President Donald Trump has repeatedly threatened military action against Iran, only to pull back at the last minute. This pattern continued over the weekend. On Friday, Trump warned of a strong military response, but by Saturday night, he announced progress in negotiations. He credited Gulf allies, including Saudi Arabia, for persuading him to give diplomacy more time. Critics say his approach seems erratic. Some argue that military force alone may not compel Iran to back down. Polls show many Americans feel the conflict, which began in February, has not been worthwhile.
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Iran's leadership is showing unity in its war strategy against the U.S., but there are sharp differences over the endgame. Ultra-hardliners, known as the Paydari movement, push for total victory and oppose negotiations. Meanwhile, supporters of parliament speaker Mohammad Bagher Qalibaf and President Masoud Pezeshkian see military pressure as a means to negotiate with the U.S. The ceasefire deal reached in April received backing from Iran’s top leadership, but it crumbled as tensions rose. The hard-liners use rallies and state TV to oppose negotiations, while pragmatists argue for addressing economic and social issues. Both sides are positioning for power postwar.
Investors looking to get a jump on White House announcements will be able to buy sneak peeks starting Saturday as a Trump family company starts selling special, fast access to the president's posts on social media. The new business targeting special computerized trading firms raises ethics questions about whether it constitutes insider trading and how far should a president be allowed to use his public office to help his private business. A prolific poster, Donald Trump has sent stocks soaring and plunging with his online musings and threats. The White House had no comment, and the company dismissed the ethics issue, saying Democratic critics just don't like free markets.
U.S. stocks rose to the finish of a wild July as Amazon leaped, Apple sank and rising oil prices worsened worries about inflation. The S&P 500 climbed 0.7% Friday after veering between gains and losses through the day. The Dow Jones Industrial Average added 0.5%, and the Nasdaq composite jumped 1%. Amazon soared after delivering a stronger profit for the spring than analysts expected, suggesting its big AI investments may be paying off. Apple dropped after giving a lackluster forecast for upcoming revenue growth. Treasury yields climbed as worries built in the bond market about inflation potentially remaining high.
Major oil companies reported massive profits while fighting between Iran and the U.S. impeded petroleum shipments. Prices for Brent crude soared above $100 a barrel for much of the spring. Constrained supplies meant consumers around the world paid more for fuel and confronted shortages. But higher prices resulted in elevated profits for some of the biggest publicly traded oil companies. American oil and gas giants Exxon Mobil and Chevron both more than doubled their profits in the second quarter. They are positioned to benefit because they own refineries and extract oil and gas. Democrats in Congress have proposed taxing oil producers for war-related windfalls.
AP Wire
President Donald Trump says he may pull Todd Blanche’s nomination for attorney general until Sens. John Cornyn and Thom Tillis leave office. The Republicans have demanded written assurances about the settlement of the president’s lawsuit against the Internal Revenue Service. Back-and-forth missile strikes between the U.S. and Iran Thursday are dimming hopes for a deal to end the war as more countries are drawn in. Jordan, Kuwait, Egypt, Saudi Arabia and Iraq have reported strikes. And a new AP-NORC poll shows Trump's approval rating has dropped, with most Americans saying the Iran war isn't worth fighting.
AP Top Story Wire
The U.S. Department of Energy is harnessing the artificial intelligence boom in its bid to convert another Cold War-era uranium enrichment site. It says it says a $100 billion data center complex will include its own new natural gas and battery storage power plant in Kentucky. Investment firm Brookfield Asset Management was selected by the department to develop and operate the data center project at the government-owned Paducah Gaseous Diffusion Plant. The department announced a similar project at its Portsmouth Gaseous Diffusion Plant in Ohio. Both are undergoing extensive cleanup after decades of fueling the nation’s nuclear weapons and power plants. Florida-based NextEra Energy will build and own the power plant.
A monster day for Microsoft following signals that its big spending on AI is translating into profits led a powerful rebound on Wall Street, while AI stocks regained some of their sharp recent losses. The S&P 500 rallied 1.7% Thursday and more than recovered its drop from the prior day. The Dow Jones Industrial Average rose 1.2%, and the Nasdaq composite jumped 2.8%. Microsoft delivered a bigger profit than analysts expected, which helped offset Meta Platforms's drop after it raised its forecast for AI investments. Longer-term Treasury yields held relatively steady a day after soaring on worries about inflation. Oil prices eased.
AP Wire
The United States and Iran have each fired barrages of missiles as the pattern of back-and-forth strikes takes hold again and hope dims for a quick end to the five-month conflict. Following a few days of respite, fears of a wider war have grown, with renewed fighting threatening to engulf even more countries. Jordan said Thursday it intercepted Iranian missiles for the second consecutive day, while Kuwait said a strike in the northern part of the country killed one person. Also this week, drones caused fires on ships at an Egyptian port, and Saudi Arabia said it came under fire from Iran-backed militias in Iraq.
A new AP-NORC poll shows most Americans say the war in Iran has not been worth fighting. President Donald Trump’s approval rating on Iran has fallen slightly since last month. About two-thirds of U.S. adults, including a majority of Democrats and independents, and one-third of Republicans, say the war has not been worthwhile. The survey reinforces how unpopular the Iran war has become at home — a potential problem for Republicans heading into November’s midterms. Just 28% of U.S. adults now approve of how the Republican president is handling Iran, a slight decline from 34% last month. Most Americans prioritize keeping gas prices low and negotiating a ceasefire.