Ticker: Bond market pressure hits high; stocks slide

The day’s business news at a glance

Pressure from the U.S. bond market hit a new level on Wall Street after a surprisingly strong report on the economy raised worries about inflation, while oil prices halted their slide.

The squeeze caused U.S. stocks to sink Wednesday, and the S&P 500 slid 0.8%. The Dow Jones Industrial Average dropped 0.7%, while the Nasdaq composite fell 1.1% from its all-time high. The yield on the 10-year Treasury jumped to 5.10% and is back to where it was in 2007 after a report said both activity and costs for U.S. businesses are rising at the fastest pace in years.

Lawmakers unveil AI bill to address growing fears

Sen. Bernie Sanders and Rep. Greg Casar are introducing legislation that would ban artificial superintelligence, pause development of advanced AI systems and create a new Department of Artificial Intelligence.

The proposal comes as prominent AI executives and researchers increasingly warn about potentially catastrophic risks from rapidly advancing systems. Congress has struggled to agree on AI safeguards as President Donald Trump has pushed back on new regulations and emphasized maintaining an advantage over China. Sanders argues the potential dangers demand immediate action and international cooperation.

Facebook accused of deceiving users

Closing arguments have taken place in a New Mexico trial over Facebook's alleged failure to protect users from a third-party quiz that harvested data from 87 million profiles. The data was sold to Cambridge Analytica, which worked for Donald Trump's 2016 campaign.

Attorneys for the state said Facebook deceived users about privacy protections and urged jurors to find the platform liable for thousands of violations of the state Unfair Practices Act.

Caesars stockholders approve $6B merger

Caesars Entertainment shareholders have voted to approve a multibillion-dollar merger with Fertitta Gaming that once complete would create one of the largest gaming empires.

Caesars owns multiple hotels on the Las Vegas Strip, including Caesars Palace and the Flamingo, while billionaire Tilman Fertitta owns Las Vegas' Golden Nuggets and is the largest shareholder in Wynn Resorts and the sports betting company DraftKings.

US diplomats told to use term 'super intelligence'

The State Department is ordering diplomats in its international organizations bureau to use the term "super intelligence" instead of "artificial intelligence" in all communications following President Donald Trump's attempt to rebrand the technology.

The order came in an email titled "Change in Nomenclature AI to SI" that was sent to employees in the Bureau of International Organization Affairs shortly after Trump spoke to other world leaders this week.

Epstein files a focus of Ohio's US Senate race

Convicted sex offender Jeffrey Epstein's relationship to the rich and powerful has surfaced in congressional contests across the country. In Ohio, it's an issue that has figured prominently in the U.S. Senate race because of the political contributions made by a billionaire from the state who used Epstein as a financial adviser, Les Wexner.

Former Sen. Sherrod Brown, the Democratic candidate, and Republican Sen. Jon Husted have traded attack ads over the issue. Epstein's connections are expected to surface anew next month when a traveling exhibit featuring his victims and millions of pages from the Department of Justice files will stop in Ohio.