Ticker: Stocks slip after oil, bond market up pressure

The day’s business news at a glance

The U.S. stock market slipped as oil prices and the bond market cranked up the pressure on Wall Street. The S&P 500 fell 0.4% Tuesday. The Dow Jones Industrial Average dropped 0.6%, and the Nasdaq composite sank 0.8%.

They felt pressure as the yield on the 10-year Treasury climbed with oil prices. Higher yields mean everyone must pay more in interest to borrow money, which slows the overall economy. They also make people less willing to pay high prices for stocks because they can earn more from sitting in bonds, which are considered safer investments.

Carney: Canada can be stronger from trade war

Canadian Prime Minister Mark Carney says Canada intends to emerge from its trade war with U.S. President Donald Trump "stronger, more resilient, more independent," while telling Washington that future cooperation must be based on respect for each country's sovereignty.

Carney told global investors that Canada's reputation as a reliable partner has become more valuable in a world where economic relationships are increasingly transactional and "zero-sum." He also announced that Ottawa will seek private investment to operate Canada's four largest airports under long-term concessions while retaining public ownership, a move he said could raise tens of billions of dollars for infrastructure.

Maduro ally pleads guilty in $195M laundering case

A close ally of ousted Venezuelan President Nicolas Maduro has pleaded guilty to bribing officials to secure contracts for importing food during Venezuela's crisis. Alex Saab was deported to the U.S. in May and pleaded guilty to money laundering Tuesday.

He was charged in 2019 and arrested in Cape Verde during a refueling stop. President Joe Biden pardoned him in 2023 in exchange for the release of Americans in Venezuela. U.S. officials describe Saab as Maduro's "bag man" and may use him as a witness against Maduro, who faces drug charges. The case unfolds as the Trump administration focuses on Venezuela's oil reserves.

Senate blocks crypto regulation framework

Senate Democrats have blocked legislation to create a new regulatory framework for cryptocurrency. In doing so, they are stalling an industry-backed effort to place new guardrails around digital assets after demanding more limits on President Donald Trump's investments.

Tuesday's vote was a pivotal election-year test for the $2.3 trillion cryptocurrency market and came as Trump has amassed significant crypto wealth while in office. While some Democrats are friendly toward the industry and support the idea of regulation, they have been adamant that the bill include strong ethics safeguards to prevent Trump and his family from enriching themselves in office.

American incomes finally top pre-pandemic levels

U.S. household income finally topped pre-pandemic levels last year, a stark sign of how the past five years of rising prices have limited Americans' earnings and purchasing power.

The figures show that even after taking into account higher prices, the typical household is now earning more than it did before the pandemic. But it's a small gain over a six-year period, which helps explain the generally sour mood Americans have had about the economy.