⚡ Today in History

On August 21, 1959, Hawaii became the 50th US state, the final step in a path to statehood that began with US annexation of the islands in 1898. Today? North Korea fired ten ballistic missiles into the sea hours after President Trump said he plans to meet North Korean leader Kim Jong Un before the end of the year.

Top News

North Korea Fires Missiles After Trump Praises Kim 10 MISSILES

President Trump called North Korean leader Kim Jong Un "well-behaved" this week. The president added he plans to meet Kim before year's end. Hours later, on Thursday, August 20, North Korea fired about ten short-range ballistic missiles toward the sea off its eastern coast. South Korea's military called the launch a violation of United Nations Security Council resolutions and raised its readiness posture.

Trump Vows 'Crushing' Economic War on Iran

President Trump said this week the United States will begin a "crushing economic operation" against Iran after months of stalled wartime diplomacy. The Treasury Department also imposed new sanctions on Hezbollah, designating the Lebanese militant group as an Iranian proxy. Iran's government said Thursday the pressure campaign will fail. The war, which began in late February when the US and Israel struck Iranian targets, has closed much of the Strait of Hormuz to shipping and killed more than 1,300 people in Iran.

Wall Street Slides as Treasury Yields Rebound -704 PTS

Stocks fell across Wall Street on Thursday after Treasury yields rebounded from a decline seen earlier in the week, raising concerns that higher borrowing costs could threaten the bull market. The Dow Jones Industrial Average dropped 704 points, while the S&P 500 and Nasdaq Composite also declined. Walmart's disappointing sales growth added to the pressure, dragging down other consumer stocks.

USS George Washington Relieves Taxed Carrier in Gulf

The USS Abraham Lincoln has spent months on an extended deployment in the Middle East during the Iran war, prompting concerns from military families and lawmakers about the crew's mental health. The USS George Washington arrived in the region this week to relieve the Lincoln, which is now returning home. Defense Secretary Pete Hegseth pushed back Thursday on reports of poor conditions aboard the Lincoln, calling the media coverage a misrepresentation.

Oil Nears $94 a Barrel, Highest Since War Escalated

Brent crude climbed toward $94 a barrel this week as President Trump's threat of tougher sanctions on Iran raised fears of further disruption to Middle East oil supplies. The Strait of Hormuz, which typically carries about a fifth of the world's oil, has been effectively closed by Iran since fighting began in late February. Gulf producers have kept moving crude through alternative routes, but shippers say the risk has driven up costs across the region.

World

Iran Says Trump's 'Economic Warfare' Will Fail

Iran's government condemned President Trump's threat to launch a "crushing economic operation" against the country on Thursday, saying weeks of financial pressure have produced little diplomatic progress. The warning came as the United States also sanctioned Hezbollah, designating the Lebanese militant group as an Iranian proxy. The dispute over the Strait of Hormuz, closed to much shipping since February, remains the central flashpoint in the six-month-old war.

UAE Cuts Financial Ties With Iran Over Tanker Strikes 2 VESSELS

The United Arab Emirates said Iran launched ballistic missiles at two vessels linked to the state-run Abu Dhabi National Oil Company as they crossed the Strait of Hormuz this month. In response, the UAE suspended financial and economic transactions with Iran, calling the strikes unprovoked. The strait, a narrow waterway between Iran and Oman, carries roughly a fifth of the world's seaborne oil trade.

Wildfire Forces 20,000 to Evacuate in British Columbia 20,000

The Bald Range fire broke out this month near Okanagan, British Columbia, and has since forced the evacuation of about 20,000 people, including the entire village of Summerland. Canadian officials declared a state of emergency as crews worked to contain the blaze. The fire is among the largest to threaten the region this summer.

Amazon Deforestation Falls to Record Low -37%

Brazil's National Institute for Space Research reported this week that deforestation in the Amazon rainforest fell to 2,874 square kilometers between August 2025 and July 2026, a 37% annual decline. That marks the lowest level of forest loss since the institute began satellite monitoring in 2016.

Kuwait Says It Intercepted Iranian Drones

Kuwait's defense ministry said this week its military detected and intercepted Iranian drones entering the country's airspace, the latest sign of the Iran war spilling into neighboring nations. The incident follows months of Iranian strikes on shipping and infrastructure near the Strait of Hormuz. Kuwaiti officials reported no casualties or damage from the intercepted drones.

Politics

Trump and Michael Cohen Reunite on Radio Show 10 YEARS

President Trump and his former personal attorney Michael Cohen held their first public conversation in nearly a decade on Thursday, appearing together on Cohen's WABC radio program. Cohen testified against Trump in two criminal trials and before Congress, once calling him a "racist, a con man and a cheat." During the 40-minute interview, Cohen quoted a Bible verse about forgiveness and largely avoided their years of legal battles.

Senate Passes Russia Sanctions Bill, 86-11

The US Senate voted 86-11 this week to pass a bill imposing sanctions on Russia's energy revenue, financial institutions, and officials tied to the war in Ukraine. The bill also authorizes tariffs of up to 100% on countries that continue buying Russian oil and gas. The legislation now heads to the House, where its timeline for a vote remains unclear.

Data Centers Become a Political Liability for Trump

President Trump has continued promoting new data center projects that power artificial intelligence and cloud computing, even as the buildout frustrates voters ahead of the midterm elections. Rising electricity costs and land disputes tied to the projects have become a flashpoint in several swing districts. Republican strategists say the issue could complicate the party's push to hold the House in November.

Treasury Doubles Bond Buybacks to Ease Yields

Treasury Secretary Scott Bessent said this week the government will at least double its buybacks of 10-, 20-, and 30-year debt over the next few months to contain rising borrowing costs. The move came after the 10-year Treasury yield climbed back above 4.70%, erasing an earlier decline. Bessent told CNBC on Thursday that the buyback operation could ultimately be larger than the amount first announced.

Seoul Calls Emergency Meeting After Missile Launch

South Korea's presidential office convened an emergency security meeting Thursday after North Korea fired about ten ballistic missiles toward the sea, condemning the launch as a violation of UN Security Council resolutions. The meeting came as South Korea and the United States wrapped up a shortened version of their annual Ulchi Freedom Shield military exercises. President Trump had ordered the drills scaled back this month, citing his relationship with Kim Jong Un.

Politics

Trump and Michael Cohen Reunite on Radio Show 10 YEARS

President Trump and his former personal attorney Michael Cohen held their first public conversation in nearly a decade on Thursday, appearing together on Cohen's WABC radio program. Cohen testified against Trump in two criminal trials and before Congress, once calling him a "racist, a con man and a cheat." During the 40-minute interview, Cohen quoted a Bible verse about forgiveness and largely avoided their years of legal battles.

Senate Passes Russia Sanctions Bill, 86-11

The US Senate voted 86-11 this week to pass a bill imposing sanctions on Russia's energy revenue, financial institutions, and officials tied to the war in Ukraine. The bill also authorizes tariffs of up to 100% on countries that continue buying Russian oil and gas. The legislation now heads to the House, where its timeline for a vote remains unclear.

Data Centers Become a Political Liability for Trump

President Trump has continued promoting new data center projects that power artificial intelligence and cloud computing, even as the buildout frustrates voters ahead of the midterm elections. Rising electricity costs and land disputes tied to the projects have become a flashpoint in several swing districts. Republican strategists say the issue could complicate the party's push to hold the House in November.

Treasury Doubles Bond Buybacks to Ease Yields

Treasury Secretary Scott Bessent said this week the government will at least double its buybacks of 10-, 20-, and 30-year debt over the next few months to contain rising borrowing costs. The move came after the 10-year Treasury yield climbed back above 4.70%, erasing an earlier decline. Bessent told CNBC on Thursday that the buyback operation could ultimately be larger than the amount first announced.

Seoul Calls Emergency Meeting After Missile Launch

South Korea's presidential office convened an emergency security meeting Thursday after North Korea fired about ten ballistic missiles toward the sea, condemning the launch as a violation of UN Security Council resolutions. The meeting came as South Korea and the United States wrapped up a shortened version of their annual Ulchi Freedom Shield military exercises. President Trump had ordered the drills scaled back this month, citing his relationship with Kim Jong Un.

Markets

10-Year Treasury Yield Climbs to 4.70% 4.70%

Bond yields reversed course this week after the Treasury Department's plan to increase debt buybacks briefly pushed rates lower. The 10-year Treasury yield climbed back above 4.70% on Thursday, and the 30-year yield rose as well. Rising yields raised concerns that higher borrowing costs could weigh on the bull market.

Walmart Drops 9%, Worst Sales Growth in 6 Years -9%

Walmart posted its slowest quarterly sales growth in more than six years on Thursday, even as revenue and profit beat Wall Street estimates. Shares fell more than 9% as investors focused on signs that lower-income shoppers are pulling back due to high gas prices. The decline dragged down other consumer stocks across the retail sector.

Gold Hits 2-Month High at $4,555 an Ounce $4,555

Gold prices climbed to their highest level since early June this week, breaking out of a stagnant summer for the metal. Analysts credited the rally to the Treasury Department's buyback announcement and a weakening dollar, both of which reduce the appeal of yield-bearing assets relative to gold. The metal is up more than 35% over the past year.

CrowdStrike Falls 4% as Security Chief Departs

CrowdStrike shares dropped about 4% this week after Bloomberg reported that chief technology officer Elia Zaitsev is leaving the company to start an artificial intelligence security venture fund called Cognition. Zaitsev's departure ends more than 13 years at the cybersecurity firm. CrowdStrike is scheduled to report second-quarter earnings after the market closes on August 26.

Fear Gauge Jumps 7% as Investors Brace for Swings +7%

The VIX -- Wall Street's fear gauge -- jumped more than 7% this week as bond market volatility and rising oil prices unsettled investors. The spike came alongside declines in the Dow, S&P 500, and Nasdaq Composite. Traders said high valuations combined with geopolitical risk from the Iran war have left markets vulnerable to sudden swings.

Entertainment

Actress Hayden Panettiere Dies at 36

Hayden Panettiere, known for her roles in "Heroes," "Nashville," and the "Scream" film franchise, died Sunday, August 16, at an apartment in Greenville, South Carolina. She was found in cardiac arrest and pronounced dead at the scene; her cause of death remains under investigation. The Drug Enforcement Administration joined local police this week in the ongoing inquiry.

NBC Reveals New Look for 'The Voice' Season 30

NBC unveiled new promotional posters this week for the 30th season of "The Voice," featuring coaches Kelly Clarkson, Adam Levine, Riley Green, and Queen Latifah. The refreshed branding marks a milestone season for the long-running singing competition. NBC has not yet announced a premiere date for the new season.

Netflix in Talks for 'KPop Demon Hunters' World Tour

Netflix is negotiating with concert promoters to stage a live world tour built around "KPop Demon Hunters," the animated film that won best animated feature and best original song at the 2026 Oscars. The tour would bring songs from the movie to arenas in cities worldwide. Promoters are aiming for shows in 2027, ahead of a planned sequel.

Disney Sets Release Dates for Two Animated Sequels

Disney announced release dates this week for two long-awaited sequels: "Lilo & Stitch 2" and "The Incredibles 3." Both films continue franchises that have generated billions of dollars at the box office since their original releases. Disney did not release further details on the films' plots or casts.

Two More Stars Join 'Dancing With the Stars' Cast

Two additional celebrities were revealed this week as cast members for Season 35 of "Dancing With the Stars." The new additions include names drawn from Bachelor Nation, the reality dating franchise. ABC has not announced a full cast list or premiere date for the season.