(NEW YORK) — Oil prices climbed and stocks tumbled in early trading on Wednesday after President Donald Trump said he believes an agreement with Iran is “over” amid an exchange of strikes in the Middle East.
Brent crude, the benchmark measure for worldwide oil trading, climbed more than 5% in early trading on Wednesday, pushing the price up to nearly $78 a barrel.
Oil prices stand above pre-war levels, though they have fallen from a high of as much as $118 reached earlier in the conflict.
Stock prices fell in response to the heightened tensions and rising oil prices.
The Dow Jones Industrial Average dropped 600 points, or 1.1%, while the S&P 500 declined 0.6%. The tech-heavy Nasdaq fell 0.4%.
This is a developing story. Please check back for updates.
Melting street thermometer against bright summer sun.High temperature.Summer heat. (Dmitriy83/Getty Images)
(NEW YORK) — A heat wave blanketed a vast swathe of the United States over the 4th of July weekend, threatening the health of tens of millions of people and the power supply for thousands of homes.
A lesser-known risk of extreme heat, meanwhile, may hammer pocketbooks.
Heat waves threaten an array of costs for the economy, sapping the productivity of outdoor workers, shutting some shoppers inside their homes and driving up utility payments, some analysts told ABC News. All in all, they added, those effects could shrink output and hike some costs in areas impacted by heat waves.
“Extreme heat has economic consequences,” Justin Mankin, a professor of geography at Dartmouth University, told ABC News. “The consequences seem to be negative just about everywhere.”
Heat waves are becoming more frequent, more intense and longer lasting due to human-amplified climate change, according to the federal government’s Fifth National Climate Assessment. The average number of heat waves in major U.S. cities each year has doubled since the 1980s, that report said.
Extreme heat is considered the deadliest weather-related hazard in the U.S., according to the National Weather Service. About 2,000 Americans die each year on average from extreme heat, the Centers for Disease Control and Prevention noted.
A body of research indicates that heat waves also risk damage for the economy.
A study issued last year by researchers at the University of Florida, the European Stability Mechanism and the International Monetary Fund — which examined 203 countries over a 40-year period — found that an increased frequency of high temperatures and harsh droughts resulted in a 0.2% decline in gross domestic product (GDP).
Another report found total heat-related economic losses in the trillions of dollars. Taken together, economic damage from human-caused extreme heat likely cost as much as $50 trillion worldwide over a recent 30-year period, according to a 2022 study from Dartmouth University researchers.
“These things are costly and they’re getting worse because of climate change,” said Mankin, a co-author of the study.
The reasons for the economic impact range from diminished employee productivity to heightened utility costs to lost agricultural output, some analysts said.
Berkay Akyapi, a professor of business at the University of Florida and a co-author of the study on lost GDP, pointed to the crop damage caused by a heightened number of heat waves.
Nighttime temperature spikes are especially damaging, Akyapi said, since they deny crops a respite during a time period typically reserved for cooler temperatures. Fewer crops, in turn, threaten to elevate prices as the same number of dollars chase after a smaller supply of goods, he added.
A decline in domestic crop output can also force a given country to increase imports, putting further upward pressure on prices, Akyapi noted.
“If you can’t produce something, you have to import it and that of course raises prices,” he said.
Heat waves also cause higher prices for utilities as demand grows for air conditioning and other power-driven solutions, some analysts said.
The budget woes, in turn, cause a chain reaction, squeezing funds left over for other products and sapping consumer-driven economic activity. Steven Brown, a director of insights and evidence at the Aspen Institute Financial Security Program, told ABC News.
“It results in higher bills for households that are already financially tight or strained,” Brown said. “It causes a spillover in their ability to pay for other things like groceries or rent.”
In 2023, a report issued by a U.S. Senate committee found the negative economic effects from extreme heat are most pronounced in heat-exposed sectors such as agriculture, mining, construction, manufacturing and transportation. The risk owes primarily to lost productivity among workers in such industries, the report said.
“Together, the loss of productivity caused by heat is emerging as one of the biggest economic costs of climate change,” the report added.
To be sure, analysts noted that some cold-weather locations may benefit from heat waves, since higher-than-normal temperatures could improve agricultural output or allow for increased time spent outdoors.
“When you look around the world at places like Canada, Sweden or Norway — they can benefit. Heat waves are kind of good weather there,” Akyapi said.
Adaptive efforts, such as installation of air conditioning, can mitigate some of the negative economic effects, some analysts noted. Some governments are also exploring administrative solutions meant to help fight extreme heat.
Arizona appointed Eugene Livar as its first chief heat officer in 2024, tasking him with oversight of the state’s extreme heat preparedness plan. Democratic lawmakers in Arizona and Nevada introduced a bill in Congress last year that would add extreme heat to the Federal Emergency Management Agency’s list of major disaster qualifying events, unlocking access to federal support.
“Government interventions probably reduce some of the costs associated with these events, despite being costly interventions themselves,” Akyapi said.
Dartmouth’s Mankin said he expects heat waves to remain a feature of everyday life for the foreseeable future as human-caused climate change continues.
“These kinds of heat events are just going to be more commonplace. You’ll just have more days of the year that look like this, particularly when each subsequent year is hotter than the last,” Mankin said.
ABC News’ Kenton Gewecke and Emily Shapiro contributed to this report.
SpaceX founder and CEO Elon Musk speaks via video at the Nasdaq Marketsite in Times Square during the launch of the SpaceX initial public offering (IPO) on the Nasdaq on June 12, 2026, in New York City. (Spencer Platt/Getty Images)
(NEW YORK) — Elon Musk-led rocket and AI company SpaceX joined the Nasdaq 100 on Tuesday, clearing the way for a potential influx of investment as funds pegged to the major index were expected to add the firm.
SpaceX will all but certainly become a part of many individuals’ 401(k) accounts soon. Those accounts often hold index funds, which track indexes like the Nasdaq 100.
Until recently, newly listed companies were barred from major indexes until after an extended waiting period. But the Nasdaq issued a rule change in May permitting “fast entry” to the Nasdaq-100 for some major IPOs. Over the ensuing weeks, some other top exchanges also tweaked their rules.
Entry into the index marked the latest development for SpaceX after a roller coaster in the company’s shares following an initial public offering (IPO) last month. The stock price soared roughly 50% in the initial three days after the public listing on June 12, before shedding just about all of those gains within days.
SpaceX shares dropped nearly 6% in early trading on Tuesday, putting the price at about $151. The SpaceX IPO, the largest ever, opened trading last month at $150 per share.
The IPO made Musk the first trillionaire, vaulting the world’s richest person further ahead of other financial titans. After SpaceX shares tumbled on Tuesday, Musk’s net worth fell to $973 billion, according to Forbes. The second-wealthiest person alive, Google founder Larry Page, holds a net worth of $303 billion, Forbes said.
The IPO pulls in fresh funds for the Texas-based firm, which oversees Musk’s ambitions in the fast-growing but cost-intensive AI industry. The company aims to raise as much as $75 billion from its public listing.
SpaceX builds and operates spacecraft, including thousands of satellites deployed in support of its Starlink satellite internet service. In February, the company merged with xAI, a Musk-led AI company that offers a chatbot in competition with the likes of OpenAI’s ChatGPT and Anthropic’s Claude.
The company’s revenue jumped to $18.7 billion in 2025, soaring 33% compared to the previous year, a financial filing showed. Nearly a quarter of that revenue came from Starlink, which counted millions of subscribers. Still, SpaceX failed to turn a profit, registering a loss of $4.9 billion last year.
A logo sits outside the Microsoft pavilion during the second day of the Mobile World Congress 2015 at the Fira Gran Via complex on March 3, 2015 in Barcelona, Spain. (David Ramos/Getty Images)
(NEW YORK) — Microsoft said on Monday it will lay off 4,800 employees and that the job cuts would be especially pronounced in its Xbox department.
The layoffs will affect 2.1% of Microsoft’s global workforce, Amy Coleman, executive vice president and chief people officer, said in a public memo to employees.
Coleman attributed the layoffs in part to a shakeup in the tech sector wrought by artificial intelligence. None of the terminated roles will be replaced by AI, Coleman noted. At the same time, she acknowledged: “AI is changing how work gets done.”
“Our business is changing because the world around it is changing. The way technology is built, deployed, and used is transforming faster than at any point in my time here,” Coleman said.
In a separate statement, Microsoft said a large share of the job cuts would impact its Xbox department, which oversees the company’s popular video game console.
In all, Xbox would slash 1,600 jobs as part of the layoffs announced on Monday, as well as an additional 1,600 cuts through the end of fiscal year 2027, Xbox CEO Asha Sharma said in a public memo to employees.
“We are beginning the most significant restructure in XBOX history,” Sharma said, adding, “Our business today is not healthy.”
Sharma pointed to weaker-than-expected performance for Xbox’s subscription service, Game Pass, which charges a monthly fee for access to a collection of games. The company faced stiff competition in its efforts to increase output of new games, Sharma added.
“We now find ourselves competing not only with the largest publishers, but also with smaller independent studios,” Sharma said.
Xbox will not cancel any of its first-party, publicly announced games or projects as part of the new plans, Sharma said.
Shares of Microsoft fell about 1% in early trading on Monday.
Crude oil tankers, bulk carriers and vessels sit anchored around Qaboos Port June 22, 2026, in Muscat, Oman. The Strait of Hormuz, a vital shipping route for the region’s oil and gas. (Elke Scholiers/Getty Images)
(NEW YORK) — Mortgage rates have dropped to their lowest level since May as negotiations between the United States and Iran ease financial markets.
The average interest rate on a 30-year fixed mortgage stands at 6.43%, down from last week’s rate of 6.49%, Freddie Mac data on Thursday showed.
Still, mortgage rates register above their level before the war with Iran. Prior to the Middle East conflict in late February, a 30-year fixed mortgage clocked in at an average just below 6%.
“Rates did drop, which does provide some relief. But they’re still high,” Julia Fonseca, a professor at the Gies College of Business at the University of Illinois at Urbana-Champaign, told ABC News.
A decline in mortgage rates over recent weeks has come in response to a drop in oil prices and Treasury yields, some analysts told ABC News. The shift has partially reversed a trend that took hold after the Iran war broke out.
At that time, mortgage rates surged in response to a jump in U.S. Treasury yields, or the amount paid annually to a holder of government debt. The rise in bond yields is owed to fear of a renewed bout of inflation as oil prices climbed.
Since bonds pay a given investor a fixed amount each year, the specter of inflation risks higher consumer prices that would eat away at those annual payouts. In turn, bonds often become less attractive in response to economic turmoil. When demand falls, bond yields rise.
High bond yields make borrowing more expensive for average Americans, since 10-year Treasury rates influence the rates offered for a variety of loans, including mortgages.
Bond yields eased in recent weeks as negotiations unfolded between the U.S. and Iran, pushing down oil prices and softening inflation expectations, Ken Johnson, a real estate economist at the University of Mississippi, told ABC News. In turn, Johnson said, mortgage rates have fallen.
“The big driver has been the cooling of tensions in the Gulf,” Johnson told ABC News.
Despite the recent drop, mortgage rates remain higher than their pre-war level. Even more, mortgage rates stand well above their level as recently as 2022, when the average rate on a 30-year fixed mortgage came in below 5%.
Elevated mortgage rates have contributed to a phenomenon known as the “lock-in” effect.
Mortgage rates remain well above the rates enjoyed by most current homeowners, who may be reluctant to put their homes on the market and risk a much higher rate on their next mortgage.
“Rates are still pretty high relative to what they were a few years ago, but every drop in mortgage rates helps. This is not going to go all the way toward unlocking people. We might see this gradual unlocking as time goes by and as rates tick down,” Fonseca said.
HR recruitment manager holding resume in hands while having an interview in a modern office. (Xavier Lorenzo/Getty Images)
(NEW YORK) — Hiring slowed markedly in June, falling short of economists’ expectations and displaying a wobbly labor market amid elevated inflation set off by the Iran war.
The U.S. added 57,000 jobs in June, according to the federal government’s monthly jobs report, which marked a decline from 172,000 jobs added in May.
The sluggish pace recorded in June departs from strong performance for the labor market so far in 2026. Employers added a robust average of about 114,000 jobs each month from January to May, Bureau of Labor Statistics (BLS) data showed.
The unemployment rate fell slightly from 4.3% in May to 4.2% in June, the BLS said. Unemployment remains low by historical standards.
The professional and business services sector led job gains, adding 36,000 positions in June. Significant job gains also came in healthcare, though the pace of job growth slowed in that sector.
Hiring had proven unexpectedly resilient, despite a rise in costs borne by businesses and shoppers.
The Middle East conflict, which began on Feb. 28, prompted the Iranian closure of the Strait of Hormuz, a maritime trading route that facilitates the transport of about one-fifth of the global oil supply. The standoff triggered one of the largest oil shocks ever recorded.
The pace of annual inflation stands at 4.2%, clocking in at more than twice the Federal Reserve’s target rate of 2%.
The combination of elevated inflation and a resilient labor market has raised the chances of an interest rate hike, futures markets show, posing a risk for corporations eager to keep borrowing costs relatively low.
Federal Reserve Chair Kevin Warsh briefly sent stocks tumbling this month during his first press conference atop the central bank. Warsh voiced a commitment to bringing inflation down to the Fed’s desired level.
“Persistently high prices are a burden for the American people,” Warsh told reporters in Washington, D.C. “This committee will deliver price stability.”
Futures markets peg the odds of an interest rate hike in September at about 64%, according to the CME Group’s FedWatch Tool, a measure of investor sentiment.
To be sure, the path forward for interest rates remains highly uncertain. Oil and gasoline prices have eased in recent weeks in response to negotiations between the U.S. and Iran, offering hope of a cooldown of inflation in the absence of rate increases.
On Wednesday, Warsh weighed in on the bullish side of an ongoing debate among policymakers, investors and the general public about the potential impact of AI on the labor market and wider economy.
The technology could create jobs and boost productivity, strengthening the economy of the U.S. and other nations, according to Warsh.
“This is a big paradigm shift both for the conduct of our policy and for our economies,” Warsh said. “I think the jobs will be greater. Prosperity will be stronger.”
Ranking member Sen. Elizabeth Warren (D-MA) delivers an opening statement during the Senate Committee on Banking, Housing, and Urban Affairs confirmation hearing for Kevin Warsh, U.S. President Donald Trump’s nominee for Chair of the Federal Reserve, in the Dirksen Senate Office Building on April 21, 2026 in Washington, DC. (Photo by Andrew Harnik/Getty Images)
(NEW YORK) — The Social Security fund will run out of money in as little as six years, a shorter time frame than previously estimated, according to a report released earlier this month by the programs’ trustees.
News of the funding cliff prompted a pair of lawmakers to reach across the aisle and propose a rescue plan in an opinion piece last week for the New York Times.
Sen. Bernie Moreno, R-Ohio, and Sen. Elizabeth Warren, D-Mass., called for lifting a cap on the amount of annual income subject to the payroll tax that funds Social Security. Currently, the cap stands at $184,500.
In other words, the plan would require individuals making more than $184,500 per year to pay taxes on the entirety of their income, potentially generating trillions in additional funds for the program over the next 10 years.
The proposal could, in theory, help administrators avoid painful solutions for recipients, such as a reduction of Social Security payments.
Legislation reflecting the proposal has not been introduced. In the New York Times, Moreno and Warren said they are “working on legislation.” Spokespeople for Moreno and Warren declined to comment on the status of the measure.
Here’s what to know about a new bipartisan proposal for safeguarding Social Security:
Is Social Security in financial trouble?
Yes, the program faces an ever-tightening budget squeeze over the next handful of years, according to a report this month from the Social Security fund’s trustees.
The Social Security trust fund will run dry in 2032, unless Congress combines the program’s old-age and disability funds, in which case insolvency would arrive in 2034, the report found. A finding last year from the program’s trustees predicted Social Security would become insolvent in 2033 or 2034.
The program generates revenue through a payroll tax paid by employees and employers, setting the income apart from the overall federal budget. Since the early 2010s, however, Social Security has paid more in benefits than it takes in through taxes, shrinking the program’s available funds, according to a study issued by the Urban Institute earlier this year.
The budget shortfall has been exacerbated by a decline in births and a reduction of immigration, resulting in fewer taxpayers at the same time that many Baby Boomers have begun receiving benefits. The One Big Beautiful Bill also removed a tax on Social Security benefits, depleting another source of the program’s revenue.
What is the Social Security reform proposal from Warren and Moreno?
The bipartisan reform proposal would tweak the payroll tax that funds Social Security.
The program is funded by a 12.4% payroll tax, which is evenly split between employers and workers. The tax, however, applies only to a maximum of $184,500 in annual income, meaning any income beyond that amount remains tax free.
The proposal put forward by Warren and Moreno would lift the cap on taxable income, allowing the tax to apply to the entirety of a person’s income even if they make more than $184,500 per year.
“Since the vast majority of Americans make less than that, most people are paying Social Security taxes on 100 percent of their earnings while the highest earners are paying on only part of theirs,” Warren and Moreno said in a co-authored opinion piece in the New York Times.
The elimination of the cap on taxable income would generate about $3.4 trillion in added revenue over the next decade, according to an analysis from the non-partisan Peterson Institute. The policy change would close more than half of the program’s funding gap, the group said.
“With rising prices and artificial intelligence causing economic uncertainty for the future, Social Security must remain a stable foundation to help retirees afford life’s basic necessities,” Warren and Moreno said.
The proposal drew opposition from at least one conservative lawmaker. Sen. Jon Husted, R-Ohio, faulted the plan for what he described as a “giant tax increase.”
“We need to secure social security, we need to protect it, we need to make it stronger,” Husted told “The Guy Benson Show” last week. “But I’m not on board with the approach that they’ve outlined.”
What are some alternative reforms for funding Social Security?
As the program’s budget woes have deepened in recent years, elected officials and researchers have proposed a range of solutions. As with any financial shortfall, the fixes either increase revenue or slash expenses.
An alternate means of increasing tax revenue for the program involves ratcheting up the payroll tax by one percentage point from 12.4% to 13.4%, the Peterson Institute said. That move would generate $601 billion in additional revenue over 10 years, closing about a quarter of the program’s funding gap, the group added.
If Congress fails to address the projected budget shortfalls, automatic cuts will dial back Social Security benefits by about 25% in 2032, the Social Security fund’s trustees said earlier this month.
Earlier this month, a bipartisan bill introduced in the House proposed establishing an independent commission composed of 13 members appointed by leaders in Congress and the president. The commission would seek out fixes for the long-term sustainability of the program. The bill, which counts three cosponsors, has been appointed to two House committees for consideration.
As the years pass, the task of reforming Social Security becomes a greater and greater challenge, the Urban Institute said.
“Waiting only makes the changes larger and more difficult,” the group added.
Businessman typing on laptop computer keyboard at desk in office. (tadamichi/Getty Images)
(NEW YORK) — Federal Reserve Chair Kevin Warsh on Wednesday voiced optimism about artificial intelligence, describing the technology as a “paradigm shift” that would likely make the United States a “big winner in the medium-term.”
“We are in the first or second inning of this revolution,” Warsh said in Sintra, Portugal, at a conference organized by the European Central Bank.
Warsh, who took the helm of the Fed last month, weighed in on the bullish side of an ongoing debate among policymakers, investors and the general public about the potential impact of AI on the labor market and wider economy.
The technology could create jobs and boost productivity, strengthening the economy of the U.S. and other nations, according to Warsh.
“This is a big paradigm shift both for the conduct of our policy and for our economies,” Warsh said. “I think the jobs will be greater. Prosperity will be stronger.”
Business investment in AI has helped drive recent U.S. economic growth, some studies show.
A surge of AI spending accounted for roughly two-thirds of gross domestic product growth over the first half of 2025, JPMorgan Asset Management found, outpacing the contribution made by hundreds of millions of U.S. consumers. Many of the nation’s largest companies have poured funds into the chips and data centers necessary to operate AI.
AI chipmakers, meanwhile, have helped deliver stock market gains this year, allowing the major indexes to overcome a lackluster stretch for many of the tech giants that previously lifted markets.
Shares of fast-rising AI chipmakers have boosted major indexes. Micron has soared 265% in value this year. Sandisk has climbed a staggering 750% over that period.
For now, however, AI has failed to achieve gains on a scale near its immense costs, some analysts previously told ABC News. A product like AI would typically generate revenue in the form of sales either direct to consumers or to third-party businesses using the technology to enhance their offerings. AI has faced challenges on both fronts, some analysts said.
Speaking on Wednesday, Warsh signaled that he expects a shift in sentiment among businesses regarding the impact of AI.
“While we might see business surveys that say ‘no big deal,’ my speculation is six months from now the surveys will be saying quite the opposite,” Warsh said.
New York City Mayor Zohran Mamdani and NYC Congressional candidate Claire Valdez embrace during a primary-night watch party, June 23, 2026, in Brooklyn. (Michael M. Santiago/Getty Images)
(NEW YORK) — A trio of progressive Democrats sharply criticized billionaires on their way to victory in House primaries in New York City.
The clean sweep for candidates endorsed by far-left New York City Mayor Zohran Mamdani on Tuesday drew attention to economic populism as affordability remains a top issue for voters ahead of the midterm elections.
In Manhattan and Brooklyn’s 10th District, incumbent Rep. Dan Goldman lost in a landslide to former comptroller Brad Lander, who vowed to “put working people first – not billionaires.”
Darializa Avila Chevalier, a community organizer, defeated incumbent Rep. Adriano Espaillat in New York’s 13th District, which covers upper Manhattan and the Bronx. Claire Valdez, a one-term state assemblymember, beat Brooklyn Borough President Antonio Reynoso in the primary race for New York’s 7th District.
Valdez and Chevalier, both of whom are democratic socialists, called for a four-day work week and a pause in the construction of AI data centers, among other measures.
To be sure, center-leaning candidates won Democratic primaries on Tuesday in upstate New York and Utah. New Jersey Gov. Mikie Sherrill and Virginia Gov. Abigail Spanberger, who are both Democrats, won general elections last year with moderate campaigns touting their own plans to ease price woes.
Here’s what to know about economic proposals put forward by Lander, Chevalier and Valdez:
Tax on billionaires
All three of the victorious progressive House candidates support a tax on wealthy individuals.
Lander “strongly supports” the Ultra-Millionaire Tax Act, a bill proposed by Democratic Sen. Elizabeth Warren that would tax the net wealth of households with over $50 million, according to Lander’s website.
Lander also backs an ultra-wealth tax on individuals worth over $1 billion, as well as the Equal Tax Act, which matches tax rates for capital gains and ordinary income over $1 million.
Chevalier supports the Ultra-Millionaire Tax Act and the Equal Tax Act. Similarly, Valdez has voiced support for taxing billionaires as means of funding social programs.
The top opponents in each of the three primary races held similar positions. Both Espaillat and Goldman had signed on to the Ultra-Millionaire Tax Act and the Equal Tax Act. Reynoso said he would “fight to tax the rich – a lot.”
Proponents say wealth taxes could raise tax revenue from affluent Americans in a position to spare funds. Critics, on the other hand, warn wealthy individuals may move assets abroad or prove less likely to start businesses or other ventures.
For his part, Mamdani sought a two-percentage-point tax increase for residents making more than $1 million, which would have raised the tax rate for high earners in New York City from roughly 3.9% to 5.9%.
Instead, New York enacted a tax on second homes in New York City valued at $1 million or more.
Pause on construction of AI data centers
All three progressive House candidates back a moratorium on the construction of AI data centers.
Many of the nation’s largest companies have poured funds into the chips and data centers necessary to operate AI.
The data center projects have drawn ire from critics who say they drive up residential water and electricity bills in some areas, while offering limited job gains. Proponents of the sector point to its role in fueling economic growth and ensuring the competitiveness of U.S. tech firms.
Sen. Bernie Sanders, I-Vt., and Rep. Alexandria Ocasio-Cortez, D-N.Y, have proposed the AI Data Center Moratorium Act, which would pause the development of data centers until the federal government imposes industry regulations.
Goldman, Lander’s opponent, signed onto the AI Data Center Moratorium Act. By contrast, Espaillat – Chevalier’s opponent – has not supported the bill. Reynoso’s position on a data center moratorium could not be immediately found.
On her campaign website, Valdez said she would “fight to hold major technology corporations accountable, protect our workforce from the harms of AI, and ensure that new technologies benefit communities, not just corporate executives.”
Four-day work week
Chevalier and Valdez support shifting from a standard workweek of 40 hours spread across five days to one lasting 32 hours across four days.
Such an approach, Valdez says, would reclaim the “economic gains of automation for workers.”
Spain, Iceland and South Africa are among the nations that have implemented a trial of the four-day workweek for select companies and workers.
In California and the U.S. House, lawmakers have introduced bills that would set the standard workweek at 32 hours.
The Thirty-Two Hour Workweek Act, introduced in the U.S. House in March 2023, garnered support from eight members. Neither Goldman nor Espaillat was among the backers.
Reynoso’s position on a four-day workweek could not be immediately found, though last month he spoke in support of unionized Kickstart employees seeking a four-day workweek as part of their labor contract.
Some experts previously told ABC News that a combination of escalating market pressure and legislative activity could ultimately bring a nationwide four-day workweek standard; others said such an outcome would prove nearly impossible, at least anytime soon.
Labor law reform
The share of unionized workers has fallen nationwide in recent decades. All three of the New York City progressives say they want to reverse that.
Lander, Valdez and Chevalier each support the PRO Act, a labor law reform measure with strong backing among U.S. labor unions.
The legislation would ease the path toward forming unions and winning labor contracts. The latest version of the bill, known as the Richard L. Trumka Protecting the Right to Organize Act, boasts the support of 215 House members, including at least one Republican.
Both Goldman and Espaillat signed onto the PRO Act. Reynoso, meanwhile, vowed to “champion the PRO Act.”
On her campaign website, Chevalier calls for passage of the PRO Act, so that “everyone who wants a union can form one.”
A cargo ship remains anchored on May 16, 2026 in the Strait of Hormuz near Larak Island, Iran. (Majid Saeedi/Getty Images)
(NEW YORK) — Global oil prices on Wednesday fell to their lowest level since before the outbreak of the Iran war.
Brent crude futures, the benchmark index for worldwide trading, dropped to $73.50 a barrel. That figure, which amounted to a nearly 5% decline on Wednesday, marked the lowest price since Feb. 27, the day before the Middle East conflict began.
Stock prices, meanwhile, ticked higher Wednesday after a down day Tuesday. The Dow Jones Industrial Average jumped 105 points, or 0.2%, while the S&P 500 increased 0.2%. The tech-heavy Nasdaq rose 0.2%.Gas prices fell below $4 per gallon last week, crossing the milestone as oil costs eased in response to negotiations between the U.S. and Iran to end the war.
The national average price of a gallon of gas stands at $3.92, marking a decline of 58 cents, or 13%, over the past month, AAA data showed. Gas prices, however, remain 94 cents higher than where they stood before the Iran war.
The Middle East conflict prompted the Iranian closure of the Strait of Hormuz, a maritime trading route that facilitates the transport of about one-fifth of the global oil supply. The standoff triggered one of the largest oil shocks ever recorded, sending gasoline prices higher.
Delegations from the United States and Iran arrived over the weekend at the Bürgenstock resort in Switzerland, where they began negotiations aimed at a war-ending deal based on a memorandum of understanding signed last week by both countries.
The memorandum in part called on Iran to allow commercial shipping to resume through the strait, and to do so toll-free for the next 60 days.
In a social media post on Wednesday, President Donald Trump said Iran told him that there would be “no tolls, no insurance costs” and “no other charges of any kind” for ships traveling through the strait.
Claims to the contrary are “troublemaking” false reports, Trump said in the post.
