Morning Business Report: Southwest changes seating policy, “Trump Accounts” launched for babies, Wall Street sets new records

Southwest Airlines is officially putting an end to its decades-long open-seating policy.

(LILAMAX)- Southwest Airlines is officially putting an end to its decades-long open-seating policy. Starting January 27, 2025, the airline will introduce assigned seating and implement eight boarding groups. Tickets with seat assignments will go on sale July 29.
This change follows earlier announcements from the airline in March, including plans to charge many customers for checked bags and introduce new fare categories. However, top-tier customers will remain exempt from most new fees and restrictions.

President Donald Trump recently signed the One Big Beautiful Bill Act into law, creating government-backed “Trump Accounts” for babies born in the U.S. The accounts—automatically opened for individuals under the age of 18—will start with $1,000.
Parents and relatives will be able to contribute up to $5,000 per year into the account until the child reaches adulthood. The initiative aims to encourage early investment and long-term financial growth.

Markets are off to a strong start as both the S&P 500 and the Nasdaq closed at record highs. Investor optimism continues to drive momentum across key sectors.

Costco is phasing out Pepsi products at its food courts and replacing them with Coca-Cola offerings. The switch will be complete across all locations by fall. The retailer says the move reflects a new supplier strategy and a response to customer preferences for Coke products.

As artificial intelligence reshapes the workforce, hiring managers tell USA Today that soft skills remain crucial for success. Employers say workers should learn how AI functions and leverage teamwork and communication skills to make AI work for them