Morning Business Report: Walmart cuts prices as Dow closes above 53,000
Walmart is lowering prices on thousands of products, with discounts taking effect immediately.
(LILAMAX)- Walmart is lowering prices on thousands of products, with discounts taking effect immediately. Ground beef prices are dropping by 12%, cherries are being cut in half, and a 24-pack of Coca-Cola is now priced at $9.97. The retailer is also reducing prices on household essentials, toys, clothing and other merchandise.
President Donald Trump is also considering changes to America’s retirement savings system. One proposal under review is modeled after Australia’s “superannuation” program, which requires employers to contribute a percentage of workers’ earnings into tax-advantaged retirement accounts. The proposal would reportedly supplement, not replace, Social Security, which is projected to face funding challenges beginning in 2032.
On Wall Street, the Dow Jones Industrial Average closed above 53,000 for the first time, led by gains in technology stocks.
A new study from Northwestern Mutual also found many Generation X adults continue to rely on financial support from their parents. The survey found one in three Gen Xers between the ages of 46 and 60 say they remain financially dependent on their parents, while 22% believe they may never achieve full financial independence.
Meanwhile, Starbucks is introducing five new summer beverages on July 28 featuring orange and vanilla flavors. The lineup includes an iced latte, matcha, chai and Frappuccino inspired by the classic orange cream flavor profile.
