Daily Brew // Morning Brew // Update

April 21, 2026

Hello there. The trailer for Hungry, a horror movie about people being attacked by a hungry hippo, has dropped. And while it’s not technically based on Hungry Hungry Hippos…it’s close enough to get us thinking about other beloved childhood games that could get turned into scary movies. We’re keeping our fingers crossed that someone will develop:

Operation about a ruthless organ harvesting ring
Candy Land, in which kids have to escape from Mr. Mint
Mouse Trap–-you don’t actually have to change this one, it’s already Saw, but for mice

—Molly Liebergall, Sam Klebanov, Matty Merritt, Neal Freyman, Abby Rubenstein

In today’s newsletter, we’ll get into:

Trump’s Fed chair pick facing lawmakers
Tim Cook stepping down as Apple CEO
Corporate merch featuring the founder’s face

MARKETS

Nasdaq

24,404.39

-0.26%

S&P

7,109.14

-0.24%

Dow

49,442.56

-0.01%

10-Year

4.250%

+0.0 bps

Bitcoin

$75,987.96

+2.59%

American Airlines

$12.24

-4.23%

Data is provided by

*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean.

Markets: Stocks acted like your friend who always leaves the party early and dipped yesterday, ending the Nasdaq’s longest winning streak since 1992 as traders fretted over the impact of the Iran war. With the current ceasefire set to expire tomorrow and tensions high over the Strait of Hormuz, President Trump said an extension was unlikely if a peace deal is not reached. Airline and cruise stocks, in particular, took a dive amid worries about fuel costs and travel.

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WARSH WATCH

What to expect from today’s Fed confirmation hearing

Tasos Katopodis/Getty Images

Go fetch the Senate’s “SMOKIN’ HOT” apron because they’re about to start grilling in there. Today, lawmakers are set to question Federal Reserve chair nominee Kevin Warsh in a confirmation hearing that carries exceptional weight amid both geopolitical tensions and President Trump’s feud with current Fed Chair Jerome Powell.

Expected topics include: Warsh’s takes on monetary policy (e.g., how the Fed handles inflation, the labor market, and interest rates), Fed independence (the hottest-button issue), and Warsh’s own finances.

Warsh has strongly argued in favor of rate cuts, saying the Fed would “have to make a bet” on expected productivity gains from AI, though Fed officials are reportedly skeptical of that reasoning. But he could change his tune today—it’ll be Warsh’s first comment on interest rates since the war in Iran spiked oil prices, potentially undermining the case for cuts.

Possible pain points

Warsh will likely be asked how he’d handle pressure from Trump, and for his opinion on Trump’s pursuits of Powell and Fed Governor Lisa Cook. Democrats may mention that Warsh started calling for rate cuts once Trump returned to office in 2025, after previously gaining a reputation as a supporter of high interest rates.

Warsh’s planned opening remarks, released yesterday, may shed light on his Fed independence responses:

“I do not believe the operational independence of monetary policy is particularly threatened when elected officials—presidents, senators, or members of the House—state their views on interest rates,” his statement said.
He also wrote that “Fed independence is placed at greatest risk when it strays into fiscal and social policies,” referencing times when the Fed took interest in climate change risks and racial inequity.

Meanwhile…Senate Democrats hope to rally “nay” votes in part by zeroing in on Warsh’s financial disclosures of $100+ million in assets, which they say don’t meet transparency standards, the Wall Street Journal reported yesterday.

There’s also a game of chicken afoot: Republican Senator Thom Tillis has vowed to block Warsh’s confirmation until the DOJ ends its investigation into Powell, but Trump hasn’t indicated any willingness to drop the unpopular probe. Powell has said he’ll continue to lead if a new chair is not installed by the time his term in the top job ends in May.—ML

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WORLD

Tour de headlines

Nic Coury/Getty Images

Tim Cook to step down as Apple CEO. The man who took over for Steve Jobs in 2011 is now passing on the reins at Apple himself. Apple said yesterday that Cook will step back from the CEO role to become the company’s executive chairman on Sept. 1, with the company’s current senior vice president of hardware engineering, John Ternus, to succeed him as the chief executive. Like Jobs, Cook is a tough act to follow: Apple’s value increased ~24x during his time at the top.

US labor secretary resigns amid scandals. Labor Secretary Lori Chavez-DeRemer is leaving the Trump administration to “take a position in the private sector,” the White House said yesterday. According to the New York Times, her decision to go comes amid an investigation into whistleblower claims of misconduct, including that she had an affair with a member of her security team and misused government funds. Keith Sonderling, the deputy secretary of labor, will be acting secretary.