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.

• U.S. merchants handed over $100.8 billion in credit card fees in 2023, up $7.5 billion from 2022, according to the Merchant Payments Coalition.
• Those fee rates will fall by at least 4 basis points for the next several years, plaintiffs' attorneys reported.

Reality check: Not everyone's on board.

• Doug Kantor, general counsel of the National Association of Convenience Stores, told the WSJ that the deal doesn't go far enough: "I would expect there to be a lot of merchant opposition to this settlement."

Zoom in: Merchants will be able to adjust prices of goods sold via credit card in 96% of transactions, up from less than 20% before the deal, according to plaintiffs' attorneys.

• "This settlement achieves our goal of eliminating anti-competitive restraints and providing immediate and meaningful savings to all U.S. merchants, small and large," said Robert Eisler, co-lead counsel for the plaintiffs, in a statement.

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.

🚙 Chinese EV maker BYD said its full-year earnings rose 81% but the company warned of weak consumer spending. (South China Morning Post)

💳 The Consumer Financial Protection Bureau will examine credit card rewards after an increase in customer complaints. (Reuters)

McDonald's and Krispy Kreme announced today that they will expand their partnership to bring fresh doughnuts to Golden Arches restaurants nationwide by the end of 2026, Axios' Kelly Tyko writes.

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.

The impact: Krispy Kreme's stock soared more than 39% on the day.

What's next: Krispy Kreme said it is scaling its supply chain to support the expansion.

Dr. Carter is back ... sort of, Nathan writes.

🩺 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.

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