⚡ Today in History

On July 25, 1943, Italy's Grand Fascist Council voted dictator Benito Mussolini out of power, and King Victor Emmanuel III had him arrested hours later. In 1978, Louise Brown, the first baby conceived through in-vitro fertilization, was born in Oldham, England. Today? The U.S. House cast its own vote on wartime power, telling President Trump for the second time to end the war in Iran.

Top News

Oil tops $100 a barrel after Houthi strikes on Saudi tankers $100/BBL

In what it called retaliation for a Saudi blockade of its ports, Yemen's Iran-backed Houthi movement fired missiles and drones Wednesday at two Saudi Arabian oil tankers in the Red Sea. One vessel caught fire roughly 70 nautical miles southwest of Al Shuqaiq, Saudi Arabia, though no casualties were reported. Brent crude jumped past $100 a barrel Thursday for the first time since May, and President Trump warned of "major military punishment" against Iran if the attacks continue.

Trump hits 60 countries with new tariffs as old ones expire 12.5%

With a temporary 10% global tariff set to expire at midnight, U.S. Trade Representative Jamieson Greer announced Thursday that the Trump administration would impose new duties of 10% to 12.5% on 60 trading partners accused of failing to ban forced-labor imports. The tariffs, covering countries responsible for 99% of U.S. imports, took effect at 12:01 a.m. Friday, leaving importers of goods from China, the European Union and dozens of other economies facing higher costs at the border.

Congress splits on forcing an end to the Iran war 214-208

Nearly a week after three American troops were killed in an Iranian strike on a base in Jordan, the House voted 214-208 Thursday to formally call on President Trump to end the war with Iran, the second such rebuke since fighting resumed on July 10. Four Republicans joined all Democrats in support. Hours later, the Senate rejected a binding version of the measure 49-47, leaving Trump with no legal requirement to withdraw troops.

Lettuce-linked outbreak sickens 1,644 people in five states

Health officials traced a growing wave of cyclosporiasis, a parasitic infection that causes severe diarrhea, to shredded iceberg lettuce served at Taco Bell locations in Indiana, Kentucky, Michigan, Ohio and West Virginia. The CDC and FDA reported this week that 1,644 people across those five states have fallen ill since mid-May, with 94 hospitalized and no deaths. Supplier Taylor Farms de Mexico recalled all iceberg lettuce sourced from central Mexico on July 17.

Stocks post their worst day in a month

After both companies signaled heavier spending on artificial intelligence in their earnings reports, Tesla and Alphabet dragged Wall Street lower Thursday. Tesla shares fell 14.5% and Alphabet dropped 7%, pulling the S&P 500 down 1.2% to 7,408.30, its worst single day in a month, while the Nasdaq Composite lost 2.2% to close at 25,137.69.

World

Wildfire kills 12, leaves 23 missing in southern Spain 12 DEAD

Amid a summer heat wave gripping the Iberian Peninsula, a wildfire tore through Los Gallardos in Spain's Andalusia region this week, killing 12 people and injuring eight others. Firefighters said 23 more people remain missing as crews continue battling the blaze. Separately, French crews were called in to fight another fire near Bordeaux, France, that killed two firefighters.

Qatar halts gas output after tanker blast near Hormuz

After an explosion aboard a tanker navigating the corridor south of the Strait of Hormuz this week, Qatar's state energy company paused efforts to restore liquefied natural gas production at its Ras Laffan facility. Iran's Revolutionary Guard said the blast forced two other tankers in the same convoy to reverse course. QatarEnergy said it would keep operations at a minimum until the shipping risk eases.

Indian hunger strike leader ends 26-day protest

Demanding statehood protections for India's Ladakh region, activist Sonam Wangchuk had staged a 26-day hunger strike in New Delhi before police forcibly transferred him to a hospital this week, ending the protest. The demonstration helped galvanize what has become one of India's largest youth-led movements in recent years, though supporters say their core demands remain unmet.

Rubio meets Russia's Lavrov as Ukraine talks stall

Seeking renewed diplomacy over the war in Ukraine, Secretary of State Marco Rubio met with Russian Foreign Minister Sergey Lavrov this week. Rubio said afterward that President Trump remains committed to negotiations "if conditions and factors have changed to make that possible," signaling little immediate movement toward a resolution.

Allies condemn new U.S. tariffs over forced-labor claims

After the Trump administration cited forced-labor enforcement as the basis for its new tariffs, Australia and the European Union were among the trading partners that publicly pushed back Friday, calling the justification pretextual. The EU faces a combined tariff of up to 12.5% under the new measure, on top of duties already imposed earlier this year.

Politics

Senate falls two votes short of forcing Trump's hand on Iran 49-47

One day after the House's rebuke, the Senate voted 49-47 Thursday against advancing Senator Chris Van Hollen's binding resolution to end U.S. involvement in the Iran war. Senator Susan Collins of Maine, facing a tough re-election in a Democratic-leaning state, voted with Democrats, while Senator John Fetterman of Pennsylvania broke from his party to vote against it.

Trump ties Saudi nuclear deal to the Abraham Accords

Aiming to expand the 2020 agreements that normalized relations between Israel and several Arab states, President Trump said Thursday that a proposed U.S.-Saudi civilian nuclear agreement will move forward only if Saudi Arabia joins the Abraham Accords. Saudi Arabia has said it won't sign on without a formal path to Palestinian statehood, leaving the nuclear deal's future uncertain.

Brazil accuses U.S. of politicizing forced-labor tariffs

After being named among the 60 economies hit with new U.S. tariffs Thursday, Brazil's government accused the Office of the U.S. Trade Representative of manipulating human rights concerns to justify a 12.5% duty on its exports. The dispute adds to friction between Washington and Brasília, which is also contending with a separate 25% U.S. tariff that took effect this week.

Netanyahu faces the sternest test of his tenure

As public fatigue with the drawn-out war against Iran erodes his coalition's support, Israel's longest-serving prime minister, Benjamin Netanyahu, is entering a difficult election season this fall. Former military chief Gadi Eisenkot, who launched his centrist Yashar party in June, has emerged as one of several challengers positioning to capitalize on the discontent.

Pentagon says the Iran war has cost $37.5 billion so far $37.5B

As the conflict entered an eleventh consecutive night of American airstrikes, Defense Secretary Pete Hegseth told Congress this week that the United States has spent $37.5 billion on its war with Iran since fighting began in February. The disclosure came as lawmakers in both chambers pushed competing measures to rein in the administration's war powers.

Markets

Treasury yields hit an 18-month high as stocks slide 4.7%

As stocks sold off Thursday, investors moved into havens further stung by inflation fears, pushing the benchmark 10-year Treasury yield briefly above 4.7%, its highest level in about 18 months. Rising yields make borrowing more expensive for companies and consumers alike, adding a headwind as the Federal Reserve weighs further rate hikes later this year.

Wall Street tries to rebound Friday as oil eases

After Brent crude slipped back below $100 a barrel, easing some of the inflation concerns that drove Thursday's selloff, stocks looked set to stabilize in early Friday trading. The Dow Jones Industrial Average rose about 0.2% shortly after the opening bell, while the S&P 500 and Nasdaq Composite hovered near the flat line.

Corporate earnings are beating estimates at an 88% clip

With about 95 S&P 500 companies having reported second-quarter results so far, 88% have beaten Wall Street's earnings estimates by a median of 7%, according to Fundstrat data. Eighty-three percent have topped revenue expectations too, suggesting the broader economy remains resilient even as stocks like Tesla and Alphabet get punished for their spending plans.

Gold slips toward $4,040 as oil spike lifts rate-hike bets

Because gold pays no interest, it tends to lose ground to safer, yield-bearing assets whenever expectations for higher rates climb. That's what happened Friday, when gold fell for a second straight session, dropping toward $4,040 an ounce as surging oil prices strengthened the case for tighter Federal Reserve policy.

Bitcoin holds near $65,000 in a bullish technical setup

Analysts pointed to a series of higher lows near $62,000 to $63,500 that could support another leg higher in Bitcoin's broader uptrend. The cryptocurrency traded near $65,000 Friday morning, down slightly from the previous session, with a market capitalization of roughly $1.33 trillion, still well ahead of second-place Ethereum's $233 billion.

Entertainment

Diddy lands in solitary confinement after prison brawl

After the other inmate insulted him, according to sources, Sean "Diddy" Combs got into a physical altercation this week with a fellow inmate at FCI Fort Dix, the federal prison in New Jersey where he is serving his sentence. Prison staff separated the two men before placing Combs in solitary confinement.

Jay-Z fights to collect $119,000 in paternity case $119K

Arguing the debt stemmed from Lillie Coley's fraudulent statements made to harass him, rapper and music executive Jay-Z filed court documents this week opposing Coley's attempt to erase a $119,000 judgment through bankruptcy. Coley is the grandmother of a man who claims to be Jay-Z's son.

Netflix eyes a world tour for 'KPop Demon Hunters'

Building on the success of the animated film that won Best Animated Feature and Best Original Song at the 2026 Oscars, Netflix is in talks with concert promoters to stage a live world tour built around its songs. The tour would aim to hit arenas worldwide in 2027, ahead of a planned sequel to the film.

Disney sets release dates for two sequels

Disney announced release dates this week for two long-awaited follow-ups: "Lilo & Stitch 2" and "The Incredibles 3." The studio has not yet detailed casting or plot specifics for either film, part of its expanded slate of live-action and animated sequels.

Spain's World Cup winners face an IRS tax bill $50M

Because the 2026 World Cup was hosted on U.S. soil, Spain's players, coaches and referees owe the IRS a cut of their winnings even though they celebrated the title with fans back home in Madrid on July 20. Spain's roughly $50 million in prize money after beating Argentina in the final is subject to complex "jock tax" rules that apply to nonresident athletes competing in the U.S.