Morning Business Report: Travel, tariffs, shifting consumer habits

United Airlines is lowering its profit expectations for the year, citing reduced consumer spending due to rising living costs.

(LILAMAX) – United Airlines is lowering its profit expectations for the year, citing reduced consumer spending due to rising living costs. Still, the airline notes a more stable global outlook compared to earlier this year.

Meanwhile, aluminum producer Alcoa reports that tariffs imposed by President Trump have added $115 million in costs—six times higher than in the first quarter. The elevated tariffs could push up prices for food and beverages packaged in aluminum cans, such as beer and soft drinks.

On Wall Street, stocks closed higher across the board despite turbulence sparked by a report that President Trump was considering firing the Federal Reserve Chairman—a claim he later denied.

In the entertainment sector, summer concert season is in full swing, and concerts now represent a major share of the multi-billion dollar music industry. David Schulhof, founder and CEO of the Music Industry ETF, says music remains a strong investment because it’s largely untouched by tariffs. The ETF includes companies like Spotify, Warner Music, and Live Nation.

Back at home, new data shows that many Americans are choosing to repair rather than replace. A Talker Research survey for Lemi Shine found 8 in 10 U.S. adults are doing more DIY and home repairs to feel more in control financially. Among those who repaired items over the past year, 40% worked on clothing or textiles, 38% updated home décor or furniture, and 37% tackled plumbing projects.