One of the most iconic symbols of the Covid economy was the epic backlog of container ships waiting to dock at the ports of Los Angeles and Long Beach. At one point this year, that backup was longer than the line at Trader Joe’s on a Saturday, stretching 109 ships deep and almost 60 miles from the coast.

But now, the shipping situation is almost back to normal. As of last week, the number of ships waiting to drop off their goods stood at just four, according to the WSJ. Plus, the cost of sending a 40-foot container from Shanghai to LA has plummeted from its peak of more than $12,000 to almost $2,000, nearing its pre-Covid average.

The fact that goods are once again flowing smoothly through US ports is a hopeful sign that inflation, which was instigated in part by supply chain snarls, could start to chill out.

There is a “but”...

When you consider why container rates have plunged and ship captains are no longer leaning on their horns, the picture becomes a bit bleaker. Probably the biggest factor in clearing out the traffic is that demand for imported goods has dropped—not a great sign for the economy. Check out these stats:

• The Port of Los Angeles handled the least amount of import containers in the month of September since the Great Recession in 2009, per Freight Waves.
• With retailers already up to their eyeballs in inventory, shipping lines have canceled 26%–31% of their transpacific sailings in the weeks ahead, the WSJ notes.

Big picture: Diving into the nuts-and-bolts of the supply chain makes you realize just how long of a journey your holiday gifts take to arrive under the tree. As Freight Waves lays out, the “peak” season for shipping goods from Asian factories to the US is already over. For the next couple of months, holiday gifts will be traveling on a truck or rail car to a warehouse, and parcel delivery companies will take them to the finish line from Black Friday through December 24.—NF

Math test scores fell across the US during the pandemic. New data released yesterday from the National Assessment of Educational Progress, known as the “nation’s report card,” revealed that math scores for fourth and eighth-graders plunged in every state between 2019 and this year. Almost 40% of eighth-graders failed to grasp basic math concepts. Kids didn’t fare much better in reading, with scores dropping to their lowest levels since 1992.

US says China tried to interfere in its Huawei probe. Charges were unsealed yesterday against a pair of Chinese intelligence officers accused of trying to obstruct the prosecution of the Chinese telecom company Huawei, which the US claims stole trade secrets, by offering bribes to get confidential information about the case. Attorney General Merrick Garland also announced cases against 11 other individuals for actions allegedly taken on behalf of the Chinese government.

Bono takes responsibility for that album that’s still on your iPhone. In his new memoir, the U2 frontman said he alone is to blame for pushing Apple CEO Tim Cook to give away the band’s 2014 album Songs of Innocence to every iTunes user—whether they wanted it or not. “I’d thought if we could just put our music within reach of people, they might choose to reach out toward it. Not quite,” he wrote.

The UK has been cycling through prime ministers faster than suburban parents cycle through PBS Masterpiece originals. Next up: new Conservative Party leader Rishi Sunak.

Sunak, a Hindu with British Indian heritage, will be the first person of color to hold the position. And at 42, he’ll also be the youngest appointee since 1812. So what else is there to know about him?

• Sunak is the UK’s former finance minister and was the runner-up to Liz Truss the last time the UK got a new prime minister.
• He’s a former banker with immense personal wealth. Together, he and his tech heiress wife, Akshata Murty, have an estimated net worth of $830 million: More than Queen Elizabeth II before her death.
• This spring, a tax scandal involving Murty almost upended Sunak’s bright political future. By claiming non-domiciled status in the UK, Murty potentially avoided up to $26 million in taxes, per the NYT—a particularly bad look, since Sunak at the time was responsible for setting tax policy.
• Sunak is a Web3 guy. This spring, he asked the Royal Mint to create an NFT.

Looking ahead…Sunak faces colossal challenges ahead, especially on rejuvenating the UK’s economy and calming chaotic markets. Plus, his party trails the Labour party in the polls by 30+ points—and many are demanding a new general election.—MK

Sunak is also the first UK prime minister interviewed by Neal. Read the interview from January here.

The list of Kanye West’s business partners is growing thinner by the day. Yesterday, the talent agency CAA cut ties with West, who now goes by Ye, and executives at studio MRC are scrapping a completed documentary they made about the rapper. This follows Balenciaga’s move on Friday to end its partnership with Ye.

The growing corporate boycott of Ye is a response to a series of antisemitic comments he made in recent weeks, which echoed centuries-old conspiracies about Jews.

But at least one major company still has a partnership with Ye: Adidas, which has worked with him since 2013. Earlier this month, after Ye lashed out at Adidas on social media, the company said their relationship was “under review”—but has not provided an update following West’s antisemitic remarks.

Adidas is now facing growing backlash for its silence on Ye’s comments. Many pointed out that the German brand should have zero tolerance for antisemitism considering it was founded by a member of the Nazi Party. “The fact that Adidas has not made that simple point is shocking when one considers Adidas’s history as a company that once outfitted the Hitler Youth,” Anti-Defamation League CEO Jonathan Greenblatt told the Washington Post.

Bottom line: Ye’s comments are being used by white supremacists to spew hate. On Sunday, a group hung banners in support of Ye over the 405 freeway in LA, reading in part, “Honk if you know Kanye is right about the Jews.”—MM, NF

Stat: California has been considered a land of economic opportunity since at least the gold rush, and now the state’s economy is about to top Germany’s to become the fourth largest in the world, according to Bloomberg. Sure, California’s still got earthquakes, wildfires, too many small dogs that wear clothes, and housing prices that have some fleeing for cheaper pastures. But if current growth projections hold, its GDP will soon be smaller than only that of the US, China, and Japan.

Quote: “Meta needs to get its mojo back.”

With Meta’s share price down more than 60% this year, investors are losing patience with Mark Zuckerberg’s big bet on the metaverse. Altimeter Capital CEO Brad Gerstner, whose firm has more than 2 million shares in the company, wrote an open letter yesterday urging Meta to cut headcount expenses by 20% and keep metaverse spending under $5 billion per year to become a “more productive, and more focused company.” We’ll see how Meta feels about its own mojo when it reports earnings tomorrow.

Read: Why Restoration Hardware is opening restaurants: It’s not about food. (New York Times).

Rediscovered: This is how scholars found an ancient Greek map of the stars—possibly the earliest ever made—hiding in a medieval parchment from an Egyptian monastery.

Feeling meh? Here’s organizational psychologist Adam Grant’s take on how to stop languishing and get motivated again.

Forget Epicurious: One intrepid baker makes recipes she finds on gravestones.

Skip straight to the good stuff: Opening Bell is MyWallSt’s daily delivery of the single biggest stock market story of the day, straight to your inbox just in time for—you guessed it—the opening bell. You can sign up here.

Brew Mini: Hopefully you’ve been reading our coverage of the UK prime minister race—the new PM is a clue in today’s Mini crossword. Play it here.

Composer or pasta?

Today is World Pasta Day, and to celebrate, let’s dust off one of our favorite quizzes: Italian pasta or Italian composer?

1. Puccini
2. Tripolini
3. Strozzapreti
4. Paganini
5. Capellini
6. Sgambati

Having trouble getting your employees back to the office? Try offering a shuttle to and from work…and maybe bring candy. Watch the newest Good Work episode.

On Business Casual: NYU professor Scott Galloway discusses the future of workplace culture and why America is at a crossroads. Listen or watch here.

ICYMI: Our crypto newsletter, Incrypto, launched this month. Get all the latest crypto news with loads of context to help you cut through the jargon. Check it out.

Network with marketing trailblazers from Vans, McDonald’s, and more at The Brief, Marketing Brew’s summit in NYC. Secure your seat.