US stocks jump to their best day in 2 months on hopes for a deal to get crude flowing globally again
NEW YORK (AP) — U.S. stocks rallied to their best day in two months, and oil prices fell after President Donald Trump called off his threat to bomb Iran in the evening. That raised hopes Thursday for a potential deal to get the global flow of oil going again. The S&P 500 jumped 1.8%, coming off a back-to-back drop that had yanked it back to where it was in early May. The Dow Jones Industrial Average leaped 1.9%, and the Nasdaq composite rallied 2.5%. Strong gains for chip stocks helped offset a slide for Oracle. Treasury yields eased sharply in the bond market.
Trump has a new, surprising take on the higher cost of living: 'I love the inflation'
WASHINGTON (AP) — President Donald Trump has a surprising take on a new report that shows inflation spiking to its highest level in three years. Trump told reporters in the Oval Office on Wednesday that “I love the inflation." Ahead of the November midterm elections, voters have ranked the economy as a top concern — and have given Trump low marks on that issue. The problem has intensified as the Iran war has pushed oil prices higher. Within minutes of his on-camera comment, Democrats quickly rushed to promote it on social media. On Capitol Hill, Representative Emilia Sykes — a Democrat from Ohio — asked Energy Secretary Chris Wright if he, too, loved inflation. Wright said he'd prefer lower inflation, but praised Trump's work on curbing Iran's nuclear ambitions.
Elon Musk's SpaceX is about to make its debut on Wall Street
Elon Musk’s rocket company SpaceX will make its debut on Wall Street Friday. Both institutional and retail investors are expected to gobble up the 555.6 million shares going up for sale at $135 apiece. Musk is already the world’s richest man and he could become its first trillionaire. Musk says the company is going public because it needs money to fund its ambitions of putting satellites and data centers in space.
A look at the SpaceX IPO by the numbers
Elon Musk is all about big numbers — millions, billions, even trillions – and there are plenty of them associated with SpaceX and Musk’s plans to take the rocket maker public. The prospectus for SpaceX's initial public offering shows spending at a massive scale — greater than economic output of some countries — and about to grow much larger as Musk races to make good on his promise to hurl people to distant planets. Money raised in the initial public offering — estimated to be $75 billion — will help. The IPO could rank as the largest ever and make Musk the world's first trillionaire.
US producer prices spike in May as soaring energy prices fuel largest yearly jump since 2022
WASHINGTON (AP) — U.S. producer prices climbed last month at the fastest pace since November 2022, fueled by surging energy prices. The Labor Department reported Thursday that its producer price index — which captures inflation before it reaches consumers — jumped 6.5% from May 2025. It also rose 1.1% from April, same as it did the previous month. Inflationary pressures, intensified by the energy shock caused by the Iran war, are frustrating Americans five months before midterm elections that will determine whether President Donald Trump’s Republicans keep full control of Congress.
Europe's central bank raises rates to fight inflation from Iran war, the Fed to decide next week
FRANKFURT, Germany (AP) — The European Central Bank on Thursday became the first major central bank to raise interest rates in response to the Iran war. Policymakers around the world including new U.S. Federal Reserve Chair Kevin Warsh are wrestling with how to confront the inflation fed by sharply higher oil prices. The ECB’s rate-setting council raised its benchmark rate to 2.25% from 2%, where it had been for a year. The move comes ahead of rate-setting meetings next week at the Fed, the Bank of Japan, and the Bank of England. Oil prices have risen sharply due to Iran choking off the flow of crude oil through the Strait of Hormuz.. Higher interest rates aim to fight inflation caused by more expensive energy.
Average US long-term mortgage rate rises to 6.52%, just below its high for the year
The average long-term U.S. mortgage rate ticked up this week to just below its high for the year, the latest sign that borrowing costs on home loans remain elevated relative to where they were before the war with Iran started. Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed rate mortgage rate rose to 6.52% from 6.48% last week. The average rate remains below 6.84%, where it was a year ago. Mortgage rates are influenced by several factors, from the Federal Reserve’s interest rate policy decisions to bond market investors’ expectations for the economy and inflation.
Anthropic pledges $200 million to research AI's economic impact as CEO suggests job loss solutions
Anthropic has joined calls for the AI industry to find ways to cushion people from AI's disruptions to the workforce. The company announced a $200 million investment to research AI's economic impact. On Wednesday, CEO Dario Amodei published an essay with proposals for government support for those financially affected by AI. He warned that AI could cause significant and lasting labor market disruptions. Amodei suggested data collection, pro-employment policies, and possibly universal basic income. Anthropic plans to fund research and a fellowship program to extend AI benefits. The announcement follows similar plans by OpenAI and discussions with political leaders about public compensation.
FDA's e-cigarette authorization: Fruity vapes not significantly better than tobacco ones
WASHINGTON (AP) — A new memo from U.S. health regulators is raising questions about a recent decision to authorize the first fruit-flavored e-cigarettes for adult smokers. The Food and Drug Administration document posted online this week shows that adding flavors like mango and blueberry didn't help smokers quit when compared with older, tobacco-flavored vapes. The memo provides the first detailed look at how the FDA made its decision to approve the e-cigarettes from a small California vaping company. The decision marked a first for the agency and has been heavily criticized by health groups and lawmakers.
Opening of Canada-US bridge that Trump threatened to block is delayed over unresolved 'issues'
DETROIT (AP) — The opening of a Canadian-U.S. bridge across the Detroit River, which President Donald Trump had previously threatened to block, has been delayed due to unresolved issues. The Windsor-Detroit Bridge Authority said Thursday, ahead of a scheduled Friday ribbon-cutting ceremony, that Canada and the United States have agreed to delay the bridge's opening. The bridge authority hasn't elaborated on how long the delay will last. The Gordie Howe International Bridge is jointly owned by Canada and Michigan and was expected to open to traffic later this month. The Republican U.S. president in February demanded that Canada turn over at least half the ownership of the bridge to the U.S. federal government.
