Marketplace Morning Report

In our final “Tricks of the Trade” installment at Rodeo Houston, we chat with two rodeo clowns. They may dress and act funny, but they take their jobs seriously. Also known as barrelmen, rodeo clowns protect bull riders when they fall. Plus, air travel worldwide continues to be affected by the closure of London’s Heathrow Airport. And, copper — it’s not just for drinking mint cocktails. Yet a copper economic indicator is now muddled.

Today, as part of our “Tricks of the Trade” series, we’re at the Houston Livestock Show and Rodeo, where students put goats and lambs up for sale to the highest bidder. Here, livestock auctions generate a pile of philanthropic money for a Texas scholarship fund, and the bids go up and up and up. But first: Air travel is in a snarl today with a power outage at London’s Heathrow Airport.

From the BBC World Service: London’s Heathrow Airport will be closed Friday following a power outage; more than 1,300 flights face cancellation. The outage was caused by a fire at a nearby electrical substation that supplies the airport’s power. The disruption could last for days. Then, some scam texts are sent by people held against their will at scam centers in Myanmar and East Asia. A woman freed from one recounts her story.

This week, thousands of wholesale seafood producers and buyers from around the world gathered in Boston for the Seafood Expo North America. One of the key things on the minds of seafood merchants? Tariffs and navigating the waves of uncertainty in global trade. Plus, we now have a better idea of how Federal Reserve officials think President Trump’s tariffs will affect the economy, and we do the numbers on happiness rankings.

Today, as part of our ongoing “Tricks of the Trade” series, “Marketplace Morning Report” host David Brancaccio hears tips from the next generation of ag industry leaders at the Houston Livestock Show. There, he receives pointers on showing cattle, learns about livestock as an investment business and even meets some friendly podcasting competition. But first: The breakfast cereal indicator shows that consumers are careful and concerned about spending on basics.

From the BBC World Service: The Commission of the European Union has charged Google’s parent company Alphabet with breaking the EU Digital Markets Act, saying the Google search engine drives users to its own services over rivals. It also raised concerns about the Android Play Store and is running a similar investigation into the dominance of Apple’s App Store. Also: how “micro-influencers” are proving small can be mighty in social media marketing.

Changes to the way we sign up for Social Security will require more people to show up to field offices in person. The new policy is intended to curb fraud but will add friction to the process and may lead to delays and denials. Plus, a presidential appointee has removed more than a dozen board members at Fannie Mae and Freddie Mac. Then, is that band merch or a soccer jersey?

So the wind doesn’t blow it off your head, of course. That’s just one of the tips that “Marketplace Morning Report” host David Brancaccio recently learned at the Houston Rodeo as part of our ongoing “Tricks of the Trade” series. Today, he chats with cowboy hat sellers and leather furniture salespeople to learn more about the retail game. But first: What’s with private equity’s recent interest in professional sports?

From the BBC World Service: India’s government is planning a temporary 12% duty on finished steel imports to protect the domestic market, as exporters around the globe grapple with U.S. steel and aluminum tariffs. Also, a Grammy-nominated band is drumming up demand for merch from a little-known English soccer team. And later, an Italian newspaper says it’s become the first in the world to offer a daily edition produced by artificial intelligence.

It’s time to write the obituary for a star of the fast fashion world: Retailer Forever 21 declared bankruptcy this week, blaming competition from online, foreign fast fashion companies like Temu and Shein. We’ll hear more. Also on the program: Chinese EV maker claims to have developed a superfast charging system from BYD and sales at restaurants and bars dipped last month as consumers pull back on discretionary spending.

Today, as part of our ongoing “Tricks of the Trades” series, Marketplace’s David Brancaccio heads to the Houston Livestock Show and Rodeo. With a mic in hand and a Stetson on head, Brancaccio gleans lessons on labor, trade policy and bang for your buck from the businesspeople who dish up Texas-sized portions of food to nearly 2.5 million rodeo attendees. Also, the Federal Reserve is poised to have a new chief bank regulator.

From the BBC World Service: Shares of Ola Electric hit a record low following allegations that the company has defaulted on payments. Meanwhile, China’s BYD says it’s unveiling ultra-fast EV chargers, and Audi is cutting 8% of its global workforce. Plus, Germany’s parliament is voting on whether to rewrite its debt rules. And later, a Peruvian farmer is taking a German energy giant to court.

The S&P 500 index briefly went into correction territory last week. Investors are concerned about the Trump administration’s economic policies, but Treasury Secretary Scott Bessent argues that corrections are “healthy.” But is this a healthy correction-to-be? We’ll hear more from Julia Coronado, president and founder of MacroPolicy Perspectives. Also on the program: why investors are turning to gold and how Nissan’s self-driving technology is navigating Britain’s twisty, medieval roads.

For decades, importers and exporters have leaned into what’s called “just-in-time” logistics — only order what you need only when you need it. But the ongoing trade war has upended that model, forcing businesses to stock up in case tariffs make the global supply chain increasingly unpredictable. Plus, companies offering child care may have a leg up over the competition. What are some of the benefits and drawbacks?

From the BBC World Service: China’s leaders have announced a “special action plan” to try and offset the impact of U.S. trade tariffs and boost domestic spending. And a city in northern China is offering families with two children massive financial incentives to have a third over concerns about the country’s rapidly aging population. Also, carmaker Nissan has finished the latest stage of an eight-year project to develop technology for self-driving cars.

Real estate accounts for 18% GDP and each home sale generates two jobs. It’s a top priority for state officials and business leaders across the country to build stable communities. In Minnesota, efforts to address inequity that keeps people locked out of the property market are well-advanced. Lee sits down to interview those directly involved. This special episode comes from “Unlocking the Gates,” a new collaboration from Marketplace and APM Studios.

Racial covenants along with violence, hostility and coercion played an outsized role in keeping non-white families out of sought-after suburbs. Lee learns how these practices became national policy after endorsement by the state’s wealthy business owners and powerful politicians. This special episode comes from “Unlocking the Gates,” a new collaboration from Marketplace and APM Studios.

Host Lee Hawkins investigates how a secret nighttime business deal unlocked the gates of a Minnesota suburb for dozens of Black families seeking better housing, schools, and safer neighborhoods. His own family included. This special episode comes from “Unlocking the Gates,” a new collaboration from Marketplace and APM Studios.

Two federal judges have ordered the Trump administration to rehire fired federal workers who were on probation. The judges say the White House didn’t have the authority to execute mass layoffs and didn’t follow the law. And later: from our special series “Unlocking The Gates,” Marketplace special correspondent Lee Hawkins explores the lasting impact of housing discrimination in Minnesota, where racial covenants were first devised.

If you want to know how investors feel, check out the stock market. If you want to know how the rest of America feels — particularly low-income Americans — look to Dollar General. Its CEO said this week that its “core customers,” people who earn under $40,000 per year, are struggling. Also: “I’ve met fighter pilots, and I think you have a cooler job.” A vintage race car mechanic reflects on his work.