Axios

The Chinese parent company of online retailer Temu reported disappointing sales yesterday, sending the company's stock plunging.

• PDD Holdings' U.S. shares plummeted 29% Monday and fell another 4% today.

The big picture: Despite year-over-year sales growth of 86% — the type of jump that would make most companies jealous — "we see many challenges ahead," PDD Holdings co-CEO Lei Chen said in a statement.

If the U.S. ever develops a coherent philosophy of how to regulate the cryptocurrency industry, it will likely emerge from the U.S. Treasury.

Why it matters: The blockchain industry's hopes and frustrations have for years been focused on the U.S. Securities and Exchange Commission, but the Treasury Department controls the big picture.

The Federal Reserve has pushed mortgage rates higher not just through its much-discussed interest rate policy decisions, but through two less widely understood channels, a new paper argues.

Why it matters: Since 2022, high mortgage rates have made homebuying an expensive endeavor for would-be borrowers and created dysfunction in the housing market.

The fast-food industry's pain is fast casual's gain. Chipotle, Cava and Wingstop are running circles around the likes of McDonald's, Starbucks and KFC.

Why it matters: The price gap is shrinking between fast-food and fast-casual restaurants.

Most stocks in the S&P 500 were in the green today. But the ones that weren't had the weight to pull the index negative.

• Several Big Tech names fell today, including Nvidia (-2.3%), which ended what had been the best two-week stretch of the year for major indexes, per WSJ.

Red Lobster will be led by former P.F. Chang's CEO Damola Adamolekun when it emerges from bankruptcy, lender Fortress Investment Group announced.

Why it matters: With more than 540 locations across 44 U.S. states and Canada, the casual-dining chain was one of the largest restaurant bankruptcies in recent years.

Adamolekun came from private equity to take over P.F. Chang's in 2020.

• He guided the 220-unit chain through the pandemic, overseeing a refresh of its restaurants, menu and tech infrastructure. He implemented an in-house delivery operation and monthly subscription program, Restaurant Business wrote late summer when the exec left to return to Paulson & Co. He's now an operating partner at Garnett Station Partners.

Eileen Fisher, the women's clothing brand, launched a new communications strategy today aimed at raising awareness of political issues in this election cycle.

Why it matters: The founder-led, privately held company wants the world to know exactly what it stands for at a time when fewer Americans want companies to speak publicly about current events and societal issues compared to a few years ago.

Driving the news: "Your choice has power" is the new headline message.

• Reproductive health care, workers' rights, protection from discrimination, equal representation, bodily autonomy, voting access for all, climate action and democratic integrity are the issues that "hinge" on the outcome of the 2024 election, the company says.

The world is no longer on fire. That's the central takeaway from the annual assemblage of the grandees of global economics in Jackson Hole, Wyoming, that concluded Saturday.

The big picture: Global central bankers largely feel that a long period in which the world economy has been whipsawed has come to an end, and that the outlook is for a return to steady growth and low inflation.

Select Walmart Great Value apple juice is being recalled in 25 states because the product contains potentially harmful levels of inorganic arsenic.

Why it matters: The Food and Drug Administration has designated the recall as Class II, which means it "may cause temporary or medically reversible adverse health consequences."

Toncoin, a cryptocurrency tied to Telegram, shed more than 20% of its market value after the weekend arrest of Telegram co-founder CEO Pavel Durov in Paris.

The big picture: It since has experienced a slight recovery, and currently is the world's 10th largest crytpocurrency with around a $14.2 billion market cap.

The National Football League on Tuesday will vote on allowing private equity ownership, making it the last major U.S. sports league to do so.

What to know: This is going to pass. If it wasn't, NFL commissioner Roger Goodell wouldn't have scheduled the vote.