Good morning. The signs of late summer are all around us: State fairs are kicking off, the Premier League is back, students are refreshing their ChatGPT skills, the Mets are in the basement of the NL East, Taylor Swift ended the initial leg of her Eras Tour, and everyone is once again out of town on my birthday. But winter is coming. Last Thursday was the final post-8pm sunset here in NYC until May 2024. —Neal Freyman | | | |  | Nasdaq | 13,644.85 | | | | | S&P | 4,464.05 | | | | | Dow | 35,281.40 | | | | | 10-Year | 4.154% | | | | | Bitcoin | $29,293.09 | | | | | Apple | $177.79 | | | | *Stock data as of market close, cryptocurrency data as of 12:00am ET. Here's what these numbers mean. | - Markets: The market's rally during the first half of the year has fizzled out this summer despite a greater share of companies beating earnings projections than usual, the WSJ reports. For example, UPS, Apple, and PayPal all topped Wall Street expectations…only to watch shares fall after their reports. Investors say it's a "snap back to reality" moment after market euphoria in H1.
| | | | Justin Sullivan/Getty Images Residents of West Maui are increasingly voicing their concerns with the government's response to catastrophic wildfires that have devastated the town of Lahaina and killed at least 93 people, making it the deadliest US wildfire in over a century. Locals told the NYT that community-run volunteer groups have been far more helpful in providing resources for evacuees than the taxpayer-funded government, which they claim has been uncommunicative and blocked roads leading to Lahaina, stymying aid for the bustling city that burned down in the fire. - Government officials defended their response and said Maui's remoteness is hampering relief efforts.
- As of Saturday, just 3% of the impacted area had been searched, so the death toll could rise "significantly," Hawaii Governor Josh Green said.
Prominent Hawaiians tell tourists to stay away On Instagram, Native Hawaiian Jason Momoa echoed calls from local officials and told people to cancel their upcoming Maui vacations. "Do not convince yourself that your presence is needed on an island that is suffering this deeply," the Aquaman actor wrote. Momoa's plea highlights the complicated relationship between tourists and locals, who rely on tourism for 80% of all income generated on Maui. The response to the fire has exacerbated the divide, with one angry resident telling the BBC she saw visitors swimming in the water that "our people just died in three days ago." Locals also worry that rebuilding Lahaina could result in more territory ceded to outside real estate developers already displacing families by fueling higher housing prices. Rebuilding Lahaina will require a massive effort. Federal officials estimated that wildfire losses could top $5.5 billion. So, how did the fire start? Officials say they don't know yet, but lawyers are investigating Hawaiian Electric's power lines as a potential source of ignition, Bloomberg reports. On Saturday, three law firms filed a class-action lawsuit against the utility, claiming that de-energizing its power lines ahead of the windy weather could have prevented the destruction. | | Fitness instructor Jess Sims wanted a financial planner who could keep up and the experts at Facet were ready for the challenge. With Facet's dedicated team of financial pros in her corner, *Jess can stop worrying about finances and focus on sharing her love of fitness. Facet is more than just a membership—it's a sigh of relief. Whether you're trying to maximize your investments, plan the vacation of your dreams, or just make sure your money works as hard as you do, your dedicated Facet CFP® professional can help you tackle it all. Prioritize your peace of mind and talk to the financial experts today. | | Screenshot: Marion County Record  Police raid a small-town Kansas newspaper's office. In the US, you almost never see law enforcement raid a news outlet's HQ, but on Friday, police did just that to the Marion County Record in Marion, Kansas, making off with computers, cellphones, and servers. The raid raised alarms from press freedom groups, which called it a brazen attack on the First Amendment. The paper also said that its co-owner, 98-year-old Joan Meyer, died on Saturday "stressed beyond her limits" following a police raid on her house. The chief of the Marion Police Department said law enforcement's actions will be vindicated once the details are made public.
 Ecuador on high alert after assassination of presidential candidate. A team of thousands of soldiers and police moved a single individual—a gang leader known as "Fito"—to a maximum security prison as the FBI joined in to investigate who assassinated presidential candidate Fernando Villavicencio last Wednesday. Villavicencio was a vocal critic of corruption and organized crime, which has surged in recent years in a country that had been largely immune to the drug-related violence experienced by its neighbors. Blame the booming cocaine trade in Ecuador.
 It could get tougher to track Elon Musk's jet. In the FAA reauthorization bill passed by the House, private jet owners, including Musk and Taylor Swift, could keep their planes' registration numbers private, blocking flight-tracking enthusiasts from publicizing their movements, Axios reported. Musk has said accounts tracking his flights pose a security risk, but journalists say private jet reconnaissance is useful for gathering important information (and less important information, like learning which college football coach is about to switch teams). The Senate is now taking up the bill.
| | Gary Coronado/Los Angeles Times via Getty Images On Friday, CNBC Executive Editor Jay Yarow tweeted that a Tesla he had totaled last year was now in southern Ukraine, and the new owner was listening to Drake on Yarow's Spotify account. Yarow's story went viral, offering a crash course on the security risks associated with cars that have evolved into computers-on-wheels. So, how did the Tesla end up in Ukraine? CNBC reporters tracked down what happened to their editor's car. Online auction site Copart, which partners with salvage yards, scooped up the Tesla after it was totaled and listed it for sale. Someone in Ukraine appears to have won the bid, and the car was shipped from New Jersey to Europe, where its new owner was able to access Yarow's personal Spotify playlists. Yarow contacted Tesla to see how he could log out of his former car, and the company instructed him to disconnect the vehicle from his account. But several steps (like entering new owner information) were impossible, and simply disconnecting an account from the car does not prevent your data from being extracted, experts told CNBC. Tesla should have had a "wipe all my info from this car" feature long ago, they said. Big picture: In the age of internet-connected vehicles, consumers might want to be more cautious about syncing data from their phones onto their car apps. You never know who's going to get in the driver's seat next. | | | Dress for success. In a work-from-wherever world, performance apparel is the new business casual. And now's your (temporary) chance to stock up on workleisure essentials with CUTS' 7th-year anniversary sale. These office staples are wrinkle-free and easy-care, and (most importantly) they keep you comfortable and professional. Don't miss out—get 30% off sitewide. | | Yvandube/Getty Images Retailers take the earnings stage. Walmart, Home Depot, and Target will give us a peek into consumer spending, which drives two-thirds of the US economy. Americans filling up their shopping carts (despite interest rates rising to a 22-year high) is one of the main reasons those recession predictions haven't materialized yet. Another Trump indictment? Prosecutors in Georgia are expected to present their case accusing former President Trump of election interference to a grand jury early this week, indicating that Trump could be indicted for a fourth time. This indictment could name other powerful individuals who attempted to help Trump overturn his 2020 loss in Georgia, the NYT reports. The Women's World Cup wraps up. Spain will face Sweden in Tuesday's semifinal, and England will play Australia on Wednesday. The winners will square off in the World Cup final on Sunday. Everything else… - Tuesday is National No SpongeBob Day, a holiday celebrated in an episode that (I only found out yesterday) is a parody of Burning Man.
- The always wholesome Little League World Series starts on Wednesday.
- A Netflix documentary on the Johnny Depp v. Amber Heard trial will be released on Wednesday.
| | The Office/NBC Universal via Giphy Stat: If you're in the market for a wedding gift, skip the registry and open up Venmo. In a new Realtor.com survey, 85% of couples who created a wedding registry in the last two years said they would have preferred to receive cash toward a down payment on a house rather than a standard registry gift that will collect dust in the imaginary house they can't afford. If given the option to redo their registry, 80% would have created a category for housing assistance. Quote: "I think that we can say it pretty almost surely would be inflationary." On the Odd Lots podcast, Nobel Prize-winning economist Paul Krugman said that a hostile alien invasion of Earth would cause headaches for Jerome Powell. "Actual wars are always inflationary. I can't think of one that wasn't," he said. So, not only will we be fighting for the survival of our species, but eggs would be expensive again, too. Krugman discussed extraterrestrial life (he thinks it exists), superconductors, AI, and more on the pod. Read: America's bee problem is an us problem. (The Ringer) | | - Mark Zuckerberg claimed Elon Musk wasn't serious about their cage match and said it's "time to move on." Musk responded, "Zuck is a chicken." 🥱
- Miss Universe broke off ties with its Indonesian franchise after six contestants in the country claimed they were sexually abused.
- US Steel, a symbol of American industrial might in the early 20th century, is considering selling itself.
- The clean energy revolution is accelerating: Renewables are projected to surpass coal as the top electricity source in the world in 2025, per the NYT.
- Buffalo Bills safety Damar Hamlin played in his first football game since his cardiac arrest last season.
| | Turntable: Vowels are plentiful in today's Turntable, but popular consonants are not. See how many words you can find here. Leaderboard trivia - King Charles III and the British Royal Family
- The Catholic Church
- Inuit People of Nunavut
- Australian billionaire Gina Rinehart
- Inuvialuit People of the Inuvialuit Settlement Region
These are the top 5 items in which list? | | | ✢ A Note From Facet Facet Wealth, Inc. ("Facet") is an SEC Registered Investment Advisor headquartered in Baltimore, Maryland. This is not an offer to sell securities or the solicitation of an offer to purchase securities. This is not investment, financial, legal, or tax advice. *Endorsements were provided by promoters or influencers who were not clients of Facet when initially engaged. Individuals were compensated by Facet Wealth, Inc. ("Facet") and that compensation may have included free or discounted planning services. The endorsement does not guarantee the same or similar experience. | | | Written by Neal Freyman 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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