Good morning and Happy Friday. You know what we're craving this weekend? A towering cone of soft serve ice cream (even better if it's from Don & Bert's in Paulsboro, NJ). Before you order, remember the four rules of soft serve: a kiddie size is a medium, a small is a large, no biting allowed, and a regular cone > sugar cone. Have a great one. We'll see you back here tomorrow morning. —Neal Freyman, Matty Merritt | | | |  | Nasdaq | 13,679.04 | | | | | S&P | 4,411.59 | | | | | Dow | 33,922.26 | | |  | 10-Year | 4.041% | | | | | Bitcoin | $30,287.84 | | | | | PayPal | $66.14 | | | | *Stock data as of market close, cryptocurrency data as of 2:00am ET. Here's what these numbers mean. | - Markets: Yesterday was yet another "good news is bad news" day on Wall Street. After the ADP employment report showed private sector companies added more than 2x the jobs that were forecast last month, stocks fell and Treasury yields surged—an indication that investors expect the Fed to resume hiking interest rates to cool down the job market.
- Speaking of the job market: The government's employment report for June (seen as a more legit measure than the ADP one) drops this morning. It could cause major swings in an already jittery stock market.
| | | | Matty's Threads profile Threads is more than holding it together. Meta's Twitter clone gained 30 million sign-ups in the first 24 hours after it launched Wednesday evening, putting it on pace to become the fastest-growing consumer app in history. The record is currently held by ChatGPT, which recorded 100 million active users in two months. What is Threads? The hot new way for brands to ask if pineapple belongs on pizza for the 1,000th time. Threads is Meta CEO Mark Zuckerberg's attempt to do what many others have tried and failed before him: Bring the public conversation from Twitter over to a rival app. Threads has impressive early traction, which can be attributed to users' ability to link it to their existing Instagram accounts and port over followers. That's why the app has a distinctly Michael Rubin White Party vibe in its early days, with celebrities like the Kardashians and brands dominating the algorithmically curated feed. How is Threads different from Twitter? Well, that algorithmically curated feed, for one. The Meta team said it's looking into creating a "following"-only feed, but right now you're stuck sorting through influencers and verified accounts to find your friends—unlike Twitter, which offers a "for you" feed and a "following" feed. Here are some other differences between the two apps: - Threads is pretty much mobile-only as it's extremely limited on desktop. Meta said a desktop version is in the works.
- Threads does not have a reverse-chronological feed.
- There are no hashtags or keyword search functions in Threads, so users can't follow trending topics or events in real time like on Twitter. These functions are also on the list for future updates, according to Meta.
- Threads doesn't have DMs to slide into.
Musk fires back Facing its most significant threat yet, Twitter threatened to sue Meta, accusing the company of poaching its employees to build Threads. Twitter lawyer Alex Spiro demanded that "Meta take immediate steps to stop using any Twitter trade secrets or other highly confidential information." In a statement to Semafor, Meta's comms head Andy Stone denied hiring ex-Twitter employees to work on the Threads engineering team, saying, "That's just not a thing." Bottom line: Zuck has to be feeling good right now, having built an easily monetizable user base that's already 13% of Twitter's 229 million users in less than a day. But Threads is just an infant, and it remains to be seen whether it's the Twitter killer everyone has been waiting for, a boring version of Instagram, or something else entirely. Whatever happens, follow us.—MM, NF | | A mini dose of delicious is all it takes to turn a day from good to great. Especially when this mini dose of delicious comes in delightful flavors like creamy caramel and smooth white chocolate mocha. Need a hint—and a sip? Starbucks' Frappuccino coffee has gone Mini. It's the perfectly sized coffee treat for any occasion, satisfying your coffee cravings and delivering a rich, smooth taste that'll brew a smile on any coffee lover's face. And if you (understandably) want more than one, Starbucks' Frappuccino Mini coffees come in an 8-pack, so you won't feel bummed when you finish your first…and second…in a flash. Treat yourself to a sweet coffee break anytime, anywhere. | | OceanGate/Handout/Anadolu Agency via Getty Images  OceanGate suspends its operations. The company that made the doomed Titan submersible said on its website it has "suspended all exploration and commercial operations." OceanGate's CEO, Stockton Rush, died along with four passengers in the sub that presumably imploded on its way to visit the Titanic shipwreck in the North Atlantic last month. The Coast Guard's highest level of investigation, a convening of the Marine Board of Investigation, will probe the disaster and expects to hold public hearings into what happened, per the AP. If you're fascinated by the OceanGate saga, read this in-depth New Yorker article.
 Yellen doesn't get the red-carpet treatment in China. Treasury Secretary Janet Yellen hopped off the plane in Beijing to begin a four-day visit with the US' archrival, China. Her first visit to China as Treasury secretary comes during a time of heightened tension between the two countries—both DC and Beijing have been limiting each other's access to key components used to make high-tech products. While Yellen will bring up US concerns with China's trade practices, she'll also stress the importance of economic cooperation between the geopolitical powers and make a case against the "decoupling" of the two economies.
 Seems like Taylor Swift signed a deal with FTX after all. In the spring, everyone proclaimed TSwift the next Warren Buffett after a lawyer claimed she rejected an endorsement deal with FTX because, unlike other celebs, she saw red flags from the crypto exchange. But that story is too good to be true. According to the NYT, Swift did sign a sponsorship deal with FTX, but then-CEO Sam Bankman-Fried backed out at the last minute. Swift still has a lot of things going for her, like raking in more than $13 million a night on her Eras Tour and releasing her third re-recorded album, Speak Now (Taylor's Version), today.
| | Greg Doherty/Getty Images The world's largest spherical structure made its flashy debut this week, and you'll never guess where it's located. That's a joke—it's obviously in Las Vegas. The MSG Sphere, a $2.3 billion venue one block east of the Vegas Strip, was fully illuminated for the first time on July 4, and it's already promising to overshadow other Vegas landmarks with its dominating physical presence and sensory-blasting capabilities. This 366-foot-tall sphere is wrapped in 1.2 million LEDs—which together allegedly form the largest video screen on Earth—that can display anything one would want to display on an enormous sphere in the world's entertainment capital. On July Fourth, the Sphere turned into a spooky eyeball and an American flag and teased holiday-themed visuals like a snow globe and a jack-o'-lantern. It can also become a moon that will make you feel like you're on Tatooine. But this thing isn't hollow. Inside the Sphere is an arena that can fit nearly 18,000 people, and it's slated to hold concerts, movies, and sporting events like MMA and boxing. Looking ahead…the MSG Sphere will open on September 29 with a worthy act: U2.—NF | | | Battling burnout in IT. Burnout is real, but how can we beat it? Signature HealthCARE CIO and VP Nick Szymanski shared ways to provide relief to an IT crew that's working around the clock, including one key practice: recognition. Read about the challenges he's faced, the practices he relies on, and the lessons he's learned. | | Getty Images Stat: Want to know why there are seemingly no houses for sale in the US these days? These numbers should help explain. The average rate on a 30-year mortgage climbed to 6.81% this week, its highest level of 2023, according to Freddie Mac. At the same time, almost 92% of US homeowners with mortgages have an interest rate of less than 6%, Redfin reported. So, therein lies the rub. Not many current homeowners are willing to ditch their lower mortgage rates for the higher one that would come with a new house. Quote: "It is with deep embarrassment that only after what regrettably happened did I learn of the antiquity of the monument." The tourist who topped Italy's No. 1 Most Wanted list after carving a love note on the wall of the Colosseum last week issued an apology and an excuse for his actions: He simply didn't know how old the Colosseum was. Ivan Dimitrov, a gym instructor from Bristol, England, faces up to $16,000 in fines and five years in prison for defacing the nearly 2,000-year-old arena, but maybe he should just be forced to watch Gladiator. Read: Bookmark this long essay on David Foster Wallace for a weekend read. (London Review of Books) | | | The feeling of getting a 5/5 on the Brew's Weekly News Quiz has been compared to jumping into a pool after playing pickleball in 90-degree temps. It's that satisfying. Ace the quiz. | | - The FDA gave full approval to the Alzheimer's treatment Leqembi, which will result in expanded Medicare coverage for the pricey drug.
- Yevgeny Prigozhin, the Wagner group boss who led a mutiny against Russian leadership a few weeks ago, has remained in Russia, according to Belarusian President Alexander Lukashenko. Prigozhin was supposed to move to Belarus as part of his amnesty deal.
- Drinking water from almost 50% of faucets in the US contains "forever chemicals," per the US Geological Survey.
- Uber, DoorDash, and Grubhub are pushing to block an NYC rule from going into effect that guarantees a minimum wage for app-based food delivery workers.
- Check out the data behind June's record-smashing temperatures.
| |  Wellness tip: Here's when we hit our physical and mental peaks.
Package like an expert. This website lets you create and download custom papercraft and packaging templates. How to easily remove a wasp's nest: All you need is a little gasoline and a McDonald's cup. We are not worthy of Tom Cruise: Here's how the actor and the Mission: Impossible team pulled off the train stunt in the upcoming movie. Future fluent: Level up on tomorrow's skills with Brilliant. Fun, bite-sized lessons in math, data, and logic make staying ahead easy. Join 10m+ users and try it free for 30 days.* *This is sponsored advertising content. | | The Office/NBCUniversal | Did you recently Google "How to give a midyear review to a direct report"? If so, you'd probably find lots of value in the Brew's New Manager Bootcamp. Our virtual course starts this Monday and will help you upgrade your leadership skills to become the manager you always dreamed of having. Register now. | | Jigsaw: Reminisce about July Fourth fireworks with today's Jigsaw puzzle. Play it here. Friday puzzle Today's puzzle is all about the sound "zh" and the many English letters that can represent it. - The "g" in beige
- The "s" in measure
- The "z" in azure
But, there is only one word in the English language in which the "zh" sound is spelled with a "t." Can you name it? | | Love Actually/Universal Pictures/Permission.io via Giphy  Have a ton of data and no clue what to do with it? Don't miss our one-week Business Dashboards sprint. Reserve your seat.
 Millennial homeownership (or the lack thereof) is not just about affordability. Here's what's really going on in the housing market.
🩺 Should doctors be on TikTok? Healthcare marketers are experimenting with new tools to reach patients, but it's a bumpy ride. | | | Written by Neal Freyman and Matty Merritt Was this email forwarded to you? Sign up here. Take The Brew to work Get smarter in just 5 minutes Business education without the BS Interested in podcasts? | ADVERTISE // CAREERS // SHOP 10% OFF // FAQ
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