Global oil prices spiked above $95 per barrel on Wednesday after Iran attacked commercial tankers near the Strait of Hormuz in retaliation for US airstrikes, reigniting fears of a supply crisis. The NY Fed reported rising inflation expectations as energy costs climb. Amazon announced a $25 billion bond sale to fund infrastructure expansion, while EU leaders unveiled a carbon market overhaul that includes slower CO2 cuts and more free permits for industry.
The U.S. trade deficit widened in May as goods imports hit a record high, according to new data from the Commerce Department. Amazon aims to raise $25 billion from a bond sale, and Big Tech data center energy demand is driving up power bills for Rust Belt factories.
The US economy added only 57,000 jobs in June 2026, well below the 115,000 Dow Jones consensus forecast and signaling a sharp deceleration in labor market growth. The Bureau of Labor Statistics also revised down April and May figures by a combined 74,000. The unemployment rate ticked down to 4.2%, while average hourly earnings rose 3.5% year-over-year.
Meta Platforms is building a cloud infrastructure business to sell access to its excess artificial intelligence computing power and models, directly challenging Amazon Web Services, Microsoft Azure and Google Cloud. The initiative, called Meta Compute, will allow outside customers to rent AI compute capacity hosted on Meta's infrastructure. Meta shares jumped more than 10% on the news as investors welcomed the company's plan to monetize its massive AI spending.
Trade between the European Union and the United States reached a record high in 2026 despite ongoing tariff disputes, a new study shows. Meanwhile, the effective U.S. tariff rate rose to 11.7% under the Trump administration's Section 232 and Section 122 tariffs, the highest level since 1972. The Tax Foundation estimates the tariffs will increase taxes per U.S. household by $700 in 2026. JPMorgan warned that domestic aluminum prices are adjusting sharply higher.
The U.S. economy added only 57,000 jobs in June, well below expectations, while the unemployment rate dipped slightly to 4.2%. Payroll gains for the prior two months were revised lower, pointing to a cooling labor market. Financial markets dialed back expectations for a near-term Federal Reserve interest rate hike. The weak report comes as Trump announced he will not renew the USMCA trade deal, and the Dow hit a record closing high on the soft jobs data.
The US economy added only 57,000 jobs in June, well short of the 100,000 economists had predicted, signaling a potential slowdown in the labor market. The unemployment rate dipped to 4.2%, but the weak payroll growth raises questions about whether the Federal Reserve's high interest rate policy is cooling the economy too much.
The Trump administration has declined to renew the US-Mexico-Canada Agreement for a 16-year term, a senior U.S. official confirmed, triggering annual reviews and a ten-year countdown toward the pact's potential expiration by 2036. The decision creates fresh economic uncertainty for the $2 trillion trilateral trade deal. Washington is pushing for changes to automotive rules of origin, dairy market access, and restrictions preventing China from exploiting the regional pact. Business groups had called for renewal, while U.S. steel manufacturers welcomed the shift.
CEO confidence plummeted to 47 in Q2 2026, with 47% of top executives saying the economy is worse than six months ago, according to a new survey. Business leaders are bracing for a downturn, with corporations signaling reduced hiring and capital spending. J.P. Morgan's 2026 Business Leaders Outlook found only 39% of leaders hold an optimistic view of the national economy. The data points to growing anxiety about tariffs, inflation persistence, and slowing consumer demand as the second half of the year begins.
The IMF warns the UK will be the hardest-hit G20 advanced economy from the Iran conflict, slashing its 2026 growth forecast to 0.8% from 1.5%. Soaring energy prices and trade disruption through the Strait of Hormuz are driving the downgrade, with the IMF saying the global economy risks recession if the war continues.