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The world’s largest sportswear company has accelerated a wave of store closures across the U.S., shutting down roughly a dozen locations in a single month as it works to reshape its retail footprint.The move comes at a time when competition across the athletic apparel industry is intensifying. Established rivals and fast-growing activewear brands have gained momentum by responding more quickly to changing consumer preferences, putting pressure on longtime market leaders to modernize their products, shopping experiences, and operations.As a result, one of the industry’s most recognizable brands is making significant operational changes in response to those industry pressures.Founded in 1964 as Blue Ribbon Sports before adopting its current name in 1971, Nike has grown into the world’s largest sportswear company. The company owns globally recognized brands including Nike, Jordan, and Converse, and its products have been worn by generations of elite athletes, including Michael Jordan and LeBron James.Nike closes stores nationwideNike (NKE) has closed multiple stores during July 2026 alone, including locations in:San Jose, California: 333 Santana Row, Suite 1000Tampa, Florida: 1520 W Swann AvenueAtlanta, Georgia: 675 Ponce De Leon Avenue NE, Suite E-184Alpharetta, Georgia: 7110 Avalon BoulevardNaperville, Illinois: 217 S Main StreetLouisville, Kentucky: 7900 Shelbyville Road, Suite E15aKansas City, Missouri: 450 Nichols RoadBethesda, Maryland: 7117 Arlington Road, Space UHoboken, New Jersey: 222 Washington StreetCary, North Carolina: 4 Fenton Main Street, Suite 140The Woodlands, Texas: 9595 Six Pines Drive, Suite 885Nike has not disclosed how many additional stores it plans to close or which remaining locations could be affected later this year.Why is Nike closing stores?The closures are part of Nike’s Global Operations Changes announced in April 2026, a restructuring initiative designed to strengthen the company’s foundation, improve competitiveness, and support long-term profitable growth.As part of the plan, Nike said it would realign its global operations to better meet future business needs by optimizing its supply chain footprint, accelerating technology deployment, investing in employee training, and strengthening relationships with manufacturers and retail partners.The restructuring is also expected to eliminate approximately 1,400 Global Operations positions.Since announcing those changes, Nike has continued streamlining its business. The company discontinued its Nike Fitness Studios venture, which launched with FitLab in 2023, and closed technology offices in three locations while consolidating operations into two hubs.

Nike closes more stores in 2026.Cheng Xin/Getty Images

Nike faces continued business declinesThe operational changes come after another quarter of declining sales across several key business segments, underscoring the challenges Nike is working to reverse.During the fourth quarter of fiscal 2026: Revenue declined 1%.Footwear and equipment both posted negative growth.Nike Direct revenue fell 9%.Nike Digital was down 12%.Revenue from Nike-owned stores decreased 7%.Converse revenue dropped 32%.”We know we’re not living up to our full potential,” said Nike President and CEO Elliot Hill during the company’s fourth-quarter earnings call. “We’re operating in a more complex macro environment, where we’re seeing added pressure on traffic and discretionary spending across our geographies. But we’re focused on what we can control, bringing each sport together across product, brand, marketplace, and operations and deepening our connections with athletes, consumers, and partners.”Here’s some of my previous coverage of store closures:Former retail giant closes more storesPopular beverage chain closing multiple locations nationwideAfter years of store closures, fashion retailer shifts strategyDespite the recent setbacks, Hill said Nike will continue investing in both its online business and brick-and-mortar stores. The company plans to modernize 50% of its Nike Direct company-owned retail fleet by the end of the fiscal year, creating a more consistent shopping experience across its physical and digital channels.Related: Ikea closing key U.S. stores

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.Why we love this dealIf your backyard or front porch is empty, you’re wasting valuable square footage. Transforming your patio space into an outdoor oasis starts with the right furniture. There are countless styles to consider, like bistro sets or a classic Adirondack chair, but we love a matching set that’s perfect for stretching out and taking cat naps in the sun. The MF Studio 3-Piece Rattan Patio Conversation Set fits the bill with a cozy love seat and chaise lounge that can be configured multiple ways, and it’s currently 50% off with a Walmart deal. Normally, you’d have to pay $510 to score this gorgeous patio set that’s glamorous enough to sit on the balcony of a high-end boutique resort, but the limited-time deal brings the price down to just $255. A 3-piece furniture set with a sectional couch and a generously sized coffee table like this one is rarely available at the price point, especially when the design looks so polished. With this deep discount, the patio set is an even more popular pick, with over 100 sets sold in the past 24 hours alone, so you won’t want to snag it for yourself.MF Studio 3-Piece Rattan Patio Conversation Set, $255 (was $510) at Walmart

Courtesy of Walmart

Shop at WalmartWhy do shoppers love it?Featuring a loveseat and chaise lounge topped with cozy cushions, this patio set has room to comfortably seat up to four guests. The third piece is a matching coffee table, which has a handy two-in-one design, allowing you to use it as a convenient surface to place your snacks and beverages or as an ottoman for kicking up your feet. The versatility of this set doesn’t end there. With options to set them up in over seven different configurations, the seat and table can adapt to a variety of layouts and floor plans.”I love the look of this patio set and the different configurations you can make,” one shopper raved. They also appreciated the plushness of the cushions, writing that they’re “very comfortable and thicker than other sets I looked at.” As a bonus, these cushions come with a water-repellent fabric that’s to keep them fresh and clean after splashes or storms.Related: Walmart’s bestselling 4-piece patio set with soft cushions is on sale for $109Designed to withstand all types of weather, this patio set is made from a durable synthetic rattan. It has the same earthy tan hue of natural rattan, but offers more resilience for outdoor use. The appearance of the set is further elevated with solid acacia wood on the feet, armrest, and table of the patio furniture, giving it an extra touch of luxury. Overall, the build of this patio furniture is solid and sturdy, which is proven by the couch’s weight capacity that exceeds 700 pounds.Pros and cons of the $255 MF Studio patio setPros:It’s a gorgeous design. Natural materials like rattan and acacia wood have a timeless look, but it’s also a popular choice for current interior decor trends this season.It comes with cushions: Many times more affordable patio furniture sets will come without cushions, but you don’t have to buy them separately with this deal.It allows for multiple configurations: If you have a small balcony or porch, this patio furniture can be arranged multiple ways to best fit your setup.Cons:Assembly is required: If you’re not handy, you’ll want to ask someone for help with the assembly process.It only comes in one color: We love the beige seats and light-hued rattan, but it’s also the only color available, limiting your options.Shop more patio furniture dealsAlpha Joy 3-Piece Wicker Patio Set, $300 (was $460) at WalmartLausaint Home 3-Piece Patio Outdoor Conversation Set, $185 (was $330) at WalmartLazzo 3-Piece Patio Outdoor Conversation Set, $166 (was $200) at WalmartUpgrade your outdoor space with the MF Studio 3-Piece Rattan Patio Conversation Set while it’s on sale for $255 at Walmart. This limited-time deal won’t last long, and it’s going fast, so we suggest adding it to your cart ASAP.

Along with the recent collapse of several low-cost airlines, travel agencies and other companies selling various travel services have also had a tough first half of 2026.The string of recent travel company bankruptcies include British firms Great Little Escapes, Salamander Voyages, and Jetline, French cruise operator Expedis Exploration, Boston-based GoPlay Sports Tours and Australian tour-booking giant AVG Travels.While not selling any trips or tours, travel consulting firm Govassist LLC just became the latest to file for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Puerto Rico on July 22.Travel company Govassist files for Chapter 11 bankruptcy in Puerto RicoThe company was founded out of Guaynabo in northern Puerto Rico in 2010 and provided consulting and assistance with applying for non-immigrant tourist visas to the U.S. to travelers who require them. The report from Bondoro shows that the company reported $1.1 million in assets and $15.9 million in liabilities as well as no ability to cover these debts to its creditors.Juan C. Bigas of Juan C. Bigas Lawis representing the company in the bankruptcy proceedings.Related: Another airline will be dissolved, all flights canceledOn its website, Govassist positions itself as a “personal visa consultant” offering help filling out forms for applications like the Electronic System for Travel Authorization (ESTA) required of travelers with visa-free agreements with the U.S. and a full visa for citizens of countries without it.Particularly for the ESTA visa, any “consulting” help that a private company can provide is very limited in scope given that travelers can simply go on the CBP website or mobile platform and enter one’s personal details and passport information for $40.27 USD for a two-year period if the electronic authorization is approved (if it is not, the money is refunded minus a $10.27 processing fee).

Govassist advertised services helping U.S.-bound travelers apply for electronic travel authorization and visas.Shutterstock

These are the kinds of visa consultation services sold by GovassistGovassist charges $129, comprehensive of the application fee, to fill this out for the traveler while stating that it powers part of this process through AI. The company could not be immediately reached for comment on the bankruptcy filing so it is also not immediately clear whether it will restructure or close down.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 LankaSome recent travel agency bankruptcies in 2026:AVG Travels: The Melbourne-based travel agency selling cheap vacation packages to travelers in Australia and New Zealand sent more than 200 travelers an email saying that the trips were canceled before entering bankruptcy in May 2026.GoPlay Sports: In April 2026, the men’s basketball team of the University of Dallas was left without a planned trip to compete in the United Kingdom after Boston-based GoPlay Sports Tours LLC accepted two payments of $30,000 and then went unreachable.Havantur: Havantur was forced to shut down its main European office in Franceat the start of 2026 after tourist numbers to the Caribbean country plummeted due to U.S. military actions in Venezuela and threats against the country.Vegas Vacations and North America Destinations: Two travel agencies in the Canadian province of British Columbia, Vegas Vacations and North America Destinations, were shut down by regulators within a few days of each other in January 2026 after multiple travelers complained of buying trips with invalid plane tickets and hotel bookings.Related: Another airline cancels 3 flights to U.S., offers refunds

The fixed-income ETF boom is often described as a response to yield, but the more revealing shift may be in how investors want to use bonds. Rather than treating a bond fund as a broad income sleeve, households and advisers are looking for vehicles that put future spending—retirement income gaps, tuition, renovations or travel—on a calendar. That changes the question from what a fund yields to whether its cash flows arrive when a bill does.Danielle Retski, an ETF capital market specialist at Northern Trust, described that demand as a search for “goal-driven solutions.” In the first half of the year, fixed-income ETFs took in 29% of all ETF flows despite representing 16% of ETF assets under management, she said. The mismatch suggests that investors are seeking a more deliberate role for bonds alongside risk-taking elsewhere in their portfolios.A distributing bond ladder is built around that scheduling problem. The underlying bonds mature in staggered calendar years, or rungs, and Northern Trust’s ladder ETFs return monthly interest while distributing principal when bonds mature rather than automatically reinvesting it. The design is notably different from a perpetual bond fund, where proceeds are generally rolled forward into new holdings.The Spending Date Is Becoming Part of the Investment ChoiceThe practical attraction is not limited to retirees. Retski cited college tuition, philanthropy, home improvement, travel and private-school payment plans as situations in which investors may want predictable outlays. In each case, the issue is not merely generating portfolio income; it is avoiding the need to decide, year after year, which investment to sell when an expected expense arrives.Any time that you would want consistent cash flows, our ladder ETFs take that federally tax-exempt income and put it in a way where in practice, investors are getting monthly interest income and also annual principal return to them so they can manage their spending needs with their income.That framing makes bond ladders a household-planning tool as much as an interest-rate instrument. For a retiree delaying full Social Security benefits, Retski offered a five-year ladder as an example of a bridge for expected cash-flow needs. For a family setting aside money for education or a renovation, the same structure can tie a future payment to a maturing rung rather than to an uncertain sale of a longer-lived fund.Returning Principal Solves One Problem but Narrows the Use CaseThe annual return of principal is also the feature that makes a ladder unsuitable as a catchall bond allocation. Retski said the products are designed for investors using goal-based investing, cash-flow management or budgeting tools. Someone whose primary objective is ongoing exposure to bonds, rather than a defined stream of future cash, is confronting a different portfolio question.The trade-off is especially relevant when rate expectations are changing. Retski said holding bonds to maturity and returning principal each year can minimize interest-rate risk and give investors duration control. But that benefit follows from a time-defined structure: cash is being paid out rather than simply remaining invested in a perpetual strategy.Tax and Inflation Concerns Are Being Folded Into the Same PlanThe product menu also shows how investors are trying to address several planning concerns in one decision. Northern Trust offers municipal bond ladder ETFs, MUNA–MUND, intended to provide federally tax-exempt income, and TIPA–TIPD TIPS Ladder ETFs, which use Treasury Inflation-Protected Securities. Retski said municipal bonds can be useful where tax-exempt cash flow is a priority, while TIPS are meant to help with inflation that exceeds what markets have embedded in the breakeven rate.TIPS illustrate why a spending plan still needs an inflation lens. Their principal rises with inflation and falls with deflation, Retski said, whereas a nominal Treasury’s yield includes a fixed market expectation for inflation. She pointed to shocks such as the war in Iran and a global pandemic as examples of events that can produce short-term inflation pressure not fully reflected in that expectation.The growing use of fixed-income ETFs, then, is not simply a referendum on yields or the Federal Reserve. It reflects a preference for making portfolio cash flows legible against real household obligations. A bond ladder cannot remove the need to decide whether a particular fund, tax feature or maturity schedule fits an investor’s circumstances. Its narrower promise is more concrete: for money earmarked for a known purpose, the timing of income and principal can be designed to matter as much as the return.

Every generation gets handed a financial script early, and the script tends to outlive the conditions that wrote it.Millennials got theirs somewhere between the 2008 layoffs and the third round of student loan paperwork.You graduated into a broken labor market. You rented for years longer than your parents did. You watched housing costs detach from wages and stay detached.That script hardened into something closer to a diagnosis, and it followed the generation into its 40s. It also shapes how you read your own account statement.So the annual benchmark reports land in a predictable way. You open one, hunt for the average balance for your age group, find yourself somewhere underneath it, and close the tab feeling the same as you did before, only with better documentation.That reflex is worth interrupting this particular year, and the reason sits in an annual report that most people never read past the first page.The 25th edition of How America Saves, the retirement study Vanguard has published since 2001, landed in June, carrying age-bracket detail that cuts hard against the script in a way the summary coverage skipped past almost entirely.Why the average 401(k) balance keeps making you feel behindThe number that travels is the average, and the average is close to useless for this particular job.Average participant balance hit $167,970 at the end of 2025, while the median, the midpoint where half of savers sit above and half below, was $44,115, according to Vanguard.More Personal Finance:Fidelity discloses wealth move that triggers hidden IRS taxMarket pivot point is here – how Investors should get readyDave Ramsey shares strong warning on 401(k)s, IRAsThat spread is not a rounding error. It is the whole reason benchmark stories make people feel worse than the underlying data warrant.Average balances are “more representative of the results experienced by longer-tenured, more affluent, or older participants,” the firm wrote. Vanguard puts its own average at roughly the 75th percentile, meaning three out of four participants hold less than that figure.One in four participants had less than $10,000 saved, while 35% held more than $100,000, and 18% held at least $250,000.None of it is wrong. It is just the wrong comparison for anyone trying to judge their own account.

Vanguard’s 2026 data show Millennial 401(k) medians up 15%, putting seven figures within reach.EF Volart / Getty Images

What Vanguard’s new Millennial 401(k) numbers actually showMillennials now span the 25-to-34 and 35-to-44 brackets, and both of them moved hard last year.The younger bracket’s median balance reached $18,732, up from $16,255 a year earlier. The older bracket’s median hit $46,919, up from $39,958. Both gains outran the 16% move in the all-participant median, Vanguard reported.Markets did most of that work rather than virtue. The average one-year participant return was 19.3% in 2025.Related: Vanguard warns of Social Security traps costing retireesTwo behavioral readings matter more for what happens next. Participants under age 45 held roughly 90% of plan assets in equities at the median, the heaviest allocation of any age group. And when the first quarter of 2026 turned choppy, only 5% of Millennials touched their allocation while 18.4% raised their savings rate, “in large part due to auto increases,” according to Fidelity.Positioned correctly and not trading. That pairing is rarer than it sounds.The tax positioning tracks, too. Roth adoption ran at 20% for the 25-to-34 group and 19% for the 35-to-44 group, the two highest rates of any age band, Vanguard found.Paying tax now on a balance with three decades of compounding ahead of it is the right trade when you are early.The generation is not maxing out, to be clear. Only 10% of the younger bracket and 15% of the older one hit the statutory limit last year.Here is the Millennial ledger in one place:Median balance for ages 25 to 34 reached $18,732, up from $16,255, based on Vanguard’s 2026 and 2025 editions.Median balance for ages 35 to 44 reached $46,919, up from $39,958, according to the same two reports.The average one-year participant return came in at 19.3% for 2025, Vanguard noted.The total 401(k) savings rate hit a record 14.4% in the first quarter of 2026, according to Fidelity.The employee deferral ceiling “increased to $24,500, up from $23,500 for 2025,” the IRS confirmed. Running the millionaire math on a median Millennial saverI ran the projections myself rather than trusting the round numbers that circulate every summer.Start with a 30-year-old sitting exactly at the median, $18,732, contributing at the 11.3% combined employee and employer rate Vanguard reports for that bracket, applied to the $90,000 median participant income. Thirty-five years at a 7% annual return produces about $1.6 million. Drop the assumption to a grim 6%, and it still clears $1.27 million.The 40-year-old is the harder case. Starting at $46,919 with an 11.8% combined rate, 25 years at 7% lands near $926,000.Short of the milestone, and that is exactly where the pessimistic version of this story usually stops.What my analysis turned up is the size of the shortfall. Closing it takes a 13.1% total contribution rate instead of 11.8%. On a $90,000 income, the difference is $97 a month.Vanguard already recommends a 12% to 15% total contribution rate. The median 40-year-old saver is not short by a lifestyle or a windfall. They are short by 1.3 percentage points, sitting inside a band the firm publishes every single year.I checked the top of that band, too. At 15%, the same 40-year-old lands near $1.11 million. Push to this year’s $24,500 ceiling, and it is roughly $1.8 million.The distance between the median outcome and the good one is measured in single-digit percentage points of pay.What a seven-figure 401(k) balance will actually buy in 2051Now for the part that gets left out of the cheerful version.Compounding runs both directions. At 2.5% annual inflation, a million dollars in 2051 buys roughly $539,000 in today’s money. The 30-year-old’s $1.6 million in 2061 works out to about $677,000.The milestone, in other words, is the wrong finish line. Millionaire is a headline. Your replacement income is the actual question.The more durable read on this year’s data is that the system is carrying weight the individual saver used to carry alone, through automatic enrollment, automatic escalation and target-date defaults. That machinery does not care how the generation feels about its own script.It also has a leak. Hardship withdrawals reached 6% of participants in 2025, triple the 2021 rate, at a median of $1,900.A $1,900 withdrawal is not a retirement problem. It is an emergency fund problem showing up in the wrong account, and it is the most fixable item here.Expect next year’s snapshot to look worse on balances alone. Total 401(k) assets slipped to $9.9 trillion by March 31 from $10.1 trillion at year-end 2025, according to the Investment Company Institute.Watch the deferral rate instead of the balance. One is weather. The other is the only variable on the page you actually control, and the 2026 numbers say Millennials are already moving it.Related: Vanguard sounds alarm on growing housing market problem

Netflix (NFLX) has spent 2026 testing the patience of its own shareholders.The stock that once traded like it was unstoppable is now down more than 40% over the past year, and it sank again after the company’s latest earnings report.However, Jim Cramer is stepping in to defend it.On the July 20 episode of CNBC’s Mad Money, Cramer told viewers that Netflix has fallen far enough and deserves a fresh look. His message was blunt: “This is not a broken company.”That single line captures the tension surrounding NFLX right now, as the business keeps growing and the stock continues sliding.Why Jim Cramer is defending Netflix stockCramer’s case starts with Netflix’s valuation.After its long retreat into the high-$60s, Netflix trades at roughly 19 times forward earnings estimates, its cheapest level since 2022, 24/7 Wall St reported.For a company still posting double-digit revenue growth, that is a valuation normally reserved for slower, more mature businesses.More Netflix Coverage:BofA trims Netflix stock target while betting on a reboundNetflix just made its slowdown harder to measureNetflix chases Letterboxd in a telling move for NFLX stockCramer’s point is that the market has punished the stock far harder than the underlying numbers justify.He conceded that the recent quarter was a disappointment with weakening content, but he pushed back hard on the idea that Netflix has lost its footing as a business.

Netflix shares have fallen sharply in 2026 even as Jim Cramer argues the business remains fundamentally sound.NurPhoto / Getty Images

What actually spooked investors after Netflix’s earningsTo understand Cramer’s call, you have to understand why the stock fell in the first place.Netflix’s second-quarter report on July 16 delivered earnings of $0.80 per share on revenue of $12.56 billion. That’s up 13.37% from last year, according to the company’s SEC release. Growth was spread across every region. The problem was the outlook, not the quarter itself, and Cramer laid out the bear case that has weighed on sentiment:The concerns dragging NFLX lowerSlower guidance. Netflix trimmed its full-year revenue growth outlook, a signal that reaccelerating sales growth is getting harder.A softer content slate. The recent pipeline has not been strong enough to keep viewers from canceling.Less disclosure. Netflix moved its “What We Watched” viewership data to an annual release, on top of already dropping quarterly subscriber counts. That reduced visibility unsettled Wall Street.A missed deal. Cramer argued Netflix passed on a chance to lock down Warner Bros. content before walking away from talks.The disclosure change stung the most. When a company gives investors less data to measure, uncertainty rises, and uncertain investors sell first and ask questions later.Netflix shares slid more than 10% on July 17 before closing near $68.95, erasing roughly $35 billion in market value at one point.The bull case Cramer says the market is ignoringCramer argues that the same report that scared investors also shows a company using its cash aggressively and expanding into higher-margin businesses.Netflix repurchased $4.7 billion of stock during the second quarter, its largest quarterly buyback ever, with about $27 billion still authorized.Related: Netflix’s Roku loss points to bigger streaming riskBuying back stock during a sell-off lowers the share count and lifts per-share earnings over time. It also signals that management believes the stock is cheap. As Cramer put it, there is a reason these executives are buying at the fastest pace in the company’s history.Where Netflix still has room to growCramer pointed to three aspects that remain intact:Advertising. Netflix expects ad revenue to roughly double to $3 billion this year. The company’s management says the gap between its ad tier and ad-free plans is narrowing.Scale. The company captures only about 5% of global television viewing time, leaving a long runway across live programming, gaming, and sports.Reach. Netflix is approaching an audience of nearly 1 billion people, with household penetration still under 45% of its addressable market.Bank of America made a similar argument. Analyst Jessica Reif Ehrlich kept her Buy rating even while trimming her target, saying the stock fell faster than the business behind it.How Netflix stock stacks up against the marketThe disconnect becomes clearer when you compare NFLX to the broader market over the same period.While the S&P 500 has held up through 2026, Netflix has moved the other way sharply:Netflix vs. the market in 2026Past week: NFLX down about 8%Past month: NFLX down roughly 13%Year over year: NFLX down about 40%, versus the S&P 500’s 16.58% gain.That gap is the main point of Cramer’s thesis. A stock can fall for valid reasons and still become heavily oversold, and he believes Netflix has done exactly that.What Cramer says investors should do nextCramer’s advice comes with a clear warning.He does not expect a fast rebound and cautioned that the weakness “could stick with us for a while.” So his strategy is deliberately cautious.Rather than buying a full position at once, he recommends starting small and adding gradually on further price dips. That approach lowers your average cost of entry if the stock keeps falling.For the bull case to pay off, a few things still need to happen:What has to go right for NFLXNetflix has to actually double its ad revenue toward the $3 billion target.Engagement growth needs to stabilize after the recent slide.The company must hit its third-quarter guidance to rebuild trust.None of that is guaranteed. If ad growth stalls or content doesn’t improve, a cheap stock can stay cheap for a long time.The practical takeaway is to separate the two stories. Netflix as a business is still profitable, growing, and buying back stock. Netflix stock, on the other hand, is caught in a confidence problem that may take several quarters to resolve.Cramer’s bet is that patient investors who slowly buy the dip will be rewarded when confidence returns, and it depends on whether Netflix can prove its growth engine still has room to run.Related: Netflix stock shows recovery signs after bombshell takeover report

Stifel Financial (SF) had the kind of quarter that generally makes for an effortless earnings tale.Revenue exceeded expectations. Profits outpaced sales growth. Investment banking bounced back, wealth management revenue hit a record, and the firm bought back $177 million of its own stock.But Stifel CEO Ron Kruszewski gave investors a more meaningful takeaway.The company previously said it would have to hire fewer staff due to its artificial intelligence adoption. But Stifel is finding that the technology is helping advisers, bankers, and analysts discover more opportunities, making talented professionals more valuable rather than replacing them.That’s important because wealth-management stocks have occasionally fallen on expectations that AI may automate financial advice and squeeze fees.Stifel’s results suggest a different outcome: AI may wipe out regular jobs but make trusted advisors more productive.Shares jumped 2.2% to $79.31 on July 22 following the release.Stifel’s earnings beat came from more than one businessStifel’s net revenue came in at $1.45 billion in the second quarter, up 13% year over year and about $20 million above consensus estimates.Adjusted earnings jumped 25% to $1.42 a share, above the $1.33 projection, Investing.com reported. GAAP net income available to common shareholders climbed 49% to $217.2 million, while diluted EPS rose to $1.34.Related: Stifel resets AMD price target for rest of 2026That makes a difference.The adjusted number excludes merger-related and other specific costs, while the GAAP number is the company’s reported bottom line, according to Business Insider. Both metrics demonstrated meaningful profit growth, driven by higher revenues and lower expense ratios.Global Wealth Management posted record net revenue of $956.5 million, up 13%, Business Insider noted. Client assets were $580.1 billion, and fee-based assets climbed to $239.8 billion, up 16%.Those data don’t show advisers have unlimited pricing power. But they do reflect clients still trusting human advisers with sizable investments as automated investing and generative AI get more sophisticated.“AI is making information more abundant. That only increases the value of judgment, trust, and relationships,” Kruszewski said during the earnings call.

Stifel’s earnings reveal an unexpected AI advantage.Bloomberg / Getty Images

Investment banking drove Stifel’s immediate earnings upsideThe AI story provides the intrigue, but investment banking drove much of the financial acceleration in the quarter.Revenue from Stifel’s Institutional Group rose 15% to $480.7 million. Investment-banking revenue increased 42%, with advisory revenue up 24% and equity capital raising up 121%.Pipelines for investment banking remain healthy across health care, industrials, technology, energy, and financial services, management said.That diversification is important, since Stifel’s advisory business is sometimes viewed too narrowly as a gamble on bank mergers. Management said bank deal activity remains weak, while other industry groups are gaining better momentum.More Wall Street:Wall Street sends strong 4-word verdict on the stock marketWall Street’s $200 billion IPO wave threatens sell-offWall Street flees software plays for triple-digit chipmaker boomHigher revenue also resulted in operating leverage.Stifel’s adjusted pretax margin increased to 21.7% from 20.3%, and its adjusted compensation ratio dropped to 57% from 58%. The annualized return on tangible common equity was 23.6%.There, the thesis of AI has to come out eventually.The technology story only matters from a financial perspective if advisers get more clients, bankers consider more opportunities, and compliance teams work harder without costs scaling at the same rate.Stifel’s buyback reveals management’s capital-allocation preferenceIn the quarter, Stifel repurchased 2.4 million shares for $177 million at an average price of $73.20. The corporation still has the authority to purchase an additional 7.8 million shares.Kruszewski said similar financial services and advisory firms typically trade at 15 to 18 times adjusted earnings before interest, taxes, depreciation, and amortization, compared with Stifel, which trades at about eight times that measure.That comparison is a management assessment, not an independent market consensus.It does explain the corporation’s choice, after all.If management believes the market is undervaluing the business, it can buy back stock, borrow more, invest in its advisors and technology, or make acquisitions at higher valuations.At quarter end, the company had $480 million of expected excess capital, based on a 10% Tier 1 leverage target, after supporting $2.6 billion of loan growth and the buyback.Key takeaways for Stifel investors Revenue and adjusted earnings topped estimates on Wall Street.Wealth management revenue and client assets were at all-time highs.Investment banking fees increased 42 percent.Stifel views AI as an aid to productivity, not as a replacement for advisers.Lower expense ratios mean better operating leverage.Buybacks were preferred by management at high acquisition values.Stifel’s quarter doesn’t end the AI and financial advice debate. It does change the standard of proof, however.Automation can build portfolios, compile market summaries, and process huge amounts of financial data. But wealthy clients often pay advisers for their judgment, accountability, and decision-making guidance during stressful times.Stifel believes that relationship will be enhanced with AI taking on lower-value tasks.The corporation needs to translate those productivity benefits into adviser production, margins, and organic asset growth. If the stock’s reaction is to hold water, then you need enough earnings momentum, which means investment banking has to hold up.For now, Stifel’s findings reveal a blind spot on Wall Street.Artificial intelligence need not replace costly professionals to revolutionize financial services. It can provide plenty of value simply by making it harder for the best ones to compete with.Related: 6 Signs You’ve Outgrown Your Financial Advisor

Memory stocks were the hottest trade of 2026 until they weren’t.In the span of a few weeks, one of the market’s best-performing sectors flipped into a bear market. Micron (MU), Samsung, and SK Hynix (SKHY) all fell more than 20% from their late-June highs, and the Roundhill Memory ETF went down with them.Then Morgan Stanley told clients that the selling had gone too far, and it looks like there is a chance to buy. The firm’s verdict deserves a closer look before taking your next investment decision.Why Morgan Stanley calls the memory selloff a buying opportunityMorgan Stanley analyst Joseph Moore laid out the case in a July 20 note.He described the recent decline as a “compelling entry point,” Investing.com noted. Moore argued that the fundamentals driving memory demand never actually broke.The selloff came from somewhere else. It was driven by soft demand signals from PCs, smartphones, and other consumer electronics, which spooked investors. Moore treats those as false alarms and misleading indicators for the overall sector, which is mainly driven by AI data center demand.Moore’s team checked in with data center buyers the week before the note. They found that shortage intensity shows no signs of slowing.What the data center shortage means for pricesMemory prices for data centers are set to rise at least 25% from the second quarter to the third quarter. That is above both Morgan Stanley’s own estimates and third-party forecasts, according to Yahoo Finance.That matters because rising prices in a supposed downturn tell you the shortage is real. When buyers keep paying more, it signals that supply is not catching up.Related: Wall Street flees software plays for triple-digit chipmaker boomHigh-bandwidth memory, or HBM, sits at the center of it. HBM is a stacked, ultra-fast memory that works alongside AI processors to move huge amounts of data quickly, which makes it essential hardware for training and running large AI models.Demand for HBM is the constraint, and Morgan Stanley expects the shortage to deepen, not fade.How long the memory shortage could lastA short-term price bump is one thing. A multi-year structural gap is another. Morgan Stanley made it clear that it sees the second. The firm said concerns about memory shortages intensifying in 2027 and 2028 remain “as strong as ever,” according to Investing.com.Other analysts had the same outlook. KeyBanc’s John Vinh recently raised his Micron target to $1,750 and estimated shortages lasting through 2027.More AI Memory Stocks:Micron stock jumps as investors look beyond GPUs in AI chip tradeNvidia stock remains Morgan Stanley’s top pick despite headwindVeteran analyst drops massive Micron valuation predictionThe demand backing this up is real. Micron reported $22 billion in memory supply commitments from 16 strategic customers, Reuters reported. These commitments come with take-or-pay clauses and pricing floors included.Customers are locking up supply years in advance. That is what a durable shortage looks like.What the broader chip cycle signals about demandThe memory cycle is not alone. It aligns with a broader chip market recovery identified in a recent Morgan Stanley distributor surveyAnalog, microcontroller, and power components have all moved to shipping above natural demand. That is a sign the broader chip cycle is healing even if the pace is slower than past recoveries.A few signals stood out in the survey:Analog sequentialgrowth expectations climbed to 75%, with the cycle indicator up 9.7 percentage points from its June 2024 bottom.Power chips are seeing a modest supply buildup, driven by AI and data center server demand.Pricing stayed firmacross analog and microcontroller lines, with zero survey respondents reporting weaker pricing.Firm pricing across the board suggests demand, not just hype, is holding the recovery together.

Data center demand for high-bandwidth memory is the engine behind Morgan Stanley’s bullish call.Bloomberg / Getty Images

Where the caution still livesNone of this makes memory stocks a risk-free trade.Morgan Stanley called memory stocks crowded and warned that sharp pullbacks will keep happening. It treats those dips as tactical entry points rather than reasons to abandon the thesis.There is also a real ceiling on prices. According to Moomoo, a separate Morgan Stanley team flagged that pricing momentum may be nearing a peak. Quarterly memory revenue now tops $200 billion, up from about $46 billion a year earlier. Push prices that far and demand eventually starts to break.Memory is still a cyclical business, and if supply catches up faster than expected, the same pricing power lifting these stocks now can reverse just as quickly.Why Texas Instruments shows the other side of the tradeNot every chip name has the same optimism, and Texas Instruments (TXN) makes the difference clear.According to Yahoo Finance, Morgan Stanley raised near-term growth and price estimates for the analog maker, pointing to strong analog, industrial, and data center trends. It lifted its price target to $230 from $221. Yet the firm kept an Underweight rating on the stock.The reason is a big increase in spending on new plants that Morgan Stanley expects to pressure near-term earnings and free cash flow. Strong demand does not automatically mean a strong stock, and TXN is an example.What this means for investors watching memory stocksFor readers weighing the sector, here are a few key notes.The AI data center shortage is the core driver, and Morgan Stanley sees it lasting into 2027 and 2028.Firm pricing during a selloff shows that demand is holding even as sentiment swings.Volatility is the cost of entry. Expect more sharp drops, and size positions accordingly.Not all chip names are equal. Memory and compute leaders like Nvidia and Broadcom carry the strongest cases, while big spenders face a tougher near-term path.Micron sat around $865 on July 20, well off its June 25 high near $1,213, according to Macrotrends.The pullback gave patient investors a lower entry into a trade Morgan Stanley still believes in. Whether it pays off depends on one thing: how long AI keeps outrunning the world’s memory supply.Related: Citi sends warning on semiconductor and hyperscaler stocks

Mortgage rates just hit their highest point in 2026 — actually, their highest in almost a full year.The national average 30-year fixed mortgage rate rose 0.03% to 6.58% the week of July 23, according to Freddie Mac.This is the third straight week of increases. The last time the 30-year rate was this high was August 2025, when it held at 6.58% the weeks of Aug. 14 and Aug. 21.”The tug-of-war between inflation and the renewed conflict between the U.S. and Iran is reflected in today’s rates, as higher oil prices raise concerns that elevated energy costs could filter into future inflation readings,” Jeff DerGurahian, chief investment officer and head economist at loanDepot, explained in a statement shared with TheStreet.This may seem like 100% bad news. I’m not trying to spout toxic positivity. But in my years covering mortgage rates and the housing market, I’ve seen how complex it is. High mortgage rates can actually deliver some benefits to homebuyers.Don’t get me wrong, increased mortgage rates can definitely make it harder to buy a house. But if you can still afford a house in general, they can work in your favor as you craft an offer.Reality check: How a 6.58% mortgage rate affects monthly paymentsThe national median housing price is a little over $400,000, according to Redfin data. So, let’s say you take out a 30-year mortgage loan for $400,000.I’m using the Bankrate mortgage calculator to compare the monthly payment toward the mortgage principal and interest based on the current 6.58% interest rate versus other recent rates. This way, you can see how the rate increases affect your monthly affordability.First, let’s look at how a 6.43% rate would affect your monthly payment. This was the 30-year mortgage rate the week of July 2, before the run of weekly increases began.Related: Is the American starter home officially dead?With a 30-year mortgage of $400,000, a 6.43% rate would result in a monthly payment of $2,510.Now we’ll look at the rate from the week of July 16, which was 6.55%. This leads to a slightly higher monthly payment of $2,541.And now for the annual high rate of 6.58%. The new monthly mortgage payment would be $2,549.With a 6.58% rate, you’d only pay $8 more per month than the rate from the previous week. And you’d still pay just $39 more monthly than the rate from a month prior.Small weekly rate increases aren’t necessarily make-or-break situations for whether you can afford monthly payments on a house. The more significant cost difference is what you’ll pay in interest over the entire 30 years. But remember — you can always refinance into a lower rate if market rates drop later.A factor that’s just as important (if not more so) than your mortgage rate is the home price.

Mortgage rates are up by 0.03%, but this only increases your monthly payment by $8.Maskot / Getty Images

Higher mortgage rates keep home prices tameRelatively high mortgage rates are keeping many homebuyers on the sidelines in 2026. Pending home sales hit their three-month low during the four-week period ending July 19, according to a Redfin report.If you can still afford a home, this is actually good news for you.More Mortgage Rates:Fannie Mae predicts shift in mortgage rates, housing marketWhy mortgage rates are spiking again and what to doReal estate giant updates mortgage rate, home price predictions”The buyers who are in the market have more leverage than they’ve had in years,” said Vanessa Leimback, a Redfin Premier agent in Seattle. “Homes that have been sitting on the market for longer than a few weeks often come with room to negotiate on price and seller concessions.”When there is heavy buyer demand, you have to deal with more competition from fellow buyers. This can lead to bidding wars that result in one of you paying above asking price.But higher mortgage rates have led to less competition. This means you can probably avoid a bidding war. If you negotiate on the price or seller concessions, you’ll actually spend less than you would otherwise.And if their house stays on the market for a long time? They might even cut the price.Related: Boomers have unfair edge over younger homebuyers

While once virtually impossible to imagine, hotels without any on-site staff are becoming more common. Technology can increasingly enable everything from an automated check-in and check-out process to a platform where various services can be called in as the need arises.In the southern Maine town of Kittery, the new Foreside Inn boutique hotel will operate under a 24/7 digital concierge service. Guests with a booked reservation open the door to one of the 24 rooms through their access code while workers will be available remotely through text, email, or phone at any hour that the guest contacts them.The hotel’s management is positioning this type of service as creating the ability to “‘provide a stress-free and effortless stay” and offer “a surprising level of luxury at an exceptional value.” Rooms during the summer months start at $260 per night.Foreside Inn in Maine opens with fully virtual check-in and conciergeKittery is both the southernmost and oldest town in Maine with a permanent population of just over 11,400 people. It is located across the Piscataqua River from Portsmouth in New Hampshire and often serves as a stop for those exploring the New England coast and local food scene.With traffic numbers to this part of Maine and New Hampshire remaining highly seasonal, the remote concierge service is a natural option for a part of the country that will see significantly more isolated visitors at some points of the year. Cleaning staff also get called on site based on booking patterns to prepare for guests’ arrivals and clean the rooms after they check out.Related: Luxury hotels are increasingly betting big on Rwanda travelPreviously, entirely staff-free models have largely been reserved to airport hotels and certain youth hostels with an entirely digitalized “check-in, check-out model.”In recent years, more and more high-end chains have also been offering digital check-in. The city of Dubai has been working with hospitality technology provider Houdini to eventually roll it out to all of the 820 hotels within the city. The same company provides the technology for staff-free check-in at Nobu hotels around the world but in each case the goal is to minimize staff rather than eliminate them entirely; employees are on hand to greet guests and help out with any questions that may arise on site.

The Foreside Inn opened in Maine’s Kittery this summer.Foreside Inn

Staff-free hotels have started popping up in these citiesThe fully digital hospitality experience seems to be seeing the most uptake in New England. In the New Hampshire city of Portsmouth, just a bridge away from the Foreside Inn in Kittery, the historic Treadwell Mansion built in 1818 has also eliminated the traditional front desk for a staff-free experience.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 LankaGuests who booked one of the 38 apartment-style hotel rooms inside the converted mansion open the door through an access code created through a partnership with Mews digital access platform that then blocks the room once the reservation is over should the guest not extend the reservation or check out.This type of staff-free experience is hugely beneficial to hotel operators as it significantly reduces the number of needed staff while, even in the luxury sphere, guest preferences will vary: Some prefer a faster and sleeker check-in process while others still like the human touch of being welcomed and greeted as special guests.Related: Disney World shuts down part of legendary resort