August 22, 2026

Presented By

Good morning, and many happy returns to the world’s oldest living person, Ethel Caterham, who turned 117 yesterday. Caterham once attributed her longevity to her agreeable demeanor, telling the Associated Press, her secret was “never arguing with anyone.” It’s way too late for us to try that, so I guess we’ll have to stick with eating right and getting enough sleep for long enough that Bryan Johnson figures out how to make us immortal.

—Molly Liebergall, Dave Lozo, Matty Merritt, Sam Klebanov, Abby Rubenstein

In today’s newsletter, we’ll look at:

Efforts to ban ghost jobs
New tariffs after US–Canada trade talks collapsed
The world’s busiest international airport

Markets

Nasdaq

26,180.46

+0.43%

S&P

7,674.37

+0.43%

Dow

53,277.01

+0.98%

10-Year

4.738%

+4.0 bps

Bitcoin

$78,470

+7.99%

Robinhood

$108.13

+13.70%

Data is provided by

*Stock data as of market close, cryptocurrency data as of 6:30pm ET. Here's what these numbers mean.

Markets: Stocks rose yesterday. And if you want to, you can stop reading there, but…with investors keeping a wary eye on the bond market’s swings, all three major stock indexes were down for the week. One silver lining if you’ve made it this far: as the bond market roller coaster brought the dollar down, bitcoin soared to its best week in two years. That was good news for companies with crypto connections, like Robinhood.

UNEASY APPLY

Lawmakers take aim at job listings that ghosted you

Photo of a man sitting in front of a laptop, holding his chin in his hands as if he's waiting for something.

Illustration: Morning Brew Inc., Photo: Unsplash

The government can’t do anything about your Hinge matches—unless they run a company that’s posting about roles that may not actually be open, aka ‘ghost jobs.’ These types of listings, which attract applicants but lead to no hiring activity, are running so rampant that lawmakers across the country are working to get ’em banned, the Wall Street Journal reported yesterday.

Your résumé isn’t chopped, you may just be applying to jobs that employers have either already filled or never intended to fill. You can sometimes recognize them as the listings that sound too good to be true and stay posted for months:

Roughly one in five listings advertised on online job boards per quarter are ghost jobs, according to the hiring platform Greenhouse.
This phenomenon is reportedly getting worse, but it’s been wrecking egos for a while. About 81% of recruiters said in a 2024 MyPerfectResume survey that their employers posted ghost job ads.

Here’s what lawmakers are doing about it

New York state legislators recently passed a bill (now awaiting the governor’s signature) that would fine employers if they don’t mention expected hiring timelines in their job postings. Lawmakers in New Jersey, Pennsylvania, Kentucky, and California are considering similar reforms.

Meanwhile, Texas is going after the middleman. The state’s Attorney General Ken Paxton opened an investigation into LinkedIn last month, alleging that the platform promotes and profits from ghost jobs.

Why do employers even post ghost jobs?

In the corporate version of “hey sorry I’ve been so busy recently,” an employer might’ve approved an opening, nixed it, and then been slow to remove the job post.

But that’s a best-case explanation. According to the 2024 MyPerfectResume survey, 38% of recruiters post fake jobs to stay relevant on job boards when they’re not hiring, while 36% do it to test their listing’s effectiveness. Meanwhile, some job seekers think employers promote ghost jobs to harvest applicants’ data or to convince investors that the company is growing.—ML

Reader Poll

Should states ban ghost jobs?

Yes, they waste people’s time.
No, you never know what might land your résumé in front of the right person.
Maybe, but it seems hard to enforce.

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15,000+ investors back this company’s coal-reforming technology. They already reserved the Nasdaq ticker $FASF. But until Aug. 27, you can invest at the private stage. Claim your stake in Frontieras before the opportunity ends.

World

Tour de headlines

American and Canadian flags flying together

Geoff Robins/Getty Images

🇺🇸🇨🇦 US and Canada fail to reach a deal to stave off 50% tariffs. As of last night the Trump administration is imposing a 50% import tax on $20 billion worth of Canadian goods, after talks to reach a trade deal before the 12:01am deadline for the tariffs to kick in collapsed at the last minute. Earlier in the week, a draft agreement seen by news outlets would have had the US lowering tariffs on Canadian steel, aluminium, and autos in exchange for Canada scrapping the retaliatory measures it has taken since Trump began his trade war—but negotiators couldn’t get it across the finish line. Each country blamed the other for the failure to finalize an agreement, and Prime Minister Mark Carney said Canada would retaliate “dollar for dollar” for the new tariffs.

🥩 Trump to allow tariff-free beef imports to bring prices down. President Trump wants the burgers at your Labor Day cookout to be cheaper: He said on Truth Social that the US will “allow up to 300,000 metric tons of product for ground beef to be imported with no out of quota tariff” over the next three months. He said the beef would be sold at 25% below current market prices. The move comes after recent data showed that beef sales volumes for a 13-week period that included big burger days Memorial Day and July Fourth dipped 0.3% compared to last year, suggesting that high prices could be putting consumers off beef. However, a US beef industry association criticized the decision to allow cheap imports, saying it wouldn’t address the root problem of high prices: America needing to increase the size of its beef herd.

🏗️ SCOTUS allows White House ballroom construction for now. A lower court’s order that would have halted construction of the $400 million ballroom President Trump is adding to the White House (based on a ruling that it requires Congressional approval) would have taken effect yesterday, but the Supreme Court stepped in because of the president’s emergency appeal. Yesterday’s decision, a one-sentence order from Chief Justice John Roberts, isn’t a final ruling in the case. But it does permit construction of the ballroom, which was already proceeding following the demolition of the East Wing, to continue as the Supreme Court considers the matter.—AR

GOOD FOR THE SEOUL

How Seoul became the busiest international airport

Exterior view of Incheon International Airport, a futuristic-looking terminal featuring a curved, glass-grid roof, a distinctive saucer-shaped control tower feature, and pedestrians walking along a paved drop-off lane with orange traffic cones under a bright sky.

Olga Pak / Getty Images

As a result of turmoil in the Middle East, Dubai’s 12-year reign as the top destination for international travelers is over. Seoul’s Incheon Airport has become the world’s busiest hub for international travel over the first six months of this year, according to data from Airports Council International (ACI).

Since the Iran war started in February, the shift away from the city where Tom Cruise climbed the Burj Khalifa has been drastic:

The number of international passengers going through Dubai fell from 7.4 million in February to 2.5 million in March (but rose to 4.7 million in June).
Meanwhile, Incheon in Seoul served 38.4 million international travelers in the first half of the year.

Lost connection: Transfer traffic in the Middle East has fallen by half since the war began, according to the New York Times. Much of that traffic is going through Asia instead: From January to June, Incheon saw an 18% rise in flyers making a connecting flight and a 63% increase in passengers connecting to Europe, compared to a year earlier.

Plan ahead: The International Air Transport Association reported that bookings are down in the Middle East for June through September. But they’re up 33% from a year ago in the Asia-Pacific region for the same time period.—DL

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ICYMI

Have you heard...

Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat.

➡️ If your niece calls you “polyester,” she’s being mean. Gen Z has started lodging the insult in comment sections, likening someone or something to the low-quality plastic fabric blend. Just wait until teens figure out a way to hurt you with satin.

➡️ Construction crews put up a concrete wall beside a Chicago woman’s bedroom window to build a parking garage. After radio silence (likely from the wall blocking any and all signals) from local officials, she started making videos to try and get some answers—proving that if you are funny enough on the internet, politicians can’t ignore you.

➡️ Australian Olympic breakdancer Rachael Gunn, aka Raygun, is getting her own Netflix documentary. You might remember her from the merciless mockery she faced during the 2024 Games. Surely an intimate, BTS doc made by the same folks who produce the earnest Love is Blind series will rehab her image.

➡️ Bulking up and letting the internet marvel at how chubby you are isn’t just for bears anymore: Scientists are rolling out Fat Marmot Week next week. They’re hoping to secure donations for their research into the rodents after recent federal funding cuts. Wallets out, it’s time to measure these mammals.

➡️ A 15-foot python named after Jodie Foster (really) became the first snake to receive electrochemotherapy—a breakthrough cancer treatment used in humans—to treat a malignant tumor in her jaw. Jodie is recovering well, but she’s not over the fact that doctors told everyone she needed two operating tables pushed together to accommodate her size.—MM

News

What else is brewing

Tesla is recalling nearly 3 million vehicles in China, as part of a larger recall reportedly involving 8 other automakers aimed at addressing door safety. The car companies will push software updates as part of the recall.
TikTok agreed to pay $400 million to settle child privacy claims brought by the Department of Justice.
Citadel said it unwound 80% of the risk it took on from Situational Awareness when it scooped up the flailing hedge fund’s portfolio. Implying it was able to sell off most of the portfolio, Citadel said it had conducted “nearly 100 block trades totaling over $4 billion in market value.”
Prince Harry and six other plaintiffs involved in his unsuccessful invasion of privacy suit against the Daily Mail, including Elton John, have been ordered to pay $13 million to the tabloid’s publisher.
The former CEO of Abercrombie & Fitch, Michael Jeffries, was deemed mentally fit to stand trial on sex trafficking charges although he had been hospitalized for dementia.
FIFA suspended multiple players from Argentina over a post-World Cup final brawl.

This week’s question

What is the most underrated first dance song for a wedding?

Matty’s response to get the juices flowing: “Don’t take it so seriously—if a couple started dancing to Hoku’s Perfect Day, I would start hooting and hollering.”

Submit your answer here.

recs

There’s a right answer to the question of how long to run your bathroom fan after a shower.
A biologist explains whether you actually need more protein.
The most popular sandwich in every US state.
Hair styling cream that tames frizz.**

Market evolution: Currently, executives are having conversations around AI governance and closed-weight vs. open-weight models. Yep, new AI topics are taking center stage. We asked Jenny Koehler, COO of Advisory at PwC, why this is happening.*

^{*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.}

Play

Brew Crossword: Our big puzzle this week is called “Mixed Messages,” and it has some for you. Play the Crossword here.

Open House

Welcome to Open House, the only newsletter section that remembers that centuries-old home design tackles the heat better than A/C alone. We’ll give you a few facts about a listing and you try to guess the price.

Zillow

Today’s property looks like an ancestral mansion of a wealthy Marrakesh merchant, but it’s actually in New Orleans, LA. The 7,072-square-foot residence, built in 1927 with a mélange of Moorish and Spanish Colonial Revival architectural features, has been designated an official landmark. Amenities include:

5 beds, 7 baths
Craftsman Moroccan tile everywhere and a mosaic fireplace
North African-style balcony overlooking a backyard with a pool

How much for this historic gem?

Share the Brew

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Answer

$6 million

Word of the Day

Today’s Word of the Day is: epitome (pronounced ep-ih-toe-mee), meaning “a typical or ideal example.” Thanks to Joe Garza from Laredo, TX, a fine example of a reader, for the suggestion. Submit another Word of the Day here.

✢ A Note From Frontieras

This is a paid advertisement for Frontieras’ Regulation A offering. Please read the offering circular at https://invest.frontieras.com/.

Reservation of the ticker symbol is not a guarantee that we will be listed on the Nasdaq. Listing on the Nasdaq is subject to approvals.

Under Regulation A+, a company has the ability to change its share price by up to 20%, without requalifying the offering with the SEC.

*The global market for our products is worth a combined value of over $2.1 trillion. Source: https://www.globenewswire.com/en/news-release/2022/03/24/2409228/0/en/Global-Diesel-Market-Size-To-Surpass-US-1269-87-Billion-By-2027-Europe-Having-Share-About-25-Leading-Players-Strategies-Covid-19-Outbreak-Growth-Opportunities-Emerging-Trends-Segme.html‍

✳︎ A Note From State Street Investment Management

Disclosure:

Important Risk Information

Investing involves risk including the risk loss of principal.

Nasdaq®, Nasdaq-100®, Nasdaq-100 Index®, and NDX® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by [Insert Name of Client]. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).”

Before investing, consider the funds’ investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866- 787-2257 or visit statestreet.com/im. Read it carefully.

Adtrax: 8989194.1.2.AM.RTL

Expiration 6/30/2027

Written by Abigail Rubenstein, Molly Liebergall, Dave Lozo, Matty Merritt, and Sam Klebanov

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☕️ Going after ghosts