Good morning. The US government gives Intel a boost. JD.com’s meal-delivery push sends revenue surging. And bag charms prevail in the luxury market. Listen to the day’s top stories.
Market data may be delayed depending on provider agreements.
The Trump administration is taking matters into its own hands with Intel. The White House is in talks for the US government to potentially take a stake in the beleaguered chipmaker, people familiar said, helping the company’s effort to expand domestic manufacturing. The deal would help shore up Intel’s planned factory hub in Ohio, once promised to be the world’s largest chipmaking facility.
Vladimir Putin is laying it on thick. The Russian leader sought to strengthen his rapport with Donald Trump ahead of their summit Friday, praising his efforts to end to the war in Ukraine and dangling the prospect of economic cooperation and a new arms control treaty. The Secret Service is rushing to Anchorage to prepare for the US and Russian presidents’ meeting, where they’ll hold a joint press conference afterward, according to the Kremlin.
The Federal Reserve took center stage again, with traders trimming bets on an interest rate cut next month after US PPI rose by the most in three years. Scaling back expectations may be wise: the Fed’s Alberto Musalem told CNBC it’s too early for him to decide on lowering rates at the next meeting. Scott Bessent denied calling for a series of cuts, telling Fox that he wasn’t telling policymakers what to do but was pointing out that models show a lower neutral rate.
Tapestry’s hot streak looks like it’s running out of road. Shares sank as tariff costs and weakness at its Kate Spade brand spooked investors. While the company’s Coach brand continues to thrive, Trump’s tariffs weighed on a profit outlook that trailed estimates. And Kate Spade’s lackluster performance prompted an $855 million write-down.
Health check: Apple’s blood-oxygen tracking feature for its smartwatch is returning to the US after a years-long legal fight. Peloton is planning its biggest product upgrades in years with an updated bike, AI features and new accessories, people familiar said. Screen-less fitness bands-maker Whoop said it will not disable its blood-pressure tracking tool despite a request from the US FDA.
Deep Dive: A Culinary Comeback
Hungry? JD.com is. The Chinese e-commerce giant's aggressive foray into meal delivery—plus a boost from government-backed subsidies—sent second-quarter revenue surging 22%, beating expectations.
Photographer: Na Bian/Bloomberg
The food fight got pricier. After what he called the “darkest period” of the past five years, Founder Richard Liu’s big bet that food delivery’s mass appeal will lure shoppers to JD’s core e-commerce business is still in play. But a months-long discount war and endless promos have chewed into profits.
It’s a dog-eat-dog race as JD threatens to reshape a landscape long dominated by Meituan and Alibaba. The three companies have vowed to curb cutthroat competition after their price-based rivalry drew warnings from government agencies.
Investors seem to care more about AI. They see monetizing the technology as key to growth, whether directly through cloud services or indirectly by enhancing core businesses.
Just because countries aren’t retaliating against US tariffs and the global economy hasn’t cratered doesn’t mean that they won’t later, Daniel Moss writes. Asia’s economies will only get bigger and more drawn to China—and they won’t forget this humiliation.
