Visa and Mastercard have agreed to cut and cap credit card processing fees as part of a major settlement with merchants after decades of litigation, Nathan writes.
Why it matters: U.S. businesses are expected to save at least $29.8 billion in the five-year deal, according to attorneys who represented the plaintiffs in the class-action settlement.
Merchants will have more flexibility to adjust how much they charge consumers for goods sold via credit card.
The big picture: Merchants, the vast majority of which are small businesses, currently pay an average of 1.5% to 3% per credit card transaction, according to BankRate.com.
Shares in Donald Trump's social media business surged, then settled in its first official day of trading.
Zoom in: Shares traded on the Nasdaq for the first time today under ticker symbol "DJT" after the company's successful merger with a blank-check company called DWAC on Monday, Axios' Dan Primack writes.
By the numbers: The stock surged almost 60% today before closing up 16% at $57.99.
Look ahead: Trump Media and Technology Group will need to file an 8-K by the end of this week, which should include full-year 2023 financials.
So far it has only released results through the first nine months of 2023, which showed around a $49 million net loss on $3.4 million in revenue.
Why it matters: Breakfast is big business for fast-food chains and quick-service restaurants, which are doubling down on partnerships and new menu items to boost morning sales.
Driving the news: The phased market rollout will start later this year, the companies said.
It will double the number of locations nationwide where consumers can purchase Krispy Kreme doughnuts, the chains said.
The companies have been working together since late 2022 and have tested the concept at 160 McDonald's in Kentucky.
🩺 State of play: Noah Wyle — who played Dr. John Carter on the seminal hit NBC series "ER" — is donning a lab coat once again.
He'll play a key role in a 15-episode medical drama called "The Pitt" that's being developed for streaming service Max, according to The Hollywood Reporter.
It's not an "ER" reboot, but it is led by "ER" producers John Wells and R. Scott Gemmill.
💭 Nathan's thought bubble: As a tried-and-true "ER" devotee, I'm pretty excited about this. But nothing will bring back Carter's one-time love interest Lucy.
"This will disrupt vessel schedules and strain labor and handling capacities at other ports ... leading to spillover congestion and delays that could last months."
Trader Joe's has increased the price of bananas for the first time in more than two decades.
Why it matters: The fruit that has defied the grip of food inflation has been hit by a 4-cent hike "by the each" at the store — a more than 20% increase.
The overnight collapse of Baltimore's Francis Scott Key Bridge drove a surge in online conspiracy theories Tuesday, many of them promoted by "verified" accounts with huge followings on X.
Why it matters: Rampant misinformation during mass casualty events is not a new phenomenon. But under Elon Musk's ownership of X, the platform has changed from an essential real-time news source to a breeding ground for conspiracy theories.
Call it the two-speed economy. Rich Americans are spending at healthy rates, driving overall demand — but there are early signs that low- and middle-income consumers are starting to cut back.
Why it matters: The split-spending pattern is a change from recent years, when pandemic-era benefits, a savings stockpile and rapid wage growth helped support spending across all income groups.
Visa and Mastercard have agreed to cut and cap credit card processing fees as a part of a major settlement with merchants after decades of litigation.
Why it matters: U.S. businesses are expected to save at least $29.8 billion in the five-year deal, according to attorneys who represented the plaintiffs in the class-action settlement.
Crude prices are increasingly at risk from geopolitical factors that are getting harder to control.
Driving the news: Continued conflict in the Red Sea is hampering global supply chains, which leads to higher prices. Meanwhile, waylaid shipments — which include barrels of crude supplies — are being forced to find alternate routes to their final destinations.
The current risk-on mood isn't just in stocks and crypto — it's palpable in the debt market as well.
Why it matters: The portion of the leveraged loan and high-yield bond market trading at distressed levels is shrinking fast, and a blitz of deal activity is breaking down a maturity wall that looked worrisome a year ago. This is all despite interest rates remaining at their highest point in two decades — or maybe because of it.
Why it matters: Breakfast is big business for fast-food chains and quick-service restaurants, which are doubling down on partnerships and new menu items to boost morning sales.
BlackRock CEO Larry Fink calls for the government and private sector to coordinate to ensure Americans have enough money to retire, in his annual letter to investors out Tuesday morning.
Why it matters: It comes as little surprise to learn that the world's biggest manager of retirement funds thinks we need more retirement funds for him and others to manage. But that doesn't mean he's wrong.
