U.S. stocks rallied to the edge of their all-time high, and crude oil prices eased as hopes climbed that the United States and Iran may try again on talks to end their war.

The S&P 500 rose 1.2% Tuesday, bringing the index within 0.2% of its record set in January. The Dow gained 0.7%, and the Nasdaq composite climbed 2%.

Walt Disney Co. begins laying off 1K employees

The Walt Disney Co. has begun layoffs expected to lead to 1,000 job cuts across the company. Josh D’Amaro on Tuesday announced broader layoffs following a move in January to consolidate Disney’s marketing division.

The cuts are expected to fall across the Burbank, California-based company’s traditional television businesses, including ESPN, as well as its movie studio.

Massachusetts court hears Meta case

Massachusetts’ highest court heard oral arguments Friday in the state’s lawsuit arguing that Meta designed features on Facebook and Instagram to make them addictive to young users.

The lawsuit filed in 2023 by state Attorney General Andrea Campbell alleges that Meta did this to make a profit and that its actions affected hundreds of thousands of teenagers in Massachusetts.

IMF cuts the outlook for global growth

The Iran war has stalled the world’s economic momentum this year, likely pushing growth lower compared to 2025, the International Monetary Fund warned Tuesday.

The IMF downgraded its forecast for global growth to 3.1% in 2026 from the 3.3% it had forecast back in January. The expected growth would mark a deceleration from a 3.4% expansion in 2025.

Banks warn of negative impacts of energy costs

The nation’s biggest banks posted strong profits in the first quarter, driven by a resilient economy and increased dealmaking in investment banking.

However, executives warn that high oil prices and geopolitical uncertainty could impact future growth. Jamie Dimon, CEO of JPMorgan Chase, highlights risks like wars and energy prices.

Ben & Jerry’s co-founder wants independent firm

As Ben & Jerry’s celebrated its annual Free Cone Day on Tuesday, one of the brand’s co-founders was focused on a different sort of freedom.

On the corner where his first ice cream shop opened in 1978, Ben Cohen called on Ben & Jerry’s owner The Magnum Ice Cream Co. to sell the brand. Cohen said Magnum is stifling Ben & Jerry’s social activism and he wants to see the brand sold to a group of socially-minded investors.

7-Eleven expects to close hundreds of stores

7-Eleven expects to close hundreds of its convenience stores this year.

According to earnings filings published last week, 7-Eleven’s North American operator plans to close 645 stores in the 2026 fiscal year — outpacing the 205 locations it forecasts it will open during that same time.

Dems seek to overturn new student loan rules

Democrats in Congress are trying to overturn the Trump administration’s changes to a student loan forgiveness program. The Public Service Loan Forgiveness program cancels loans for workers at nonprofits and public schools and hospitals after a decade of payments.

Last fall, the Trump administration wrote a rule allowing borrowers to be barred from the program if their employers are deemed to have a “substantial illegal purpose.” The rule targets organizations working with immigrants and transgender youth.