Summary

Chipotle's CFO Jack Hartung announced his retirement, effective March 2025. Ford reported a 1% sales increase in Q2, driven by a 5% rise in truck sales, contrasting with GM's 0.6% rise. Federal Reserve Chair Jerome Powell addressed inflation and job market progress before Congress. S&P 500 closed at a record high, while Dow Jones futures fell 3%.

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For those who read...‍

What’s popping business enthusiasts! My name’s Jake and you’re listening to C2 Business, brought to you by Just Bagels! In today’s episode, we’re hitting everything from cars to Mexican food, so buckle up and here’s a pointer: never load up on tortilla chips right at the beginning of a meal, remember they’re just fried tortillas and you would never eat that many tortillas! Just messing around, let’s get into it.
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General business news

• Jack Hartung, Chipotle’s chief financial officer, announced on Tuesday he will be retiring from the company at the end of next March. Hartung has been the company’s CFO since 2022, and has been with the company for 25 years total after finishing the first part of his career with McDonald’s. His successor, Adam Rymer, has been with Chipotle for 15 years and previously served as vice president of finance for the company.
• Ford sales have risen 1% higher in the second quarter of this year compared to this time last year, led by the 5% rise in truck sales. The update comes a day after fellow Detroit auto-manufacturer General Motors announced a 0.6% increase in their sales since last year. Ford truck sales had their best second quarter sales since 2019, while hybrid vehicle sales increased 56%, hitting a new quarterly record.
• Federal Reserve Chair Jerome Powell testified before the Senate Banking Committee on Tuesday to discuss the current state of the U.S. economy. Powell highlighted how inflation has come a long way since hitting its four-decade-peak two years ago. However, he also said officials want to see more progress on inflation and the job market before cutting interest rates. The Fed’s most important interest rate that influences borrowing costs throughout the economy has been stuck at a 23-year high for about a year now. He will give the same report later today for the House Financial Services Committee.
    

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A little bit of stock market news just to close today out 

• S&P 500 finished at a record close on Tuesday, and stock futures remained relatively steady. Futures connected to the Dow Jones Industrial Average fell 3%, while futures connected to the S&P 500 and Nasdaq-100 futures stayed flat.
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Thanks for listening to this episode of Current2 Business! We will be back with another business episode on Friday, but until then, make sure to keep up with the rest of our episodes to stay informed on everything from pop culture to politics! Take care business people, and go create some shareholder value today.

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Sources:

Chipotle Mexican Grill’s CFO Hartung to retire next year (Reuters)

Ford sales edge 1% higher in the second quarter, led by trucks (CNBC)

Key takeaways from Fed Chair Powell’s testimony on Capitol Hill (CNN)

Stock futures are little changed after S&P 500 notches another record close (CNBC)