A U.S. trade court invalidates President Trump’s 10% tariffs, ordering refunds to businesses and citing failure to meet legal standards under the Trade Act of 1974. The ruling follows a Supreme Court decision that blocked Trump’s earlier tariffs.
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Spirit Airlines abruptly halts operations, canceling all flights and stranding thousands. The shutdown is expected to drive up airfares on former Spirit routes amid industry-wide price pressures. Several airlines offer rescue fares to assist affected passengers.
Spirit Airlines may shut down as soon as Saturday after bailout talks stall. The Trump administration offered a $500 million aid package, but opposition from bondholders and officials has left the airline facing liquidation amid soaring fuel costs.
Elon Musk testifies in court accusing OpenAI of breaking its nonprofit promise by prioritizing profit. The trial could impact OpenAI’s future and Musk’s own AI ventures.
The Senate Banking Committee advances Kevin Warsh's nomination for Federal Reserve chair amid partisan divisions and ongoing political controversy. Meanwhile, current Chair Jerome Powell announces he will remain on the Fed board after his term ends, citing political pressures and investigations.
A federal judge blocks Nexstar Media Group's $6.2 billion acquisition of Tegna, citing antitrust concerns raised by state attorneys general and DirecTV. The merger, which would create a media giant owning 265 TV stations, is paused pending resolution of a lawsuit alleging harm to competition and local journalism.
Oil prices fell sharply after Iran declared the Strait of Hormuz open amid a Middle East ceasefire, easing fears of supply disruptions. The announcement boosted global stock markets and lowered U.S. gasoline prices, though uncertainties remain about shipping security and ongoing U.S.-Iran tensions.
The S&P 500 and Nasdaq hit record highs Wednesday as investors remain optimistic despite ongoing Iran conflict and rising energy prices. Strong corporate earnings and expectations of de-escalation in the Middle East have fueled the rally.