The S&P 500’s ‘biggest risk’ is companies’ ‘debt refi wall’ as bond yields top 5%

Good morning. On Fortune’s radar today:

• Temu axes $1 billion army of fake Meta accounts.
• Companies face ‘debt refi wall’ as rates go over 5%.
• Markets: Bond drama.
• Ominous signal: Air passenger numbers go into decline.
• Unemployment at three-year low.
• Should you put your nanny in charge of your VC fund? No. Obviously not.

This story was originally featured on Fortune.com