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d3sign | Moment | Getty ImagesThe Earth is heating up and the effects — droughts, hurricanes, wildfires, to name a few — are getting more common and severe.Yet consumers can do something about climate change — in simple ways that also save money.”It’s a bunch of little things that add up,” said Theresa Eberhardt, a project manager at the Environmental Defense Fund whose work focuses on green supply chains.More from Personal Finance:3 Medicare surprises that can cost you thousands every yearAmazon Prime Day is on. These are the deals you can skipBiden’s top tax rate on capital gains would be among highest in worldLast year tied for the planet’s hottest on record, according to NASA. The seven warmest years have all occurred since 2014, according to the National Oceanic and Atmospheric Administration.That’s largely a result of heat-trapping greenhouse gases like carbon dioxide that humans (at the corporate and household level) pump into the atmosphere. This may occur from burning gasoline while driving, or burning oil or natural gas to heat a home and generate electricity, for example.The U.S. has the highest per-capita greenhouse gas emissions of any country, according to the Center for Climate and Energy Solutions.Yuhan Liao | Moment | Getty Images”The next generation, and generations, we really need to reduce our emissions,” according to Gregory Keoleian, director of the Center for Sustainable Systems at the University of Michigan. “We’re in a climate crisis. We have a small window to act.”A carbon calculator can help consumers identify the biggest contributors to their “carbon footprint.”$1,560 a yearThe Center for Sustainable Systems analyzed two midsized single-family homes — one typical house and another of comparable design that’s energy-efficient — in Ann Arbor, Michigan.The energy-efficient house cut carbon emissions by more than 60% — while also saving $38,000 on electricity and $40,000 on natural gas costs over the home’s 50-year lifecycle. That translates to a combined $1,560 in annual savings.The basic problem we have is often our default [choice] is not the best, and not necessarily the cheapest. It’s just the default.Katharine Hayhoechief scientist at the Nature ConservancyThe numbers will vary for households depending on factors like regional utility and gas costs. (They don’t include separate carbon-cutting and money-saving measures around diet and transportation, for example, Keoleian said.)And while households are responsible for just 20% of annual emissions, consumers who live a more eco-friendly lifestyle can positively influence how businesses and politicians react, too, experts said.Here are eight easy ways individuals can go green and pad their wallets.1. Use LED lightbulbsLED lightbulbs use at least 75% less energy than standard incandescent bulbs and last 25 times longer, according to the U.S. Department of Energy.Households can save $75 on energy costs a year by swapping out just five of their most frequently used bulbs with Energy Star-certified LEDs, according to the Consumer Federation of America.(LED stands for “light-emitting diode.”)By 2027, widespread use could save more than a cumulative $30 billion at today’s electricity prices, the Energy Department said.making_ultimate | Moment | Getty ImagesReplacing a bulb immediately — instead of waiting for an incandescent bulb to burn out — yields the biggest financial and environmental benefit, according to Keoleian.Replacing all bulbs in a household would be the equivalent of removing roughly 5.3 million to 6.4 million cars from the road, according to an estimate from Katharine Hayhoe, chief scientist at the Nature Conservancy.”The basic problem we have is often our default [choice] is not the best, and not necessarily the cheapest,” Hayhoe said. “It’s just the default.”(As a practical note: Choose LEDs between 2700 and 3000 kelvins to match the soft, yellow-white light of old bulbs; 4000K to 6500K bulbs will have a cooler or bluish light, according to the Consumer Federation.)2. Unplug devicesEnergy consumed by electronic devices in standby mode accounts for 5% to 10% of household energy use — adding up to an extra $100 a year, on average, according to the Center for Sustainable Systems.The Center recommends unplugging devices when not in use or plugging them into a power strip and turning off the power strip.3. Change the thermostatHouseholds can reduce their heating and cooling bills by resetting their thermostats when asleep or away from home. A programmable thermostat does this automatically according to a pre-set schedule.Here’s the concept: Set the temperature lower in colder weather and higher in warmer weather, which uses less energy.This may be easier now that Americans who’d been working from home during the Covid pandemic are heading into the office more frequently.Households can save up to 10% a year by turning the thermostat 7°F to 10°F from its normal setting for eight hours a day, according to the Energy Department.Savings can total roughly $90 a year, according to Mel Hall-Crawford, director of energy programs at the Consumer Federation of America.4. Use cold waterRunning a dishwasher and washing machine with cold instead of hot or warm water could save on energy bills, according to environmental experts.”Heating water is one of the more expensive things that we do,” according to John Hocevar, oceans campaign director for Greenpeace USA.For example, washing clothes with cold water once a week can reduce a household’s emissions by over 70 pounds annually, according to the Center for Sustainable Systems.That’s the equivalent of the emissions from driving the average passenger car 80 miles, according to the Environmental Protection Agency.Households can also consider using a drying rack instead of a drying machine, experts said. Drying is responsible for 71% of the electricity required to wash and dry a load of clothes, according to an estimate from the Sustainability Consortium.Individuals can also ensure a dishwasher is full before running it, and even setting a timer in the shower to avoid overuse of hot water, experts said.5. Cut down on plasticReplacing single-use plastic with reusable alternatives has become easier than ever for households, said Eberhardt of the Environmental Defense Fund.Consumers can replace Ziploc bags with silicon bags; Saran wrap with beeswax wrap; plastic water bottles with reusable bottles or a water filter; and plastic straws for portable, reusable ones, experts said.(The same applies for single-use, non-plastic items like paper towels — which come wrapped in plastic and could be replaced with dish towels or sponges.)”You’re really cutting your weekly grocery costs and it’s better for the planet,” Eberhardt said.Rehman Asad | Moment | Getty ImagesMore than 95% of plastic packaging is made from fossil fuels, Hocevar said.And most isn’t recyclable — a commonly misunderstood fact about the plastic Americans toss in blue bins, he said. Even plastic that can be recycled is often only recycled once.It’s then burned or put in a landfill, both of which contribute to the release of planet-warming gases, he said.Buying non-perishable items in bulk is also generally cheaper and cuts down on plastic packaging, Hocevar added.6. Tweak your dietThe food Americans eat can vary greatly in terms of its carbon footprint.Generally, eating a more plant-based diet and cutting red meat intake can be cheaper, more environmentally friendly and healthier — which could help cut long-term medical bills, experts said.”Diet is very personal and cultural,” Keoleian said. “But people should know they can save money and really reduce their carbon emissions.”For example, beef has about seven times the emissions of fish (farm-raised) and 10 times those of chicken according to some sources. The difference is even starker relative to plant-based foods and proteins — beef has been found to have a carbon footprint 230 times higher than nuts or root vegetables, for example.Paulo Hoeper | Moment | Getty ImagesThose emissions may come from sources like food production, transportation and packaging. Cows, for example, generate a lot of methane, a greenhouse gas that’s much more potent than carbon.Families can consider “meatless Mondays,” for example, to reduce their consumption of red meat, Eberhardt said.About 1 in 4 Americans reported eating less meat (beef, pork or chicken) over the past year, according to a Gallup poll from early 2020. The environment was their No. 2 reason for doing so, behind health.Trade groups representing farmers and beef producers — the American Association of Meat Processors, American Farm Bureau Federation, National Cattlemen’s Beef Association and North American Meat Institute — didn’t return CNBC’s requests for comment on this article.Jerry Bohn, a Kansas cattleman and president of the National Cattlemen’s Beef Association, recently pushed back on the notion of decreased consumption of red meat for Americans.”U.S. farmers and ranchers are the best in the world when it comes to producing safe, wholesome and sustainable high-quality beef for American families, and doing it with the smallest possible footprint and we’re committed to continuing on that path of improvement,” he said in April.Families should also try reducing the amount of food they throw away, Eberhardt said.About 30% to 40% of food produced in the U.S. isn’t consumed, with that waste largely on the consumer end — which then produces greenhouse gas as it decays, Eberhardt said. Her family creates a basic meal plan at beginning of every week to avoid buying excess food.7. Buy efficient appliancesConsumers should replace old household appliances with energy-efficient options to help lower their electric bill.Those can be anything from refrigerators to dishwashers, microwaves and air conditioners. (Efficient machines will carry an Energy Star label.)This might be a longer-term decision for consumers — but doesn’t have to be.”Many people think you want to extend the service life [of the old appliance] to save money,” Keoleian said. “You’re actually hurting your wallet by doing that because they are so inefficient.”Refrigerators are among the largest users of household appliance energy, according to the Center for Sustainable Systems. (In 2015, the average household emissions from refrigeration equaled about 820 miles of driving.)But switching other appliances could have a big difference, too. If all clothes dryers sold in the U.S. were Energy Star-certified, Americans could save more than $1.5 billion a year in utility costs and prevent emissions similar to about 2 million vehicles, according to Energy Star.8. Change how you get aroundConsumers can also replace older cars with electric vehicles, for example — which may make sense especially for those who drive closer to home and don’t have “range anxiety” related to recharging.FuelEconomy.gov can help consumers identify and compare efficient vehicles.There are other, potentially easier steps consumers can take, too. For example, about a fifth of vehicle trips are shopping-related — but combining errands (“trip-chaining”) can help avoid unnecessary driving, according to the Center for Sustainable Systems.Even making sure tires are inflated properly can play a role. Fuel efficiency decreases 0.2% for each 1 pound-per-square-inch decrease, according to the Center.Carpooling or telecommuting once a week to cut down on driving (and associated costs) may help, too. More

Virgin Galactic SpaceShipTwo spacecraft Unity during a glide flight test in New Mexico.Virgin GalacticVirgin Galactic — Virgin shares soared 38% after it announced the Federal Aviation Administration has given it the green light to fly paying customers into space. It’s the first such license approved by the FAA. The company has about 600 ticket reservations for future flights that sold at between $200,000 and $250,000 each.Nike — Shares of the athletic retailer surged 15.5% following its better-than-expected quarterly results. Nike reported earnings of 93 cents per share, outpacing Refinitiv estimates by 42 cents. Revenue came in at $12.34 billion, topping estimates of $11.01 billion. Digital sales were up 41% since last year and 147% from two years ago.BlackBerry — The security and communications software maker saw its shares fell 4.4% after it reported a loss in its quarterly earnings. Blackberry reported better-than-expected revenue, helped by a boost in electric vehicle sales, which increased demand for the company’s QNX software. Bank of America also upgraded the stock to a buy.Nokia — The telecom-infrastructure provider’s stock rose 6% after Goldman Sachs lifted its rating to a buy from neutral, saying it sees a “better” 5G spending backdrop and that the company could “regain their place as a key tech enabler for cellular connectivity.”CarMax — Shares of the auto retailer rose 6.5% after it reported better-than-expected earnings for its latest quarter. CarMax beat the consensus estimate by $1 a share, with quarterly profit of $2.63, due in part to a pandemic-related preference among consumers for cars over public transport.FedEx — The shipping giant fell 3.6% despite beating on the top and bottom lines of its quarterly results. FedEx reported earnings of $5.01 per share on revenue of $22.57 billion. Analysts expected earnings per share of $4.99 on revenue of $21.51 billion, according to Refinitiv. However, CEO Fred Smith said operations are being crimped by an inability to find enough workers, and the company will ramp up capital spending by 22% this year to deal with delivery delays.Enphase Energy — Shares of the microinverter maker jumped 2.7% after two bullish Wall Street calls from Citi and Stephens, both of which initiated coverage on the company with a buy-equivalent rating. Stephens said the recent pullback in shares is an attractive entry point for investors for a company that has “market share capture on the horizon.”Darden Restaurants —  Darden’s stock added 2.6% after MKM upgraded the restaurant company and Olive Garden-parent to buy from neutral. Darden’s fourth-quarter earnings report on Thursday beat Wall Street’s expectations and the company reported that its quarterly same-store sales nearly returned to 2019 levels.Netflix — Shares of Netflix climbed nearly 2% after Credit Suisse upgraded the streaming stock to outperform from neutral. Credit Suisse expects Netflix to continue dominating in original content, with a stellar upcoming release schedule bolstering growth expectations. The bank also said Netflix’s underperformance this year makes its shares cheap.Big banks — Bank stocks are in the spotlight Friday after the Federal Reserve released the results of its annual stress test Thursday, giving a thumbs up to all 23 banks subjected to the latest round. The move should pave the way for the banks to significantly raise dividends and restart buybacks. Wells Fargo is trading 2.7% higher, Bank of America is up 1.9%, JPMorgan Chase is up 1.1% and Citigroup ticked up 0.3%. — CNBC’s Maggie Fitzgerald, Hannah Miao and Pippa Stevens contributed reportingBecome a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today More

In this articleTSLATWTRTesla Motors CEO Elon Musk unveils a new all-wheel-drive version of the Model S car in Hawthorne, California October 9, 2014.Lucy Nicholson | ReutersTech billionaires Elon Musk and Jack Dorsey have agreed to discuss bitcoin with each other at an event in July.In a bizarre Twitter thread, Musk responded to a tweet from Dorsey promoting an event called “The B Word,” which aims to encourage companies and institutional investors to adopt bitcoin.”Bicurious?” the Tesla CEO said, seemingly referring to the “B” word in question.In response, Twitter’s Dorsey said: “Bizarre! Let’s you and I have a conversation at the event. You can share all your curiosities…”Musk agreed. “For the Bitcurious? Very well then, let’s do it,” he said, to which Dorsey later replied: “Done! Will set up.”The event will take place on July 21, according to its website, “offering a live experience and a library of content to the investor community, enabling a more informed discussion about the role Bitcoin can serve for institutions across the globe.”Comments from Musk have taken bitcoin investors on a wild ride lately. The eccentric Tesla boss initially supported bitcoin, briefly adding the hashtag #bitcoin to his Twitter bio in January.Tesla then announced in February that it had bought $1.5 billion worth of bitcoin and would start accepting it as a method of payment.At the same time, Musk has made a number of tweets supporting dogecoin, which led to a stunning — but short-lived — rally for the joke cryptocurrency.More recently, Musk appears to have rowed back on his views about bitcoin. Last month, he said Tesla would stop accepting bitcoin for car purchases, citing environmental concerns around the “insane” amount of energy required to mine the digital currency.He also posted a meme suggesting he’s fallen out of love with bitcoin.But earlier this month, Musk said that Tesla would accept the cryptocurrency when at least half of bitcoin mining is confirmed to be powered by clean energy.Bitcoin fell below the key $30,000 mark on Tuesday, briefly erasing all its 2021 gains. The digital asset has since risen back above $33,000 but is still down almost 50% of its all-time high of nearly $65,000 which it reached in April. More

MoMo Productions | DigitalVision | Getty ImagesAmericans saving in a 401(k) plan may have money stashed in a robo-advisor — and they might not even know it.Robo-advice is basically professional money management guided by an algorithm (a robot, so to speak), largely allowing investors to be hands-off.Companies offering a retirement benefit are increasingly enrolling employees into 401(k) plans automatically. Most are diverted to some type of robo-advisor.More from Personal Finance:How to use a Roth IRA like the ultra-wealthyThe House passed a bill to protect older Americans in the workplaceA correction may be coming. How to protect your retirement portfolioAbout 60% of 401(k) plans used auto-enrollment in 2019, up from 42% a decade earlier, according to the Plan Sponsor Council of America. Doing so helps overcome inertia that may prevent a person from saving.”You get the momentum going,” Keith Gredys, chairman and CEO of The Kidder Company in Clive, Iowa, who works with 401(k) plans and investors, said of automatic enrollment. “[Employees] go in and tend not to come out.”TDFs and managed accountsAbout 66% of 401(k) plans guide those automatic savings into target-date funds, according to the Council, a trade group representing businesses that offer retirement plans.TDFs are perhaps the simplest version of a robo-advisor — they automatically toggle savings from aggressive (lots of stocks) to conservative (lots of cash and bonds) according to an investor’s planned age of retirement.About 5% of 401(k) plans default funds into a “managed account.” In such accounts, algorithms choose one’s asset allocation based on factors beyond just age, such as income, savings rate, employer contributions and amount of non-401(k) savings.Employers must notify workers that they are being automatically enrolled in a 401(k). But those who don’t pay close attention may not know part of their paycheck is getting invested a robo-advisor.Robo-advisors have come into vogue over the past 15 years or so, leveraging investor demand for ease and lower-cost investing.  About 80% of 401(k) plans offer target-date funds, for example, up from 64% a decade ago, according to the Plan Sponsor Council of America.”Most people are terrible investors,” said Philip Chao, a certified financial planner and chief investment officer at Experiential Wealth, based in Cabin John, Maryland.”They’re diversified [and] professionally managed,” Chao said of target-date funds and managed accounts. “So you don’t have to go find an advisor; it’s done for you.”And they’re easy to understand, so they become very popular.”10’000 Hours | DigitalVision | Getty ImagesThere’s also a legal rationale for employers to automatically guide funds into such investments — the Pension Protection Act of 2006 offered additional protections to do so.However, Chao doesn’t consider target-date funds to technically be advisors since they only tailor asset allocation (the mix of stocks and bonds) based on the year in which someone plans to retire.Managed accounts, on the other hand, are more tailored to the specific individual since their asset allocations are based on other data points.But managed accounts are also typically more expensive — and that may pose a problem for investors who are automatically enrolled, according to Chao.Managed accounts often rely on investors to input specific data points (like amount of non-401[k] savings) to guide their investment mix. But those inputs are unlikely to occur without investor engagement, as is more apt to occur after automatic enrollment — potentially negating the additional cost.”You shouldn’t blindly let your money get defaulted,” Chao said. “You should know the cost.”And you should make sure employer has done their job to controlling expenses.” More

Take a look at some of the biggest movers in the premarket:Nike (NKE) – Nike reported quarterly earnings of 93 cents per share, well above the 51 cents a share consensus estimate. Revenue beat forecasts by a wide margin and exceeded $12 billion for the first time. Nike benefited from pent-up demand for its shoes and apparel, and saw a 73% jump in direct sales through its apps and websites. Nike shares soared 12.5% in the premarket.CarMax (KMX) – CarMax shares rallied 5.9% in premarket trading after the auto retailer reported better-than-expected sales and profit for its latest quarter. CarMax beat the consensus estimate by $1 a share, with quarterly profit of $2.63, helped by a pandemic-induced preference for cars over public transport.Virgin Galactic (SPCE) – Virgin shares surged 11.5% in the premarket after the Federal Aviation Administration granted approval for Virgin to fly paying customers into space. It’s the first such approval granted by the FAA, and follows a successful test flight by Virgin Galactic in May.FedEx (FDX) – FedEx beat estimates by 2 cents a share, with quarterly earnings of $5.01 per share. The delivery service’s revenue also topped forecasts. CEO Fred Smith said operations are being crimped by an inability to find enough workers, however, and the company will ramp up capital spending by 22% this year to deal with delivery delays. The stock slid 3.9% in premarket trading.Tesla (TSLA) – Japanese electronics giant Panasonic sold its entire stake in Tesla for about $3.6 billion during the most recent fiscal year, according to a Panasonic spokesperson. Panasonic was an early investor in Tesla, and is a major battery supplier for the automaker.Netflix (NFLX) – Netflix rose 1.3% in the premarket following an upgrade to “outperform” from “neutral” at Credit Suisse. The bank said it expects subscriber growth to normalize and that its recent consumer survey reinforced Netflix’s strong competitive position.BlackBerry (BB) – BlackBerry shares added 1.3% in premarket trading after it reported a smaller-than-expected loss for its latest quarter. The security and communications software maker also saw better-than-expected revenue, as a jump in electric vehicle sales boosted demand for BlackBerry’s QNX software.JPMorgan Chase (JPM), Wells Fargo (WFC), Bank of America (BAC), Citigroup (C) – Big bank stocks are on watch today after the Federal Reserve gave passing marks to all 23 banks that were subjected to the latest round of stress tests. Following those results, the Fed said it would lift temporary restrictions on dividends and share buybacks.Twilio (TWLO), Asana (ASAN) – Twilio and Asana have agreed to list their shares on the Long-Term Stock Exchange, a Silicon Valley-based operation that is designed to focus on long-term investing. They will continue to list on the New York Stock Exchange as well. The two cloud software companies were early investors in the Long-Term Exchange. Asana jumped 3.3% in premarket trading.Credit Suisse (CS) – Credit Suisse is mulling various overhaul plans including a possible merger with rival European bank UBS (UBS), according to people familiar with the bank’s thinking who spoke to Reuters. Credit Suisse rose 1.2% in the premarket.Doximity (DOCS) – The social network for doctors saw its stock slide 3.9% in the premarket, after going public at $26 per share and closing its first day of trading at $53. More

Football fans watch UEFA Euro 2020 Championship Group A match between Wales and Switzerland at a pub on June 12, 2021 in Shanghai, China.Chen Yuyu | Visual China Group | Getty ImagesBEIJING — After home appliance company Hisense became the first Chinese sponsor for the UEFA European soccer championship in 2016, three other Chinese businesses signed partnerships for this year’s Euro 2020.These companies are paying up to reach overseas markets, while building global prestige for shoppers at home.”Chinese brands do not use football only for local marketing (selling their products to Chinese consumers), but also to open up new markets, especially in Europe,” said Pierre Justo, managing director of international, media and sports at consulting firm Kantar, in an email.The Chinese government has encouraged homegrown companies to go abroad, while many businesses are eager to boost their brands by selling overseas.Based in Qingdao, Shandong province, Hisense said that by 2025, it aims for overseas markets to generate half of total revenue, valued at about $23.5 billion. That’s triple the $7.93 billion it made abroad during the pandemic last year.The television and home appliance manufacturer claims that during the first five months of the year, its European sales more than doubled from a year ago, helped by a surge in demand for refrigerators in France.Hisense began pushing into Europe over 10 years ago and said it now has more than 8,000 employees in the continent, with offices in Germany, Spain and 20 other countries. The company sponsored the 2018 Fifa World Cup and has signed a deal for 2022.Another Chinese sponsor, smartphone company Vivo, said it officially entered six European countries in October and claims to have more than 400 million users in more than 50 countries.Read more about China from CNBC ProCredit Suisse picks the Chinese stocks with the most pricing power in an age of inflation5 Morgan Stanley picks could beat the market if U.S.-China relations improveChina’s Gen Z are set to spend big – analysts pick 3 stocks that could be winnersA full list of Euro 2020 sponsors wasn’t available, but the ones that the Union of European Football Associations lists on its website include Russian energy company Gazprom, German automaker Volkswagen and U.S. express delivery company FedEx.Alibaba-affiliated Alipay and ByteDance’s TikTok are among the other companies paying to have their names roll along the stadium perimeter behind soccer players in June and July this year.The month-long Euro 2020 soccer tournament, which began June 11, was postponed from last year due to the pandemic. During the last championship in 2016, 2 billion people tuned in to live television broadcasts, boosted by increased interest from China and Brazil, according to an UEFA report cited by the Associated Press.In 2018, Alipay agreed to an eight-year partnership that included Euro 2020 and Euro 2024. The deal was worth 200 million euros ($238.5 million), according to sources cited by the Financial Times. For Euro 2020, Alipay’s deal includes displaying English and Chinese-language versions of its subsidiaries.UEFA said it was unable to disclose the cost of partnerships with Chinese brands “due to confidentiality clauses.” When contacted by CNBC, Ant declined to confirm the size of its eight-year partnership deal.Alipay, one of the two major mobile payment operators in China, has attempted to expand globally by working with overseas merchants and Chinese tourists. The number of Chinese travelers has plummeted since the pandemic forced countries to shut borders last year.China’s fan baseAnother Chinese company looking to profit from the tournament is iQiyi, which acquired the online live streaming rights for Euro 2020. Its subscriber growth has stagnated at just above 100 million, while the company posted another loss of $193.4 million in the first quarter.The deal has attracted “considerable” visitor traffic, as well as opportunities for business partnerships with Volvo, Heineken, Volkswagen and Meituan, Lingxiao Yu, CEO of iQiyi Sports, said in a Chinese statement translated by CNBC.He declined to share whether more people have bought subscriptions as a result. State broadcaster CCTV has the rights to air the games live on television.While Euro 2020 has been one of the most popular topics in recent weeks on Weibo, China’s version of Twitter, it’s unclear how much of China’s soccer market can grow without an international-level team.Over the last two decades, China has tried unsuccessfully to build its own teams by paying top dollar for foreign players and coaches, Kantar’s Justo said. The only way for China to develop its own soccer stars will be to cultivate a local culture around the sport from the bottom up, he said.The contrast between the global interest in soccer versus China’s is apparent on TikTok.The official account for Euro 2020 has 2.5 million followers, versus only 291,000 followers on Douyin — the highly popular Chinese version of the short video and streaming app also owned by ByteDance.Risks of China partnershipChina remains a large and growing lucrative market for international sports. After decades of cultivation, the National Basketball Association’s local business reached $4 billion in value in 2018, deputy commissioner Mark Tatum told Forbes.However, working with China brings its own risks.In 2019, an NBA-affiliated tweet supporting protesters in Hong Kong prompted companies in the mainland to suspend their partnerships, for an estimated cost of up to $400 million to the association.Official video streaming platform Tencent resumed broadcasting most games after a few days, while state broadcaster CCTV stopped airing the games for more than a year, according to state media.Disclosure: CNBC parent Comcast/NBCUniversal has TV rights to English Premier League soccer matches. More

U.S. stock futures rose in overnight trading on Thursday after the S&P 500 closed at a record. Dow futures rose about 100 points. S&P 500 futures gained 0.1%, and Nasdaq 100 futures were flat.Nike’s stock rose nearly 5% in extended trading after the company reported earnings of 93 cents per share, outpacing a Refinitiv estimate by 42 cents per share. Revenue came in at $12.34 billion, topping a forecast of $11.01 billion. Digital sales were up 41% since last year and 147% from two years ago. FedEx dipped 4% despite beating on the top and bottom lines of its earnings. FedEx also gave a strong yearly outlook.Shares of the major U.S. bank popped after the Federal Reserve announced the banks could easily withstand a severe recession. The Fed, in releasing the results of its annual stress test, said the 23 institutions in the 2021 exam remained “well above” minimum required capital levels during a hypothetical economic downturn. Bank of America and Wells Fargo rose 1.8% and 2.7%, respectively.Investors will be watching for a key inflation indicator on Friday morning when the Commerce Department releases the core personal consumption expenditures index. Economists polled by Dow Jones are expecting prices rose 3.4% in May from a year earlier. Economists also estimate prices increased by 0.6% from April to May.The index captures price movements across a variety of goods and services. It is also generally considered a wider-ranging measure for inflation as it captures changes in consumer behavior and has a broader scope than the Labor Department’s consumer price index. On Thursday, the Dow Jones Industrial Average jumped 322 points and the S&P 500 reached a new record of 4,266.49 after gaining 0.6%.The technology-heavy Nasdaq Composite rose to a fresh record of 14,369.71 as investors continued to pour into growth stocks. Cathie Wood’s flagship fund, ARK Innovation, rose 1.5% and went positive for the year.President Joe Biden announced Thursday that the White House struck an infrastructure deal with a bipartisan group of senators. The lawmakers have worked for weeks to craft a roughly $1 trillion package that could get through Congress with support from both parties. The framework will include $579 billion in new spending on transportation like roads, bridges and rail, electric vehicle infrastructure and electric transit, among other things.Following last week’s Federal Reserve induced sell-off, stocks are heading into Friday with likelihood of ending the week higher. The Dow is up 2.7% this week and the S&P 500 has risen 2.4% since Monday. The Nasdaq is up 2.4% this week.Become a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today. More

The Federal Reserve announced Thursday that the biggest U.S. banks could easily withstand a severe recession, a milestone for the once-beleaguered industry.The Fed, in releasing the results of its annual stress test, said all 23 institutions in the 2021 exam remained “well above” minimum required capital levels during a hypothetical economic downturn. Bank shares popped after the release; the KBW Bank Index rose 1.5% at 5 p.m.That scenario included a “severe global recession” that hits commercial real estate and corporate debt holders and peaks at 10.8% unemployment and a 55% drop in the stock market, the central bank said. While the industry would post $474 billion in losses, loss-cushioning capital would still be more than double the minimum required levels, the Fed said.If there was an anticlimactic note to this year’s stress test, it’s because the industry underwent a real-life version in the past year when the coronavirus pandemic struck, leading to widespread economic disruption. Thanks to help from lawmakers and the Fed itself, banks fared extremely well during the crisis, stockpiling capital for expected loan losses that mostly didn’t materialize.Nevertheless, during the pandemic, banks had to undergo extra rounds of stress tests and had restrictions imposed on their ability to return capital to shareholders in the form of dividends and buybacks. Those will now be lifted, as the Fed has previously stated.”Over the past year, the Federal Reserve has run three stress tests with several different hypothetical recessions and all have confirmed that the banking system is strongly positioned to support the ongoing recovery,” Vice Chair for Supervision Randal K. Quarles said in a statement.Dividend increases and buybacks comingFollowing the passage of this latest exam, the industry will regain a measure of autonomy it lost since the last crisis. After playing a key role in the 2008 financial crisis, banks were forced to undergo the industry exam, and had to ask regulators for permission to boost dividends and repurchase shares.Now, under something called the stress capital buffer framework, banks will gain flexibility in how they want to dole out dividends and buybacks. The stress capital buffer is a measure of capital each firm needs to carry based on the riskiness of their operations. The new regime was supposed to start last year, but the pandemic intervened.”So long as they stay above that stress capital buffer requirement and all their other requirements every quarter, a bank can technically do whatever it chooses to do with regards to buybacks and dividends,” Jefferies bank analyst Ken Usdin told CNBC this week.During a background call with reporters, senior Fed officials pushed back against the idea that the new regime resulted in a free-for-all. Banks are still subject to restrictions, and the Fed is confident that the stress capital buffer framework will protect their ability to support the economy during a downturn, they said.While analysts have said they expect the industry can hike buybacks and dividends by tens of billions of dollars starting in July, the Fed has instructed lenders to wait until Monday afternoon to disclose their plans, according to people with knowledge of the situation. That’s when a flurry of press releases is expected.Become a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today. More