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Penny Pennington of Edward Jones: ‘We’re a health and wellbeing company’

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Good morning. The U.S. economy has been surprisingly resilient while the tariff wars rage even though prices may go up as inventories dwindle, consumers are becoming more value conscious, and investors are by turns sanguine and skittish. (Witness their reaction to the specter of President Trump potentially firing U.S. Federal Reserve Chair Jerome Powell, as my colleague Jim Edwards noted in this piece.) 

I had a chance to speak with several business leaders at a roundtable convened by Edward Jones Managing Partner Penny Pennington recently at the Aspen Ideas Festival. Her concern was, “how do we help future generations build wealth in this uncertain economy?” With challenges like high home prices and an uncertain job market, she takes a holistic view of the customer. “We’re a health and wellbeing company.”

The theme of investing took many forms. Bev Anderson, CEO of BECU credit union, focused on creating financial opportunities, while Gallup CEO Jon Clifton talked about the need for better global indicators of how we feel amid a rise in negative emotions. Southern Company CEO Chris Womack is expanding his energy infrastructure amid surging demand at the country’s second-largest utility. Optimism about the power of technology and innovation was mixed with worries about geopolitics and the state of civil society.

In an era of growing complexity and rapid change, face-to-face conversations have become even more important for sharing ideas and building trusted relationships.  That’s why the dinners hosted by CEO Initiative members around the country have been so valuable. It’s why I’m excited by our upcoming Fortune Global Forum on October 26 and 27 in Riyadh.

Among the CEOs who have confirmed their attendance, so far, are Qualcomm CEO Cristiano Amon, Ed Bastian of Delta Air Lines, Tony Elumelu of United Bank for Africa, Jane Fraser of Citigroup, Mahindra & Mahindra Anish Shah, Catherine MacGregor of ENGIE, Honeywell’s Vimal Kapur, Gilberto Tomazoni of JBS, and Jenny Johnson of Franklin Templeton. You can find out more here and click here if you’d like to apply to attend.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

Top news

Trump reportedly sent Epstein a birthday note

According to a must-read investigation by the WSJ, the note to Jeffrey Epstein featured a cartoon of a naked woman and said, “Happy Birthday — and may every day be another wonderful secret.” The president denied writing the letter. “This is not me. This is a fake thing. It’s a fake Wall Street Journal story,” he said. On social media, he added, “I don’t draw pictures. I told Rupert Murdoch it was a Scam, that he shouldn’t print this Fake Story. But he did, and now I’m going to sue his ass off, and that of his third rate newspaper.” He also asked the attorney general to release “any and all pertinent Grand Jury testimony, subject to Court approval,” on Epstein. Here is a timeline of the relationship between Trump and Epstein.

How Sam Altman became Trump’s best AI buddy

Initially cut out of the president’s circle by Elon Musk, Altman has been quietly cultivating his relationship with the president, the WSJ reports. With Musk out of the way, Altman is now more influential in the White House. The maneuvering required Altman to renounce his former public dislike of Trump. 

Trump vs. corn syrup

President Trump’s announcement Wednesday claiming that Coca-Cola would substitute corn syrup for raw sugar in their products “cost thousands of American food manufacturing jobs … all with no nutritional benefit,” the CEO of the Corn Refiners Association said on Wednesday. The announcement also caused significant dips in the stock prices of some corn syrup manufacturers between Wednesday and Thursday.

Morgan Stanley on tariffs

Morgan Stanley’s head of US policy, Monica Guerra, describes President Trump’s tariffs as a “mosaic” and “idiosyncratic.” Here’s how much she thinks they’ll bring to the U.S. Treasury—and how they could fuel higher inflation

Europe tightens sanctions on Russia

The EU will impose a new set of sanctions on Russia targeting its oil, gas and banking sectors. Twenty more banks will be cut from the SWIFT payments system and there will be new restrictions on Russian oil refined outside of Russia.

Meta poaches more AI talent from Apple

Former Apple employees Mark Lee and Tom Gunter will join Meta’s Superintelligence Labs, according to Bloomberg. They will join Ruoming Pang, the former head of Apple’s large language model unit, who joined Meta a few weeks ago. Pang was reportedly offered $200 million in compensation to make the move.

Deep dive on the growth of private credit

JPMorgan recently dedicated $50 billion to debt financing for clients doing acquisitions and other deals. Apollo, Ares, and KKR are extending credit that they originate independently to lock in borrowers for years. In exchange for tying up that long-term money, borrowers are willing to pay higher interest rates than they would get from banks.

Fortune 500 Power Moves

  • Kenvue (No. 281) appointed Kirk L. Perry as interim CEO, effective July 14, following the sudden resignation of former CEO Thibaut Mongon. Perry most recently served as President and CEO of Circana. 
  • Henry Schein (No. 333) announced that Stanley M. Bergman will retire as CEO at the end of the year. Schein’s departure comes after 45 years at the company and 35 years as CEO. 
  • Old Republic International (No. 463) appointed Alan Pavlic as CEO, effective immediately. Pavlic joined the company in 2005 and has served as President since 2013. 

The markets

S&P 500 futures ticked up 0.14% this morning, premarket. The index closed up 0.54% yesterday. STOXX Europe 600 was up 0.4% in early trading. The UK’s FTSE 100 was up 0.32% this morning, placing it above 9,000, which would be an all-time high if it holds. China’s CSI 300 was up 0.6%. Japan’s Nikkei 225 was down 0.21%. Bitcoin is still above $118K.

From the analysts

ING on the Fed: “Firmer retail sales and subdued jobless claims numbers suggest the Fed will keep rates on hold for now as officials assess the impact of tariffs on inflation,” per James Knightley.

Oxford Economics on jobless claims: “Continued claims continued their march higher in the week July 5, underscoring how unemployed workers are finding it difficult to find new jobs in a labor market where hiring is slow. Claims for benefits by federal employees posted the largest one-week increase since February. We expect these claims will rise further now that Supreme Court has cleared the way to proceed with layoffs of federal workers while legal challenges continue,” Nancy Vanden Houten.

WARC on Reddit’s revenue and user growth: “Reddit has demonstrated remarkable year-on-year growth with global advertising revenue projected to reach $1.8 billion in 2025 (+49.6%) and grow to $2.5 billion by 2026 (+39.0%), positioning itself as a formidable competitor to established Big Tech and digital platforms. … The platform’s advertising reach has grown to 606 million users — representing nearly one in 14 people worldwide, according to Datareportal analysis, surpassing X’s reach (586 million) and approaching Snapchat (709 million).”

Around the watercooler

Amazon Ring’s founder is back as CEO with a hard pivot to AI. How Jamie Siminoff went from ‘Shark Tank’ reject to $1 billion brand by Sydney Lake

The safety net companies put in place for themselves to stave off higher prices induced by tariffs is fraying by Paolo Confino

How much is AI really replacing jobs? Goldman Sachs looks under the hood and has 3 takeaways to defuse the hype by Nick Lichtenberg and Fortune Intelligence

Coinbase’s new super app Base is a game changer—and could become a serious money maker by Jeff John Roberts

CEO Daily is compiled and edited by Joey Abrams and Jim Edwards.

This is the web version of CEO Daily, a newsletter of must-read global insights from CEOs and industry leaders. Sign up to get it delivered free to your inbox.



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Hero bystander who tackled Bondi gunman praised by Trump, Ackman

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A bystander who rushed and disarmed one of the Bondi Beach attackers has won praise from leaders around the world, including US President Donald Trump and hedge fund billionaire Bill Ackman, who announced a reward program for community heroes.

Extraordinary footage of the civilian’s actions began circulating on social media on Sunday, shortly after two men, later identified as a father and son, started shooting into a crowd gathered to celebrate the first day of Hanukkah. The massacre has left at least 16 people dead in the worst terrorist attack in Australia’s history. 

Read More: Sixteen People Killed in Bondi Beach Hanukkah Terror Attack 

In the mobile-phone video, which has not been verified by Bloomberg News, one of the attackers is standing near a tree and firing. A few meters away, a crouched man emerges from behind a parked car. He grabs the shooter from behind and wrestles the weapon from his hands. Local media named the bystander as Ahmed el Ahmed, a 43-year-old father-of-two from south Sydney. He was shot twice and is being treated in the hospital, according to reports.

He was also soon lauded for his feat. Trump said at the White House that Ahmed had saved many lives and expressed “great respect” for him. In Sydney, New South Wales Premier Chris Minns went further, describing Ahmed’s wrestle with the shooter as “the most unbelievable scene I’ve ever seen.”

“That man is a genuine hero and I’ve got no doubt there are many, many people alive tonight as a result of his bravery,” Minns said at a press conference late Sunday.

Australian Prime Minister Anthony Albanese also praised Ahmed, and other bystanders who helped treat victims in the immediate aftermath of the shooting. 

“People rushing towards danger to show the best of the Australian character,” Albanese told reporters Monday. “That’s who we are, people who stand up for our values.” 

Pershing Square Capital Management’s founder Ackman called Ahmed  “a brave hero” and said his hedge fund firm would establish a reward program for people who had carried out similar acts.

The top donor to a gofundme page set up for the “hero” who tackled the shooter is listed as William Ackman, who gave $99,999. More than $170,000 has been raised so far. 

Salesforce Inc. Founder and Chief Executive Officer Marc Benioff also expressed his gratitude for Ahmed in a post on X.



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A ‘new era’ in the housing market is about to begin as affordability finally improves

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Next year should mark a shift in the housing market after years of largely being frozen in place, according to Mike Simonsen, chief economist at top residential real estate brokerage Compass.

Home sales flatlined amid unaffordable conditions after rising demand collided with tepid supply growth, pushing up home prices. Would-be buyers became so discouraged that demand cooled and remains slow.

Prices are now becoming more favorable for house hunters, a trend that should continue in 2026 and change the narrative in the housing market.

“In the next era, that story flips. So sales are starting to move higher, but prices are capped or maybe down. Incomes are rising faster than prices, and so affordability improves for the first time in a bunch of years,” Simonsen told CNBC on Friday. “It’s not a dramatic improvement, but it’s the start of the new era.” 

His view echoes a recent report from Redfin, which also cited stronger income and weaker homes prices as it predicted a “Great Housing Reset” in 2026.

In addition to potential buyers giving up on finding an affordable home, sellers have been giving up on finding someone willing to buy at the price they want.

As a result, the number of homes that were withdrawn from the market jumped this year. In June, these so-called delistings shot up 47% from a year earlier.

Simonsen said listing withdrawals tend to be owner-occupied homes, meaning they could be latent demand as well as supply. That’s because two transactions would be needed: owners want to buy a new home but must sell their current one.

“In an environment where conditions improve a little bit, we actually estimate that that’s a representation of shadow demand—people that want to move, people that have delayed moves for maybe four years now,” he said, adding that there are about 150,000 such homeowners.

His housing market outlook for a new era of improving affordability doesn’t depend on a steep drop in mortgage rates. In fact, a plunge might spur so much demand that prices would overheat.

Simonsen expects rates to stay in the low-6% range, allowing sales to grow while also keeping home prices in check as more inventory comes on the market.

The price environment is already showing auspicious signs for prospective buyers. More than half of U.S. homes have dropped in value over the last year, but homeowners can still sell with a net gain as values are up a median 67% since their home’s last sale, accordion to data from Zillow.

And a separate report fromZillow found that homebuyers are getting record-high discounts. While the typical individual discount remains $10,000, desperate sellers are increasingly offering multiple reductions as muted demand leaves homes on the market for longer. As a result, the cumulative price cut in October hit $25,000.

“Most homeowners have seen their home values soar over the past several years, which gives them the flexibility for a price cut or two while still walking away with a profit,” Zillow Senior Economist Kara Ng said in a statement last month. “These discounts are bringing more listings in line with buyers’ budgets, and helping fuel the most active fall housing market in three years. Patient buyers are reaping the rewards as the market continues to rebalance.”



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Attacker who killed US troops in Syria was a recent recruit to security forces

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A man who carried out an attack in Syria that killed three U.S. citizens had joined Syria’s internal security forces as a base security guard two months earlier and was recently reassigned amid suspicions that he might be affiliated with the Islamic State group, a Syrian official told The Associated Press Sunday.

The attack Saturday in the Syrian desert near the historic city of Palmyra killed two U.S. service members and one American civilian and wounded three others. It also wounded three members of the Syrian security forces who clashed with the gunman, interior ministry spokesperson Nour al-Din al-Baba said.

Al-Baba said that Syria’s new authorities had faced shortages in security personnel and had to recruit rapidly after the unexpected success of a rebel offensive last year that intended to capture the northern city of Aleppo but ended up overthrowing the government of former President Bashar Assad.

“We were shocked that in 11 days we took all of Syria and that put a huge responsibility in front of us from the security and administration sides,” he said.

The attacker was among 5,000 members who recently joined a new division in the internal security forces formed in the desert region known as the Badiya, one of the places where remnants of the Islamic State extremist group have remained active.

Attacker had raised suspicions

Al-Baba said the internal security forces’ leadership had recently become suspicious that there was an infiltrator leaking information to IS and began evaluating all members in the Badiya area.

The probe raised suspicions last week about the man who later carried out the attack, but officials decided to continue monitoring him for a few days to try to determine if he was an active member of IS and to identify the network he was communicating with if so, al-Baba said. He did not name the attacker.

At the same time, as a “precautionary measure,” he said, the man was reassigned to guard equipment at the base at a location where he would be farther from the leadership and from any patrols by U.S.-led coalition forces.

On Saturday, the man stormed a meeting between U.S. and Syrian security officials who were having lunch together and opened fire after clashing with Syrian guards, al-Baba said. The attacker was shot and killed at the scene.

Al-Baba acknowledged that the incident was “a major security breach” but said that in the year since Assad’s fall “there have been many more successes than failures” by security forces.

In the wake of the shooting, he said, the Syrian army and internal security forces “launched wide-ranging sweeps of the Badiya region” and broke up a number of alleged IS cells. The interior ministry said in a statement later that five suspects were arrested in the city of Palmyra.

A delicate partnership

The incident comes at a delicate time as the U.S. military is expanding its cooperation with Syrian security forces.

The U.S. has had forces on the ground in Syria for over a decade, with a stated mission of fighting IS, with about 900 troops present there today.

Before Assad’s ouster, Washington had no diplomatic relations with Damascus and the U.S. military did not work directly with the Syrian army. Its main partner at the time was the Kurdish-led Syrian Democratic Forces in the country’s northeast.

That has changed over the past year. Ties have warmed between the administrations of U.S. President Donald Trump and Syrian interim President Ahmad al-Sharaa, the former leader of an Islamist insurgent group Hayat Tahrir al-Sham that used to be listed by Washington as a terrorist organization.

In November, al-Sharaa became the first Syrian president to visit Washington since the country’s independence in 1946. During his visit, Syria announced its entry into the global coalition against the Islamic State, joining 89 other countries that have committed to combating the group.

U.S. officials have vowed retaliation against IS for the attack but have not publicly commented on the fact that the shooter was a member of the Syrian security forces.

Critics of the new Syrian authorities have pointed to Saturday’s attack as evidence that the security forces are deeply infiltrated by IS and are an unreliable partner.

Mouaz Moustafa, executive director of the Syrian Emergency Task Force, an advocacy group that seeks to build closer relations between Washington and Damascus, said that is unfair.

Despite both having Islamist roots, HTS and IS were enemies and often clashed over the past decade.

Among former members of HTS and allied groups, Moustafa, said, “It’s a fact that even those who carry the most fundamentalist of beliefs, the most conservative within the fighters, have a vehement hatred of ISIS.”

“The coalition between the United States and Syria is the most important partnership in the global fight against ISIS because only Syria has the expertise and experience to deal with this,” he said.

Later Sunday, Syria’s state-run news agency SANA reported that four members of the internal security forces were killed and a fifth was wounded after gunmen opened fire on them in the city of Maarat al-Numan in Idlib province.

It was not immediately clear who the gunmen were or whether the attack was linked to the Saturday’s shooting.



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