A shifting economic landscape has culminated in Texas, dethroning California as the nation’s premier hub for Fortune 500 companies.

Data from the 2026 Fortune 500 list show Texas leading with 57 headquarters, compared with California’s 56, marking a reversal from two years ago, when California held the lead.

Additionally, corporations in Texas generated $2.8 trillion in revenue, while those in California reported $2.7 trillion in revenue.

“Texas is the undisputed headquarters of headquarters,” Texas Gov. Greg Abbott said in a press release reacting to the news. “The world’s leading businesses invest with confidence in Texas because of our welcoming business climate, predictable regulatory environment, and skilled and growing workforce. People and businesses are choosing Texas because Texas works.”

FLEEING FOR THEIR FUTURES, A CALIFORNIA EXODUS UNLEASHES A FLORIDA ‘GOLD RUSH’

In the past year alone, companies including ExxonMobil, Chevron, Samsung Electronics America, SpaceX and X have either moved their headquarters or their legal incorporation to Texas — mostly from California, with two moving from New Jersey.

Company relocations have also been accompanied by billionaires and public figures moving their homes and personal portfolios to the Lone Star State. Most recently, Uber co-founder Travis Kalanick revealed his move to Austin, while Elon Musk, Mark Cuban, Palantir co-founder Joe Lonsdale and David Sacks have made their mark on Texas in recent years.

“Americans are voting with their feet. They want places that are livable. They want places that are workable. They want places that are sustainable and affordable,” Texas REALTORS Chair Jennifer Wauhob previously told Fox News Digital. “And so I think this migration, as we call it, is really turning into a long-term shift.”

The migration of major corporations and prominent business figures comes amid mounting concern over California’s proposed tax policies, including a controversial one-time 5% wealth tax on the state’s wealthiest residents.

The Service Employees International Union–United Healthcare Workers West (SEIU-UHW) said it has collected more than 1.55 million signatures, according to a press release, nearly double the 875,000-signature requirement — to place a one-time tax on billionaire assets on the California ballot.

The California Billionaire Tax Act would target the net worth of roughly 200 residents and impose a one-time 5% tax on the net worth of California residents with assets exceeding $1 billion. The tax would be due in 2027, and taxpayers could spread payments over five years, with interest, according to the Legislative Analyst’s Office.

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If the measure is approved by voters in November, anyone who was a California resident on Jan. 1, 2026, would owe the tax, according to the proposal. In practical terms, a resident with $20 billion in net worth on that date would owe a one-time tax of $1 billion, payable over five years.

Supporters argue the billionaire tax is a direct response to “cuts to Medicaid and other federal health insurance programs by the Trump administration last year,” while opponents of the measure have warned the tax could kill an estimated 108,000 high-paying jobs over the next 20 years.

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SpaceX shares will be traded on the New York technology-focused Nasdaq market, and some of the big global investment institutions are likely to buy shares. But individuals, including in the UK, will also get a chance to buy via certain investment platforms and brokers.

New Delhi: The BJP on Sunday accused AAP supremo Arvind Kejriwal of orchestrating hoax calls to mislead voters across constituencies, including the New Delhi constituency, claiming that their were “cancelled” by the BJP. Addressing a press conference, BJP MP Parvesh Verma played an audio recording of one such call, in which a person was heard saying, “Your vote has been cut by the BJP. AAP will ensure you get your vote back,” and urged the receiver to support the Aam Aadmi Party.

“Hoax calls are being made to the public, saying that BJP will end all AAP schemes. This is a blatant lie,” he said.

He also wondered how “confidential voter data” was accessed by the party.

“Other than the Election Commission of India, this data is not provided to anyone. How did Kejriwal get the voters’ contact list? This must be inspected,” Verma said.

The BJP’s New Delhi candidate for the Assembly election also alleged the AAP of distributing Rs 500 wrapped in a calendar in the slum areas. He claimed three people were arrested in this regard.

There was no immediate reaction from the AAP on the allegations, nor from Delhi Police.
He said he has filed a complaint with the Election Commission and his party demands an investigation into the matter. BJP leader and party spokesperson Sudhanshu Trivedi, who was also present at the press conference, welcomed the US Supreme Court’s decision to extradite to India Tahawwur Rana, an accused in the 2008 Mumbai terror attacks.

“Under Modi’s leadership, the government remains committed to fighting terrorism. The decision to hand over Tahawwur Rana to India is a welcome one for all of us,” Trivedi said.

Trivedi accused the AAP and Congress of supporting activities that indirectly shield terrorism.

“Atishi’s parents were among those seeking a ‘shama yajna’ (forgiveness ritual) for Afzal Guru,” he alleged, referring to the mastermind of the 2001 Parliament attack.

NEW YORK — The S&P 500 Index posted a modest gain Thursday, closing at 7,559.91 after advancing 6.23 points, or 0.08%, as investors navigated ongoing geopolitical tensions in the Middle East while rotating capital toward small-cap and value stocks.

The benchmark index showed limited movement in a session marked by sector divergence. While technology shares faced pressure from earlier weakness in chip-related names, gains in financials, industrials and consumer staples helped support the broader market. The advance came after the S&P 500 snapped a longer winning streak earlier in the week amid renewed US-Iran hostilities.

Trading remained relatively contained as participants assessed the latest flare-up in the Middle East. Oil prices rose on supply disruption concerns, yet the impact on equities was muted compared to previous episodes of tension. The S&P 500 has now traded in a narrow range near record levels established in recent sessions.

Market Rotation Gains Traction

Smaller companies outperformed once again, with the Russell 2000 rising nearly 1%. This shift reflects investor preference for domestically oriented firms less exposed to international supply chain risks and potential tariff developments. The Dow Jones Industrial Average also advanced, underscoring strength in more traditional sectors.

The technology-heavy Nasdaq lagged, consistent with recent profit-taking in high-valuation growth stocks. Broadcom’s revenue miss earlier in the week continued to weigh on sentiment in semiconductors, though some recovery appeared in related names.

Analysts note the S&P 500’s composition, with heavy weighting toward a handful of mega-cap names, makes it sensitive to any softening in artificial intelligence spending narratives. However, broader participation across sectors has helped stabilize the index during periods of volatility.

Geopolitical and Economic Backdrop

Tensions between the US and Iran escalated with fresh airstrikes, pushing oil prices higher and contributing to inflation worries. South Korea’s won weakened to a two-month low against the dollar on similar concerns, illustrating global spillovers. Yet US markets showed resilience, supported by strong corporate balance sheets and expectations of eventual monetary easing.

The Federal Reserve’s policy path remains a key focus. With inflation data mixed and energy costs fluctuating, markets continue pricing in measured adjustments later in the year. Bond yields moved modestly, offering some support outside of growth sectors.

Economic indicators point to underlying strength. Consumer spending has held up, unemployment remains low, and corporate earnings in non-tech sectors have largely met or exceeded expectations. These factors provide a foundation for the market’s ability to absorb geopolitical shocks.

Earnings Season Progress

Several companies reported results this week, with mixed reactions. While some tech names disappointed on guidance, others in industrials and financials delivered solid performances. The ongoing earnings cycle will be critical in determining whether the market rotation sustains.

The S&P 500’s year-to-date performance remains robust, up more than 10% despite periodic pullbacks. It has hit multiple record highs in 2026, driven initially by AI enthusiasm and later by broadening participation. Goldman Sachs maintains a constructive outlook, projecting further gains through year-end.

Valuation and Risk Considerations

Valuations in the S&P 500 sit above historical averages, particularly in technology. This has prompted caution among some strategists, who advise diversification as the bull market matures. Small-cap valuations appear more attractive relative to large caps, supporting the ongoing reallocation.

Risks include prolonged Middle East conflict disrupting energy markets, potential escalation in trade tensions, and any slowdown in AI capital expenditure. Conversely, de-escalation or stronger-than-expected economic data could fuel further upside.

Volume on Thursday was moderate, suggesting repositioning rather than panic selling. Institutional investors appear to be adjusting portfolios for a potentially more balanced market environment in the second half of the year.

Looking Ahead

Markets will turn attention to upcoming economic releases, including jobs data, and the next wave of corporate earnings. The June Russell reconstitution has added technical tailwinds for small caps, with final adjustments expected soon.

Longer term, many strategists remain optimistic. Strong productivity gains from technology, resilient corporate profits, and potential policy support form a constructive backdrop. However, near-term volatility is likely as investors balance enthusiasm for innovation with geopolitical and valuation realities.

For individual investors, the session reinforced the benefits of diversification. While concentrated tech leadership drove much of the prior rally, 2026 has increasingly rewarded broader exposure. The S&P 500’s modest gain amid crosscurrents highlights the market’s capacity to digest news without sharp moves.

As summer trading approaches, focus will remain on whether small-cap momentum persists and if geopolitical risks subside. The index’s ability to hold near 7,500-7,600 levels suggests underlying buyer interest, even as leadership evolves.

Operator

Welcome to the TC Transcontinental Second Quarter Fiscal Year 2026 Results Conference Call. [Operator Instructions]

As a reminder, this conference is being recorded. today, June 4, 2026. I would like to turn the conference over to Yan Lapointe, Senior Director, Investor Relations and Treasury. [Foreign Language] Mr. Lapointe, please go ahead.

Yan Lapointe
Senior Director of Investor Relations & Treasury

Thank you, Joanne, and good morning, everyone, on the call. Welcome to Transcontinental’s Second Quarter 2026 Earnings Call. Before we begin, please note that you can find on our website our quarterly report, including financial statements and related notes as well as the slides supporting management’s remarks. A replay of this conference call will also be available on our website shortly after the call.

We have with us today our Chief Executive Officer, Sam Bendavid; and our Executive Vice President and Chief Financial Officer, Donald LeCavalieri. As referenced on Slide 2, some of the financial measures discussed over the course of this conference call are non-IFRS. You can refer to the MD&A for a definition and reconciliation of these measures to IFRS. In addition, this conference call might also contain forward-looking statements.

These statements are based on the current expectations of management and