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Colorado and the Southwest are facing early wildfires and record-breaking drought, which are negatively impacting the economy while Trump is withholding disaster response

TAAF and Wong Fu Productions’ new YouTube series ‘The United States of Asian+America’ features the untold stories of AAPI pioneers who have helped shape modern America.

Hit Show enters the Suburban Stakes on Independence Day wanting more graded stakes glory. Embodying the American spirit, he hopes to ad to his story of success.

The first products in Hasbro’s “KPop Demon Hunters” line are here to entertain fans of Netflix’s animated movie musical phenomenon.

The Iran war handed Exxon Mobil (XOM) and Chevron (CVX) their sharpest stock surge in years. Then the peace dividend arrived, and it had the opposite effect.West Texas Intermediate prices fell to about $69 a barrel on June 28, its lowest since late February.This happened as tanker traffic through the Strait of Hormuz increased and Saudi Arabia began loading vessels at its Ras Tanura terminal.It is an event that indicates major Gulf producers are ramping up their output. Major Gulf producers ramping up output also sent Brent petroleum down by more than 10%, marking its steepest weekly decline in months.Both companies now face second-quarter earnings that look nothing like the ones Wall Street priced in two months ago.How quickly the trade reversed for Exxon and ChevronExxon Mobil is trading at $136.12, down approximately 23% from its 52-week high of $176.41. Chevron sits at $169.13, which is down about 21% from its $214.71 peak. Both stocks have declined in five of the past five sessions.More Energy Stocks:Exxon, Chevron investors cautious after oil newsMorgan Stanley changes its oil forecast for the rest of 2026Chevron warns gas-price relief may take timeOn June 22, the U.S. Treasury’s Office of Foreign Assets Control published General License X.General License X is a sweeping 60-day authorization that allows buyers worldwide to purchase Iranian crude with no volume cap. Brent fell more than 3.3% that day, CNBC reported.According to Bloomberg, Persian Gulf oil exports are back to 75% of pre-war levels. This supply is growing further as Saudi Arabia has restarted oil shipments from its Ras Tanura port.As a result, the war situation that drove both Exxon Mobil and Chevron stocks to their 2026 highs is fading faster than analysts expected. 

The reopening of the Strait of Hormuz to tanker traffic has accelerated the unwinding of oil’s war premium.hapabapa / Getty Images

What Exxon and Chevron’s first-quarter results say about Q2Exxon Mobil reported $85.14 billion in Q1 2026 revenue, Yahoo Finance confirmed, marking a 2.4% increase from the same period last year.Yahoo Finance also reported that Chevron’s revenue remained flat at $47.56 billion compared to the same period.However, despite stable revenue, Exxon’s net income fell 45% from the same quarter last year, while Chevron’s dropped 36%, according to CNBC. This decline is a result of previous financial hedging. Both companies missed out on maximum profits because they fixed their oil prices before the market jumped above $100.Now that oil is retreating toward $69, those price locks are no longer in play. Exxon Mobil and Chevron’s upcoming second-quarter profits will depend on current market prices. Earlier in May, CEO Darren Woods said that “the market hasn’t seen the full impact” of the war’s disruption, Barron’s noted.Today, that protective market cushion is gone.Oil supply is rising faster than the market expectedThe Hormuz reopening is only part of what is dampening oil prices. Iraq is threatening to consider all options, including exiting OPEC, if its production quota is not significantly raised, according to FXStreet. The United Arab Emirates has already left the organization, and Middle Eastern producers are racing to ramp up output after months of forced cutbacks.Related: Chevron surprises investors with eye-catching disclosureAs a result, major banks are changing their targets.Morgan Stanley changed its Brent forecast to $90 a barrelfor the third quarter of 2026 and $80 for the fourth quarter, while maintaining overweight ratings on both XOM and CVX. Goldman Sachs also moved its fourth-quarter 2026 Brent estimate to$80 and its 2027 average to $75, according to Investing.com.What the dividend floor means for Exxon and Chevron investorsDuring a market drop, energy investors are heavily drawn to the dividend floor, which is a company’s financial commitment to maintain steady payouts even when oil prices fall. ExxonMobil and Chevron are currently leveraging this dividend floor to keep shareholders invested.ExxonMobil pays investors $1.03 per share every three months, the company confirmed. Exxon Mobil also revealed that it is buying back $20 billion of its own shares to boost stockholder value, assuming reasonable market conditions. Meanwhile, Chevron’s quarterly payout is $1.78, a company press release indicated, and it’s targeting $3 to $4 billion in structural cost reductions by the end of 2026, the firm’s newsroom reported. These moves come as the broader oil market faces significant headwinds.The EIA’s Short-Term Energy Outlook projects global oil demand will fall by 1.1 million barrels per day in 2026. This contrasts sharply with earlier growth forecasts for the year. Until supply and demand stabilize, these dividend floors will soften the blow of market volatility, even if they cannot remove it entirely. What Exxon and Chevron investors should monitorQ2 2026 earnings: Without hedge buffers, upcoming Q2 earnings will rely entirely on lower $69 to $72 oil prices. Analysts expect filings to be in by late July and early August.U.S.-Iran Doha talks: U.S. and Iranian officials are scheduled to meet in Doha to discuss the Strait of Hormuz, Axios reports. A breakdown in the talks could send oil prices up sharply and quickly reverse losses for XOM and CVX.OPEC+ cohesion: Iraq’s production quota demands and any further departures from the alliance could accelerate the supply excess and push prices lower into the second half.EIA demand revisions: Any further decline in global oil demand would put additional pressure on Exxon and Chevron’s second-half profits.Related: Exxon, Chevron investors cautious after oil news

Serena Williams’ return is more than a comeback to tennis, it’s also a blueprint for building a brand on and off the court.

Nike’s profit and gross margins were buoyed by a tariff refund.

SpaceX went public on Nasdaq on June 12 with a $75 billion raise and a valuation that eclipsed every initial public offering in history.The stock surged 19% on its first day of trading, closing at $160.95 and briefly trading near a $2.25 trillion intraday valuation before paring gains to finish with a market capitalization of about $2.1 trillion, CNBC reported.If you were among the investors weighing a purchase during the post-listing frenzy, one prominent voice had a pointed warning.NYU Stern professor Scott Galloway argued in an analysis published by Prof. G Media that SpaceX’s $1.75 trillion target valuation had “no anchor.” His central argument was direct: not one investment bank on the deal could identify a clean public comparable to justify the asking price.SpaceX’s bankers could not find a valuation peerAt $1.75 trillion, SpaceX was set to trade at roughly 94 times trailing revenue on $18.7 billion in annual sales, Galloway noted.That valuation is far higher than any company in the S&P 500. Even Palantir Technologies, the index’s most richly valued stock by price-to-sales ratio, trades at about 67 times its annual revenue.Related: SpaceX gets brutal verdict from legendary Wall Street investorThe company’s underwriters tried Boeing, AT&T, Palantir, GE Vernova, and Vertiv as potential peers, but none fit cleanly, Galloway explained.To bridge the gap, bankers told investors that SpaceX’s total addressable market is $28.5 trillion, roughly equal to the entire United States economy. That estimate includes $22.7 trillion in projected enterprise application revenue, about 30 times larger than the current enterprise software market, Galloway noted.The 30% retail allocation raised red flags before SpaceX listingTypical initial public offerings reserve 5% to 10% of shares for individual buyers, with the bulk going to institutional investors. SpaceX set aside as much as 30% of its available shares and distributed them through Robinhood, Charles Schwab, Fidelity, SoFi, and E*Trade, the analysis stated.Galloway read the oversized retail allocation as a sign that institutional buyers were not willing to absorb the full deal at the requested price.More SpaceX:Elon Musk sets SpaceX IPO price in blunt message to Wall StreetVeteran hedge fund manager makes a brazen SpaceX betFranklin Templeton CEO sends strong message on SpaceXHe argued SpaceX was counting on the same retail enthusiasm that has powered Tesla shares for years to sustain a valuation with few precedents.He compared the dynamic to Saudi Aramco’s 2019 debut, which held the previous record for the largest offering at a valuation of roughly $1.7 trillion, Bloomberg reported.Aramco shares have declined about 13% from the offer price, the worst total return among the 10 largest global IPOs, according to The Motley Fool.

SpaceX’s unusually large retail IPO allocation raised concerns that institutional demand fell short, signaling potential valuation risks before trading began.Spencer Platt/Getty Images

Starlink shines, but xAI spending drove SpaceX’s $4.94 billion lossSpaceX generated $18.7 billion in revenue during 2025, reflecting 33% growth over the prior year, according to the company’s S-1 filing. Starlink, the satellite internet division, accounted for roughly 60% of that total and served more than 10 million subscribers as of early 2026.Nicolas Owens, equity analyst at Morningstar, warned in a research note that the xAI acquisition may ultimately harm SpaceX more than it helps.”We think long-term investors eager to participate in SpaceX’s future endeavors and potential success will have opportunities to do so with more margin of safety than the initial offering is likely to provide,” Owens said.Starlink delivered $1.19 billion in operating income in the first quarter of 2026 at a 36% margin, making it a genuine standout among growth businesses.The consolidated numbers tell a different story, as SpaceX swung from a $791 million profit in 2024 to a $4.94 billion loss in 2025, The Motley Fool reported.Of the company’s nearly $21 billion in capital spending last year, $12.7 billion went to AI infrastructure, exceeding its spending on rockets and satellites combined.Nasdaq’s fast-entry rule could trigger forced buying of SpaceX stockGalloway also raised concern about a structural change that he said benefits insiders at the expense of everyday index fund investors.Effective May 1, Nasdaq slashed its Nasdaq-100 seasoning period from roughly 3 months to just 15 trading days for the top 40 companies by market capitalization.Nasdaq confirmed on June 26 that SpaceX will join the index before the market opens on July 7, less than a month after listing, Yahoo Finance reported.J.P. Morgan estimates the inclusion could draw about $4.3 billion in passive inflows as Nasdaq-100 ETFs and index funds, including the Invesco QQQ Trust, mechanically rebalance into SPCX before the open on July 7, Reuters reported. The bull case rests on SpaceX having no equal peerNot everyone shares Galloway’s bearish view, and some analysts contend the absence of a clean peer validates the thesis rather than undermining it. Alphabet had no search competitor at its debut, and Amazon lacked any peer for its e-commerce and cloud combination, 24/7 Wall St. analyst Eric Bleeker argued in a rebuttal to Galloway.Both companies now carry multi-trillion-dollar valuations, and the inability to find a peer at listing turned out to reflect genuine uniqueness rather than overpricing.NewStreet Research initiated coverage with a $165 price target after the debut, making it one of the more optimistic early calls on the stock. James Ratzer, a senior analyst at NewStreet, told CNBC that SpaceX holds “at least a 10-year lead” over competitors in launch capabilities.The SpaceX valuation debate is far from settled, and both sides bring credible evidence to their respective positions on the stock. Galloway’s core warning to retail investors remains clear: When no one on Wall Street can justify the price, latecomers absorb the steepest losses.Related: The SpaceX $17 billion spectrum buy finally makes sense

With airlines using their highest fare classes to show off just how gourmet they can go with everything from rare liquors to caviar, it can be hard to stand out for travelers who are used to being served fine foods.As a result, some will go the other way and use the time that they have the passengers in the air to tap into very specific carvings.At the end of 2024, Delta Air Lines first tried serving the smashburgers sold at New York chain Shake Shack on first class routes longer than 900 miles and originating in Boston. American Airlines followed shortly after with Los Angeles condiment brand Smash Kitchen while United Airlines also went the route of New York classics with a period during which its served the viral banana pudding from Magnolia Bakery.Swiss International Air Lines starts serving Bastardo hot dog on first class flightsWhile the airline is insisting that the dish it serves is not fast food but gourmet, Swiss International Airlines has started offering a “Bastardo” hot dog that comes from a popular stand in the suburbs of Zürich.The hot dog developed in partnership with Winterthur-based Frau Hund is made from a Puntbier sausage topped with red coleslaw, apple chutney, sour cream, roasted walnuts and cress on a Swiss multigrain roll.Related: A very, very British restaurant is coming to NYC as a hotelThe “Bastardo” hot dog has been available since June 3 and will remain on the menu throughout the summer until September 1. It is meant to both highlight local Swiss ingredients and core memories of grabbing a hot dog at a stand that transcends the summer experience across many countries.”We chose a product that has a bit of a bad reputation in society, or at least one where quality offerings have been hard to find,” Chris Maurer, one of the chefs who founded Frau Hund alongside Alex Prack in 2021, said of the dish.The hot dog is presented as a warm snack alongside other warm and cold options as well as main dishes like linguine with lobster sauce and Zürich-style sliced veal served on international routes that have first rather than simply business class.

The “Bastardo” hot dog was developed by the two chefs behind Frau Hund.Swiss International Air Lines

Why the hot dog being served on Swiss Air is suddenly going viralOver the three weeks that the “Bastardo” has been served on Swiss flights, it caught the attention of social media users drawn in either by the appealing combination of toppings or the fact that a hot dog is being served in a class where guests normally eat fine foods.More Travel News:Airline to launch unusual new flight to Cayman Islands from the U.S.There is a very cool Irish version of swimming pigs in the BahamasUnexpected country is most luxurious travel destination for 2026Low-cost airline launches easier way to get to Sri Lanka”If I’m in first and you bring me a hot dog, there’s gonna be a problem,” one commentator wrote under the Instagram post in which Swiss presents the “Bastardo.””I’ll stick to my Sprüngli [famous Swiss chocolate brand] menu in my economy light seat,” another wrote.But as others pointed out, the hot dog is one of many options which guests can choose should they get a hankering for it on a long-term flight rather than the replacement for a main meal.Related: Luxury hotels are increasingly betting big on Rwanda travel

The Seattle Seahawks and New England Patriots will face off against each other in a Super Bowl rematch to start the 2026 NFL season.