Oil prices rose and stocks fell after President Trump said the ceasefire with Iran was over, reviving concerns about inflation and global growth. The renewed conflict also increased pressure on the Federal Reserve as investors priced in a higher chance of a rate increase.
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Oil prices rose more than 6% and stock futures fell after President Trump said the Iran ceasefire was “over” following tanker attacks near the Strait of Hormuz and U.S. strikes. The Treasury also revoked a waiver that had allowed Iranian oil sales.
President Trump said the ceasefire with Iran was effectively over after U.S. and Iranian strikes across the Gulf. The escalation followed attacks on ships in the Strait of Hormuz and pushed oil prices up more than 5%.
Microsoft is cutting 4,800 jobs companywide, with Xbox set to lose about 3,200 roles as part of a major restructuring. The company cited weak margins, slower growth in gaming services and rising hardware costs.
Trump Accounts are now open for contributions, offering eligible children a tax-deferred investment account and, for those born from 2025 through 2028, a $1,000 federal contribution. Major donors and companies have pledged billions more for children who do not qualify for the government seed payment.
Andy Burnham said he would take responsibility for funding the UK’s defence investment plan “extremely seriously” after documents showed a £4.7bn gap. Ministers face questions over when Burnham learned of the shortfall and how the money will be found.
A proposed class-action lawsuit accuses StubHub of failing to deliver World Cup tickets and leaving fans with unrecovered travel costs. StubHub says affected orders are backed by its FanProtect Guarantee and blames problems largely on FIFA’s ticketing infrastructure.
U.S. employers added 57,000 jobs in June, missing forecasts as prior months were revised lower. The unemployment rate fell to 4.2%, but wage growth remained below inflation and leisure and hospitality jobs declined sharply.