Morning Business Report: Amazon tops Fortune 500 as home prices fall and Social Security concerns grow

Amazon has overtaken Walmart to become the largest company in America by revenue, ending Walmart’s 13-year run at the top of the Fortune 500 list.

(LILAMAX)- Amazon has overtaken Walmart to become the largest company in America by revenue, ending Walmart’s 13-year run at the top of the Fortune 500 list.

The latest ranking, based on fiscal year 2025 revenue, places Amazon at No. 1, followed by Walmart and UnitedHealth Group. It marks the first time since 2013 that Walmart has not held the top spot on the annual list of America’s largest companies.

Meanwhile, home prices are showing signs of cooling. According to Realtor.com, the national median listing price fell 2.4% in May compared to a year ago, dropping to $429,500. The decline is the largest annual decrease since the company began tracking the data in 2017 and extends a seven-month streak of falling asking prices.

On Wall Street, the Dow Jones Industrial Average fell 600 points as rising interest rates and higher oil prices weighed on investor sentiment. Analysts say the selloff comes as stocks continue to hover near record highs.

New concerns are also emerging about the future of Social Security. A report from the Committee for a Responsible Federal Budget projects the trust fund that helps pay retirement benefits could be depleted by 2032. If no action is taken, beneficiaries could face a 24% reduction in payments, translating to an average monthly cut of about $500. Researchers say retirees in some states could see even larger reductions.

In employment news, Bank of America announced plans to hire nearly 4,000 summer interns and full-time recruits from colleges and universities across the country. The bank said the hiring effort reflects its long-term strategy of recruiting top talent from more than 500 schools to support future growth and client needs.