Axios

Ikea is planting smaller stores across the country and around the world.

Why it matters: Like other retailers, Ikea wants to make it easy for shoppers to buy online and in-person.

UPS is replacing FedEx as the U.S. Postal Service's primary air cargo provider.

Why it matters: USPS accounted for $1.7 billion in revenue last year for FedEx, though that figure has been in decline in recent years.

Between the lines: Despite being the largest customer for FedEx's Express segment, the contract had become a drag on profitability.

• FedEx today said it will now be able to eliminate structural costs "currently in place to support postal service volume."

↔️ Microsoft will sell Teams separately from Office globally, six months after it unbundled the two in Europe. (CNBC)

🧑‍💻 Google plans to destroy web-browsing data as part of a class action lawsuit settlement. (WSJ)

📉 Truth Social disclosed a $58 million net loss for 2023, shares plunge. (Axios)

At the end of 2023, much of the economic data suggested optimal conditions for the Fed to slash rates. Now, just three months later, that narrative has been muddied.

Why it matters: As the new quarter begins, the huge question is whether progress on inflation will continue as it did in the back half of last year — or whether still-rapid price gains will be harder to stamp out.

United Airlines has asked its pilots to take unpaid leave starting next month because of delays with Boeing aircraft deliveries, the company confirmed on Monday.

Why it matters: The ask is the airline's latest move to contend with major disruptions in the aviation industry, in part set off by the Boeing safety crisis that's drawn increased scrutiny from federal regulators.

It's a perennial debate in the capital markets: If a stock pops on the first day it's listed, does that mean it was underpriced, and that the company issuing the stock could and should have raised more money from the same number of shares?

Why it matters: Reddit's pop, in a traditional IPO last month, was big — but the Trump Social pop, from a SPAC a few days later, was in many ways even bigger.

Homes listed in early June make the most profit, according to a new Zillow report.

Why it matters: Sellers need all the cash they can get to make their next move more palatable.

Transportation Secretary Pete Buttigieg said Sunday Baltimore would see more federal funding to assist in the Francis Scott Key Bridge collapse response, but it's too early to say how long recovery and rebuilding efforts will take.

The big picture: The Port of Baltimore, one of the busiest in the U.S., halted vessel traffic indefinitely after a cargo ship struck the bridge and caused its fatal collapse early last Tuesday.

For decades, Corporate America has raced to cash in on China's economy. Now China officials are in sell-mode, a stunning reversal from years past.

Why it matters: CEOs know the two nations are economically intertwined in a way that can't easily be undone. But executives are more cautious, a subtle yet significant sign of a power dynamic shift underway between the U.S. and China.