Atlanta-based Delta Air Lines is one of the world's largest airlines, with a network of over 300 destinations in more than 50 countries. Delta operates a hub-and-spoke network, where it gathers and distributes passengers across the globe through its biggest hubs in Atlanta, New York, Salt Lake City, Detroit, Seattle, and Minneapolis-St. Paul. Delta has historically earned most of its international revenue and profits from flying passengers over the Atlantic Ocean.

Congratulations to Spain for winning a World Cup! Yet Spain wasn't the only "winner," as some estimates have the tournament adding $40 billion or more to global GDP (with the U.S. economy likely getting a kick-up of around $20 billion). The World Cup indeed has been a defining event of this summer, with an estimated 5 billion people watching -- and 1.8 billion people viewing just the final alone. For 39 days, the world's game took over North America as 48 teams competed across 104 matches, 16 stadiums, and three countries. But the final match was the closing act of a much bigger show. This was the first 48-team World Cup, the first hosted by three countries, and (by a wide margin) the biggest World Cup that has ever been played. Historically, the World Cup has boosted relevant industries, like sporting brands, for months if not years after its completion. With 16 cities across three countries hosting, this was a rolling road show rather than just a single-city event. Thousands of fans visited the United States from all over the world. Hotels, airlines, and ride-hailing/short-term rental platforms all had a stake in a month-plus frenzy of fans moving between Atlanta, Boston, Dallas, Houston, Kansas City, Los Angeles, Miami, New York/New Jersey, Philadelphia, San Francisco, Seattle, Toronto, Vancouver, Mexico City, Guadalajara, and Monterrey. The following is a list of Argus-covered companies we see benefiting from the World Cup.

After a spike in market volatility last spring as the war in Iran kicked into high gear and oil prices jumped, the closely watched VIX Volatility Index has declined back below its historical average of 20 and appears calm as the 2Q EPS season kicks into high gear. Meanwhile, stock prices continue to crawl higher, with the S&P 500 near all-time highs. We can't say that the jump in the VIX was unexpected. Indeed, in our 2026 Market Outlook, we noted that investor complacency was high, the Fed chairman transition could be rocky, the AI innovation revolution may stall, and that stock valuations were susceptible in the event of a sell-off in the Information Technology sector. That was our Bearish Case. Our Base Case calls for another year of growth in the U.S. economy (and no recession), a modest decline in interest rates, and double-digit EPS growth. Since the planks in our Base Case platform currently are in place, there's reason to expect that equity prices can continue to push higher. Back to the market, the current VIX reading is south of 18.0, well below historical average and consistent with a bull market. Indeed, during the long bull market in the 2010s, the VIX averaged 18 and even touched lows under 10 in 2017. We continue to think that the S&P 500 is in the mid-stage of a bull run that dates to October 2022. And while the path for equities won't be straight up, we suggest investors favor domestic growth stocks in their portfolios at the current market and economic juncture.

For years, demand from all corners of the globe for the safety and security of U.S. Treasury debt has helped keep a cap on long-term interest rates, even when inflation was stubbornly high. Total Public Debt owed by the U.S. federal government was $39 trillion at the end of 1Q26, according to the Department of the Treasury. Outside of U.S. investors, the two largest holders of U.S. Public Debt were the nations of Japan, which owns 3.1% of the debt, and the UK, which owns 2.4%. The other nations among the top 10 holders have 9% of the debt, so the top 10 holders collectively own about 14%. The grand total of U.S. debt owned by foreign holders is $9.4 trillion, or about 24% of the total. Over the past year, this sum has ranged from $9.0 trillion to $9.5 trillion, -- and the current level is near the high end of the range. That's due in part to the global "flight to quality" move into U.S. Treasuries after the onset of the war in Iran. Yes, the U.S. runs a trade deficit. But its trading partners take part of their import proceeds and reinvest in the U.S. economy, keeping the dollar strong and U.S. consumers in position to purchase foreign-made goods. Global sovereign investment also helps keep long-term interest rates at reasonable levels.