Luxury cars, designer handbags and sprawling homes often dominate conversations about wealth. But many people with strong finances don't fit that stereotype at all.

Instead, they're quietly building wealth behind the scenes by making intentional spending decisions, investing consistently and resisting the pressure to keep up with everyone else. This approach is commonly known as stealth wealth, and it's becoming increasingly popular among younger professionals and families who value financial independence over outward displays of success.

Rather than spending to look wealthy, stealth wealth focuses on actually becoming wealthy. If any of these habits sound familiar, you may already be practicing stealth wealth without realizing it.

What is stealth wealth?

Stealth wealth is the practice of building and maintaining wealth without advertising it through expensive possessions or lavish spending. The term has been around for decades, but it's gained renewed attention as more people pursue financial independence, embrace minimalism and question the pressure to constantly upgrade their lifestyles.

Part of the appeal comes from today's economic reality. Higher housing costs, inflation and economic uncertainty have prompted many households to prioritize long-term financial security over appearances. At the same time, social media has made it easier than ever to compare lifestyles, making the decision to quietly build wealth feel almost countercultural.

The common thread is simple: your financial success doesn't have to be visible to everyone else. Here are seven common signs that you might be practicing stealth wealth without realizing it.

1. You keep your lifestyle in check when your income grows

One of the biggest obstacles to building wealth is lifestyle inflation.

It's tempting to celebrate every raise or bonus with a nicer apartment, luxury vehicle or more expensive vacations. While there's nothing wrong with enjoying your success, automatically increasing your spending every time your income rises can leave you feeling like you're earning more without actually getting ahead.

People who practice stealth wealth often do the opposite. They continue living comfortably on their existing budget while directing much of the additional income toward retirement accounts, brokerage accounts, debt repayment or savings goals.

Even saving or investing half of every raise can dramatically increase your long-term wealth while allowing your lifestyle to improve gradually over time.

Use the tool below to connect with a financial adviser who can help you build a plan based on your financial goals:

2. You drive your car long after it's paid off

For many households, a vehicle is one of the largest monthly expenses after housing. Instead of replacing a perfectly reliable car every few years, stealth wealth practitioners often keep driving it long after the loan is paid off. They continue setting aside what would have been their monthly payment or redirect those funds toward investing.

Keeping a dependable car for several extra years can save thousands in monthly payments, depreciation, higher car insurance premiums and registration costs. Recognizing that extending the life of a paid-off car often creates far more financial flexibility than upgrading simply because you can.

3. You prioritize retirement over status symbols

Stealth wealth is often invisible because much of the money goes somewhere people can't see.

Instead of spending thousands on luxury purchases, these individuals consistently contribute to retirement accounts like a 401(k) or IRA. They may also increase contributions each year or invest additional money in taxable brokerage accounts.

The tradeoff can feel boring in the short term. Friends may notice someone else's new luxury SUV, but they won't notice an extra $10,000 invested for retirement. Over decades, however, consistent investing and compound growth typically have a much greater impact on long-term financial security than expensive purchases that quickly lose value.

4. You buy for value, not to impress

Practicing stealth wealth often means focusing on value over status as opposed to always buying the cheapest option. That could mean purchasing high-quality shoes that last for years, durable kitchen appliances with excellent warranties or classic clothing that won't go out of style next season.

Many financially successful people are willing to spend more when quality genuinely saves money over time, but they aren't interested in paying extra simply because a product carries a luxury logo.

This mindset encourages thoughtful purchases rather than emotional ones and reduces the cycle of constantly replacing lower-quality items.

5. You avoid financing discretionary purchases

Credit can be a useful financial tool, but stealth wealth practitioners are often cautious about financing wants instead of needs. Rather than putting vacations, furniture, electronics or luxury goods on long-term payment plans, they may delay the purchase until they can comfortably pay for it in cash.

Waiting has two benefits. First, it eliminates interest costs that make discretionary purchases even more expensive. Second, it creates time to determine whether the purchase is something you truly value or simply wanted in the moment.

Delaying gratification isn't always exciting, but it often leaves more money available for investing and other long-term goals. While you're saving for a major purchase, keeping that money in a high-yield savings account can help your balance grow while you wait.

Use the tool below, powered by Bankrate, to compare today's top savings account offers:

6. You don't feel the need to broadcast your spending

Social media has made it easy to showcase expensive vacations, new homes and luxury purchases. But it has also fueled comparison and the pressure to keep up.

People practicing stealth wealth often take a different approach. They don't feel compelled to post every purchase or use spending as proof of success.

That's not because they're trying to hide their finances. Rather, they understand that financial confidence comes from meeting personal goals and not from collecting likes or impressing strangers online. Ironically, many genuinely wealthy individuals live far more modestly than people assume because they aren't interested in turning their finances into public content.

7. Your net worth is growing faster than your spending

Perhaps the clearest sign you're practicing stealth wealth is that your assets are growing faster than your lifestyle. Each year, your retirement accounts, investments, home equity or savings balances increase while your spending remains relatively stable. Instead of measuring success by what you own, you're measuring progress by your financial foundation.

This implies that building wealth takes priority over constantly upgrading your lifestyle. Over time, this gap between growing assets and controlled spending can create greater financial independence and more choices about how you live and work.

The goal isn't to look poor — it's to build wealth

Stealth wealth is all about making intentional financial decisions that reflect your priorities instead of other people's expectations.

You can still enjoy vacations, buy things you love and celebrate milestones along the way. The difference is that your spending aligns with your long-term goals rather than social pressure.

In a culture that often encourages people to spend first and save later, quietly building wealth may not attract much attention. But over time, it can provide something far more valuable than appearances: financial freedom, flexibility and peace of mind.

What kind of stealth wealth builder are you? Take the quiz to find out.

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If you've ever boarded a flight hoping no one would take the middle seat next to you, United Airlines is turning that wish into a premium upgrade.

The airline announced a new Economy Plus seating option that permanently replaces the middle seat with a fixed table, giving two passengers significantly more personal space. The feature will debut on United's new Airbus A321XLR aircraft, which will begin entering the fleet later this year.

United hasn't announced pricing yet, but the new option reflects a growing trend in air travel. Rather than raising ticket prices across the board, airlines are increasingly creating premium add-ons that let travelers pay for the comforts they value most.

How United's new Economy Plus seating works

The new seating option will only be available in Economy Plus, United's extra-legroom economy cabin.

Instead of a traditional three-seat row, United has designed one specially configured row per aircraft where the middle seat is permanently replaced by a fixed shared table. The result is more personal space for both passengers seated on either side.

Along with the additional elbow room, travelers will still receive the three extra inches of legroom that come with Economy Plus seating.

The new configuration will first appear on United's Airbus A321XLR aircraft, which are expected to begin flying select domestic routes this fall before expanding to international service.

Unlike temporary blocked middle seats used during the pandemic, this is a permanent cabin design intended to create a more comfortable premium economy experience.

Why is United charging for an empty middle seat?

United's new seating option is part of a broader trend in the airline industry: giving travelers more opportunities to customize their flight for an additional fee.

Instead of raising ticket prices for everyone, airlines have increasingly introduced optional upgrades that passengers can choose based on what matters most to them. Checked bags, preferred seat assignments, extra legroom, early boarding and in-flight Wi-Fi have all become common add-ons over the past decade.

An empty middle seat is simply the latest comfort upgrade travelers can buy.

The timing also makes sense. Airlines have reported that demand for premium travel continues to outpace standard economy, with more passengers willing to pay extra for added comfort, especially on longer flights. By offering a more spacious Economy Plus experience, United can appeal to travelers who aren't ready to pay for business class but still want a more comfortable journey.

Who should actually pay for it?

Like most airline upgrades, the value depends on who's traveling and how long you'll be in the air.

It may be worth paying for if you're:

• Traveling as a couple. Two people traveling together can enjoy the extra room without sharing space with a stranger.
• Flying with a young child. The fixed center table provides a convenient place for snacks, coloring books, tablets and other travel essentials.
• Over six feet tall. The combination of extra shoulder room and additional legroom could make a noticeable difference on longer flights.
• Traveling for business. If you plan to work during the flight, having extra elbow room and a dedicated surface can make using a laptop much more comfortable.
• Taking a long-haul international flight. The longer you're seated, the more valuable additional space becomes.
• Working on a laptop. Even outside of business travel, anyone hoping to be productive during the flight may appreciate the less cramped workspace.

It may not be worth the extra cost if you're:

• Taking a flight that's less than two hours.
• Traveling solo on vacation and simply looking for the lowest fare.
• Trying to stick to a tight travel budget.

For many short domestic flights, the upgrade may not provide enough additional value to justify the added cost.

How much could it cost?

United has not announced pricing for the new seating option. However, current Economy Plus pricing provides some clues about what travelers might expect.

Today, upgrading to Economy Plus typically costs anywhere from around $20 to more than $200, depending on the route, flight length and demand. Exit-row seats and preferred seats often carry premiums ranging from roughly $20 to $100 or more, particularly on busier flights.

Because United's new option combines Economy Plus legroom with a guaranteed empty middle seat, it's reasonable to expect pricing above a standard Economy Plus upgrade. Longer international routes will likely command higher premiums than shorter domestic flights.

Until United releases official pricing, though, any estimates remain speculative.

How does it compare with other airlines?

While the concept is new for United, it's not entirely new to the airline industry.

Frontier Airlines already offers UpFront Plus, a premium seating option near the front of the aircraft that guarantees passengers an empty middle seat for an additional fee.

The idea also resembles the Eurobusiness cabins used by many European airlines. Rather than installing larger business-class seats, those carriers often create a premium cabin simply by blocking the middle seat in standard economy rows.

United has taken that concept one step further by replacing the middle seat with a permanent table instead of simply leaving it empty.

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Another down day for tech stocks weighed on the broader market Friday, with today's leg lower sparked by reports that a new artificial intelligence model from Chinese startup Moonshot AI bridges the gap with several U.S. models. Poorly received earnings results from streaming giant Netflix (NFLX) weighed on sentiment, too.

At the close, the tech-heavy Nasdaq Composite was down 1.4% at 25,520, the broader S&P 500 was off 1.0% at 7,457, and the blue-chip Dow Jones Industrial Average was 0.8% lower at 52,146.

News that Moonshot AI's Kimi K3 is powerful enough to rival models from OpenAI and Anthropic revived competition fears — and rehashed memories from early 2025, when China's DeepSeek sent stocks into a tailspin. It also pressured several AI-related names, including Nvidia (NVDA, -2.2%) and Intel (INTC, -2.0%).

Netflix stock slides after earnings

A negative reaction to Netflix's second-quarter results also weighed on the S&P 500 and Nasdaq today, with the communication services stock sliding 7.3% — its worst day since April 17.

While the company's earnings of 80 cents per share beat analysts' estimates, its revenue of $12.56 billion fell short and its third-quarter revenue forecast came in slightly below the consensus.

In addition, Netflix said it will begin reporting engagement data on an annual basis vs a bi-annual one. "The goal of separating the publication of the report from our earnings results is to keep the focus on our primary financial metrics — revenue and operating profit," the company explained.

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Despite the top-line miss and subsequent stock sell-off, Argus Research analyst Joseph Bonner reiterated a Buy rating on Netflix. He also maintained a $120 price target, representing implied upside of 74% to current levels.

"While competition is intense amid macroeconomic uncertainty, Netflix remains the 'anchor tenant' for consumers in long-form video streaming," says Bonner. "We see the company's incremental moves into live-event sports programming as particularly directed at enhancing its advertising market as well as subscriber acquisition," adding that live events have a higher ad value than scripted content.

As for that advertising business, Bonner notes that Netflix expects ad revenue to double this year, to $3 billion, showing that this segment "continues to scale rapidly.

Travelers soars on Q2 beat

On the plus side of the ledger was The Travelers Companies (TRV), which jumped 9.2% — making it the best Dow Jones stock today — after the property and casualty insurer reported better-than-expected second-quarter results.

In addition to higher demand for insurance, Travelers also saw its catastrophe losses narrow in Q2 and its net investment income soar.

"The scale of our earnings and cash flow enable us to invest in differentiating technology, including AI, at a level that sets us apart, further strengthening the competitive advantages that power those results," said Travelers CEO Alan Schnitzer.

Ahead of earnings, Truist Securities analyst Mark Hughes initiated coverage on the blue chip stock with a Buy rating, saying it is trading at an attractive valuation. "More broadly, we believe the P&C group should be a good performer in light of its consistent topline, limited credit exposure, and moderate interest rate sensitivity."

The earnings calendar heats up next week, with Magnificent 7 stocks Alphabet (GOOGL, -2.2%) and Tesla (TSLA, -2.6%) both reporting.

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Stocks were choppy Thursday as market participants took in a fresh round of earnings reports and several major developments in the healthcare space. Wall Street also watched as chip stocks continued to sell off, with one company's quarterly results spooking this once-hot corner of the market.

At the close, the blue-chip Dow Jones Industrial Average was down 0.2% at 52,552, while the broader S&P 500 was off 0.5% at 7,533 and the tech-heavy Nasdaq Composite had slumped 1.5% to 25,881.

The Dow's losses were limited thanks to a big regulatory win for drugmaker Merck & Co. (MRK), with the healthcare stock climbing 3.3% after the Food and Drug Administration (FDA) approved its daily pill to treat cholesterol.

"Merck's approval is significant because LIPFENDRA, or enlicitide, is the first FDA-approved oral PCSK9 inhibitor," explains William Soliman, Ph.D., founder and CEO of the Accreditation Council for Medical Affairs (ACMA). "It offers the LDL-lowering power associated with injectable PCSK9 medicines in a once-daily pill."

And strategically, Soliman says, "the approval demonstrates that Merck is building beyond oncology as it prepares for Keytruda's eventual loss of exclusivity."

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The 30-stock index was also buoyed by a well-received earnings report for UnitedHealth Group (UNH, +1.2%). The country's largest health insurer by revenue and market share disclosed higher-than-expected earnings and revenue for its second quarter and raised its full-year forecast.

"Overall, this is an impressive beat-and-raise in Q2, which typically dictates the trajectory for the year, is highly encouraging," says Oppenheimer analyst Michael Wiederhorn, who has an Outperform (Buy) rating on the Dow Jones stock.

Taiwan Semi earnings send chip stocks lower

Elsewhere on the earnings calendar, Taiwan Semiconductor Manufacturing (TSM) posted impressive year-over-year growth in its second-quarter profit and revenue, thanks to strong demand for the tech giant's artificial intelligence (AI) chips.

TSM also gave upbeat third-quarter guidance and lifted its full-year capital expenditures budget to a range of $60 billion to $64 billion, up from its previous forecast for spending of $52 billion to $56 billion.

But the semiconductor stock fell 2.3% today. One reason for today's decline could be quarter-over-quarter revenue declines in several of its non-AI legacy technologies, says Needham analyst Charles Shi, Ph.D. "This is probably a warning sign that the higher memory prices may already be hurting mainstream semiconductor demand," he explains.

Whatever the reason, TSM's sell-off was enough to keep pressure on several chip stocks. Micron Technology (MU), for one, dropped 5.7% and is now down 26% since the start of July. Sandisk (SNDK) fell 12.6% today and is off 38% month to date. Still, the tech stocks remain 200% and 493% higher, respectively, for the year to date.

AtaiBeckley soars 33% on Eli Lilly bid

In non-earnings news, AtaiBeckley (ATAI) was one of the biggest gainers on Thursday, surging 33.4% after Eli Lilly (LLY, +1.2%) said it will buy the psychedelics drugmaker for $2.8 billion in cash, with another $1 billion tied to development and regulatory milestones.

"Lilly is using the financial strength generated by its obesity and diabetes franchises to diversify into neuroscience and other high-need therapeutic areas," says ACMA's Soliman. And while the risks are considerable, he believes there is a substantial opportunity "because treatment-resistant depression affects patients who have already failed multiple conventional therapies."

The potential $3.8 billion purchase price is a drop in the bucket for the blue-chip drugmaker, whose cash and cash equivalents totaled $7.3 billion at the end of 2025.

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Alabama shoppers have something to look forward to this weekend: Back-to-school savings. Savvy shoppers can purchase school supplies, computers, and clothing free from the state’s sales tax. This is a big deal since Alabama has one of the highest sales tax rates in the U.S.

And this year, the sales tax holiday is bigger than ever.

State lawmakers enacted legislation to raise the qualifying exemption amounts on select clothing, school supplies, computers, books, and more. This means that you can spend more per item without paying state sales tax.

"The expanded exemption limits make this year’s tax holiday even more valuable for Alabama families," Rick Brown, president of the Alabama Retail Association, stated in a release. "These changes help consumers purchase the items they need for the new school year while also supporting Alabama retailers in their local communities."

Here’s what you need to know about the Alabama tax-free weekend to make the most of your shopping trip.

When is the sales tax holiday in Alabama?

The annual back-to-school Alabama sales tax holiday runs from 12:01 AM on Friday, July 17, until midnight on Sunday, July 19.

During this time, many types of school supplies (including computers and tablets) and clothing are exempt from Alabama’s usual 4% sales tax rate. This saves shoppers $4 for every $100 spent.

What's included (and the price limits)

To qualify for the Alabama sales tax exemption, your purchases must fall under specific categories (like clothing, school supplies, books, electronics, etc.) and stay beneath certain price thresholds.

But this year, each category has seen an inflation-adjusted pay bump due to a newly enacted state law. These amounts are indexed for inflation and will increase every five years.

For instance, qualifying clothing is tax-free during the Alabama sales tax holiday as long as each piece does not exceed $156 (up from $100). Computers and software have a newly raised price threshold of $1,173 per single purchase (up from $750).

Here's a quick-reference table of other qualifying items and their increased price limits to help plan your shopping list:

Note: For a complete list of what's included in the 2026 Alabama sales tax holiday, check out the state's Division of Revenue website.

Here's what's not included

Not all items in the above categories are fair game. Here are a few examples of items you still have to pay tax on during the Alabama tax-free weekend:

• Athletic gear (shin guards, shoulder pads, roller skates, athletic shoes, or sports gloves).
• Jewelry, watches, and hair accessories.
• Handbags and briefcases.
• Cosmetics (including makeup).
• Sunglasses, eyeglasses, and contacts (prescription or nonprescription).
• Belt buckles, wallets, and umbrellas.

Additionally, non-educational video games (those solely for recreation) and computer parts that were sold separately do not qualify.

Items used for "clean room apparel and equipment" are also not tax-free, including cleaning supplies, paper towels, and hand sanitizer.

Rules on online shopping & layaway

Fortunately, you don't exactly have to brave the store crowds to take part advantage of Alabama's tax-free weekend.

• Online purchases. Eligible items purchased online qualify for the tax exemption if they're ordered and paid for during the holiday window, even if the actual delivery occurs after the weekend ends.
• Layaway payments. To qualify for the tax exemption, you must either complete a new layaway purchase (including final payment and delivery) before the holiday window closes, or make the final payment on an existing layaway item during the window.

The local tax catch

While Alabama waives its 4% state sales tax during the holiday, local city and county sales taxes may still apply. Alabama municipalities are not required to participate; they must vote annually to opt in. Thus, be sure to check the Alabama Department of Revenue's list of participating municipalities to see whether your city participates.

Happy shopping!

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Another encouraging inflation reading and a positive session for several mega-cap stocks lifted the broad market Wednesday. A solid round of earnings reports also boosted sentiment, though gains were capped by a down day for chip stocks.

Ahead of the open, the Bureau of Labor Statistics (BLS) said the Producer Price Index (PPI), which measures what businesses pay suppliers for goods, fell 0.3% from May to June. Year over year, wholesale prices were up 5.5%.

"Nearly two-thirds of the June decline in the index for final demand goods can be traced to prices for gasoline, which dropped 12.0 percent," the BLS said.

Core PPI, which excludes volatile food and energy prices, rose 0.2% month over month and 5.1% year over year.

The inflation readings came in better than economists expected, while Wall Street also welcomed downward revisions to the PPI for both April and May.

"The PPI report's largest new piece of information is its downward revisions to inflation in the last few months," says Bill Adams, chief U.S. economist at Fifth Third Commercial Bank.

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While Adams believes the cool inflation readings, also seen in the June CPI report, will keep the Federal Reserve on hold when it meets in two weeks, he notes that "it's hard to feel too excited about last month's drop in producer prices, which largely reflected lower energy prices — prices which rebounded in the first half of July as energy traffic through the Strait of Hormuz slowed."

Nevertheless, the blue-chip Dow Jones Industrial Average added 0.3% to 52,658 today, while the broader S&P 500 (+0.4% at 7,572) and tech-heavy Nasdaq Composite (+0.6% at 26,269) closed higher too.

Mega caps rise, but chip stocks struggle

Big gains in several mega-cap stocks helped buoy the main indexes today, with Amazon.com (AMZN, +3.0%), Apple (AAPL, +4.0%), Microsoft (MSFT, +2.8%) and Alphabet (GOOGL, +3.2%) all closing higher.

But the day's upside was contained by another negative session for several semiconductor stocks. Micron Technology (MU), for one, dropped 8.0% and is now down 22% since the start of July. Sandisk (SNDK) fell 8.1% today and is off 29% month to date.

BlackRock pops on earnings, Conagra falls on dividend cut

Over on the earnings calendar, BlackRock (BLK) jumped 6.6% after the asset management firm reported better-than-expected second-quarter earnings. Additionally, BLK became the first investment company to have assets under management top $15 trillion.

Conagra Brands (CAG), on the other hand, fell 0.4% after the Duncan Hines parent swung to a net loss in its second quarter. On an adjusted basis, CAG beat analysts' per-share earnings estimate, though revenue fell short.

The company also halved its dividend. "Resetting our dividend to an annualized rate of $0.70 per share proactively realigns our capital allocation, accelerates progress toward our leverage target, supports critical investments, and strengthens our financial flexibility, including the ability to shape the portfolio over time," said CEO John Brase, who stepped into the position in early June.

Today's decline is only more of the same for the struggling consumer staples stock, which is down 30% since mid-February.

PayPal has its best day ever

PayPal Holdings (PYPL) was also in focus Wednesday, with shares jumping 17.2% — their biggest one-day gain since the payments processor was spun off from eBay (EBAY, +0.2%) in 2015.

Boosting the financial stock were reports that financial services platform Stripe and private equity firm Advent International offered to buy PayPal for $53 billion, or $60.50 per PYPL share — a nearly 28% premium to its July 14 close.

PYPL has struggled in recent years and is down more than 80% from its all-time high near $310 in 2021.

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President Donald Trump rolled back his 20% toll on Strait of Hormuz shipping, though an off-and-on ceasefire in the Middle East continues to roil energy markets and interest rates. But consumer inflation was a lot cooler than expected in June, big banks beat Wall Street forecasts and even conflicting headlines suggest interest in the AI trade remains high.

The West Texas Intermediate crude oil futures contract traded above $80 per barrel for the first time since June 17 and was higher by 2.0% at $79.68 on Tuesday. The 2-year Treasury yield ticked down to 4.189% after reaching a new 52-week high and closing at 4.263% on Monday.

The Bureau of Labor Statistics (BLS) said before the opening bell that the Consumer Price Index (CPI) showed its biggest month-over-month decline since 2020 last month. The June CPI report attributed the move to the steepest slide for gasoline prices since 2022.

Bloomberg, relying on "people familiar with the matter," said South Korea-based Samsung Electronics plans to seek some of the same fortune SK Hynix (SKHY, -9.3%) found last Friday when it completed one of the biggest IPOs in U.S. history.

But Reuters quoted a company spokesperson: "Samsung Electronics is not reviewing ​the possibility of issuing American Depositary ​Receipts." Samsung was up 3.4% on its local exchange, and the Korea Composite Stock Price Index was up 0.7% on Tuesday.

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Meanwhile, facing an array of challenges to his authority, new Fed Chair Kevin Warsh is testifying to Congress for the first time since taking his oath of office in May.

Warsh appeared before the House Financial Services Committee today and will testify to the Senate Banking Committee tomorrow about inflation and interest rates.

As Louis Navellier of Navellier & Associates notes, the BLS will release the Producer Price Index (PPI) before the opening bell on Wednesday. "Economists are expecting the overall PPI to decline 0.2% in June," Navellier writes, "so it is widely expected that inflation will also be cooling on the wholesale level."

At the closing bell on Tuesday, the tech-heavy Nasdaq Composite was up 0.9% to 26,107, the broad-based S&P 500 had climbed 0.4% to 7,543, and the blue-chip Dow Jones Industrial Average was higher by 0.02% to 52,508.

GS gets the biggest earnings bounce

Goldman Sachs (GS, +9.1%) was the top-performing Dow Jones stock on Tuesday after management of the heaviest component in the price-weighted index reported expectations-beating second-quarter revenue and earnings.

JPMorgan Chase (JPM, +2.5%) and Bank of America (BAC, +1.9%) also beat Wall Street forecasts and rose.

But Citigroup (C, -5.3%) and Wells Fargo (WFC, -2.5%) exceeded estimates and fell.

C opened higher, but CEO Jane Fraser said during the company's intraday conference call that management is planning additional investments, as well as accelerated job cuts, that could lead to higher costs in the short term.

Wells Fargo, meanwhile, continues to recover after the removal of regulatory restrictions on its asset growth.

Another Black Tuesday for Big Blue

International Business Machines (IBM, -25.2%), which was founded in June 1911 and completed its initial public offering (IPO) in January 1962, had its worst trading day since at least 1968 on Tuesday.

IBM closed with its biggest single-day loss on record, exceeding the 23.7% decline on Black Tuesday, October 19, 1987, after CEO Arvind Krishna said in a letter to shareholders that Big Blue would miss its second-quarter revenue and earnings guidance.

Susquehanna analyst Jamie Friedman reiterated his Neutral (Hold) rating and his $303 12-month target price, citing IBM's quantum computing option. "At the same time," the analyst added, "the other dimensions of the business that comprise the vast majority of revenue are meeting headwinds."

IBM is scheduled to report earnings on July 23.

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Millions of taxpayers who make certain tax filing or payment mistakes could get a break from IRS penalties without having to ask.

Starting this summer, the IRS will automatically review taxpayers for First-Time Abatement relief, a program that can waive certain failure-to-file, failure-to-pay, and failure-to-deposit penalties for taxpayers with a clean compliance history.

The agency estimates the change could eventually help more than 1.5 million taxpayers each year. That’s compared with roughly 220,000 taxpayers who reportedly obtained similar relief under the previous process, which required taxpayers to request a penalty waiver after the IRS assessed a penalty.

The new system will roll out for eligible 2025 individual federal income tax returns and 2026 quarterly returns, with a full transition expected in 2027.

But…While the IRS is changing how taxpayers receive penalty relief, the rules for who qualifies for so-called first-time relief haven't changed. Here’s what you need to know.

New IRS automatic penalty relief

Under the previous first-time penalty abatement program, taxpayers generally had to wait until an IRS penalty was assessed and then request relief from the agency by phone, in writing, or using Form 843

That meant taxpayers had to know that penalty relief existed and then take action to request it.

The problem? Some eligible taxpayers never received relief simply because they were unaware of the program or didn't know they qualified. Others found it challenging to obtain IRS assistance by telephone or to complete the required forms and processes without professional support.

The new Automatic Exemption from Penalty (AEP) process essentially moves the review earlier in the process and automates it.

• Now, during return processing, the IRS will check a taxpayer’s compliance history to determine whether the taxpayer qualifies.
• If the requirements are met, the IRS will automatically suppress the penalty before it is ever officially assessed.
• The taxpayer will receive a written notice explaining the relief.

“By automatically applying penalty relief, the IRS recognizes that taxpayers who historically pay on time should not have to make a formal request for relief that is routinely granted," IRS CEO Frank J. Bisignano stated in a release.

Although the process is just beginning, the new automated system is intended to replace the First-Time Abatement process for eligible returns due on or after Jan. 1, 2027.

To qualify, taxpayers generally must have:

• Filed required returns or requested a valid extension
• Paid any tax due or established an approved payment arrangement with the IRS
• No significant penalties during the previous three years (or 12 consecutive quarters for quarterly filers) on the same type of tax return

Keep in mind that the new automated process doesn't mean all IRS penalties will disappear.

The relief generally applies only to eligible failure-to-file, failure-to-pay, and failure-to-deposit penalties. Additionally, certain returns, including information returns and some estate and gift tax returns, are not included.

Also worth noting: This new AEP process doesn't eliminate the underlying tax owed or the interest that accrues on that tax.

Why the IRS changed the first-time penalty process

The change addresses a long-standing problem with First Time Abatement: Eligible taxpayers often missed out on relief because they did not know the program existed or that they needed to request it. That can be notable for some taxpayers, since a failure-to-file penalty, for example, is 5% of your unpaid taxes for each month the return is late, up to a maximum of 25%.

The Taxpayer Advocate Service (TAS) has argued that penalty relief should not depend on whether taxpayers understand the process, can reach the IRS, or have access to professional tax assistance.

National Taxpayer Advocate Erin Collins highlighted that concern when discussing the new system, writing the following in a blog post:

"For years, too many eligible taxpayers missed out on first-time penalty relief simply because they did not know it was available, did not understand how to request it, could not get through to the IRS, or did not have a tax professional advising them. That is especially true for low-income taxpayers and taxpayers who cannot afford representation. A penalty that may seem modest to some taxpayers can be financially significant for a taxpayer struggling to pay rent, utilities, groceries, transportation, or medical expenses."

Take, for example, a taxpayer who filed and paid their federal income taxes on time for years but accidentally files a return late. Under the previous system, that taxpayer could incur a failure-to-file penalty, wait for the penalty notice to arrive, contact the IRS, and request First-Time Abatement relief.

Under the new process, the IRS can review the taxpayer’s compliance history while processing the return and automatically remove the penalty if the taxpayer qualifies.

The three-year clean history

When the IRS talks about a "clean compliance history," that generally means the taxpayer hasn't had a significant penalty assessed during the three years before the penalty year. For taxpayers who file quarterly returns, the IRS will generally look at the previous 12 consecutive quarters.

• A clean history also doesn't mean a taxpayer has never made a mistake on their income tax return.
• The IRS will look at whether the taxpayer has generally met their tax obligations.
• As mentioned, that generally includes timely filing required returns and paying taxes owed/establishing an approved payment arrangement when needed.

Additionally, the three-year lookback applies to the specific (same) return type being filed. So a penalty on a business partnership return won't disqualify your individual filing from automatic relief.

According to the IRS, the three-year rule also doesn't mean a taxpayer can receive relief only once. If a taxpayer receives automatic relief and then maintains a clean compliance history for the required period, that taxpayer could potentially qualify for relief again in the future.

However, if a taxpayer fails the automated "clean history" check and doesn't receive AEP relief, they aren’t necessarily out of luck. Taxpayers can still manually request a penalty waiver under the traditional IRS "reasonable cause" framework, which evaluates various sound reasons for non-compliance.

What happens if you receive an IRS penalty relief notice?

Under AEP relief, the IRS will issue a notice explaining that the penalty wasn't assessed because the taxpayer met the relief requirements. Taxpayers who receive that notice generally don't need to contact the tax agency or take additional action, according to the agency.

However, during the transition period, the IRS says some qualifying taxpayers may still receive penalty notices for eligible 2025 tax-year returns or 2026 quarterly returns.

• If you receive a penalty notice, it's important to review it carefully.
• If you believe you qualify for first-time penalty relief and the penalty wasn't automatically removed, you may still need to request relief under the existing process during the transition period.
• There should be a 1-800 number on the penalty notice for contacting the IRS.

If you want to track whether a penalty was removed, you can also review your official IRS Online Account.

Records there should show whether a penalty was assessed, whether relief was applied, and when the three-year compliance period begins for potential future eligibility.

As always, however, consult a qualified and trusted tax professional if you have questions or concerns about IRS penalties.

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President Donald Trump re-imposed a U.S. blockade on Iran and introduced a 20% toll on all cargo transiting the Strait of Hormuz, adding to uncertainty at the key passage to and from the Persian Gulf. At the same time, another steep sell-off for South Korea-based semiconductor stocks undermined "risk on" sentiment stateside.

"All other countries will have fair and open use of the Strait. The U.S.A. will be, from this point forward, known as 'THE GUARDIAN OF THE HORMUZ STRAIT,'” the president posted on Truth Social, "but as such, and as a matter of FAIRNESS, will be reimbursed, at the rate of 20% on all cargo shipped, for any and all costs necessary to do the job of providing safety and security to this very volatile section of the World."

The front-month West Texas Intermediate crude oil futures contract was up 8.8% to $77.72 per barrel. The 2-year Treasury yield ticked up to 4.269% from 4.208% on Friday and reached a new 52-week high.

Meanwhile, the Korea Composite Stock Price Index dropped 9.0% on Monday. The KOSPI recently traded into "bear market" territory by declining 20.5% from its record closing high on June 22 through last Wednesday's close.

"The stock market's attempt to break out of its six-week consolidation faces a couple of familiar challenges—tech volatility and geopolitics," E*TRADE from Morgan Stanley managing director Chris Larkin observes. "The ongoing swings in semiconductors has made it difficult for tech to mount a sustained push to the upside, and while the market has so far taken the breakdown of the US-Iran ceasefire in stride, escalating hostilities and rising oil prices won't help the bullish cause."

Larkin notes that investors, traders and speculators expect incoming consumer and producer inflation data to show some cooling. "But," he adds, "the market may not get as much of a boost from good news if traders think oil is headed higher again."

Big Tuesday

Indeed, this week's economic calendar, Tuesday morning in particular, is all about inflation and interest rates.

The Bureau of Labor Statistics (BLS) will release the June Consumer Price Index (CPI) report at 8:30 a.m. Eastern Standard Time. That's less than two hours before new Federal Reserve Chair Kevin Warsh makes his first appearance before Congress as mandated by the Federal Reserve Act.

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The act requires the Fed chair to appear twice a year to talk about the central bank's Semiannual Monetary Policy Report. Warsh is scheduled to testify before the House Financial Services Committee on Tuesday and at the Senate Banking Committee on Wednesday.

Tuesday is also a big day on the earnings calendar, with Bank of America (BAC, -0.2%), Citigroup (C, -0.1%), Goldman Sachs (GS, -0.8%), JPMorgan Chase (JPM, -0.6%) and Wells Fargo (WFC, +0.6%) scheduled to report second-quarter results and offer forward-looking guidance before the opening bell.

SKHY vs AAPL

SK Hynix (SKHY, -9.3%) was down 15.4% during the first trading session on its local exchange after it completed one of the biggest IPOs in U.S. history on Friday. SK Hynix and fellow chipmaker Samsung Electronics, which was down 10.7% on Monday, make up about 51% to 53% of the KOSPI.

The iShares Semiconductor ETF (SOXX, -4.8%) posted a more modest loss, though Nvidia (NVDA, -3.5%) was the worst-performing Dow Jones stock.

Apple (AAPL, +0.6%) traded against Monday's trend for both the Magnificent 7 stocks and tech generally, touching a new all-time high even as the Roundhill Magnificent 7 ETF (MAGS, -1.0%) was well in the red.

Citi Research analyst Asiya Merchant reiterated her Buy rating and raised her 12-month target price for AAPL from $315 to $365, citing the September release of the iPhone 18 as "an important catalyst that could further strengthen investor sentiment." The iPhone 18 is expected to include Siri AI.

At the closing bell on Monday, the tech-heavy Nasdaq Composite was down 1.6% at 25,873 the broad-based S&P 500 had shed 0.8% at 7,515, and the blue-chip Dow Jones Industrial Average was off 0.3% at 52,498.

When FAST is also safe

If there is such a thing as a safe stock, Fastenal (FAST, +1.2%) qualifies according to Kiplinger's Personal Finance Magazine contributing columnist James Glassman. As Glassman notes, the wholesale nuts and bolts distributor has boosted its dividend for 26 straight years, and it has a beta of 0.88. So it's a "Dividend Aristocrat," and it's less volatile than the broader market.

FAST, which is also scheduled to report earnings before the opening bell on Tuesday, generated a year-to-date total return of 17.1% through July 10 vs 11.4% for the S&P 500. The industrial stock is also up 94.1% and 451.8% over the trailing five- and 10-year periods vs 85.7% and 316.3% for the index.

The Wall Street analyst community is split on FAST: Five Buy, seven Hold and five Sell ratings. But Rothschild & Co. Redburn sees something different here, too.

"An investor who committed $9,000 to purchase 1,000 shares at Fastenal’s IPO in 1987 would today hold shares worth approximately $15.5 million," analyst William Blunt writes in the March 2026 Redburn Review (pdf), "equating to a compounded annual return of 21.6%, or 22.2% after reinvesting dividends."

Blunt says the culture established by founder Bob Kierlin, who was CEO for 35 years, is built on frugality. "This disciplined approach to costs has enabled sustained reinvestment," he adds, "reinforcing a virtuous cycle of profitability and expansion."

On Monday, Rothschild Redburn initiated coverage of FAST with a Buy rating and a $55 12-month target price.

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To help you understand the trends surrounding business and technology and what we expect to happen in the future, our highly experienced Kiplinger Letter team will keep you abreast of the latest developments and forecasts. (Get a free issue of The Kiplinger Letter or subscribe.) You'll get all the latest news first by subscribing, but we will publish many (but not all) of the forecasts a few days afterward online. Here's the latest…

Memory chips traditionally see booms and busts. Strong demand causes prices to rise, then new supply hits the market and prices fall. Rinse and repeat.

That cycle has been upended, at least for now. Massive demand from the artificial intelligence frenzy has created severe shortages and prolonged price hikes. Top memory makers Micron, Samsung and SK Hynix have seen revenue, profits and stock prices explode.

Is the memory market different this time?

Many analysts and investors are betting that the market has fundamentally changed. In a recent investing presentation, Micron seemed to reflect the sentiment, saying that "the memory industry has been structurally transformed by the proliferation of AI."

But it’s not likely the AI boom will end memory’s cyclical nature. "The core tenet of cycles is still very much part of the story," says William Kerwin, an analyst at Morningstar. "The key question for investors is when this cycle peaks and how far it falls thereafter," Kerwin wrote in a recent Micron research note.

Kerwin says that memory makers still don’t want to overbuild because when you have oversupply, pricing crashes. Companies also don’t want idle capacity at hugely expensive chip plants. "Demand can change on a dime," he says.

Chipmakers have big expansion plans underway, but new factories take a long time to build, and "no major greenfield additions across the industry are expected to matter before 2028," according to a recent report by market research firm Omdia.

"Major memory manufacturers have internalized the lessons of previous cycles," said Soo Kyoum Kim, an analyst at IDC, in a recent article. "They are exercising deliberate capacity discipline" by prioritizing advanced AI products and not rushing to fill every order.

However, this unprecedented upswing will last years. A downturn is expected in 2029, according to Kerwin, when more supply becomes available from major new manufacturing plants.

Memory chip sales have absolutely skyrocketed

Global memory chip revenue is forecast to hit about $803 billion this year, according to World Semiconductor Trade Statistics. For perspective, that’s about the same as the entire semiconductor market in 2025, which was $796 billion.

This year, memory revenue will nearly double the value of all logic chips, a category that includes chips from Nvidia, Intel, Broadcom, Qualcomm, Apple and many others. Memory chip revenue is a driving force behind overall semiconductor revenue being set to reach an astronomical $1.5 trillion this year and nearly $2 trillion in 2027.

Micron’s recent third-quarter results highlight the trend. The company saw quarterly revenue explode 346% year-over-year to $41.5 billion. In 2026, revenue will be nearly $140 billion, with sales set to hit $340 billion in 2027, according to a Morningstar forecast. Back in in 2023, the U.S. memory chipmaker had $16 billion in revenue.

Chipmakers still want to avoid a painful crash and will continue to exercise discipline over supply, ready to respond if memory prices sink. Another recent tactic is using long-term contracts to smooth the ups and downs of demand. Micron inked 16 multi-year deals worth $22 billion to start, for example.

Even in a downturn, global memory revenue will remain at a far higher level because of AI demand. Prices will be higher than the pre-AI boom, too. "We're not making a call that AI demand is going to slow down," says Kerwin. Rather, the bearish call is that a glut of supply brings prices back down.

This forecast first appeared in The Kiplinger Letter, which has been running since 1923 and is a collection of concise weekly forecasts on business and economic trends, as well as what to expect from Washington, to help you understand what’s coming up to make the most of your investments and your money. Subscribe to The Kiplinger Letter.

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Each year, Kiplinger surveys our readers to find out what their favorite financial products are for the annual Kiplinger Readers' Choice Awards. For this year's awards, more than 4,200 readers rated products across 13 categories — including their favorite cash-back credit cards.

One of the most recommended cash-back credit cards by Kiplinger readers was the Costco Anywhere Visa by Citi. Readers praised the generous rewards and the card's simplicity, with one reader telling Kiplinger, "This card has always offered a great rewards system with multiple cash-back tiers, appropriately high credit limits and easy fraud alerts and resolution."

I'm not surprised the card earned such high praise from our readers. It's also one of my favorite (and most swiped) credit cards in my rewards card mix. I earn hundreds in cash back every year just by swiping this card when I'm buying the gas or groceries I need to pay for one way or the other anyway. Here are three things that make the credit card worth adding to your wallet.

1. You can stack cash back rewards on top of your existing discounts

By far, my favorite thing about this credit card is that I get to stack the cash back earned by using the card on top of the discounts I already get as a Costco member. When gas prices were soaring over the past few months, I consistently paid well below the national average price per gallon because the Costco gas station near me was always about 15 cents cheaper than nearby stations (and I live in a state that temporarily suspended the gas tax).

Since this card offers 5% cash back on Costco gas, I earn a couple of bucks per tank each time I fill up. Between the couple of bucks in savings on each tank and that cash back, Costco (and this credit card) helped ease the strain of rising fuel prices on my wallet.

I also appreciate the 2% I earn inside the store itself. Since I can't use my American Express that earns 6% on groceries at Costco – the warehouse club accepts Visa only — it's the next best option. I've even set up this credit card as my payment method for the annual membership fee, so I'm earning some cash back on that, too.

2. There's no annual fee

For a credit card with a rewards program as generous as the one you get with the Costco Anywhere Visa by Citi, you'd expect to pay an annual fee. But this card has none. The catch is that you do need to be a Costco member to get this cash back credit card.

If you already have a membership, there's absolutely no reason not to have this card. Even if you only ever use it on Costco gas and groceries, you're still coming out ahead. Having this credit card is what makes my Costco membership worth it for my smaller household. Without the hundreds in cash back I earn every year, I'd be hesitant about keeping the membership.

If you aren't a member yet, pairing the everyday savings with the cash-back perks of this card makes the basic Costco Gold Star membership more than worth the $65 annual fee.

3. You get better cash back rewards at other gas stations, too

Maybe you don't live close enough to a Costco location to make that your primary gas station. Even then, you get 4% at most other gas stations.

My next best credit card for everyday spending (the American Express Blue Cash Preferred) tops out at 3% back on gas. Even when I'm on a road trip or just too far from my regular Costco station, I'm still swiping my Costco card to pay for gas.

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To help you understand what is going on in the economy and beyond, our highly experienced Kiplinger Letter team will keep you abreast of the latest developments and forecasts (Get a free issue of The Kiplinger Letter or subscribe). You'll get all the latest news first by subscribing, but we publish many (but not all) of our forecasts a few days afterward online. Here’s the latest...

Car sales will generally hold up this year. But affordability is a growing buyer concern. Here’s what to know if you’re in the market.

Dealerships will remain relatively busy, with about 16 million cars and light trucks sold this year, in line with 2025. Despite sticker shock, shoppers are still finding ways to afford a new vehicle. While car prices aren’t rising as swiftly now, with the average transaction price at $50,000 lately, financing and car insurance costs have surged. On average, insurance premiums have risen by 54% in the past five years. Even for buyers with good credit, auto loan rates are up by a percentage point. Folks with lower credit scores face significantly higher rates.

Borrowers have been stretching out their car loans to achieve a bearable monthly payment, even though that means paying more in interest during the loan. A third of loans to finance new cars last six-plus years.

There may not be many deals to be had now. But there are ways to save, especially for folks who are flexible on the make, model or vehicle options.

• If you can live with the base model of the car you want, do it. The difference between the cheapest and priciest trims of a given vehicle can be hefty. For example, most buyers of Toyota’s ever-popular RAV4 opt for the upscale XSE and Limited trims instead of the base LE, and pay $9,400 to $11,400 more for the added amenities.
• Note which brands have more or fewer cars in stock. Toyota and Honda have the leanest inventories, which generally means less room to bargain. Stellantis, the parent company of Jeep, RAM, Dodge and Chrysler, has the most cars on dealer lots now.
• Hybrids continue to sell well, now making up 14% of total sales. Buyers who target nonhybrid versions of a given model may face less pressure to pay up. You may have better options in the used-car market, given the high level of leasing in recent years.
• Low-mileage vehicles coming off lease can be good deals, and offer good warranties if sold through manufacturers’ certified pre-owned programs. Depreciation tends to be higher on fancier trims of used cars…good for second owners.

Automakers continue to lean on pickup trucks and SUVs as buyers’ interest in sedans continues to wane. Tesla just axed its flagship Model S sedan. Cadillac will soon have just one sedan in its lineup. Ditto for Acura. Coupes are even rarer.

Also note the budding return of small pickups. With full-size trucks so big, and even midsize models inflating in size, many buyers pining for compact work trucks who have felt left out are starting to get more options. Ford’s compact Maverick pickup has been a strong seller. Start-up Slate Auto is now taking orders for its two-door truck, which is electric, smaller than a Corolla, and starts at $24,950. Ford is readying a rival to the Slate, also electric, and Toyota is rumored to be mulling a small hybrid pickup.

This forecast first appeared in The Kiplinger Letter, which has been running since 1923 and is a collection of concise weekly forecasts on business and economic trends, as well as what to expect from Washington, to help you understand what’s coming up to make the most of your investments and your money. Subscribe to The Kiplinger Letter.

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The FIFA World Cup is well underway, with quarterfinals going on this weekend, but for some fans, excitement ended in frustration.

The games started June 11 and end July 19. Those dates have been locked in for millions of World Cup fans around the world who've been waiting to watch the games for the last four years. For people living in the U.S., this tournament is especially exciting as we are a host nation, making some matches right next door for fans like Majda Praiz. Praiz is Croatian and has been living in Austin, Texas, with her husband for the last five years. When the Croatia vs England game was scheduled to take place at the Dallas Stadium, just three hours away, they knew it was a once-in-a-lifetime opportunity.

"This is the first time they'll have a World Cup so close to us; let's just splurge. Let's just go buy these tickets," Praiz told Kiplinger. Normally, Praiz and her husband would spend their summers going back to Croatia, but this year they wanted to spend their money on seeing Croatia play in the World Cup.

Planning ahead to beat expensive ticket prices, Praiz and her husband bought two tickets last December from StubHub for $1,671. Though the tickets were expensive, they thought it was worth every penny because they would most likely never get the opportunity to see Croatia play in the U.S. again.

"Everything looked normal, except that we did not have seat numbers. When we reached out, StubHub said something about the seller, FIFA, I guess, not releasing the tickets yet, and that we would get them whenever they were released," Praiz said. She added that she "didn't really question it because we've used StubHub before for almost every event and never had any issues."

The weekend before the match, Praiz received an email stating the seller could not deliver the original tickets, and her immediate reaction was "panic."

"They offered to refund the money, but it's not about that. We're talking about a world-level event. This is not like a concert downtown. People travel from all over the world to get to the games, spending thousands on flights and hotels that airlines won't refund," said Praiz.

With only three days left before the match, ticket prices had skyrocketed. Facing the risk of missing the game entirely, Praiz and her husband decided to request a full refund from StubHub and bought official tickets directly through FIFA. The new official FIFA World Cup tickets cost them $2,500 for the exact same category level, nearly $1,000 more than their original resale purchase. Total expenses, including gas and food, came to roughly $3,000.

"What if we flew in for the game and had a hotel and stuff? That's extra thousands of dollars that no one is going to refund to you because you lost your tickets," said Praiz. "But the tickets are like $50,000 now. It's ridiculous. That's for the final, but still that's what worries me."

What to know about resale markets

Praiz and her husband aren't alone when it comes to losing or buying fake tickets before an event.

According to LegalShield, "35% of consumers have experienced grievances tied to event tickets." About a third of those consumers said they had a "verified" ticket rejected at the gate as fraudulent, while 68% reported buying so-called "ghost tickets," when the seller never had the tickets in the first place.

When buying from third-party platforms, it is important to understand how these secondhand marketplaces function. In addition to StubHub, you can buy tickets to events from resellers on sites including SeatGeak, Ticketmaster and Vivid Seats. On a platform like Ticketmaster, which also sells tickets directly from event organizers, there usually is an indication that the ticket you're looking at is a direct or resale purchase.

As a secondhand marketplace, StubHub does not own the tickets; it essentially just offers a place for people to buy and sell from each other. Its legal terms state: "While we may help facilitate the resolution of disputes between Buyer and Seller and provide the FanProtect Guarantee, we have no control over and do not guarantee the existence, quality, safety or legality of the Tickets."

That doesn't mean people can necessarily list anything on a secondhand marketplace; there are often guardrails in place to prevent fraud and fake sales. If sellers are found to have faked tickets, they're typically penalized by the marketplace. (StubHub's legal terms state if you list an "invalid ticket," "we will charge your payment method an amount equal to the greater of (i) 100% of the price of the ticket(s) sold or (ii) the full amount incurred by us to remedy the issue for the buyer.")

For buyers, another critical takeaway is understanding that fulfillment issues on secondary markets often stem from broader logistical and platform challenges rather than the tickets themselves. It's also important to remember that the vast majority of resold tickets typically are real, since the companies work to filter out bad apples.

When planning for high-demand events, you should look into the protection policies offered by the resale platform. For example, StubHub has FanProtect Guarantee, which is how Praiz got a full refund on her original purchase.

A StubHub spokesperson told Kiplinger: "StubHub was founded with the mission of making buying tickets easier and safer, and for 26 years we've helped millions of fans access the events they love. The World Cup is no exception, but even a single bad experience is deeply disappointing for fans and for us. That's why, in the rare instance that problems arise, our FanProtect Guarantee provides replacement tickets or a full refund — and why we are working tirelessly to resolve ticket transfer issues and get every fan into their match."

Ticket scams to look out for

Many high-demand events, like the World Cup or Taylor Swift's Eras Tour, have left fans sitting not in the stands, but outside the stadium with their "ghost tickets." Sometimes this is due to ticket transfer problems on legitimate secondhand markets, but there are also sophisticated scams to look out for with big events.

The FBI's Internet Crime Complaint Center issued a public service announcement warning that cybercriminals are spoofing FIFA websites, using fake pages to steal personal information and sell bogus tickets and hospitality packages. As fans continue to look for bargain tickets to see the finals, know that the safest place to purchase real tickets is through FIFA's official website.

Though Croatia lost the match, Praiz described standing in the stadium and hearing the national anthem as an incredibly proud, emotional, once-in-a-lifetime experience. Even so, she was shaken by her experience with the tickets. She hopes that by sharing her story, other people will know it's a possibility.

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Markets ended the first full trading week of July on a positive note, with all three main equity indexes posting gains on Friday. Investors, traders and speculators welcomed another hot initial public offering (IPO) as they look forward to the acceleration of earnings reporting season and new Fed Chair Kevin Warsh's first testimony on Capitol Hill since taking over at the world's most important central bank.

Materials stocks took the lead on Friday, as 10 of 11 sectors closed in the green. Tech stocks were higher, too, while Nvidia (NVDA, +4.0%) and Nike (NKE, +3.8%) were the top-performing Dow Jones stocks.

SK Hynix (SKHYV, +17.0%) started trading late in the morning and immediately popped to an intraday of $176.34, 18.3% above its IPO price. After raising $26.5 billion this week, SK Hynix now ranks among the biggest IPOs in U.S. history.

Financial stocks added more than 1%, with Bank of America (BAC, +0.7%), Citigroup (C, +0.7%), Goldman Sachs (GS, -0.1%), JPMorgan Chase (JPM, +0.3%) and Wells Fargo (WFC, +0.2%) scheduled to report second-quarter earnings before the opening bell next Tuesday.

By the closing bell, the Nasdaq Composite had added 0.3% to 26,281, finishing with a 1.7% weekly gain. The broad-based S&P 500 rose 0.4% on Friday and 1.2% for the week to 7,575. The blue-chip Dow Jones Industrial Average ticked up 0.3% to 52,673 but tracked back 0.5% over the five days.

What will Warsh tell Congress?

As Louis Navellier of Navellier & Associates foreshadows, next week is a big one for the earnings calendar: "We are locked and loaded for another earnings announcement season," Navellier writes, noting that valuations for "fundamentally superior stocks" are being compressed.

It's also a big one for the economic calendar: "I think it is safe to say that Fed Chairman Warsh is planning to turn the Fed inside out, streamline it and make it operate more efficiently," Navellier writes.

Warsh is scheduled to testify before the House Financial Services Committee on Tuesday and at the Senate Banking Committee on Wednesday.

As Navellier explains, Warsh is putting together five task forces to "re-examine how the central bank operates." The task forces will focus on AI, productivity and jobs; Fed communications; the Fed’s balance sheet, inflation and economic data.

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The front-month West Texas Intermediate crude oil futures contract was down 1.3% to $71.56 per barrel. WTI ticked up 4.2% this week, though markets' main concerns right now are top- and bottom-line growth and forward guidance.

At the same time, markets want to know from Warsh how the Fed will respond amid continuing uncertainty about energy prices, inflation and interest rates.

Note that the Bureau of Labor Statistics (BLS) will release the June Consumer Price Index (CPI) report less than two hours before Warsh testifies on Tuesday.

Upside for META stock

Meta Platforms (META, +6.2%) led S&P 500 stocks on Friday, as the Facebook and Instagram parent surged amid reports that it plans to enter the cloud computing market using its excess AI capacity and that it wants to build a new AI chip in partnership with Broadcom (AVGO, -0.3%).

Broadcom, which is not one of the Magnificent 7 stocks but is one of the top 10 companies in the world based on market cap, was up 11% this week, helped by confirmation by Apple (AAPL, -0.3%) that it will spend $30 billion for its own U.S.-made chips.

"Meta has been a significant beneficiary from the advances in AI by selling more ads at higher prices, which has driven significant revenue acceleration,” DA Davidson analyst Gil Luria observes. "It has not gotten credit because it has increased capex even more. If Meta slows down capex and starts monetizing it, we see significant upside to revenue and cash flow."

WD-40 stock was up 11% today

WD-40 (WDFC, +10.7%) made the case for mid-cap stocks on Friday, as management of the multiuse petroleum-based spray maker beat Wall Street expectations for its third quarter and raised guidance for the full year.

"We delivered an exceptional third quarter," CEO Steve Brass said in WD-40's earnings announcement (pdf), "with net sales increasing 24% and operating income increasing 47%, demonstrating the operating leverage inherent in our business model." Brass cited double-digit growth across WD-40's businesses, as well as "continued progress" in its "Must-Win Battles."

"While the cost backdrop remains fluid," a team of William Blair analysts led by Jon Andersen writes in a post-report note, "we believe in our thesis that WD-40 represents a singular and attractive business and investment opportunity."

Andersen & Co. reiterated their Overweight (Buy) rating, noting WD-40's "unique heritage, brand equity and product efficacy, geographic and channel reach, and go-to-market capabilities," as well as "superior organic sales growth" and "reliable free cash flow generation."

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The June Consumer Price Index (CPI) report is a classic head-fake for investors. Indeed, the latest inflation data from the Bureau of Labor Statistics gave market participants something they haven't witnessed in quite a while: a negative month-over-month headline inflation print.

According to the BLS, headline inflation fell 0.4% from May to June, marking the biggest one-month decline since April 2020. This was larger than the 0.2% drop economists expected. Year over year, the June CPI was up 3.5%, better than economists' estimate for a 3.8% rise.

Look past the headline, however, and the reality of the inflation environment is far less encouraging.

To understand June's data, we have to look back at the scorcher we saw in May. Headline CPI surged 0.5% for the month and a blistering 4.2% over the prior 12 months. That reading, which followed a hot 3.8% annual rate in April, marked a second straight monthly acceleration in inflation.

It was enough to force the Federal Reserve's hand. At the mid-June Fed meeting – the first with Kevin Warsh at the helm as chair – the central bank's rate-setting committee struck a decidedly hawkish tone. Surprised by the sticky inflation data, the Fed bumped its median 2026 inflation forecast up to 3.6% from 2.7%.

It also nudged its median fed funds rate projection (the so-called dot plot) to 3.8% from 3.4%, signaling that rates will be staying higher for longer.

So, what changed in the June inflation report? In a word: Geopolitics.

Energy prices are on the rise again

May's monthly print was heavily driven by a geopolitical energy price spike, led by a sharp rise in gasoline prices. Thanks to a mid-June ceasefire and the reopening of the Strait of Hormuz, oil prices plunged roughly 21% to hover around $77 a barrel. Prices at the pump soon followed.

This dramatic reversal in energy prices means the headline CPI number for June flipped negative.

"Energy prices were by far the biggest driver of the general price decline in June, falling 5.7%, after jumping 10.9% in March, 3.8% in April, and 3.9% in May," says Scott Anderson, Ph.D., chief U.S. economist at BMO.

But inflation could go higher from here. With the ceasefire officially over, oil prices are up more than 15% so far in July.

"This raises the specter that large and volatile changes in energy prices could still stoke downstream inflation pressures if the war in Iran continues," says Anderson. "And, it will keep the Federal Reserve’s finger on the rate hike trigger should inflation pressure resurface in the core measures."

The June CPI report also showed that core prices, which exclude volatile food and energy costs, were flat month over month in June and up 2.6% year over year. This compares to May's readings of 0.2% and 2.9%. Economists expected a monthly increase of 0.2% and an annual rise of 2.9%.

This sharp divergence – a cooling headline figure driven purely by an energy swing, paired with sticky core inflation – creates a highly complicated backdrop for the Fed.

Unsurprisingly, Fed officials themselves appear somewhat divided on the path forward. New York Fed President John Williams recently pointed to easing inflationary pressures, particularly in moderating shelter costs.

Conversely, Chicago Fed President Austan Goolsbee voiced concerns that inflation is trending in the wrong direction. This internal split has some market watchers floating an unexpected possibility: That the next Fed move might actually be a rate hike, rather than a cut.

With the June CPI report on the books, we looked at what economists, strategists and other experts on Wall Street have to say about the data. You'll find their insight, edited at times for brevity, below.

What Wall Street is saying about the June CPI report

"Underlying inflation continues to move in the right direction, allowing the Federal Reserve to keep rates steady at their July FOMC meeting. We continue to see opportunities in areas supported by durable earnings growth, particularly AI, while maintaining diversified portfolios to help navigate periods of elevated volatility." - Gargi Chaudhuri, Chief Investment and Portfolio Strategist for the Americas at BlackRock

"If you were looking for runaway inflation in this report, you didn't get it. It's pretty clear any recent rise in inflation was related to energy prices and wouldn't be long-lasting." - Jamie Cox, Managing Partner for Harris Financial Group

"This is the report the Fed has been waiting for: headline relief and, more importantly, a core reading that shows the energy shock stayed contained. It strengthens the case that the inflation impulse keeping policy on hold was largely a one-off, and it should give the committee more room to lean toward supporting the labor market as the year progresses." - Jason Pride, Chief of Investment Strategy & Research at Glenmede

"June inflation was notably softer than expected as energy and core goods prices eased. The report gives the Fed some breathing room and likely takes a July rate hike off the table. Still, the underlying inflation picture remains uncomfortable. Software prices continue to rise amid AI-related capacity constraints, while persistent restaurant inflation suggests demand remains strong." - Sonu Varghese, Chief Macro Strategist at Carson Group

"The Fed was losing patience with high inflation readings, and today's cooler-than-expected report gives them room to breathe. By surprising on the downside, it relieves immediate pressure for action, allows the Fed to gather additional inflation data over the summer, and makes it considerably easier for policymakers to maintain their current wait-and-see stance through the next meeting." - Ellen Zentner, Chief Economic Strategist for Morgan Stanley Wealth Management

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Kia America is recalling nearly 463,000 Telluride SUVs because the front power seat motor could overheat and catch fire while the vehicle is parked or being driven.

The National Highway Traffic Safety Administration (NHTSA) is advising owners of affected vehicles to park outside and away from buildings and other vehicles until the recall repair is complete.

The recall affects Tellurides from the 2020 through 2024 model years. Kia is aware of seven seat fires and 11 incidents involving melted seat motors, according to the NHTSA. Taking care of the free recall repair can help protect your family, your vehicle and one of your biggest financial investments. Here's what you need to know.

What is causing the fire risk?

The problem involves the front power seat motor.

If the power seat knob is accidentally hit, the seat switch can become dislodged and damaged. That can cause the seat motor to keep running, which may lead to overheating and potentially a fire.

The issue can occur while the Telluride is being driven or while it is parked.

These vehicles were previously recalled in 2024 for the same underlying problem. However, the NHTSA says an improper repair performed under the earlier recall could also allow the seat motor to overheat and catch fire.

That's why owners who had the previous recall repair completed should still check whether their vehicle is included in the latest recall.

What Telluride owners should do now

Until the latest repair is complete, NHTSA says that affected owners should park their vehicles outdoors, away from buildings and other vehicles.

Kia dealers will install an electronic fuse assembly designed to prevent the seat motor from operating continuously if the seat switch becomes dislodged, misaligned or damaged. The repair will be performed free of charge.

Kia is expected to begin mailing notification letters to affected owners on August 13. However, owners do not have to wait for a letter to check whether their vehicle is included in the recall.

You can search for open recalls using your vehicle identification number, or VIN, through this NHTSA recall lookup tool. You can also contact a local Kia dealership for more information about the repair.

Can you still drive your Kia Telluride?

The recall does not tell owners to stop driving their Tellurides, but the fire risk can occur whether the SUV is parked or in use. Until the repair is complete, owners should follow NHTSA's guidance and park outside away from buildings and other vehicles.

Drivers should also pay attention to potential warning signs around the front power seats. If you notice unusual heat, a burning or melting smell or smoke coming from underneath a seat, stop driving and move away from the vehicle.

If you own a 2020 through 2024 Kia Telluride, check whether your SUV is included in the recall, even if you had work performed under the previous 2024 recall.

Handling a recall can help protect your vehicle and give you peace of mind. The right auto insurance coverage can provide an additional layer of financial protection when the unexpected happens.

Use the tool below, powered by Bankrate, to compare coverage options and find a policy that fits your needs and budget:

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If you switched from cable to live TV streaming hoping to save money, you probably noticed those monthly bills gradually climb over the past several years.

Some subscribers might be able to recover a small portion of those costs through a proposed $50 million settlement involving Disney.

The settlement stems from a class-action lawsuit alleging Disney's business practices contributed to higher prices for live TV streaming services like YouTube TV and DirecTV Stream.

While Disney denies any wrongdoing, the company agreed to settle the claims, meaning current and former subscribers could qualify for a payment if the settlement receives final court approval.

Here's what you need to know.

What is the Disney streaming settlement?

The proposed settlement resolves part of the class-action lawsuit Biddle v. Disney, which alleges Disney violated federal and state antitrust laws by using its market power during negotiations with streaming providers.

According to the lawsuit, Disney required providers such as YouTube TV and DirecTV Stream to carry ESPN and other Disney-owned channels in widely available programming packages.

Plaintiffs argue those carriage agreements, which determine which channels streaming providers carry and how they're packaged, made it more difficult for streaming services to offer lower-cost channel bundles and ultimately contributed to higher subscription prices.

Disney has denied the allegations and maintains it did nothing unlawful. The proposed $50 million settlement is not an admission of liability but instead resolves the claims for eligible YouTube TV and DirecTV streaming subscribers.

Who qualifies for a Disney settlement payment?

You might be eligible if you paid for either of these live TV streaming services during the qualifying period:

• YouTube TV from April 1, 2019 to March 31, 2026
• A DirecTV streaming live pay TV subscription, including DirecTV Stream, DirecTV Now or AT&T TV Now, during the same period.

If you subscribed to both YouTube TV and one of the eligible DirecTV streaming services, you can include both subscriptions on a single claim form.

How much money could you receive?

There's no guaranteed payout amount. Payments will be calculated based on two primary factors:

• How long you maintained an eligible subscription.
• How many valid claims are ultimately submitted.

That means someone who subscribed for several years could receive a larger payment than someone who only subscribed for a few months, but the final amount won't be known until the claims process is complete.

After attorneys' fees and other approved costs are deducted from the settlement fund, the remaining money will be distributed among eligible claimants.

How to file a claim

Eligible consumers can submit a claim online or by mail.

The easiest option is through the court-authorized settlement website:

Online TV Settlement website

If you received a settlement notice by email or mail, you'll use the Unique ID and PIN included in that notice to submit your claim. If you didn't receive one, the settlement administrator provides instructions for requesting assistance.

You can also print a claim form and mail it to the settlement administrator at this address:

Biddle v. Disney

Settlement Administrator

P.O. Box 4720

Portland, OR 97208-4720

The deadline to submit a claim is Sept. 8, 2026. Claims submitted online or by mail must be postmarked by that date.

When will settlement payments be sent?

Don't expect a payment immediately.

Before any money is distributed, the settlement must receive final court approval. The final approval hearing is currently scheduled for Jan. 14, 2027. If the settlement is approved and any appeals are resolved, payments will be distributed afterward.

As with many class-action settlements, the entire process could take several months after the hearing before checks or electronic payments are sent.

What the lawsuit says about the cost of streaming

While this settlement might result in cash payments for eligible subscribers, it also highlights one reason streaming prices have steadily increased.

Live TV streaming providers don't simply choose which channels to offer. Many negotiate complex carriage agreements with media companies that own popular networks. Those agreements can require providers to include high-demand channels (such as ESPN), within their standard channel packages instead of offering them as optional add-ons.

The plaintiffs argued that these requirements reduced competition by limiting providers' ability to create less expensive packages for customers who didn't want sports programming. Disney disputes those allegations, but the case has renewed attention on how channel bundling affects what consumers ultimately pay each month.

Regardless of the outcome, it's a good reminder to review your streaming expenses at least once a year. Compare recent price increases, cancel services you no longer watch and consider whether a live TV bundle still delivers enough value for the channels your household uses.

For some families, rotating subscriptions or switching to lower-cost streaming options can free hundreds of dollars annually.

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Wednesday's late surge for a mixed close evolved into Thursday's across-the-board rally for the main U.S. equity indexes after a major gauge of global risk appetite recovered from another steep sell-off. Big companies are still making huge commitments to artificial intelligence, and stocks are still trending higher ahead of a summer reporting season that's going to heat up next week.

The front-month West Texas Intermediate crude oil futures contract was down 2.3% to $71.85 per barrel, even as the U.S. and Iran continue to attack targets around the Strait of Hormuz.

And tech stocks took off again, as the Korea Composite Stock Price Index added 0.6% a day after it slid into bear market territory. The KOSPI was down 20.5% from its record closing high of 9,114 on June 22 through Wednesday's close at 7,246.

The KOSPI recovered from a steeper 20% drawdown over two trading days in March and got back above its previous all-time high by April. Then, on June 23, it was down 10%, a day they've called "Black Tuesday" in South Korea.

Earnings are the underlying force

Financial stocks added more than 1%, with Bank of America (BAC, +1.6%), Citigroup (C, +1.6%), Goldman Sachs (GS, +2.6%), JPMorgan Chase (JPM, +1.5%) and Wells Fargo (WFC, +1.6%) scheduled to report second-quarter earnings before the opening bell next Tuesday.

Consumer staples and energy stocks suffered amid the resumption of the "risk on" AI trade, the sectors shedding 1.8% and 1.6%, respectively, with notable names Procter & Gamble (PG, -1.1%) and Chevron (CVX, -1.1%) among 17 of the 30 Dow Jones stocks in the red.

"Today’s rebound demonstrates that good stocks bounce," Louis Navellier of Navellier & Associates notes. Navellier is optimistic about the flow of second-quarter earnings next week: "Believe it or not, it's going to be better than the first quarter."

According to a FactSet summary of first-quarter results, 85% of S&P 500 stocks beat earnings-per-share estimates, and companies reported aggregate revenue and earnings growth rates of 11.6% and 28.4%

"We're in the bumpy summer months," Navellier concludes, "but the underlying force underneath this market is earnings and a very strong economic recovery."

By the closing bell, the tech-heavy Nasdaq Composite had risen 1.3% to 26,206, the broad-based S&P 500 was up 0.8% at 7,543, and the blue-chip Dow Jones Industrial Average had added 0.3% to 52,487.

SK Hynix U.S. IPO is 7 times oversubscribed

According to Bloomberg, which cited "people familiar with the matter," demand for U.S.-listed shares of South Korea-based memory chipmaker SK Hynix exceeds supply by more than seven times. As Wall Street would say, this initial public offering (IPO) is "oversubscribed."

Management of the semiconductor stock plans to price its American Depositary Receipt (ADR) at $149 per share. The ADR IPO price is 3.1% above SK Hynix's closing price in South Korea on Thursday.

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SK Hynix is expected to begin trading on the Nasdaq under the symbol SKHYV on Friday and will transition to the symbol SKHY on July 13. One SK Hynix ADR will be equivalent to one-tenth of a South Korea-listed common share.

At $26.5 billion, the SK Hynix IPO would be the biggest first-time share sale of a foreign stock in the U.S., surpassing the $25 billion Alibaba Group (BABA, +2.0%) raised in September 2014. That would put it among the biggest IPOs in U.S. history.

Micron ups US spend above $250 billion

Micron Technology (MU, 4.5%) said it will accelerate and increase its investment plan, committing to spend more than $250 billion through 2035 to support the memory chipmaker's goal to produce more than 40% of its DRAM in the U.S., citing "surging demand for memory in the AI area."

Micron also poured the first concrete at what will be the biggest semiconductor manufacturing facility in the U.S.

In a separate announcement, Micron said it would spend $3 billion to develop the semiconductor supply chain around its U.S. footprint.

BofA Global Research analyst Vivek Arya reiterated his Buy rating and a $1,550 12-month target price for MU stock, citing a 40% to 50% increase in Big Tech capex to $1.5 trillion in 2027. The analyst said memory will consume 35% to 40% of that budget.

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If you still pay bills by mail, send birthday cards or holiday greetings, or regularly mail important documents, you can expect to pay a little more at the post office soon.

Beginning July 12, the U.S. Postal Service (USPS) is raising the price of a Forever stamp from 78 cents to 82 cents, a 4-cent increase. The price hike is part of a broader mailing services adjustment that also affects postcards and international mail.

While four cents may not seem like much, the savings can add up if you buy stamps now in larger quantities. And because Forever stamps never expire, many people who know they'll use them eventually choose to stock up before a price increase takes effect.

Forever stamp prices increase July 12

Starting July 12, here's what some of the most common USPS mailing services will cost:

The Forever stamp increase represents about a 5.1% increase per stamp. Overall, USPS says mailing service prices are increasing by approximately 4.8%.

Stamp prices have climbed steadily over the past several years. A Forever stamp cost 58 cents in 2021, but the price has since risen to 78 cents. Beginning July 12, it will increase again to 82 cents.

How do Forever stamps work?

One of the biggest advantages of Forever stamps is right in the name since they're good forever.

A Forever stamp purchased today for 78 cents can still be used to mail a standard 1-ounce First-Class letter after the price rises to 82 cents. You won't need to add extra postage or exchange older stamps.

Forever stamps also:

• Never expire.
• Remain valid regardless of future price increases.
• Can be purchased years in advance and used whenever you need them.

That's why many households keep a small supply on hand. If you only send a handful of letters each year, there's no downside to buying them before a price increase if you know you'll eventually use them.

How much can you save by buying stamps now?

The savings depend entirely on how many stamps you purchase before July 12.

For someone who only mails a few birthday cards or holiday cards each year, the savings are relatively small. Buying one book of 20 stamps before the increase saves less than a dollar.

But if you're a frequent mailer, buying stamps before the price increase is an easy win. Small businesses that mail invoices, nonprofits sending fundraising letters or newsletters, and families preparing hundreds of wedding invitations can lock in the current price simply by purchasing stamps now.

Who should stock up on Forever stamps?

Not everyone needs to rush to the post office before July 12, but buying stamps ahead of a price increase can make sense if you know you'll use them over the next few months or years. Since Forever stamps never expire and always cover the current price of a standard 1-ounce First-Class letter, there's little downside to purchasing them in advance.

Buying ahead makes the most sense if you:

• Regularly mail bills or personal correspondence. While many payments have gone digital, plenty of people still prefer mailing checks, greeting cards, thank-you notes and important documents. If you use a few books of stamps each year, buying before the increase lets you lock in today's lower price.
• Own a small business. Businesses that send invoices, customer statements, contracts or marketing mailers often go through stamps quickly. Even a few dollars in savings can add up over the course of a year, especially if you're already buying stamps in bulk.
• Are planning a wedding or major event. Wedding invitations, RSVP cards, save-the-dates and thank-you notes can easily require 100 or more stamps. Purchasing postage before the increase is one small way to keep event costs under control.
• Send holiday cards or seasonal mailings. If you mail dozens of holiday cards every year, it makes sense to buy this year's and even next year's stamps before prices go up.
• Care for an older family member. Many older Americans still rely on traditional mail for paying bills, corresponding with family or sending donations. Picking up a few extra books of Forever stamps now can help them avoid paying higher prices later.

If you rarely send physical mail, buying several hundred stamps probably isn't necessary. The savings are relatively modest, and tying up cash in years' worth of postage may not make sense.

Is it worth buying Forever stamps before July 12?

For most households, there's no need to panic-buy stamps.

However, if you know you'll use them eventually, purchasing a few books before July 12 is an easy way to lock in today's lower rate. Since Forever stamps don't expire, there's virtually no risk of them becoming unusable later.

The biggest winners are people who already buy stamps in bulk. A business or organization that goes through hundreds of stamps each year can save enough to make stocking up worthwhile, while occasional mailers may only save a dollar or two.

Either way, buying before the increase means paying 78 cents instead of 82 cents for every Forever stamp you'll use in the future. It’s a small but guaranteed savings that's hard to find these days.

If you’re looking for more ways to stretch your budget, manage cash flow or plan for bigger financial goals, a financial advisor can help you think through the next steps.

Use the tool below, powered by Bankrate, to connect with a financial professional who can help you build a plan to reach your financial goals:

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Investors, traders and speculators faced fresh headwinds from Asia on Wednesday. President Donald Trump said the U.S. is "probably" going to launch additional attacks on Iran to retaliate for Islamic Revolutionary Guard strikes on three commercial tankers as they transited the Strait of Hormuz on Tuesday.

"I'll give them a little warning," Trump said from the sidelines of the NATO summit in Ankara, Turkey. "We're going to hit them hard tonight, but we'll see how it all works out."

The front-month West Texas Intermediate crude oil futures contract was up 5.2% to $74.09 per barrel after the president also threatened to reimpose a naval blockade at the key chokepoint for the global hydrocarbon market, but only for Iran.

"Look for cooler heads to prevail in coming days, with traffic returning to the Strait of Hormuz and Iran and the U.S. returning to the negotiating table," Mizuho Securities Director of Energy Futures Bob Yawger forecast.

Yawger expects negotiations to "drag on" over the next two months, "with both sides eventually agreeing on a weak deal that does not remove Iran's enriched uranium and possibly allows the Iranians to 'manage' the Strait of Hormuz."

Nvidia (NVDA, +3.7%), the leader of the AI revolution and the biggest company in the world based on market cap, trended higher through the day after gapping down at the opening bell.

The Nasdaq Composite rallied off its intraday low, and by the closing bell the tech-heavy index was up 0.2% at 25,870. But the broader S&P 500 declined 0.3% to 7,482, and the blue-chip Dow Jones Industrial Average fell 1.1% to 52,348.

Buffett's Berkshire portfolio gets an energy boost

Integrated oil and gas supermajor Chevron (CVX, +1.1%), which offers all of upstream (exploration and production), midstream (storage and transportation) and downstream (refining and retail) energy exposure, led the 30 Dow Jones stocks for much of Wednesday's trading session.

But Occidental Petroleum (OXY, +3.7%), one of the biggest North American E&P outfits, enjoyed a bigger bounce from renewed tension in the Middle East.

New Berkshire Hathaway (BRK.B, -1.8%) CEO Greg Abel sold CVX during the first quarter. But he held OXY in what is still basically Warren Buffett's stock portfolio.

Abel also engineered Berkshire's $9.7 billion acquisition of Occidental's chemical business that closed in January, and Berkshire remains the largest holder of the energy stock, with more than a quarter of OXY's outstanding shares.

Apple and Broadcom revive the tech trade

Chipmakers Samsung Electronics and SK Hynix led the Korea Composite Stock Price Index into "bear market" territory, broadly defined as a 20% decline from a recent all-time high.

The KOSPI reached its record closing high of 9,114 on June 22, but a 5.4% slide on Wednesday following Tuesday's 4.9% sell-off left it 20.5% below that peak at 7,246. Samsung was down 6.3%, SK Hynix 5.7%. The latter will start trading in the U.S. on Friday under the symbol SKHY.

Selling pressure on tech stocks generally eased with confirmation from Apple (AAPL, +0.9%) of a new silicon deal with Broadcom (AVGO, +4.8%) that extends their longstanding relationship into 2031.

The iPhone maker added meat to the bone by confirming a commitment of at least $30 billion "to design and produce custom silicon components and cutting-edge wireless connectivity technologies for a wide range of Apple products."

Take a few seconds to read the FOMC minutes

Like the policy statement summarizing the FOMC's most recent decision to hold the target range for the federal funds rate at 3.50% to 3.75%, the minutes from the June Fed meeting were a lot shorter than they used to be, by about 22% based on a crude word-count comparison.

This "communication breakdown" is actually a big part of the "regime change" promised by new Fed Chair Kevin Warsh.

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Warsh described a "family fight" about interest rates and the trajectory of inflation during his post-meeting press conference, and the minutes reveal a central bank still making decisions based on incoming data.

Brevity is catching on, though: "A number of participants noted that it was an opportune time to consider significant changes to the FOMC’s postmeeting statement," the June FOMC minutes reveal. "A majority of participants remarked that they saw advantages in shortening the statement."

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T-Mobile has started notifying some customers that it is retiring older phone plans and automatically moving affected accounts to plans from its current lineup.

The changes could mean higher monthly bills for thousands of customers. T-Mobile hasn't released a full list of affected plans, but some customers being moved may have been on the same plan for 10 to 15 years.

By retiring older plans and moving customers over to current plans, T-Mobile is able to offer customers expanded features, like premium speeds and increased hotspot data. Retiring old plans also allows mobile carriers to streamline their billing systems and move customers onto 5G networks. Here's what subscribers need to know.

How to find out whether your account is affected

Affected plans could include Simple Choice, T-Mobile One, One Plus and plans in the Magenta family, as well as grandfathered Sprint plans that carried over after T-Mobile and Sprint merged in 2020.

T-Mobile is notifying affected customers by text and email. You can also check the T-Life app or log in to your online account for details about any changes to your plan. Pay attention to notices included with your monthly bill, too, since they may contain important information about upcoming plan or price changes.

Will your monthly bill actually increase?

Affected customers will be moved to a "like-for-like" plan with features similar to those they have now. However, that doesn't necessarily mean the price or benefits will stay the same.

The Experience More with Appreciation Savings plan offers many of the same features as the standard Experience More plan at a discounted price for eligible customers. Because the plan isn't broadly advertised, customers may need to log in to their T-Mobile account to see whether it's available and compare its price and benefits with other plan options.

For example, a customer moving from a One Plan TE plan to Experience More with Appreciation Savings could gain unlimited high-speed 5G and 4G LTE data, 60GB of mobile hotspot data, Netflix Standard with ads and video streaming at up to 4K UHD. However, some perks may change or come with an additional cost. Apple TV Plus, for example, may cost $3 per month instead of being included through a promotional offer.

Before deciding whether the new plan is worth the cost, compare the monthly price and included benefits with what you have now. Consider which new features you'll actually use, as well as whether you're losing any perks that could add to your monthly expenses.

Before switching, compare what you're getting

If you don’t think that the price increase is worth it, then you might consider switching mobile carriers. Before you make that switch, carefully compare what you’d be getting in a new plan versus what your old plan offered.

• Data allowances: Consider how much data your old plan offered, as well as how much data you tend to use. Paying for more data than you need can quickly drive up the cost of your plan.
• Hotspot access: The option to use your phone as a mobile hotspot can be a valuable perk when you’re traveling or working. Be sure to check the data limitations on a plan’s mobile hotspot usage to verify it will work for your needs.
• International features: Consider whether you need international features, like free international calling and texting, especially if you travel often.
• Streaming perks: Many phone plans now include perks like free subscriptions to certain streaming services. If you subscribe to those services already, this perk might help you save money.
• Device promotions: If you need a new phone, carefully consider the device promotions available with the new plan. A free or highly discounted phone may make a plan more valuable to you.
• Taxes and fees: Check into taxes and fees, which aren’t typically included in the plan. Try adding the plan to your cart and going to the checkout page to see the taxes and fees.
• Multi-line discounts: Plans offering multi-line discounts may help you save extra money. Family plans often let your family share in the perks, like streaming services, so they may offer extra value.

As you shop for a new phone plan, make sure the plan includes at least the features of your old plan, but don’t get caught up in all of the extra benefits, either. A new plan might seem like a great deal at first glance, but it might not actually be worth the cost if you won’t use most of the perks that you’re paying for.

When switching carriers could save you money

If you face a T-Mobile price increase, switching to another carrier may make sense in certain circumstances. Seniors and light data users who need a basic phone service without a big data plan might find a better deal through a smaller provider or prepaid phone provider.

Single-line customers also might find better prices by shopping around or choosing a prepaid option, especially if you’re not concerned about upgrading your phone.

The table below compares single-line unlimited plans with similar premium features. Prices and available discounts can vary, so check the total cost and available offers before switching.

Families may also be able to get a deal on a new family plan with a different carrier. That’s particularly true if you’re ready to upgrade all of your phones, since many carriers offer compelling discounts on new phones to attract new customers.

When shopping for a new plan, be sure to compare the total monthly cost, not just the promotional pricing, to get an accurate idea of how the plans stack up.

What to do next

If your T-Mobile plan is affected, there's no need to switch carriers right away. Start by reviewing the details of your new plan, including the monthly price, taxes and fees, and any changes to your current benefits.

Log in to your T-Mobile account and use the plan comparison tool to compare your current and new options side by side, so you can see how the prices, features and perks stack up. Then, compare the total cost and benefits with plans from other carriers to determine whether staying with T-Mobile or switching offers the best value for your needs.

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Crude oil prices spiked and equity futures sagged after Iran opened fire on ships transiting the Strait of Hormuz and an Asia-based AI stock sold off before the opening bell on Tuesday.

The main equity indexes moved up from their respective intraday lows during a typically light-volume summer session. But investors, traders and speculators remain wary on the cusp of yet another critical earnings season.

The front-month West Texas Intermediate crude oil futures contract was up 4.8% to $71.82 per barrel amid an uptick in attacks on tankers moving oil and gas from the Middle East to global markets.

Price action for the iShares Semiconductor ETF (SOXX, -5.1%) once again reflected unease about how far and how fast the AI revolution has progressed and, beyond promise, the long-term prospects for real profits.

By the closing bell, the tech-heavy Nasdaq Composite was down 1.2% at 25,818, the broad-based S&P 500 had shed 0.5% to 7,503, and the blue-chip Dow Jones Industrial Average was off 0.3% at 52,924.

Why Samsung sank

Samsung Electronics was down 6.9% in South Korea after management of the semiconductor stock said in its preliminary report that revenue more than doubled and operating profit grew by 56% during the three months ended June 30.

Those are numbers that would make Nvidia (NVDA, +0.7%) proud. Indeed, Samsung stock has posted a year-to-date return of almost 150%, NVDA about 5%. And that's the rub right now.

"As is often the case," Trade Nation analyst David Morrison observes, "it can be better to travel than to arrive. And it seems that investors are concerned that semiconductor and other AI-adjacent stocks may struggle to maintain such high levels of sales and margins going forward."

SK Hynix, another South Korea-based chipmaker, was down 6.1%. SK Hynix, which is up more than 270% so far in 2026, is on track to begin trading as an American Depositary Receipt under the symbol SKHY on the Nasdaq as soon as the opening bell on Friday.

The Korea Composite Stock Price Index fell 4.9% on Tuesday. Samsung and SK Hynix account for almost 55% of the KOSPI, which has generated a year-to-date return of 81.7%.

CAT got the Dow

Caterpillar (CAT, -3.1%) was the worst-performing Dow Jones stock on Tuesday, a big deal because at north of $900 it's the second-biggest component in the price-weighted index.

Caterpillar announced the acquisition of Skywatch, which gathers and processes data for the mining industry. But, according to Barron's, the problem here is a downgrade for Germany-based Siemens Energy (SMERY, -5.1%).

Barclays analyst Vladimir Sergievskii cut his rating on the electrical equipment maker from Equal Weight (Hold) to Underweight (Sell), citing valuation concerns and the trajectory of the capex boom to support AI infrastructure.

At the same time, Sergievskii raised his 12-month target price from €110 to €130. Still, electric power specialist GE Vernova (GEV, -6.5%) sold off hard, too.

Great expectations

PepsiCo (PEP, +1.2%) and Delta Air Lines (DAL, -3.3%) are big, well-known companies that will share important information about how people are spending their money when they take their respective before-the-opening-bell turns on the earnings calendar Thursday and Friday. Markets will take particular note of what they say about the impact of inflation as participants evaluate the near-term future for the beverage and passenger airline industries.

Indeed, as FactSet Senior Earnings Analyst John Butters notes, Wall Street trimmed its earnings-per-share estimate for consumer staples stocks by 2.5% and for industrials by 2.1% amid an energy shock during the second quarter.

So their bar isn't as high as it is for high-flying tech stocks such as Samsung. But it is elevated right now, for the whole market: Analysts raised their aggregate EPS estimate for the S&P 500 by 3.4% from April 1 through June 30.

"In a typical quarter," Butters explains, "analysts usually reduce earnings estimates." The average EPS revision over the last five years is a decline of 2.7%. So consumer staples and industrial stocks are sort of outperforming here.

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"In fact," Butters adds, "this quarter marked the largest increase in the bottom-up EPS estimate during a quarter since Q2 2021 (+7.7%)."

Energy stocks saw the biggest EPS increase, 61.5%, followed by information technology at 8.7%. But Wall Street cut its EPS estimate for healthcare stocks by 15.8%.

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A major tax question surrounding new Trump Accounts has now been answered by the IRS.

The federal tax agency recently issued guidance clarifying how contributions to the children’s savings accounts will be treated for federal gift tax purposes. This clarification comes as the accounts officially launched on July 4 with a full-court press on July 6.

Here's more of what you need to know.

Trump Accounts $1,000 seed money

"Trump Accounts" were created under the 2025 Trump-GOP tax overhaul as a new tax-advantaged savings vehicle for kids.

• Eligible children born between Jan. 1, 2025, and Dec. 31, 2028, may receive a $1,000 federal contribution if an account is opened on their behalf and program requirements are met.
• In addition to the federal seed deposit, parents, grandparents, employers, charitable organizations, and others can contribute cash or eligible assets, subject to annual limits and program rules.
• The money is invested and grows on a tax-advantaged basis, with withdrawals restricted to specific permitted uses under the law.

Trump Accounts are designed as long-term investment vehicles to help young people build assets early. Account assets are generally invested in a diversified stock index fund, allowing children to benefit from potential market growth over time. Withdrawals are generally limited until adulthood and subject to rules governing how the money can be used.

Notably, the program has also attracted support from some major employers and philanthropists.

One commitment that gained a lot of attention is a $6.25 billion pledge from Michael and Susan Dell to help fund accounts for millions of children. According to the Trump administration, several large employers also plan to contribute to the accounts as an employee benefit.

Supporters of the program say the accounts could help encourage early saving and broaden access to long-term investing for children, particularly by giving families a structured way to build assets over time.

During a July 6 Oval Office launch event, President Donald Trump touted, "Trump Accounts are absolutely incredible for children. They come into the world with no money and by a certain age end up rich."

Critics, however, have questioned whether the benefits will be widely accessible. They cite contribution limits, withdrawal restrictions, and concerns that higher-income families may be better positioned to take full advantage of the program than households with lower incomes.

Some also question whether other savings vehicles make more sense, as they see Trump Accounts functioning as traditional IRAs minus the up-front tax deduction.

On TikTok, personal finance guru Dave Ramsey said of Trump Accounts: "They're not as revolutionary as a Roth IRA. They're not on the level of a 529. This feels more like a political stunt than a wealth-building breakthrough."

More recently, as Kiplinger has reported, comments by Sen. Ted Cruz (R-Texas) suggesting the accounts could serve as a backdoor to privatizing Social Security have added to the debate.

IRS gift tax exclusion rules for Trump Accounts

Then, there are the practical tax-law questions surrounding how Trump Account contributions would be treated under federal gift tax rules.

Under federal law, individuals can give up to $19,000 per recipient in 2026 without triggering gift tax reporting requirements, provided the gift qualifies for the annual exclusion.

Amounts above that limit generally require filing IRS Form 709, even when no tax is owed due to the lifetime exemption.

So, a key question was whether contributions to a Trump Account would qualify for the annual exclusion. The issue attracted attention because gift-tax reporting requirements can apply even when no gift tax is ultimately due.

• Some tax professionals had raised concerns that the structure of the accounts could cause contributions to be treated as gifts of a future interest.
• Future-interest gifts don't qualify for the annual gift tax exclusion, which can trigger tax reporting requirements even for relatively small amounts.
• If that view had applied, contributors to a child's account could have been required to file a gift tax return.

The IRS guidance resolves that issue by establishing a safe harbor that treats qualifying contributions as present-interest gifts, allowing them to qualify for the annual gift tax exclusion.

As a result, contributions within the annual limit can generally be made without triggering a federal gift tax filing requirement, provided they meet the conditions in the guidance.

Note: The issue here is largely about tax reporting rather than tax liability. Most U.S. taxpayers don't pay federal gift tax because gifts above the annual exclusion generally count against the donor's lifetime gift and estate tax exemption. At $15 million, that exemption is high enough that relatively few households ever owe gift tax.

Trump Account eligibility: Bottom line

Trump Accounts are now in the active launch phase, including an app. That means families interested in participating can begin setting up accounts, depending on which banks and brokerage platforms are offering access.

Administration officials have said millions of accounts have already been registered and that 500,000 children have received their $1,000 deposits. Treasury and IRS officials have also recently outlined how contributions of publicly traded stock may be made to the accounts.

Still, before making contributions, interested families may want to compare and understand each provider's account-opening process and work with a trusted financial planner to consider the pros and cons of contributing to these or other savings accounts.

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Refreshed optimism about the AI trade after a long holiday weekend and an intraday rally for a beleaguered American icon lifted all three main equity indexes into the green on Monday. Price action during another low-volume trading session reflected shorter-term catalysts and longer-term trends, as well as more evidence of a resilient U.S. economy.

The iShares Semiconductor ETF (SOXX, +2.7%) bounced back from a two-day decline of nearly 10%, as investors, traders and speculators bought the dip on the stocks building the backbone for the artificial intelligence (AI) economy.

Advanced Micro Devices (AMD, +6.6%) was among the top-performing S&P 500 stocks after Goldman Sachs analysts reiterated their Buy rating and raised their 12-month target price for the chipmaker from $450 to $640.

Broadcom (AVGO, +3.7%) was higher, too, on the extension of its agreement to supply Apple (AAPL, +1.3%) with custom chips through 2031.

Nike (NKE, -1.7%) was the worst-performing Dow Jones stock for much of Monday morning after Bank of America analyst Lorraine Hutchinson cut her 12-month target price for the iconic shoemaker from $55 to $47.

Nike bounced off its intraday low, though, and helped lift Papa Dow into the green by the closing bell.

"As always," Louis Navellier of Navellier & Associates writes, "we are locked and loaded for another earnings announcement season." As Navellier observes, the second quarter was the best-performing quarter for both the Nasdaq and the S&P 500 since 2020. "So expectations remain very high since economic growth is clearly accelerating."

At the closing bell, the tech-heavy Nasdaq Composite was up 1.1% at 26,121, and the broad-based S&P 500 had added 0.7% to 7,537. The blue-chip Dow Jones Industrial Average, meanwhile, rallied for a 0.3% gain to 53,055, crossing the 53,000 level for the first time and reaching another new all-time closing high.

Economic activity is still expanding

The Institute for Supply Management Services Purchasing Managers Index ticked down to 54.0 in June from 54.5 in May, but it remains well in expansion territory.

And, according to LPL Financial Chief Economist Jeffrey Roach, hiring for the World Cup in the U.S. likely contributed to the increase to the ISM Services Employment Index last month. Also, as the economist notes, input prices fell to their lowest since February, a sign that recent inflation pressures are unlikely to persist.

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"This morning’s ISM services Report on Business suggests the economic growth trajectory looks favorable," Roach explains. "As tariff and geopolitical stress abates, we should see further improvements with inflation dynamics, although not enough for the Fed to capitulate on its hawkishness."

The economist notes, too, that AI-related capex and consumer spending continue to support the broad economy.

SK Hynix gets a U.S. listing

Markets continue to digest the biggest initial public offering (IPO) in stock market history - indeed, SpaceX (SPCX, -1.0%) will join the Nasdaq 100 as of the opening bell on Tuesday.

Now, South Korea-based SK Hynix, will raise approximately $28 billion through an IPO of shares in the U.S.. With a market cap north of $1 trillion in U.S. dollar terms, SK Hynix is the second-biggest maker of memory semiconductors in the world.

SK Hynix told the SEC it will list 17.79 million common shares on the Nasdaq. The Wall Street Journal and Bloomberg reported that the semiconductor stock will begin trading on Friday under the symbol SKHY.

WING is a World Cup winner so far

Wingstop (WING, -4.2%) felt a lot of selling pressure on Monday, but the chicken wing flinger was up more than 15% from June 11, the day the tournament began, through July 2, validating its place among Wall Street's top World Cup stock picks.

At the same time, WING had generated year-to-date and trailing-12-month losses of more than 25% and 45%, respectively, making the recent move look like a short-term spike within a longer-term downtrend.

We'll see whether expansion of the customer base beyond sports fans extends past the tournament final on July 19. Wingstop management will report second-quarter results before the opening bell on Wednesday, July 29.

Of the 29 analysts covering the consumer discretionary stock who are tracked by S&P Global Market Intelligence, 24 say it's a Buy or Strong Buy, while four have it at Hold and one says Strong Sell. This works out to a high-conviction consensus Buy recommendation.

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Stocks opened higher in Thursday's low-volume session as market participants gauged what a weak June jobs report means for interest rates. And while the Dow Jones Industrial Average and S&P 500 were higher at the close, the Nasdaq Composite swung lower as chip stocks fell again.

At the closing bell, the Dow was up 1.1% at 52,900 — a new record high — and the S&P 500 was fractionally higher at 7,483. The Nasdaq, however, slumped 0.8% to 25,832.

Semiconductor stocks created the biggest drag on the tech-heavy Nasdaq on Thursday, as the high-flying industry continued its recent sell-off. The iShares Semiconductor ETF (SOXX) fell 5.6% today, bringing its two-day decline to nearly 12%, but the exchange-traded fund remains more than 88% higher for the year to date.

Flash storage specialist Sandisk (SNDK), which is the best S&P 500 stock of 2026 so far with its 635% year-to-date gain, shed 14.1%. And memory chip maker Micron Technology (MU) — up 240% since the start of the year — fell 5.5%.

Tesla drops despite strong deliveries

Tesla (TSLA) was another notable decliner on Thursday, dropping 7.5% despite the electric vehicle (EV) maker reporting stronger-than-expected second-quarter deliveries.

For the three months ending June 30, Tesla delivered 480,126 vehicles — the bulk of which were its Model 3 sedan and Model Y SUV — up 34% over the first quarter and 25% from the year prior. Analysts expected TSLA to report deliveries of 406,000.

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Given the impressive deliveries growth, it's likely that today's price move for the Magnificent 7 stock is a "buy the rumor, sell the news" event. Indeed, shares gained more than 13% from June 25 through July 1.

Walmart bounces back

Walmart (WMT) fell nearly 4% on Wednesday, dragged down by a report from Cleveland Research that suggested the mega-retailer has experienced slowing same-store sales in recent months.

In its fiscal 2027 first-quarter earnings report, which was released in May, the company reported comparable sales growth of 4.1%, a slightly slower rate than the 4.6% it disclosed in its fiscal 2026 Q4 print.

But investors appear to be shaking off yesterday's news, with WMT stock up 2.8% today, making it one of the best Dow Jones stocks. And Wall Street remains upbeat about the blue chip stock's longer-term prospects.

Of the 43 analysts covering the retailer who are tracked by S&P Global Market Intelligence, 37 say it's a Buy or Strong Buy, while five have it at Hold and one says Strong Sell. This works out to a high-conviction consensus Buy recommendation.

Speaking for the bulls is Morgan Stanley analyst Simeon Gutman, who has an Overweight (Buy) rating on Walmart. "WMT's flywheel does not show signs of slowing, with shopper incidence increasing both in-store and online, top-tier and stable membership penetration, and rising share as a most-frequented retailer," writes Gutman in a recent note. "We continue to believe WMT is well-positioned to gain share within the current challenging macro backdrop."

Weak June jobs data quiets the rate-hike talk

In economic news, data from the Bureau of Labor Statistics showed the U.S. added just 57,000 new jobs in June, well below the 115,000 economists expected.

Additionally, job growth for April was revised down by 31,000, from +179,000 to +148,000, and May's figure was lowered by 43,000, from +172,000 to +129,000. This results in 74,000 fewer positions than previously reported.

But the weak June jobs report "isn't cause for alarm," says Elizabeth Renter, senior economist at NerdWallet. "The unemployment rate [which fell to 4.2% from 4.3%] remains in good territory, as does the slow, steady growth in jobs amid demographic changes and some economic uncertainty."

And Jennifer Timmerman, senior investment strategy analyst at Wells Fargo Investment Institute (WFII), says that the moderation of job growth takes "the steam out of market expectations for Fed rate hikes by year-end."

According to CME FedWatch, futures traders are pricing in a 43% chance the federal funds rate will be at 3.75% to 4.00% by the end of 2026, up from its current target range of 3.5% to 3.75%.

As a reminder, Friday, July 3, is a stock market holiday, with the stock and bond markets closed in observance of Independence Day.

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If you hate waiting in long airport security lines, you've likely found yourself considering a Clear+ membership. You might have been tempted by one of the eager Clear employees who offer to whisk you away from those long lines and to one of the Clear kiosks to enroll and immediately skip to the front.

But the annual membership jumped from $199 in 2024 to $209 in 2025 and now, the company announced another $10 price hike taking effect this month.

At its new price of $219 per year, travelers should take a careful look at exactly what a Clear+ membership gets you and whether it's worth it for the way you travel.

How is Clear+ different from TSA PreCheck or Global Entry?

If you're trying to cut your wait time at the airport, you've likely tried to compare Clear+, TSA PreCheck and Global Entry. The differences can be confusing. But the short version is:

All three come with their own separate lines that can often be shorter than the general security line. A single traveler can pair the memberships for even faster processing through airport security.

Is Clear+ worth it?

Before the latest price hike, Clear+ was already significantly more expensive than TSA PreCheck or Global Entry. As of this latest price hike, travelers are looking at a $219 bill every year to keep their Clear+ membership active.

Meanwhile, TSA PreCheck only costs $85 or less every five years, and Global Entry costs $120 every five years. Global Entry also automatically includes TSA PreCheck so you wouldn't need to enroll in both. That works out to a maximum of $24 per year compared with Clear's $219 per year.

It's also worth noting that many travel rewards cards offer full statement credits for TSA PreCheck or Global Entry so if you have one of those, you wouldn't even need to pay the $24 per year to get access to those faster screening programs.

For those who travel less frequently, the steeper price tag on a Clear+ membership is unlikely to pay off, especially as the Clear lane is not guaranteed to be the fastest lane. But for frequent flyers, pairing Clear+ with either TSA PreCheck or Global Entry can give you options at the airport so you're always in the fastest line, no matter what the lines look like that day.

If you can get Clear+ for free through your credit card (more on that below), there's no reason not to go for it – unless you have privacy concerns around giving your data to a private company. But if you don't have a way to get it for free, you'll have to weigh the amount of time you currently spend waiting in airport security lines against that rising price tag.

How to get Clear+ for free (or cheap)

A select few travel credit cards will offer cardholders a statement credit for Clear+ just as they do for TSA PreCheck or Global Entry. Some of the most well-known travel rewards cards with that perk include:

• The Platinum Card from American Express
• The Business Platinum Card from American Express
• The American Express Green Card
• Hilton Honors American Express Aspire Card

If you don't have or want any of those American Express credit cards, you can also get a partial statement credit for Clear+ with Delta-branded American Express cards and United MileagePlus Premier cards.

All Delta SkyMiles American Express cards come with a $40 discount on the Clear+ membership. Meanwhile, if you have any of the United MileagePlus Premier cards, you'll get $30 off the annual fee.

Lastly, Clear also offers special pricing for military and government employees. Currently, if you're eligible for that special pricing, you can get the membership for just $125 per year.

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Stocks struggled to get off the ground Wednesday as volume thinned out ahead of the long holiday weekend. As a reminder, the bond markets will close early tomorrow for the Fourth of July, and both the stock and bond markets will be closed on Friday.

At the close, the Dow Jones Industrial Average was down 0.03% at 52,305, and the S&P 500 was 0.2% lower at 7,483.

The Nasdaq Composite, meanwhile, slumped 0.7% to 26,040 as investors continued to take profits on several red-hot memory chip stocks. Micron Technology (MU), for one, slumped 10.6% but remains up nearly fourfold for the year to date. And Sandisk (SNDK) — the best S&P 500 stock of 2026 so far with its 760% year-to-date return — plunged 10.6%.

Meta soars 9% on surprising cloud shift

While sharp losses in semiconductor stocks dragged on the Nasdaq, a big rally in Meta Platforms (META) shares helped limit losses for the tech-heavy index.

META jumped 8.8% — its best day since January — after a Bloomberg report indicated the Facebook parent is building out a new cloud business and will sell its excess artificial intelligence (AI) computing power to external customers. This will allow Meta to earn revenue on the computing capacity it is not using.

"Meta building a cloud business is the single most powerful near-term rebuttal to the 'hyperscalers are overbuilding without clear ROI' bear narrative," says Luke Lango, lead technology and cryptocurrency analyst at InvestorPlace. "Every dollar of Meta cloud revenue that flows from an external customer is a dollar that justifies another dollar of Meta infrastructure spending."

Salesforce jumps on Guggenheim upgrade

Over on the Dow, Salesforce (CRM) emerged as one of the best performers of the day, adding 4.2% after Guggenheim analyst John DiFucci upgraded the enterprise software stock to Buy from Neutral (Hold).

CRM is down more than 38% for the year to date, making it the worst Dow Jones stock of 2026 so far, on concerns that AI will create an existential crisis for software-as-a-service (SaaS) firms.

While DiFucci admits that AI creates "a significant risk" to SaaS business models, "the Armageddon scenario currently priced into the stock is misaligned with reality."

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The analyst set a $228 price target on CRM, which he says is trading at "an attractive entry point," representing implied upside of 40% to current levels.

Caterpillar sinks after Burry unveils new short position

At the other end of the Dow was Caterpillar (CAT), which plunged 6.9% after "Big Short" investor Michael Burry said he is betting against the high-flying industrial stock.

Shares are up 73% for the year to date due in part to strong demand for its power energy segment, which supplies AI data centers. Its construction unit has also seen impressive growth.

"I have never shorted Caterpillar," Burry wrote in a Substack post. "It has always done great for me on the long side." But the stock "jumped out" at him due to its stretched valuation, he said.

According to Morningstar, CAT is now trading at a price-to-sales ratio of 7.07, well above its five-year average of 2.54.

ADP jobs data comes up short

In economic news, data from ADP showed the U.S. added 98,000 private payrolls in June, below the 122,000 from May and the 110,000 new jobs economists expected.

While private job growth slowed in June, "nine of 10 industries gained workers," says Elizabeth Renter, senior economist at NerdWallet. "This dispersion is a good sign, even if education and health services continue to pull more than their share of the weight."

The ADP report was released ahead of tomorrow's June jobs report, which is expected to show the addition of 115,000 new nonfarm payrolls. This data will give us "a better understanding of the June labor market," says Renter. "It's likely to illustrate steady stability — both nothing alarming and nothing to get too optimistic over."

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Happy Bobby Bonilla Day! For years, I've watched memes pop up across social media every July 1. Baseball fans celebrate the day as a reminder that former New York Mets player Bobby Bonilla is still collecting a paycheck decades after playing his last Major League game. It's become one of sports' favorite annual traditions, often accompanied by jokes about the contract that just won't end.

But here's the thing: Bobby Bonilla Day isn't really about baseball. It's about money.

Few of us will ever negotiate a multimillion-dollar deferred compensation deal, but the idea behind Bonilla's annual paycheck is surprisingly familiar. Whether retirement is decades away or just around the corner, the goal is the same: replacing your paycheck with income that continues after your working years end. That income may eventually come from Social Security, pensions, annuities, investments or rental properties, but building it starts long before you retire.

Why Bobby Bonilla is still getting paid

The story behind Bobby Bonilla Day dates back to 2000, when the New York Mets wanted to move on from veteran outfielder Bobby Bonilla while he was still owed millions under his contract. Rather than paying the remaining money in a lump sum, the two sides agreed to a deferred compensation arrangement.

Under the agreement, Bonilla postponed receiving the money he was owed in exchange for annual payments that began in 2011 and continue every July 1 through 2035. Because the payments include interest, the total amount Bonilla will ultimately receive is significantly more than the original salary he deferred.

Why would the Mets agree to that? At the time, the team believed it could earn higher returns by investing the money instead of paying Bonilla immediately. Those expectations were tied in part to investments associated with financier Bernard Madoff, whose massive Ponzi scheme later collapsed. In hindsight, the strategy proved far more expensive than simply paying Bonilla what he was owed upfront.

Today, the annual payment has become known as "Bobby Bonilla Day." Now 63, Bonilla is older than the age at which Americans first become eligible to claim Social Security retirement benefits, making his annual July 1 paycheck feel even more like a retirement income stream.

While it's often treated as a punchline, the agreement is an example of a basic financial principle: money can be structured to provide income over time instead of all at once. That's a concept that extends well beyond professional sports and into many retirement plans.

Retirement is about replacing your paycheck

For most people, retirement doesn't come with a contract that guarantees a million-dollar check every July. Instead, it requires building enough reliable income to replace the paycheck that disappears when you leave the workforce.

That's one of the biggest shifts in retirement planning. During your working years, your employer provides your primary source of income. Once you retire, you're responsible for creating your own paycheck using a combination of income sources.

For many retirees, that starts with Social Security. Others may also receive a pension, annuity payments, investment income, rental income or distributions from retirement accounts such as 401(k)s and IRAs. The right mix depends on your savings, lifestyle and retirement goals, but the objective is the same: generating enough dependable income to cover your living expenses year after year.

Bobby Bonilla's annual paycheck may be unusual, but the concept isn't. Whether the money comes from a deferred compensation agreement, a pension or an investment portfolio, retirement planning is ultimately about creating income that continues long after your working years are over.

Use the tool below, powered by Bankrate, to connect with a financial professional who can help you create a retirement strategy tailored to your goals.

Deferred income isn't just for professional athletes

Bobby Bonilla's contract may be one of the most famous examples of deferred compensation, but he's far from the only person who receives income long after the work is done.

Many corporate executives participate in deferred compensation plans that allow them to postpone receiving part of their salary or bonuses until retirement, often for tax-planning purposes. Business owners may structure the sale of a company as installment payments that provide income over several years instead of receiving the full purchase price upfront.

Deferred income can also take other forms. Employees may receive company stock that vests over time, consultants may negotiate ongoing retainers, and people who settle lawsuits may choose structured settlements that pay out over many years rather than as a single lump sum.

While these arrangements differ from Bonilla's contract, they all share the same underlying principle: delaying income today in exchange for a predictable stream of payments in the future. Depending on your financial goals, taxes and investment strategy, spreading income over time can provide greater flexibility and help create more consistent cash flow.

The real lesson behind Bobby Bonilla Day

Most people will never sign a contract that guarantees them a paycheck decades after they retire. But Bobby Bonilla Day highlights a goal that every retirement saver should strive for: creating income that continues after their working years are over.

That doesn't happen through a single contract. Instead, it's typically built over decades by combining several sources of retirement income. For many Americans, that starts with maximizing Social Security benefits by claiming at the right time.

Others may supplement those benefits with withdrawals from retirement accounts, dividend-paying investments, interest from bonds or certificates of deposit, pensions, annuities or income-producing real estate.

The best retirement income strategy depends on your goals, risk tolerance and financial situation. Some retirees value the predictability of guaranteed income, while others prefer the flexibility and growth potential of investment portfolios. Many rely on a combination of both.

Every July 1, Bobby Bonilla reminds us that getting paid long after your career ends isn't just a quirky baseball story. It's the same objective that millions of Americans are working toward: replacing a paycheck with dependable income that lasts throughout retirement.

Enjoy the check, Bobby. The rest of us have some retirement planning to do.

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The United States Supreme Court has concluded its current term with the usual flurry of rulings. This year, SCOTUS heard arguments in disputes ranging from gun rights to birthright citizenship, and, as usual, there's been no shortage of controversy.

However, the Court also issued decisions that can ultimately affect the financial bottom lines of everyday people across the country. These rulings, which involve property rights, the independence of monetary policy, and tariff authority, alter key rules for investors, consumers, and homeowners.

Additionally, a separate tax case that the High Court declined to review leaves heightened IRS audit risk in place for some taxpayers…

Curious? Here’s more of what you need to know about what some of the latest SCOTUS cases mean for your finances.

U.S. Supreme Court opinions 2026

Not every Supreme Court ruling necessarily affects your wallet. But the following decisions could have significant consequences for taxes and personal finances at a time when many people are facing financial uncertainty due to inflation and rising costs of housing, food, and gas.

Note: These are not the only decisions from the Court this term that could affect your finances.

#1. Supreme Court property tax ruling

Local governments don’t have to pay fair market value for foreclosed homes

In Pung v. Isabella County, the U.S. Supreme Court held that when a municipality forecloses on a property for unpaid taxes, “just compensation” under the Fifth Amendment to the U.S. Constitution is measured by the actual auction price — not fair market value.

What happened in the case?

A homeowner, Michael Pung, fell behind on roughly $2,200 in property taxes on his home in Isabella County, Michigan. The county foreclosed and sold the home at public auction for $76,008, despite an assessed market value of approximately $194,400.

Pung argued that keeping the difference between the tax debt and the home's fair market value amounted to an unconstitutional taking of equity. So the dispute centered on how to measure any surplus equity owed to a property owner after a tax foreclosure.

Pung said that compensation should be based on the home's market value, while the county maintained that any surplus should be measured using the amount actually realized at auction.

In a 9-0 ruling issued on June 23, 2026, the Supreme Court agreed with the county, holding that surplus equity from a tax foreclosure is measured by the amount realized at a lawful public auction, not by an estimate of the property's market value.

How this may affect your home

Tax foreclosure risk isn't just about losing a home. It can also mean losing equity.

What this means in practice:

• Property tax debt can put your home and your home equity at risk, even if the amount owed is relatively small.
• If a home is sold at tax foreclosure, you might not get back the difference between what it’s worth and what it sells for.
• Setting up a payment plan or resolving delinquent taxes before foreclosure may help.

Note: This case follows a 2023 ruling in Tyler v. Hennepin County, where a unanimous Supreme Court ruled that it’s unconstitutional for a state to take your home to cover your property tax bill while pocketing the profit from your surplus home equity.

Now more than a dozen states allow what some call “home equity theft.”

#2. Supreme Court tariff decision

Presidential authority is limited when it comes to imposing broad tariffs

In Learning Resources, Inc. v. Trump, the U.S. Supreme Court held that the International Emergency Economic Powers Act (IEEPA) does not authorize the executive branch to impose broad tariffs.

What happened in the case?

As Kiplinger has reported, in 2025, President Donald Trump imposed sweeping tariffs on imports from a wide range of countries, with some duties reaching 25%–60% on certain goods. The administration invoked emergency declarations under the International Emergency Economic Powers Act (IEEPA) to justify the measures, arguing that the statute authorized broad action to address national economic and security concerns.

Importers challenged the tariffs, arguing that the executive branch exceeded its statutory authority. Lower courts, including the U.S. Court of International Trade and the Federal Circuit, ruled that IEEPA does not grant tariff-setting power.

The Supreme Court affirmed those courts in a 6-3 decision on February 20, 2026, holding that tariff authority remains a core congressional power tied to taxation and revenue.

How this could impact your finances

Tariffs function as embedded costs within everyday goods and supply chains.

What this could mean in terms of potential benefits:

• Fewer surprise tariffs or sudden consumer cost spikes due to emergency executive tariff declarations
• More predictable pricing for import-heavy goods
• Tariff refunds for some importers

#3. Supreme Court Federal Reserve ruling

There may be limits on removal power when it comes to the Federal Reserve

In Trump v. Cook, the U.S. Supreme Court held that statutory “for-cause” protections limit the executive branch’s ability to remove Federal Reserve governors.

What happened in the case?

The Trump administration attempted to remove Federal Reserve Governor Lisa Cook over alleged discrepancies in financial disclosures, a move seen as part of an effort to assert greater control over the Fed.

Lower courts blocked the removal, and the Supreme Court affirmed in a 5-4 ruling on June 29, 2026, holding that Congress may limit removal authority to protect the Federal Reserve’s independence.

How this could affect your finances

Federal Reserve independence is central to how interest rates and credit conditions are set.

• An independent Fed can fight inflation even when it’s politically unpopular to do so.
• That helps keep inflation expectations more stable over time, which supports steadier borrowing costs and economic planning.

Note: This case was part of a broader decision (consolidated with a case involving the FTC) in which the 6-3 conservative majority expanded presidential power. The Court overturned decades of precedent (known as Humphrey’s Executor) to rule that a President can fire the heads of most other independent regulatory agencies at will. The Fed was essentially treated as the exception in the Cook case.

IRS audit Supreme Court case: Honorable mention

IRS audit risk can be indefinite for fraudulent returns

In Murrin v. Commissioner, the U.S. Supreme Court declined to review an interesting Third Circuit federal court ruling. That leaves in place a decision allowing the IRS to assess taxes beyond the standard statute of limitations when a tax return contains fraud, even if the taxpayer was unaware of the fraud.

What happened in the case?

A taxpayer, Stephanie Murrin, received a notice of deficiency nearly 20 years after filing her federal income tax returns. (The IRS determined that her tax preparer had inserted fraudulent items that significantly understated her tax liability.)

The court found that she acted in good faith and had no knowledge of the preparer’s misconduct. Still, a $65,318 tax deficiency ultimately grew to more than $328,000 once the IRS applied interest and penalties.

The central dispute was whether the normal three-year statute of limitations barred the IRS from assessing additional tax when fraud was present, even if the taxpayer wasn't personally aware of it.

The Third Circuit Court of Appeals held that Internal Revenue Code Section 6501(c)(1) applies to the return itself — meaning fraud on the return removes the standard three-year limitation period regardless of the taxpayer’s intent or knowledge.

Note: This ruling applies in jurisdictions under the Third Circuit, including Pennsylvania, New Jersey, Delaware, and the U.S. Virgin Islands.

How this might impact your taxes

In Third Circuit states and territories, fraud on a tax return can potentially eliminate the normal IRS audit deadline.

What this means for some taxpayers:

• In Pennsylvania, New Jersey, Delaware, and the U.S. Virgin Islands, fraud-related returns may remain open indefinitely.
• Taxpayers remain responsible for accuracy even when using paid preparers.
• Long-delayed IRS assessments could accumulate significant interest and penalties.
• Strong tax recordkeeping and preparer oversight become more important.

SCOTUS decisions: Bottom line for taxpayers

Supreme Court decisions about money and property often don’t drastically change financial conditions right away, but they set the rules for how taxes are enforced, how agencies are regulated, and where power sits in the financial system.

Over time, those rulings shape how predictable things feel for "regular people" and the balance of authority between Congress and the executive branch.

So, as always, stay tuned as the effects of these and other rulings ripple through everyday life in the months and years ahead.

Related

• What a New Fed Chair Can Mean for Your Taxes
• Who Benefits From the Supreme Court's Home Equity Theft Ruling?
• How Long Should You Keep Tax Records?
• U.S. Supreme Court Strikes Down Most of Trump's Tariffs

To help you understand the trends surrounding business and technology and what we expect to happen in the future, our highly experienced Kiplinger Letter team will keep you abreast of the latest developments and forecasts. (Get a free issue of The Kiplinger Letter or subscribe.) You'll get all the latest news first by subscribing, but we will publish many (but not all) of the forecasts a few days afterward online. Here's the latest…

If you find a deal on a PC or tablet, you may want to act fast. Prices will only go up from here.

The memory crunch we warned about in March, which was hammering the smartphone and PC market, has only gotten worse.

Apple’s recent price hikes are the biggest shift in the consumer electronics market so far, with the massively popular brand raising prices 17% to 30% on laptops and tablets. Apple is likely to raise iPhone prices later this year, too. CEO Tim Cook blamed skyrocketing memory chip costs, saying he’s never seen anything like it in 40 years.

"Tight memory supply, due to immense AI infrastructure demand, has pushed prices 3-4 times higher than they were at the end of 2024, with further rises likely," says William Kerwin, an analyst at Morningstar, in a recent research note. “Memory has accounted for about 10% of an iPhone's cost, but inflation threatens to raise the cost of building an iPhone by 20% or more.”

AI infrastructure is hogging the manufacturing capacity of memory chip makers such as Micron, SK Hynix and Samsung. That leaves far less capacity for consumer electronics, causing vendors to scramble and swallow extremely high prices. Any new manufacturing capacity coming online in the near term will be prioritized for AI, not consumer gadgets.

New Apple pricing (Source: Associated Press ):

• MacBook Neo: Now $699, up from $599
• 512-gigabyte MacBook Air: Now $1,299, up from $1,099
• 1-terabyte MacBook Pro: Now $1,999, up from $1,699
• 128-gigabyte iPad Air: Now $749, up from $599
• 256-gigabyte iPad Pro WiFi: Now $1,299, up from $999

It’s hard to predict when the memory price hikes will cool off. "The supply-demand imbalance is expected to persist beyond 2027 in key segments," according to a recent article by Soo Kyoum Kim, an analyst at IDC. "We expect memory inflation to continue through 2028, but for prices to come back down thereafter as new supply comes online,” says Kerwin.

Sellers besides Apple had already been raising prices, and there’s more to come. "We also expect other PC and tablet brands to follow Apple’s example," said David Naranjo, an analyst at CounterPoint Research, in an online post. "They may raise prices on select products, cut discounts on entry-level models, or adjust their product lines to focus more on premium devices."

Consumers and businesses don’t have many options. One strategy is to hold on to PCs and phones longer. Many businesses will do this, extending hardware lifecycles beyond the traditional three to five years, at least for some work devices. That’s not easy to do, since newer models come with more-powerful processors and other improvements, which are often necessary to harness in-demand AI tools.

Used smartphones are another way to save. Refurbished phones are closely inspected and are a great option if you don’t mind a device that is two or three years old. When buying new, trade in your old phone to knock off at least some of the net cost.

Apple’s low-cost laptop, which uses an older iPhone chip, is still a good deal. The Neo’s new price is $700, up from $600. Premium smartphone vendors have low-cost lineups, too, such as the Apple iPhone 17e, Google Pixel 10a and Samsung Galaxy A37 5G. They cost around $450 to $600 (for now).

Shoppers should closely vet the tech specs of devices. Make sure an item that looks like a deal doesn’t come with hidden tradeoffs. A PC priced about the same as last year may come with far less storage, for example. Check new configurations of memory storage and random-access memory (RAM).

For consumers, soaring memory prices may sting the most for external hard drives, used to back up files, photos and videos. Be prepared to do a double-take at how much prices have skyrocketed compared with a year or two ago.

This forecast first appeared in The Kiplinger Letter, which has been running since 1923 and is a collection of concise weekly forecasts on business and economic trends, as well as what to expect from Washington, to help you understand what’s coming up to make the most of your investments and your money. Subscribe to The Kiplinger Letter.

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Investors, traders and speculators observed the end of the second quarter and the first half of the year on Tuesday by extending a holiday-week risk-on rally. Technology took the lead, as chipmakers celebrated their best-ever three-month gain, and another survey suggested consumers are feeling better about the broader economy.

The Philadelphia Semiconductor Index rose more than 80% from April through June on demand for chips, hardware and memory to sustain a revolutionary buildout for artificial intelligence (AI) infrastructure.

The index of semiconductor stocks is up more than 90% so far in 2026, putting it on track for its best performance since the peak of the dot-com boom in the late 1990s and early 2000s.

At the closing bell, the Nasdaq Composite was up 1.5% at 26,213. The tech-heavy index shed 2.8% in June, but it was higher by 21.4% for the second quarter and has added 12.8% so far in 2026.

The S&P 500 added 0.8% to 7,499, leaving the broad-based index down 1.1% for the month, but up 14.9% for the quarter and 9.5% for the year.

The Dow Jones Industrial Average inched up 0.3% to 52,317, a second straight all-time closing high. The blue-chip index was higher by 2.5% in June, also notching a new all-time monthly closing high.

Papa Dow, 130 years old as of May 26, added 12.9% in the second quarter and 8.9% during the first six months of the year.

Friday, July 3, is a stock market holiday, with the stock and bond markets closed to observe the Fourth of July.

An update on the confidence game

The front-month West Texas Intermediate crude oil futures contract was down 0.9% to $70.09 per barrel on Tuesday, as the U.S. and Iran continue to negotiate a durable truce that will unclog the Strait of Hormuz.

WTI traded at $67.02 on February 27, the day before the war in the Middle East began, and $101.38 on March 31. The North American oil benchmark has now declined by more than 40% from its wartime peak of $119.48 on March 9.

Looking for more timely stock market news to help gauge the health of your portfolio? Sign up for Closing Bell, our free newsletter that's delivered straight to your inbox at the close of each trading day.

In a related development, The Conference Board Consumer Confidence Index printed at 91.2 this month vs 90.6 in May. The survey was conducted between June 1 and June 23.

According to The Conference Board Chief Economist Dana Peterson, "Consumer confidence inched up in June as falling oil prices in recent weeks provided some relief to consumer inflation fears."

Good defense was the best way to play offense today

AeroVironment (AVAV, +18.8%) showed why it's one of the best defense stocks to buy right now when the dronemaker reported better-than-expected quarterly results but lighter-than-forecast annual guidance after the closing bell on Monday.

AVAV retraced much of a year-to-date decline of more than 40%, as markets recognized solid numbers in the aggregate amid management's efforts to recover from the loss of a government contract and fix the impact of an accounting error that resulted in a goodwill-related impairment charge.

AeroVironment posted fiscal fourth-quarter earnings of $1.84 per share on revenue of $642 million vs a Wall Street forecast for EPS of $1.46 on revenue of $556 million. Management guided to EPS of $3.02 to $3.34 on revenue of $2.1 billion to $2.2 billion for fiscal 2027, while analysts see EPS of $3.84 on revenue of $2.2 billion.

“Fiscal 2026 marked a transformational year for AV," CEO Wahid Nawabi said in a statement, noting that his company is "well-positioned to capture the rising global demand across lethal and non-lethal drones, counter-UAS, space and advanced technologies."

CNXC adjusts its targets

Concentrix (CNXC, -11.2%) seemed to confirm market concerns about the effects of AI-based tools on companies that provide software-based customer experience and business outsourcing services, as management cut its top- and bottom-line guidance for the coming quarter and the full fiscal year.

Concentrix, an industrial stock that actually includes "scaling secure AI technologies" among its professional services capabilities, reported a narrow second-quarter miss: EPS of $2.63 on revenue of $2.46 billion against a consensus estimate of $2.64 on $2.47 billion.

But markets, all forward-looking here, focused on third-quarter EPS guidance of $2.65 to $2.77 on revenue of $2.465 billion to $2.490 billion against a consensus EPS estimate of $3.08 on revenue of $2.53 billion.

That's short almost 14% at the midpoint for the bottom line, 2% at the top. And full-year EPS guidance is short about 7% at the midpoint vs Wall Street's forecast, while revenue guidance shows a 1% expectations deficit.

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The United States Supreme Court has concluded its current term with the usual flurry of rulings. This year, SCOTUS heard arguments in disputes ranging from gun rights to birthright citizenship, and, as usual, there's been no shortage of controversy.

However, the Court also issued decisions that can ultimately affect the financial bottom lines of everyday people across the country. These rulings, which involve property rights, the independence of monetary policy, and tariff authority, alter key rules for investors, consumers, and homeowners.

Additionally, a separate tax case that the High Court declined to review leaves heightened IRS audit risk in place for some taxpayers…

Curious? Here’s more of what you need to know about what some of the latest SCOTUS cases mean for your finances.

U.S. Supreme Court opinions for 2026

Not every Supreme Court ruling necessarily affects your wallet. But the following decisions could have significant consequences for taxes and personal finances at a time when many people are facing financial uncertainty due to inflation and rising costs of housing, food, and gas.

Note: These are not the only decisions from the Court this term that could affect your finances.

#1. Supreme Court property tax ruling

Local governments don’t have to pay fair market value for foreclosed homes

In Pung v. Isabella County, the U.S. Supreme Court held that when a municipality forecloses on a property for unpaid taxes, “just compensation” under the Fifth Amendment to the U.S. Constitution is measured by the actual auction price — not fair market value.

What happened in the case?

A homeowner, Michael Pung, fell behind on roughly $2,200 in property taxes on his home in Isabella County, Michigan. The county foreclosed and sold the home at public auction for $76,008, despite an assessed market value of approximately $194,400.

Pung argued that keeping the difference between the tax debt and the home's fair market value amounted to an unconstitutional taking of equity. So the dispute centered on how to measure any surplus equity owed to a property owner after a tax foreclosure.

Pung said that compensation should be based on the home's market value, while the county maintained that any surplus should be measured using the amount actually realized at auction.

In a 9-0 ruling issued on June 23, 2026, the Supreme Court agreed with the county, holding that surplus equity from a tax foreclosure is measured by the amount realized at a lawful public auction, not by an estimate of the property's market value.

How this may affect your home

Tax foreclosure risk isn't just about losing a home. It can also mean losing equity.

What this means in practice:

In Pung v. Isabella County, the U.S. Supreme Court held that when a municipality forecloses on a property for unpaid taxes, “just compensation” under the Fifth Amendment to the U.S. Constitution is measured by the actual auction price — not fair market value.

What happened in the case?

A homeowner, Michael Pung, fell behind on roughly $2,200 in property taxes on his home in Isabella County, Michigan. The county foreclosed and sold the home at public auction for $76,008, despite an assessed market value of approximately $194,400.

Pung argued that keeping the difference between the tax debt and the home's fair market value amounted to an unconstitutional taking of equity. So the dispute centered on how to measure any surplus equity owed to a property owner after a tax foreclosure.

Pung said that compensation should be based on the home's market value, while the county maintained that any surplus should be measured using the amount actually realized at auction.

In a 9-0 ruling issued on June 23, 2026, the Supreme Court agreed with the county, holding that surplus equity from a tax foreclosure is measured by the amount realized at a lawful public auction, not by an estimate of the property's market value.

How this may affect your home

Tax foreclosure risk isn't just about losing a home. It can also mean losing equity.

What this means in practice:

• Property tax debt can put your home and your home equity at risk, even if the amount owed is relatively small.
• If a home is sold at tax foreclosure, you might not get back the difference between what it’s worth and what it sells for.
• Setting up a payment plan or resolving delinquent taxes before foreclosure may help.

#2. Supreme Court tariff decision

Presidential authority is limited when it comes to imposing broad tariffs

In Learning Resources, Inc. v. Trump, the U.S. Supreme Court held that the International Emergency Economic Powers Act (IEEPA) does not authorize the executive branch to impose broad tariffs.

What happened in the case?

As Kiplinger has reported, in 2025, President Donald Trump imposed sweeping tariffs on imports from a wide range of countries, with some duties reaching 25%–60% on certain goods. The administration invoked emergency declarations under the International Emergency Economic Powers Act (IEEPA) to justify the measures, arguing that the statute authorized broad action to address national economic and security concerns.

Importers challenged the tariffs, arguing that the executive branch exceeded its statutory authority. Lower courts, including the U.S. Court of International Trade and the Federal Circuit, ruled that IEEPA does not grant tariff-setting power.

The Supreme Court affirmed those courts in a 6-3 decision on February 20, 2026, holding that tariff authority remains a core congressional power tied to taxation and revenue.

How this could impact your finances

Tariffs function as embedded costs within everyday goods and supply chains.

What this could mean in terms of potential benefits:

• Fewer surprise tariffs or sudden consumer cost spikes due to emergency executive tariff declarations
• More predictable pricing for import-heavy goods
• Tariff refunds for some importers

#3. Supreme Court Federal Reserve ruling

There may be limits on removal power when it comes to the Federal Reserve

In Trump v. Cook, the U.S. Supreme Court held that statutory “for-cause” protections limit the executive branch’s ability to remove Federal Reserve governors.

What happened in the case?

The Trump administration attempted to remove Federal Reserve Governor Lisa Cook over alleged discrepancies in financial disclosures, a move seen as part of an effort to assert greater control over the Fed.

Lower courts blocked the removal, and the Supreme Court affirmed in a 5-4 ruling on June 29, 2026, holding that Congress may limit removal authority to protect the Federal Reserve’s independence.

How this could affect your finances

Federal Reserve independence is central to how interest rates and credit conditions are set.

• An independent Fed can fight inflation even when it’s politically unpopular to do so.
• That helps keep inflation expectations more stable over time, which supports steadier borrowing costs and economic planning.

Note: This case was part of a broader, sweeping decision (consolidated with a case involving the FTC) where the 6-3 conservative court majority expanded presidential power. The Court overturned decades of precedent (known as Humphrey’s Executor) to rule that a President can fire the heads of most other independent regulatory agencies at will. The Fed was essentially treated in the Cook case as the exception.

IRS audit Supreme Court case: Honorable mention

IRS audit risk can be indefinite for fraudulent returns

In Murrin v. Commissioner, the U.S. Supreme Court declined to review an interesting Third Circuit federal court ruling. That leaves in place a decision allowing the IRS to assess taxes beyond the standard statute of limitations when a tax return contains fraud, even if the taxpayer was unaware of the fraud.

What happened in the case?

A taxpayer, Stephanie Murrin, received a notice of deficiency nearly 20 years after filing her federal income tax returns. (The IRS determined that her tax preparer had inserted fraudulent items that significantly understated her tax liability.)

The court found that she acted in good faith and had no knowledge of the preparer’s misconduct. Still, a $65,318 tax deficiency ultimately grew to more than $328,000 once the IRS applied interest and penalties.

The central dispute was whether the normal three-year statute of limitations barred the IRS from assessing additional tax when fraud was present, even if the taxpayer wasn't personally aware of it.

The Third Circuit Court of Appeals held that Internal Revenue Code Section 6501(c)(1) applies to the return itself — meaning fraud on the return removes the standard three-year limitation period regardless of the taxpayer’s intent or knowledge.

Note: This ruling applies in jurisdictions under the Third Circuit, including Pennsylvania, New Jersey, Delaware, and the U.S. Virgin Islands.

How this might impact your taxes

In Third Circuit states and territories, fraud on a tax return can potentially eliminate the normal IRS audit deadline.

What this means for some taxpayers:

• In Pennsylvania, New Jersey, Delaware, and the U.S. Virgin Islands, fraud-related returns may remain open indefinitely.
• Taxpayers remain responsible for accuracy even when using paid preparers.
• Long-delayed IRS assessments could accumulate significant interest and penalties.
• Strong tax recordkeeping and preparer oversight become more important.

SCOTUS decisions: Bottom line for taxpayers

Supreme Court decisions about money and property often don’t drastically change financial conditions right away, but they set the rules for how taxes are enforced, how agencies are regulated, and where power sits in the financial system.

Over time, those rulings shape how predictable things feel for "regular people" and the balance of authority between Congress and the executive branch.

So, as always, stay tuned as the effects of these and other rulings ripple through everyday life in the months and years ahead.

Related

• What a New Fed Chair Can Mean for Your Taxes
• Who Benefits From the Supreme Court's Home Equity Theft Ruling?
• How Long Should You Keep Tax Records?
• U.S. Supreme Court Strikes Down Most of Trump's Tariffs

Jobs data has "been moving in a good direction," said Federal Reserve Chair Kevin Warsh in his June 17 press conference, his first as head of the central bank. And while the June jobs report, released ahead of the July 2 open, snapped a streak of strong nonfarm payroll releases, economists don't seem too worried about the slowdown.

According to the Bureau of Labor Statistics (BLS), the U.S. added just 57,000 new jobs in June, well below the 115,000 economists expected.

Additionally, job growth for April was revised down by 31,000, from +179,000 to +148,000, and May's figure was lowered by 43,000, from +172,000 to +129,000. This results in 74,000 fewer positions than previously reported.

Professional and business services added 36,000 new jobs in June, the most of any industry tracked, while social assistance came in second with the addition of 25,000 positions.

The leisure and hospitality industry shed 61,000 jobs last month, "reflecting weaker than usual seasonal hiring," according to BLS.

The report also showed that average hourly earnings, a measure of inflation, rose 0.3% month over month and was 3.5% higher year over year.

Additionally, the unemployment rate, which is derived from a separate survey, edged down to 4.2% from 4.3%.

With the June jobs report on the books, we looked at what economists, strategists and other experts on Wall Street expect the data to show and what the results could mean for the Fed and investors going forward. You'll find these outlooks, edited at times for brevity, below.

What Wall Street has to say about the June jobs report

"The June payroll release came in cooler than anticipated, which should take some of the pressure off the Fed to hike rates in the coming months. Although the headline jobs number missed and there were negative revisions to prior months, the labor market continued to broaden with an increase of +376k jobs outside of the healthcare sector in the first half of the year, a stark contrast to the -271k figure recorded for all of 2025. The print endorses the notion that the Fed retains considerable flexibility to emphasize the price stability side of the dual mandate as the economy absorbs the effects of this year’s energy surge." - Jeff Schulze, Head of Economic and Market Strategy at ClearBridge Investments

"Job growth slowed last month, even more than expected, and gains in the prior two months were revised down. But this isn't cause for alarm. The unemployment rate remains in good territory, as does the slow, steady growth in jobs amid demographic changes and some economic uncertainty. There's bound to be some fluctuations from month to month, so this past month's slowing can be taken in stride until there is any additional evidence of trouble." - Elizabeth Renter, Senior Economist at NerdWallet

"June's payroll miss stands in stark contrast to the run of upside surprises earlier this year, but the labor market is still adding jobs and wages show few signs of accelerating. With participation weakening and hiring cooling, the Fed's decision to hold last month looks less like a policy mistake and more like prudent patience. Markets are already repricing a lower likelihood of Fed tightening as the inflation debate continues." - Eric Merlis, Managing Director and Co-Head of Global Markets at Citizens

"June's net job creation, at 57,000, was weaker than economists expected. However, this report comes on the heels of three consecutive months of solid jobs growth, and the unemployment rate, at 4.2%, remains low by historical comparison. Geopolitical and inflationary headwinds have had only a minimal effect on slowing or preventing hiring to this point, and payroll growth has already surpassed last year's pace. Despite a weaker-than-expected jobs report this month, the labor market remains resilient." - Jerry Tempelman, Former Senior Analyst at the NY Fed

"Ongoing labor market stability likely leaves the FOMC focusing on upcoming inflation data to determine its appetite for tightening policy. We still see a path for the Fed to stay on hold for the rest of the year, however any further upside surprises to inflation could convince the committee to hike sooner rather than later." - Kay Haigh, Global Head and CIO of Fixed Income and Liquidity Solutions at Goldman Sachs Asset Management

"A mixed June employment report signaled moderation in job growth from May’s accelerated rise, taking the steam out of market expectations for Fed rate hikes by year end. We anticipate moderating job growth in the coming months as the U.S. economy likely experiences some loss of momentum in a lagged response to higher fuel costs and an end to tax refunds that temporarily boosted consumer spending in the spring." - Jennifer Timmerman, senior investment strategy analyst at Wells Fargo Investment Institute (WFII)

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As shoppers continue searching for ways to stretch their grocery budgets, warehouse clubs and discount grocers are expanding across the country. Retailers including Costco, Aldi and Trader Joe's are adding new locations in 2026, bringing lower-cost shopping options to more communities as consumers remain focused on value.

Costco alone plans to open 26 new warehouses this year, including 10 in the second half of 2026. Aldi has announced plans to open more than 180 stores, while Trader Joe's continues its nationwide expansion after opening four new locations in April.

For shoppers, the expansion could mean more than just a shorter drive to the nearest store. As these retailers move into new markets, they often increase competition, giving consumers more choices and, in some cases, helping keep grocery prices in check. Here's where the biggest retailers are expanding and what it could mean for your wallet.

Which grocery chains are expanding in 2026

Discount grocers and warehouse clubs are growing across the country as demand for lower prices and value-focused shopping remains strong. Aldi, Costco, Trader Joe's, BJ's Wholesale, Walmart and Target have all announced plans to expand or invest in their grocery footprint in 2026.

Here's how some of the country's largest value retailers plan to grow this year:

Why value retailers keep growing

The expansion of warehouse clubs and discount grocers reflects a shift in how Americans are shopping. As grocery prices remain elevated and household budgets stay under pressure, more consumers are seeking retailers that offer lower prices, bulk savings and greater value. That growing demand is encouraging companies to invest in new stores and enter additional markets.

As shoppers look for bargains and better value for their money, they're increasingly turning to retailers like Aldi, which offers low-cost private-label groceries, and warehouse clubs like Costco, where buying in bulk can reduce the cost per item.

Membership warehouse clubs also continue attracting higher-income shoppers. According to the Acosta Group, four out of five club members shop their warehouse club at least once a month, and two out of three have increased how often they visit.

Population growth in the South and Mountain West is also fueling expansion, with Bloomberg reporting that those regions have the fastest-growing working-age populations and rising demand for additional retailers.

What this means for shoppers

The expansion of warehouse clubs and discount grocers could benefit shoppers in several ways. As retailers like Costco and Aldi enter new markets, they increase competition with existing grocery stores, which can help keep prices competitive and give consumers more places to shop.

More locations also make it easier for customers to access value-focused retailers. Whether you're looking to save on groceries, household essentials or bulk purchases, having additional stores nearby means more opportunities to compare prices and choose the retailer that best fits your budget. For warehouse club shoppers, it may also mean having multiple membership options within a reasonable driving distance instead of being limited to a single chain.

Fast-growing communities stand to benefit the most. As retailers expand into these areas, shoppers gain access to more grocery choices at a time when food prices remain elevated. According to USA Today, grocery prices have increased 1.5% since January 2025, making it even more important for consumers to compare prices and stretch their grocery budgets.

How to find out whether a new store is opening near you

If you're hoping a Costco, Aldi or another favorite retailer is opening nearby, there are several ways to stay informed. Start by checking the retailer's website, where store locator tools and news pages often list recently opened locations and upcoming stores.

You can also watch for announcements from your local government or local news outlets, which frequently report on new retail developments before stores open. Following retailers on social media or subscribing to their email newsletters can also help you stay up to date on expansion plans and grand opening announcements.

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The main equity indexes gapped up, slumped briefly, then surged again to start a holiday-shortened week on a positive note. The Nasdaq Composite and the S&P 500 ended their respective five-session losing streaks during a risk-on rally that also lifted the Dow Jones Industrial Average to its first-ever close above 52,000.

"We typically rally into holiday weekends," Louis Navellier of Navellier & Associates observes, "and it would be downright un-American not to be optimistic heading into the Fourth of July, especially considering it is the 250-year anniversary celebration."

Friday, July 3, is a stock market holiday, with the stock and bond markets closed to observe the Fourth of July.

As Navellier explains, the market is also benefiting from a realignment of the Russell 2000 Index and resulting demand for small-cap stocks and mid-cap stocks. "Additionally," he writes, "SpaceX (SPCX, +7.2%) was added to the Russell 1000 at the start of the week."

Navellier expects "fundamentally superior stocks" to enjoy a collective bounce "from institutional investors making their portfolios 'extra pretty' before they do their quarter-end reviews."

Comcast breaks up

Communication services stocks paced the rally at a sector level after Comcast (CMCSA, +4.5%) announced a plan to spin off NBCUniversal and Sky into a separate publicly traded company.

"Comcast will continue to build on its leadership in connectivity," co-CEO Mike Cavanaugh said in a statement announcing the split, "while NBCUniversal, together with Sky, will have the scale, brands, content and financial resources to compete as a premier global media and entertainment company."

Charter Communications (CHTR, +9.4%), a rumored acquisition target for Comcast's connectivity business amid a merger market that's heating up, was among the top-performing S&P 500 stocks on Monday.

Another sector stalwart, Alphabet (GOOGL, +4.8%), was among the top-performing Dow Jones stocks during its first trading day as a member of that price-weighted index. Verizon Communications (VZ, -5.3%), removed from the Dow to make room for GOOGL, fell sharply.

At the closing bell, the tech-heavy Nasdaq Composite was up 2.1% to 25,820, the broad-based S&P 500 had added 1.2% at 7,440, and the blue-chip Dow Jones Industrial Average was higher by 0.6% to 52,182.

Will a World Cup stock score this week?

It's a mostly quiet week on the earnings calendar, except for Nike (NKE, +1.8%). Down 35% year to date through Friday, one of Wall Street's top World Cup stock picks will report fiscal fourth-quarter results after the closing bell on Tuesday.

Stifel analyst Peter McGoldrick is "not ready to call a bottom" for NKE stock. "Our thesis states dominant market position is unlikely to translate to value creation absent 1) a favorable change in consumer preference, or 2) a reinvigoration of the innovation pipeline at scale," McGoldrick writes.

The analyst reiterated his Hold rating on the consumer discretionary stock but cut his 12-month target price from $56 to $50, citing lackluster performance and erosion of its share of the athletic market.

According to McGoldrick, "Investors will focus on FY27 guidance, capacity for topline growth, and EBIT margin rebound from trough levels in FY26." At the same time, he notes, management has little incentive to raise expectations before its traditional investor day in the fall.

Supreme Court says the Fed might be exceptional

The Supreme Court ruled on Monday that President Donald Trump can fire Federal Trade Commissioner Rebecca Slaughter. But can President Trump fire Fed Governor Lisa Cook? Well, no, at least not yet.

Writing for a 5-4 majority in Trump v. Cook (pdf), Chief Justice John Roberts said the Trump administration's interpretation of the law "would in effect transform the Federal Reserve's for-cause protection into at-will employment — an interpretive leap out of step with the statute Congress enacted and our Nation's tradition of central banking protected from political interference."

But Roberts left open the possibility that Trump can remove Cook, pending the Fed governor's case against the president in a lower federal court.

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"To be clear," the chief justice explained, "the ultimate question of whether the President can remove Cook for cause will depend in part on the underlying facts. In this opinion, we have not addressed the facts, as they have yet to be found or analyzed under the relevant legal standards."

In a separate 6-3 decision, the Court abandoned a 91-year-old precedent and expanded President Trump's authority over (most) of the executive branch.

"If anything more is left of Humphrey's," Roberts wrote for the majority, referring to the 1935 decision in Humphrey's Executor v. United States that established a principle of independence for federal agencies, "we overrule it."

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To help you understand what is going on in the economy and what we expect to happen in the future, our highly experienced Kiplinger Letter team will keep you abreast of the latest developments and forecasts (Get a free issue of The Kiplinger Letter or subscribe). You'll get all the latest news first by subscribing, but we will publish many (but not all) of the forecasts a few days afterward online. Here's the latest...

Social Security’s cash shortfall is nearing, according to government accountants. The point at which the program’s trust fund of prior tax revenue runs out and legally triggers a 22% drop in payments is now estimated to hit at the beginning of 2033.

What can Congress do to head off disaster and keep the immensely popular program solvent? We expect lawmakers to find some solution. But anything they choose will be painful. The gap between what the Social Security Administration takes in taxes and what it pays out as benefits has been growing for decades. But before that, when the program was running a surplus, Congress spent the extra cash, leaving IOUs in the trust fund. Now, the Treasury is repaying those IOUs via money from general taxation and mounting debt issuance. Once the IOUs have been repaid, though, the feds can no longer pay more in benefits than they take in from Social Security’s dedicated payroll tax. Any fix will require more taxes, more debt or lower benefits.

Let’s look at some of the options on the table. Congress could let the Treasury sell more bonds to fill Social Security’s shortfall. That would sidestep the need for new taxes, but further blow up the deficit, which is already running at $2 trillion a year. Bond investors may balk at adding to it. Other common proposals get Congress partway to a solution. Among them:

• Lifting the full retirement age by a year eases the program’s tax gap by 12%.
• Raising the cap on earnings subject to the payroll tax would cover 26% of it. That’s assuming the cap rises from the present $184,500 of earnings to $330,000. Hiking the payroll tax one percentage point for everyone also yields 26% of the money Congress needs to find to keep scheduled benefits intact after 2033.
• Other options include reducing annual benefit increases and similar tweaks.

None solves the funding gap on its own, and all will be wildly unpopular among whichever voters find themselves paying more, getting less or doing both.

Given the difficult politics involved, we look for Congress to drag its feet and put off any solution for as long as it can. Social Security has long been known as the third rail of American politics. Calling for less-generous benefits or higher taxes is a surefire way to not get reelected. But the funding crunch can’t be wished away.

Ultimately, expect a mix of benefit cuts and tax increases, as lawmakers try to minimize the ways in which they antagonize voters. It’s too early to predict just how the pain will be distributed, but we would guess that upper-income folks will bear more of it than those lower down the income ladder. That may mean means testing for benefits, smaller annual increases, a higher cap on payroll taxes, etc.

This looming battle figures to dominate U.S. politics in the coming decade.

This forecast first appeared in The Kiplinger Letter, which has been running since 1923 and is a collection of concise weekly forecasts on business and economic trends, as well as what to expect from Washington, to help you understand what’s coming up to make the most of your investments and your money. Subscribe to The Kiplinger Letter.

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Stocks opened lower Friday as tech stocks slumped on reports that artificial intelligence (AI) giant OpenAI is considering delaying its initial public offering (IPO). And while the main equity indexes were in positive territory by lunchtime thanks to strength in defensive sectors, including healthcare and consumer staples, momentum faded into the close.

Late Thursday, The New York Times reported that advisers to OpenAI are encouraging CEO Sam Altman to delay the ChatGPT parent's offering until 2027. This comes amid recent volatility in SpaceX (SPCX, +0.2%), which went public earlier this month in the biggest IPO ever.

OpenAI confidentially filed its IPO paperwork with the Securities and Exchange Commission in early June, with some suggesting it could go public as soon as Q3 2026.

But a potential delay "is a rational, strategically sound decision by one of the most sophisticated management teams and advisory networks in the technology industry," says Luke Lango, lead technology and cryptocurrency analyst at InvestorPlace.

Lango believes OpenAI would be going public "in a competitive environment where Anthropic's rapid progress has created legitimate uncertainty about long-term market share dynamics" and "in a market that just watched SPCX's $1.75 trillion IPO produce more volatility than anyone wanted."

The news sent the Nasdaq Composite down more than 1% at Friday's open, though the tech-heavy index closed with a more modest loss of 0.2% to 25,297. Memory chip stocks created some of the biggest headwinds for the Nasdaq, with Micron Technology (MU, -6.7%) and Sandisk (SNDK, -10.5%) both posting notable losses on Friday.

Elsewhere, the broader S&P 500 slipped 0.05% to 7,354, while the blue-chip Dow Jones Industrial Average — which will add Google parent Alphabet (GOOGL, -2.2%) to its 30-stock roster on Monday — fell 0.09% to 51,876.

ON Semiconductor sinks 24% on deal drama

ON Semiconductor (ON) was another notable tech loser on Friday, sinking 23.7% to make it the worst S&P 500 stock of the day, after the chip manufacturer said it will buy Synaptics (SYNA, -3.7%) in an all-stock deal valued at roughly $7 billion. This also marks ON's largest single-day drop since October 2023.

"By adding Synaptics' differentiated Edge AI compute franchise and strong portfolio of human-machine interface and wireless connectivity solutions, onsemi is expected to extend its capabilities beyond power and sensing to intelligent systems, delivering greater value to a broad range of end markets," ON Semi explained in the press release.

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The reaction from market participants is likely "an investor preference for a data center rather than edge enhancement," says B. Riley Securities analyst Craig Ellis. But Ellis believes it's "a logical product line extension play from data center AI toward the edge for significant SAM expansion into a $100 billion CY30 AI opportunity now including more humanoids and robotics."

Ellis reiterated his Buy rating on ON and lifted his price target to $135 from $118.

Moderna stock soars on sector rotation, drug news

On the plus side of Friday's ledger was Moderna (MRNA), which rose 12.6% to put it at the top of the S&P 500. In addition to a broader rotation into defensive stocks, the drugmaker got a boost after unveiling its first in vivo CAR-T autoimmune therapy program during Thursday's investor day.

"We do think there is investor interest more broadly in the oncology pipeline and new sources of future growth and diversification beyond infectious disease and COVID/Flu, etc.," says UBS Global Research analyst Michael Yee.

But the new programs discussed on Thursday won't be potential growth drivers until at least 2030, Yee says. As such, focus for now is on the company's INT cancer vaccine, with Phase III data expected later this year, and lowering operational expenditures to reach breakeven.

Yee has a cautious Neutral (Hold) rating on the healthcare stock and a $45 price target — more than 30% below its current price.

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To help you understand the trends surrounding business and technology and what we expect to happen in the future, our highly experienced Kiplinger Letter team will keep you abreast of the latest developments and forecasts. (Get a free issue of The Kiplinger Letter or subscribe.) You'll get all the latest news first by subscribing, but we will publish many (but not all) of the forecasts a few days afterward online. Here's the latest…

Artificial intelligence has a growing list of productive business uses. But it’s also leaving companies and individuals more vulnerable to cyberattacks.

The speed and volume of threats are the biggest shift. AI is “accelerating attacks from months to hours,” according to a Verizon data breach report from May. And recent AI advances have sparked new panic over critical digital infrastructure used by big banks, governments and other organizations.

Cutting-edge AI models stoke new fears

AI cyber fears hit a boiling point this year. It started with Anthropic’s Mythos AI model, which rapidly found and exploited security flaws in widely trusted software after its April launch. OpenAI has a similar capability. Both have partnered with security firms such as Cisco, Palo Alto Networks and CrowdStrike to help companies patch software. The U.S. government is very concerned and has recently banned foreign nationals from accessing Mythos.

Some advice for businesses:

• Don’t panic. The threat requires attention, but it’s not totally new.
• Focus on patching critical systems first and regularly push software updates.
• Make sure only approved people can use certain digital tools by having strong access controls.
• Use multifactor authentication — the process of combining a username with a password and a PIN or a biometric for logins.
• Physical security keys, such as Yubico’s YubiKeys, are another way to protect against unauthorized access.
• Other essential cyber protections, such as firewalls and antivirus scanners, help fortify defenses.

Note that AI will help find and fix flaws faster, too. “Bad guys can use AI to find vulnerabilities and rapidly create attacks, and software developers should be able to use the same technology to more rapidly (as in before releasing bad code) create hardened versions of code,” noted John Pescatore, director of emerging security trends at the SANS Institute, in an April newsletter.

Other leading AI threats that require urgent attention

The risks of agentic AI
Agentic AI does complex multi-step tasks, from building an app to managing inventory. “AI agents aren’t coming, they are already here,” said Saira Mohammed, Microsoft’s chief security advisor, at a recent Gartner cybersecurity conference in Maryland. 80% of Fortune 500 companies are deploying AI agents, according to Microsoft.

Agents risk data leaks, unauthorized transactions, compliance violations and other harms. “Agents can expose more data in five minutes than a careless employee could in a month,” said Mohammed. Companies can implement guardrails and a set of permissions to limit what’s allowed. Tools can track AI usage, risky actions, stolen credentials, off-hours use, data access and more. These include Microsoft Agent 365, which tracks agents from both Microsoft and third parties, and ReliaQuest, which has a tool to track Anthropic’s Claude.

Threats from AI chatbots
Chatbots such as OpenAI’s ChatGPT and Google’s Gemini have security risks that are hard to mitigate. These include users crafting prompts to bypass guardrails; the chatbots divulging company secrets or data; or AI systems being corrupted by data they’re trained on. Firms can start by blocking or restricting certain prompts (the text workers type into the chatbot). Specific AI tools can be blocked on company devices and networks, and sensitive company data can be blocked from public AI tools.

Also have an approval process for new uses of AI to ensure security, privacy and regulatory compliance, said John Murphy, a Gartner analyst, at the conference.

Fears about deepfakes
AI makes it easy to fabricate videos and photos of real or fake people. Deepfakes can infiltrate video conferences, place phone calls or side-step biometric authentication. One example is attackers impersonating an executive to request money transfers from an unsuspecting employee. Detection tools from vendors such as iProov, Pindrop and Reality Defender scan audio and video for fakes, but they’re not foolproof.

Studies show AI deepfake detection working better in the lab than in the real world, said Christine Lee, a Gartner analyst, at the conference. Companies should educate employees about the attacks, along with using strong login security. Low-tech approaches should be combined with high-tech ones, such as asking personal questions to verify someone’s identity.

Employees misusing AI
Company guardrails need to be built into chatbots and agents, as well as clear guidance for employee use. Specify what data and files workers are allowed to upload into AI tools, for example. Shadow AI, the use of unapproved AI at work, has surged over the past year and is one of the top ways company data is unintentionally leaked, according to the Verizon report.

Education helps, such as AI literacy training about possible attacks, data risks and how AI works. Even AI power users need training, as they may not realize all the cyber risks. Also track AI tools to uncover suspicious activity, ranging from data leakage to shadow AI.

Cyber best practices are still the best line of defense

In addition to these AI threats, there’s still ransomware, phishing attacks, software supply chain risks and much more.

Security experts say to focus on the basics. Inventory your data and devices. Encrypt data and keep backups. Discard unused data and IT. Use automated patching. Use e-mail filters to fight phishing. Change default credentials on IT systems and apps. Keep an updated incident response plan for data breaches. Have regular cyber training.

Trustworthy resources for AI threats include MITRE Atlas and NIST’s AI Risk Management Framework.

This forecast first appeared in The Kiplinger Letter, which has been running since 1923 and is a collection of concise weekly forecasts on business and economic trends, as well as what to expect from Washington, to help you understand what’s coming up to make the most of your investments and your money. Subscribe to The Kiplinger Letter.

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Google parent Alphabet (GOOGL) will replace Verizon Communications (VZ) in the Dow Jones Industrial Average (DJIA) at the opening of trading on Monday, June 29, making the 30-stock bastion of blue chip companies increasingly exposed to all things digital.

Alphabet is best known to consumers as the operator of Google and YouTube, but as S&P Global notes, GOOGL's diversified portfolio spans advertising, cloud infrastructure, artificial intelligence, hardware, self-driving cars and healthcare technology.

"Adding Alphabet will broaden and strengthen the DJIA's exposure to these dynamic areas of the U.S. economy," S&P Global said in a press release. "Its larger market capitalization and share price, together with the breadth of its businesses, make it a more representative Communication Services constituent in the DJIA."

The move refers to Alphabet's Class A shares. The Class C shares (GOOG) will not be in the Dow.

Telecom giant Verizon, which has been in the Dow since 1984, sounds like a pretty poky business by comparison. Apple (AAPL) replaced AT&T (T) in the Dow in 2015. You might notice a pattern here.

S&P Global notes that Verizon represents only one-half of one percentage point of the DJIA due to its low share price. The Dow is a price-weighted index, and "persistently lower-priced stocks have an immaterial impact on the index," S&P Global said.

As much interest as such events generate, being tapped for the Dow is more symbolic than material. The S&P 500 is the main benchmark for U.S. equity performance. That's why the total amount of money passively tracking the index comes to around $12 trillion.

For example, the largest exchange-traded fund (ETF) in the world, the Vanguard S&P 500 ETF (VOO), has more than $1.7 trillion in assets under management alone. A comparable product for the DJIA, the State Street SPDR Dow Jones Industrial Average ETF Trust (DIA), holds just $43 billion in assets under management.

Lastly, the Dow is weighted by price rather than by market cap. Although GOOGL has an outsize influence on the movements of cap-weighted benchmarks, such as the S&P 500, Nasdaq Composite and Nasdaq-100, at current prices, GOOGL will be as material to the DJIA as, roughly, Sherwin-Williams (SHW).

Nevertheless, the blue-chip average will now include many of the biggest names among tech and communication services stocks: Apple, Amazon.com (AMZN), Nvidia (NVDA) and Microsoft (MSFT), as well as Salesforce (CRM), Cisco Systems (CSCO) and International Business Machines (IBM).

Is GOOGL stock a Buy?

GOOGL joining the Dow is not in and of itself a reason to buy the Magnificent 7 stock. Nothing about its fundamentals has changed. While shares are currently in a 15% drawdown from their May peak, Wall Street remains bullish.

Of the 63 analysts covering GOOGL surveyed by S&P Global Market Intelligence, 42 rate it at Strong Buy, 14 say Buy and seven call it a Hold. That works out to a consensus recommendation of Strong Buy.

The Street's investment case for GOOGL comes down to AI. (Duh.)

"Alphabet remains, at a minimum, competitive, if not a leader, in the development of generative AI, the rapidly developing and perhaps disruptive new computing paradigm," writes Argus Research analyst Joseph Bonner, who rates shares at Buy. "We continue to like Alphabet's underlying businesses and believe that GOOGL shares are attractively valued given the company's growth runway."

The bottom line: If you liked GOOGL before its accession to the bluest of blue-chip clubs, there's no reason to change your mind. But don't buy it just because it's a better fit for the Dow Industrials than Verizon.

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Stocks were volatile Thursday as market participants weighed mixed signals from the tech sector. Wall Street also sifted through the latest inflation data, which came in better than expected, but is unlikely to change the trajectory for interest rates this year.

At the close, the blue-chip Dow Jones Industrial Average was up 0.1% at 51,920, while the broader S&P 500 was fractionally lower at 7,357 and the tech-heavy Nasdaq Composite was down 0.5% at 25,358.

Caterpillar (CAT) was the best Dow Jones stock today, adding 6.3% to bring its daily win streak to seven. The industrial stock is also the best-performing Dow component of the year, up nearly 85% so far, on expectations that the heavy equipment maker will capitalize on demand for the artificial intelligence/data center buildout.

UBS Global Research analyst Steven Fisher thinks power generation opportunities will remain strong in the U.S. "until either grid investment ramps up materially or large turbine production capacity ramps up."

And this should support Caterpillar's "earnings growth, along with continued dealer inventory build in construction, a pickup in the mining cycle, and more oil & gas customer investments."

However, Fisher has a Neutral (Hold) rating on the blue chip stock and a $900 price target — below its current price — noting that its upside potential is likely limited from here given CAT's strong run up the price chart.

Apple sinks on MacBook, iPad price hikes

Apple (AAPL), on the other hand, was the worst-performing Dow stock on Thursday, sinking 6.2% on news the company will be hiking prices on several of its products, including the MacBook and iPad.

Earlier this month, outgoing CEO Tim Cook warned that "price increases are unavoidable" given higher costs for components such as memory chips. And the company implemented the hikes today, raising prices for most of its products by $100 to $200.

For instance, as Tech Radar reports, the new MacBook NEO is now priced at $699, up from $599. And the 12-inch MacBook Air costs $1,299 to start, up from $1,099 previously.

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Passing these "increased costs onto consumers is emblematic of the substantial expenses associated with AI technologies, which have raised concerns about the capital-return prospects of the initiatives," says José Torres, senior economist at Interactive Brokers. "Also, the need to increase prices is undermining hopes that related projects will offer deflationary relief."

Micron soars 16% on memory chip demand

One company that is benefiting from higher semiconductor costs is Micron Technology (MU), which soared 15.8% — and gained $186 billion in market value — after the memory chipmaker reported its fiscal third-quarter results.

For the three months ending May 28, Micron said earnings rose to $25.11 per share from $1.91 per share in the year-ago period. Revenue surged nearly 350% to $41.5 billion. Analysts expected earnings of $20.05 per share on $35 billion in revenue.

"Micron's record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era," said Micron CEO Sanjay Mehrotra in the earnings release.

For fiscal Q4, the company guided for earnings of $31 per share at the midpoint and revenue of $50 billion.

"MU delivered another strong quarter, reinforcing our constructive view on memory's role in AI and the increasing supply-side discipline supporting a more durable cycle," says BofA Securities analyst Vivek Arya.

Even with the tech stock up more than fourfold for the year to date, Arya believes its "valuation remains compelling," and raised his price target to $1,550 from $1,500 — representing implied upside of 27% from current levels.

PCE comes in better than expected, but keeps rate cuts out of reach

In economic news, the Bureau of Economic Analysis (BEA) this morning said the Personal Consumption Expenditures Price Index (PCE) — the Federal Reserve's preferred measure of inflation — rose 0.4% from April to May and was 4.1% higher from the year prior.

Core PCE, which excludes volatile food and energy prices, was 0.3% higher month over month and up 3.4% year over year.

"Oil prices are heading lower but the inflation problem remains, as core PCE is up 3.4% since last year and showing no signs of abating," says Sonu Varghese, chief macro strategist at Carson Group. "This isn't about energy and tariffs either, as AI-related bottlenecks are also pushing inflation higher."

Varghese believes that the Fed's job only gets harder from here, especially as the labor market continues to improve. "But we think the committee will avoid rate hikes this year as a majority wait for inflation to pass, allowing the economy (and markets) to run hot."

Futures traders, however, expect the next move to be a rate hike. According to CME Group FedWatch, betting odds are for the Fed to raise the federal funds rate by a quarter percentage point by year's end.

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Another big rebound on the other side of the world suggested stocks would rise in the U.S., too, and that's what happened early on Wednesday. But investors, traders and speculators remain wary about the speed and scale of the artificial intelligence (AI) buildout.

South Korea's KOSPI Index bounced back in a big way after a sharp sell-off from new highs, just as it did in March and April, rising as much as 4.6% and finishing with a gain of 3.3%.

More than half of the KOSPI's value is tied to Samsung Electronics (SSNLF) and SK Hynix (HXSCL), which were up 9.8% and 1.0%, respectively, on their local exchange.

Fellow semiconductor stocks such as Nvidia (NVDA, -0.5%) enjoyed some stateside follow-through, as tech- and AI-related names attracted dip-buyers through midday. Selling pressure returned after lunch.

Industrials, utilities and consumer discretionary stocks — most notably big box retailer Home Depot (HD, +5.7%) — paced the rally over here at a sector level.

"The recent volatility in AI-related names — particularly chip stocks — has been widely described in terms of 'technical exhaustion'," observes Daniel Skelly, head of Morgan Stanley's wealth management market research and strategy team.

Skelly sees evidence of weakness in the fundamental story, too, "including possible AI-model pricing wars and increased sensitivity about spending among AI hyperscalers."

By the closing bell, the tech-heavy Nasdaq Composite had slipped 0.4% to 25,476, and the broad-based S&P 500 was down 0.1% at 7,358. But the blue-chip Dow Jones Industrial Average held on for a 0.4% gain to 51,848.

Warsh has a legendary act to follow

That the front-month West Texas Intermediate crude oil futures contract was down another 4.3% to $70.06 per barrel on Wednesday will relieve consumers and policymakers worried about inflation. That the 2-year Treasury yield backed off from 52-week highs today to 4.148% vs 4.200% on Tuesday will comfort anyone watching interest rates.

That they're calling what happened in South Korea yesterday "Black Tuesday" is a reminder that new Federal Reserve Chair Kevin Warsh has a tough act to follow. But so did Ben Bernanke, Janet Yellen and Jerome Powell.

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Indeed, Alan Greenspan, who passed away on Monday, is the model for the modern Fed chair.

Whether you need to know how to run a central bank (or you're forming a jazz band), the old Fed chair has answers for you.

Here are five lessons (we can all learn) from Alan Greenspan.

Papa Dow trades VZ for GOOGL

Alphabet (GOOGL, -0.2%) will be the latest Magnificent 7 stock to join the Dow Jones Industrial Average, S&P Global announced on Tuesday.

The Google parent will replace Verizon Communications (VZ, -2.1%) in the price-weighted index before the opening bell this Monday, June 29, with the swap reflecting a divergence among communication services stocks at a moment defined by AI.

As S&P Global notes, adding Alphabet will "broaden and strengthen" Papa Dow's exposure to AI, as well as advertising, cloud infrastructure, hardware, autonomous mobility, healthcare technology and media distribution.

"Its larger market capitalization and share price, together with the breadth of its businesses, make it a more representative Communication Services constituent in the DJIA," the data provider says.

S&P Global also said Honeywell (HON, +2.3%) will remain one of the 30 Dow Jones stocks after it completes the spinoff of Honeywell Aerospace on June 29.

Micron is reporting earnings right now

Micron Technology (MU, -0.4%) hit a new all-time high on Monday, but the tech stock put up red numbers during the two trading sessions ahead of its post-closing-bell turn on the earnings calendar today.

Of course, a year-to-date gain of 268.7% through Tuesday means expectations are still sky-high; indeed, Wall Street expects management to report earnings growth of 950% on revenue growth of 276%.

Those are big numbers. And they make sense, according to Wedbush analyst Matt Bryson.

"With numbers moving higher, demand for AI seemingly set to remain robust through CY2027 (if not 2028), limited likelihood of oversupply over the next 18 months, and finally a strong likelihood MU exceeds our estimates," the analyst argues, "we see no reason to shift our positive view on the name."

Bryson reiterated his Overweight (Buy) rating and raised his 12-month target price on MU stock from $550 to $1,300 in a preview of management's fiscal third-quarter report.

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The Transportation Security Administration (TSA) announced a new partnership with Google Wallet on Wednesday. Travelers can now use Google Wallet to opt into TSA PreCheck Touchless ID, a program that allows you to breeze through security checkpoints without any physical government ID or paper boarding pass.

Your TSA PreCheck membership fast-tracks you through the wait line (and shortens the screening process), but you still need to stop and show ID at a security checkpoint before you can go to the screening area. Touchless ID uses facial recognition technology, not a security agent and physical ID, so you can go through a faster-moving line and get through the checkpoint more quickly.

With the new Google Wallet partnership, all of that becomes a little bit more seamless than it already is. If you're a TSA PreCheck member who's already used Touchless ID, you might be wondering how this is any different from your current experience. Here's what you need to know.

What Google Wallet changes about TSA PreCheck Touchless ID

TSA PreCheck Touchless ID is available at 65 airports nationwide. But, until now, you had to opt into the service through a participating airline.

That meant enrolling in a frequent flyer program (provided the airline you're flying with is eligible for Touchless ID), manually adding your passport details to that frequent flyer account, and then opting into TSA PreCheck Touchless ID.

That's easy enough if you've done it before with your typical airline, but what about when you're not flying with your regular airline, or if you forget to check ahead of time? Do you need to be enrolled in the frequent flyer program of every participating airline you fly with and then set up Touchless ID with each one individually? Not anymore.

The new Google Wallet integration simplifies the process. If you're flying on any of the 100 airlines participating in the program (and you have TSA PreCheck), you can opt into Touchless ID just once through Google Wallet and use it every time you fly, with any airline, without joining 100 frequent flyer programs.

How to set up TSA PreCheck Touchless ID in Google Wallet

First, you need to enroll in TSA PreCheck if you haven't already done so. Many travel rewards cards offer statement credits that effectively make the program free to you. So, if you're on the fence about whether or not enrolling is worth it and you have one of those travel credit cards, there's no question. It's free to you so any time saved at the airport is a bonus.

Next, you need to add your passport to Google Wallet.

On the day of your flight, here's what your Touchless ID process will look like:

• Check in for your flight online. After you've finished checking in, save your boarding pass to your Google Wallet.
• Opt into Touchless ID. When viewing your boarding pass in your Google Wallet, you should see a "get started" button if you're eligible for this program. Tap it and follow the prompts.
• Look for the TSA badge on your pass. After agreeing to share your digital ID and boarding pass with the TSA, you should see a little TSA PreCheck Touchless ID badge on your boarding pass. This indicates that you've finished the process and you're good to go.

That's all there is to it. You just opt into the program after checking in and you can now skip the hassle of digging around in your bag for your wallet when you reach the TSA checkpoint. Instead, you'll just scan your boarding pass, do the facial recognition process and move on to the security screening.

What else to know about Google Wallet and Touchless ID

Google Wallet is available to Android phone users. If you have an iPhone, there is no Google Wallet app available.

Understandably, some people have security concerns about the use of facial recognition technology. You do have to opt in for Touchless ID, and TSA says: "Images are not used for law enforcement, surveillance, nor shared with other entities. Your photo and personal data are deleted within 24-hours of your scheduled flight departure."

On privacy concerns, Google says your information is shared with the TSA only after you opt in and authenticate. The company adds that digital IDs in the Wallet "are always encrypted and stored directly on your phone."

The Google Wallet Touchless ID option is "rolling out over the coming weeks," according to Google.

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Virginia has approved what appears to be the nation’s first tax on data center electricity use.

A legislative deal, which ends months of budget negotiations, imposes a new charge on the power used by data centers in the Commonwealth as of July 1.

But…the compromise stops short of rolling back the long-standing and controversial sales tax exemption on equipment that has helped fuel Virginia's massive data center industry.

Here's more of what you need to know.

Virginia data center tax compromise

The new data center tax emerged from negotiations during this year’s General Assembly session, as Virginia lawmakers struggled to reconcile competing views on how to tax one of the Old Dominion state's fastest-growing industries.

For months, some state senate lawmakers pushed to scale back or eliminate Virginia’s sales tax exemption for data center equipment.

Supporters of repealing the billion-dollar tax exemption argued that the incentive — first enacted in 2008 — has become increasingly costly as data center construction has accelerated across Northern Virginia. State estimates show the exemption now reduces revenue by more than $1.5 billion annually and is expected to rise further as new facilities come online.

Still, some House of Delegates lawmakers and Gov. Spanberger opposed eliminating the incentive outright. A concern was reportedly that eliminating or changing the exemption before its slated end in 2035 could undermine Virginia’s reputation as a destination for stable technology investment.

The disagreement had stalled broader budget negotiations until lawmakers reached a compromise earlier this week: keep the exemption in place, but add a new tax tied directly to electricity consumption.

Under the FY 2027–FY 2028 biennial budget agreement:

• Data centers will pay 1.1 cents per kilowatt-hour of electricity consumed, billed monthly.
• The tax will begin on July 1, 2026.
• Revenue is capped at $600 million annually, with excess collections refunded to the data centers at the end of the fiscal year.

Virginia's Data Center Alley: Why this matters

As Kiplinger has reported, Virginia is home to the largest concentration of data centers in the world, with Northern Virginia’s “Data Center Alley” anchoring a global hub of cloud computing and digital infrastructure.

Around 200 facilities are currently operating in Loudoun County alone, with more planned. These facilities handle over one-third of the world’s daily internet traffic.

But the scale of the data center industry has sparked debate over everything from electricity and water usage to noise concerns.

• Utilities and grid planners have warned that data center electricity demand is growing rapidly, driven in part by artificial intelligence (AI) workloads that require more computing power than traditional cloud services.
• In some forecasts, data centers could account for roughly 20% to 30% of electricity demand in parts of Virginia over the next decade if current growth trends continue.
• For some Virginia residents living near data centers, the constant hum from cooling systems, back-up generators, and other equipment has become a quality of life issue.

Data centers also typically rely on large diesel-powered backup generators to ensure uninterrupted operations during power outages, which raises concerns about local air quality in some communities.

And, depending on the design and cooling technology, large facilities can consume hundreds of thousands of gallons of water per day to cool server racks. Some large campuses reportedly use volumes comparable to those of a small town, raising sustainability questions in some communities.

Adding to the debate, the existing data center sales tax exemption in Virginia cost an estimated $1.6 billion last fiscal year, according to the Commonwealth’s tax disclosures.

That massive exemption and the growing backlash over the more than 600 data centers already in the Commonwealth have made data centers a politically sensitive issue.

But Virginia isn't alone. Similar data center debates have erupted across the United States.

A recent Gallup poll finds that 71% of Americans now oppose the construction of AI data centers in their local communities (with 48% strongly opposed). The pollsters note that local data center construction is more unpopular in the U.S. than building a nuclear power plant.

As of June 2026, according to various online trackers, more than 25 states are either advancing data-center-related legislation or have enacted measures that address grid cots, reporting requirements, utility regulation, tax incentives, or local authority over data centers.

Virginia data center tax exemption: What's next?

For most residents, the immediate impact of the new tax will likely be indirect, since the data center tax revenue will flow into the Commonwealth's general fund.

Notably, under the budget compromise, the Virginia Department of Environmental Quality (DEQ) would play a larger role in regulating data centers. The agency, currently responsible for protecting Virginia's air, water, and land resources, would study data center impacts, create rules, and oversee limits on issues including noise and water use.

Gov. Spanberger's signature on June 30 ended this year’s fiscal standoff, but not the broader debate over how and whether the data center industry should be taxed or constrained. So stay tuned.

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A steep sell-off in South Korea spread to Europe and the U.S. on Tuesday, as investors, traders and speculators asked hard questions about the sustainability of capex plans amid what so far has seemed to be an ever-expanding artificial intelligence (AI) boom. Meanwhile, the Trump administration is talking up another cutting-edge corner of the stock market.

The KOSPI Index, which includes South Korea-based semiconductor stocks such as Samsung Electronics (SSNLF) and SK Hynix (HXSCL), fell 910 points, or 9.99%, to 8,203 on Tuesday. The two chipmakers, which account for more than half of the KOSPI's value, had led the index past the 9,100 level for the first time ever on Monday.

By the closing bell, the tech-heavy Nasdaq Composite was off 2.2% at 25,587, the broad-based S&P 500 had declined by 1.4% to 7,365, and the Dow Jones Industrial Average was down 0.1% at 51,666.

"There is a great near-term buying window for many of the high-flying memory and other technology stocks," Louis Navellier of Navellier & Associates observes, noting that memory stocks showed relative strength on Monday as the Nasdaq sold off late, "but lost their mojo" because of what happened overseas.

Indeed, Navellier expects Micron Technology (MU, -13.2%) to announce record top- and bottom-line results after the closing bell on Wednesday. "The last correction in AI-related stocks this month only lasted four trading days," he writes, "so every dip should be viewed as a buying opportunity."

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The front-month West Texas Intermediate crude oil futures contract was down 0.7% to $73.34 per barrel and has now retreated almost 40% from its wartime highs near $120, as inflation pressure from the Strait of Hormuz continues to ease.

Meanwhile, the 2-year Treasury yield ticked up to another new 52-week high on Tuesday before settling at 4.200% vs 4.219% on Monday, as markets continue to price in a path for short-term interest rates under new Fed Chair Kevin Warsh.

Big Blue gets a quantum bounce from the White House

International Business Machines (IBM, +5.0%) was No. 1 among the 30 Dow Jones stocks on Tuesday, as markets bid up the old-school technology firm on word from the White House of two new executive orders designed to accelerate quantum innovation and to protect against cryptographic attacks.

D-Wave Quantum (QBTS, +2.2%) showed green numbers, too. But quantum computing wasn't immune to broader selling pressure in the tech space, with Rigetti Computing (RGTI, -0.5%) and IonQ (IONQ, -0.8%) lower for the day.

Infleqtion (INFQ, +12.0%), which completed its initial public offering (IPO) in February, and Quantinuum (QNT, +13.5%), a former subsidiary of Honeywell (HON, -2.5%) that debuted as a standalone public company on June 4, did post big gains.

"Quantum technologies represent the next generation of innovation across computing, sensing, and networking, with enormous significance for our country's economic growth, scientific research, and cyber security," President Donald Trump said on Monday. "It's really a big deal that we're doing."

ARK is buying more SPCX

SpaceX (SPCX, +1.0%) enjoyed its first positive session since last Tuesday after ARK Invest revealed through its trade notification system that it purchased a total of 210,121 SPCX shares.

The ARK Innovation ETF (ARKK, -2.1%) added 131,837 shares, the ARK Autonomous Technology & Robotics ETF (ARKQ, -2.8%) 43,486. The ARK Next Generation Internet ETF (ARKW, -2.0%) and ARK Space Exploration & Innovation ETF (ARKX, 1.7%) bought 21,506 and 13,292 shares, respectively.

On Monday, SPCX stock was down more than 16%, and its market cap declined by about $400 billion. According to Dow Jones Market Data, that's the second-biggest single-day loss for any company in stock market history.

Susquehanna analyst Charles Minervino initiated coverage of SPCX with a Neutral (Hold) rating and a $170 12-month target price. "The current valuation requires premium multiples on very aggressive revenue and EBITDA growth assumptions," Minervino says. "With some of the markets that SPCX operates in being relatively unproven, we believe a wide range of outcomes exist."

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Last month, Amazon announced anyone with a Kindle built before 2013 will no longer have access to the Kindle Store, Kindle Unlimited or the "send to Kindle" service. The news effectively meant that older Kindles would be almost useless.

If your device was among the models affected, this year's Amazon Prime Day sale is the perfect opportunity to snag the upgraded device you need at a discount.

Whether you're shopping for a brand new eReader or looking for something used but still in good condition, this week, the major online marketplace is packed with plenty of discounted tech to save you money. To help you find the right replacement for your old eReader, here's a roundup of the best Amazon Prime Day deals on Kindles this week.

Best Prime Day Kindle deals to shop now

To get the most time out of your next Kindle purchase, it helps to buy brand new. Since companies tend to stop providing support after a few years and, in Amazon's case, may even remove features, you can get the most years out of your next Kindle before support ends by getting the latest model.

If you get that latest model during the Amazon Prime Day sale, you can stretch your dollar even further by paying less than full price. With that in mind, here are the best Amazon Prime Day Kindle deals available right now:

Tips for buying a used Kindle on Amazon

If you held onto your last Kindle long enough that Amazon cut support for it, even a used Kindle that's a couple years old will feel like a major upgrade in features and functionality.

And you can often find prices even lower than the best Prime Day deals on the latest models if you browse Amazon Resale, the major retailer's used marketplace.

But there is a catch. Buying used tech means you have to be careful about the quality and condition of the device you're buying. Since Amazon's marketplace can be a little confusing to navigate, here are a few tips to get your money's worth when shopping used:

• Choose "like new" condition: Amazon rates the condition of used items on its website on a scale of "as is" to "like new." While even the worst condition products should still be functional, tech is one of those categories where you want to stick as close to new condition as possible.
• Note the return policy: While there are some things you can't return to Amazon, used products aren't on the list. Still, you will have a limited window of time during which you can get a refund. As soon as the Kindle arrives, test out all the features a few times over to make sure everything works as expected. That includes page navigation, charging speed, downloading books, browsing your library and other key features you need for a smooth reading experience. That way, if something is off, you're well within the return window to get your money back.
• Check the seller: Your best bet is to go with a Kindle that's shipped and sold by Amazon directly. But depending on the model you're looking at, the device in the best condition might be from a third-party seller. If that's the case, make sure the seller has a strong rating (with many reviews) and then double check their return policy, as it can differ from Amazon's standard return policy.

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Many retirees rely on their homes for financial security. According to the Federal Reserve’s Survey of Consumer Finances, home equity accounts for a substantial share of net worth among households aged 65–74.

But when it comes time to tap that value, often through a sale, converting housing wealth into cash doesn’t always go as planned for older adults.

A recent study finds that even when home prices are relatively strong, the proceeds older sellers receive can differ meaningfully from those of younger homeowners. Though timing and how the sale is managed play a role.

And while the research doesn’t point to a single cause for the disparity, it raises broader questions about how home-sale outcomes can affect retirement income and, yes, taxes. Here’s more to know.

Why older homeowners get less money for their homes

A study from the Center for Retirement Research at Boston College finds significant variation in sale outcomes for older homeowners. It analyzed roughly 10 million repeat home sales using CoreLogic deed records linked to demographic data to estimate sellers’ ages.

Researchers compared outcomes across age groups while controlling for home type, location, and broader market conditions and found a consistent gap.

A key takeaway? Older homeowners tend to realize lower proceeds when they sell compared with younger sellers with similar observable characteristics.

According to the study's findings:

• "Older sellers get less starting at age 70," with the gap "increasing with each additional year."
• There is an estimated 5% gap in realized sale proceeds over the average 11-year holding period for some cohorts.
• For a typical home, the differences can amount to tens of thousands of dollars, depending on market conditions. Per the study, for a median $400,000 home, that is roughly a $20,000 reduction in proceeds.

There appear to be several explanations for the gap. But the study points to two primary factors.

• First, older homeowners are more likely to sell homes with fewer recent updates, which can affect pricing even in strong markets.
• Second, the researchers report that in some cases, older adults are more likely to use off-market or less competitive listing channels than the Multiple Listing Service (MLS), which can result in fewer bidders.

Also worth noting: Some home sales at older ages are driven by life transitions like downsizing, health changes, or moves into assisted living, where speed and certainty matter more than maximizing the price. In some cases, that can mean accepting an early offer rather than waiting through a longer listing process.

How a lower home sale price affects retirement income

The impact of lower home proceeds can show up in how retirees adjust their broader financial picture after the sale.

A retiree may expect a home sale to generate a certain amount of cash, enough, for example, to fund a year or two of spending without significantly tapping retirement accounts. But if the actual sale comes in lower than expected, that shortfall might be covered elsewhere, e.g., through additional withdrawals from traditional IRAs, 401(k)s, or taxable investment accounts.

• Those withdrawals are generally taxed as ordinary income. As a result, a larger-than-planned draw in a single year can push a retiree into a higher marginal tax bracket, even if only part of their income crosses the threshold.
• The same increase in reported income can also eventually affect Medicare premiums (IRMMA surcharges), since those costs are tied to income levels from two years prior.

As a result, a lower-than-expected home sale price can have retirement planning implications beyond the transaction itself.

Capital gains tax on home sales over age 65

Even though the tax impact here is primarily about how income replacement flows through the rest of the retirement portfolio, capital gains are an important consideration in retirement.

The tax treatment of a primary residence remains unchanged, including the capital gains home sale exclusion of up to $250,000 for single filers and $500,000 for married couples. That tax break can shield many homeowners entirely from tax on the sale.

Note: A 2026 analysis by the Tax Policy Center and Brookings Institution finds that about 90% of households age 65 and older will likely remain within the current home-sale capital gains exclusion, while roughly 10% would have gains large enough to exceed it.

Still, other recent data indicate that approximately 8% of home sales resulted in gains that exceeded the home exclusion threshold. That's more than double the percentage over the last five years or so, according to a report from the consumer information and analytics company CoreLogic.

That rising share of taxable gains has prompted several proposals on Capitol Hill, including bills that would eliminate capital gains taxes on home sales and a recent legislative proposal to increase the capital gains exclusion to $1 million for homeowners age 65 and older.

Why is this happening? One issue is that the exclusion limit hasn't been adjusted for inflation, so the value of the tax relief provided by the home sale exclusion has eroded over time.

As a result, homeowners across the U.S., but more often in states with high property values, like California, New York, New Jersey, Massachusetts, Florida, and Colorado, are likely to see gains exceed the exemption limit.

Selling a home in retirement: Bottom line

If you're considering a home sale, it may help to speak with a financial planner or tax professional first to understand how the proceeds could affect your retirement finances.

Every individual's financial situation is different, and a trusted professional can help with a tailored strategy.

However, a few considerations:

• How the sale fits into your broader retirement income strategy
• Whether the proceeds could affect taxable income or Medicare premiums
• How the proceeds will be used, saved, or reinvested

It may also be worth considering whether the timing of the sale allows enough time to attract multiple buyers. As the study suggests, urgency can limit a seller's options and make it harder to maximize the sale price.

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The main equity indexes were mixed on Monday, as market participants continued to monitor negotiations between the U.S. and Iran and the status of the Strait of Hormuz. Investors, traders and speculators also observed the passing of Alan Greenspan, who led the Federal Reserve for almost 20 years and was among the most important central bankers of our time.

At the closing bell, the blue-chip Dow Jones Industrial Average was up 0.3% to 51,712, but the S&P 500 was down 0.4% to 7,472, and the tech-heavy Nasdaq Composite had shed 1.3% at 26,166.

Communication services stocks were the worst-performing group, with the sector weighed down by recent addition SpaceX (SPCX, -16.4%) posting a third straight daily decline less than two weeks after the biggest IPO ever.

The front-month West Texas Intermediate crude oil futures contract fell by 2.0% to $74.35 per barrel. WTI has retraced about 86% of its surge to $119.48 on March 9, the intraday peak amid war in the Middle East.

The 2-year Treasury yield ticked up/down to 4.232% from 4.179% on Thursday, with the market-based barometer of short-term interest rates hitting another 52-week high on Monday.

Following its two-day meeting last week, the Fed held the federal funds rate steady at 3.50% to 3.75%. You can catch up on news and developments around the FOMC meeting at our June Fed meeting blog.

Alan Greenspan, the 'Maestro' of the modern Fed

Whether you deem the development positive or negative, and even if it's just the way things have always been in your experience, it's fair to say Alan Greenspan is the template for the modern celebrity Fed chair.

Greenspan, who led the world's most important central bank from 1987 until 2006, died on Monday at 100 years old.

Nominated by Ronald Reagan to succeed Paul Volcker, a historical figure in his own right, he led the central bank under a total of four presidents, including Reagan, George H.W. Bush, Bill Clinton and George W. Bush.

After assuming leadership of the Fed on August 11, 1987, Greenspan guided Washington, D.C., and Wall Street out of Black Monday that October and into an economic boom that lasted, almost uninterrupted, through the 1990s.

"Since becoming a central banker," he testified to Congress in September 1987, "I have learned to mumble with great incoherence. If I seem unduly clear to you, you must have misunderstood what I said."

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Later, in December 1996, he wondered, "But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions," as the dot-com era unfolded.

Greenspan, Treasury Secretary Robert Rubin and Treasury Deputy Secretary Larry Summers famously formed what Time magazine called the "committee to save the world" in February 1999.

Bob Woodward of The Washington Post titled his 2000 biography "Maestro: Greenspan's Fed and the American Boom." That was well before his retirement from the central bank in 2006.

It also preceded the Global Financial Crisis/Great Recession of 2007-09, a series of events that earned Greenspan another nickname, "Mr. Bubble," bestowed when he no longer held any real power.

MU sees strong demand

Micron Technology (MU, +6.8%) extended its 2026 rally on Monday as markets prepared for the tech stock to report fiscal third-quarter results after the closing bell on Wednesday.

MU is up nearly 300% so far this year, the semiconductor stock rising along with demand for the memory and storage hardware essential to the still-accelerating artificial intelligence (AI) infrastructure buildout.

Indeed, Susquehanna analyst Mehdi Hosseini is on the lookout for cracks in Micron's big gross and operating margin numbers: "While the durability of GM above 80% remains a central question," he writes "we believe the more important issue is whether OM can sustain a 70%-75% range over a multi-quarter — or even multi-year — period."

Hosseini's model shows normalization for margins beginning in fiscal 2028. "Nonetheless," the analyst concludes, "with annualized EPS potentially reaching $160 in FY27, we continue to see meaningful upside to the stock relative to our $1,750 price target."

What will FDX deliver on Tuesday?

FedEx (FDX, +1.2%) hasn't put up year-to-date gains quite like MU's, but it is among the top 10% of S&P 500 stocks so far in 2026 with a total return of greater than 40%. That performance through Monday was supported by recently raised guidance, as well as the completion of much of its corporate restructuring.

"While the market will naturally look for forward commentary," Stifel analyst J. Bruce Chan writes in a preview of FedEx's post-closing-bell turn on the earnings calendar this Tuesday, "we believe this print will be centered around: whether FedEx can deliver against its updated FY26 framework."

Chan, who reiterated his Buy rating and his $442 12-month target price for the industrial stock, will focus on the core Federal Express (FEC) parcel business and whether strength from last quarter carried through a more normalized non-peak quarter.

"Although the near-term print still includes several moving pieces," he concludes, "the larger outlook has improved materially, especially with the parcel business showing evidence of better revenue quality, stronger yield management, improved network efficiency, and more disciplined cost execution."

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At its June meeting, the Federal Reserve voted to pause interest rates in the 3.50% to 3.75% range yet again. This latest in a series of pauses has left savers in limbo.

With inflation topping 4% and most savings accounts barely keeping pace, where is the best place to stash the cash you don't need right now?

If you don't want it to lose value amid rising inflation but you also don't want to risk exposing it to the market by investing it, a certificate of deposit (CD) account is one of your best options.

But how do you choose the right term length? That really comes down to what the Federal Reserve's next move is. While a 5-year CD was your best bet in the past, with fed rates still above average while inflation was ticking downward, the uncertainty in today's economy makes those longer-term CDs less attractive.

With the outlook for both inflation and future Fed rate moves uncertain, your best bet right now is a short-term CD so you can lock in today's rate while still having flexibility to shift your cash somewhere else depending on where the market goes.

Why a short-term CD is your best after the fed meeting

Like high-yield savings accounts, CD rates generally move in the same direction as Federal Reserve policy. The difference is that a CD locks in a fixed rate for the entire term, while savings account rates can rise or fall at any time.

With many short and long-term CDs offering around 4% right now, locking in those above-average rates for as long as possible was a great idea when inflation was trending downward. But now that inflation is back above 4% and only a few savings accounts are beating it, a short-term CD, with a term of, say, six or so months, might be a better bet.

This allows you to lock in higher rates for a few months while you wait to see what happens with inflation and what kind of signals the Federal Reserve puts out about where interest rates might land by the end of the year.

If the Federal Reserve raises rates in response to stubbornly high inflation, you'll have the opportunity to lock in those new higher rates after the term is up. If inflation, instead, starts falling again, you can move your cash after those few months to a longer-term CD to lock in these rates for longer.

With that in mind, use the tool below to find the top CD rates available today:

Economic signs to watch to anticipate the future of interest rates

After stashing your cash in a short term CD, you can keep an eye on the economy in the next few months while you wait for it to mature. That way, when it does mature, you'll have a good idea of where to move your cash next to maximize your yields.

• Watch for clues as to how Kevin Warsh will change the Fed. Warsh has historically been a proponent of keeping rates higher rather than risking inflation. But some analysts speculate that he might be more likely to give in to pressure from President Donald Trump to cut rates. Keep tabs on what he says in upcoming meetings to get a sense of which way he might lean in the future.
• Keep up with the monthly CPI reports. The consumer price index released every month by the Bureau of Labor Statistics not only gives you a broad picture of how your own costs are changing, but it's an important measure of inflation tracked by the Federal Reserve. If inflation keeps going up, the Fed is likely to either keep rates paused or hike them further. If inflation slows, rate cuts might be in the future.
• Check the latest jobs reports. In addition to inflation, the Federal Reserve also closely watches employment data, including unemployment rates and wage levels, when setting its monetary policy.
• Track the 10-year Treasury yield. Especially for longer-term savings accounts, such as your CD, rates can be influenced by yields on multiyear Treasury bonds. This is also an important economic indicator to watch if you might be buying a house soon, as the 10-year Treasury yield also influences mortgage rates.

Even if you don't want to track economic indicators that closely for the rest of the year, you can stash your cash in a short term CD now and set a reminder to check in on what's going on in the market in the weeks before it matures.

From there, you can decide whether to move your cash into another short-term CD or lock in rates for longer by opting for a multiyear CD.

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Stocks gapped up at the opening bell on Thursday and ended a holiday-shortened week on an upbeat note after the U.S. and Iran reached an agreement that opens the Strait of Hormuz on a provisional basis for 60 days.

The prospect of peace in the Middle East and relief from an energy shock revived animal spirits dulled by Federal Reserve Chair Kevin Warsh's hints of higher interest rates during the press conference after the first Fed meeting of his tenure.

By the time the closing bell rang, the blue-chip Dow Jones Industrial Average was up 0.1% for the day and 0.7% for the week at 51,565, good enough for another new all-time weekly closing high.

The S&P 500 had added 1.1% at 7,500, bringing the broad-based index to a 0.9% gain for the week. The tech-heavy Nasdaq Composite was up 1.9% on Thursday and 2.4% for the four days at 26,517.

The front-month West Texas Intermediate crude oil futures contract declined by 0.4% to $75.71 per barrel. WTI was down more than 10% this week and is now just 13% above its closing price on February 27, the day before the war in the Middle East began.

The 2-year Treasury yield ticked up to 4.177% from 4.163% on Wednesday. This market-based barometer of short-term interest rates hit a 52-week high on Thursday.

Following its two-day meeting this week, the Fed held the federal funds rate steady at 3.50% to 3.75%. Its short statement concluded with a firm commitment to the inflation half of its dual mandate: "The Committee will deliver price stability."

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As Louis Navellier of Navellier & Associates notes, Warsh "was perceived as more hawkish than hoped for" during his first (and maybe last) FOMC press conference.

"The commentary Warsh gave made it clear that, currently, unless inflation falls much closer to the 2% target, which he made clear would not be changed, a rate hike was likely by year's end," Navellier concludes.

You can catch up on news and developments around the FOMC meeting at our June Fed meeting blog.

Apple and Intel are making a deal

Intel (INTC, +10.6%) was among the top-performing S&P 500 stocks on Thursday, and Apple (AAPL, +0.7%) was higher, too, after President Donald Trump posted about a big deal between the two iconic American companies early Thursday morning.

"Apple has agreed to work with Intel to design and build its Chips in America," Trump said in a lengthy post on Truth Social. "The Technology the World relies on was invented in America," he began. "We all remember 'Intel Inside.'"

Indeed, we do, and the president wants to undo the work of his predecessors who allowed "Taiwan and others [to] steal our Semiconductor Factories" and "forgot to protect our Industries with TARIFFS."

Neither Intel nor Apple confirmed the president's post, though The Wall Street Journal reported on May 8 that the companies had reached a preliminary chipmaking agreement.

Elsewhere in an otherwise rapidly expanding tech universe, SpaceX (SPCX, -3.6%) posted a second straight down day amid the afterburn from the biggest IPO ever.

Big Blue has no bounce

International Business Machines (IBM, -5.1%) was the worst-performing Dow Jones stock on Thursday, sliding along with Accenture (ACN, -16.3%) after the fellow IT services provider shared worse-than-expected top-line guidance for its full fiscal year, citing operating conditions in the Middle East.

CEO Julie Sweet said during the tech stock's conference call that the war was impacting spending plans for many of its clients. Management also noted market concerns about the impact of artificial intelligence (AI) on its business.

Accenture now expects to see revenue growth of 3% to 4%, down from an estimate of 3% to 5% in March. ACN stock had its worst day on record on Thursday.

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If your weekend barbecue shopping trip feels more expensive this year, you’re not alone.

The biggest culprit? High beef prices, which are up about 14% year over year, according to the Bureau of Labor Statistics. This cost is sometimes referred to as the "burger tax."

This burger sticker shock comes as shoppers across the U.S. have been dealing with higher grocery bills for years, especially when buying staples like meat, eggs, and dairy products.

And if you live in a state that still taxes groceries, the number on your receipt is even higher. Here's more of what you need to know.

Why is the price of beef so high?

While overall grocery prices are up 3.1% over last year due to inflation, the long-term impact is significant. Food prices at home have jumped 27% over the last five years.

And…the United States Department of Agriculture (USDA) expects food-at-home prices to continue rising in 2026, with beef among the categories projected to see some of the strongest price growth.

As a result, feeding 10 guests at a backyard barbecue could now cost roughly $15 (or more) per person. Ground beef, up 70% since 2021 and now reportedly averaging about $6.90 a pound, is responsible for much of that increase.

Declining cattle numbers, high feed costs, drought, and consistent beef consumption in the U.S. all contribute to soaring prices.

Grocery tax by state

If rising food prices weren't enough, residents in 13 states face an additional expense because some states continue to tax groceries.

In some cases, that means full statewide tax; in others, reduced rates or hybrid systems that still add a charge at checkout.

For example, Mississippi, Idaho, South Dakota, and Hawaii apply full or near-full state tax rates to grocery purchases. But over the last few years, several states (Oklahoma and Kansas are just two) have eliminated their state-level grocery taxes (though local municipal taxes still apply at checkout in many areas).

Below is what that looks like in dollar terms for a typical cookout basket.

Note: Prior estimates from the Wells Fargo Agri-Food Institute put the cost of a typical 10-person backyard barbecue at about $130. With ground beef prices up roughly 14% over the past year, a comparable cookout basket today would likely be closer to $150, or more, depending on menu choices and substitutions.

States with Statewide Grocery Tax This Year (Assumes a $150 grocery basket for a 10-person cookout)

*Note: Additional city, county, or transit district taxes may apply on top of these base numbers.

** Hawaii imposes a general excise tax rather than a traditional sales tax.

Here's where things stand in the remaining states that still technically tax groceries but have eliminated or reduced state-level tax.

Oklahoma: The Sooner State repealed its 4.5% state grocery tax in 2024, though local sales taxes may still apply.

Kansas: Kansas fully phased out its state grocery tax last year after gradually reducing the rate over several years. Local taxes may still be charged on food purchases.

Virginia: Virginia taxes groceries at a reduced rate of 1%, split between state and local governments.

Illinois: Illinois ended its statewide 1% grocery tax as of 2026, but local governments can impose their own grocery taxes, meaning some shoppers still pay tax at checkout.

Arkansas: Arkansas eliminated its state grocery tax in 2025, although some cities and counties continue to levy local taxes on food purchases.

Bottom line: Why some states still tax groceries in 2026

Most states exempt groceries from sales taxes because food is considered a necessity. However, a handful continue to tax groceries at either the full state sales tax rate or a reduced rate.

• Supporters argue that grocery taxes provide a stable source of revenue that helps fund schools, roads and other public services. They also contend that broad-based sales taxes allow states to keep other taxes lower.
• Critics counter that grocery taxes disproportionately affect lower-income households because food purchases consume a larger share of their budgets.

The debate has intensified in recent years as inflation pushed food prices higher, and as a result, several states have reduced or eliminated grocery taxes.

In Alabama, lawmakers have temporarily suspended the 2% state sales tax on most groceries until June 30, to alleviate high food prices, though local sales taxes remain in place. Similarly, as Kiplinger has reported, Illinois and Arkansas have recently eliminated their state-level grocery taxes, while local taxes still apply in some areas.

Notably, some cities are exploring targeted approaches to making food more affordable and accessible. For example, San Francisco's “Affordable Groceries Act” has recently been proposed by District 5 supervisor Bilal Mahmood.

Modeled after Mayor Zohran Mamdani's city-owned grocery store initiative in New York City, the San Francisco bill is designed to support new grocery stores in underserved neighborhoods through an affordable grocery fund and a vacancy tax imposed on large chains that close stores in the city.

Read More

• Food Tax: Which States Still Tax Groceries in 2026?
• 9 No-Income-Tax States Ranked by Cost of Living
• States With the Lowest Sales Taxes