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Don’t bank on TikTok trends: some folks thought they’d found a glitch in Chase ATMs that allowed them to get free money. Chase said they were just committing plain old check fraud, and now many who tried the viral “hack” are seeing huge negative balances on their accounts.

Speaking of negative: the S&P 500 shed 2.1% yesterday, its biggest daily drop since the August 5 market meltdown. Tech — especially chip stocks — led losses after US manufacturing data came in weak ahead of Friday’s big jobs report. Wall Street’s “fear gauge” index spiked.

Dishin’ it out… For the second year in a row, Disney yanked its TV channels from a major pay-TV provider. On Sunday, 11M+ DirecTV subscribers lost access to Disney-owned channels like ESPN, ABC, and FX after the two companies failed to agree on “carriage fees” — what TV providers pay to networks like Disney to carry their channels. DirecTV says it wants more flexibility to create cheaper channel packages for customers; Disney says it wants premium rates for premium offerings.

Cable’s snuff out drags on… 5M+ subscribers left the pay-TV ecosystem last year, opting for streaming services instead. This year isn’t looking better: Q1 was the industry’s worst ever, and Q2 saw another 1.6M folks cut the cord. Last month Warner Bros. Discovery and Paramount slashed the valuations of their cable businesses by a combined $15B+. Not making things easier for cable: streamers going big on live sports. Disney plans to launch a full-on streaming version of ESPN next fall.

The cord’s cut at both ends… Not only is Disney fueling the downfall of pay TV with its profitable streaming business — it’s also leveraging its popular TV networks to squeeze cable and satellite TV providers even harder. As pay TV loses its power, networks like Disney are hoping they can score richer deals.

Notes of peppercorn… and disappointment. Booze giant Constellation Brands cut its annual guidance after pricing in an expected loss of up to $2.5B related to its waning wine biz. It’s an about-face from Q1, when the Modelo maker raised its forecast after its profit 6x’d from last year. But Constellation’s non-beer biz, which includes wine brands like Meiomi and Prisoner Wine, appear to be leaving a bigger-than-expected stain. Constellation said this week that wine and spirits sales could tumble as much as 6% this year, down from the roughly flat forecast it shared in July.

Getting crushed… Napa wine seller Duckhorn Portfolio cut its outlook this year, citing a softer wine market, while Pernod Ricard said in July it’s selling off most of its vino labels. Booze brands face headwinds beyond the vineyards: fewer young adults are drinking compared to their parents’ generation, and those who still imbibe are sipping less overall. While the #sobercurious trend has boosted zero-proof companies like Athletic Brewing, alcoholic craft-beer sellers like Anchor Brewing and Monster-owned Canarchy have struggled to cope.

Consumer tastes are distilling… The bright spot for Big Alcohol seems to be Mexican beer brands. And Constellation sells the big ones in the US: Modelo Especial overtook Bud Light as America’s top-selling brew, while Pacifico’s sales have surged in “beach towns.” Meanwhile, as marijuana becomes legal in more states and non-alcoholic bevs flood into fridges, Americans have more happy-hour options than ever.

Uncharted: Which US states have the most Americans working from home? (Answer here.)

For many, the Labor Day weekend means kicking back and relaxing with loved ones. For thousands of others, it’s going to the Nevada desert to construct a temporary city, take in art and live music, and party at Burning Man. Read more.

Last month EVs accounted for 94% of Norway’s new-car sales

Authors of this Snacks own shares of: Disney and Warner Bros. Discovery

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