Amazon is restructuring its healthcare business to streamline its structure, as the company works to deepen its foothold in the multitrillion-dollar industry, CNBC reports. Amazon Health Services will be divided into six units as part of the overhaul, which follows several executive departures. One executive told CNBC that the reorganization will attempt to address “the fragmented experience for patients.” Amazon Health Services has grown in recent years following a series of acquisitions, including the $3.9 billion purchase of One Medical in 2023.
Costco is planning to build its first stand-alone gas station, and its biggest to date, according to C-Store Dive. The members-only site in Mission Viejo, California, will feature 40 fueling positions under a 17,185 square feet canopy. Costco operated more than 700 gas stations at its stores by the end of last year, and they contributed 12% of the retailer's global net sales. The move comes as competitor Walmart is growing its gas business to about 450 stores this year.
President Donald Trump on Friday signed an executive order paving the way for a Nippon Steel investment in U.S. Steel, so long as the Japanese company complies with a “national security agreement” submitted by the federal government.
Trump’s order didn’t detail the terms of the national security agreement.
But the iconic American steelmaker and Nippon Steel said in a joint statement that the agreement stipulates that approximately $11 billion in new investments will be made by 2028 and includes giving the U.S. government a “ golden share " — essentially veto power to ensure the country’s national security interests are protected against cutbacks in steel production.
“We thank President Trump and his Administration for their bold leadership and strong support for our historic partnership,” the two companies said. “This partnership will bring a massive investment that will support our communities and families for generations to come. We look forward to putting our commitments into action to make American steelmaking and manufacturing great again.”
The companies have completed a U.S. Department of Justice review and received all necessary regulatory approvals, the statement said.
“The partnership is expected to be finalized promptly,” the statement said.
U.S. Steel rose $2.66, or 5%, to $54.85 in after-hours trading Friday. Nippon Steel’s original bid to buy the Pittsburgh-based U.S. Steel in late 2023 had been valued at $55 per share.
The companies offered few details on how the golden share would work, what other provisions are in the national security agreement, and how specifically the $11 billion would be spent.
White House spokesman Kush Desai said the order “ensures U.S. Steel will remain in the great Commonwealth of Pennsylvania, and be safeguarded as a critical element of America’s national and economic security.”
James Brower, a Morrison Foerster lawyer who represents clients in national security-related matters, said such agreements with the government typically are not disclosed to the public, particularly by the government.
They can become public, but it’s almost always disclosed by a party in the transaction, such as a company, like U.S. Steel, that is publicly held, Brower said.
The mechanics of how a golden share would work will depend on the national security agreement, but in such agreements,it isn’t unusual to give the government approval rights over specific activities, Brower said.
U.S. Steel made no filing with the U.S. Securities and Exchange Commission on Friday.
Nippon Steel originally offered nearly $15 billion to purchase U.S. Steel in an acquisition that had been delayed on national security concerns, starting during Joe Biden’s presidency.
As it sought to win over American officials, Nippon Steel gradually increased the amount of money it was pledging to invest in U.S. Steel. American officials now value the transaction at $28 billion, including the purchase bid and a new electric arc furnace — a more modern steel mill that melts down scrap — that they say Nippon Steel will build in the U.S. after 2028.
Nippon Steel had pledged to maintain U.S. Steel’s headquarters in Pittsburgh, put U.S. Steel under a board with a majority of American citizens, and keep plants operating.
It also said it would protect the interests of U.S. Steel in trade matters, and it wouldn’t import steel slabs that would compete with U.S. Steel’s blast furnaces in Pennsylvania and Indiana.
Trump opposed the purchase while campaigning for the White House, and using his authority, Biden blocked the transaction on his way out of the White House. But Trump expressed openness to working out an arrangement once he returned to the White House in January.
Trump said Thursday that would as president, have “total control” of what U.S. Steel did as part of the investment.
Trump said then that the deal would preserve “51% ownership by Americans,” although Nippon Steel has never backed off its stated intention of buying and controlling U.S. Steel as a wholly owned subsidiary.
“We have a golden share, which I control,” Trump said.
Trump added that he was “a little concerned” about what presidents other than him would do with their golden share, “but that gives you total control.”
The proposed merger had been under review by the Committee on Foreign Investment in the United States, or CFIUS, during the Trump and Biden administrations.
The order signed Friday by Trump said the CFIUS review provided “credible evidence” that Nippon Steel “might take action that threatens to impair the national security of the United States,” but such risks might be “adequately mitigated” by approving the proposed national security agreement.
The order doesn’t detail the perceived national security risk and only provides a timeline for the national security agreement. The White House declined to provide details on the terms of the agreement.
The order said the draft agreement was submitted to U.S. Steel and Nippon Steel on Friday. The two companies must successfully execute the agreement as decided by the Treasury Department and other federal agencies that are part of CFIUS by the closing date of the transaction.
Trump reserves the authority to issue further actions regarding the investment as part of the order he signed on Friday.
Oil prices leaped, and stocks slumped Friday on worries that escalating violence following Israel’s attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy.
The S&P 500 sank 1.1% and wiped out what had been a modest gain for the week. The Dow Jones Industrial Average dropped 769 points, or 1.8%, and the Nasdaq composite lost 1.3%.
The strongest action was in the oil market, where the price of a barrel of benchmark U.S. crude jumped 7.3% to $72.98. Brent crude, the international standard, rose 7% to $74.23 per barrel.
Iran is one of the world’s major producers of oil, though sanctions by Western countries have limited its sales. If a wider war erupts, it could slow the flow of Iran’s oil to its customers and keep the price of crude and gasoline higher for everyone worldwide.
Beyond the oil coming from Iran, analysts also pointed to the potential for disruptions in the Strait of Hormuz, a relatively narrow waterway off Iran’s coast. Much of the world’s oil that’s been pulled from the ground moves through it on ships.
Past attacks involving Iran and Israel have seen prices for oil spike initially, only to fall later “once it became clear that the situation was not escalating and there was no impact on oil supply,” according to Richard Joswick, head of near-term oil at S&P Global Commodity Insights.
That has Wall Street waiting to see what will come next. U.S. stock prices dropped to their lowest points for the day after Iran launched ballistic missiles toward Israel.
For now, the price of oil has jumped, but it’s still lower than it was earlier this year. “This is an economic shock that nobody really needs, but it seems more like a shock to sentiment than to the fundamentals of the economy,” said Brian Jacobsen, chief economist at Annex Wealth Management.
That in turn sent U.S. stocks to a loss that was notable in size but outside their top 15 for the year so far.
Companies that use a lot of fuel as part of their business and need their customers to feel confident enough to travel fell to some of the sharpest losses. Cruise operator Carnival dropped 4.9%. United Airlines sank 4.4%, and Norwegian Cruise Line Holdings fell 5%.
They helped overshadow gains for U.S. oil producers and other companies that could benefit from increased fighting between Israel and Iran.
Exxon Mobil rose 2.2%, and ConocoPhillips gained 2.4% because the leaping price of crude oil portends bigger profits for them.
Contractors who make weapons and defense equipment also rallied. Lockheed Martin, Northrop Grumman, and RTX all rose more than 3%.
The price of gold climbed as investors searched for safer places to park their cash. An ounce of gold added 1.4%.
Often, prices for Treasury bonds will likewise rise when investors are feeling nervous. That’s because U.S. government bonds have historically been seen as some of the safest options around. But Treasury prices fell Friday, which in turn pushed up their yields, in part because of worries that a spike in oil prices could drive inflation higher.
Inflation has remained relatively tame recently, and it’s near the Federal Reserve’s target of 2%, but worries are high that it could be set to accelerate because of President Donald Trump’s tariffs.
That sent the yield on the 10-year Treasury up to 4.41% from 4.36% late Thursday. Higher yields can tug down on prices for stocks and other investments, while making it more expensive for U.S. companies and households to borrow money.
A better-than-expected report Friday on sentiment among U.S. consumers also helped drive yields higher. The preliminary report from the University of Michigan said sentiment improved for the first time in six months after Trump put many of his tariffs on pause, while U.S. consumers’ expectations for coming inflation eased.
On Wall Street, Adobe fell 5.3% even though the company behind Photoshop reported a stronger profit for the latest quarter than Wall Street expected. Analysts called it a solid performance but said investors may have been looking for some bigger revenue forecasts for the upcoming year.
All told, the S&P 500 fell 68.29 points to 5,976.97. The Dow Jones Industrial Average dropped 769.83 to 42,197.79, and the Nasdaq composite sank 255.66 to 19,406.83.
In stock markets abroad, indexes slumped across Europe and Asia. France’s CAC 40 lost 1%, and Germany’s DAX dropped 1.1% for two of the largest losses.
Consumer Confidence Bounces Back: Are We Past the Tariff Tumble?
After months of tariff-induced jitters, U.S. consumers are finally showing signs of optimism—could this be the spark the markets need?
The University of Michigan’s Consumer Sentiment Index just posted its first gain of 2025, climbing to 60.5 in June from a gloomy 52.2 in May, surpassing economist expectations of 53.6.
This rebound signals that Americans are starting to shake off the shock of April’s steep tariff hikes, which peaked at a 27% effective rate. As President Trump softens some of his trade policies and a temporary truce with China takes hold, confidence is creeping back, though it’s still 20% below December 2024 levels.
What’s driving this shift? Consumers seem to be adapting to the new trade reality, with fears of runaway inflation easing slightly. Yet, with geopolitical tensions like Israel’s recent strikes on Iran pushing oil prices higher, this uptick could be fragile. Markets are watching closely—retail, manufacturing, and even tech could see a lift if this sentiment holds. But with consumer views on jobs, finances, and big-ticket purchases still lagging, caution remains the name of the game.