US stocks hit records as profits keep piling up for Palantir and others, while oil prices ease
NEW YORK (AP) — The U.S. stock market rallied to records as companies kept piling up profits and oil prices eased. The S&P 500 shot up 1.8% Tuesday, and the main measure of Wall Street’s health topped its prior all-time high set in June. The Dow Jones Industrial Average added 1.7% to its own record set the day before, and the Nasdaq composite jumped 2.6%. Palantir Technologies and Caterpillar helped lead the way after becoming the latest companies to deliver stronger profits for the spring than expected. Brent crude fell below $80 per barrel, which helped Treasury yields ease in the bond market.
SpaceX posts loss in first report as a public company but less than expected
NEW YORK (AP) — SpaceX reported it lost more than half a billion dollars in its first quarterly report as a public company, but the loss was less than expected and revenue soared. The company run by Elon Musk reported $541 million in losses, or 9 cents per share, in the three months through June. Musk will field questions from investors and financial analysts later Tuesday on a conference call. Stock in the rocket, satellite and AI company has fallen by roughly half since its June peak following a massive initial public offering that briefly made Musk the world’s first trillionaire.
US job openings slip to 7.4 million, but labor market remains resilient in face of fighting in Iran
WASHINGTON (AP) — U.S. job openings fell slightly in June, but the labor market continued to show resilience in the face of an economic shock from the fighting in Iran. The Labor Department said that employers posted 7.36 million vacancies in June, down from 7.54 million in May. The numbers were in line with economists’ expectations. Layoffs were little-changed at 1.8 million, and the number of people quitting their jobs — a sign of confidence in their prospects — rose slightly. The U.S. job market has remained sturdy despite a surge in energy prices caused by the Iran war, rebounding from a 2025 slump.
25 states sue over Trump’s new tariffs, calling them ‘pretext’ to replace his old ones
WASHINGTON (AP) — Twenty-five states sued the Trump administration Monday over its latest tariffs, calling them a pretext for replacing import taxes the Supreme Court struck down in February. The United States last month imposed double-digit tariffs on 59 countries and the European Union, charging that they had not done enough to crack down on imports produced by forced labor. The new tariffs took effect just as the clock ran out on temporary tariffs President Donald Trump had turned to after the Supreme Court defeat. “After losing at the Supreme Court, the administration is once again trying to illegally raise taxes on families and businesses with a new round of tariffs,” said New York Attorney General Letitia James.
Chipotle pulls jalapeños from some restaurants as health officials investigate salmonella outbreak
CHICAGO (AP) — Chipotle Mexican Grill says it has removed jalapeños from some of its restaurants after determining the peppers could potentially be tied to a salmonella outbreak public health officials are investigating. The company said Tuesday that it had pulled the jalapeños out of an abundance of caution and replaced them with product from different growers. The Minnesota Department of Health confirmed the outbreak is tied to several Mexican-style quick-service restaurants, with jalapeños suspected as the source. Officials identified 110 cases in Minnesota, with Chipotle involved in most. The Minnesota Department of Health said the Food and Drug Administration is conducting a traceback probe.
Utility’s idle transmission tower caused 2025 Eaton fire that killed 19, Los Angeles officials say
LOS ANGELES (AP) — Los Angeles fire officials say the deadly 2025 Eaton fire was caused by Southern California Edison equipment. A report released Tuesday found the cause of the fire that killed 19 people and destroyed or damaged more than 9,000 homes and businesses was a tower that was not in service. The Eaton Fire was one of two blazes that broke out on Jan. 7, 2025. It took firefighters nearly a month to extinguish the blaze, which scorched 22 square miles.
McDonald’s posts strong second quarter profit, names new leader for US market
McDonald’s posted a strong profit in its second quarter and named a new head of the US market as sales in the U.S. continue to be impacted by Americans’ cautious spending. The Chicago chain earned $2.36 billion, or $3.32 per share, for the three months ended June 30. A year earlier it earned $2.25 billion, or $3.14 per share. Excluding certain items, earnings were $3.38 per share, beating the $3.32 per share analysts polled by FactSet expected.
Big oil companies continue to post banner profits as fighting in Iran drives prices higher
NEW YORK (AP) — Big oil companies continue to book massive profits as fighting in Iran disrupts energy markets and sends oil and gasoline prices sharply higher. BP said Tuesday that its profit more than doubled to $3.9 billion in the second quarter. Saudi Aramco reported a 44% year-on-year increase in second-quarter profit. The supercharged performances from big oil in Europe and the Middle East follow reports of enormous profits from the largest U.S. oil drillers last week. Big U.S. energy companies drew the ire of President Donald Trump this week. Trump said that Exxon Mobil and Chevron are making “too much money.”
Japan’s Toyota reports hefty profit on cheap yen and solid car sales
TOKYO (AP) — Toyota is reporting a nearly doubling of profit for the fiscal first quarter as solid demand in the U.S. and India combined with a favorable exchange rate to boost results. The Japanese automaker, which makes the Prius hybrid and Lexus luxury models, recorded on Tuesday a 1.48 trillion yen, or $9.4 billion, net profit in the April-June period, up from 841 billion yen the same quarter the previous year. Quarterly sales rose 10% on year to 13.5 trillion yen, or $85 billion. A cheap yen raises the value of overseas earnings for Japan’s giant exporters like Toyota.
3 tricky decisions for every retirement plan
Many aspects of retirement planning are the subject of hot debate, even among experts. Three of the most tricky decisions that confront people planning retirement are the ‘right’ withdrawal rate, long-term-care insurance, and annuities.
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