Mortgage rates hit 6.5% amid inflation concerns while AI companies race for IPOs, retailers report consumer stress, and major fraud cases emerge across sectors.

Mortgage rates surged to 6.5%, the highest level since the Iran war began, driven by inflation fears, rising bond yields, and concerns about U.S. debt, making home loans and car financing increasingly expensive for Americans.

SpaceX, OpenAI, and Anthropic are rushing to go public, with Wall Street banks competing fiercely for underwriting roles in what could be the largest IPO ever, signaling major capital inflows into the AI sector.

Trump postponed an executive order granting government oversight of AI models, citing concerns about "aspects of it," despite earlier plans to regulate AI releases before market deployment.

Retailers including Walmart, Target, and TJ Maxx reported sales increases but noted shoppers are cutting back on spending and focusing heavily on deals, a warning sign of consumer financial stress amid rising costs.

James Murdoch acquired New York magazine and Vox.com while other Vox titles including The Verge, Eater, and SB Nation will form a separate independent company under new ownership.

Two Minnesota autism therapy providers were charged in a $46 million Medicaid fraud scheme involving fake diagnoses and kickbacks to parents, according to the Justice Department.

A French appeals court found Air France and Airbus guilty of involuntary manslaughter in connection with the 2009 Atlantic Ocean crash, marking a significant legal ruling for the aviation industry.

Pakistan's State Bank forex reserves jumped above $17 billion following IMF inflows, while the stock exchange surged over 3,300 points as buying momentum accelerated across banks and energy sectors.

Palantir held a hackathon to add new user-auditing controls to software used by ICE, as the company works to address employee concerns over its immigration enforcement relationships.

Wall Street's indexes fell as oil prices surged following reports of Iran's Supreme Leader stating enriched uranium must remain in Iran, reflecting ongoing Middle East tensions affecting investor sentiment.