Wholesale prices edged down but remained stronger than expected, while monthly price growth slowed in July — a mix that could persuade the Fed to pause further rate moves. The S&P 500 closed at a record high as markets rallied, even as oil rose amid U.S.-Iran tensions that may push fuel prices higher. Other top stories include tariff refunds being passed to customers after a Supreme Court ruling, Luigi Mangione's expected court plea, and Senate scrutiny of conditions aboard the USS Abraham Lincoln.
Inflation Eases as S&P 500 Hits Record; Oil Rises Amid Iran Tensions — Tariff Refunds, Court and Military Concerns Make Headlines
A woman shops at a wholesale retailer in Alhambra, California. | Frederic J. Brown/Getty Images
Stocks climbed to fresh records while inflationary pressures showed modest signs of easing, offering a somewhat brighter outlook for households facing persistent cost pressures.
Market And Inflation Snapshot
Wholesale prices dipped slightly but remained hotter than analysts had expected, according to Labor Department data. At the same time, monthly price growth slowed in July despite elevated energy costs — results that could strengthen the case for the Federal Reserve to hold interest rates steady.
Equity markets reacted positively: the S&P 500 closed at a record high. Still, oil is poised for weekly gains amid heightened geopolitical tensions after the U.S. warned of a potential indefinite naval blockade of Iran, a development that could put upward pressure on pump prices.
Luigi Mangione in court. | David Dee Delgado/AP
Policy, Trade And Corporate Notes
Some customers have noticed surprise credits as shipping companies began passing tariff refunds along to clients after the Supreme Court struck down certain duties. The move comes as the White House accused dozens of countries of helping Chinese exporters evade U.S. tariffs.
Legal And Political Headlines
In a major development in a high-profile criminal case, Luigi Mangione is reportedly expected to plead guilty in the federal prosecution accusing him of stalking and killing UnitedHealthcare CEO Brian Thompson, though reports say he could still change his plea. Mangione is scheduled to appear in court today.
The Kennedy Center's board of trustees voted to affix former President Trump’s name to the building and to temporarily close much of the venue for renovations, a decision that tests a federal judge's earlier order. Officials released the text planned for the new inscription.
Netflix
Military And Public-Interest Stories
Senate Democrats pressed Navy officials for answers after reports of food shortages, broken plumbing and growing mental-health concerns aboard the aircraft carrier USS Abraham Lincoln, which has been deployed for more than 250 days.
Sports, Entertainment And Culture
No. 1 overall draft pick Fernando Mendoza made his Raiders debut in the NFL preseason, showing on his second drive why he was selected first overall and adding other promising plays that should please Las Vegas fans.
Actor Dylan Walsh drew attention after a Cameo video in which he shared details about the next installment of Heated Rivalry, including a possible episode count; he later said he was "stepping away" after the clip went viral.
Illustration: Yahoo News; photo: Bettmann via Getty Images
In streaming and music news, Netflix released the teen film Don't Say Good Luck, starring Sunny Sandler, and critics praised the thriller The End of Oak Street for its originality. Singer-songwriter Phoebe Bridgers issued her first album in more than six years, Lost Weekend, a record that revisits a period marked by public breakup and personal loss.
Other quick items: Jets coach Aaron Glenn previewed which starters might play in the team's preseason opener against the Tampa Bay Buccaneers; the Indiana Fever, after a week of mixed results and scrutiny of head coach Stephanie White, face the Wings tonight in WNBA action.
On This Day & Picks
On this day in history: In 1945, President Harry S. Truman announced Japan's unconditional surrender, effectively ending World War II; in Japan, Emperor Hirohito's prerecorded surrender address was broadcast, marking many listeners' first time hearing the emperor's voice.
Dylan De Haas/2026 International Aerial Photographer of the Year Award
The 2026 International Aerial Photographer of the Year awards showcase striking images of the planet from above — whales, wild horses and bird-filled skies among the 16 standout photos.
Health Tip: If you've been told to "brace your core" at the gym, experts caution that improper technique can sometimes strain the back. Learn when and how to brace safely.
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