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Negotiators from the U.S., Canada, and Mexico are meeting to discuss the USMCA trilateral trade deal that went into effect on July 2020, during the first Donald Trump administration.When it was signed, the pact had a mandatory six-year joint review clause. But while politicians and bureaucrats will be the ones participating in the negotiations, the auto industry is one of the biggest stakeholders in these talks, and executives from the biggest U.S. automakers are making their positions publicly clear.The auto industry is the largest component of total trade in North America, accounting for 22% of USMCA trade and employing 9.7 million people directly and another 11 million throughout the supply chain just in the U.S.Ford CEO Jim Farley wants the USMCA to be more fairFord CEO Jim Farley has been outspoken about what his company wants from the USMCA negotiations for weeks. At the international meeting, he said that he wants automakers that produce most of their vehicles domestically, like Ford, to be rewarded under the new deal while competitors that produce domestically, but also import a large portion of their vehicles, like Toyota and GM, should face stiffer penalties.“It’s imperative that any new agreement makes it easier, not harder, to compete with U.S. makers who import from Japan, South Korea and global competitors that import from those locations. That’s the key for us,” Farley told CNBC Wednesday.Related: Ford recognized for addressing stubborn quality issueGM, which led the U.S. in auto sales in 2025, imported 1.17 million vehicles, or 41% of its U.S. sales. Toyota imported more than 1.19 million units, or 47% of its domestic sales, CNBC reported. Ford, on the other hand, assembled more than 2 million vehicles in the U.S. last year, more than any other OEM, and imported just 378,000, or 17% of the 2.2 million it sold in the U.S.“Ford’s a leader of U.S. auto production with the most U.S.-built vehicles but, more importantly, we import very few, and we export the most, and we have the most UAW [union] workers here,” Farley said. “So we’re very proud, especially of the ratio between what we build here and what we import.”Last year’s tariffs added $41 billion to the cost of vehicles and parts, according to JPMorgan. Those costs amounted to an increase of about $2,580 per vehicle, or about 5.8% of the average retail price.“Really, our priority is to be able to import parts, build as much as we can in our country, but import parts to make the vehicles as affordable as possible,” Farley told another news outlet recently. “So what we’ll be looking for in the new negotiation is really making sure that if a vehicle is imported from Mexico and Canada, it is done on a level playing field,” he said. “So if you’re not compliant with USMCA, it should be very expensive to do that. If a company decides not to be compliant with the legislation, then it should be a lot more expensive.”

Ford imported fewer vehicles than its rivals last year by a wide margin. General_4530 / Getty Images

UAW continues opposition to USMCAWith more than a fifth of the trade under the USMCA trilateral trade agreement coming from the automotive industry, the United Auto Workers union and its 400,000 active members are among the biggest stakeholders in these negotiations.UAW President Shawn Fain was wearing a “Kill NAFTA” T-shirt during a video call last month, according to the Wall Street Journal, when he made his union’s opposition to the agreement clear.“Where it didn’t eliminate jobs entirely, it slashed wages and benefits,” Fain said of the USMCA. “There is no future for the U.S. working class that doesn’t address the free-trade disaster.”More Automotive:The U.S. may never sell 17.6 million cars againA U.S.-built EV brand just got banned from AmericaFord is betting a new battery strategy will make EVs profitableThe UAW believes the USMCA should completely overhaul the requirement that 40% to 45% of the auto content must be made by workers earning at least $16 per hour. That requirement guarantees that Mexican auto workers receive pay equal to that of their U.S. counterparts.Fain says that scrapping that requirement would help curb job offshoring and improve conditions for Mexican workers.Fain also wants a revised USMCA to toughen penalties on companies that violate workers’ rights and to set quotas requiring companies to manufacture a larger share of vehicles and components in the country where they are sold.Meanwhile, Farley says he has been in contact with the UAW and appreciates their point of view.“The good thing is Ford is respected. We’ve earned that respect,” Farley said.Related: Leading auto CEO lays out USMCA strategy ahead of July deadline

The next major space company might not be building rocketsIt may not be launching satellites into space, flying tourists to the edge of the atmosphere, or competing with Elon Musk’s SpaceX for the next big thing in orbit.Instead, it might accomplish something a little less glamorous: helping money move.That is the bet behind Nebex, a New York firm attempting to build market infrastructure for the global space economy. It recently closed a $30 million seed round led by GV, formerly known as Google Ventures, the venture arm of Alphabet (GOOGL), and formed a banking relationship with J.P. Morgan, a unit of JPMorgan Chase (JPM).The deal offers Alphabet-backed GV and JPMorgan Chase a front row seat to one of the less visible issues in the commercial space race.SpaceX helped show that space could be a recurring commercial company, not merely a government-backed moonshot. But the financial infrastructure around space has not kept pace as more countries and companies try to get into that sector.Nebex wants to be in that void.“We built Nebex because we’ve seen firsthand that ambitious space founders struggle to deliver complex sovereign programs due to the lack of capital markets infrastructure that supports revenue and cashflow,” Nebex CEO Tejpaul Bhatia said in a company statement.Nebex targets the problem SpaceX does not solveSpaceX has transformed the space sector, making launches more commonplace and commercially viable.But rockets are just one piece of the puzzle.Governments still have to locate space corporations that can deliver difficult projects. Long procurement cycles and inconsistent cash flow remain a reality for startups. There is still a need for better ways for capital providers to understand and support projects in a market that may have export limits, national-security issues and cross-border funding.That’s where Nebex is trying to squeeze in.The company doesn’t want to compete with SpaceX, Blue Origin or Rocket Lab (RKLB). Rather, Nebex is hoping to develop what it calls market infrastructure for the global space economy.The platform is designed to provide an exchange layer between space firms, sovereign purchasers and the funds required to get agreements rolling.Related: Oppenheimer downgrades AT&T stock on SpaceX threatThat makes Nebex a different form of space play.The most flamboyant players in the sector remain launch providers, satellite owners, space-station builders and defense contractors. Nebex is looking at the layer underneath them: transaction flow, finance, contracts and cash movement.That may seem mundane compared to a rocket launch.But dull infrastructure can be extremely lucrative once a market is large enough.The global space economy hit a record $613 billion in 2024, the Space Foundation said. Most of that total was commercial activity. A sign space is no longer just a government-funded industry.Space economy growth timeline2024: The global space economy reached a record $613 billion, according to the Space Foundation.2025: Commercial space activity continued to accelerate as launch frequency and satellite demand remained high.2032: The Space Foundation has projected that the global space economy could cross $1 trillion as soon as 2032.2035: The World Economic Forum has said the market could exceed $1.8 trillion.In the longer run, the space economy is on track to top $1.8 trillion by 2035, the World Economic Forum has estimated, as satellite-enabled services penetrate deeper into communications, navigation, meteorology, agriculture, logistics and defense.As for Nebex, the argument is simple: SpaceX helps make space commercially real. Now the market needs financial rails.Google Ventures backs SpaceX-linked commercial space experienceNebex is a new space-economy infrastructure company founded in late 2025 by Bhatia, the former CEO of Axiom Space.That background is important because Axiom has been one of the more recognizable private companies attempting to monetize low-Earth orbit through private astronaut voyages and commercial space station activities.Bhatia also worked on over $1 billion of commercial space projects with sovereign nations, SpaceX and NASA, Nebex said. That lends the company’s argument more credibility than is common for a seed-stage software venture.He is joined by co-creator Anand Subramanian, founder of venture-backed exchanges ContextWeb and NimbleTV, and Manlio Di Stefano, former vice minister of foreign affairs of Italy.That combination provides Nebex a unique profile. It’s a hybrid of fintech, aerospace platform and government-procurement plays.More SpaceX:Veteran hedge fund manager makes a brazen SpaceX betFranklin Templeton CEO sends strong message on SpaceX‘The Big Short’ investor describes SpaceX in three wordsGV looks to be buying into just that idea.GV described Nebex as building the “economic operating system for space,” a missing layer for space transactions, buyers, suppliers and capital markets. GV General Partner Erik Nordlander said the company is building “the financial backbone” of the commercial space economy.And that’s what investors should be watching for.Alphabet isn’t betting on Nebex in the public market; GV is a venture-capital unit, and Nebex stays private. J.P. Morgan’s involvement is also a banking relationship, not an acquisition or equity announcement.But the pairing of GV and J.P. Morgan means the announcement has more heft than a regular seed-round announcement.It indicates that the industry is more than a hardware market for big tech and finance businesses. They regard it as a financial market of the future.

Alphabet’s venture arm backs quiet SpaceX-era winner.TIMOTHY A. CLARY / Getty Images

Nebex could become a picks-and-shovels space economy playNebex does not give public investors a direct stock to buy.That is important. The company is private, the funding round is early, and the business will need to prove it can turn a complicated market into a scalable platform.There are risks, clearly. Space deals might be subject to national security reviews, export controls, diplomatic considerations and extended government timetables. A business aiming to make that process easier might find that the hardest areas of the market are hard for a reason.But that is also the very reason for the opportunity.Access to orbit was the initial phase of commercial space. SpaceX made launches normal and helped the rest of the business think differently about cost, speed and scale.The next phase may be about making space easier to buy, sell and finance.That’s where Nebex is seeking to fit in. Its platform is designed to help governments identify suppliers and space corporations manage demand and funding flow more efficiently into huge programs.This is not the public-market read-through where Nebex has suddenly become an investable name. That the space economy is evolving into a layered marketplace.There are the rocket-makers. There are the companies that operate satellites. And then there are the defense contractors, who sell to governments. And now you’re seeing businesses trying to develop the rails that bring buyers and sellers and financing together.That’s why GV’s $30 million bet is significant.That suggests a less noisy change in the space race that SpaceX helped define. The winners may not only be the corporations that put payloads into orbit. They might be the corporations that move money through the space economy.Related: The SpaceX $17 billion spectrum buy finally makes sense

Kroger Co (KR) agreed on Wednesday, July 1, to acquire Giant Eagle, the family-owned grocery and pharmacy chain based in Pittsburgh, according to Kroger investor relations.The price tag is $1.65 billion, a fraction of the $24.6 billion merger Kroger tried to complete with Albertsons before courts blocked it in 2024, Newsweek reported. Investors did not celebrate, however.Kroger shares fell on the news rather than rising, a reaction that says as much about the state of the grocery industry as it does about the deal itself.Kroger’s $1.65 billion cash and debt dealThe transaction includes $1.25 billion in cash and the assumption of about $400 million in Giant Eagle’s outstanding liabilities, Kroger’s release indicates.It marks the first acquisition under CEO Greg Foran, who took over in February 2026 after a career at Walmart, according to CNBC.Kroger’s board approved the deal unanimously, but it still needs federal antitrust clearance and is not expected to close until 2027.

Kroger agreed to buy family-owned Giant Eagle for $1.65 billion, adding 197 stores across five states in the Midwest and Mid-Atlantic.Houston Chronicle/Hearst Newspapers / Getty Images

What does Giant Eagle bring to Kroger’s shelves?Giant Eagle has operated as a family-owned chain since 1931 and generates roughly $9 billion in annual sales, according to Kroger’s announcement.It runs 197 supermarkets and 11 standalone pharmacies across northern Ohio, western Pennsylvania, West Virginia, Maryland, and Indiana.That footprint gives Kroger something the Albertsons deal never could: a clean geographic fit with limited market overlap, which lowers antitrust risk.Related: Kroger joins 4th of July grocery fight with new dealsGiant Eagle will keep its own name, its Cranberry Township headquarters, and its current leadership team, and Kroger plans to continue Giant Eagle’s myPerks loyalty program, CBS Pittsburgh noted.We evaluated the opportunity carefully, and the strategic fit is clear.Foran described Giant Eagle as a well-run regional grocer with a strong track record in fresh food, pharmacy and private label, according to the release.Keeping the brand intact suggests Kroger is buying customer trust as much as it is buying stores.Kroger’s stock fell despite a low-risk dealKroger shares dropped about 2% in premarket trading July 1, according to CNBC, before settling to a decline of about 1% by mid-morning.The shares eventually slid to a new 52-week low of $54.15 later in the session, though they rebounded sharply by the closing bell.More Kroger:Kroger rolls out exclusive celebrity line to win back shoppersKroger changed its loyalty rewards program, but shoppers need to be waryKroger’s new CEO calls out his own storesFor a stock that has now lost more than 12% of its value this year, the drop reflects investor fatigue with dealmaking after the Albertsons collapse, rather than distaste for this specific target.The deal values Giant Eagle at about 0.18 times its annual sales, a modest multiple that equals roughly 4.8% of Kroger’s own market value, TS2.tech’s analysis revealed.Wolfe Research analyst Greg Badishkanian estimated the acquisition could add $200 million to $250 million in annual operating profit and roughly 6% to Kroger’s revenue base, MoneyCheck noted.Kroger itself said the deal should start adding to adjusted earnings per share in the second full year after closing, once integration costs fade.A smaller, safer template for grocery growthKroger continues to compete against Walmart and Amazon on price and convenience, and Consumer Edge analyst Michael Gunther noted that discounters such as Aldi and specialty chains like Trader Joe’s are pulling share from traditional grocers, according to Reuters.Gunther added that Giant Eagle’s customer base skews older and more resilient to that pressure, a detail that helps explain why Kroger targeted this particular chain.For a company still fighting Albertsons in court over the failed merger’s termination fee, a smaller and cleaner deal offers a way to keep growing without another multiyear legal battle.Dealmaking across the consumer sector has been active as companies chase scale to offset inflation and shifting shopping habits, Reuters confirmed.Kroger’s pivot toward smaller, regional targets after its biggest merger attempt failed may become the template other grocers follow, trading bold national ambitions for deals regulators are less likely to block.Whether that caution pays off for shareholders will depend on how the next 18 months of antitrust review unfold.Related: Is Kroger open or closed for Juneteenth?

Gold investors were bracing for more sluggishness.Following months of pressure, investors expected the next big call on the shiny yellow metal to be much more defensive, especially as rate-cut hopes faded and the dollar regained some bite. For context, gold was recently trading near the low $4,000s, with spot prices at around $4,064 per ounce at the time of writing. Gold price rebounded amid weak jobs data, lower oil prices, and Fed Chair Kevin Warsh’s latest comments. Speaking in Portugal, according to Investopedia, Warsh said inflation risks were diminishing somewhat. While it was far from a clear signal of a rate cut, the comments gave gold a short-term lift and injected life back into the debasement trade.Nevertheless, Goldman Sachs isn’t treating the recent pullback as the end of the gold trade.The bank’s latest message is much more measured but adds to the bull case for higher gold prices.Goldman was focusing on a deeper source of demand that does not move like a short-term ETF trade.Though gold has lost momentum, Goldman says the bigger force behind the rally remains intact.

Goldman Sachs says sovereign demand can still support gold after its selloffMario Tama/Getty Images

Wall Street price targets for gold pricesGoldman Sachs: $4,900/oz by end-2026. Goldman’s leans on sovereign demand and emerging-market central bank diversification.JPMorgan: $6,000/oz by Q4 2026. JPMorgan sees gold pushing higher as central bank demand and macro uncertainty remain supportive.UBS: $5,200/oz over the next 12 months. UBS says gold can rebound as markets rethink Fed policy, dollar pressure, and central bank buying.Morgan Stanley: $5,200/oz in H2 2026. Morgan Stanley says gold needs stronger ETF inflows to make that target realistic.Bank of America: $4,800/oz by Q4 2026. BofA trimmed its near-term outlook as investor demand weakened and Fed headwinds grew.
Sources: Reuters, Kitco News, Business Insider, Investing, JPMorgan Global Research, and Morgan Stanley/Bank of America notes cited by Kitco. 
What Goldman Sachs said about gold’s next moveGoldman Sachs just drew a clear line between gold’s pullback and its long-term thesis.Samantha Dart, co-head of global commodities research at Goldman Sachs, argued that gold’s sharp four-month decline doesn’t mean the bull case is wrapped up and that she still sees room for the metal to climb toward its $4,900/oz end-2026 forecast, according to Kitco News. Gold had been one of Wall Street’s strongest momentum stories, stoked by inflation fears, central-bank buying, and geopolitical risk. The setup then took a major blow amid higher-rate expectations; a stronger dollar and softer ETF demand weighed on prices.More Gold & Silver:UBS revamps gold price target for the rest of 2026Silver price hits new low, here is what comes nextAnalyst sends blunt message as gold, silver reach multiyear highsGoldman’s point is that the primary structural buyer hasn’t disappeared.Dart acknowledged that a hawkish Fed has hurt the debasement trade and pressured ETF demand. But Goldman is still leaning on central-bank buying, especially emerging-market reserve diversification, anchoring its forecast.She wrote that “EM central bank diversification” remains the key driver, with the post-2022 freezing of Russia’s reserves influencing how some central banks think about gold.The World Gold Council data supports that argument. The 2026 Central Bank Gold Reserves Survey found that 89% of respondents expect global central bank gold reserves to rise over the next 12 months, while a record 45% expect their own institutions to increase their holdings.It’s important to note that in May, according to Yahoo Finance, Goldman revised their central-bank gold-demand model after finding official trade data was missing some sovereign buying. Consequently, its 12-month purchase forecast jumped to nearly 50 tonnes per month from 29 tonnes per month, and the bank now sees roughly 60 tonnes per month through 2026.Goldman said UK trade data understated London vault outflows since August 2025, while geopolitical uncertainty and diversification demand kept underlying interest strong. The bank had slashed its $5,400/oz year-end 2026 target by $500 to $4,900 in June, citing the reality of a hawkish Fed.What has to happen for gold to reach $4,900For gold to reach Goldman’s $4,900/oz target, the market needs a lot more than sovereign buying. It needs pressure from rates, the dollar, and investor flows to ease simultaneously.The first gate is U.S. labor data. Reuters reported June payrolls rose just 57,000, well below the 110,000 economists expected, while May was revised down to 129,000 from 172,000. That sort of slowdown could help gold if it reduces market confidence that the Fed has to stay hawkish.The second aspect to consider is policy language.According to MoneyControl, Fed Chair Kevin Warsh helped gold rebound by saying inflation risks had eased, but he also reaffirmed the Fed’s 2% target and warned against assuming looser policy. That means gold needs cooler inflation and softer jobs data to become a trend rather than a one-day reaction.The third point to consider is the return of private money. The World Gold Council said global gold ETF flows slowed to a “trickle” in May, with ETF assets down 2% month over month to $604 billion. Without stronger ETF demand, gold may recover, but the move toward $4,900 becomes harder to sustain.Related: Bank of America reveals costly wedding inflation problem

The fierce competition between Coke and Pepsi continues in the exclusive agreements that the companies have with chain restaurants, entertainment venues, and hotel chains such as Marriott International.Costco switched its food court beverage from Coke to Pepsi in 2013, then switch it back to Coke in 2025, according to CostcoInsider. And several restaurant chains switched from Pepsi to Coke in recent years such as Panda Express, which transitioned from Pepsi to Coke, beginning in February 2018, according to a company statement.Arby’s restaurant chain also switched from Pepsi to Coke in 2018 after the sandwich chain’s agreement with Pepsi expired.

Coca-Cola won an exclusive global beverage agreement with Marriott International.Florian Gaertner / Getty Images

Marriott switches from Pepsi to CokeAnd now giant hotel chain Marriott International Inc. has signed a global agreement with The Coca-Cola Company making Coke its global beverage partner, replacing Pepsico after its 34-year agreement with the hotel chain ended.Coca-Cola launched its partnership with Bethesda, Md., hotel chain on July 1 across several drink categories, including carbonated soft drinks and a growing range of hydration and functional beverages, according to a Marriott statement.Coke offered at Marriott in 146 countriesMarriott will introduce Coke products to its guestrooms, restaurants, lounges, meetings, and events in about 10,000 properties in 146 countries and territories beginning July 1 and rolling out internationally over the coming months.”This agreement brings together two iconic brands with a shared commitment to quality, consistency, and creating memorable experiences,” Marriott International CEO Anthony Capuano said in a statement.”We are focused on delivering the products our guests and Marriott Bonvoy Members know and love, better meeting guest preferences, and creating economic benefits for owners and franchise operators across our system,” Capuano said. “We’re excited to collaborate with The Coca-Cola Company to deliver their great products in more places.”The agreement was developed in collaboration with Hot Shoppe International, Marriott’s global procurement organization, leveraging its scale and supplier network to help drive value for owners and operators worldwide.”This is a great day. On behalf of the entire Coca-Cola system, we’re excited about our future with Marriott and the opportunity to provide travelers more of the brands they love,” Coca-Cola Company CEO Henrique Braun said in a statement.Marriott served Pepsi since 1992Pepsico had been Marriott International’s carbonated beverage provider since 1992 in its lobby markets, restaurants, bars, and in-room dining. The former partners extended their agreement in August 2018, according to a Pepsico statement at the time.Marriott operated 4,000 properties in North America and over 800 hotels globally when it renewed its agreement with Pepsico in 2018.Pepsico and Marriott have not give a specific reason for ending their agreement that lasted over three decades.Marriott and Coca-Cola did not reveal the length of the agreement or any financial details. Marriott’s soda war:Pepsico signs global beverage agreement with Marriott International in 1992.Pepsi renews beverage agreement in 2018. Source: Pepsico.Coca-Cola begins beverage agreement with Marriott International July 1, 2026. Source: MarriottRelated: Giant troubled satellite TV company files Chapter 11 bankruptcy

BMW has revealed the all-new X5 SUV, which will be the first BMW in history to be offered with five distinct powertrain types.EV demand has fluctuated significantly in recent years and varies by region, which is why BMW (BMWYY) is adopting powertrain diversity as a new strategy.Instead of committing to gas or electric power exclusively, the BMW SUV will also be available in diesel and hydrogen fuel-cell forms, as well as plug-in hybrid, Autoblog notes. Availability of these variants will differ by market.By offering multiple technologies for one of its best-selling models, the brand will be strongly positioned to adapt as customer preferences evolve.BMW prepares for every kind of customerSince originally launching in 1999, this will be the first time the X5 arrives with a fully electric version. It’s the second of BMW’s Neue Klasse SUVs after the iX3, but the X5 goes a step further by boasting a much broader range of powertrains.Gas-powered variants of the high-profit SUV will still be widely available, with gradually growing demand expected for the electric iX5, which will be the first EV built at the brand’s plant in Spartanburg, South Carolina, reports Automotive News.More Automotive:BMW’s biggest market is becoming its biggest headacheBMW doubles down on humanoid robots after a U.S. test runEV target takes unexpected turn in one of the world’s top marketsThe iX5 Hydrogen will come later and will be the brand’s first hydrogen-powered production vehicle.BMW is one of the few automakers to invest in hydrogen technology, along with Toyota.Ultimately, different markets require different powertrain solutions. The diesel, for instance, will find favor in Europe but is unlikely to make it to the United States, where diesel demand is far lower.When the new X5 SUV arrives, BMW will be one of the few brands among rivals to offer a single vehicle with so many powertrain types. The new Audi Q7, a key X5 rival, does not have electric or hydrogen fuel-cell options. Instead of developing separate gas and electric SUVs, BMW has a common platform supporting multiple powertrains. It’s a solution that could reduce production costs and complexity, while allowing the company to respond quickly as demand shifts.

BMW diesel options will find favor in Europe but are unlikely to make it to the United States.BMW

Why BMW’s powertrain strategy mattersAlthough EV demand has slowed in several major markets, hybrid sales have increased, and gas-powered vehicles have stayed resilient. BMW has also spoken of its struggles in the increasingly competitive Chinese market, where legacy brands are under pressure from domestic brands.For BMW, flexibility lowers risk. If EV demand cools, gas and hybrid versions of the X5 can continue producing profits. Related: BMW CEO has blunt new message on Trump’s tariff threatThis unique strategy is especially important for a volume seller like the X5. In the U.S. in Q1 2026, the X5 was the brand’s best-selling model, despite a starting price of nearly $70,000.Expensive options and top performance trims push the cost of this SUV close to six figures, making it a particularly lucrative model for the automaker.Sales of the new-generation model will begin later this year, which will put BMW’s new powertrain strategy to the test.What BMW’s fresh approach means for buyers and investorsBuyers in the popular midsize SUV segment will benefit from the X5’s new lineup by being able to choose between proven gas powertrains, emerging technologies like hydrogen, and everything in between.For BMW’s long-term financial stability and growth, the multi-powertrain strategy reduces the dependence on any single technology. Many automakers have overcommitted to EVs, leading to costly strategy reversals and shorter product cycles.It’s challenging to know precisely when EVs or even hydrogen vehicles will take the lead over gas cars on a global scale. Rather than attempt to predict when this shift will occur, BMW has designed a crucial model around the market’s uncertainty. If the X5 strategy succeeds, BMW may replicate this approach for other new-generation vehicles across its lineup, leaving it with a competitive edge over rivals that invested in a more singular powertrain strategy.Related: Honda CEO withstands investor backlash after $9B EV misstep

When Amazon Prime launched in 2005, it was a simple proposition. Pay the online retailer $79 per year and get free two-day shipping.That was a clear money-saver for me, as even back then, I ordered regularly from Amazon and either had to pay for shipping, or wait to order until I cleared the minimum required for free shipping.Over the years, the price has gone up, and the perks have changed, but the core deal remains rooted in getting something that has real value — free shipping (and now, it’s usually one-day).When it comes to joining membership programs at other retailers, the benefits have always been less clear. It’s easy to see why the retailer wants to charge for a membership program, as it helps lock in customer loyalty. But in many cases, the benefits for the consumer aren’t as obvious.That, however, has not stopped Dick’s Sporting Goods from launching ScoreCard+, a $99 per year version of its Scorecard loyalty program.What is Dick’s Sporting Goods selling for $99? Dick’s launches its ScoreCard+ program in July, and the retailer shared in a press release what members get for their annual $99 fee.Membership includes:Unlimited free standard shipping on all purchasesA guaranteed $100 in Rewards each year, awarded in $25 increments each quarterOne free service or experience each year (up to $100 in value)An always-on 20% discount on in-store services and experiencesAccess to exclusive discountsAn opportunity to earn 3x Points on one purchase each yearIn addition, anyone who signs up for the program in July gets a $100 credit toward the purchase of Dick’s owned brands: CALIA, DSG, VRST, Alpine Design, and Walter Hagen.The current free Dick’s ScoreCard, which will still be offered, has 35 million members and drives 75% of all sales, according to the company.”Our relationship with our athletes goes beyond transactions,” said Chief Marketing Officer Emily Silver. “…Our enhanced ScoreCard and new ScoreCard+ programs recognize the deep relationships we have with our athletes and rewards them not just for purchases, but for all the ways in which they interact with us today. We look forward to continuing to build and enhance the program with additional meaningful benefits over time.”Premium loyalty programs drive salesClarus Commerce CEO Tom Caporaso shared how premium loyalty works and defined the concept in a guest column for Retail Customer Experience.”These programs give your most dedicated customers instant, 24/7 transactional benefits like discounts and free shipping, as well as top-tier experiences, in exchange for a membership fee. These programs produce higher engagement that can foster brand ambassadors,” he wrote.Caporaso also shared data from a study his company conducted.Premium loyalty members earn their title — 94% shop at retailers where they have memberships at least once per month.Joining one program just isn’t enough. Nearly 70% of customers who already belong to a premium loyalty program will join another.Customers are ready for premium loyalty: 70% of consumers who are not in a premium program would join if their favorite retailer offered one and the benefits were valuable.These programs have been growing, according to eMarketer data, but the market leader still has a massive edge.”U.S. paid retail membership fee revenues will be higher than ever before in 2025, reaching $46.39 billion, according to our May 2024 forecast. That’s an increase of 10.8% YoY, with over half (51.8%) of these revenues going to Amazon,” the research company shared.That leaves every other retailer competing for a relatively small share of consumers’ paid membership budgets.

Some Dick’s stores offer experiences like batting cages or golf simulators.Shutterstock

Not all paid loyalty programs workConsumers will only join so many paid loyalty programs, and for most people, the bar is high.“Just like you don’t need a thousand credit cards for things, you don’t need a thousand memberships for things,” eMarketer analyst Suzy Davidkhanian said.More Retail:60-year-old retailer closes over 240 locations across 35 statesRetail giant exits U.S. fashion after multi-million-dollar scandal79-year-old fast-fashion retailer closes 128 storesFor these programs to work, they have to bring clear value for members. “Athleisure brand Lululemon once also had a paid membership tier, which was piloted at $128 in 2018. A later offering, Lululemon Studio, was $39 per month and granted access to classes through the retailer’s Mirror fitness technology — and, after Mirror was discontinued, Peloton. Lululemon’s current membership offering is three tiers, depending on how much a shopper spends with the brand,” according to Retail Dive.Dick’s faces a tough sellWhile Dick’s is offering perks worth more than the $99 it’s charging, the value proposition is stronger if you live near one of its stores.An in-store service such as having your bike tuned-up or your tennis racket restrung, offered as part of the “services and experiences” benefit, has more value for a customer who lives near a Dick’s Sporting Goods store.Dick’s is asking its best customers to pay for benefits that roughly equal the membership fee, in a category where consumers are already juggling Prime ($139) and Walmart+ ($99). That’s a narrow audience within an already-loyal 30 million member base.RTMNexus CEO Dominick Miserandino sees this as a hard sell for Dick’s, given the nature of its merchandise.”The math behind repeat buyers comes down to the business model. Walmart is a high-frequency store. You’re always going to fill your pantry,” he told TheStreet.Sporting goods simply don’t offer the same frequency of purchases for most customers.”You simply don’t buy a new golf club every Tuesday. Because a smaller percentage of the population are heavy repeat sports buyers, Dick’s has to work a lot harder to have the same membership value that the Costco/Walmart model has,” he added.As a regular Dick’s customer who lives maybe 15 minutes from one of the chain’s stores, the value proposition for this membership does not immediately appeal. Yes, I would get my $99 back in value, and probably then some, over the course of the year, but it’s not the massive savings that paying for Prime offers me.Related: Nike closes stores, fitness studios, and lays off workers

Software used to be the safe bet in artificial intelligence. Buy the companies writing the code, sit back, and let subscription revenue do the work.That trade has come undone. While the iShares Expanded Tech-Software Sector ETF sits about 20% below its record high, the chipmakers building the AI data centers are having one of the best stretches in stock market history.Micron, Intel, and Advanced Micro Devices all posted gains north of 100% in the second quarter. In addition to an expanding earnings base, investors are chasing order books and a supply squeeze that executives say could last years.Why money is leaving software for siliconThe shift comes down to a simple idea on Wall Street. Everyone building AI needs the same scarce ingredients, and chipmakers are benefiting from a surplus of demand. Barclays analyst Anshul Gupta summed it up in a note published Tuesday, June 30, writing that the rotation out of AI hyperscalers and into AI enablers has pushed investor enthusiasm into semiconductors, fueling dramatic rallies, according to CNBC.Micron (MU), Intel (INTC), and AMD (AMD) gained a combined $2 trillion in market value during the quarter and now rank among the 10th, 11th, and 12th-most valuable technology companies in the country, CNBC reported.More AI:The new Chinese AI model rattling U.S. tech investorsAnthropic restores access to Mythos 5 for select organizationsSoftBank CEO offers stinging critique of Musk’s AI betThat’s a remarkable jump for three companies that spent years trading in Nvidia’s shadow.Even Nvidia, the biggest AI chip name by far, only gained 15% in the quarter, a modest number by comparison. Its customers had a mixed few months, too, with Meta stock slipping almost 2% while Alphabet climbed 24%, CNBC noted.Micron, Intel, AM: the numbers behind the rallyMicron stock more than tripled in Q2, adding $920 billion in market cap. The company’s revenue more than quadrupled as memory prices spiked, and gross margin jumped to 84.9% from just 39% a year earlier.Intel stock surged 216% in the June quarter, adding roughly $480 billion in value as the company benefited from renewed CPU demand alongside its U.S. factory buildout. AMD added about $615 billion after nearly tripling, helped by soaring demand for its server processors.Networking chipmaker Marvell climbed about 200%, and Arm, which licenses chip designs, rose 134%. The broader VanEck Semiconductor ETF gained 71% in the quarter, its best three months since the fund launched in 2000. 
Source: CNBC
Micron CFO Mark Murphy told analysts on the company’s June 24 call that free cash flow is expected to top $30 billion next quarter, with essentially all of it returned to shareholders through buybacks and dividends. “We’re really pleased with the financial trajectory of the business,” Murphy said. “The combination of memory being so important to so many markets, AI data center, the edge, enabling this or helping enable this technology revolution we have underway.”Chief Business Officer Sumit Sadana said demand for high-bandwidth memory chips remains well above what Micron can supply through 2027 and even 2028, with the HBM market expected to top $100 billion in 2027.Related: Micron just dethroned Nvidia in one key wayOver at Intel, CFO David Zinsner described a cultural overhaul under CEO Lip-Bu Tan that cut management layers and refocused the company on execution, telling a Bank of America conference the CPU market opportunity could reach $200 billion. AMD’s Jean Hu pointed to similar strength, noting that CPU revenue grew more than 50% last quarter and is guided to grow more than 70% this quarter as agentic AI workloads drive demand for higher-core-count chips.For now, the message from chip executives hasn’t changed. Supply is tight, customers are locking in multi-year agreements, and nobody on those earnings calls sounded like they expect the shortage to ease anytime soon.

Intel is among the top-performing stocks in 2026.Cheng Xin/Getty Images

Is there more upside left for chip stocks?Out of the 30 analysts covering Micron stock, 29 recommend “buy” and one recommends “hold.” The average Micron stock price target is $1,564, indicating 52% upside from current levels. Out of the 35 analysts covering AMD stock, 28 recommend “buy” and seven recommend “hold.” The average AMD stock price target is $510, indicating a 6% downside from current levels. Out of the 39 analysts covering Intel stock, 11 recommend “buy,” 26 recommend “hold,” and two recommend “sell.” The average INTC stock price target is $97, indicating a 24% downside from current levels. Related: Market rebukes Mag7 stocks, hyperscalers as Micron brags on margins

Cathie Wood, head of Ark Investment Management, is known for betting on disruptive technology companies, and investors closely watch every move she makes.Sometimes, she’ll even buy tech stocks on the way up — and that’s what she just did, adding shares of a tech company that’s rallied 5% over the past week.In 2025, the flagship Ark Innovation ETF gained 35.49%, far outpacing the S&P 500’s return of 17.88% in the same period. So far this year, Wood’s flagship Ark Innovation ETF (ARKK) is up 5.11% year to date, while the S&P 500 surged 9.32% as of July 1, Yahoo Finance data shows.Wood gained a reputation after the Ark Innovation ETF delivered a 153% return in 2020. But her style also brings painful losses in bearish markets, as seen in 2022, when the Ark Innovation ETF tumbled more than 60%.Those swings have weighed on Wood’s long-term gains. As of July 1, the Ark Innovation ETF has delivered a five-year annualized return of -8.57%, while the S&P 500 has an annualized return of 11.61% over the same period, according to data from Morningstar.Cathie Wood flags ‘the deflationary impact’ of tech innovationWood focuses on high-tech companies across artificial intelligence, blockchain, biomedical technology, and robotics. She thinks these businesses have strong growth potential, though their volatility often causes fluctuations in the Ark’s funds.According to Morningstar analyst Bella Albrecht, two of Wood’s Ark funds were among the worst-performing ETFs in the first quarter of 2026. The Ark Next Generation Internet ETF (ARKW) ranked second on the list, while the ARK Innovation ETF placed fifth.From 2014 to 2024, the Ark Innovation ETF wiped out $7 billion in investor wealth, according to a March 2025 analysis by Morningstar’s analyst Amy Arnott. That made it the third-biggest wealth destroyer among mutual funds and ETFs in Arnott’s ranking. The analyst hasn’t updated her ranking.Related: Bank of America answers a tough stock market questionWood believes investors have been focusing on the wrong signals as they assess the outlook for inflation, interest rates, and stocks.In a June 5 post on X, Wood said the bond market is increasingly reflecting the deflationary impact of technological innovation, particularly artificial intelligence, rather than the inflation risks many investors still fear.Wood pointed to the continued flattening of the Treasury yield curve despite a sharp rise in oil prices over the past year. In previous cycles, she noted, an energy shock of that magnitude would have pushed long-term yields higher. Wood believes the bond market is “discounting something much more powerful: the deflationary impact of technological innovation, particularly artificial intelligence, which is beginning to increase productivity across broad swaths of the economy.
”She also said easing tensions with Iran and a decline in oil prices could push inflation even lower.”The next phase of this cycle could be characterized by accelerating growth, declining inflation, falling interest rates, and a strengthening U.S. dollar,” Wood said. “That combination would create a remarkably supportive backdrop for innovation-led equities and the technologies driving the next productivity boom.”Not all investors agree with Wood’s optimism. Over the past 12 months through June 30, the Ark Innovation ETF saw roughly $1.39 billion in net outflows, according to data from ETF research firm VettaFi. 

Over the past 12 months through June 30, the Ark Innovation ETF saw roughly $1.39 billion in net outflows.Getty Images

Cathie Wood buys $5.5M of SoFi stockOn June 29, 30 and July 1, Wood’s Ark Innovation ETF bought 299,753 shares of SoFi Technologies (SOFI), according to Ark’s daily trade information. These shares are valued at approximately $5.5 million based on July 1’s closing price of $18.44. The buy marked a reversal from earlier this month, when Wood sold 114,664 shares of SoFi on June 15.SoFi is a fintech company that operates as a neobank, providing lending, financial technology solutions, and other financial services.SoFi stock is up 5.23% in the past five days. However, year to date, the stock has plunged roughly 30%, much underperforming the S&P 500 index.In April, the company reported first-quarter revenue that topped expectations, with revenue rising 41% year over year. However, its Technology Platform segment saw a 27% revenue decline due to a major client transitioning off the platform.More Cathie Wood:Cathie Wood buys $11.5 million of battered tech stockCathie Wood buys $9.6 million of megacap tech stockCathie Wood sells $8.7 million of tumbling AI stockOn June 23, SoFi announced “Composer by SoFi,” an AI-powered investing platform that it said could help investors quickly turn investment ideas into automated execution.  Investors can also browse community-built strategies or build diversified portfolios based on different market views.”Composer by SoFi helps investors turn investment ideas into fully functioning strategies in minutes. These strategies can be tested against historical data and automatically executed according to predefined rules selected by the investor,” SoFi said in a statement.Fintech companies have been increasingly embracing AI to enhance investing and trading tools. For example, Robinhood (HOOD) has rolled out AI-powered features, including Cortex, while Coinbase (COIN) has just expanded capabilities across its platform, including tokenized stocks, AI-powered investment tools, and stock portfolio transfers. Bank of America said in a May research note that AI is moving beyond hype and “translating from concept to tangible impact in financial services.””Unlike prior tech innovations, AI represents a fundamental shift in how work is performed, with meaningful implications for productivity, revenues, and competitive positioning across banks,” the firm wrote.The firm added that while large banks still benefit from proprietary customer data, AI is lowering barriers for smaller institutions by giving them access to global intelligence and virtual AI agents, helping narrow the competitive gap.Wood has long been bullish on Fintech. Besides SoFi, she also invests heavily in Robinhood and Coinbase.SoFi is not a top 10 holding in the Ark Innovation ETF.Top 10 holdings of the Ark Innovation ETF as of July 2, 2026:Tesla Inc. (TSLA) – 10.18%Tempus AI Inc. (TEM) – 5.86%CRISPR Therapeutics AG (CRSP) – 4.90%Robinhood Markets Inc. (HOOD) – 4.84%Advanced Micro Devices Inc. (AMD) – 4.58%Shopify Inc. (SHOP) – 4.40%Space Exploration Technologies Corp. (SPCX) – 4.08%Coinbase Global Inc. (COIN) – 3.83%Twist Bioscience Corp. (TWST) – 3.71%Roblox Corp. (RBLX) – 3.47%Other than buying SoFi shares, Wood’s latest trades included adding shares of Circle Internet Group (CRCL), X-Energy (XE), Snowflake (SNOW), Bullish (BLSH), Recursion Pharmaceuticals (RXRX), Alamar Biosciences (ALMR), and Generate Biomedicines (GENB). She also trimmed holdings in Alibaba (BABA), Roku (ROKU), Veracyte (VCYT), Twist Bioscience (TWST), Absci (ABSI), and Strata Critical Medical (SRTA).Related: Bank of America revamps Sandisk stock price target

Nike has spent the past year and a half trying to convince Wall Street that its turnaround is real. For a while, the story was working. Then, it reported fiscal Q4 results (ended in May).Now one of the banks that has stuck with Nike (NKE) the longest is recalibrating just how much patience that story deserves. And the new number tells its own story about how far Nike still has to travel.Nike’s comeback plan is stuck in limboNike CEO Elliott Hill has framed fiscal 2026 as a foundation year, built around what the company calls its Win Now priorities. The plan reorganized roughly 8,000 employees into sport-focused teams under a new operating model called the Sport Offense. “We made meaningful structural improvements to lay the groundwork for our Sport Offense across our team culture, innovative product, brand strength, and how we serve consumers in our countries and cities,” CEO Elliott Hill explained.The strategy has produced real wins. Running has posted five straight quarters of double-digit growth and added close to one billion dollars in revenue. North America grew 3% in the quarter, and wholesale revenue there jumped 10%. Nike also noted its revenue and retail sales with Foot Locker turned positive for the first time in four years.But two of Nike’s biggest businesses are still struggling. Nike Sportswear and Jordan Streetwear, which together account for about half of total revenue, remain in decline, with sell-through so weak it is hurting both current discounting and future order books. Related: Why Nike’s Q4 earnings aren’t about numbersGreater China was the weakest region in the quarter, with revenue down 17% on a currency-neutral basis and profit down 20%.For the full year, revenue was flat on a reported basis and down 2% on a currency neutral basis. Nike also booked a one-time $986 million benefit tied to recovered tariff costs, without which fourth quarter earnings per share would have been $0.20 instead of $0.72, the company said.Barclays lowers its Nike price target to $52Barclays analyst Adrienne Yih cut her price target on Nike stock to from $67 to $52, while keeping an “Overweight” rating on the stock, according to Investing.com.The reasoning was straightforward: Nike’s turnaround is progressing more slowly than Barclays had modeled.At the time of writing, NKE stock trades at $43, which is near its 12-year low. Shares of the iconic footwear giant currently trade 75% below all-time highs. Barclays isn’t alone in trimming expectations. According to Investing.com:Stifel, Piper Sandler and UBS each lowered their targets to $45, pointing to a longer turnaround timeline and continued sales weakness. Telsey Advisory Group cut its target to $47. At the same time, Bernstein SocGen Group lowered its target to $72. Still, it kept an Outperform rating, citing cautious optimism heading into calendar 2027 as innovation and cost cuts start to show up in results. UBS was more skeptical, arguing there still isn’t an attractive entry point even after the stock’s decline. Nike guided revenue to fall in the low- to mid-single digits from the fourth quarter of fiscal 2026 through the first half of fiscal 2027, with Sportswear remaining under pressure and demand uneven across regions.

Elliott Hill, chief executive officer at Nike, is optimistic on a turnaround.Bloomberg/Getty Images

Is Nike stock fundamentally strong?Looking past the headlines, Nike’s balance sheet still looks solid. The company held about $9 billion in cash and short-term investments as of May 2026, against total assets of $38.4 billion. Total liabilities sat at $23.5 billion, leaving a healthy equity cushion, and current assets of $24.6 billion comfortably cover current liabilities of $12.5 billion. Inventory has stayed essentially flat year over year, a sign that Nike’s efforts to clean up excess stock are gaining traction.More Retail:60-year-old retailer closes over 240 locations across 35 statesRetail giant exits U.S. fashion after multi-million-dollar scandal79-year-old fast-fashion retailer closes 128 storesThe profit-and-loss picture is more complicated. Reported gross margin jumped to 49.2% in the May 2026 quarter, but that was almost entirely the tariff refund. Strip that out and margin was roughly 40.2%, similar to prior quarters. The operating margin, excluding one-time items, has been recovering gradually but remains well below Nike’s historical double-digit target.Free cash flow for the quarter came in at $284 million, down 83% from a year earlier, based on the same data. Operating cash flow of $430 million was also well below the prior-year period, reflecting swings in payables and receivables tied to the timing of tariff recovery.Put together, Nike looks financially stable but not yet fundamentally strong. Debt levels are manageable, and liquidity is ample, but underlying profitability and cash generation still depend heavily on a Sportswear recovery that management itself says will not show up until the back half of fiscal 2027. That is roughly the same conclusion Barclays reached with its lower price target.Related: Nike closes stores, fitness studios, and lays off workers