Wall Street banks are sky-high about SpaceX, but investors remain cautious
NEW YORK (AP) — Wall Street banks have high hopes for SpaceX but at the moment shares of Elon Musk’s rocket market appear to be earthbound. Many of the investment firms that underwrote SpaceX’s initial public offering issued their first research notes about the company Tuesday, and almost all recommended that investors buy the stock and forecast it to trade above $200 in the next 12 to 18 months. But after topping $200 in its first week of trading, the stock is trading around $150 per share, roughly where it opened on June 12, its IPO day. Investors may be looking cautiously at the same factors that have Wall Street so enthusiastic.
US airlines’ monthly fuel spending topped $6 billion again in May, up 84% from year ago
Government data released Tuesday shows that U.S. airlines spent $6.66 billion on jet fuel in May. This marks an 84% increase from the previous year. It was the second month in a row with fuel costs exceeding $6 billion, following April's $6.47 billion. The latest figures show that the rise is mainly due to pricier jet fuel, as consumption in May was slightly lower from a year earlier. The average price per gallon was $4.09. That was down slightly from April but 85% higher than in May 2025. Fuel prices have eased since a U.S.-Iran ceasefire, but tensions remain.
Oil prices jump more than 3% after US strikes on Iran, while shares in Asia are mixed
BANGKOK (AP) — Asian shares are mixed and oil prices have surged more than 3% after the U.S. launched strikes on Iran. Shares in Japan and South Korea fell following a retreat on Wall Street as the AI roller-coaster took tech shares sharply lower. On Tuesday, the S&P 500 fell 0.4% even though the majority of stocks within the index rose. The downturn for artificial-intelligence-related stocks dragged the Nasdaq composite down 1.2%. The Dow Jones Industrial Average dipped 0.2%. AI stocks worldwide have been swinging because of worries their prices have shot too high. Stocks also felt pressure from rising oil prices. The latest strikes on Iran followed attacks on three ships in the Strait of Hormuz.
US airlines are redesigning travel around their highest-paying passengers
America’s biggest airlines are expanding their premium cabins and adding more luxury perks to attract high-paying passengers. Experts say airline competition for customers who are willing to pay comfortable seats, chef-designed food and access to exclusive airport lounges has accelerated since the end of the COVID-19 pandemic. Analysts say first-class, business-class and premium-economy seats now generate a disproportionate share of airline revenue. Critics say the new era of luxury travel is widening the gap between premium and economy passengers. The CEO of United Airlines has argued that the industry isn't just courting big spenders but working to improve the experience of all travelers.
Judge dismisses Prince Harry's privacy invasion lawsuit against publisher of Daily Mail
LONDON (AP) — Prince Harry's final lawsuit against the British tabloids has ended in defeat. A judge ruled Tuesday that Harry failed to prove his privacy invasion claims against the Daily Mail's publisher. Justice Matthew Nicklin said there was a realistic possibility the news came from legitimate sources. The ruling affects lawsuits filed by Harry and others, including Elton John and Elizabeth Hurley, seeking substantial damages. The publisher called it an “overwhelming victory.” The decision leaves a mixed legacy for Harry's legal battles with the press. His litigation has been a primary source of his falling out with his family.
Trump says Walmart cut prices at his request, but Walmart statement omits administration's role
WASHINGTON (AP) — President Donald Trump is claiming credit for Walmart's recent price cuts, though the retailer's statement doesn't mention his administration's involvement. Trump faces backlash over inflation, which rose after his tariffs and the Iran war's impact on energy costs. He blames Democrats for the ongoing issue. In a social media post Monday, Trump says Walmart lowered prices at his request to celebrate the nation's 250th birthday. However, Walmart's statement describes the cuts as a seasonal strategy, with no mention of government interaction. Inflation has climbed 4.2% over the past year, higher than the rate Trump inherited.
US launches new strikes on Iran, revokes oil sales permit after 3 ships attacked in Strait of Hormuz
DUBAI, United Arab Emirates (AP) — The U.S. military has attacked Iran after it said Tehran struck three ships in the Strait of Hormuz. The strikes Wednesday came as part of an American effort that also revoked the Islamic Republic’s ability to openly sell crude oil in the world market. Iran immediately warned Washington it would “take whatever measures it deems necessary.” That raises the risks that an interim agreement in the war halting fighting could break down, putting the wider Middle East again at risk of a wider conflict. The attacks on shipping and the resulting strikes on Iran came during the dayslong funeral for Iran’s Supreme Leader Ayatollah Ali Khamenei,
Ex-civil rights agency commissioner fired by Trump drops lawsuit in wake of Supreme Court ruling
NEW YORK (AP) — A former Democratic commissioner of one of the country’s top civil rights agencies has dropped a lawsuit challenging her dismissal by President Donald Trump. Jocelyn Samuels cited a recent Supreme Court ruling that dramatically enhanced the president’s power over independent agencies. Trump’s unprecedented dismissal of two Democratic commissioners from the Equal Employment Opportunity Commission cleared the way for his shake-up of civil rights enforcement. The EEOC moved forward with aspects of that plan Monday, releasing a regulatory agenda that would end annual collection of workplace demographic data and rescind guidance warning that it may be discriminatory to require workers to exclusively use English.
Alberta and Ontario propose a pipeline to carry western Canada's oil to the east
TORONTO (AP) — The premiers of Alberta and Ontario have proposed a pipeline to carry western Canadian oil to the country's east as Canada seeks new markets. Alberta's premier says the proposed pipeline would run from Hardisty, Alberta, to Sarnia, Ontario, carrying up to 500,000 barrels of oil a day with potential for up to 800,000 barrels. Smith says the corridor could eventually be extended to Canada’s Atlantic coast, opening the door to oil exports to Europe. Ontario Premier Doug Ford says the pipeline would be a sound investment regardless of whether it is publicly or privately financed. A feasibility study is planned.
South Korean law targeting 'fake news' takes effect as journalist groups raise concerns
SEOUL, South Korea (AP) — South Korea is enforcing a law that allows steep punitive damages against news outlets and social media influencers for spreading false information as journalist groups warned it could chill public discourse and invite censorship. The law that took effect Tuesday allows courts to award damages of up to five times the proven losses against news organizations and large social media channels, such as including YouTube creators, that circulate illegal, false or manipulated information to cause harm or generate profit. Distributors in addition could be fined $656,000 for repeating falsehoods.
