Tractor Supply, one of the country’s largest retailers of farming equipment, animal feed, and clothing, announced last week that it would abandon its inclusion initiatives after facing weeks of right-wing backlash on social media.

The company’s hard 180 includes eradicating all jobs focused on diversity, equity, and inclusion, as well as ending Pride festival sponsorships. The move comes after it received a perfect score on the Human Rights Campaign Foundation’s 2022 Best Places to Work Corporate Equality Index.

The boycott was led by conservative commentator Robby Starbuck, who vented on X about the company’s DEI programs at the start of Pride Month. Starbuck’s grand plan to get Tractor Supply to retreat from its inclusionary policies gained steady momentum throughout June, prompting the company to make an unusually public U-turn.

• Tractor Supply says its predominantly rural and male customers tend to support conservative political candidates, which factored into its decision to scrap inclusion efforts.
• Amid boycott calls, the company’s stock price is down more than 5% this month.

LGBTQ advocates blasted the decision. The president of the nonprofit GLAAD called it an “embarrassing capitulation to the petty whims of anti-LGBTQ extremists.”

Tractor Supply isn’t alone in walking back DEI efforts

Facing political and legal threats, some companies have been retreating from their diversity policies after putting a major focus on them following the 2020 murder of George Floyd. In April, the Wall Street Journal reported that dozens of companies, including Kohl’s and GameStop, were quietly removing language from or tweaking their DEI programs. Bud Light and Target came under right-wing fire for their promotions with the LBGTQ+ community last year, resulting in sales declines for both.

Though it didn’t explicitly concern companies, the Supreme Court’s decision in 2023 to end affirmative action in colleges has also emboldened conservative activists to attack diversity initiatives at businesses.

Looking ahead…Starbuck said, “We definitely proved a model” for going after companies with a conservative customer base, and that he intends to target others.—DL

The 4th is here—let’s assess your plans. You’ve probably got your grill game on lock and scoped out a perfect spot to park your ride and watch some fireworks. But what about that extra li’l something-something to keep you entertained while you wait?

You need AT&T In-car Wi-F. You can stream, browse, and share all of your fave music, TV shows, and movies from up to 10 Wi-Fi–capable devices. Talk about a boomin’ soiree.

It works in proximity outside of your vehicle, too, so you and your revelers can catch the best views while still bumpin’ tunes. Plus, you’ll never worry about lost connection, since AT&T In-car Wi-Fi covers more roads than any other carrier.*

Go big.

Far-right party wins Round 1 of French elections. The nationalist National Rally party cruised to victory in the first round of snap parliamentary elections in France, polling agencies projected, bringing it one step closer to mainstream power after being on the political fringe for decades. French President Emmanuel Macron’s alliance of centrists came in third, highlighting voters’ dissatisfaction with the current French leadership. People seemed amped to cast a ballot: Turnout came in over 65%, compared to 47.5% in the first round of the 2022 election. The second and final round of voting will take place with a runoff next Sunday.

Biden camp in damage control after debate flop. The president spoke at fundraisers in New York and New Jersey this weekend, attempting to reassure wealthy backers that his concerning debate performance was not indicative of his overall mental fitness. Other top Democrats, including Rep. Nancy Pelosi, went on the Sunday talk shows to rally behind Biden and push back on calls from inside the party for him to step down. In a CBS poll released on Sunday, 27% of registered voters believe Biden has the mental and cognitive health to serve, down from 35% early in June.

Beryl expected to slam the Caribbean as Category 4 hurricane. Barbados and the Windward Islands are bracing for a “life-threatening” impact this morning from Beryl, the first hurricane of the season and a monster one at that. Beryl’s 42-hour intensification from a tropical depression to Cat 4 hurricane broke records, and it’s the earliest Cat 4 to form in the Atlantic Ocean in history. Beryl is not expected to be a threat to the US, but it’s a preview of what forecasters think will be one of the worst hurricane seasons in the last few decades due to record-high ocean temperatures.

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At halftime, stocks are in the locker room feeling thrilled about their play so far. Let’s go full Inside the NBA and break down the major themes from H1.

AI was the MVP: The S&P 500 gained a sublime 15% in H1, but Nvidia alone was responsible for more than a third of that gain. The maker of AI chips surged ~150% since Jan. 1 to become the most valuable company in the US at one point.

No rate cuts, no problem: Going into 2024, investors were expecting the Fed to cut interest rates six times. There hasn’t been a single rate cut yet, but that hasn’t stopped the S&P from notching 31 all-time closing highs, good for the second-best tally of records this century. Stocks have overcome the Fed’s dillydallying thanks to strong earnings, a sturdy economy, and AI fever.

Dogs of the Dow: The 139-year-old index has never looked more its age, with components Nike, Intel, and Boeing all down more than 30% in 2024. The Dow has gained less than 4% this year.

Commodities soar, a currency plummets. Cocoa boomed nearly 85% over shortage concerns. Gold hit a record high last month. The Japanese yen has slumped to a 38-year low against the US dollar. Bitcoin got a boost from new ETFs, but it’s getting boring.

What’s next? Of course, no one knows, but except for the Atlanta Falcons, a strong H1 has historically foreshadowed a strong H2.—NF

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Is Chitpole getty chintzy with its burrito bowls? According to a scientific investigation, yes.

Analysts at Wells Fargo purchased 75 identical bowls from eight locations in NYC and reported that sizes “varied widely.” The median weight of the bowls was ~21.5 ounces, with the heaviest bowl weighing 27 ounces and the lightest one 14 ounces—about half the size. Wells Fargo also reported little variation between in-store and online orders. None of the food went to waste: The bowls were brought back to the office and given to employees for lunch, with the best workers getting the heaviest bowls, presumably. “While throughput is improving, order consistency remains an opportunity,” Wells Fargo said.

UK votes on the Fourth of July: Hot dogs are not on the menu but there could be political fireworks. After 14 years in power, Rishi Sunak’s Conservative Party could lose to the Keir Starmer-led Labour Party, which is on track to win a record 425 of 650 seats in the House of Commons, according to recent polls. Voters have cited the economy as their biggest issue: Inflation reached a record of 11.1% in 2022, though it fell to its 2% target in June for the first time since 2021.

A ruling is coming on Donald Trump’s immunity case today: And a decision by the Supreme Court last week seems to have bolstered his chances. The majority sided with a defendant in an obstruction case from the Jan. 6, 2021, riots, ruling that obstruction of an official proceeding had to involve documents or other information. Two of the four felony charges against Trump for his efforts to subvert the 2020 presidential election involve that same obstruction law. If the court finds similarly for Trump, the case could be sent back to a district court.

A new men’s hot dog-eating champion will be crowned: Just like in the UK, the US will hold a very important contest on the Fourth of July to choose a new leader. The Nathan’s Hot Dog Eating Contest won’t feature 16-time champion Joey Chestnut, who isn’t allowed to compete due to an endorsement deal with plant-based meat company Impossible Foods. He will instead head to an army base in Fort Bliss, TX, to compete against soldiers.

Everything else…

• Wimbledon begins today. Carlos Alcaraz and Markéta Vondroušová return as defending singles champions.
• The Tour de France, which began on Saturday, rolls on today with the third stage.
• It’s National Bikini Day on Friday and National Fried Chicken Day on Saturday. The first day calls for a two-piece, the second day calls for a three- or four-piece.