McDonald's says it is footing part of the bill for its new Extra Value Meals to win back cash-strapped diners — a rare move that exposes how fragile the low-income consumer has become.
Why it matters: Across the fast-food industry, traffic from lower-income customers has fallen nearly double digits, while higher-income visits are up by a similar amount — a divide McDonald's expects to persist well into 2026.
Unionized Starbucks baristas voted overwhelmingly to authorize an open-ended strike just weeks before the coffee giant's holiday rush — escalating a long-running labor standoff.
Why it matters: Starbucks Workers United represents baristas at about 650 of the company's roughly 18,000 U.S. locations — a small share of its stores, but one that's been highly active and visible in recent years.
President Trump's tariffs seemed to be in jeopardy on Wednesday at the Supreme Court, in a high-stakes case that will decide the fate of a critical aspect of Trump's economic and foreign policy agenda.
The big picture: Some of the conservative justices seemed skeptical that Trump has the power to impose such far-reaching tariffs. A ruling against Trump could be devastating to one of his signature second-term priorities.
With government-issued jobs reports on ice thanks to the shutdown, new numbers from payroll processor ADP will have to sate our thirst for employment data.
Driving the news: The firm says private sector employers added 42,000 jobs in October — a rebound after shedding more than half as many positions the previous month.
Union opposition is emerging as a potential obstacle to the rollout of driverless vehicle services.
Why it matters: Advocates of self-driving cars say the technology will prevent deaths and make life more convenient, while opponents argue it will destroy jobs and isn't ready for prime time.
Democrats' sweeping victory in Tuesday's elections has the party's House members and activists warning Senate Democrats that the price of caving on the government shutdown just went way up.
Why it matters: "There would be hell to pay if Senate Democrats don't let events play out," one House Democrat, speaking on the condition of anonymity to offer candid thoughts about fellow party members, told Axios.
Apollo Global Management has withdrawn its $2.1 billion takeover offer for pizza chain Papa Johns, as first reported by Reuters and confirmed by Axios.
Why it matters: We're seeing the emergence of a restaurant recession, which is a blaring alarm for the rest of America's economy. Even in pizza, which historically has been the take-out meal of last resort.
Why it matters: Just as bettors foresaw Donald Trump's victory over Kamala Harris last year, the New Jersey governor's race is another example of crowd wisdom (with money on the line) having an edge over opinion polling.
The death toll following a UPS plane crash at a Louisville airport in Kentucky and subsequent explosion rose to nine as of Wednesday morning, Louisville Mayor Craig Greenberg said on X.
The big picture: The UPS said the plane was carrying three people when it crashed shortly after taking off from Louisville Muhammad Ali International Airport on Tuesday. Officials originally said the crash killed three people and injured 11.
IKEA is bringing everything but the meatballs to Best Buy locations around the country, as the Swedish retailer ramps up a $2.2 billion U.S. expansion.
Why it matters: The move extends the budget brand's reach into new markets without building full-size stores — and helps Best Buy stay relevant beyond electronics.
Google is adding its Gemini chatbot to Maps, letting users get chatty with their navigation app across Android, iOS and their cars.
Why it matters: Nearly three years since ChatGPT's explosive launch, the tech giants are now banking on the idea that everyone wants a chatbot everywhere.
Why it matters: The coffee giants are kicking off their most profitable stretch of the year, banking on limited-time drinks and collectible cups to keep customers coming back.
Short selling rarely thrives in a bull market, especially one this undeterred. Still, some executives lash out at investors who bet against them, like Palantir CEO Alex Karp, who called investor Michael Burry "bats**t crazy" on CNBC for shorting his stock.
Why it matters: Wall Street can't stop talking about the risks of an AI bubble, yet investment bets that the bubble will deflate or burst haven't gained much traction. That could be changing.
The Supreme Court will hear arguments Wednesday on whether President Trump's sweeping global tariffs are legal.
Why it matters: Once viewed as the biggest drag on markets for the year, investors have largely accepted the tariffs. They may not be prepared for a potential change to the levies.
Poseidon Aerospace secured $11 millionin seed funding and is using the cash to develop two cargo-hauling unmanned aircraft, Egret and Heron.
Why it matters: "A lot of people are thinking about kinetics and forward effects and what those look like," David Zagaynov, the company's chief executive, told Axios.
"But wars are fought and won with logistics and supply chains. That is the backbone of any actual offensive."
Wall Street bonuses are expected to grow for the second consecutive year, per a projection from compensation consulting firm Johnson Associates out Wednesday morning.
Why it matters: Record trading revenue from most of the major banks, year two of a bull market and interest rate cuts that could spur more dealmaking are all equaling out to higher year-end bonuses.
Novo Nordisk and Pfizer's multibillion-dollar fight over who gets to buy an anti-obesity biotech has morphed into a narrative argument over which acquisition would be most America First — a framing with clear political implications.
Why it matters: It's a sign of the new world order for the pharmaceutical industry, in which manufacturers hope dealmaking and political overtures made directly to President Trump translate into favorable treatment from the administration.
Elon Musk is hinting that Tesla will soon showcase a flying car — possibly "before the end of the year."
Why it matters: A flying car would combine two of Musk's long-running passions — flight and cars — and could remake the budding world of airborne electric vehicles.
The word iconic is often overused — but a partnership between tech giant Atlassian and Atlassian Williams Racing can only be defined as such. The scrappy pair have not always had the easiest journeys, but they've teamed up to return the F1 team back to where it belongs: At the top.
The story: At the F1 United States Grand Prix, Williams rolled out a 2002 throwback car design to celebrate Williams' title and technology partnership with Atlassian and commemorate how both the two companies have survived and thrived in the face of relentless change.
The White House is warning that unemployment benefits are in jeopardy in some states if the shutdown drags on, though the risks are far less dire than for food assistance or SNAP.
Why it matters: About 1.6 million Americans are unemployed and rely on unemployment insurance to get by — including about 20,000 former federal workers.
