Business & Markets

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🚆 1 for the rail: Big NYC comeback

Data: Metropolitan Transportation Authority. Chart: Noah Bressner/Axios Monthly ridership on the Long Island Rail Road surpassed pre-pandemic levels — the first time any of New York's transit or rail lines has exceeded pre-COVID numbers for an entire month, Bloomberg reports. About 7.9 million riders used the LIRR in June, up from 7.7 million the same month in 2019. The surge coincided with two big events: the Knicks' championship parade through lower Manhattan and the U.S. Open in the Hamptons, where the LIRR added a temporary station. Go deeper (gift link).

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> US stock markets close mixed (S&P 500 -0.3%, Dow +0.3%, Nasdaq -0.8%) as the US warns of global sanctions against Iran (More)

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> US stock markets close higher (S&P 500 +0.7%, Dow +0.2%, Nasdaq +1.6%) as tech stocks rally | CrowdStrike shares close up 20% in their best day ever after the cybersecurity firm beat Wall Street's expectations (More)

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> US stock markets close down (S&P 500 -0.7%, Dow -0.8%, Nasdaq -1.0%) as rising bond yields and oil prices weigh on stocks (More) | Why do bond yields matter? (More, w/video) | ... and why global bond yields are rising to multiyear highs (More)

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> US stock markets close higher (S&P 500 +1.1%, Dow +1.2%, Nasdaq +1.4%) after Fed Gov. Christopher Waller signals support for holding interest rates steady this month if inflation continues to cool.

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> US stock markets close lower Friday (S&P 500 -0.4%, Dow -0.5%, Nasdaq -0.3%) as stronger-than-expected August payroll data increased expectations the Federal Reserve could raise interest rates (More)

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> Jaguar Land Rover will cut 4,000 jobs across its global workforce over the next two years in an attempt to lower costs and keep up with Chinese electric car manufacturers (More)

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> US stock markets closed higher Friday (S&P 500 +0.9%, Dow +1.0%, Nasdaq +1.0%) to snap a four-day losing streak as oil prices declined for the first time in over a week (More)

> Oracle cofounder Larry Ellison cancels plans to sell 50 million Oracle shares worth approximately $7.5B without specifying a reason for the reversal; Oracle shares have fallen roughly 22% since the beginning of the year (More)

> President Donald Trump will lift 10% tariff on Irish whiskey after conversations with golfers during his visit to the Irish Open tournament spurred the decision (More)

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> US stock markets close down (S&P 500 -0.5%, Dow -0.3%, Nasdaq -0.6%) as leaders of OpenAI and Anthropic call for global slowdown of AI development (More) | Read previous write-up (More)

> Ten-year Treasury yield reaches 5% for the first time since 2023, a critical threshold that could make it more expensive to take out loans for homes, cars, and more (More) | What's a yield? (More)

> Wegovy maker Novo Nordisk rebrands as Novo, in an effort to make the company more recognizable as it competes with Eli Lilly to lead the GLP-1 market (More)

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🏦 End of an era at Berkshire

Warren Buffett stepped down today as chairman of Berkshire Hathaway after more than six decades, Axios' Dan Primack writes.

• It's the end of an extraordinary era, unlikely to ever be matched.

🪑 Buffett, who turned over the CEO reins at the end of 2025 to Greg Abel, will become chairman emeritus and remain a director.

• He said in a statement: "Father Time always wins. He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead."

Read the announcement.