August 26, 2026

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Ruff. Happy National Dog Day. Here are our five favorite dogs:

Air Bud
Hot
Downward-facing
Snoopy
Snoop

And coming in dead last, Marmaduke.

—Sam Klebanov, Matty Merritt, Dave Lozo, Adam Epstein, Neal Freyman

In today’s newsletter, we’ll get into:

Canada’s retaliatory tariffs on the US
Apple unveiling new Macs
Why Coca-Cola is on a hot streak

Markets

Nasdaq

26,151.3

+0.66%

S&P

7,677.28

+0.32%

Dow

53,577.4

+0.30%

10-Year

4.639%

-6.0 bps

Bitcoin

$78,906.09

-0.03%

Dick’s

$124.31

-30.68%

Data is provided by

*Stock data as of market close, cryptocurrency data as of 4:30pm ET. Here's what these numbers mean.

Markets: Stocks climbed yesterday as investors looked past the escalating spat between the US and Canada, and toward Nvidia’s earnings later today. Meanwhile, it was a nightmare day for Dick’s Sporting Goods after it lowered the outlook for its Foot Locker business, citing a “challenging athletic footwear and apparel marketplace.”

Heavy duty

Canada strikes back with 50% tariffs on US goods

Split-style graphic showing the rear half of a motorcycle as a red silhouette on a light cream background to represent Canada, and the front half in detailed blue tones on a bright blue background to represent the United States.

Illustration: Morning Brew Inc., Photo: Adobe Stock

After putting away the carrot and politely excusing themselves from the negotiating table, Canucks reached for the stick. Canada announced tariffs of up to 50% on US exports yesterday to mirror US duties that took effect following the breakdown of trade talks over the weekend.

Canada said it’ll tax $20 billion worth of made-in-the-USA goods at 15%, 25%, and 50%, matching US duties dollar for dollar. Going into effect after Labor Day, the tariffs will apply to 700 American products ranging from motorcycles and chainsaws to cheese and frozen octopus.

Targeted punches

Canada said it aims to protect local businesses that were undermined by US tariffs, and exert pressure on American politicians ahead of the US midterm elections in November.

While the tariffs will affect just 7% of US exports to Canada, the products were chosen to target particular industries.
For instance, seafood duties are thought to be aimed at exports from Maine, where Republican Sen. Susan Collins is campaigning for reelection in a close race.

But…commentators noted that Canada’s choice to tariff consumer goods like food and clothes will likely hurt local shoppers, too. Economists expect Canada to suffer more from US tariffs than vice versa, since stateside trade makes up a larger portion of its exports than shipments to Canada do for the US.

Cross-border threats continue

Yesterday, President Trump floated the idea of renaming Lake Ontario to “Lake America,” saying that he doesn’t anticipate the US doing much business with the eponymous Canadian province.

Earlier in the week, Ontario Premier Doug Ford said he discussed a tax on Canadian power exports to the US with Prime Minister Mark Carney, which could raise electricity prices for Americans. Meanwhile, Trump has threatened to double import duties on Canadian cars and trucks to 50%, which could devastate Canada’s auto sector.

Still…top Trump administration officials and Carney have said that they’re potentially willing to return to the negotiating table.—SK

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World

Tour de headlines

Archival black-and-white photo of Dolly Parton, a light-skinned woman with teased out curly blonde hair, wearing a sequin top and holding a microphone as she sings soulfully.

Paul Natkin/Getty Images

💔 Dolly Parton died at 80. “Queen of Country” and 11-time Grammy winner Dolly Parton died yesterday, her family confirmed. No cause of death was revealed, but Parton had abruptly canceled a concert in Las Vegas in May after undergoing treatment for health issues. Over the course of her six-decade career, the iconic “9 to 5” and “Jolene” singer sold more than 100 million records, successfully crossed over into Hollywood to earn multiple Golden Globe nominations, launched a theme park, and inspired countless country artists. She was also known for her philanthropic efforts to improve literacy, inspired by her father, who was illiterate. Her husband of 58 years, Carl Dean, died last year.

😷 Pennsylvania reported two measles deaths. Two unvaccinated people in Lancaster County died from measles, state officials announced yesterday. They were the first measles deaths in the US this year, as well as the first in Pennsylvania in 35 years. The deaths come as the US suffers from its worst measles outbreak since 1991: As of last week, there were 2,777 cases already this year, up from 2,289 last year. Measles had largely been eliminated in the US due to vaccines, but the disease is rising as vaccination rates fall. “People are not familiar with this disease and don’t fully understand the potential severity of the illness,” Pennsylvania’s health secretary said.

🖊️ Bessent’s bond intervention was blasted by his mentor. ~~Anakin~~ Scott, you were the chosen one! In a scathing op-ed in the Wall Street Journal this week, billionaire investor Stanley Druckenmiller criticized the plan of his protégé, Treasury Secretary Scott Bessent, to buy back $4 billion in government bonds in order to lower soaring borrowing costs. After Bessent’s announcement, bond yields fell temporarily, but they quickly shot up again a day later and have stayed elevated since. “This wasn’t liquidity management, it was price management—and a mistake far larger than $4 billion suggests,” Druckenmiller wrote. The op-ed made even more waves yesterday when Druckenmiller admitted that he used AI to write it.—AE

DESKTOP IS BACK

Apple revamped its Mac Mini and Studio for AI

Photo of the Mac Studio with a Mac monitor, showing AI images generated locally on device using the app Draw Things.

Illustration: Morning Brew Inc., Photo: Apple

A new expensive square could be Tim Cook’s latest golden child. Apple previewed two new souped-up desktop computers yesterday outfitted with new chips for AI power users.

Apple is leaning in after both desktop models, which are screenless silver blocks, popped off last year when AI developers learned they were perfect for running processor-intensive AI agents like OpenClaw locally.

What’s new?

The Mac Mini will soon have Apple’s new M6 chip, and the more powerful Mac Studio can boast the M5 Max chip. The biggest advantage they bring are speed on complicated LLM tasks, with the company claiming the M6 chip is 20% faster than the M5 and 40% faster than the M4.

But it’ll cost you:

The Mac Mini with the M6 chip starts at $899, while the cheapest Mac Studio with the M5 Max starts at $2,499—that’s a $100 to $200 price increase for both models, which Apple chalked up to the rising cost of memory storage.
A fully decked-out Mac Studio with all the bells and whistles will cost $15,000+, but Apple is betting businesses will believe it will save them money in the long run by ditching AI service providers.

You might have trouble being a part of Apple’s desktop renaissance. The computer’s AI-driven popularity has made them hard to get: Stocks of both computers were depleted for most of this year, sometimes leading to monthslong waits for shoppers.—MM

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MODERN FAMILY

A new way to keep tabs on your aging parents

Split illustration, the right side shows an elderly woman lifting weights and sweating while wearing the new Luffu fitness band, and on the left is a young man checking his smartphone to view her fitness stats.

Niv Bavarsky

The creators of Fitbit have a new wearable tracker after the heart of Dom Toretto, because it’s for family. The screen-free device is powered by AI and tailored to people administering care for family members—sometimes from great distances.

Co-founder James Park said the inspiration for the product, called the Luffu Link, was personal, as he cares for his aging parents from thousands of miles away. The $300 wristband ($250 if you preorder), expected to ship in 2027, is sort of like a conversation starter in a family group chat, if the conversations were always about health issues:

It tracks the usual health-related things such as steps, sleep, and heart rate.
It allows for voice recordings about a symptom or medication to be sent to Luffu’s AI-powered system that detects changes in vital signs.
That data syncs with an app (there’s a $19 monthly subscription) that family members can peruse to make sure dad’s taking his pills.

The device also connects to cellular networks to send voicemails when a phone isn’t available, which is a way for your parents or grandparents to request help…or butt-dial you.

Coming home: The company eventually wants to have dedicated devices in homes.—DL

Sam’s stock of the week

Coca-Cola is beating the Mag 7

A glass Coca-Cola bottle pouring soda into a glass with ice, with the stream edited to form an upward stock market line graph.

Illustration: Morning Brew Inc., Photo: Adobe Stock

On Wednesdays, the Brew’s Sam Klebanov highlights a fascinating stock, commodity, or other asset that’s worth your attention.

While the spotlight is on Nvidia as it becomes the last Magnificent 7 company to report Q2 earnings today, a fizzy drinks company is effervescing humbly in the shadows. Coca-Cola has outperformed every single Mag 7 stock in 2026, with its shares soaring 31% this year to an all-time high yesterday. The Mag 7 index, meanwhile, has gained just 3%.

Coke is growing without risky bets on world-changing tech:

The beverage behemoth reported organic revenue growth of 6% last quarter, boosted by the World Cup and strong demand for low-calorie and energy drinks.
Its new CEO, Henrique Braun, has overseen a push into budget-friendly mini cans that have helped to juice sales.

The company’s dividend and age-old business model have made it attractive to investors looking for a safe haven amid a volatile stock market.

Meanwhile…Coke’s foil PepsiCo is looking more like the Mag 7, with its shares essentially flat in 2026.—SK

Reader Poll

Coke or Pepsi?

Coke.
Pepsi.
Both are good.
Sprite all day.
No soda for me.

TV trivia

Which sitcom, which began its 18th season this week, is the longest-running live-action comedy in American TV history?

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Answer

It’s Always Sunny in Philadelphia

Word of the Day

Today’s Word of the Day is: effervescing, meaning “producing small bubbles of gas, fizzing.” Thanks to Alex from Towson, MD, and dozens of others for the suggestion. Submit another Word of the Day here.

Written by Adam Epstein, Sam Klebanov, Matty Merritt, Dave Lozo, and Neal Freyman

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☕️ Targeted punches