Wall Street limps toward the end of a rough June
U.S. stocks inched upward Tuesday but are still on pace to close out their first losing month after back-to-back strong performances. The S&P 500 gained 0.3%, the Dow Jones Industrial Average climbed 49 points, and the Nasdaq composite added 0.1%. Shares tied to the artificial intelligence sector steadied after a turbulent stretch earlier this month, driven by concerns those stocks had become overvalued. Treasury yields were largely unchanged, oil prices crept higher, and stock markets across much of Europe and Asia finished in positive territory. Meanwhile, the Japanese yen dropped to near a 40-year low against the U.S. dollar.
Supreme Court blocks Trump’s bid to oust Federal Reserve governor
The U.S. Supreme Court ruled that Federal Reserve Governor Lisa Cook may remain in her position for the time being, dealing a setback to President Donald Trump’s effort to gain control over the nation’s central bank. However, in the same decision, the justices significantly broadened presidential authority by upholding Trump’s removal of leaders at other independent federal agencies. Trump described it as a “Historic and Unprecedented Ruling.” The court rejected Trump’s request to immediately remove Cook from the Fed amid allegations she committed mortgage fraud — allegations she denies. Cook stated the case was really about her refusal to let political pressure influence interest rate decisions. She was originally nominated by then-President Joe Biden, a Democrat.
Job openings remain strong at 7.6 million in May
The U.S. labor market showed continued resilience in May, with job openings holding steady at 7.6 million — well above the 7 million economists had predicted. The figures come as the economy absorbs the impact of the Iran war. Layoffs increased slightly during the month, and the number of workers voluntarily leaving their jobs — often seen as a signal of worker confidence — rose only marginally.
Consumer confidence edges up, but pessimism lingers
Americans’ feelings about the economy improved slightly in June as gas prices declined, though the overall mood remains downbeat by historical standards. The Conference Board reported Tuesday that its consumer confidence index rose 0.6 point to 91.2 in June — still below last year’s reading of 95.2. Attitudes had soured after the Iran war sent oil and gas prices surging, fueling inflation and eroding inflation-adjusted incomes. Prior to the pandemic, that same index routinely exceeded 120.
What the ruling means for Fed independence
In a 5-4 decision Monday, the Supreme Court declared that the Federal Reserve holds a unique level of independence from the executive branch and day-to-day political influence — unlike any other federal agency. The ruling means the president cannot remove the seven members of the Fed’s board of governors without demonstrating clear cause. However, the court stopped short of spelling out the full extent of that independence. The decision comes amid an unprecedented standoff between the Fed and President Donald Trump, with experts warning that increased political interference at the central bank could rattle financial markets worldwide.
Talking to your kids about money
Having money conversations with children can feel uncomfortable, particularly for parents who aren’t fully confident in their own financial knowledge — but that’s beginning to change. Jennifer Seitz, director of education at Greenlight, a personal finance app designed for families, says a growing number of banking tools are making it easier for parents to guide their kids financially. These include debit cards for children used under parental oversight and apps that turn money management into a game. Financial experts recommend making these conversations frequent, open, and fun.
Global scammers exploit U.S. technology to defraud victims
A joint investigation by AP and FRONTLINE has revealed that technology developed by American companies is playing a central role in powering a sophisticated, industrialized global scam operation. The investigation found that these tools have enabled fraud to grow in scale and reach in ways that were not previously well understood. Watchdog groups say the companies involved have the technical ability to do more to stop misuse but face limited legal, regulatory, and financial motivation to act. The Federal Trade Commission estimates that scams cost Americans nearly $200 billion in losses in 2024.
Carnegie Foundation honors immigrants’ contributions to America
The Andrew Carnegie Foundation has revealed its 2026 “Great Immigrants, Great Americans” honorees. The list includes Citi CEO Jane Fraser, Pulitzer Prize-winning authors Hernan Diaz and Cristina Rivera Garza, Dr. Iman Abuzeid, and conductor Cristian Măcelaru. The awards program, which launched in 2005, recognizes the contributions immigrants have made to the United States. Carnegie Foundation President Dame Louise Richardson said that celebrating those contributions carries special significance given the ongoing national debate over immigration policy. Harvard’s Gregory Nagy highlighted the cultural richness immigrants bring to the American “melting pot.”
Comcast to spin off NBCUniversal and Sky into separate company
Comcast has announced plans to divide itself into two independently traded public companies by spinning off NBCUniversal and Sky. Company leadership said its board and management believe each entity will be better equipped to pursue its own growth strategy and deliver long-term value to shareholders as standalone businesses. The media and entertainment side — NBCUniversal — encompasses Universal film and television studios, NBC and Telemundo networks, the Peacock streaming service, Bravo, a theme parks division, and European media outlet Sky.
