|  | Nasdaq | 21,449.29 | |
| | S&P | 6,439.32 | |
| | Dow | 45,282.47 | |
|  | 10-Year | 4.275% | |
| | Bitcoin | $110,063.80 | |
| | Nvidia | $179.81 | |
| | 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 came down with a case of the Mondays yesterday, falling after rallying on Friday like your most hardcore colleague at Happy Hour. Nvidia rose as everyone waits for its earnings report tomorrow, but it wasn't enough to keep the good times rolling for the tech-heavy Nasdaq.
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SHIPPING It's past time to decide on that funky lamp from Denmark you keep eyeing online: Postal services around the world are pumping the brakes on shipments to the States while they adapt to new US tariff rules that kick in this week. ICYMI: The de minimis exemption—a longstanding import policy that lets retailers ship packages worth up to $800 to US customers duty-free—will be suspended on Friday by an executive order. President Trump already ended the exemption for China and Hong Kong in May, leading fast-fashion giants Shein and Temu to raise their prices. Now that the exemption is about to end for everybody, it's likely to impact a lot of packages—de minimis shipments make up more than 90% of cargo entering the US by volume, according to Customs and Border Protection. Mail carriers around the world are pausing at least some US-bound parcels while they work through what they consider "ambiguous policies and the need to establish brand-new logistics systems," NPR reported. - More than a dozen European countries, including France, Italy, and Spain, have halted some merchandise shipments to the US.
- India, Thailand, South Korea, Singapore, New Zealand, and Australia have also announced pauses.
Stoppage time could vary: The UK said its pause should only last one or two days while it finalizes a new tariff-calculating service to invoice companies properly. Germany's DHL Group, on the other hand, doesn't have a timeline estimate other than "as quickly as possible," per NPR. How this will affect your online shopping Whether you're ordering jeans, an Etsy craft, the latest viral plush toy, or any regular ol' consumer product, if it isn't Made in the USA, you could be in for delays and higher checkout totals. Beginning on Friday…all international merchandise headed to US customers' doors will be subject to the same overall tariff rate that their country of origin has been slapped with, or close to it, meaning pretty much anything you order could cost you at least 10% more than it does now.—ML | | |
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WORLD  Trump fires Federal Reserve Governor Lisa Cook. Escalating his pressure on the independence of the central bank, President Trump yesterday posted a letter on Truth Social saying he was firing the Fed board member, citing allegations that she had lied on mortgage loan documents. The president can only remove Fed officials for cause, and Trump's letter said the allegations against Cook—which were raised by his ally Bill Pulte, the leader of the Federal Housing Finance Agency—provided that cause. It was not immediately known whether Cook, who previously said she would not be "bullied" out of her role, would sue over the president's decision, but if she does, it would likely ultimately be decided by the Supreme Court. Trump, who wants the Fed to lower interest rates, has also threatened in the past to fire Chair Jerome Powell.
 Judge blocks deportation of Kilmar Ábrego Garcia for now. A Maryland federal judge ruled yesterday that the US is "absolutely forbidden" from removing Ábrego Garcia—whose case became a flashpoint in debates over the Trump administration's immigration policies after he was mistakenly deported to El Salvador—from the country until she hears further legal arguments. Ábrego Garcia, a Salvadoran national whom the US charged with human smuggling and accused of being a gang member after bringing him back to the States, faces possible deportation to Uganda after being detained by ICE days after a judge ordered his release from jail.
 Beleaguered property giant China Evergrande delisted from HK exchange. Capping off its fall from grace, the developer—which was once valued at $51 billion and helped fuel an economic boom in China—was removed yesterday from the exchange, where its shares had been suspended since January 2024 after it was placed in liquidation. Evergrande had been China's largest developer by sales, but it also racked up more than $300 billion in debt. It quickly contracted when the government cracked down on lending and property sales slumped, and its collapse rippled through China's economy.—AR
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TECH Elon Musk's xAI sued Apple and OpenAI for billions of dollars yesterday, alleging their partnership is preventing "groking" from becoming a common verb. The lawsuit alleges that the "two monopolists" teaming up last year to embed ChatGPT into iPhones led them to corner the AI market and throttle Musk's companies: - The legal complaint claims that Apple is preventing xAI's Grok chatbot from growing by making ChatGPT the only AI tool automatically integrated into its devices. The suit also asserts that Apple is artificially suppressing Grok's App Store rankings and delaying its app updates.
- xAI's lawyers argue that undermining Grok hurts X, which draws on Grok's functionalities in its quest to become an "everything app."
But…X users were quick to point out that apps from OpenAI rivals DeepSeek and Perplexity reached the App Store's No. 1 slot after Apple partnered with the ChatGPT maker. And OpenAI said the lawsuit is "consistent with Mr. Musk's ongoing pattern of harassment." Musk previously sued OpenAI, which he helped found but later left, accusing it of illegally straying from its nonprofit mission last year. It's not Apple's first antitrust accusation: A government lawsuit similarly argued that Apple thwarted super apps that could make it easier for people to ditch iPhones. Meanwhile, a judge in a separate case sided with Fortnite maker Epic Games and ordered Apple to remove barriers for competing payment options for in-app purchases.—SK | | |
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FOOD & BEV Keurig Dr Pepper said yesterday it would acquire Peet's Coffee owner JDE Peet's for $18 billion and then break up its soft drink and coffee businesses into separate entities in 2026. The spinoff will essentially reverse the 2018 merger between Keurig and Dr Pepper that placed all the drinks that get you through your mid-afternoon malaise under one umbrella. So, why is the company acting like Sandra Bullock and Ryan Reynolds in The Proposal and simultaneously planning a marriage and a divorce? The coffee side could use a pick-me-up: - While Dr Pepper was the second-most-popular soda in the US behind Coca-Cola last year, and Keurig Dr Pepper reported that US beverage (non-coffee) sales grew ~11% year over year in Q2, coffee sales were down 0.2%.
- That comes as the coffee industry has slowed in recent years. Now, prices are expected to rise due to President Trump's 50% tariffs on Brazil, the world's biggest coffee producer.
The companies have done the bean counting and expect this deal to create $400 million in savings over three years. Parting shots: It's not the only major food company going through a breakup. Kellogg Co. split off its lucrative snack company (Kellanova) from its underwhelming cereal branch (WK Kellogg) in 2023. Last year, Mars bought Kellanova for $36 billion, and in July, Ferrero said it intends to purchase WK Kellogg for $3.1 billion. Kraft Heinz is reportedly planning a similar separation that would effectively undo the 2015 merger that created it.—DL | | |
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STAT Fallingwater was always a pretty literal name for a house built cantilevered over a waterfall, but now it's got an even more on-the-nose meaning: According to the Washington Post, Frank Lloyd Wright's architectural marvel now requires a $7 million renovation because it's leaking. There is a twist, though. It's not actually the waterfall that's to blame for the "water infiltration challenges" plaguing the Pennsylvania house, which was constructed in the late '30s for department store owner Edgar J. Kaufmann Sr. and is now a UNESCO World Heritage site and tourist attraction for organic architecture admirers: - Water has been coming in around the window and door frames, as well as through cracks in the walls.
- The renovation seeks to preserve the historic home by replacing or fixing those frames and walls, as well as the roofs.
Leaks are a known problem with the master architect's work. "In the Wright community we describe our houses by how many buckets it requires to capture all the leaks," Fallingwater Director Justin Gunther told the Post. "We're hoping to get to no buckets."—AR |
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NEWS - Countries that impose digital taxes will face steep tariffs and restrictions on US chip exports, President Trump threatened yesterday.
- President Trump signed an executive order requiring the Justice Department to prosecute people for burning the American flag, saying it should lead to a one-year jail term. The Supreme Court has previously ruled that burning the flag is protected by the First Amendment.
- An Israeli strike on a hospital in Gaza killed 20 people, including five journalists. Israel's Prime Minister Benjamin Netanyahu called it a "tragic mishap."
- The first human case of the flesh-eating screwworm parasite has been detected in the US, per the Department of Health and Human Services.
- Ismael "El Mayo" Zambada Garcia, a former leader of Mexico's Sinaloa Cartel, pleaded guilty to US federal charges of racketeering and running a continuing criminal enterprise, and he apologized for the harm illegal drugs have caused.
- The Pumpkin Spice Latte returned to Starbucks today, which means summer is over and your beverage budget is toast.
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RECS  Walk: Crazy comfy clogs that feel like slippers, but you can wear them outside.**
Don't get confused: The words we're most likely to mistake for each other. Learn: Make Elle Woods proud by discovering the history of polka dots. Read: The books you're going to want this fall. GMO? Heck, no: From Grass-Fed Collagen Peptides to Daily Superfood Greens, Quince's high-quality nutritional supplements are non-GMO and expertly made. Try 'em for yourself.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. |
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PLAY Brew Mini: Elphaba's fans may have a leg up in today's Mini. Whether you're a good witch or a bad witch, play it here. Dog trivia To celebrate National Dog Day, name the top five most popular breeds in the US, according to the American Kennel Club. Hint: This top five hasn't changed since 2022. |
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ANSWER - French Bulldog
- Labrador Retriever
- Golden Retriever
- German Shepherd Dog
- Poodle
Word of the Day Today's Word of the Day is: cantilevered, meaning "supported by projecting beams." Thanks to Rebecca from Rhode Island for propping us up with the suggestion. Submit another Word of the Day here. |
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