The semi-annual changing of the clocks is this Sunday when most of the country will "spring forward" into daylight saving time after more than four months in standard time.

Why it matters: Lawmakers' attempts to get rid of the twice-yearly time changes and switch to permanent daylight saving time haven't gained traction.

Catch up quick: President Trump said Thursday it's "hard to get excited" about changing daylight saving time and called it a "50-50 issue."

• Sen. Rick Scott (R-Fla.) reintroduced the Sunshine Protection Act in January to "lock the clock" and "make Daylight Saving Time the year-round standard."
• Rep. Vern Buchanan (R-Fla.) introduced companion legislation in the House.

When to change clocks for spring forward 2025

The big picture: The official time switch is 2am local time on Sunday, March 9 — clocks are set forward one hour meaning we "lose" an hour — as daylight saving time.

• Sunrise and sunset will be about one hour later on Sunday than on Saturday.
• Many devices such as smartphones will automatically change time, and for devices that don't change, it's best to reset them before going to bed Saturday night.

Daylight saving time used to run from April to October, but the Energy Policy Act of 2005 extended it.

• It now runs from the second Sunday in March to the first Sunday in November.

Lose an hour Sunday with time change, health effects

Friction point: The time change isn't about just losing one hour of sleep for one night. The downstream effects of the time change can harm your health.

• Right after the clocks shift in March, there's a "spike in workplace accidents, road accidents and medical errors due to sleep deprivation and cognitive impairment," James Rowley of the American Academy of Sleep Medicine told Axios' Carly Mallenbaum last year.
• Health groups and sleep experts prefer sticking with standard time year-round over daylight saving time because they say it's more aligned with our body clocks.
• The time changes also affect sleep schedules and can make it hard for kids and their parents to adjust.

By the numbers: 54% of Americans say they would prefer standard time year-round over daylight saving time, according to a new Gallup poll.

• 40% of U.S. adults say they are in favor of daylight saving time, while 6% are uncertain.
• In 1999, 73% favored daylight saving time, Gallup said.

Why do we have daylight saving time in the U.S.

Flashback: The U.S. first adopted daylight saving time in 1918 as a way to conserve energy.

• In the 1970s, the last time Congress made daylight saving time permanent, the decision was reversed in less than a year because the early morning darkness proved dangerous for school children, and public sentiment changed.

States push to get rid of time changes

At least 31 states have considered or are considering 67 bills or resolutions related to daylight saving time in 2025, according to the National Conference of State Legislatures' tracker.

• The legislation is divided between state lawmakers advocating permanent standard time and those who would enact year-round standard time.

Between the lines: Federal law says states can unilaterally move to standard time but must have the approval of Congress to adopt year-round daylight saving time.

Which states don't observe daylight saving time

Hawaii and most of Arizona do not observe daylight saving time, except the Navajo Nation in northeastern Arizona.

• U.S. territories, including Puerto Rico, Guam, American Samoa and the Virgin Islands, observe permanent standard time.

Fall forward 2025: Next time change

What's next: If federal legislation is not approved, clocks will "fall back" to standard time on Sunday, Nov. 2.

More from Axios:

• Target CEO: Tariffs will cause food prices to rise in "next couple of days"
• Dunkin' spring menu launches, nondairy surcharge removed
• Tooth fairy payouts drop to lowest rate in years

President Trump addresses a joint session of Congress Tuesday but it is not an official State of the Union address.

Why it matters: In Trump's first six weeks he has started a federal government overhaul, driven by DOGE, dismantled USAID and moved to shut down the Consumer Financial Protection Bureau.

• The address comes days after Trump's heated Oval Office meeting with Vice President Vance and Ukrainian President Volodymyr Zelensky.
• Trump has also had a slew of executive orders, some of which have rolled back former President Biden's actions.

The big picture: The March 4 speech is the first Trump will give to Congress since returning to the White House.

• In late January, House Speaker Mike Johnson invited Trump via a letter to deliver the joint address to Congress.
• "TOMORROW NIGHT WILL BE BIG. I WILL TELL IT LIKE IT IS!," Trump wrote on Truth Social Monday.

What time does Trump address Congress Tuesday?

Zoom in: Trump is scheduled to speak at 9pm ET on Tuesday, which is 6pm PT.

Why is Trump's address to Congress not a State of the Union?

State of play: When a president addresses a joint session of Congress, it is often referred to as a State of the Union speech.

• But for a president's first year in office, it's not called a State of the Union address even though the speech serves the same purpose.

Where is the Trump address to Congress held?

The speech is held in the chamber of the House of Representatives at the Capitol in Washington, D.C.

How to watch Trump's speech on TV or streaming

All major news networks are broadcasting the address, including CNN, PBS, NBC, MSNBC, CBS, Fox News, NewsNation and C-SPAN.

• Most networks start coverage starts hours before the address and will continue broadcasting analysis of the speech for hours after.

How long will Trump's speech be?

Flashback: Trump's 2017 speech was one hour long.

• The average length of his State of Union addresses held in 2018 through 2020 was one hour and 20 minutes, according to the American Presidency Project.

Between the lines: Not calling newly inaugurated presidents' early speeches to Congress "State of the Union addresses" has been going on for more than 40 years, according to the American Presidency Project.

• It started with Ronald Regan's 1981 address to Congress.

Who is giving Democrats' response to Trump's speech?

Zoom out: Sen. Elissa Slotkin (D-Mich.) is slated to give the Democratic response to Trump's address Tuesday.

• House Minority Leader Hakeem Jeffries (D-N.Y.) and Senate Minority Leader Chuck Schumer (D-N.Y.) have been telling members to bring guests to the address who have been negatively impacted by the administration.

Who is the designated survivor?

Secretary of Veterans Affairs Doug Collins is Trump's designated survivor Tuesday night, according to multiple reports.

• The designated survivor is a Cabinet member who stays behind during speeches like tonight's in case of catastrophe.
• Rep. Mike Thompson (D-Calif.) announced earlier Tuesday he was selected to be the designated survivor for the Democratic side.

More from Axios:

• Hegseth suspends offensive cyber operations against Russia: reports
• Time is running out to get a Real ID ahead of May 7 deadline
• Trump says he's instructing Treasury to "stop producing new pennies"

Editor's note: This story has been updated with additional details.

The price of eggs is expected to rise by 41.1% this year as the bird flu continues to rip through the nation's agricultural economy, the federal government projected in a new report.

Why it matters: That's more than double the 20% increase predicted in January.

• Egg prices have been climbing to record highs daily and shortages have been growing, which has led stores to limit how many eggs any one shopper can buy.

The big picture: The outbreak of the highly pathogenic avian influenza that begun in 2022 has recently intensified.

• In January, it affected 18.8 million egg laying hens, the highest monthly total of the three-year crisis, according to the U.S. Department of Agriculture.

By the numbers: The USDA's Economic Research Service provided a range for its 2025 price-growth prediction of between 15% to 74.9%.

• Egg prices already increased 13.8% in January after rising by 8.4% the prior month, the report said.
• Prices this January were 53% higher than they were 12 months earlier.

State of play: Restaurants, including Waffle House and Denny's, have added temporary egg surcharges because of high egg prices and shortages.

• But McDonald's has no plans to add an egg fee and is expanding its breakfast menu and offering a deal on Egg McMuffins this Sunday.
• Michael Gonda, the fast-food giant's McDonald's North America chief impact officer, wrote on LinkedIn Tuesday that "unlike others making news recently, you definitely WON'T see McDonald's USA issuing surcharges on eggs, which are 100% cage-free and sourced in the U.S."

Trump admin plan to "make eggs affordable again"

What's next: Agriculture Secretary Brooke Rollins said today in a WSJ op-ed that the Trump administration "will invest up to $1 billion to curb this crisis and make eggs affordable again."

• "We are working with the Department of Government Efficiency to cut hundreds of millions of dollars of wasteful spending," Rollins wrote. "We will repurpose some of those dollars by investing in long-term solutions to avian flu, which has resulted in about 166 million laying hens being culled since 2022."
• Rollins noted prices should "start coming down maybe this spring, this summer as we work to implement some of these bigger picture solutions."
• "Once we're past Easter, then we'll hopefully have some really good solutions for the American people," Rollins said.

The intrigue: If egg prices are still high for Easter, expect families to turn to alternatives like painting and hiding potatoes, an idea that sprouted in 2023 because of high prices.

More from Axios:

• Tooth fairy payouts drop to lowest rate in years
• Crafts retailer Joann going out of business; 19,000 jobs lost
• Peter Rawlinson out as CEO of luxury EV maker Lucid

Even the tooth fairy is pinching pennies these days.

The big picture: For the second year in a row, an annual Delta Dental survey found the tooth fairy is paying less for lost teeth than the year before.

• The average value of a single lost tooth declined by 14% from $5.84 to $5.01, according to the survey of 1,000 parents of children ages 6 to 12.
• In 2023, the value of a single lost tooth reached a record high when it was $6.23.

Yes, but: Despite the decline, the average cash gift per tooth increased 285% from 1998 when a lost tooth fetched $1.30 on average, Delta Dental said.

Value of first tooth drops

Zoom in: 33% of parents said the tooth fairy spent more on a child's first lost tooth but that value has also dropped.

• The new survey found the tooth fairy paid $6.24 down 12% from $7.09 in 2024.

Tooth fairy's 2025 rate by region

By the numbers: Lost teeth in the South had the highest value this year at $5.71, the only region to experience a year-over-year increase, the survey found.

• The West had the second highest value at $5.69 a tooth but "experienced a significant 33% drop for a lost tooth," Delta Dental said. In 2024, the West had a whopping value of $8.54.
• The Northeast average was $4.59 down from $6.87 last year. It's the first time the rate fell below $5 per tooth since 2020.
• The Midwest significantly trails the national average and had the lowest value at $3.46.

More from Axios:

• Time is running out to get a Real ID ahead of May 7 deadline
• McDonald's doubles down on breakfast with bagel sandwiches
• Wendy's hosts Girl Scout cookie sales, debuts Thin Mints Frosty

Denny's is temporarily adding an egg surcharge at some of its restaurants because of the nationwide egg shortage and increased prices, the chain confirmed to Axios Monday.

Why it matters: The bird flu has ravaged the nation's supply of eggs, leading to shortages and higher prices at grocery stores and restaurants.

• Avian influenza has affected at least 18.9 million birds in the last 30 days, according to USDA data.

State of play: Denny's would not say how many of its 1,500-plus restaurants are adding the "surcharge to every meal that includes eggs" and how much the fees are.

• "Our pricing decisions are being made market-by-market, and restaurant-by-restaurant due to the regional impacts of the egg shortage," Denny's said in a statement.
• "We understand our guests' desire for value, and we will continue to look for ways to provide options on our menu, including our $2 $4 $6 $8 value menu, while navigating these rapidly changing market dynamics responsibly," the company said.

The big picture: Restaurants are starting to crack under the weight of the nation's egg crisis.

• The Waffle House became the first national restaurant chain to add a temporary surcharge earlier this month. Its fee is 50 cents per egg.
• Smaller, more local chains and individual restaurants have also added surcharges for eggs, said Amanda Oren, a vice president at supply-chain platform RELEX Solutions.
• Many stores have instituted limits on how many eggs consumers can buy each day, including Trader Joe's, Costco and Sam's Club.

More from Axios:

• Crafts retailer Joann going out of business; 19,000 jobs lost
• Starbucks menu cuts starting soon, layoffs announced
• Dunkin' joins Starbucks in dropping nondairy milk fee

If you have travel plans for May or beyond, check your ID to see if it meets federal requirements.

Why it matters: Starting May 7, a Real ID compliant license or identification card — or another acceptable document — is needed to board a commercial aircraft in the U.S.

• The guidelines also apply when visiting military bases and secure federal buildings like courthouses.

What is a Real ID?

The big picture: A Real ID is a state-issued driver's license or identification card that meets federal security standards.

• Compliant IDs are typically marked with a star in the upper right corner, though the specific design may vary by state.

When is the Real ID deadline?

Threat level: May 7 is the enforcement deadline for Real ID after years of delays.

• The Department of Homeland Security estimates that 61.2% of Real IDs, relative to all driver's license and identification in circulation, will be Real ID-compliant by May 7, according to a final rule published in January.

Real ID Act of 2005

Flashback: Congress passed the Real ID Act in 2005 after the Sept. 11, 2001, terrorist attacks, seeking to beef up security surrounding IDs used at airports.

• The law was scheduled to be enforced in 2008 but has been delayed many times.
• All states were compliant for issuing Real IDs in 2020 but many states were in compliance earlier.
• In 2022, the enforcement deadline was extended to May 2025.

When you need a Real ID and when you don't

Zoom in: You need a Real ID if:

• You travel on a plane in the U.S. (and don't have a valid passport or other acceptable ID),
• Visit a military base or a secure federal building like a courthouse or
• Enter nuclear power plants.

Zoom out: You don't need a Real ID to drive, vote or open a bank account.

• TSA does not require children under 18 to provide identification when traveling within the count

How to get a Real ID, DMV appointments

How it works: Go to your state's driver's licensing agency website to find out exactly what documentation is required to obtain a Real ID.

• In some states, you can order a Real ID and others you'll need to make an appointment with the local Department of Motor Vehicles (DMV).

Between the lines: Federal and state officials are urging people to upgrade their IDs now so they're prepared for the upcoming deadline.

• Last-minute surges in demand for Real IDs are expected ahead of the deadline.
• Illinois Secretary of State Alexi Giannoulias said Thursday that state facilities are seeing "unprecedented" traffic for Real ID appointments, NBC Chicago reports.

Real ID requirements

State of play: DHS says at a minimum you must provide documentation that shows your full legal name, date of birth, Social Security number, two proofs of address of principal address and lawful status, DHS says.

• Find your states' requirements and how to get a Real ID on this DHS page.
• Check out Axios Local guides for getting a Real ID in the following cities: Charlotte, Chicago, Denver, Philadelphia, Phoenix, Pittsburgh, Portland, Richmond and Seattle.

Real ID alternatives include passport

What we're watching: The Transportation Security Association says there are other forms of acceptable identification to show at the airport checkpoint in order to travel.

• Enhanced Driver's Licenses (EDL) issued by Washington, Michigan, Minnesota, New York and Vermont are also considered acceptable alternatives.
• U.S. passport or passport card and DHS trusted traveler cards (Global Entry, NEXUS, SENTRI, FAST)
• Permanent resident card
• Find the TSA's full list of acceptable identification here.

Will the Real ID deadline be extended again?

The latest: Another extension isn't expected but TSA published a final rule in January that provides a "framework for federal agency phased enforcement" of Real ID requirements starting May 7.

• TSA has not made a final decision on an exact phased approach, an agency spokesperson told Axios.

What happens if you don't have a Real ID after May 7

What's next: "Travelers who fly after May 7, 2025 and still do not possess a REAL ID are strongly encouraged to use their U.S. passport or other acceptable form of ID when flying domestically," the TSA spokesperson told Axios.

• "TSA also recommends that these passengers arrive a little earlier than normal to allow time for the identity verification process."

Long lines and airport delays are expected.

• "TSA recommends individuals without acceptable identification arrive at least three hours in advance of their flight time," the government agency said.

More from Axios:

• Wendy's hosts Girl Scout cookie sales, debuts Thin Mints Frosty
• Dunkin' joins Starbucks in dropping nondairy milk fee
• Costco extends gas station hours across the country

High cocoa prices have made the cost of Valentine's Day chocolates more bittersweet this year.

Why it matters: Chocolate treats are expected to increase 10 to 20% for the holiday and throughout 2025, David Branch, sector manager at Wells Fargo Agri-Food Institute, tells Axios.

• The hike comes as the price of cocoa beans has more than 143% since January 2024, Brach said.

The big picture: Record cocoa prices are driven by declining cocoa production from disruptive weather amplified by climate change and crop disease in West Africa.

• "Chocolate is going to be more expensive, as nearly all major candy manufacturers have indicated they will have to raise their prices," Brach told Axios.
• Dirk Van de Put, CEO of Mondelēz International, maker of Oreo cookies, said Feb. 4 in a statement that the company is focused on navigating "unprecedented cocoa cost inflation."

Yes, but: The full impact of higher cocoa prices hasn't been felt yet.

• "Many large manufacturers buy cocoa beans nearly a year in advance, so the cost of this Valentine's Day treats won't reflect current cocoa prices," Branch said.
• The average price of chocolate is up 5.3% nationwide compared to this time last year, according to Datasembly.

Valentine's Day gifts 2025

Zoom in: Multiple surveys point to chocolate being the most popular Valentine's Day gift.

• The National Retail Federation's holiday survey found that 56% of people planned to buy candy and that Americans planned to spend $2.5 billion on the treats.
• A nationwide study of 1,000 adults conducted on behalf of Ferrero found that 59% of adults would rather receive chocolate over flowers.

State of play: Some shoppers are making alternative plans because of higher prices, Bobby Meixner, senior director of retail insight solutions at UserTesting, told Axios.

• "Consumers are getting savvier by hunting for deals, downsizing their treats, or even skipping chocolate altogether," Meixner said. "For many, nostalgia and tradition still win out, keeping their favorite brands in the cart despite higher costs."

What's next: Expect Easter candy prices to be higher than last year.

• Egg prices and supply are still expected to be impacted by the bird flu outbreak.

More from Axios:

• Joann is closing 500 of its 800 stores in bankruptcy
• JCPenney closing more stores in 2025. See the list.
• Trader Joe's limits egg purchases due to bird flu shortages

Trader Joe's has added a limit to how many eggs shoppers can purchase at all of its stores as bird flu shortages increase.

Why it matters: The bird flu has affected at least 23 million birds in the last 30 days, according to USDA data.

• Egg prices have reached record highs and expected to go up by 20% this year, according to the USDA.

The big picture: Reports of egg shortages have been on the rise and various retailers across the country have been limiting how many eggs consumers can purchase.

• Trader Joe's has a smaller cap than other retailers on egg purchases, limiting customers to one dozen eggs daily while others often limit customers to two to three cartons.

What they're saying: "Due to ongoing issues with the supply of eggs, we are currently limiting egg purchases to one dozen per customer, per day, in all Trader Joe's stores across the country," the spokesperson told Axios.

• "We hope these limits will help to ensure that as many of our customers who need eggs are able to purchase them when they visit Trader Joe's," the spokesperson said.

Egg limits at Costco, Sam's Club, more stores

Zoom out: Axios reporters have spotted egg purchase limits at Costco, Sam's Club, BJ's Wholesale Club, Aldi and Whole Foods Market locations as well as smaller grocers. Limits can vary by location.

• Last week, Waffle House added a temporary surcharge of 50 cent per egg due to rising egg prices from the outbreak.

More from Axios:

• Trump says he's instructing Treasury to "stop producing new pennies"
• How to get a free coffee at Starbucks Monday in rare deal
• Bird flu fallout: Waffle House ushers in the era of the egg surcharge

President Trump said Sunday that he has instructed Treasury Secretary Scott Bessent to "stop producing new pennies."

Why it matters: Trump's Truth Social post comes after the Department of Governmental Efficiency (DOGE) led by Elon Musk talked about the high cost of the penny on Jan. 21.

• Trump made his announcement after attending the first half of the Super Bowl.

What they're saying: "For far too long the United States has minted pennies which literally cost us more than 2 cents," Trump wrote. "This is so wasteful!"

• "Let's rip the waste out of our great nations budget, even if it's a penny at a time," Trump said.

Zoom in: The U.S. Mint's annual report cites the cost of making a penny was 3.69 cents in Fiscal Year 2024.

• The cost of the coin has "remained above face value for the 19th consecutive fiscal year."
• The unit cost for nickels was 13.78 cents, the report said.

Editor's note: This story was updated with additional information.

More from Axios:

• The penny vs. Elon Musk
• IRS Direct File still accepting tax returns after Musk post
• In photos: Highlights from Super Bowl 2025
• Trump touts 25% tariffs on steel and aluminum imports

The Kansas City Chiefs and Philadelphia Eagles face off for their second Super Bowl in three years, this time from New Orleans.

The big picture: The Eagles are looking to stop Kansas City from becoming the first team in NFL history to win three straight Super Bowls.

• The Chiefs-Eagles rematch pits the Eagles against their former longtime head coach Andy Reid.

When does the Super Bowl start?

Super Bowl LIX kickoff is set for 6:30pm ET at the Caesars Superdome in New Orleans.

How to watch Super Bowl on TV

Super Bowl 59 will be broadcast nationally on Fox, and there also will be a broadcast in Spanish on Fox Deportes.

• The four biggest U.S. broadcasters — Fox, NBC, CBS and ABC — air the Super Bowl on a rotating schedule. This year is Fox's turn.
• See Axios' guide to watching Super Bowl here.

Stream Super Bowl on YouTube, Hulu and more

Tubi, the free TV and movie streaming service, makes its Super Bowl debut Sunday in partnership with Fox Sports.

• The ad-supported service works on most smart TVs, mobile devices and streaming sticks.
• Tubi says you must register and be signed in to watch.

Other live-streaming services carrying the Super Bowl include YouTubeTV, Hulu + Live TV and FuboTV, Fox said.

When is Apple's Super Bowl halftime show with Kendrick Lamar?

The halftime show with Kendrick Lamar is expected to begin somewhere between 8-8:30pm ET depending on how the game is progressing, per Fox Sports.

• The show can be streamed live like the game.

More from Axios:

• Super Bowl LIX: What to know about game, halftime show and more
• Super Bowl 2025: Parties, fan events in New Orleans this weekend
• Post-Super Bowl deal: Starbucks giving rewards members free coffee Monday

Some government employees who work for the Internal Revenue Service and choose to take the so-called "buyout" offered by the White House, will have to stick around through tax season 2025, according to an email viewed by Axios.

Why it matters: The processing of tax returns and refunds could be delayed if the IRS were to lose employees during the busy filing season.

The big picture: This means these IRS workers won't get the full eight months of paid leave that's been offered in the Fork in the Road, "deferred resignation" program cooked up, in part, by Elon Musk.

• Workers who have already replied "resign" to the note that went out last week will be contacted with instructions about when to return to work, per the email viewed by Axios.
• The deadline is Feb. 6 for workers to resign and take advantage of this offer, which would allow them to get paid through Sept. 30.

IRS employees to work past April 15 tax deadline

Zoom in: The email sent to all IRS employees on Wednesday says that "specific, critical filing season positions in Taxpayer Services, Information Technology and the Taxpayer Advocate Service are exempt from the [program] until May 15, 2025."

• Nearly half of the IRS' roughly 100,000 workers work in services or IT positions, per Bloomberg, which first reported on the email.
• Even those who choose to resign "are required to remain working through at least May 15, 2025, even if they respond to the [agency] email by the February 6 deadline."
• Those who already resigned "will be contacted with further instructions about when to return to work."

What they're saying: "Not only is this a clear case of bait-and-switch — they were originally told they would be paid to not work through Sept. 30 — but it proves that the terms of OPM's so-called offer are unreliable and cannot be trusted," said Doreen Greenwald, the president of the National Treasury Employees Union, which represents IRS workers, in a statement.

• "We do welcome the admission, however, that IRS employees are vital to the agency mission."
• The IRS did not immediately respond to a request for comment.

Trump's federal resignation program

State of play: The rollout of the White House deferred resignation has been rocky — with the Office of Personnel Management (OPM), updating and changing its guidance, and issuing memos justifying its legality, over the past week.

• But from the start OPM, which functions like a human resource department for the federal government, has told agency heads that they had discretion in choosing which federal employees can participate in the buyout program.
• Yet the "buyout" offer went out to all federal employees — causing some confusion.
• Three unions representing federal workers filed a lawsuit Tuesday seeking to halt the deadline, calling it "unlawful and arbitrary."

What to watch: The concerns around resignations at the IRS underscores the fact that some critical government functions could be impacted by the buyout program.

More from Axios:

• The "fork in the road" has some very sharp prongs
• White House pushes back on criticism of "buyout" offer
• IRS Direct File still accepting tax returns after Musk post

Restaurants are starting to crack under the weight of the nation's egg crisis.

Why it matters: A devastating outbreak of the bird flu has ravaged the nation's supply of eggs, leading to egg shortages and increased prices at grocery stores.

• The bird flu has affected at least 22.8 million birds in the last 30 days, according to USDA data.

Driving the news: Waffle House said Tuesday it's adding a temporary surcharge of 50 cents per egg as the crisis escalates.

• While several major restaurant chains are not commenting on their egg plans in response to Axios requests, industry experts don't think Waffle House will be the last.
• Smaller, more local chains and individual restaurants have already added surcharges for eggs, said Amanda Oren, a vice president at supply-chain platform RELEX Solutions.
• "Waffle House is the only major chain I've heard of so far that is adding a surcharge," Karyn Rispoli, Expana's managing editor for eggs in the Americas, tells Axios. "But I wouldn't be surprised to see others follow suit."

Threat level: Part of the problem is that restaurants have few options to mitigate the crisis.

• Restaurants typically aren't able to lock in egg prices in the same way that airlines hedge fuel costs, International Foodservice Manufacturers Association CEO Phil Kafarakis tells Axios.
• Some restaurants will respond by promoting other items to "manage the demand" for eggs, Kafarakis says.
• "There's no quick fix," says Matt Sutton-Vermeulen, a supply chain expert on eggs, milk and meat for management consultancy Kearney. "That's the harsh reality."

State of play: Egg prices keep breaking new records and no end is in sight for the increases.

• Midwest large eggs will be at $7.79 per dozen after today's market, Rispoli says.
• "I'm also hearing from sources that food manufacturers are evaluating ways to work eggs out of their formulations because these high prices are just not sustainable," she tells Axios.
• But part of the challenge is that eggs aren't just sold individually — they're a crucial ingredient in many dishes, raising the prospect of broader food price hikes, "so we have an inelasticitiy in that commodity," Sutton-Vermeulen says.

Zoom out: For restaurants, pricing decisions are often left to local franchisees.

• IHOP told Axios that franchises "ultimately manage pricing per restaurant" and said its "House Faves menu remains available Monday through Friday for just $6, $7 in some locations."

What we're watching: How low the nation's flock can go.

• Today it's estimated at about 305 million, but "a good rule of thumb is you need a hen per U.S. citizen," Kearney's Sutton-Vermeulen says — and the U.S. population is about 340 million.

Target is pulling back on some of its diversity, equity and inclusion (DEI) efforts, days after President Trump returned to the White House.

Why it matters: The retailer follows a litany of major companies that have already scaled back DEI initiatives, including Walmart, McDonald's and Meta.

The big picture: The landscape for DEI initiatives has weakened in recent months as Trump and the MAGA movement targeted companies that have made it a priority.

• In his first week in office, Trump has ramped up his anti-DEI campaign, issuing executive orders banning DEI efforts in the federal government and raising the prospect that private DEI programs could be illegal.

Target Belonging at the Bullseye strategy

State of play: Target posted a fact sheet on its corporate site Friday titled "Target's Belonging at the Bullseye Strategy" that lists some of its actions, including:

• Concluding its "three-year diversity, equity and inclusion goals" and "Racial Equity Action and Change (REACH) initiatives in 2025 as planned."
• "Stopping all external diversity-focused surveys, including HRC's Corporate Equality Index."
• Evolving its "supplier diversity team" to "supplier engagement" to "better reflect our inclusive global procurement process across a broad range of suppliers, including increasing our focus on small businesses."

Zoom out: Target has been a lightning rod on social issues in recent years.

• The company previously implemented a policy allowing transgender people "to use the restroom or fitting room facility that corresponds with their gender identity."
• The retailer last year reduced Pride Month products after a backlash tied to its sales of LGBTQ+-themed items in 2023.

What they're saying: "We remain focused on driving our business by creating a sense of belonging for our team, guests and communities through a commitment to inclusion," Target said in its fact sheet.

• Target did not immediately address whether it was changing its bathroom policy.

More from Axios:

• Trump's DEI orders may halt progress for disabled workers
• Skyline Chili and Graeter's release "sweet, savory" ice cream
• Walmart boosts some top managers to over $600,000 a year
• Egg shortages, higher prices spike as bird flu grows

More than 98% of Costco shareholders voted down an anti-DEI proposal Thursday at the company's annual shareholders meeting, according to the preliminary vote results.

Why it matters: Diversity, equity and inclusion (DEI) efforts are falling out of favor and coming under legal scrutiny with President Trump's return to the White House, Axios' Emily Peck reports.

• Anti-DEI shareholder proposals have surged over the past few years.

State of play: The anti-DEI proposal was filed by the National Center for Public Policy Research, a conservative think tank.

• Costco grabbed headlines over the holidays when its board of directors put out a robust defense of its DEI efforts in response to the anti-DEI proposal.
• The board had voted unanimously to ask shareholders to reject the motion.

Zoom out: Trump issued a sweeping executive order Tuesday revoking decades of diversity and affirmative action practices in federal government.

What they're saying: "The fact that 98% of investors voted against the proposal shows that almost all investors are not buying what the anti-ESG and anti-DEI organizations are selling," Jonas Kron, Trillium Asset Management's chief advocacy officer, said in a statement to Axios.

• "It's also a strong indication that all the media reports of the death of DEI and ESG are way overblown," Kron said. "The investing community clearly understands the importance and value of these ESG and DEI approaches and are ready to express that through their votes."

Editor's note: This story has been updated with additional information.

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• Walmart boosts some top managers to over $600,000 a year
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The escalating bird flu crisis is ravaging the nation's supply of eggs, leading to increased prices and presenting an immediate challenge for the Trump administration.

Why it matters: An outbreak of avian influenza is growing and has affected nearly 13 million birds in the last 30 days, according to USDA data.

• Some retailers are limiting how many eggs consumers can purchase while others are having a hard time keeping shelves stocked.
• "It's really a crazy situation and an unfortunate situation for consumers because the supply situation is what it is due to the bird flu," Jason Hart, CEO of grocery chain Aldi, tells Axios.

State of play: Egg prices are climbing to new record highs daily, Karyn Rispoli, managing editor for eggs in the Americas for price-reporting service Expana, tells Axios.

• A dozen large eggs in the Southeast and South Central "will be north of $7," while Midwest eggs are $6.95, Rispoli said Tuesday.
• Brian Moscogiuri, a global trade strategist at Eggs Unlimited, an egg supplier based in Irvine, California, told Axios that the "transactional values of eggs are as high as we've ever seen them."
• "Some of the retailers are short because their suppliers have been directly impacted and their replacement cost is extremely high right now because there's not much egg to be had in the market," he said.

Meanwhile, Emily Metz, president and CEO of the American Egg Board, said demand "for eggs at retail has been exceptionally high for a sustained period, and failing to act quickly and identify new ways to fight [highly pathogenic avian influenza, or HPAI] could mean continued challenges for customers and consumers who need the nutritious foods impacted."

What's next: Egg prices are expected to fly to new highs in the coming weeks and months.

• Hart said Aldi is committed to keeping prices as low as possible on eggs, consistent with its general pricing philosophy. "We view ourselves as that shock absorber for the consumer, so wherever we can we hold the line" on prices, he said.
• Walmart, the nation's largest retailer, told Axios in a statement that it "does not have a purchase limit on eggs, and although supply is very tight in some areas, we're working with suppliers to try and help meet customer demand."

What we're watching: It remains to be seen whether the Trump administration will take any action in addition to efforts already underway to address the crisis.

• Last week, the Department of Health and Human Services announced it would give Moderna approximately $590 million to accelerate bird flu vaccine trials.
• The American Egg Board tells Axios it's eager to work with the Trump administration as farmers, distributors and retailers all grapple with egg shortages and price hikes.
• Department of Agriculture representatives did not immediately respond to a request seeking comment from Axios.

Reality check: "There's no real silver bullet for this thing right now, outside of trying to stop the spread of the virus and get birds repopulated as quickly as possible," Moscogiuri said, adding that "farms are doing to their best of their ability."

• "It's unlikely that the new administration will be able to bring about significant change in just a matter of weeks, especially when it comes to the bird flu itself," Rispoli said.

The bottom line: Eggs are considered safe to eat but don't expect them to get cheaper until bird flu is under control.

President Biden delivers his farewell address Wednesday night live from the Oval Office.

Why it matters: Biden's remarks focus on defining his legacy and record more than on President-elect Trump.

• Follow along with Axios' live coverage here.

When is Biden's farewell speech tonight?

Zoom in: Biden is scheduled to address the nation at 8pm ET.

• It's Biden's fifth Oval Office address since he became president in 2021.
• His last speech from the Oval Office was in July after he announced he wasn't running for re-election.

How to watch Biden speech live

Zoom in: Major television networks — including ABC, CBS, Fox and NBC — are airing the speech live.

• Cable news channels also will air Biden's address live.

Stream Biden's farewell address live

The big picture: Biden's farewell address to the nation will be streamed live on YouTube, network and streaming apps.

• You can also livestream the speech on Axios with the above YouTube video.

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Macy's is closing 66 stores as part of its "A Bold New Chapter" plan, with liquidation sales set to start in January, the retailer confirmed to Axios Thursday.

Why it matters: The struggling department store chain is getting smaller as it continues to deal with declining sales.

• Macy's said last February that it planned to shutter 150 stores by the end of 2026 — about a third of its locations.
• The retailer also said it is leaning into its high-end brands and plans to invest in its "350 go-forward Macy's locations."
• Tony Spring, Macy's chair and CEO, said in a statement the company is closing underproductive stores "to allow us to focus our resources and prioritize investments in our go–forward stores."

The big picture: The department store sector has been reeling for years, struggling to compete with nimbler big-box chains, fast-fashion retailers and digital competitors.

• The industry has seen the bankruptcies of stalwart chains such as Sears, JCPenney and Neiman Marcus.
• Kohl's announced Thursday that it was closing 27 stores by April.

Flashback: In early 2020 before the pandemic, Macy's Inc., which includes Bloomingdale's and Bluemercury, said it would close around 125 stores, a fifth of locations, as part of a three-year plan.

• Macy's fell short of its target and closed 80 namesake stores.
• Last year, it closed another five stores.

Macy's liquidation closing sales

State of play: Macy's confirmed to Axios that clearance sales will begin in January and will run for approximately 8–12 weeks for full-line and small-format stores.

• For most furniture galleries and free-standing Backstage stores, clearance sales will begin in February and will run for approximately six weeks.

Macy's stores closing list 2025

Zoom in: Macy's typically announces closings after the holiday shopping season, which has been the case in recent years, including in January 2023 and January 2024.

• Stores slated to close include stand-alone Backstage stores, Market by Macy's small format stores, department stores and furniture stores.

Arizona Macy's store closure

• Mesa: Superstition Springs Center, 6535 E Southern Ave.

California Macy's closing stores

• Chula Vista: Otay Ranch Town Center, 2015 Birch Road
• Citrus Heights: Sunrise Mall, 6000 Sunrise Mall
• Corte Madera: Village at Corte Madera, 1400 Redwood Highway
• Los Angeles: Downtown LA Plaza, 750 W 7th St.
• Newark: NewPark Mall, 200 Newpark Mall
• Sacramento: Downtown Plaza, 414 K St.
• San Diego: Mission Valley Home, 1555 Camino De La Reina
• San Mateo Hillsdale Furniture: 2838 South El Camino
• Westminster: Westminster Mall, 300 Westminster Mall

Colorado Macy's closing stores

• Centennial Southglenn Furniture: 6797 South Vine Street (already closed)
• Denver: The Shops at Northfield, 8298 E Northfield Blvd.

Macy's Florida closing stores

• Altamonte Springs Furniture: 820 West Town Parkway
• Boca Raton Furniture: 9339 Glades Rd (already closed)
• Boynton Beach: Boynton Beach Mall, 801 N Congress Ave
• Fort Lauderdale Furniture: 4501 N. Federal Highway
• Pembroke Pines Furniture: 13640 Pines Blvd.
• Sarasota: Westfield Siesta Key, former Southgate Mall, 3501 S Tamiami Trail
• South Dade Furniture: 13251 South Dixie Highway (already closed)
• Tampa: West Shore Plaza, 298 Westshore Plaza

Georgia Macy's closing stores

• Duluth Furniture: Gwinnett Furniture, 3360 Ventura Parkway
• Duluth: Gwinnett Place Mall, 2100 Pleasant Hill Road
• Suwanee Market by Macy's: Johns Creek Town Center, 3630 Peachtree Parkway

Idaho Macy's closing store

• Coeur d'Alene: Silver Lake Mall, 200 W Hanley Ave.

Illinois Macy's store closure

• Springfield: White Oaks Mall, 104 White Oaks Mall

Louisiana Macy's closing store

• Lafayette: Acadiana Mall, 5733 Johnston St.

Macy's Maryland stores closing

• Bel Air: Harford Mall, 600 Baltimore Pike
• Baltimore: Security Square Mall, 6901 Security Blvd.

Macy's Massachusetts store closure

• Kingston: Kingston Collection, 101 Kingston Collection Way

Michigan Macy's closing stores

• Flint: Genesee Valley Center, 4600 Miller Road
• Sterling Heights: Lakeside Mall, 14200 Lakeside Circle
• Traverse City: Grand Traverse Mall, 3400 S Airport Road W
• Troy: Oakland Mall, 500 W 14 Mile Road

Minnesota closing Macy's stores

• Burnsville: Burnsville Center, 14251 Burnhaven Drive
• Maplewood: Maplewood Mall, 3001 White Bear Ave.

Missouri Macy's closing stores

• Kansas City: Metro North Mall, 400 NW Barry Road
• St. Louis: South County Center, 10 S County Center Way

Macy's New Jersey store closing

• West Orange: Backstage Essex Green Shopping Center, 495 Prospect Avenue West

Macy's New York closings

• Brooklyn Downtown: 422 Fulton St.
• Brooklyn: Backstage Sheepshead Bay: 2027 Emmons Ave.
• Bronx: Backstage Fordham Place, 404 East Fordham Road
• Elmhurst: Backstage Queens Place, 88-01 Queens Blvd.
• Huntington: Melville Mall, 834 Walt Whitman Road
• New Hyde Park: Backstage Lake Success, 1526 Union Turnpike
• Massapequa: Sunrise Mall, 400 Sunrise Mall
• Rochester: Greece Ridge Center, 397 Greece Ridge Center
• Staten Island Furniture: 98 Richmond Hill Road

Ohio Macy's closing stores

• Beavertown: Fairfield Commons, 2727 Fairfield Commons Blvd.
• Toledo: Franklin Park, 5001 Monroe St.

Oregon closing Macy's stores

• Hillsboro: The Streets of Tanasbourne, 2055 NE Allie Ave.
• Salem: Salem Center, 400 High St. NE

Pennsylvania Macy's closing stores

• Altoona: Logan Valley Mall, 5580 Goods Lane
• Exton: Exton Square, 245 Exton Square Mall
• Philadelphia: Center City, 1300 Market St.
• Wilkes Barre: Wyoming Valley Mall, 59 Wyoming Valley Mall

Tennessee Macy's store closure

• Memphis: Oak Court, 4545 Poplar Ave.

Texas Macy's store closings

• Dallas Market by Macy's: Southlake Town Square, 321 State Street
• Flower Mound Market by Macy's: Highlands of Flower Mound, 6101 Long Prairie Road
• Fort Worth Market by Macy's: West Bend, 1751 River Run
• Houston: Almeda Mall, 100 Almeda Mall
• Plano: The Shops at Willow Bend, 6209 W Park Blvd.
• Fairview: Village at Fairview, 201 Stacy Road

Virginia Macy's store closing

• Colonial Heights: Southpark Mall, 170 Southpark Circle

Washington Macy's closing stores

• Puyallup: South Hill Mall, 3500 S Meridian
• Redmond Furniture: 15340 NE 24th Street
• Siverdale: Kitsap Mall, 10315 Silverdale Way NW

Editor's note: This story was updated with additional information throughout.

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The nation honors former President Jimmy Carter with a state funeral today and a national day of mourning.

The big picture: President Biden will deliver Carter's eulogy during the funeral, which comes 11 days before President-elect Trump's inauguration.

• All five living U.S. presidents are expected to attend Thursday's service.

What time does Jimmy Carter's funeral start?

The national funeral service for Carter is slated to start at 10am ET today at the National Cathedral in Washington, D.C.

Watch Carter funeral live

What we're watching: The Washington National Cathedral is livestreaming the funeral on its website and YouTube page.

How to watch Jimmy Carter funeral on TV

Major news networks are broadcasting the funeral live on their television stations, websites, apps and YouTube channels.

• This includes ABC, C-SPAN, NewsNation, CBS, CNN, CNBC, NBC, MSNBC, PBS and Fox News.

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• In photos: Trump and others pay their respects to Jimmy Carter
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Bankrupt retailer Big Lots said Friday it struck an 11th-hour deal to save hundreds of its stores via a sale to Gordon Brothers and Variety Wholesalers.

Why it matters: The Columbus, Ohio-based company had about 27,700 employees and more than 1,300 stores in 48 states when it filed for Chapter 11 bankruptcy protection in September.

• Last Friday, the company said its restructuring plans had collapsed and it would have to liquidate all its stores.

Zoom out: Big Lots said Variety Wholesalers would take over somewhere between 200 and 400 locations, which will keep the Big Lots name; and up to two distribution centers.

• Variety operates chains including Roses, Maxway and Bargain Town.

Yes, but: The deal that saves stores gives no guarantee on jobs.

• In a statement, Big Lots said Variety "may" employ current associates at the saved facilities.
• The deal still has to be approved by the bankruptcy court.