From Figma’s IPO surge to SNAP cuts: 10 business stories that defined the week

From Wall Street to Main Street, this week was packed with major business moves. There were big market debuts, tough earnings reports, and updates that show how quickly some industries are shifting.

New companies made a strong entrance, established players faced some hard numbers, and key sectors—everything from housing to transportation—saw important changes. Taken together, this week’s news offered a picture of how businesses are adapting to a quickly changing economy and what that looks like right now on the ground.

Here are the week’s biggest stories.

Figma IPO Surges Past Expectations

The collaborative design software company priced its IPO at $33 per share, well above expectations, and surged to $109 in its first hours of trading. Its $44 billion market cap makes it one of the year’s biggest tech debuts.

Figma’s IPO didn’t just light up the stock market—it also minted a new class of billionaires. Cofounder and CEO Dylan Field now has an estimated net worth of $1.8 billion from his holdings, with the potential for another $1.3 billion in stock if FIG hits $130 per share.

Zillow’s housing market report reveals hot and cold spots

Zillow economists see a cooling housing market ahead. In its latest 12-month forecast released this week, the company projects U.S. home prices will fall 1% between June 2025 and June 2026, with a steeper 2% drop expected for the full calendar year.

Rochester, New York, ranks as the nation’s hottest seller’s market, while Jackson, Tennessee, tops the list of buyer-friendly areas. The U.S. market overall sits in neutral, with a national score of 52.

Nissan reports $782 million loss

Japanese automaker Nissan sank into a $782 million loss for April through June, but promised Wednesday it would return to profitability later this year. The automaker’s sales slipped 10% over the last quarter. CEO Ivan Espinosa outlined aggressive cost-cutting measures, including closing a flagship plant and slashing 20,000 jobs.

SNAP cuts threaten thousands of grocery stores

Reductions to SNAP benefits in the “One Big Beautiful Bill Act” could devastate small grocers in low-income areas, where up to 70% of sales depend on the program.

According to the National Grocers Association (NGA), which represents independent community grocers across the United States, as well as their wholesalers, roughly 12% of grocery store payments currently come from SNAP.

Citi Strata Elite Targets High-End Cardholders

Citi reentered the premium card space this week with a $595-a-year offering featuring travel credits, lounge passes, and up to 12 times the rewards on bookings.

The new card is designed to directly compete with Chase’s Sapphire Reserve card and the Platinum Card from American Express—both of which have recently announced new features, fees, and revamps.

Spain rescues Thirty Meter telescope

Spain pledged $470 million and a new site in La Palma to revive the stalled Thirty Meter Telescope project after U.S. budget cuts pulled support.

“Faced with the risk of this major international scientific project being halted, the Government of Spain has decided to act with renewed commitment to science and major scientific infrastructures for the benefit of global knowledge,” Diana Morant, Spain’s minister of science, innovation, and universities said about the potential acquisition. 

Union Pacific Pursues $85 Billion Merger

A proposed acquisition of Norfolk Southern by Union Pacific would create a coast-to-coast freight rail network for the first time, connecting 43 states and 100 ports. The Surface Transportation Board (STB) will review the agreement after the companies file their application to merge—something they say they plan to do within the next six months.

Cinemark expands panoramic ScreenX theaters

Cinemark is trying to lure audiences back into movie theaters. The company is rolling out 18 new ScreenX venues by 2026, featuring a 270-degree panoramic viewing experience.

The deal expands Cinemark’s existing partnership with South Korea-based CJ 4DPlex to a total of 26 Cinemark theaters.

Rite Aid to close most pharmacies by mid-August

As part of its bankruptcy process, Rite Aid will shut down nearly all remaining pharmacies by the end of next month, transferring prescriptions to other local providers.

MLB prepares for record-breaking game

The Braves and Reds will face off this weekend at Bristol Motor Speedway in front of more than 85,000 fans, the largest crowd in Major League Baseball history.

The event, dubbed the MLB Speedway Classic, will mark the first MLB game ever played in the state.