U.S. crude oil inventories in the Strategic Petroleum Reserve fell to their lowest level in more than four decades after dropping 6.1 million barrels last week to 298.7 million barrels. Since mid-March, SPR stocks have declined by about 116 million barrels. The drawdown follows an authorization by President Donald Trump on March 11 to release up to 172 million barrels in response to disruptions tied to the Iran war that slowed tanker traffic through the Strait of Hormuz.

Cracker Barrel said it sold the Maple Street Biscuit Company brand and assets tied to 35 locations and will close the remaining 16 restaurants. Separately, it completed a sale-leaseback transaction covering 26 company-owned locations, generating roughly $77 million in net proceeds. The company said it plans to use the cash to pay down debt and expects the moves to lift adjusted EBITDA starting in fiscal 2027. Maple Street contributed less than 2% of Cracker Barrel’s annual revenue, and the divestiture is aimed at sharpening focus on the core brand and improving profitability.

Costco is facing a class-action lawsuit alleging that Orgain Vanilla Bean protein powder sold by the retailer contains lead levels more than 600% above California’s Proposition 65 limit. The complaint also points to Consumer Reports’ finding that the same product’s lead level reached 143% of its level of concern and was rated “okay to eat occasionally,” with a suggested limit of about four servings per week. Plaintiffs say Costco failed to adequately screen for or disclose heavy-metal risks, while Orgain says its products comply with applicable food-safety standards and are safe to consume. The issue has also drawn legislative and regulatory attention, and COST shares fell 4.21% that day.

The Federal Reserve held its benchmark federal funds rate steady at 3.5% to 3.75% at the first FOMC meeting chaired by Kevin Warsh, while overhauling how it communicates about policy. The central bank moved to end forward guidance, issued a noticeably shorter post-meeting statement and declined to publish individual economic projections. The dot plot showed nine of 18 voting members expect a rate hike before the end of 2026, and the year-end PCE inflation forecast was raised from 2.7% to 3.6%.

The U.S. Department of Justice and the Federal Trade Commission sent a joint letter urging state attorneys general to investigate whether anticompetitive conduct or price fraud in gasoline retailing is keeping pump prices elevated. The agencies said crude oil has retreated to $68 a barrel from recent highs, but they argue retail prices have not fallen as quickly. AAA put the U.S. average regular gasoline price at $3.823 per gallon, down about 10% from a month earlier. The letter framed the move as an enforcement response rather than a new policy initiative and did not tie it to changes in crude supply, escalating geopolitical conflict or broader macro supply-demand shifts.

The U.S. Food and Drug Administration has upgraded a recall of certain Utz Quality Foods potato chips under its Zapp’s and Dirty brands to a Class I event, citing a seasoning ingredient that may contain salmonella-contaminated dry milk powder. The affected products were sold nationwide and include multiple flavors with “Best By” dates running through Aug. 31, 2026. Utz said it initiated the recall voluntarily out of an abundance of caution and has not received any illness reports. The company said it is working with the FDA as part of an ongoing investigation.

PJM Interconnection, the largest U.S. grid operator, expects electricity demand to reach 166,147 megawatts on Thursday, a level not seen in nearly 20 years. It has secured an emergency order from the Energy Department that could allow transmission operators to curtail usage by data centers and other large customers with backup generation if needed. PJM also obtained temporary relief from certain environmental permit restrictions for power plants through July 3 to help meet surging demand. Wholesale power prices have jumped in parts of the region, including northern Virginia, as temperatures neared 100 degrees.

Alibaba Group and its U.S. payment unit, AUS Merchant Services, reached a nonprosecution agreement with the U.S. Department of Justice after admitting they failed to prevent illegal products—including pharmaceuticals and controlled substances—from being sold into the United States. The companies will pay a combined $600 million, including a $125 million criminal penalty and $390 million in forfeiture. The conduct spans January 2016 to December 2024 and involves roughly 80,000 unlawful sales tied to U.S. imports, with more than $200 million in gross merchandise value. Alibaba said it will strengthen compliance controls governing third-party merchants on its e-commerce platforms.

The U.S. Justice Department and attorneys general from 17 states have announced proposed settlements with Cal-Maine Foods, Hickman’s Egg Ranch and Versova over allegations they coordinated to manipulate an egg pricing benchmark. The companies agreed to pay a combined $3.3 million to participating states and donate about 53 million eggs, while adopting antitrust compliance measures and ending the alleged coordination, according to New York Attorney General Letitia James’ office. Cal-Maine denied wrongdoing but said it will comply with the agreement’s requirements.