Good morning, Quartz readers!
What to watch for today and over the weekend
Janet Yellen delivers a key speech in Chicago. Today will be the Fed chairwoman’s last chance to shift market expectations before a mid-March Fed meeting. Investors will look for hints on whether higher interest rates might be announced.
Nintendo launches its hybrid Switch console. The highly anticipated mobile gaming platform—the company’s biggest bet in years—is expected to be in short supply. But it may be better to wait before buying one: Early reviewers have found some bugs, and there are relatively few titles available.
Quarterly results from the world’s biggest advertising company. WPP, home to agencies like Ogilvy & Mather and clients like Ford, is expected to warn of tough conditions (paywall) as companies rein in marketing budgets amid widespread economic uncertainty.
While you were sleeping
Snap popped on its first day of trading, with shares up 44%. The company’s 200 million shares changed hands furiously, accounting for 10% of trading by volume on the New York Stock Exchange. The shares closed at about $24, suggesting a $33 billion valuation and a $1.5 billion payday for CEO Evan Spiegel.
Spotify hit 50 million paid subscribers. The streaming music service said it grew 25% in less than six months, extending its lead over its closest rival Apple Music, which had about 20 million subscribers in December. Stockholm-based Spotify remains unprofitable, but its rapid growth provides some hope for the music industry.
US attorney general Jeff Sessions recused himself from investigations into Kremlin-Trump ties. Acting deputy AG Dana Boente will stand in for him on any election-related inquiries, after an uproar about Sessions’ newly revealed meetings with Russia’s ambassador during the US presidential campaign.
Consumer prices in Japan rose for the first time in over a year. The Bank of Japan received help in its fight against deflation from the rising price of oil. The 0.1% gain in January from a year ago was modest—and the inflation goal of 2% is still far off—but it will fuel speculation about when the central bank will nudge up its ultra-low interest rates.
The US raided Caterpillar. Law enforcement officials searched the farming- and construction-equipment giant’s headquarters and two other facilities in Illinois. Tax officials and three other federal agencies—including one that oversees sanctions enforcements—were involved in the raid, which triggered a selloff in the company’s stock.
Quartz obsession interlude
Amy Wang on the alchemy of the perfect pop song: “Rarely does Max Martin, the elusive Swedish songwriter and producer responsible for the bulk of the world’s smash pop hits in the last two decades, give interviews. When he does, they’re revelatory.” Read more here.
Markets haiku
Snap popped while stocks fell
What a dramatic debut
So millennial
Matters of debate
India’s GDP numbers are highly suspect. The stately progress of the economy appears to have been completely unaffected by the chaos of demonetization.
The Trump administration is better off buying a Muslim registry than building one. Data brokers can sell personal information, including religious affiliation, thanks to a legal loophole.
Killing free trade will rob the world of a highly effective deterrent to war. History shows that trade deals are not just about economics.
Surprising discoveries
Wild elephants sleep just two hours a night. The pachyderms spend most of their time feeding a massive hunger.
Netflix’s DIY personal trainer makes you work for your binge-watching. The device gives you encouragement from your favorite characters.
Leasing a dog is a terrible idea. Companies like Wags Lending let you avoid upfront payments but charge exorbitant interest rates.
The Deepwater Horizon oil spill led to the discovery of 60 new species. BP hired scientists to scour the area during the cleanup.
Nintendo’s Switch cartridges taste terrible. The games are coated in a bitter, non-toxic substance so kids don’t choke on them.
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