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Welcome to The Hill’s Business & Economy newsletter

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Business & Economy

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The Big Story

Stocks sink as Israel, Iran fire at each other

Global stocks fell Friday after Israel struck targets in Iran, killing Iranian military leaders and targeting the country’s main nuclear enrichment facility.

The Dow Jones Industrial Average of big U.S. companies closed with a loss of 769 points Friday, falling 1.8 percent.

The S&P 500 index fell 1.1 percent, and the tech-heavy Nasdaq Composite fell 1.3 percent.

Oil prices had been trending down during President Trump’s trade moves as higher tariff levels took the steam out of future global trade flows and international orders and shipments were scaled back.

Higher energy prices could factor quickly into higher inflation in the economy. While tariffs can take months to factor into price increases as companies work through already purchased inventories, increased shipping costs can translate to prices more rapidly.

“The recent good performance on inflation will be at risk from this and from the full impact of tariffs as they filter into the data,” analysts for Deutsche Bank wrote in a Friday analysis.

Welcome to The Hill’s Business & Economy newsletter, I’m Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.

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Essential Reads

Key business and economic news with implications this week and beyond:

Shaquille O’Neal settling FTX class action lawsuit for $1.8M

NBA legend Shaquille O’Neal has agreed to pay $1.8 million to settle a class action lawsuit over his promotion of the now-defunct crypto exchange FTX.

Full Story

Consumer sentiment rises for 1st time this year as inflation remains tame

Consumer sentiment increased in June for the first time in six months, the latest sign that Americans’ views of the economy have improved as inflation has stayed tame and the Trump administration has reached a truce in its trade fight with China.

Full Story

Trump’s immigration clampdown could affect these 5 industries the most

As President Trump enforces his election promise to clamp down on immigration, he is coming good on his mandate: “On day one, I will launch the largest deportation programme of criminals in the history of America.”

Full Story

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The Ticker

Upcoming news themes and events we’re watching:

The Federal Reserve holds its June policy meeting next week in Washington, D.C.

In Other News

Branch out with more stories from the day:

Air India black box recovered after crash that killed 241 onboard and several others on the ground

AHMEDABAD, India (AP) — The flight data recorder from the crashed Air India flight was recovered Friday …

Full Story

Good to Know

Business and economic news we’ve flagged from other outlets:

What the Israel-Iran conflict means for gas prices (CNN)
Where’s the Inflation From Tariffs? Just Wait, Economists Say (NYT)

What Others are Reading

Top stories on The Hill right now:

Republicans lay groundwork for ‘total tax cliff’ at end of Trump’s term

Congressional Republicans are laying the groundwork for a tax cliff at the end of President Trump’s term in office. Read more

Newsom becomes a fighter, and Democrats beyond California are cheering

California Gov. Gavin Newsom (D) is meeting the moment, Democrats say. Read more

What People Think

Opinions related to business and economic issues submitted to The Hill:

You’re all caught up. See you next week!

Israel-Iran attacks spur market fears

Business & Economy

Business & Economy

Stocks sink as Israel, Iran fire at each other

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Stocks sink as Israel, Iran fire at each other

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