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⚡ TODAY IN HISTORY On September 27, 1908, workers at Ford’s Piquette Avenue Plant in Detroit assembled the first Model T, the car that put ordinary American families on the road. In 1825, England’s Stockton and Darlington Railway opened as the world’s first public railway to run steam locomotives. Today? A gallon of regular gas averages $4.48 in the US, and diesel sits near $6.51, as the Iran war disrupts Gulf oil shipments. |
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TOP NEWS |
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Iran sends the US a seven-day plan to reopen Hormuz 7 DAYS With the seven-month war stalled, Iranian Foreign Minister Abbas Araghchi told reporters in New York on Sept. 24 that Tehran had sent US mediators a seven-day plan to end the standoff. Under the proposal, Iran would reopen the Strait of Hormuz, the Gulf channel for much of the world’s oil, if its conditions are met, and talks on a final deal would restart; a mediator told CBS News the talks were positive but early. |
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Trump and Xi push the trade truce to January 10 +2 MONTHS As Chinese President Xi Jinping landed Wednesday for his first US state visit in 11 years, Treasury Secretary Scott Bessent announced that the tariff truce set to expire Nov. 10 would run to Jan. 10. The deal keeps US tariffs lower and pauses Beijing’s limits on rare earth exports, the minerals used in phones and weapons, but the three-day summit produced no broader trade agreement. |
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Rare September nor’easter hits the East Coast 40M+ PEOPLE A slow-moving coastal storm, made worse by the higher tides of Saturday’s full moon, put more than 40 million people from North Carolina to New England in its path this weekend. Forecasters warned of 1 to 3 feet of coastal flooding, gusts up to 60 mph, and 4 to 8 inches of rain from central Massachusetts to Cape Cod. |
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Mortgage benchmark jumps to its highest level since 2007 5.1% Worries that war-driven fuel costs will keep inflation high set off a global bond sell-off this week, pushing the 10-year Treasury yield, which guides US mortgage rates, above 5.1% on Sept. 24 for the first time since 2007. Higher yields raise the cost of home and car loans, and the 30-year yield climbed to its highest point since 2004. |
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US military death toll in the Iran war reaches 19 Army Capt. Bianca Wilkerson, 37, of Norfolk, Virginia, died Sept. 18 after a medical emergency while traveling to the Middle East, the Army announced this week. Her death raises the Pentagon’s count of US service members killed during the war, which began with US-Israeli strikes on Iran on Feb. 28, to 19. |
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WORLD |
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Houthis seize Yemen’s Red Sea coast, putting a second oil chokepoint at risk 12% OF WORLD TRADE Yemen’s Iran-backed Houthi rebels captured the port city of Mokha and key Red Sea islands this month, giving them a watch over the Bab el-Mandeb Strait, the Red Sea’s southern gateway, which normally carries about 12% of world trade. On Sept. 24, Yemen’s internationally recognized government urged leaders at the UN to help defeat the rebels, who have declared a blockade on Saudi shipping. |
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France sends troops and air defenses to guard a Saudi oil port Since Iran blockaded the Strait of Hormuz, Saudi Arabia has shipped its oil through Yanbu, a port on its Red Sea coast, and Houthi drones and missiles have repeatedly targeted Saudi Aramco sites there. French President Emmanuel Macron said on Sept. 24 that France would send soldiers, radars and defense systems to protect the terminal. |
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Delegates walk out as Netanyahu takes the UN stage Facing broad condemnation over Israel’s role in the Iran war, Prime Minister Benjamin Netanyahu addressed the UN General Assembly in New York on Sept. 24 as many attendees left the hall. Netanyahu defended the joint US-Israeli campaign against Iran and thanked President Trump, while hundreds of protesters marched from midtown Manhattan to UN headquarters. |
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Iran’s airlines lose their neighbors’ runways as US sanctions take hold New US sanctions on Iran’s aviation sector took effect Sept. 23, and Treasury Secretary Scott Bessent warned that any country servicing Iranian planes could be cut off from the dollar-based banking system. Within two days, Georgia, Azerbaijan, Turkmenistan and Baghdad’s main airport had barred Iranian carriers, and Iranian state media said the United Arab Emirates had done the same. |
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Zelenskyy warns of a wider war as the US invites Putin to the G20 Speaking to the UN General Assembly on Sept. 23, Ukrainian President Volodymyr Zelenskyy warned that Russia’s war could spread across Europe and urged a peace deal before artificial intelligence takes a larger role in combat. The same day, Secretary of State Marco Rubio said the US had invited Russian President Vladimir Putin to December’s G20 summit of major economies in Miami. |
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POLITICS |
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Senate rejects a bid to end the Iran war by one vote 49–50 Seeking to put senators on record before the Nov. 3 midterms, Democrats forced a Sept. 24 vote on a resolution directing President Trump to pull US forces out of hostilities with Iran. The measure failed 49 to 50, as Republican Sens. Susan Collins, Lisa Murkowski, Rand Paul and Thom Tillis voted yes and Democratic Sen. John Fetterman voted no. |
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Judge restores White House access for CNN, MS NOW and Politico After President Trump barred the three outlets from the White House for six days, US District Judge Timothy Kelly ruled that revoking their press credentials likely violated their constitutional right to due process. Reporters from all three returned to the complex on Sept. 24, hours after the Secret Service first turned them away ahead of Xi Jinping’s arrival. |
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Trump backs a diesel export ban, and Europe pushes back With fuel prices climbing six weeks before the midterms, President Trump voiced support this week for banning US diesel exports. The European Commission objected on Sept. 24, noting that the US supplied about half of the EU’s diesel imports in August and that EU pump prices have hit a record 2.23 euros per liter. |
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Half of rural voters say the economy got worse under Trump About half of rural American voters believe the economy is worse now than when President Trump returned to office in January 2025, according to a new survey by the Associated Press and KFF, a health policy research group. Rural voters ranked grocery, gas and health care costs as their top financial pressures. |
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General rejected moving troops before a deadly Iranian drone strike, sources say Before Iranian drones struck US troops at a small Kuwaiti port in the first days of the war, which began Feb. 28, the Army Reserve unit posted there had scouted safer bases in Saudi Arabia, multiple sources told CBS News. Brig. Gen. Clint Barnes, head of the 103rd Sustainment Command, turned down those options despite intelligence warning of a possible attack, the sources said. |
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MARKETS |
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Brent crude tops $105 as UN talks bring no peace deal ~$107/BBL With world leaders at the UN General Assembly offering little sign of an end to the Iran war, Brent crude, the global oil benchmark, jumped as much as 3% on Sept. 24 and settled near $107 a barrel. Brent traded around $72 before the US and Israel launched the war in late February. |
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Stocks claw back as Hormuz deal hopes offset the bond rout Reports that US and Iranian negotiators were working on a phased deal to reopen the Strait of Hormuz helped stocks recover from early losses on Sept. 24, leaving the S&P 500 and Nasdaq Composite roughly flat while the Dow Jones Industrial Average fell 162 points to 51,350. Heading into Friday’s session, the S&P 500 was up 0.7% for the week and the Nasdaq was up 1.6%. |
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Traders bet on a second Fed rate hike in October ~70% ODDS On Sept. 16, the Federal Reserve raised its benchmark rate to 3.75%–4%, its first increase since 2023, to fight inflation fed by war-driven oil prices. A week later, markets priced about a 70% chance of another hike in October, and Philadelphia Fed President Anna Paulson said Thursday that further increases may be needed. |
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Apple and Nvidia now make up over 15% of the S&P 500 The two tech giants together account for more than 15% of the index’s value, the most ever held by any two stocks, according to Creative Planning President Peter Mallouk. In the run-up to the 2000 dot-com crash, the top two, Microsoft and General Electric, made up 9.1%. |
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Oracle slides after invoking force majeure on a New Mexico data center Oracle shares fell almost 5% on the morning of Sept. 24 after reports that the software company had invoked force majeure, a contract clause for events outside its control, on a data center project in New Mexico. The news raised investor concerns about delays in AI construction and weighed on other AI-linked stocks. |
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The International Energy Agency is warning of a coming "red zone" in the oil markets, and it could be brutal for the U.S. economy. But if you see it coming, you could "skim" off big bucks.
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ENTERTAINMENT |
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“Resident Evil” reboot opens far above forecasts $60.15M Director Zach Cregger’s reboot of the video game horror series earned $60.15 million in North America over the Sept. 18–20 weekend, beating industry forecasts of $40 million to $50 million. Tracking firm Boxoffice Pro projected the Sony film would add $25 million to $35 million in its second weekend. |
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“Avengers: Endgame” returns with two minutes of new footage Ahead of December’s “Avengers: Doomsday,” Marvel Studios brought 2019’s “Avengers: Endgame” back to theaters this weekend with about two minutes of new scenes that bridge the two films. Boxoffice Pro forecast $20 million to $30 million for the re-release of the third-highest-grossing movie ever in North America. |
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“Spider-Man: Brand New Day” is now North America’s top-grossing film $944.5M Sony’s latest Spider-Man film, released in late July, passed the $936.6 million earned by 2015’s “Star Wars: The Force Awakens” in mid-September to set the US and Canadian record. The film had taken in about $944.5 million domestically as it slipped out of the top 10 this week. |
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Robert Pattinson plays Chris Hansen in A24’s “Primetime” Documentary director Lance Oppenheim’s first scripted feature, which opened this weekend, follows the making of “To Catch a Predator,” the Dateline NBC sting series that aired from 2004 to 2007. Pattinson’s turn as host Chris Hansen has drawn early Oscar talk, and forecasters projected a $15 million to $25 million debut. |
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Dove Cameron marries ex-Måneskin singer Damiano David in Tuscany Disney Channel alum Dove Cameron wed Damiano David, former frontman of the Italian rock band Måneskin, on Sept. 24 in Italy. The couple, who began dating in 2023 and announced their engagement in January, celebrated with more than 200 guests at a private estate under tight security. |
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