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Markets are largely unchanged early Thursday ahead of a key meeting between U.S. President Donald Trump and Russian President Vladimir Putin this week.Futures for the S&P 500, Dow Jones Industrial Average and Nasdaq all ticked down less than 0.1% before the opening bell.Shares of Deere & Co. slid 7.5% after the heavy equipment manufacturer cut its forecast despite beating Wall Street’s third-quarter sales and profit targets. Deere’s sales and profit fell significantly from a year ago and the company cited “near-term uncertainty” in its earnings release. Deere said that it has been focusing on inventory management with inventories remaining high.Tapestry, the parent of Kate Spade and Coach, saw its shares tumble more than 6% on a weak outlook. The company said it expects a tiny increase in sales for the upcoming year, while forecasting a 60-cents-per-share hit on profit due to tariffs. Tapestry says that about 70% of its products are made in Vietnam, Cambodia and the Philippines.Later Thursday, the government will release its report on inflation at the wholesale level, before products reach consumers. Economists expect it to show inflation ticked up to 2.4% in July from 2.3% in June.The U.S. also releases its weekly report on applications for jobless benefits, which serves as a proxy for U.S. layoffs.On Friday at Joint Base Elmendorf-Richardson outside Anchorage, Putin and Trump as well as a meeting of the delegations, will convene a meeting.In Europe at midday, Britain’s FTSE 100 was unchanged after the government reported that the UK economy grew at a faster than expected 1.2% annual pace in the last quarter. In quarterly terms, the economy grew 0.3%, slowing from a 0.7% expansion in January-March.Germany’s DAX rose 0.6% and the CAC 40 in Paris added 0.5%.Europe is bracing for Trump’s encounter with Putin, though the U.S. president has said he will prioritize trying to achieve a ceasefire in Ukraine when he meets with Putin on Friday in Anchorage.The Trump-Putin meeting could have major implications for energy markets, potentially leading to an easing of sanctions against Moscow, or an escalation if no progress is made on ending the war in Ukraine.Early Thursday, U.S. benchmark crude rose 23 cents to $62.88 per barrel. Brent crude, the international standard, added 25 cents to $65.88 per barrel.During Asian trading, Tokyo’s Nikkei 225 fell nearly 1.5% to 42,649.26 as investors sold to lock in recent gains that have taken the benchmark to all-time records.The Japanese yen rose against the dollar after U.S. Treasury Secretary Scott Bessent said in an interview with Bloomberg that Japan was “behind the curve” in monetary tightening. He was referring to the slow pace of increases in Japan’s near-zero interest rates.Low interest rates tend to make the yen weaker against the dollar, giving Japanese exporters a cost advantage in overseas sales.The dollar fell to 146.53 Japanese yen Thursday, down from 147.39 yen. The euro slid to $1.1691 from $1.1705.In Chinese markets, Hong Kong’s Hang Seng index shed 0.4% to 25,519.32, while the Shanghai composite index slid 0.5% to 3,666.44.South Korea’s Kospi rose less than 0.1% to 3,225.66.In Australia, the S&P ASX 200 index added 0.5% to 8,873.80.Taiwan’s Taiex fell 0.5% and India’s Sensex edged 0.2% higher.Bitcoin briefly rose more than 3% to a new record of over $123,000, according to CoinDesk. It later fell back below $121,000. Teresa Cerojano and Matt Ott, Associated Press
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E-Commerce
One way to learn more about someone is to look into their eating habits. And thats just what Toast did. This week, the digital platformwhich restaurants use for transactionsreleased new data about which states dine out the most, how much people are tipping, and what foods are most loved in different states. Here’s what to know: The good news: a summer bump Overall, the report shows that restaurants in coastal cities are seeing slight growth, at least during the summer months, while results around the country are pretty varied. Naples, Florida; Portland, Maine; Chicago, Illinois; and Charleston, South Carolina, are among the cities that have seen the biggest bumps. The bad news: tipping slips The report shows the average tip for a full-service restaurant meal has fallen to 19.1%, which is the lowest that Toast has recorded in seven years. This even shows a decrease from the first quarter of 2025, when customers were tipping an average of 19.4%. While the decline could indicate that more people are leaving cash tips instead of tips on their cardswhich is what Toast recordsit could also be a result of tipflation, which is a trend that appeared when nonservice businesses started requesting tips. !function(e,n,i,s){var d="InfogramEmbeds";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,"script","infogram-async","https://e.infogram.com/js/dist/embed-loader-min.js"); Delaware tops the list with the highest average tipping percentage at 21.4%, while California ranks lowest with an average of only 17.3%. !function(e,n,i,s){var d="InfogramEmbeds";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,"script","infogram-async","https://e.infogram.com/js/dist/embed-loader-min.js"); As for popular foods, the coastal states are leading the demand for burgers, with Hawaii ordering 72% more burgers per restaurant location than the national average, and 59% more fries. Alaska and Washington take the second and third spots at 64% and 52%, respectively. Of course, the coastal states also take the lead in the seafood category, with Rhode Island ordering 164% more seafood, followed by Louisiana at 154% and Delaware at 128%. Overall, the results show 24 states experiencing growth, 13 remaining flat, and 14 states declining in transaction numbers when compared to the same time last year. The good news for the states experiencing dips? Many of these destinations will probably improve during the winter months, as theyre more traditional cold-weather travel spots. To curate these results, Toast compared year-over-year transaction data from June 1 through July 15, 2025, at the same restaurants and on the same days of the week.
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E-Commerce
If you feel like youve seen nonstop headlines about job layoffs this year, youre not imagining things. A recent report from global outplacement and executive coaching firm Challenger, Gray & Christmas shows that through the end of July, U.S.-based employers have announced more than 800,000 job eliminations in 2025. Thats the highest number of jobs lost through the same period since 2020, when the global pandemic saw more than 1.8 million jobs lost through the end of July. Whats worse is that the total 806,383 jobs lost in the first seven months of 2025 far outstrips the number of jobs lost during the same period just a year earlier. In 2024, by the end of July, the United States had seen 460,530 job cuts. That means 2025 has seen 75% more job cuts this year than at the same point last year. Even more alarming, the data reveals, is that the United States by July of this year has already surpassed the total job cuts it experienced in all of 2024. Whats behind these cuts? There are three primary drivers, based on company announcements. DOGE The report from Challenger, Gray & Christmas spotlights the three main drivers behind the majority of the job cuts so far in 2025. And if youve been paying attention to the headlines over the past seven months, these drivers will likely not surprise you. The first driver is the DOGE Impact, according to the report. Federal government spending cuts spearheaded by the Department of Government Efficiency, formerly controlled by Tesla CEO and billionaire Elon Musk, are responsible for the majority of job losses in 2025. The impacts of DOGEs cuts have been cited in 289,679 of the planned layoffs year-to-date so far. The report says these numbers include direct reductions to the Federal workforce and its contractors. Additionally, there has also been what is called a DOGE Downstream Impact on jobs. This downstream impact results from DOGE funding cuts, which impact the funding of private nonprofits and other affiliated organizations. Less funding means a reduced ability to retain workers. The DOGE Downstream Impact is said to have driven U.S.-based employers to cut another 13,056 jobs. Tariffs and market conditions The second driver behind the job cuts is market and economic conditions. While this uncertainty encompasses a range of factors, one of the most significant is the economic uncertainty caused by President Trumps tariffs. The tariffs are raising prices for U.S. companies that import goods and parts needed to run their business, which impacts their bottom line. Additionally, the ever-changing tariff landscape brings much uncertainty with itcompanies cant be sure if an announced tariff will remain the same, go up, or go down. This makes it hard for companies to plan and budget for the future. As the report notes, retailers have been hit particularly hard. In July alone, 80,487 retail jobs were lost. Retailers are being impacted by tariffs, inflation, and ongoing economic uncertainty causing layoffs and store closures, the report states. The report also says that market and economic conditions have led to 171,083 cuts through the end of July so far this year. Artificial Intelligence The final big driver of job cuts in 2025 so far involves AI. The report says that technological updates, including AI implementation and automation, are behind 20,219 lost jobs in 2025. Another 10,375 job losses were also explicitly attributed” to artificial intelligence, which the report says suggests a significant acceleration in AI-related restructuring. As far as the tech industry itself, the sector has seen 89,251 jobs lost through July in 2025a 36% increase from the same period in 2024. When it comes to AI, the report notes that the tech sector is being reshaped by the advancement of artificial intelligence. The top 5 industries hit hardest by job cuts Challenger, Gray & Christmas’s report says that so far in 2025, the top five industries being hit hardest by job cuts are: Government: 292,294 jobs lost Technology: 89,251 jobs lost Retail: 80,487 jobs lost Services: 53,438 jobs lost Warehousing: 38,943 jobs lost As Fast Company has previously reported, among individual tech companies, the most prominent ones with significant layoffs in 2025 so far include Intel, Microsoft, Panasonic, HP, Meta, and Amazon.
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E-Commerce
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