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Iran scrambles to sustain trade amid US threats
Iran's economy is poised for more instability as the Trump administration tries to coerce other countries into ending all financial dealings with the Islamic Republic.
A decision by the United Arab Emirates to suspend trade relations with Iran last week kick-started the White House's latest attempt to isolate Tehran into submission. Iran has few other major trade partners to turn to now. China is the most capable of hindering the U.S. strategy. Russia has a military conflict of its own and probably can't offer a fellow target of international sanctions much hard financial support. Turkey, Pakistan and Iraq maintain important relationships with both Iran and the U.S. and have reasons to avoid antagonizing Washington.
New Fed chair pressured to clarify inflation views
New Federal Reserve chair Kevin Warsh has brought sharp change in how the central bank communicates by saying much less than his predecessors about the economy and inflation. So far, many economists and Wall Street investors haven't been thrilled with that approach.
On Friday, Warsh has a high-stakes opportunity to address those concerns and underscore his inflation-fighting bona fides when he gives his speech in Jackson Hole, Wyoming, during the Fed's annual economic symposium. What many economists and Wall Street analysts are hoping for is a clear signal on how he thinks the Fed should handle the stubbornly elevated inflation that has caused pervasive gloom among many consumers.
Tech stocks lead Wall Street close to record
Technology stocks led Wall Street after Nvidia, Salesforce and others reported fatter profits for the spring than expected.
The S&P 500 rose 0.7% Thursday and pulled closer to its record set earlier this month. The Dow Jones Industrial Average added 0.2%, and the Nasdaq composite climbed 1.6%. Nvidia was the strongest force lifting the market and helped offset drops for the majority of the stocks within the S&P 500.
US mortgage rates rise closer to recent high
Mortgage rates ticked higher this week, nudging the average long-term U.S. home loan rate closer to its recent high for the year.
Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed rate mortgage rate rose to 6.66% from 6.65% last week. One year ago, the average rate was 6.56%. Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting homebuyers' purchasing power.
Kidnappers in Nigeria collected more than $5M
A Lagos-based intelligence group say that kidnappers in Nigeria have collected more than $5 million in ransom payments over the past year. SBM Intelligence reported that 7.78 billion naira or $5.8 million was paid for the release of 7,825 kidnapped people between July 2025 and June 2026. That marks a 66% increase from the previous year.
Abductions are common with militant groups targeting civilians to pressure the government. Armed groups known as bandits regularly carry out raids in the northwest and north-central regions.
Fire at gas and chemical plant in Russia kills 15
Fifteen people have been killed in a blaze at the Amur Gas Chemical Complex in Russia's Far East, the company that runs the plant said. The fire began at the complex on Tuesday, when video shared on social media showed crowds of workers fleeing for safety.
All of those killed were employees at the plant, the company wrote in a statement. It said that one Russian citizen and 14 foreigners were among the dead, but did not provide further details.