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US stock markets fall amid Iran strikes and potential higher interest rates

US stock markets fall amid Iran strikes and potential higher interest rates

July 08, 2026 • Guardian US

Summary

US stock markets dropped after President Donald Trump said the ceasefire with Iran had ended, causing oil prices to rise sharply. At the same time, the Federal Reserve pointed to concerns about inflation that could lead to higher interest rates later this year.

Key Facts

  • President Trump declared the ceasefire with Iran over during a NATO summit in Turkey.
  • Brent crude oil price rose over 5%, reaching above $80 per barrel.
  • The Dow Jones Industrial Average fell by 1.09%, or 500 points, while the S&P 500 had a small loss and Nasdaq gained slightly.
  • The International Monetary Fund lowered its global economic growth outlook from 3.1% to 3% due to Middle East conflict and spending on artificial intelligence (AI).
  • US gas prices average $3.79 per gallon, which is 65 cents higher than a year ago.
  • US inflation hit 4.2% in May, above the Federal Reserve’s 2% target and the highest in three years.
  • Federal Reserve meeting notes showed debate about inflation timing but little talk of cutting interest rates soon; some officials expect rates to rise before year-end.
  • Rising inflation is linked to past tariffs, higher energy costs due to the Middle East conflict, and increased AI-related demand.
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Guardian US Guardian World
Starter Homes are a Million Bucks Now | Money Moves with Jill Schlesinger

Starter Homes are a Million Bucks Now | Money Moves with Jill Schlesinger

July 08, 2026 • CBS News

Summary

The price of starter homes in many parts of the U.S. has risen to around $1 million. This increase is causing younger people to question if buying a home is still a realistic part of their future.

Key Facts

  • Starter homes now cost about $1 million in many areas of the country.
  • Higher home prices make it harder for younger generations to buy houses.
  • The traditional idea of homeownership as part of the American dream is being questioned.
  • The article includes advice on financial topics like wedding costs and buying life insurance.
  • The discussion is part of a CBS News segment on personal money matters.
  • Viewers can send money questions to the email askjill@jillonmoney.com.
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CBS News
US summer travel slumps under rising fares and fuel expenses

US summer travel slumps under rising fares and fuel expenses

July 08, 2026 • Al Jazeera

Summary

The US summer travel season is slowing down due to rising airfare and fuel costs, worsened by tensions between the US, Israel, and Iran. These factors have caused higher fuel prices, reduced travel demand, and disrupted airline operations both in the US and Europe.

Key Facts

  • President Donald Trump declared the ceasefire with Iran over, leading to expectations of more attacks and rising fuel costs.
  • US crude oil prices rose by 4.84% in one day amid these tensions.
  • More than 7.3 million people passed through US airport security over the Fourth of July weekend, a 2.3% drop from last year.
  • Around 45% of Americans chose not to travel this summer due to high costs, down 2% from last year.
  • Airfare prices in the US have increased by 8.2% since February 2024.
  • United Airlines announced up to 20% price increases, and American Airlines cut some routes because of rising fuel prices.
  • Budget airline Spirit Airlines shut down in May, citing geopolitical conflicts and fuel costs.
  • European airlines like Lufthansa and British Airways also reduced flights to save fuel amid rising costs.
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Al Jazeera
How a rise in ADHD benefits claims is adding to Andy Burnham's welfare challenge

How a rise in ADHD benefits claims is adding to Andy Burnham's welfare challenge

July 08, 2026 • BBC Top Stories

Summary

The UK’s welfare spending on sickness and disability benefits has been rising steadily, reaching £58 billion in 2025 and expected to hit £78 billion by 2030. A significant increase in Personal Independent Payments (PIP) claims is linked to more people being diagnosed with ADHD and other mental health conditions.

Key Facts

  • Andy Burnham plans to reduce the UK’s welfare bill by encouraging more people to work.
  • The sickness and disability benefits bill for working-age people is currently £58 billion and projected to rise to £78 billion by 2030.
  • Personal Independent Payments (PIP) help cover extra costs for physical or mental health conditions and disabilities.
  • PIP claims in England and Wales increased from 3.6 million to 4 million since Labour took office.
  • Claims related to mental health or developmental conditions like ADHD rose from 16.5% in 2020 to 24% in 2026.
  • Over 100,000 people currently receive PIP for ADHD, up 40% since Labour became the government.
  • Half of the people claiming PIP for ADHD are aged 16 to 24.
  • The rise in ADHD claims is partly due to better diagnosis and more people seeking support.
  • The overall share of non-pensioner welfare spending has fallen since 2010 due to cuts in benefits like housing and Universal Credit.
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BBC Top Stories
Don't Buy a House Together Until You Hear This | Money Moves with Jill Schlesinger

Don't Buy a House Together Until You Hear This | Money Moves with Jill Schlesinger

July 08, 2026 • CBS News

Summary

The article explains important advice for people who want to buy a house together but are not married. It shares a real example of a man whose cousin bought a house with a girlfriend, and after they broke up, the cousin’s credit stayed tied to the house while the ex kept living there without refinancing. The article also discusses new student loan rules that began on July 1, 2026, and why taking on college debt may now be less beneficial.

Key Facts

  • Buying a house with someone you’re not married to can create financial problems if the relationship ends.
  • One common issue is that both people remain legally responsible for the mortgage even if one moves out.
  • Refinancing means replacing the old mortgage with a new one, which can remove one person’s name from the loan.
  • The cousin in the example still has credit tied to the house because the ex refuses to refinance.
  • New student loan rules started on July 1, 2026, affecting how parents and students manage college debt.
  • The changes may make borrowing money for college less attractive or helpful than before.
  • It is important to understand financial agreements before buying big things or taking on loans.
  • People with money questions can email askjill@jillonmoney.com for advice.
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CBS News
How much interest can an $18,000 high-yield savings account earn this year?

How much interest can an $18,000 high-yield savings account earn this year?

July 08, 2026 • CBS News

Summary

A high-yield savings account allows people to earn more interest on money like $18,000 without locking it away for a long time. With current rates around 4.10%, savers could earn over $300 in interest within six months if rates stay steady.

Key Facts

  • High-yield savings accounts offer higher interest rates than regular savings accounts.
  • Unlike certificates of deposit (CDs), they do not require freezing money for months or years.
  • Current top interest rate for these accounts is about 4.10%.
  • An $18,000 deposit could earn roughly $121 in two months and about $365 in six months.
  • Interest rates can change over time because these accounts have variable rates.
  • If rates go up, interest earnings will increase; if rates go down, earnings will decrease.
  • Interest is paid without penalty and people can still add or withdraw money anytime.
  • These accounts are a safer option for savers who want access to their funds while earning interest.
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CBS News
How much interest can you earn with a 4.20% CD account now?

How much interest can you earn with a 4.20% CD account now?

July 08, 2026 • CBS News

Summary

A certificate of deposit (CD) account with a 4.20% interest rate offers savers a guaranteed way to earn money on their deposits over a fixed period. The total interest earned depends on how much money is deposited and the length of the CD term, with options like 18-month and 5-year CDs currently available at this rate.

Key Facts

  • CDs with a 4.20% interest rate are available for terms of 18 months and 5 years.
  • Interest earned increases with both higher deposits and longer terms.
  • Example: A $1,000 deposit in an 18-month CD earns about $63.66; the same deposit in a 5-year CD earns about $228.40.
  • Larger deposits yield proportionally more interest, for example, $100,000 earns $6,365.69 in 18 months and $22,839.66 in 5 years.
  • CD accounts have fixed interest rates, so the return is guaranteed if the money stays until maturity.
  • Early withdrawal from a CD can lead to penalties that may cancel out earned interest.
  • CDs are insured by the FDIC up to $250,000, providing safety for deposits.
  • Online platforms make it easy to compare CD rates, terms, and lenders.
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CBS News
Judge rejects Kalshi attempt to override New York state gambling laws

Judge rejects Kalshi attempt to override New York state gambling laws

July 08, 2026 • Ars Technica

Summary

A federal judge rejected Kalshi’s request to block New York’s gambling laws that stop the company from offering sports-event bets. Kalshi is appealing this decision while New York continues to enforce its laws to protect consumers. The court ruled that federal regulation does not prevent states from applying their own gambling rules.

Key Facts

  • Kalshi is a prediction market company registered under the Commodity Futures Trading Commission (CFTC).
  • New York’s State Gaming Commission told Kalshi to stop offering sports betting contracts in October 2025.
  • A federal judge ruled that New York’s gambling laws apply to Kalshi despite its CFTC registration.
  • The judge said federal law allows states to regulate gambling alongside federal rules.
  • Kalshi argues its contracts are financial swaps regulated by the CFTC, but New York views them as gambling.
  • Kalshi is appealing the ruling to the US Court of Appeals for the 2nd Circuit.
  • New York officials want to protect consumers, especially young adults, from unregulated sports gambling.
  • Kalshi and its competitor Polymarket are connected to Donald Trump Jr. as an advisor or investor.
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Ars Technica
Woman Accepts Job Offer After Interview—Then Realizes Mistake: ‘Mortified’

Woman Accepts Job Offer After Interview—Then Realizes Mistake: ‘Mortified’

July 08, 2026 • Newsweek

Summary

A woman shared on Reddit that she thought she had received a job offer after a good interview, but later found out the company was still interviewing candidates. She accepted what she believed was an offer by email and told her family, only to be told the job was not yet hers. She learned the importance of waiting for a clear, written job offer before accepting.

Key Facts

  • The woman is a recent graduate who interviewed for a job she really wanted with a higher salary near her home.
  • The interviewer discussed salary and start dates, which made her think she had the job.
  • She emailed the company accepting what she thought was an offer and told her family.
  • The company later replied saying they were still reviewing applications and had not made an offer.
  • She felt embarrassed but shared her story online, where many people responded with support.
  • Some commenters explained that interview communication can be confusing and reassured her it’s not her fault.
  • Job experts say candidates should wait for a formal job offer in writing before accepting.
  • It’s common for hiring decisions to take time, and candidates should ask when to expect a decision.
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Newsweek
The tenuous state of a US-Iran ceasefire renews anxiety over high fuel prices

The tenuous state of a US-Iran ceasefire renews anxiety over high fuel prices

July 08, 2026 • AP News

Summary

Tensions between the U.S. and Iran have raised concerns about fuel prices because fighting could stop oil tankers from moving through the Persian Gulf. After President Donald Trump ended the ceasefire with Iran, oil prices rose to their highest in weeks, which may lead to higher gasoline costs for drivers.

Key Facts

  • The U.S.-Iran ceasefire ended after Iranian attacks on ships and U.S. military sites in the Gulf.
  • Fighting could halt oil tanker traffic through the Strait of Hormuz, a key route for global oil shipments.
  • Oil prices increased, with U.S. crude selling at $75.80 per barrel and Brent crude near $79 per barrel.
  • Gasoline prices in the U.S. rose slightly to about $3.80 per gallon but remain below last month's average of $4.16.
  • Gasoline price changes lag behind oil prices due to refining time and transportation to gas stations.
  • The U.S. and other countries released oil from emergency reserves to keep prices lower during the conflict.
  • The U.S. Strategic Petroleum Reserve is at its lowest level since 1983, limiting emergency supply options.
  • Market experts say oil prices remain very sensitive to any conflict near the Strait of Hormuz.
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AP News
Here's how much interest a $10,000 18-month CD will earn savers who act now

Here's how much interest a $10,000 18-month CD will earn savers who act now

July 08, 2026 • CBS News

Summary

An 18-month certificate of deposit (CD) with a $10,000 deposit can earn savers about $620 to $640 in interest at current rates around 4.15% to 4.20%. While CDs lock the money for the term, they offer a fixed interest rate, whereas high-yield savings accounts offer similar returns with more access but variable rates.

Key Facts

  • Current top interest rates for 18-month CDs range from 4.15% to 4.20%.
  • A $10,000 deposit in an 18-month CD at these rates earns roughly $622 to $637 in interest by maturity.
  • CDs protect the principal and fix the interest rate until January 2028.
  • Early withdrawal from a CD can result in fees that may reduce or eliminate interest earned.
  • High-yield savings accounts currently offer rates close to 4.10%, with flexible access to funds.
  • Savings account rates can change over time, making future interest uncertain.
  • CDs may be better for those seeking guaranteed returns and who can lock money away temporarily.
  • Savers might consider dividing money between CDs and savings accounts depending on their needs.
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CBS News
Fed saw "upside risks" to inflation, disagreed on rate path

Fed saw "upside risks" to inflation, disagreed on rate path

July 08, 2026 • Axios

Summary

Federal Reserve officials had different views on the future of the U.S. economy and inflation at their recent meeting. While they agreed to keep interest rates the same for now, some members believe rate increases might be needed if inflation stays high due to factors like strong demand from AI development and global events.

Key Facts

  • Federal Reserve officials see various possible future paths for the economy and inflation.
  • All members agreed to keep interest rates unchanged at the last meeting.
  • Some officials want to raise rates soon because inflation risks remain high.
  • Others expect inflation to ease as energy prices and tariffs decline.
  • Inflation may stay above the Fed's 2% target due to strong demand related to AI and global conflicts.
  • Officials are split on whether interest rates will rise or fall by the end of the year.
  • Fed Chairman Kevin Warsh did not give a clear forecast or guidance on future rate changes.
  • The Fed sees risks to inflation as more likely to increase rather than decrease for now.
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Axios
Utility watchdog warns of rising water rates as regulators consider requests

Utility watchdog warns of rising water rates as regulators consider requests

July 08, 2026 • AP News

Summary

Illinois’ two largest private water companies, Illinois American Water and Aqua Illinois, are asking regulators to approve significant rate increases and a merger between their parent companies. The Illinois Commerce Commission is reviewing these requests while a consumer group warns the merger could reduce competition and lead to higher prices without service improvement.

Key Facts

  • Illinois American Water wants to raise rates by $142 million, increasing water bills by about $14 and wastewater bills by about $28 per month for typical customers.
  • Aqua Illinois has requested a $26.5 million rate increase, which would raise combined water and wastewater bills by about $23 per month.
  • The two companies’ parent firms, American Water and Essential Utilities, are seeking approval for a merger that would combine the largest private water services in Illinois.
  • The Citizens Utility Board (CUB), a consumer watchdog, opposes the merger, citing past complaints about high bills and poor service.
  • If the merger is approved, over 99.99% of Illinois private water utility customers would be served by American Water and its affiliates.
  • The requested rate hikes are intended to pay for infrastructure upgrades, replacing lead service lines, and improving cybersecurity.
  • Aqua Illinois customers could see rate increases starting in April 2027, with some bills rising by up to nearly 30%.
  • The merger, if approved, is expected to be finalized by early 2027.
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AP News
Fed minutes: Officials deeply divided over future path of US inflation

Fed minutes: Officials deeply divided over future path of US inflation

July 08, 2026 • AP News

Summary

The Federal Reserve’s committee decided to keep interest rates the same last month but showed disagreement about future inflation. Some officials think inflation will drop soon, while others worry new technology investments could keep prices high.

Key Facts

  • The Federal Reserve kept its key interest rate at 3.6% in the latest meeting.
  • There are 19 officials on the rate-setting committee, with differing views about inflation.
  • Some officials believe inflation will go down as gas prices drop and tariffs fade.
  • Others worry large spending on artificial intelligence and tech products may keep inflation high.
  • Kevin Warsh became the new Federal Reserve Chair, appointed by President Donald Trump.
  • Jerome Powell, the previous Chair, remains on the committee as a Fed governor until 2028.
  • President Trump had criticized Powell for not lowering borrowing costs fast enough.
  • The minutes show no immediate move by Warsh to cut interest rates.
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AP News
DOGE shuts down after controversial run with Elon Musk

DOGE shuts down after controversial run with Elon Musk

July 08, 2026 • CBS News

Summary

DOGE, a government agency previously led by Elon Musk, is closing down after ending many public contracts and laying off numerous federal workers. The agency had a controversial period under Musk’s leadership.

Key Facts

  • DOGE was a government agency.
  • Elon Musk once led DOGE.
  • The agency canceled billions of dollars in public contracts.
  • Many federal employees lost their jobs due to DOGE’s actions.
  • DOGE is now shutting down.
  • The closure follows a controversial time under Musk’s management.
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CBS News
15 recent food, product recalls that may impact you

15 recent food, product recalls that may impact you

July 08, 2026 • The Hill

Summary

This article lists 15 recent recalls of food and products that could affect consumers. It highlights safety concerns that led companies to remove these items from sale.

Key Facts

  • There have been 15 recent recalls of food and other products.
  • The recalls occurred over the summer.
  • The recalled items may pose safety risks to consumers.
  • Companies pulled these items from stores or issued warnings.
  • Consumers should check the recall lists to see if they have any affected products.
  • Recalls help protect people from unsafe or contaminated items.
  • Information about specific recalled products can help prevent harm.
  • Staying informed about recalls can guide safer shopping choices.
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The Hill
Pierpaolo Piccioli’s couture debut reimagines Balenciaga in his own colourful image

Pierpaolo Piccioli’s couture debut reimagines Balenciaga in his own colourful image

July 08, 2026 • Guardian World

Summary

Pierpaolo Piccioli presented his first haute couture collection for Balenciaga, blending the brand’s traditional style with his own colorful and modern vision. The collection featured airy, sculptural clothes inspired by art and history, made using both classic tailoring and new digital technology.

Key Facts

  • Cristóbal Balenciaga closed his brand in 1968 because he disliked mass-produced fashion.
  • Pierpaolo Piccioli, with 25 years at Valentino, took on Balenciaga’s couture for the first time.
  • The collection includes cocoon shapes and bell curves that hover away from the body for comfort and style.
  • Piccioli drew inspiration from Spanish golden age art and sculptures, mixing history with modern design.
  • Bright colors like ultraviolet, aniseed, and lavender were used throughout the collection.
  • The fashion show happened during a European heatwave, highlighting the airy, cool design of the clothes.
  • Some pieces, like feathered trousers with long trains, reflect modern clothing habits for women.
  • 3D body scanning and digital blueprints were used to update traditional made-to-measure garment methods.
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Guardian World
Map Shows Gas Prices in Each State as Iran Ceasefire Ends

Map Shows Gas Prices in Each State as Iran Ceasefire Ends

July 08, 2026 • Newsweek

Summary

Gas prices in the United States rose slightly after President Donald Trump said the ceasefire with Iran ended, raising concerns about oil supply through the Strait of Hormuz. The average price was $3.796 per gallon, with higher costs in states like Hawaii and California, and experts said prices could increase further in the coming weeks depending on market reactions.

Key Facts

  • President Trump said the Iran ceasefire is “over,” increasing tension in the Strait of Hormuz, an important route for global oil.
  • Gas prices increased nationally to $3.796 per gallon on Wednesday, up from $3.790 the day before.
  • Prices are highest in Hawaii ($5.458), California ($5.364), and Washington ($5.004) and lowest in Indiana ($3.064), Oklahoma ($3.338), and Texas ($3.53).
  • Gas prices had fallen recently but may rise again due to the conflict’s impact on oil supply.
  • Experts say gas prices can react quickly, with possible full increases in the next two to three weeks.
  • The U.S. is the world’s largest oil producer, so oil crises do not affect the country as severely as in the past.
  • The situation is still uncertain, and prices could go down if tensions ease, similar to what happened during the June ceasefire.
  • The Strait of Hormuz connects the Persian Gulf with the Gulf of Oman and is a key channel for transporting oil worldwide.
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Newsweek
Boomer Parents: It's Time to Cough it Up | Money Moves with Jill Schlesinger

Boomer Parents: It's Time to Cough it Up | Money Moves with Jill Schlesinger

July 08, 2026 • CBS News

Summary

Many Baby Boomers are expected to pass down large amounts of money to their children, a process called the "great wealth transfer." However, since people are living longer and keeping their money longer, experts suggest older adults should consider giving financial help to their children now.

Key Facts

  • The "great wealth transfer" means trillions of dollars moving from Baby Boomers to their kids.
  • People are living longer, which means they keep their money for a longer time.
  • Because of this, the expected transfer of wealth may be slower than predicted.
  • Financial expert Jill Schlesinger advises Boomers to start giving money to their children earlier.
  • Questions from callers included whether silver jewelry is a good investment and if it makes financial sense to take a pay cut for better life quality.
  • Viewers can send money questions to Jill Schlesinger by email.
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CBS News
City regulator urges judges to dismiss larger payout claims in car loans scandal

City regulator urges judges to dismiss larger payout claims in car loans scandal

July 08, 2026 • Guardian World

Summary

The City regulator, the Financial Conduct Authority (FCA), is asking judges to reject a consumer group's request for higher payouts in a car loan mis-selling scandal. The FCA claims the group, Consumer Voice, has not been open about its funding and possible conflicts of interest. Consumer Voice wants bigger compensation for people who were overcharged on car loans, but the FCA says the group may have its own financial motives.

Key Facts

  • The FCA wants legal challenges from Consumer Voice dismissed due to lack of transparency about the group's funding and relationships.
  • Consumer Voice was set up in 2023 by former Which? staff to push for larger payouts for car loan borrowers affected by commission-based mis-selling from 2007 to 2024.
  • The car loan compensation scheme currently involves lenders like Lloyds, Santander, Volkswagen, and Mercedes-Benz, with a total payout of £9.1 billion planned.
  • Consumer Voice argues the FCA’s payout scheme undervalues victims, who currently get about £830 per mis-sold loan.
  • The FCA alleges Consumer Voice and its legal partner Courmacs operate commercially and have conflicting interests because Courmacs takes a cut of settlements.
  • Consumer Voice says it does not profit from car finance claims and that FCA’s accusations are incorrect and misleading.
  • Courmacs provides free legal help in this case, but can earn up to 30% from client settlements in other cases.
  • The FCA claims Consumer Voice has not fully disclosed details of its funding or business model and may not represent consumers’ interests fully.
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Guardian World