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U.S. stocks are hanging around their records on Friday and coasting toward the close of another winning week.The S&P 500 was edging up by 0.1% in early trading, coming off its latest all-time high, and is on track to finish its fourth winning week in the last five. The Dow Jones Industrial Average was up 71 points, or 0.2%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was drifting around its record set the day before.Deckers, the company behind Ugg boots and Hoka shoes, jumped 16.6% after reporting stronger profit and revenue for the spring than analysts expected. Its growth was particularly strong outside the United States, where revenue soared nearly 50%.Edwards Lifesciences rose 8% after likewise topping Wall Street’s expectations for profit in the latest quarter. It said it saw strength across all its product groups, and it expects profit for the full year to come in at the high end of the forecasted range it had given earlier.They helped offset drop of 8.8% for Intel, which fell after reporting a loss for the latest quarter, when analysts were looking for a profit. The struggling chipmaker also said it would cut thousands of jobs and eliminate other expenses as it tries to turn around its fortunes. Intel, which helped launch Silicon Valley as the U.S. technology hub, has fallen behind rivals like Nvidia and Advanced Micro Devices while demand for artificial intelligence chips soars.The pressure is on companies to deliver solid growth in profits after their stock prices rallied to record after record in recent weeks. Wall Street has zoomed higher on hopes that President Donald Trump will reach trade deals with other countries that will lower his stiff proposed tariffs, along with the risk that they could cause a recession and drive up inflation. Trump has recently announced deals with Japan and the Philippines, and the next big deadline is looming on Friday, Aug. 1.Besides potential trade talks, next week will also feature a meeting by the Federal Reserve on interest rates. Trump again on Thursday lobbied the Fed to cut rates, which he has implied could save the U.S. government money on its debt repayments.Fed Chair Jerome Powell, though, has continued to insist he wants to wait for more data about how Trump’s tariffs will affect the economy and inflation before the Fed makes its next move. Lower interest rates can help goose the economy, but they can also give inflation more fuel.Lower rates also may not lower the U.S. government’s costs to borrow money, if the bond market feels they could send inflation higher in the future. In that case, lower short-term rates brought by the Fed could actually have the opposite effect and raise the interest rates that Washington must pay to borrow money over the long term.The widespread expectation on Wall Street is that the Fed will wait until September to resume cutting interest rates.In the bond market, Treasury yields held relatively steady following Trump’s latest attempt to push Powell to cut interest rates. Trump also seemed to back off on threats to fire the Fed’s chair.“To do that is a big move, and I don’t think that’s necessary,” Trump said. “I just want to see one thing happen, very simple: Interest rates come down.”If Trump fired Powell, he’d risk freaking out financial markets by raising the possibility of a less independent Fed, one unable to make the unpopular choices that are necessary to keep the economy healthy.The yield on the 10-year Treasury edged down to 4.42% from 4.43% late Thursday. The two-year Treasury yield, which more closely tracks expectations for what the Fed will do, held steady at 3.91%.In stock markets abroad, indexes slipped across much of Europe and Asia.Stocks fell 1.1% in Hong Kong and 0.3% in Shanghai. U.S. Treasury Secretary Scott Bessent has said he will meet with Chinese officials in Sweden next week to work toward a trade deal with Beijing ahead of an Aug. 12 deadline. Trump has said a China trip “is not too distant” as trade tensions ease. AP Writers Teresa Cerojano and Matt Ott contributed. Stan Choe, AP Business Writer
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E-Commerce
College admissions are at a critical juncture. Enrollment patterns are changing, with the enrollment cliff now in full view. AI is transforming how students apply to college and how schools evaluate their potential. Additionally, institutions are navigating a complex maze of funding and policy requirementsand, at times, increased political pressures. Amid these challenges, many higher education institutions are realizing that traditional recruitment playbooks no longer cut it. This year, admissions leaders are rethinking how to attract, evaluate, and support students, while answering a fundamental question: How do we demonstrate the value of a college degree in a world that keeps questioning its worth? These seismic shifts were made clear in a new report by the company I cofounded, Acuity Insights. Our survey of admissions leaders across the U.S., Canada, the U.K., and Australia found that admissions teams are under greater pressure to not only react to changes but actively rebuild for the future. From revamping how they assess applicants to retooling how they build lasting, student-centered strategies, schools need to lay the groundwork for long-term resilience and success. Enrollment, policy, and technology changes are keeping admissions leaders on their toes Lets start with the elephant in the room: Enrollment is down, and its only expected to get worse. With the demographic cliff expected to hit in earnest by fall 2025, admissions leaders are bracing for an even steeper drop in high school graduates entering the pipeline. Its no surprise that 41% of admissions leaders cited competition from other institutions as their top challenge, followed closely by 36% who pointed to the declining interest in traditional college education. These concerns have sparked a new focus on student retention and career readiness; schools need to not only get students in the door, but also support their students success all the way to graduation. Layered on top of enrollment concerns are significant policy shifts. Nearly half (46%) of U.S. admissions leaders say they feel fully prepared to navigate changes in financial aid, affirmative action, and DEI policies. However, a near equal percentage (45%) only feel moderately prepared for these changes, which will require updates in admissions criteria and renewed efforts around compliance. At the same time, todays applicants are evolving just as rapidly. Digitally native students are bringing AI into the admissions process. Our fall 2024 survey of 1,000 recent higher education applicants found that 35% used AI tools like ChatGPT during the application process (and thats just the ones who were willing to admit it). Its no surprise that 78% of admissions leaders are concerned about how AI might compromise the authenticity and integrity of student submissions, especially as generative tools become more sophisticated and harder to detect. These combined shifts demand a careful balancing act. Admissions teams must weigh innovation with integrity, speed with substance, and institutional competitiveness with their core mission of educating and preparing students for success beyond graduation. 3 areas where admissions is adapting the most Its encouraging to see that many admissions leaders are rolling up their sleeves and making real changes to the admissions process. Here are three key areas in which were seeing admissions teams adapt their practices to todays landscape: 1. Increased reliance on AI AI isnt just transforming how students complete their college applications, its transforming how institutions evaluate and select applicants. In response, more than half (51%) of admissions leaders believe AI will significantly change the evaluation and selection process. AI is making it easier to maintain a more holistic review process without sacrificing efficiency. Half of admissions leaders said their teams are using AI to identify key noncognitive factors (such as leadership, resilience, and civic engagement), and 38% report using it to predict students’ success based on various academic and personal criteria. Beyond evaluation, AI is also being used to improve student communication and engagement, with 38% of leaders seeing value in its ability to provide more personalized support throughout the admissions journey. 2. Greater emphasis on the value of higher education With public skepticism on the rise, students and their families are carefully weighing the cost and career outcomes of a college degree. As a result, admissions teams are increasingly focused on proving value and communicating why a degree is still a worthwhile investment. According to our survey, 34% of schools are emphasizing career readiness and employability in their messaging. Another 33% are doubling down on experiential learning opportunities that give students real-world context for what theyre studying. Alumni success stories are also becoming a key tactic. Nearly a quarter of admissions teams are leveraging their graduates journeys to illustrate the long-term value of a degree, both professionally and personally. Demonstrating the tangible benefits of higher education doesnt just apply to attracting students, its also crucial in retaining them. With fewer students entering the pipeline, institutions simply cant afford to lose students midway through their programs. Thats why many schools are doubling down on highlighting academic support, advising, and career services that ensure students stay enrolled, engaged, and on track to graduate. Moving beyond traditional metrics Admissions teams are also rethinking what makes a student qualified. Standardized test scores are no longer the be-all and end-all: 57% of admissions leaders are placing greater emphasis on personal qualities and life experiences during application reviews, while 31% are expanding how they evaluate extracurriculars and community impact. This shift is part of a broader move away from rigid, one-size-fits-all admissions processes toward more holistic practices, where applicants life experiences and nonacademic skills are considered alongside academic knowledge. Instead of relying solely on standardized tests, personal essays, and GPAs, admissions teams are leveraging personalized and student-focused pathways that account for the unique backgrounds, personal achievements, and soft skills that applicants bring to the table. In todays complex world, qualities like leadership, civic engagement, and creative thinking can be just as predictive of a students potential as GPA or test scoresand its encouraging to see institutions’ amissions processes evolve to match. Rebuilding admissions for a new era This is a watershed moment for admissions. As enrollment declines, policy shifts, and technology evolves, institutions are being called on to reimagine their most fundamental processes. Ultimately, by embracing innovative technology, better demonstrating real-world value, and revamping admissions practices, institutions are working to rebuild trust in higher education and remind students why its still a powerful pathway forward. More than anything, these transformations reflect a bold commitment to progress and the long-term vitality of higher education. The institutions that adapt now will define what opportunity looks like for the next generation.
Category:
E-Commerce
Lawmakers on Maui passed legislation Thursday aimed at eliminating a large percentage of the Hawaiian island’s vacation rentals to address a housing shortage exacerbated by the wildfire that destroyed most of Lahaina two years ago.It’s the latest action by a top global tourist destination to push back against the infiltration of vacationers into residential neighborhoods and tourism overwhelming their communities. In May, Spain ordered Airbnb to block more than 65,000 holiday listings on its platform for having violated rules. Last month, thousands of protesters in European cities like Barcelona and Venice, Italy, marched against the ills of overtourism.The Maui County Council’s housing committee voted 6-3 to pass the bill, which would close a loophole that has allowed owners of condos in apartment zones to rent their units for days or weeks at a time instead of a minimum of 180 days. The mandate would take effect in the West Maui district that includes Lahaina in 2028. The rest of the county would have until 2030 to comply.The council still needs to vote on the bill, but the committee’s result is a strong indication of the final outcome because all nine council members sit on the housing panel. The mayor is expected to sign the bill, which he proposed.“Bill 9 is a critical first step in restoring our commitment to prioritize housing for local residents and securing a future where our keiki can live, grow, and thrive in the place they call home,” Maui Mayor Richard Bissen said in a statement, using the Hawaiian word for children. Vacation rentals take up one-fifth of Maui’s housing Vacation rentals currently account for 21% of all housing in the county, which has a population of about 165,000 people.An analysis by University of Hawaii economists predicted the measure would add 6,127 units to Maui’s long-term housing stock, increasing supply by 13%.Opponents questioned whether local residents could afford the condos in question, noting that many of the buildings they are in are aging and their units come with high mortgages, insurance payments, maintenance and special assessment costs.Alicia Humiston said her condo is in a hotel zone so it won’t be affected. But she predicted the measure will hurt housekeepers, plumbers, electricians and other small business owners who help maintain vacation rentals.“It’s not what’s best for the the community,” said Humiston, who is president of the Rentals by Owner Awareness Association.Bissen proposed the legislation last year after wildfire survivors and activists camped out on a beach popular with tourists to demand change. Mayor says tourism will continue but must not ‘hollow out our neighborhoods’ The University of Hawaii study said only about 600 new housing units are built in the county each year so converting the vacation rentals would be equivalent to a decade’s worth of new housing development. Condo prices would drop 20-40%, the study estimated.The report also predicted one-quarter of Maui County’s visitor accommodations would vanish and visitor spending would sink 15%. It estimated gross domestic product would contract by 4%.The mayor said such economic analysis failed to tell a full story, noting families are torn apart when high housing costs drive out relatives and that cultural knowledge disappears when generations leave Maui.The mayor told the council the bill was one part of a broader housing strategy that would include building new housing, investing in infrastructure and stopping illegally operated vacation rentals. He said there were limits to how much new housing could be built because of constraints on water supplies and sewer infrastructure.Tourism would continue on Maui but must do so in a way “that doesn’t hollow out our neighborhoods,” the mayor said.The mayor’s staff told council members that visitor spending would decline with the measure but most of the drop would be on lodging. Because 94% of those who own vacation rentals in apartment zones don’t live on Maui, they said much of this income already flows off-island. They predicted the county budget could withstand an estimated $61 million decline in annual tax revenue resulting from the measure. Audrey McAvoy, Associated Press
Category:
E-Commerce
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