BUSINESS HEADLINES

(AP) – BUSINESS HEADLINES

Wall Street inches to more records thanks to booming AI stocks

NEW YORK (AP) — The U.S. stock market inched to more records as winners of the artificial-intelligence boom kept driving higher. The S&P 500 rose 0.1% Tuesday. The Dow Jones Industrial Average added 0.4%, and the Nasdaq composite edged up by less than 0.1%. All three indexes set all-time highs. Marvell Technology leaped to its biggest gain ever after Nvidia’s CEO suggested it could be the next company to be worth $1 trillion. But Alphabet weighed on the market after the parent company of Google said it’s raising $80 billion to help pay for its AI investments. Oil prices rose.

Trump signs an executive order that invites vetting of top AI models for national security risks

President Donald Trump has signed a new executive order on oversight of artificial intelligence, less than two weeks after postponing a White House ceremony over his concerns that a similar policy could dull America’s edge on AI technology. It was not immediately clear to what extent the order signed Tuesday differed from the one he declined to sign on May 21. The order establishes a framework to vet the national security risks of the most advanced AI systems for up to a month before their public release. The government will be able to work with trusted partners “to promote secure innovation and strengthen the cybersecurity of critical infrastructure,” the order says.

US sanctions Iran’s largest digital asset exchange Nobitex and 3 others

WASHINGTON (AP) — The Trump administration has placed sanctions on Iran’s largest digital asset exchange, Nobitex, and three others. This move is part of ongoing efforts to pressure Iran into a deal to end a war with the U.S. and Israel. Treasury says Nobitex processed over 50% of Iran’s digital asset income last year and supports sanctions evasion. On Tuesday, Iranian news agencies reported Iran stopped communicating with mediators about a ceasefire extension. President Trump disputes this, saying talks continue. Treasury accuses Nobitex of moving assets to shield regime wealth. The U.S. has also imposed sanctions on Iran’s Persian Gulf Strait Authority.

Trump taps housing regulator Pulte to be acting director of national intelligence

WASHINGTON (AP) — Democrats and Republicans say President Donald Trump’s pick for director of national intelligence seems unqualified. Democrats say federal housing finance director Bill Pulte lacks national security experience. Republican Sens. Thom Tillis of North Carolina, Bill Cassidy of Louisiana and John Cornyn of Texas are leaving the chamber after this year’s elections and say Pulte lacks qualifications to be DNI. The Republican president says Pulte will remain director of the Federal Housing Finance Agency and chair of mortgage giants Fannie Mae and Freddie Mac while filling in for Tulsi Gabbard, who resigned last month. Democratic Sen. Elizabeth Warren says Pulte has abused his authority as housing finance director and asks, “What could go wrong?”

Trump administration proposes 25% tariffs on Brazil despite extensive US trade surplus

WASHINGTON (AP) — The Trump administration proposed 25% tariffs on imports from Brazil, charging that the world’s 10th-biggest economy engages in trade practices that are “unreasonable’’ and that “burden or restrict U.S. commerce.’’ The announcement late Monday came after an investigation by the Office of the U.S. Trade Representative that charged Brazil with lax anti-corruption enforcement and unfair tariffs of its own, among other things. The agency has scheduled a public hearing July 6 on the proposed tariffs.

Anthropic races toward a Wall Street debut with a confidential SEC filing

Artificial intelligence company Anthropic is moving toward going public on Wall Street, the latest chapter in its meteoric rise from a little-known research laboratory to one of the leading AI companies valued at $965 billion. Anthropic said Monday it has submitted a confidential filing with the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock. Anthropic said last week it had raised $65 billion in private funding that will push its valuation to $965 billion, a whopping number that makes the five-year-old maker of the Claude chatbot one of the world’s most valuable startups.

Israel’s weapons exports reach a record high with sales doubling in the past 5 years

TEL AVIV, Israel (AP) — Israel’s weapons exports reached a record high of over $19 billion last year, marking a 30% increase from 2024, according to Israel’s Defense Ministry. More than half of 2025’s sales were mega-deals valued at $100 million or more. Sales have more than doubled in the last five years, despite criticism of Israel’s conduct in conflicts with Gaza, Hezbollah, and Iran. Experts say governments are drawn to Israel’s battle-tested weapons. Defense Minister Israel Katz says the figures reinforce Israel’s position as a leading defense technology power. The Defense Ministry plans to prioritize innovation in drone defense.

Trump makes changes to steel, aluminum and copper tariffs

NEW YORK (AP) — President Donald Trump on Monday adjusted tariffs on some steel, aluminum and copper imports, lowering some tariffs on farming equipment and extending tariffs on other equipment. In an executive order, Trump lowered tariffs on agricultural equipment, including combines and harvesters, to 15% from 25%. He expanded the existing category of industrial equipment that is subject to a 15% tariff to include mobile industrial equipment like bulldozers and forklifts — when they’re imported from countries that have a trade deal with the U.S. The changes are temporary and set to expire at the end of 2027.