Good morning. Today is National Avocado Day, and before you respond, "So what?" here's the so what: A new avocado variety more than 50 years in development was released earlier this month. The "Luna," created by scientists at the University of California, Riverside, could represent major avocado innovation because it grows on a smaller tree and can be more efficiently harvested than the popular Hass variety (Luna's great-grandmother). OK—but how's it taste? It's got a different flavor than the Hass we're used to, Luna's co-inventor told Axios, "but it makes a wonderful bowl of guacamole." Sold. —Neal Freyman | | | |  | Nasdaq | 14,316.66 | | | | | S&P | 4,582.23 | | | | | Dow | 35,459.29 | | | | | 10-Year | 3.954% | | | | | Bitcoin | $29,192.27 | | | | | Alphabet | $132.58 | | | | *Stock data as of market close, cryptocurrency data as of 11:00pm ET. Here's what these numbers mean. | - Markets: As a soft landing for the economy comes into view, the S&P 500 is on track to wrap up July with its fifth-straight monthly gain (unless we just jinxed it). But flipping the calendar comes with perils: Over the last 30 years, August and September have been the worst two months for the index, according to Bloomberg.
- Stock spotlight: Google-parent Alphabet finished Friday with its highest close in more than a year. Its stock jumped 10% last week after a bullish earnings report.
| | | | Chip Somodevilla/Getty Images Do Facebook's and Instagram's algorithms create echo chambers that widen political divisions and erode democracy in America? Ask 100 people and 95 might say, "Yeah, that seems logical." The idea that social media platforms are largely responsible for political polarization has been accepted as a proven fact by elected officials, regulators, and anyone who's been tagged in a "Denver Airport is the HQ of the Illuminati" post by their uncle. Big Tech critic Scott Galloway, an NYU professor, declared in 2019 that Facebook "intentionally drives our society apart" by "deepening users' beliefs & magnifying outrage." But landmark new research complicates that narrative. Four studies released last Thursday found that while echo chambers do exist on social media, they don't drive political polarization in the way Facebook's critics have described. Here's why Researchers arrived at this conclusion by tweaking the content US Facebook users saw from September to December 2020 and measuring their behaviors during and after the experiment. - In one study, the researchers swapped out an algorithmic feed for a reverse chronological feed for tens of thousands of Facebook and Instagram users, which meant changing the type of posts from what the company wanted users to see to a stream of posts the company did not put its thumb on.
- The changes had no impact on political polarization, and even led users to see more untrustworthy content. Another side effect: The chronological feed also made people bored and, consequently, spend less time on the platform.
How the researchers summed it up: "These findings challenge popular narratives blaming social media echo chambers for the problems of contemporary American democracy." Looking ahead...independent experts caution against drawing broad conclusions from these studies, which examined behavior during just a few months. But more clarity could come soon since at least 12 more peer-reviewed papers on the topic are on the way. This research is also not without controversy, because Meta (the object of inquiry) was a key collaborator by providing the data. The company and the researchers are already butting heads around how to interpret the findings. | | If your hard-earned dollars are looking for a place to grow where they can also be easily accessible…it might be time to head to the market. We're talkin' about the highly rated Cornerstone Money Market Savings Account from Vio Bank, where you can grow your wealth and access it whenever you want. No one's getting put out to pasture here—Vio Bank regularly monitors the competition to ensure their rates are some of the best in the nation. In fact, the interest rate is currently 5.15% APY—more than 20x the national average! Your Cornerstone Money Market Savings Account only requires a $100 minimum to open, and your cash will have the chance to grow nicely, thanks to the interest that compounds *daily*. Let your dollars thrive. Open your account today. | | Joe Raedle/Getty Images  A 99-year-old trucking giant went bust. Yellow, among the largest trucking companies in the US, shut down yesterday in one of the industry's biggest collapses in terms of jobs and revenue, the WSJ reported. The company has been teetering on the brink for years due to botched acquisitions and labor strife with the Teamsters, and not even a $700 million loan from the Trump administration during Covid could save its finances from circling the drain. Yellow employs almost 30,000 people.
 Barbie closes in on $1 billion. Two weekends in and Greta Gerwig's global phenomenon has already grossed $775 million at the international box office, putting it days away from hitting the $1 billion mark. No solo woman director has ever had a movie exceed that threshold. And no mention of Barbie would be complete without talking about Oppenheimer, which also put up an impressive showing at its second weekend in theaters.
 Steve Cohen's gamble isn't working out for the Mets. MLB's New York Mets traded pricey pitcher Max Scherzer to the Texas Rangers in the clearest sign yet that the team's historic spending spree last offseason was a colossal failure. Under the ownership of Cohen, a hedge fund billionaire, the Mets paid eye-watering sums for star players, amassing a record-shattering $364 million payroll. Fast forward to this summer and, mired in another losing season with grim playoff prospects, they're shipping off their prized assets to rebuild for the future.
| | AFP via Getty Images A military takeover of the West African country of Niger last week has created a belt of six African countries coast to coast where military juntas are now in charge of the government, the NYT reported. The 3,500-mile stretch is the longest such chain on Earth. The impacts are global: This band of military-led countries encompasses a region known as the Sahel that has leapfrogged South Asia and the Middle East as the "global epicenter of jihadist violence," per the Times. And as a hotbed of instability and insurgency, the area has been the site of geopolitical strategery by the West and Russia for influence. - The US spent $110 million on a drone base in northern Niger for counterterrorism operations in the Sahel.
- Russia, meanwhile, exerts its pull in the area through Wagner mercenaries and their leader, Yevgeny Prigozhin (who is no stranger to coups). Supporters of Niger's military takeover were seen waving Russian flags and chanting Vladimir Putin's name yesterday.
Niger's neighbors are hoping to stop the coup in its tracks. The powerful Economic Community of West African States threatened to cut off commercial and financial transactions with Niger and approved using force to restore order if the country's democratically elected president isn't reinstated within a week. | | | Remember when Dunkin' was "Dunkin' Donuts"? From football teams to pancake mixes, a lot of household names have opted for new monikers over the past few years. Whether branding has been tweaked or changed completely, learn why top companies have decided to edit or scrap outdated or offensive logos and names. Read the story here. | | Robin Alam/USSF/Getty Images Set your alarm clocks: The USWNT play their final World Cup group stage match against Portugal at 3am ET on Tuesday. Following a disappointing 1–1 draw against the Netherlands, the team can still advance to the knockout stage with a win or a tie. This weekend, Colombia provided the upset of the tournament so far with a victory against Germany. Jobs report: Last week, Fed Chair Jerome Powell said that upcoming economic data releases would guide his next interest rate decision. A big one drops on Friday: July's jobs report. It's expected to show the US added 200,000 jobs last month—a healthy number, but a sign that the labor market is cooling down. Another busy week for earnings: Apple, Amazon, Starbucks, Airbnb, and Uber headline this week's earnings-palooza. We've rounded the corner on earnings season: 51% of S&P 500 companies have already released their quarterly updates. Everything else... - The Mega Millions jackpot has ballooned to $1.05 billion—the seventh-largest US lottery prize ever—ahead of Tuesday's drawing.
- A "supermoon" will make its way into the sky Tuesday evening (maybe a good omen for the lottery?).
- Football is kinda back: The NFL preseason begins with the Hall of Fame game Thursday night.
| | Seth Wenig-Pool/Getty Images Stat: Former President Trump's mounting legal problems may not have dented his polling numbers, but, boy, are they putting a massive hole in his campaign's wallet. Trump's political action committee (PAC), Save America, is expected to disclose today that it spent $40.2 million in legal costs in the first half of 2023 to defend Trump and people in his orbit, the Washington Post reported. That's the top line item in the PAC's expense budget and more than his campaign raised in Q2. Quote: "It's hard to describe how bright it is." Journalist Chris Beale has a new neighbor that keeps him up at night and makes watching movies in his living room untenable. That neighbor? The new "X" sign on top of Twitter's headquarters in San Francisco. The sign, which went up on Friday, projects a super-bright light through 11pm that illuminates the area like it's the daytime, according to Beale, who lives across from the building. Of course, Seinfeld predicted this. Read: In more Elon Musk news, here's a deep dive into his unmatched power in the stars. (New York Times) | | - Drones hit buildings in Moscow on Sunday in a series of attacks Russia blamed on Ukraine. Ukraine President Volodymyr Zelensky said, "The war is gradually returning to Russia's territory."
- X (formerly Twitter) reinstated Kanye West's account after a nearly eight-month suspension.
- Sizzling temps in the US Southwest are set to ease this week with the arrival of monsoon rains.
- American swimmer Katie Ledecky broke Michael Phelps's record with her 16th individual gold medal at the world championships.
- "A female microscopic roundworm that spent the last 46,000 years in suspended animation deep in the Siberian permafrost was revived and started having babies in a laboratory dish," the Washington Post reports.
| |  The last of their kind: Check out the world's remaining internet cafes.
Steamy photo gallery: Maybe not the kind you were expecting, though. See July's extreme weather in pictures. Need something to watch? Here are the best TV shows and the best movies of the last 25 years, according to Rotten Tomatoes critics. You could also watch the new season of How To With John Wilson. Interior design tips: This is the right way to lay out your living room, according to professionals. Cue the fireworks: Bring the boom to the bedroom with the luxurious Crescendo 2. Discover new ways to experience pleasure with this doctor-recommended vibrator + get 20% off.* Prosperity planner: Uncertain markets call for certain measures when it comes to managing your dough. So we made a financial literacy calendar with Discover® to help you get your money right. Take a look.* Discover Bank, Member FDIC. *This is sponsored advertising content. | | Turntable: You know it's going to be a good day when a "Q" makes an appearance in Turntable (don't worry, there's also a "U"). Play the puzzle here. Addresses of the rich and famous…companies We'll give you the address of a major US company's headquarters, and you have to name the company. - 1 Hacker Way, Menlo Park, California
- 702 SW 8th St., Bentonville, Arkansas
- 30 Rockefeller Plaza, New York, New York
- 300 Renaissance Center, Detroit, Michigan
- 1 Bowerman Dr., Beaverton, Oregon
- 3555 Farnam St., Omaha, Nebraska
- 12000–12100 Coors Rd. SW, Albuquerque, New Mexico
| |  Planning for next year? Don't do it alone. Our newest course, Strategic Planning, kicks off on August 14 and will help you prepare for 2024. Enroll now.
 Searching for finance careers in today's job market can be overwhelming. We've called in the experts to help. Watch here.
 How are big retailers using robots and membranes to keep up with their online competitors? Check out Tech Brew's deep dive on Sam's Club.
| | 1. Meta 2. Walmart 3. NBC Studios 4. General Motors 5. Nike 6. Berkshire Hathaway 7. Los Pollos Hermanos from Breaking Bad | | | ✢ A Note From Vio Bank APY is the Annual Percentage Yield. In addition to being FDIC insured, Vio Bank is a division of MidFirst Bank, the largest privately owned bank in the nation. | | | Written by Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Business education without the BS Interested in podcasts? | ADVERTISE // CAREERS // SHOP 10% OFF // FAQ
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