Heard on the Street Friday Recap: Home Cooking
What happened in markets:
Stocks ended last week little changed. The S&P 500 was down 0.2% Friday, and the Dow Jones Industrial Average added just 35 points. The Nasdaq Composite lost 0.5%.
Kroger shares led the S&P 500. The supermarket chain said on its earnings call that economic jitters are driving more shoppers to its stores, as restaurant prices rise. Shares rose almost 10% (🎧 listen here.)
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New York Times
24 minutes ago
- New York Times
With Mitch Marner, and without Alex Pietrangelo, how does Vegas' lineup look?
Free agency has yet to open, but the Vegas Golden Knights already project to look like a completely different team in 2025-26. The organization that has made a habit of pulling off blockbuster moves in its short history had an eventful day on the eve of free agency. First, Vegas completed a move to trade Nicolas Roy to Toronto in a sign-and-trade deal to acquire star winger Mitch Marner, league sources told Chris Johnston of The Athletic. Advertisement The trade includes an eight-year contract extension for Marner with a cap hit of $12 million per year through the 2033-34 season. It makes Marner the fifth-highest-paid player in the NHL, and ties him with Dallas' Mikko Rantanen as the highest paid winger in the league. Hours later, Vegas' star defenseman Alex Pietrangelo announced that he would be stepping away from hockey due to serious injuries, and that the likelihood of a return to hockey is low. While Pietrangelo didn't officially announce a retirement, all signs point to the Golden Knights being without their leader in average ice time for each of the last five seasons. General manager Kelly McCrimmon also completed a trade Sunday night that sent restricted free agent defenseman Nicolas Hague to Nashville for veterans Colton Sissons and Jeremy Lauzon. With so many players entering and exiting the team before free agency even begins, it's worth looking at where the Golden Knights stand. There is still plenty to be settled between now and the start of the season, but here's how Vegas' roster currently projects to look on opening night in October. Marner gives the Golden Knights an elite play-driver on the wing, and boosts an already impressive forward group that led Vegas' fifth-ranked offensive attack last season. The freshly-signed contract also makes Vegas' cap situation incredibly tight as free agency opens on Tuesday. With Marner's deal, the Golden Knights have more than $102 million in cap hit allocated to next season, well above the $95.5 million limit. Without Pietrangelo's $8.8 million cap hit, Vegas would slip just below the cap ceiling, at approximately $93.5 million. The first thing that stands out about that projected roster is how much weaker the defensive group is without Pietrangelo and Hague. The two-time Stanley Cup winner was Vegas' most relied-upon defenseman, handling more minutes and tougher matchups than any player on the team over the last five years. Losing him is a massive hit to what has been one of the best blue lines in the NHL, not only in that it subtracts a generational talent in Pietrangelo, but also in the trickle-down effect that asks for more from every defenseman below him. Advertisement Shea Theodore and Noah Hanifin are both excellent players, but neither has played the workhorse role as effectively as Pietrangelo. Brayden McNabb is an iron man coming off perhaps his best season in the NHL, but asking him to play top-pair minutes at this stage of his career may be a stretch. It also means the Golden Knights will be relying on Zach Whitecloud and Kaedan Korczak a lot more than they have in the past, along with the recently-acquired Lauzon (who is a physical presence but has had a negative on-ice goal differential in five of his last six seasons). Defense has long been Vegas' biggest strength. It was the pillar on which their Stanley Cup championship roster in 2023 was built, and has been a clear advantage for the team over the last several years. That could still be the case next season, but there are more questions about it than in some time. That downgrade could bleed into the goaltending. Adin Hill has proven to be a capable starter, setting career-highs in starts and wins last season. He's athletic for his size and plays his angles well, but he hasn't proven he's at the level at which he can transcend the defense in front of him and carry a team to victories regularly. He'll be starting the first year of his six-year contract extension next season, and the Golden Knights may be counting on him to level-up. Another offseason need for the Golden Knights is at backup goalie. Ilya Samsonov will hit the open market on Tuesday after his one-year deal expired, and Vegas could look at several veteran backups to replace him. There's also a chance they will allow Akira Schmid to fill the role. His meager $875,000 cap hit would certainly help manage the salary cap, but considering the team doesn't want to overwork Hill, they could prefer a more experienced backup. The question is whether they'll have the cap space to do it. There are legitimate concerns on the back end, but up front the Golden Knights are stacked. They've added Marner – who was fifth in the NHL with 102 points last season – to the group that already scored the fifth-most goals as a team. The current forward group accounts for a cap hit of $61.4 million, which is the second highest in the NHL, only behind the back-to-back defending champion Florida Panthers. Advertisement Vegas' top three lines have playmakers galore. Jack Eichel is coming off his best season yet, shattering the franchise records for assists (66) and points (94). If Marner plays on his wing, he'll arguably be the most talented player Eichel has ever played with. Defending their speed and skill in transition is a frightening proposition, and whoever winds up on the other wing will simply need to skate to the front of the net and the points will roll in. Tomas Hertl and Pavel Dorofeyev developed great chemistry this season, and also were the team's leading scorers on the power play. The combination of Stone and Hertl hasn't worked in limited opportunities, so perhaps coach Bruce Cassidy shakes these lines out a bit differently, but there's certainly no lack of talent. William Karlsson and Reilly Smith are a perfect match on the third line, and create in transition as well as any duo on the team. Brandon Saad showed he still has the wheels to play on that type of line, scoring six goals in 29 regular-season games after signing with Vegas in January. Even the fourth line has some scoring punch. Brett Howden and Keegan Kolesar both had career seasons in 2024-25 with 23 and 12 goals, respectively. Sissons is a downgrade from Roy when it comes to offense, but he's a proven defensive center who can handle tough situations and soak up defensive zone starts. Overall, it's tough to argue the Golden Knights are significantly better or worse than how they ended last season. They certainly look different. They're built to be more explosive offensively. There are also a lot more questions looming on defense. All of that, and free agency hasn't even opened yet. It's just another normal day for one of the most active teams in all of the NHL.
Forbes
25 minutes ago
- Forbes
GENIUS Act Supporting Stablecoins Offer Opportunity During Instability
11 July 2022, Baden-Wuerttemberg, Rottweil: The logo of the stablecoins Tether USDT and USD Cohn ... More USDC can be seen on the screen of a computer in an office. Photo: Silas Stein/dpa (Photo by Silas Stein/picture alliance via Getty Images) dpa/picture alliance via Getty Images The U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins ('GENIUS') Act in June 2025, regulating stablecoins and the Act is now headed to the House of Representatives to be reconciled with the House's Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act. GENIUS represents a landmark milestone not only for the cryptocurrency industry, but also for the U.S. tax system. While the GENIUS Act establishes a tight regulatory framework for a novel use of digital currency in the U.S. market and it is backed by the U.S. dollar, enforcement will be challenging. The act establishes significant penalties for unlicensed issuance but tracking the movement of stablecoins may need additional monitoring and regulatory systems. Determining tax implications with the rapid movement of stablecoins will also require further guidance. Stablecoins being backed by the U.S. dollar is especially powerful and lends to the international reliance on U.S. backed currencies. In the same month that stablecoins hit the Senate floor under the GENIUS Act, the Israel-Iran conflict surged. Stablecoins have, historically, flourished where there is economic instability and global crisis may further support the cross-border reliance on the stability of the U.S. currency. Stablecoins are accepted globally because they are pegged to the U.S. dollar. flow of assets moves rapidly, outpacing the rate at which the law can adapt. Stablecoins are a class of cryptocurrency designed to maintain a stable value by tying their worth to traditional assets, such as fiat currencies, specifically, the U.S. dollar. This backing aims to reduce the volatility that is associated with other cryptocurrencies, such as Bitcoin (BTC), which have shown to be increasingly volatile because of their magnetic response to supply and demand, user sentiment, and government regulations. More specifically, the stablecoin is capable of maintaining stability by pegging its value on a 1:1 basis to an underlying asset, meaning that for every stablecoin in circulation, there is an equivalent amount of that asset held in reserve to back it. These coins are housed and exchanged on decentralized networks, blockchains, which act as a transparent ledger to account for all transactions. Unliked traditional payment systems, such as credit cards or wire transfers, the decentralized structure does not need intermediaries, enabling consumers to move funds rapidly and without the additional intermediary and exchange fees. Stablecoin allows for reduced transaction costs, increased speed, and the expansion of investment opportunities and integration, without a reporting trail. Regulation Of Stablecoins Widens Trust But Clarity Is Needed The GENIUS Act provides a regulatory framework to mitigate the risk associated with digital currency, especially cryptocurrency. to do exactly that. The bill outlines a federal regulatory framework that provides clearer rules for operation, issuance, and reserve requirements. Some of the bill's requirements include 100% reserve backing with U.S. dollars, or similar assets along with disclosure and audit requirements including prohibilitions on misleading representations on whether the stablecoin is government-backed or insured. For foreign issued stablecoins, the legislation requires the Federal Reserve to conduct a study regulatory reciprocity, which signals a broader interest in aligning international frameworks. Further guidance on applicable fees on transactions, cross-border use, tax implications and applicability especially with use in non-treaty countries, and privacy considerations will need to be further detailed. While the GENIUS Act brings clarity for regulatory matters, issues concerning consumer protection remain unanswered. Future legislation may need to address necessary consumer protection measures, such as deposit insurance, dispute resolution, and limited oversight to all regulators. Significant treasury regulations may be necessary to fully address tax implications, particularly in the estate and gift tax area on transfers of and by stablecoins and similar digital currency. The GENIUS Act is the beginning of signaling acceptance of a currency system that is increaseing being globally embraced but will need significant additonal provisions to address the implications of transactions made with stablecoins. Additonally, while stablecoins have gained favor for cross-border payments, the Foreign Account Tax Compliance Act ('FATCA'), Report of Foreign Bank and Financial Accounts ('FBAR'), and Statement of Specified Foreign Financial Assets ('Form 8938') imposing significant reporting obligations on foreign holdings and transactions add additional layers of complexity and the need for clarity in the application to stablecoins. Under FACTA, for instance, foreign banks must identify U.S. account holders and report their financial details to the IRS, making compliance and enforcement dependent on institutional cooperation, which may be inapplicable due to stablecoins being built on public blockchains. With stablecoin, users are able to download a wallet, receive stablecoins, and move funds globally without triggering institutional reporting requirements. This is where the institutional gap begins to widen. An individual who is equipped with financial and legal advisors would be able to shift assets to the stablecoin network or decentralized finance ('DeFi') protocols swiftly, limiting IRS visibility by not holding assets in reportable institutions. For those who do not fall within the crypto-savvy elite or do not have sophisticated advisors, they will find themselves facing mandatory disclosure and also full exposure of their assets. Digital tools promise access, but in practice, the lack of reporting standards in the crypto universe tends to favor those who are already positioned to navigate around friction. The Hidden Opportunity During Instability With Stablecoins In a situation where a country is facing an economic and political collapse and is liquidating national assets, such as foreign exchange reserves, government-held equities, enterprises, and commodities, including oil reserves and gold, at steep losses, a wealthy investor may be able to profit from the buy opportunity especially when they have access to moving funds quickly using stablecoins. In this scenario, a strategic buyer may be able to use stablecoins to invest through holding companies, to buy ports, land, or tech infrastructure. This transaction would move quickly and be difficult to trace fully In the current regulatory landscape of cryptocurrency, the GENIUS Act may live up to its name as a first smart stepintegrating with the global, fast-paced, economic landscape but enforceable oversight and additional regulations to address reporting, compliance, and taxation as the stablecoins move through transactions will be vital to its longterm success. Future regulations may address wallet level transparency thresholds, stablecoin transaction reporting triggers, and most importantly, international coordination to make the use and U.S. participation in the global market with stablecoins effective and seamless.
CBS News
25 minutes ago
- CBS News
Musk suggests he might support primary challenges against Republicans who support Trump's "big, beautiful bill"
Everything we know about the Senate "vote-a-rama" on Trump's "big, beautiful bill" Elon Musk ramped up his criticism of the massive tax and domestic policy package working its way through the Senate on Monday, suggesting he could support primary challenges against Republicans who vote for the Trump-backed bill. "Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!" the billionaire and onetime Trump ally wrote in a post on X. "And they will lose their primary next year if it is the last thing I do on this Earth." In a separate post, Musk said he will support Rep. Thomas Massie, a Kentucky Republican who voted against the bill when it passed the House, leading Mr. Trump to back a primary challenge. Musk also suggested starting "a new political party that actually cares about the people" on Monday, an idea he first floated earlier this month. He said if the bill passes, a new political party — which he calls the "America Party" — "will be formed the next day." Musk's latest swipes came as the Senate worked to advance the One Big Beautiful Bill Act, holding a marathon series of amendment votes on Monday. The Senate still needs to vote on final passage, and the House will need to approve the Senate's changes, before a self-imposed July 4 deadline to send the bill to Mr. Trump's desk. It's unclear how serious Musk is about the apparent threat to back primary challenges against supporters of the legislation — or what support, if any, he could offer to challengers. But it suggests Musk could remain involved in politics, after spending upwards of $250 million to help elect Mr. Trump and other Republicans last year. The Tesla CEO indicated last month he planned to dial back his political spending for now, saying, "I think I've done enough." The vast majority of House and Senate Republicans have backed the bill, though some lawmakers have withheld their support, objecting to its Medicaid cuts or arguing it doesn't go far enough to slash spending. Mr. Trump has applied intense pressure to Republicans and lashed out at the remaining holdouts: In a statement last weekend, the White House said "failure to pass this bill would be the ultimate betrayal." Musk has railed against the legislation on and off for weeks. The billionaire blasted the bill in early June, calling it a "disgusting abomination" — igniting a dayslong feud between President Trump and the world's richest man that seemed to signal the end of a once close partnership. The billionaire, who once led the Trump administration's Department of Government Efficiency, backed down in mid-June and acknowledged some of his attacks on Mr. Trump "went too far." He remained fairly quiet about the legislation for weeks, but his criticism has intensified in recent days, as lawmakers rush to finalize the bill by the end of the week. Mr. Trump largely brushed off the feud with Musk in an interview with Fox News' Maria Bartiromo that aired Sunday, calling the billionaire a "wonderful guy" who "got a little bit upset, and that wasn't appropriate." Why is Musk opposed to Trump's "big, beautiful bill"? Many of Musk's criticisms zero in on the bill's price tag, calling its spending levels "insane" and attacking a provision in the Senate version of the bill that hikes the debt ceiling by $5 trillion. But the billionaire has also panned the bill's cuts to green energy tax credits and excise tax on certain renewable energy projects, calling those provisions "utter madness" that could "destroy millions of jobs in America and cause immense strategic harm to our country." Those provisions could directly impact Musk's electric carmaker, Tesla. The phaseout of electric vehicle tax credits may cost the company $1.2 billion, an analysis by JPMorgan Chase estimated. Tesla's solar power and energy storage businesses also benefit from government incentives, and ending those programs "may harm our business" by "making our products less competitive for customers," the company disclosed in an annual report filed earlier this year.
