BUSINESS HEADLINES

US stocks edge further from their records as oil prices keep swinging

NEW YORK (AP) — U.S. stocks slipped a bit further from their records, while oil prices kept swinging on uncertainty about when the war with Iran will allow crude to flow freely again. The S&P 500 fell 0.3% Tuesday for a second modest drop since setting its all-time high at the end of last week. The Dow Jones Industrial Average dipped 0.3%, and the Nasdaq composite sank 0.6%. The price for a barrel of Brent crude rose 1.4% to $88.91 after earlier swinging between $87 and $90. Treasury yields eased in the bond market.

Researchers, advocates rail against government’s efforts to end workforce data collection

Civil rights groups and researchers pleaded at a public hearing Tuesday for a federal agency to continue its annual collection of workplace demographic data. Twenty-two speakers testified at the Equal Employment Opportunity Commission’s hearing, which lasted more than two hours. Most opposed the proposal to toss a 60-year-old requirement for tens of thousands of private sector employers to submit annual workforce demographic reports to the EEOC. Six speakers, however, sided with the Trump administration’s stance that reporting such data is burdensome and encourages companies to adopt discriminatory practices to diversity their workforces.

Trump extends Jones Act waiver 90 days for foreign ships moving energy, fertilizers

WASHINGTON (AP) — President Donald Trump has extended a waiver for 90 days, allowing foreign ships to transport goods among U.S. ports. This includes oil, fertilizers, and other fossil fuel products. The president first waived the Jones Act on March 17 to ease transportation and reduce price pressures after the war with Iran began. The latest extension takes effect on August 17. The Pentagon will consult with the Maritime Administration to decide which voyages are exempt. The waiver applies to energy sources and agricultural commodities. A White House spokeswoman says the waiver ensures uninterrupted access to critical resources.

Trump media company announces a massive loss and new turnaround effort

NEW YORK (AP) — The president’s media company posted a massive loss in the latest quarter and plans to ditch new business lines and refocus as a forum for users to post their views. The company behind the Truth Social platform said Monday that it lost $238 million in the three months through June as it branched into businesses unrelated to media, including crypto. That was more than 10 times the loss from a year earlier. The new chief executive, Kevin McGurn, said a yearlong effort to expand by branching into several new industries including online betting and crypto would now be largely abandoned as he refocuses the business on its social media mission.

Vietnam’s VinSpace signs deal with Elon Musk’s SpaceX to launch its first satellites in 2027

HANOI, Vietnam (AP) — The Vietnamese aerospace company VinSpace has signed a contract with SpaceX to launch its first satellites in 2027, marking a big step in Vietnam’s efforts to develop its space industry. The satellites will fly on a SpaceX Transporter rideshare mission, which carries multiple customers’ satellites on one rocket. VinSpace, part of the Vietnamese conglomerate Vingroup, will develop, manufacture and operate the satellites to test its technologies in orbit and support future commercial applications. Established in November 2025, VinSpace aims to become a full-service aerospace company. Its parent, Vingroup, is expanding into high-tech industries including electric vehicles, space, artificial intelligence and robotics.

US existing homes fall 1.7% in July as record prices, high mortgage rates stifle would be-buyers

WASHINGTON (AP) — Sales of previously occupied U.S. homes slowed again in July as record prices and the highest mortgage rates in more than a year prove to be an insurmountable hurdle for many prospective homebuyers. The National Association of Realtors said Tuesday that existing home sales fell 1.7% last month from June to a seasonally adjusted annual rate of 4.06 million units. July sales, however, were up 0.7% compared with last year. Home prices continued to rise, hitting unprecedented levels for July. The U.S. median sales price increased 2% from a year earlier, to $434,100.

Federal safety agency issues final report into 2025 blast that killed 2 at Pennsylvania steel plant

A federal safety agency has issued its final report into a 2025 blast at a U.S. Steel plant near Pittsburgh that left two workers dead. The blast at the Clairton Coke Works plant occurred after a gas valve being flushed with pressurized water ruptured. The report by the U.S. Chemical Safety and Hazard Investigation Board recommends that U.S. Steel develop a written procedure for washing valves with pressurized water in order to minimize the operation’s hazards. The report says the valve that failed was more than 70 years old and made from brittle cast iron. U.S. Steel previously was fined more than $118,000 by the Occupational Safety and Health Administration.

Heading off to college? Here are some tips for managing your finances

NEW YORK (AP) — Heading off to college is exciting, but it also comes with new responsibilities. Experts say it’s a great time to start building credit, budgeting, and managing money. One place to start is building your credit score by responsibly using a credit card. You should also budget as much as you can, even if your income sources are irregular. Experts also recommend creating an emergency fund, discussing finances with friends, planning for student loans, and using campus resources. Mistakes will happen, but learning from them is key.

Zuckerberg manifesto sketches out Meta’s ambitions for world-changing AI technology

Meta Platforms has released a new AI model for developers, emphasizing open-source access. CEO Mark Zuckerberg warned Monday in an online essay against concentrating advanced AI under a few companies or governments. The new model, Muse Glimmer, includes a permissive open-source license, allowing broader use. Zuckerberg argues that open-source AI promotes fair development and helps keep the U.S. competitive. He cautions that AI controlled by select entities could lead to unfavorable outcomes. Zuckerberg also addressed concerns about “distillation,” a method some accuse Chinese companies of using to extract technical features from U.S. AI models. He said he believes learning from observations is crucial for progress.

3 big questions to ask your aging parents

One of the toughest things to go through as an adult is helping your parents as they get older. Life is finite, and both you and your parents might be reluctant to talk about what type of support they might need. But as difficult as these conversations can be, it’s important to make time for them. Talk to them about finances, estate planning, and living arrangements.