Axios

Wall Street's biggest players are riding high on a wave of investment banking fees, trading revenue and AI-linked debt deals.

Why it matters: The steady deal flow reflects a vibrant pulse for an industry that greases the wheels of the U.S. economy.

Progresso turned soup into candy — again.

The big picture: Its viral Soup Drops are back in a new variety can, turning three classic soup flavors into hard candy for cold and flu season.

President Trump won over many voters in the 2024 election with his hardline stances on immigration, an assertive foreign policy and promises to strengthen the economy.

Why it matters: Those same policies are now creating political headwinds, as polling shows broad opposition to how he has handled many of his second-term initiatives.

President Trump on Thursday threatened to deploy U.S. military forces under the Insurrection Act to Minneapolis if state officials don't stop protests against the sprawling immigration enforcement operation.

Why it matters: Every modern use of the Insurrection Act has come either at a governor's request or to expand civil rights protections over state objections. Trump would flip that script, sending troops against a governor's wishes to crush protests of the federal government's own actions.

• The situation has grown increasingly tense amid a surge in ICE activity and last week's fatal shooting of Renee Good by an ICE agent.

Royal Caribbean Group is shaking up cruise rewards by expanding how travelers can use their loyalty points — no matter which of its brands they sail.

Why it matters: At a time when many travel loyalty programs are cutting back on perks — often sparking backlash from frequent travelers — the Miami-based company is giving cruisers more flexibility in how and where their points can be used.

Companies with the strongest reputations earn nearly 5% more in unexpected shareholder returns than their counterparts, according to a new analysis by Burson.

Why it matters: Placing a dollar value on reputation underscores how communications can affect business performance, proving that public perception is more than just a soft metric.

This has been a hard couple of years for people starting their careers, with the unemployment rate among young adults skyrocketing. It could be early evidence of AI reshaping the job market — after all, the bots are already quite good at tasks often assigned to entry-level office workers.

• Not so fast. The timing and details of the jobs slump tell a more routine macroeconomic story.

Starbucks and Dunkin' are both tapping star power to help sell their newest drinks.

Why it matters: Celebrity collabs aren't new — but the names are changing. As consumer attention splinters, brands are betting that creators with loyal, highly engaged fan bases will drive real-world purchases.

David Gross is the new managing partner of Bain Capital, one of the country's largest alt asset firms with more than $215 billion in assets under management.

Why it matters: He's the first person to ever serve solo in the role, unless you count firm founder Mitt Romney.

Mission Produce on Thursday said that it's agreed to acquire Calavo Growers for around $483 million in cash and stock.

Why it matters: This would combine two of North America's largest avocado producers. If you want guac, you'll have to go through them.

A conversation with Dan Beck, General Manager and Chief Product Officer at SAP SuccessFactors.

1. How is SAP reimagining the role of AI in HR — and what's your vision for building a future-ready, skills-first workforce?

Bank stocks slid Wednesday as investors fixated on President Trump's proposed cap on credit card rates rather than on earnings. Yet the banks' results also showed that their trading revenue has surged, thanks in part to Trump's policies.

Why it matters: For the financial sector, Washington is both friend and foe.

Young people who are anxious about their jobs in an AI future are hedging that by investing in the stock market, according to a study by the Oliver Wyman Forum of 300,000 investors since 2020.

Why it matters: Young investors often favor vibes and momentum over fundamentals — so they could get burned if this bull market stumbles.

Here's what's new on Netflix, Apple TV, HBO Max, Hulu, Disney+, Paramount+, Tubi and Peacock.

What we're watching: A star-studded film about some questionable police officers, the second season of "Hijack" and a new "Game of Thrones" prequel.

There's little evidence AI is destroying large numbers of white-collar jobs today. But five developments show the potential for massive future job and workplace disruption.

A bipartisan group of lawmakers will introduce new legislation Thursday to establish a $2.5 billion "Strategic Resilience Reserve" (SRR) for critical minerals, Axios has learned.

Why it matters: President Trump is bringing his prospector's pick to nearly every corner of the globe — including Ukraine, Venezuela and Greenland — in a push to boost the U.S. supply of minerals that are critical to the tech industry's growth.

Instead of putting people out of work, AI is mostly helping them do their jobs, finds a new study from Anthropic, the maker of Claude, an AI model popular among software coders.

Why it matters: The new edition of the Anthropic Economic Index lands amid a heated debate over whether AI will ultimately eliminate jobs or create new ones.

The United States faces a fork in the road in which it can either embrace dynamic capitalism or tolerate stagnation, the leader of America's biggest business group will say today in a major speech.

The big picture: American business leaders see strains of thought in both major parties that they believe threaten the nation's economic vibrancy as the U.S. approaches its 250th birthday.

The American Civil Liberties Union (ACLU) has launched its fastest-ever legal campaign against President Trump in his first year, filing challenges at a pace that could double those in his first term, according to an analysis first shared with Axios.

Why it matters: Trump is using executive power at historic speed and scale, and the ACLU has again emerged as his most persistent institutional check.