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 Business & Economy
| Business & Economy
<!– | | | Stocks sink as Israel, Iran fire at each other | Global stocks fell Friday after Israel struck targets in Iran, killing Iranian military leaders and targeting the country’s main nuclear enrichment facility. | The Dow Jones Industrial Average of big U.S. companies closed with a loss of 769 points Friday, falling 1.8 percent. The S&P 500 index fell 1.1 percent, and the tech-heavy Nasdaq Composite fell 1.3 percent. Oil prices had been trending down during President Trump’s trade moves as higher tariff levels took the steam out of future global trade flows and international orders and shipments were scaled back. Higher energy prices could factor quickly into higher inflation in the economy. While tariffs can take months to factor into price increases as companies work through already purchased inventories, increased shipping costs can translate to prices more rapidly. “The recent good performance on inflation will be at risk from this and from the full impact of tariffs as they filter into the data,” analysts for Deutsche Bank wrote in a Friday analysis. | Welcome to The Hill’s Business & Economy newsletter, I’m Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue. | Did someone forward you this newsletter? Subscribe here. | | | Key business and economic news with implications this week and beyond: | | | Shaquille O’Neal settling FTX class action lawsuit for $1.8M | | | NBA legend Shaquille O’Neal has agreed to pay $1.8 million to settle a class action lawsuit over his promotion of the now-defunct crypto exchange FTX. | | | | Consumer sentiment rises for 1st time this year as inflation remains tame | | | Consumer sentiment increased in June for the first time in six months, the latest sign that Americans’ views of the economy have improved as inflation has stayed tame and the Trump administration has reached a truce in its trade fight with China. | | | | Trump’s immigration clampdown could affect these 5 industries the most | | | As President Trump enforces his election promise to clamp down on immigration, he is coming good on his mandate: “On day one, I will launch the largest deportation programme of criminals in the history of America.” | | | | {{if !contains(profile.lists,”Evening Report”)} {/if}}{{if !contains(profile.lists,”Evening Report”)} The Hill’s Evening Report breaks down the day’s big political stories and looks ahead to tomorrow. Click here to sign up & get it in your inbox
| | | {/if}} Upcoming news themes and events we’re watching: | - The Federal Reserve holds its June policy meeting next week in Washington, D.C.
| | | Branch out with more stories from the day: | | | Air India black box recovered after crash that killed 241 onboard and several others on the ground | AHMEDABAD, India (AP) — The flight data recorder from the crashed Air India flight was recovered Friday … | | | Business and economic news we’ve flagged from other outlets: | - What the Israel-Iran conflict means for gas prices (CNN)
- Where’s the Inflation From Tariffs? Just Wait, Economists Say (NYT)
| | | Top stories on The Hill right now: | | | Republicans lay groundwork for ‘total tax cliff’ at end of Trump’s term | Congressional Republicans are laying the groundwork for a tax cliff at the end of President Trump’s term in office. Read more | | Newsom becomes a fighter, and Democrats beyond California are cheering | California Gov. Gavin Newsom (D) is meeting the moment, Democrats say. Read more | | | Opinions related to business and economic issues submitted to The Hill: | - A pro-family tax code is a pro-America tax code
- Mortgage discrimination: When the money isn’t the problem, but it’s still the excuse
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