Morning Business Report: Online sales soar, tariffs expand, markets surge

Retailers pulled in $7.9 billion in online sales during the first 24 hours of Amazon Prime Day, according to Adobe Analytics.

(LILAMAX)- Retailers pulled in $7.9 billion in online sales during the first 24 hours of Amazon Prime Day, according to Adobe Analytics — a nearly 10% jump from last year. Adobe says it’s the biggest e-commerce day of 2025 so far, even surpassing last year’s Thanksgiving Day total of $6.1 billion. Home and outdoor goods were among the most popular items.

Meanwhile, President Donald Trump has issued new letters announcing updated U.S. tariff rates on imports from at least seven additional countries, including the Philippines, Iraq, and Sri Lanka. That brings the total number of countries affected to 21, with tariffs ranging from 20% to 40%.

On Wall Street, the Nasdaq hit an all-time high Wednesday. NVIDIA made history, becoming the first company to reach a $4 trillion market value.

Federal Reserve minutes released this week show policymakers are leaning toward interest rate cuts, but remain divided on timing and how aggressive the cuts should be. Their debate reflects concerns over both inflation — which President Trump argues is easing — and signs of labor market softening.

In fast food news, McDonald’s is bringing back the Snack Wrap today. The crispy chicken wrap returns in two flavors — spicy and ranch — and is priced at $2.99. It’s been off menus since 2016.