "What Teenagers Are Learning From Online Porn," by Maggie Jones:
"After two failed bids, hundreds of millions of dollars spent on infrastructure, venues and preparation and a nagging national debate about whether it's all even worth it, the Olympics" finally open today in Pyeongchang, South Korea, per AP:
The Opening Ceremony began at 6 a.m. ET ... Watch it live here!
Thanks for reading. See you all day — and this weekend — in the Axios stream ...