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Business news, market updates, and economic developments
SpaceX will report its first quarterly earnings as a public company, after going public with a $2 trillion valuation in June. Since the initial public offering (IPO), SpaceX shares have dropped about 24%, and investors are watching closely to see if the company can make a profit.
Key Facts
SpaceX went public in June with the largest IPO ever, valuing the company at $2 trillion.
Since the IPO, SpaceX’s stock price has fallen 24%, losing nearly $500 billion in market value.
Analysts expect SpaceX to report $6.93 billion in revenue and a loss of 26 cents per share for the quarter.
SpaceX includes several businesses: the rocket company, the internet provider Starlink, the AI platform xAI, and the social media company X.
In the past year, SpaceX earned $18.7 billion in revenue but had an operating loss of $4.3 billion.
Starlink is the only part of SpaceX currently making a profit.
Upcoming unlock of 912 million shares, more than double the current shares available, could put more pressure on the stock price.
The earnings report is important for investors deciding the stock’s future direction.
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The U.S. stock market rose sharply, led by strong company profits and hopes for a deal to reopen the Strait of Hormuz near Iran. The Dow Jones gained over 1,000 points while major indexes like the S&P 500 and Nasdaq also advanced, driven by better-than-expected earnings reports and positive news on easing Middle East tensions.
Key Facts
The Dow Jones Industrial Average rose 1,007 points, or 1.9%, while the S&P 500 increased by 1.9% and the Nasdaq by 2.6%.
Treasury Secretary Scott Bessent said a deal to reopen the Strait of Hormuz could be reached within days, raising hopes for more stable oil shipments.
Companies like Caterpillar and Palantir Technologies posted strong second-quarter earnings that beat analysts' expectations.
Palantir’s revenue jumped 93%, and the company raised its revenue forecast for 2026.
Caterpillar hit a quarterly sales record of over $20 billion and saw strong orders across its business.
Oil prices dropped nearly 5% after recent high volatility over Middle East tensions eased.
The U.S. job market remains healthy, with steady hiring and modest layoffs reported in the latest government survey.
Investors are encouraged by signs that corporate profits and stock prices are aligning, contributing to the market’s recent gains.
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The US economy grew more slowly than expected recently. This slowdown is not due to less spending by Americans but relates to how growth is measured and the country's big focus on artificial intelligence investments.
Key Facts
The US economy's growth rate was lower than many experts predicted.
Americans continued to spend money, so consumer spending did not cause the slowdown.
Economic growth is measured by certain official calculations that may not fully capture some areas of progress.
The US is investing heavily in artificial intelligence (AI), which plays a role in how growth appears in reports.
Changes in technology and new types of investments can affect economic statistics differently than traditional ones.
Experts are examining these factors to better understand the economy’s true health.
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Chipotle removed jalapeños from some restaurants after identifying the peppers as a possible cause of a salmonella outbreak. The company replaced these jalapeños with ones from other growers and is working with health officials investigating the problem.
Key Facts
Chipotle found jalapeños from one lot could be linked to a salmonella outbreak.
The company stopped using those jalapeños and switched to different suppliers.
Chipotle is cooperating with public health authorities investigating the outbreak.
The salmonella outbreak has sickened at least 110 people in Minnesota.
Chipotle’s shares dropped 7% in stock trading after the news.
A separate outbreak of cyclosporiasis, another illness, has affected over 6,700 people in nine states.
The cyclosporiasis outbreak was linked to iceberg lettuce from Taylor Farms in Mexico.
Authorities continue to investigate other possible sources for the cyclosporiasis outbreak.
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Chipotle Mexican Grill says it may be linked to a Salmonella outbreak being investigated by health officials. The company identified jalapeños from one supply batch as a possible cause and has removed them from some restaurants while working with investigators.
Key Facts
Public health officials are investigating a Salmonella outbreak involving several food service retailers.
Chipotle found a possible connection to jalapeños from a specific supply lot using its ingredient tracking system.
The company has taken out the suspect jalapeños and replaced them at affected locations.
Salmonella is a bacteria causing food poisoning, with symptoms like diarrhea, fever, and stomach cramps.
Most people recover within a week, but the illness can be serious for children, elderly, pregnant people, and those with weak immune systems.
Chipotle has had past outbreaks involving E. coli, norovirus, and Salmonella, leading to stronger food safety steps.
The current Salmonella case is unrelated to Cyclospora outbreaks, which are caused by a parasite and require different treatments.
Chipotle’s ingredient traceability system helped quickly identify the suspect jalapeños after the outbreak investigation began.
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Tesla's factory in Shanghai made a record number of cars in June, but sales in China have been falling for over a year. More than half of the cars made in China are now being sent to other countries. Tesla is also working to rely less on China for parts and cars sold in the US due to new rules and business goals.
Key Facts
Tesla built 93,579 cars in Shanghai in June, a 38% increase from June 2025.
Despite high production, Tesla's sales in China have dropped for more than a year.
Almost 40% of Tesla's cars made in China in June were shipped to other countries.
In the second quarter, just over 50% of Tesla’s China-made cars were sold outside China.
Tesla benefits from low labor costs and cheaper parts in China, along with export tax rebates.
New US rules ban car software linked to China starting in 2027, and hardware linked to China starting in 2030.
Tesla stopped importing cars made in China for the US market and is securing North American parts without Chinese ties.
Tesla may merge with SpaceX to gain investors, but government rules and national security concerns could block it.
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Ukraine’s armed forces have struck several warehouses of Wildberries, a major Russian online retailer, damaging about 10 percent of its logistics space. Newsweek analyzed what a similar 10 percent loss of warehouse space would mean for Amazon in the U.S., suggesting it could delay or cancel millions of daily deliveries, especially in large cities.
Key Facts
Ukrainian forces targeted Wildberries warehouses near Moscow, St. Petersburg, and Tver.
About 5.9 million square feet of Wildberries warehouse space (10% of its logistics capacity) was damaged.
Around 8 percent of Wildberries’ warehouse space was made completely unusable.
Amazon has roughly 445 million square feet of warehouse and logistics space in the U.S.
Losing 10 percent of Amazon’s space would mean about 44.5 million square feet offline, an area bigger than Central Park.
Damage to major warehouse hubs in large cities would affect more deliveries and customers.
Amazon uses a decentralized network covering eight U.S. regions to reduce disruption risks.
If 10 percent of Amazon’s key warehouses were damaged, about 2.2 million daily Prime deliveries could be delayed or canceled.
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Southwest Airlines will launch a new Business Priority program in early 2027 to offer special travel benefits for corporate travelers. The airline is also adopting new technology to make it easier for businesses to book and manage Southwest flights, aiming to compete better with larger airlines.
Key Facts
Southwest Airlines is updating its business travel services as part of a big change in its business model.
The new Business Priority program will provide perks like priority rebooking, standby benefits, faster boarding, and extra travel-day support.
The program is only for companies with approved business agreements with Southwest.
Southwest will use New Distribution Capability (NDC) technology to let businesses book flights through more travel management systems.
These changes aim to attract more business travelers and higher-spending corporate accounts.
Southwest has introduced other recent upgrades like assigned seating, more legroom seats, and Wi-Fi.
The airline’s goal is to narrow the gap with bigger competitors like United, Delta, and American Airlines.
Specific rules about which companies qualify for Business Priority have not yet been announced.
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Big oil companies are making very large profits as fighting in Iran causes oil and gasoline prices to rise. The conflict has increased fuel costs worldwide, affecting consumers and businesses, especially in Asia where fuel through the Strait of Hormuz is critical.
Key Facts
Six of Europe’s largest oil companies made $22 billion in profits in the first quarter, up more than 40% from last year.
BP’s profits more than doubled to $3.9 billion in the second quarter.
Saudi Aramco’s net profit rose 44% to $32.69 billion in the second quarter due to higher prices for oil and related products.
U.S. oil companies Exxon Mobil and Chevron also reported huge profit increases, with Exxon doubling profits to $14.5 billion and Chevron nearly quadrupling profits to $12 billion.
Fighting in Iran and attacks on the country led to the Strait of Hormuz being effectively closed, disrupting global oil supplies.
About 20% of the world’s oil usually passes through the Strait of Hormuz.
Higher fuel prices caused by the conflict have increased costs for gasoline, jet fuel, and diesel, impacting consumers and shipping.
President Donald Trump criticized U.S. oil companies for making too much money and urged them to reduce retail fuel prices.
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More adults under 35 are living with their parents now than during the pandemic because they cannot afford homes or want to save money as living costs rise. Many have jobs, but their incomes do not keep up with inflation and high housing prices.
Key Facts
In 2025, 25.2 million adults under 35 lived at home with their parents.
The number is higher than during the COVID-19 pandemic.
About 70% of adults aged 25 to 34 living at home have jobs.
Wages are not growing enough to match the rising cost of living and housing.
Many first-time homebuyers cannot afford starter homes due to high prices and mortgage rates.
A business coach earning $60,000 had to live with her parents after a breakup because she could not afford rent alone.
Experts say the problem is about overall affordability, not just home prices or mortgages.
Living at home helps some adults save money to eventually move out on their own.
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Walgreens is closing 15 stores in 12 states and Washington, D.C. as part of a plan to shut about 1,200 underperforming locations over three years. The company is focusing on keeping stores that are more profitable due to financial pressures, changes in shopping habits, and more competition from online pharmacies.
Key Facts
Walgreens plans to close roughly 1,200 stores over three years starting in 2024.
So far in 2026, 15 Walgreens stores have been confirmed closing in 12 states plus Washington, D.C.
Illinois has the highest number of confirmed closures this year, with four stores shutting down.
Walgreens aims to close locations that lose money, have expiring leases, or do not perform well.
The company was bought by Sycamore Partners and taken private in 2025.
About 75% of Walgreens’ revenue comes from pharmacy sales, not retail items like shampoo.
Declining pharmacy reimbursement rates and a shift to online prescription services are hurting Walgreens’ business.
Competitors like CVS and Rite Aid have also reduced their number of stores recently.
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The article discusses how gambling apps, or sportsbooks, may use unfair practices to encourage people who lose a lot to keep gambling. It suggests that Congress should look into these practices to better protect those who have gambling problems.
Key Facts
Sportsbooks are apps or websites where people can bet on sports events.
Some sportsbooks may use tactics that keep people who lose a lot gambling more.
These tactics can be harmful to people with gambling problems.
The article calls for Congress to investigate these practices.
The goal is to protect big bettors who might be exploited by these gambling apps.
Problem gambling can lead to financial and personal difficulties.
Lawmakers have the power to create rules to stop unfair gambling practices.
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After years of high interest rates slowing down key parts of the economy, manufacturing and construction are now growing and creating jobs again. This growth is helped by heavy investments in artificial intelligence (AI) infrastructure, although the housing market remains weak due to high prices and mortgage rates.
Key Facts
Manufacturing has grown for seven months in a row, with more companies hiring workers.
Construction jobs, especially in commercial buildings like data centers, reached record highs in early 2026.
Spending on private data centers hit a record annual rate of $68 billion in June 2026.
AI investments are boosting demand for equipment like semiconductors and networking gear.
Defense industry demand is at an all-time high, supporting manufacturing.
Residential construction is shrinking, losing about 10,000 jobs in the first half of 2026.
High home prices and mortgage rates are keeping the housing market weak.
Some manufacturers still face challenges from tariffs, higher costs, and global tensions.
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A $50,000 1-year certificate of deposit (CD) opened in August could earn between about $2,085 and $2,200 in interest, depending on the bank’s rate. These CD returns are higher than what most traditional savings accounts offer right now, which pay around 0.38% interest and would earn only about $190 on the same deposit over a year.
Key Facts
The best 1-year CD rates this August range from 4.17% to 4.40% annual percentage yield (APY).
A $50,000 deposit in a CD at 4.40% APY earns $2,200 in interest after one year.
The smallest CD rate on the list, 4.17%, still pays $2,085 in interest on $50,000 over a year.
Traditional savings accounts pay about 0.38% APY on average, which would earn roughly $190 on $50,000 in the same period.
The interest earned from CDs is guaranteed as long as no early withdrawal penalties apply.
Savings accounts offer more liquidity, allowing access to funds without penalties, but usually with lower interest rates.
CD rates can change if the Federal Reserve adjusts borrowing costs, but locking in a CD now secures the current rate for one year.
High-yield savings accounts may offer rates closer to CDs but come with variable rates that can change if the Fed adjusts interest rates.
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Paramount’s CEO David Ellison said the lawsuit against the merger between Paramount Skydance and Warner Bros Discovery is not about competition but political concerns regarding his control over CNN. The merger, worth $111 billion, faces legal challenges in California, with court proceedings delayed until trial, possibly as late as 2027.
Key Facts
David Ellison is the CEO of Paramount and son of tech billionaire Larry Ellison.
Paramount Skydance and Warner Bros Discovery agreed on a $111 billion merger.
The merger has been approved by regulators in 65 countries, including the U.S.
A 12-state coalition and writers’ guilds have sued to block the merger on anti-competition grounds.
Ellison believes opposition is due to fears about his political influence over CNN, not market competition.
Ellison says he supports journalistic independence and that newsrooms should report facts without bias.
The court in California has temporarily blocked the merger, delaying it until trial, possibly in 2027.
After the merger, Ellison appointed Bari Weiss to lead CBS News, causing controversy and layoffs.
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Sales of poetry books in the UK are rising sharply in 2026, helped by Christopher Nolan’s popular movie adaptation of Homer’s The Odyssey. Poetry sales have already passed £8 million this year and could reach a record £17 million if the trend continues.
Key Facts
UK poetry sales increased by 13.3% in the first 30 weeks of 2026 compared to the same time in 2025.
Annual poetry sales are expected to top £15 million for the first time since records began, possibly reaching £17 million.
The Odyssey’s UK print sales rose by 1,400% in the four weeks after Nolan’s film release in July 2026.
Editions of The Odyssey and The Iliad made £980,000 of poetry sales this year, about 12% of all poetry book sales.
Nolan’s film earned $264 million (£198 million) worldwide in its opening weekend, his best ever.
US sales of The Odyssey print editions increased by 76% in 2026 according to sales data.
The poetry market was growing before Nolan’s movie, helped by social media poets like Rupi Kaur who brought poetry to wider audiences.
The Odyssey’s 2017 translation by Emily Wilson is the main version selling well, though Wilson criticized the movie for lacking depth.
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Oil prices dropped to their lowest in three weeks after U.S. officials said talks with Iran might soon reopen the Strait of Hormuz, a key shipping route. This waterway is important because it handles a large part of the world’s oil supply, and its closure has caused fuel prices to rise.
Key Facts
Oil prices fell nearly 5% to below $80 per barrel for Brent crude and about 5% to $76 for U.S. West Texas Intermediate.
U.S. Secretary of State Marco Rubio and Treasury Secretary Scott Bessent reported progress in talks with Iran to reopen the Strait of Hormuz.
The Strait of Hormuz is a narrow passage that handles about one-fifth of the world’s daily oil and gas shipments.
Discussions may lead to an agreement within days, potentially allowing ships to move freely through the area again.
Previous talks have failed to ease tensions between the U.S. and Iran, causing unstable oil prices and higher fuel costs.
No details have been shared yet about what the agreement might include or if Iran would charge fees for passage.
The Strait of Hormuz has been a central focus in the conflict between the U.S. and Iran since February.
Reopening the waterway would help stabilize global oil supplies and prices.
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Creditors can freeze your savings account to recover unpaid debts, but only after winning a court judgment. Some types of money, like Social Security benefits, are often protected by law and cannot be taken.
Key Facts
Creditors usually must sue and get a court judgment before freezing your bank accounts.
A bank levy allows creditors to freeze and take money from your accounts to pay debts.
Savings accounts can be frozen, not just checking accounts, if a judgment is entered.
Certain federal and state laws protect some funds, such as Social Security payments.
Different types of creditors (government vs. private) have different collection powers.
You can sometimes challenge a levy or negotiate payments after being notified.
Acting quickly is important, as there are short deadlines to respond.
Debt relief options, like consolidation loans, may help avoid account freezes if used early.
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A recent survey found that nearly one in four Americans believe CEOs are too greedy. The survey looked at what people think about company leaders and the growing gap between the very rich and everyone else.
Key Facts
About 25% of Americans say CEOs are too greedy.
The survey focused on people's views of CEOs and extreme wealth.
It shows concerns about the concentration of wealth among the richest individuals.
The findings were shared by CBS News contributor Javier E. David.
The survey reflects public opinion on business leadership and economic inequality.
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The article discusses the upcoming jobs report for July from the U.S. Bureau of Labor Statistics. It features insights from CBS News business analyst Jill Schlesinger about the current state of the U.S. economy.
Key Facts
The U.S. Bureau of Labor Statistics will release the July jobs report soon.
The report will provide information on employment numbers and job market trends.
Jill Schlesinger, a business analyst, shares her views on what the report may show.
The jobs report helps understand how the U.S. economy is performing.
The report’s findings can influence economic decisions and policies.
CBS News covers this event and offers analysis for viewers.
The segment is sponsored by AT&T Business.
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