As the Trump administration prepares to issue tariff refunds, companies like General Motors are already talking about the boost to their balance sheets.

The automaker said Tuesday it is anticipating a $500 million tariff rebate, raising its full-year earnings guidance to between $13.5 billion and $15.5 billion. It’s part of the $166 billion the Trump administration will provide in refunds to some 300,000 U.S. importers—and the amount will be paid back with interest. Retailers like Walmart, Target and Nike are expected to receive at least $1 billion each.

Of course, economists say consumers aren’t likely to benefit, and President Donald Trump’s tariffs are likely to raise prices by another 0.1% in 2026.

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Spotify shares fell 12% as the company disclosed a second-quarter forecast that fell below expectations, adding to the streaming service’s market woes this year.

OpenAI missed internal revenue and user growth projections after losing some of its market share to Anthropic, The Wall Street Journal reported, while CFO Sarah Friar expressed caution about the company’s plans to go public this year.

The European Union said Meta failed to block children under 13 from accessing Facebook and Instagram, which could lead to fines of up to 6% of the company’s annual global revenue.

JEROME POWELL’S LEGACY AT THE FED

Today will likely conclude Jerome Powell’s last Federal Reserve meeting as its chair. He leaves behind a legacy of navigating inflation and defending the independence of the central bank under pressure from the president of the United States.

Powell was appointed by President Donald Trump during his first term, taking office in 2018 before being reappointed by former President Joe Biden. As inflation ran rampant in the wake of Covid-19, peaking at its highest rate in more than four decades, critics argued the Federal Reserve was slow to act. Still, after the central........

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