Today is
Wednesday June 03, 2026
SAVANNAH, Ga. (AP) — A museum in Georgia’s oldest city on Wednesday welcomed a truckload of treasures from the earliest period of U.S. history — 17 cannons that experts believe sank to the bottom of the Savannah River during the American Revolution and remained undiscovered for nearly 240 years.
Workers carefully hoisted the big guns one-by-one from the back of a truck and wheeled them inside their new home at the Savannah History Museum, which will put them on display just in time for the Fourth of July celebration of America’s 250th birthday.
“They look brand new,” said Andrea Farmer, a U.S. Army Corps of Engineers archaeologist who was part of the team that researched and preserved the cannons. “They could pretty much be fired if someone wanted to.”
The artifacts were discovered in 2021 when a dredge scooping sediment from the riverbed as part of an Army Corps project to deepen Savannah’s shipping channel pulled up a cannon in its metal jaws. The crew soon dug up two more.
In the course of just over a year, a total of 19 cannons were hoisted from the location just downstream from Savannah, which is where Georgia was founded in 1733 as the last of Britain’s 13 American colonies.
After being pulled from the river, most of the cannons left Georgia for several years to undergo cleaning and preservation work at a Texas lab.
Archaeologists initially assumed the cannons likely dated to the Civil War. But further research indicated they’re likely almost a century older and sank during the buildup to the American Revolution’s bloody siege of Savannah.
Savannah was under British occupation in the fall of 1779, when colonists planned an attack to retake the city with help from French allies.
When French ships carrying troops were spotted off the Georgia coast, British forces scuttled at least six ships in the Savannah River downstream from the city to block the French vessels.
The land battle that followed was one of the bloodiest of the war. British forces killed nearly 300 colonial fighters and their allies, and wounded hundreds more.
The Savannah History Museum sits right next to the battlefield. Its staff on Wednesday hoisted the cannons, weighing up to 1500 pounds (680 kilograms) apiece, onto custom display mounts that staffers likened to giant wine racks.
The cannons will be part of a new exhibit on Savannah’s role in the American Revolution, which is scheduled to open Fourth of July weekend, said Samantha Moss, the museum’s curator.
“Our great team has been prepping for months — building mounts and planning how we can safely display these very large, very special artifacts,” she said.
Cleaning the crusty cannons took years
Each of the iron cannons emerged from the river covered by a thick crust of mud and minerals.
Two were left in that raw state and put on display at the museum. The other 17 were sent to Texas A&M University, which has a lab that specializes in preserving underwater artifacts. Its staff spent years painstakingly cleaning the big guns and coating them in paint and wax to prevent rusting and corrosion.
“A lot of them have scour marks on the side from anchors or dredging, so there’s some scarring on the cannons,” said Chris Dostal, a professor of nautical archaeology who leads Texas A&M’s Conservation Research Lab. “But most of them look pretty exceptional.”
Most of the cannons arrived with wooden plugs still sealing their bores, which remained packed with cannonballs and gunpowder charges.
Dostal said radiocarbon dating of the wooden stoppers placed them roughly in the late 1700s. His team shared the cannons’ measurements and other details with experts in London, who concluded three of them were very likely forged by the British military.
The rest appeared to be of French design but bore no telltale markings. Dostal said he suspects those guns may have been cast in America around the time of the war.
Other artifacts found with the cannons included pieces of anchors and a portion of a ship’s bronze bell. Like the cannons, none of them bore engravings indicating which ship they came from.
That means many details of the cannons’ origins remain a mystery.
“You don’t have all of the information,” Farmer said. “You’re trying to piece it together as best as you can.”
NEW YORK (AP) — Oil prices rose Wednesday following the latest flare-up in fighting to threaten the U.S.-Iran ceasefire, and U.S. stocks retreated from their records.
The S&P 500 fell 0.7% from its all-time high for its first drop in 10 days. The Dow Jones Industrial Average dropped 620 points, or 1.2%, and the Nasdaq composite sank 0.9%.
Weighing on the market was a climb of 1.9% for the price of a barrel of Brent crude oil, the international standard, which brought it back to $97.81. It rose after both the United States and Iran said they launched retaliations for earlier attacks or attempted ones.
Palo Alto Networks helped drag the market lower, and it fell 5.6% even though it reported profit for the latest quarter that topped analysts’ expectations. Investors may have been looking for even more after its stock came into the day with a surge of 61.3% for the year so far, more than quintuple the S&P 500’s already big 11.2% rise.
Stocks also felt pressure from higher yields in the bond market, which climbed with the price of oil. The yield on the 10-year Treasury rose to 4.49% from 4.46% late Tuesday and from just 3.97% before the war began.
High yields worldwide are threatening to slow economies and undercut prices for stocks and all kinds of other investments. They have already forced the average long-term U.S. mortgage rate to its most expensive level in nine months, and they could curtail companies’ borrowing to build the artificial-intelligence data centers that have supported the U.S. economy’s growth recently.
More expensive loans can hurt smaller companies in particular because many need to borrow to grow. The Russell 2000 index of the smallest U.S. stocks fell 1.3%, more than the rest of the market.
Reports released Wednesday on the U.S. economy came in mixed. One from the Institute for Supply Management said growth accelerated more last month for U.S. construction, agricultural and other services businesses than economists expected.
That’s an encouraging signal, but the survey also showed businesses are feeling the pinch of higher prices caused by tariffs and more expensive oil. “This is the definition of inflationary pressure starting to affect us,” one company in the accommodation and food services industry said in the survey.
Still, stocks remain near their records, even with all the pressure on the global economy created by higher inflation.
Oil prices remain below their peaks from earlier in the war with Iran, and hope seems to be remaining on Wall Street that the United States and Iran will ultimately agree to reopen the Strait of Hormuz to oil tankers. That would improve the global flow of crude and hopefully lower its price.
Such hopes, along with strong profit reports from U.S. companies, helped launch the S&P 500 on its nine-day winning streak that ended Wednesday, one day shy of its longest in three decades.
Medtronic climbed 5.7% after reporting a stronger profit for the latest quarter than analysts expected. It also increased its dividend payout going to investors.
GameStop rose 6% after the video-game retailer said its revenue in the latest quarter grew 14% from a year earlier. It also announced a program to send up to $2 billion to its investors by buying back its own stock.
Macy’s added 0.6% after swinging between gains and losses through the day. The retailer reported profit for the latest quarter that blew past analysts’ forecasts, while saying an overhaul of its merchandise and better customer service is resonating with customers.
All told, the S&P 500 fell 56.10 points to 7,553.68. The Dow Jones Industrial Average dropped 620.72 to 50,687.07, and the Nasdaq composite sank 239.93 to 26,853.98.
In stock markets abroad, European indexes fell following a mixed finish in Asia.
Hong Kong’s Hang Seng dropped 1.6%, but Japan’s Nikkei 225 jumped 2.5% to another record.
Excitement around the boom created by AI technology has been a huge engine for stock markets worldwide. On Wall Street, Marvell Technology rose another 3.7% following its best day on record, a surge of 32.5%, after Nvidia CEO Jensen Huang suggested at a conference in Taiwan that Marvell could be “the next trillion-dollar company.”
The last company to enter the expanding club of behemoths was Micron Technology, which is likewise riding the AI wave.
___
TYLER – The North Tyler Planning and Zoning Board voted unanimously on Tuesday to deny a zone change for a proposed metal recycling business. The change would have converted areas designated as light commercial and single-family residential into an industrial district. According to our news partner KETK, the board’s decision came after 90 minutes of public comment at a public hearing, during which the majority of speakers expressed opposition to the proposed development. The site for the planned business was located near the southwest intersection of Loop 323 and West 34th Street. Read the rest of this entry »
DEARBORN, Mi (AP) – Ford is recalling almost 420,000 vehicles because of a seat belt issue that may result in an injury if a crash occurs.
The National Highway Traffic Safety Administration said in a report Tuesday that the recall includes certain Ford Expedition and Lincoln Navigator vehicles with model years 2018 through 2022.
The issue involves seat belts that may lock inadvertently, not allowing them to retract or extend. The NHTSA report says a seat belt that doesn’t retract or extend may result in an injury if a crash happens. Individuals may also face injury in some instances if the seat belt retracts rapidly.
The recall replaces and expands on two previous NHTSA recalls. The report states that Ford Motor Co. is aware of two warranty claims and two field reports related to the latest recall. The company is also aware of one injury.
Vehicle owners will receive a notification in the mail about the recall. They can take their vehicle to a Ford or Lincoln dealer to have both front seat belt retractors inspected and to replace retractors involved in the recall for free.
Ford also issued a do-not-drive warning for thousands of Bronco Sport and Maverick due to problems with the vehicles’ suspension systems.
The NHTSA said that the front lower control arm ball joints may have been incorrectly installed or incorrectly repaired at an assembly plant, and the control arm could disconnect from the front wheel knuckle.
If a control arm detaches, it can cause a loss of control, increasing the chances of a crash.
The recall involves 4,600 Bronco Sport vehicles with model years 2021 through 2026 and Maverick vehicles with model years 2022 through 2026.
Dealers will inspect and repair the front lower control arm ball joints as necessary, for free.
Owners may contact Ford customer service at 1-866-436-7332 or the NHTSA at 1-888-327-4236 for more information about the recalls.
TYLER — The Texas summer heat doesn’t just take a toll on people; it can be dangerous and even deadly for pets. A 2024 report from the SPCA of Texas shows the state ranks number one in the nation for heat?related pet deaths, a statistic that worries veterinarians across East Texas. Our news partner KETK talked to Dr. Gary Spence of Spence & White Veterinary Hospital in Tyler. Dr. Spence says the extreme temperatures seen across the region each summer put all dogs at risk.
“Hot weather, particularly in Texas, is a big challenge because we get such heat extremes,” Spence said.
While any dog can suffer from heat stroke, he says, overweight, elderly and long-haired dogs are especially vulnerable. Warning signs can appear quickly. Read the rest of this entry »
MARSHALL – Students and faculty from the East Texas Baptist University Teague School of Nursing recently returned from a medical mission trip to Costa Rica, where they served local communities through healthcare clinics and patient education.
Led by Assistant Professor of Nursing, Dr. Kelly Arraf, Assistant Professor of Nursing, Dr. Britney De La Rosa, and Assistant Professor of Nursing, Dayna Davidson, ETBU nursing students partnered with local churches, translators, and healthcare providers to deliver compassionate care in multiple communities. Students assisted with triage, patient education, pharmacy services, and clinical support while gaining firsthand experience in global healthcare missions.
On the first day of ministry, students established a clinic inside a local church and immediately began serving patients with a variety of needs. Among the memorable experiences were witnessing a mother see her baby on an ultrasound for the first time, assisting during a tooth extraction, and teaching patients non-pharmacological methods for pain management and wellness. Read the rest of this entry »
NEW YORK (AP) – CBS News fired longtime “60 Minutes” correspondent Scott Pelley on Tuesday, a day after he reportedly said Editor-in-Chief Bari Weiss was “murdering the show” and accused its new producer of having “slender qualifications” for the job.
The move deepened the turmoil at the nation’s most influential TV news program, days after a leadership overhaul.
Pelley, 68, criticized management Monday during a fiery staff meeting with Nick Bilton, the program’s new executive producer installed by Weiss last week, according to a detailed report on the Status website.
In a termination notice obtained Tuesday night by The Associated Press, Bilton, a technology journalist and filmmaker with no traditional broadcast news experience, accused Pelley of carrying out an “ambush” against him.
“Yesterday, you hijacked my first meeting with staff to disparage me, my qualifications, and my intentions with remarkable incivility and contempt,” the letter states.
Pelley said in a statement that “60 Minutes” has lost its DNA under new management. He accused them of asking him to “inject falsehoods and bias” into his work, without sharing specific details.
Pelley is accused of a ‘performative display of hostility’
Status, which said it had a recording of the Monday meeting, reported that Pelley had said Weiss was brought in to kill the news outlet, “and she’s doing exactly that.” Weiss was not present for the meeting.
Pelley reportedly grilled Bilton about the firings last week of Bilton’s predecessor, Tanya Simon, and correspondents Sharyn Alfonsi and Cecilia Vega.
Alfonsi had criticized Weiss last year for postponing a segment about deportees sent to the notorious CECOT prison in El Salvador as part of President Donald Trump’s
Pelley said in his statement that those colleagues “stood for fairness against the forces of political bias.” He also accused CEO David Ellison of casting aside the show’s reputation “apparently to curry a moment of favor with the Trump administration.” Ellison, an ally of the Republican president, has owned CBS since 2025, when its parent company, Paramount, merged with Skydance Media.
In the dismissal letter Tuesday, Bilton said Pelley’s “performative display of hostility” demonstrated that he has “no interest in contributing to the future success of the show.”
An uneasy stretch for CBS News
Since Weiss took over the network’s news operation last October, it has traveled a bumpy road.
Pelley’s termination came just five days after Weiss, who has become a polarizing figure in the media world since taking the reins, told staff in a memo that it was time for a “new approach” at the top-rated newsmagazine.
In the memo, Weiss and CBS News president Tom Cibrowski said their goal for “60 Minutes” was “building a show that thrives in the 21st century.” That could include extending the show beyond a 60-minute broadcast, they said.
“60 Minutes” first aired in 1968 and is the longest-running prime-time show in TV history. Its investigative journalism and probing interviews, sometimes with unwilling subjects, have given it the reputation of uncompromising journalism — precisely the trait that Pelley said he feared was under assault.
Pelley started working for CBS in 1989. He was its chief White House Correspondent from 1997 to 1999, during Bill Clinton’s presidency, and anchored “CBS Evening News” from 2011 to 2017. He has won 51 Emmy Awards, according to his CBS bio.
TYLER – There a changes in note in downtown Tyler. The intersection of North College Avenue and West Erwin Street is now open. Both College Avenue and West Erwin Street in that area will operate as two-way streets. Drivers heading northbound on North Broadway Avenue are now able to turn left onto West Erwin Street. Drivers are encouraged to exercise caution at the intersection due to the new traffic patterns.
College Avenue is operating as a two-way street from West Ferguson Avenue to West Front Street. West Erwin Street is operating as a two-way street from Bois D’Arc Avenue to North Broadway Avenue. The intersections of North College Avenue and West Erwin Street, North College Avenue and Elm Street, and West Erwin Street and Bois D’Arc Avenue are operating as four-way stops. Read the rest of this entry »
RALEIGH, N.C. (AP) — Colton Sissons smiled widely and raved about how much fun it was to play in Game 1 of the Stanley Cup Final on Tuesday night.
He and the Vegas Golden Knights traded chances, goals, saves and counterpunches with the Carolina Hurricanes, getting the championship series off to a terrific start. Vegas won a high-scoring, entertaining 5-4 affair that usually would drive an old-school coach like John Tortorella crazy.
“I think he enjoyed it,” Sissons said. “Obviously the result.”
It was a game so good even Torts enjoyed it.
Game 1 had a little bit of everything, from Nikolaj Ehlers scoring 25 seconds in for the Hurricanes and lifting an already riled-up crowd to its feet to each goaltender making big saves to keep the puck out of the net. The only thing missing was the lockdown defense that got these teams to this point, but that only made for a more exciting opener.
“Both teams played good defense for certain minutes, other times not,” Tortorella said. “You just never know what’s going to happen.”
The goals
What happened was a lot of scoring from two of the best defensive teams in the playoffs. It was the first Cup final game in history with a goal in the first 30 seconds of each of the first two periods.
Ehlers scored his first off the rush and second on a breakaway. The two-goal lead lasted all of 80 seconds before Shea Theodore scored, and Ivan Barbashev and William Karlsson put Vegas ahead, rallying from another deficit.
“It was great from our group to kind of battle back,” Theodore said.
Jordan Staal scoring his first goal at this stage of the playoffs since 2009 and breaking older brother Eric’s record for the longest gap between Cup final goals brought the crowd back to life. So did Shayne Gostisbehere tying it with under nine minutes left in regulation.
With time ticking closer to overtime, the Golden Knights made one more highlight-reel play in a night full of them. Colton Sissons’ backhand pass set up Tomas Hertl — who also had a rough go the first couple of rounds — for the go-ahead goal with 3:34 left in regulation.
Long before Sissons and Hertl teamed up on the winner, each guy was denied on a Grade-A scoring chance by Carolina’s Frederik Andersen. At the other end of the rink, Carter Hart made some 10-bell saves of his own.
Logan Stankoven got in all alone on a breakaway in the first with a chance to break the game open.
“That could’ve been a dagger,” Sissons said.
Instead, Hart made that save and kept Vegas in the game throughout. His best came with under four minutes left and the score tied, flashing his glove to rob Seth Jarvis, Carolina’s top-line right wing whose snakebit struggle of a run continued.
“He gives us so much confidence,” Sissons said. “When we needed him most, he was there.”
The drama
The start of the Cup final quickly got the NHL past a lackluster third round, when Vegas swept Colorado in the West and Carolina bounced back from a rough start against Montreal, winning four in a row to blow through the East final roadblock that had been an issue for so long.
Fans were buzzing from pregame warmups, and the two teams put on a show worth the hefty price of admission.
“I thought it was a great game from both sides,” Theodore said. “That’s a loud building to play in front of.”
After a ton of excitement between two hockey powerhouses, viewers can only hope for six more six more games just like this one.
PARIS (AP) — After letting another big lead slip with an error-strewn performance at the French Open, top-ranked Aryna Sabalenka felt like getting as far away from the courts as possible.
“Just want to quit tennis right now,” Sabalenka said after wasting a lead of a set and two breaks in a 3-6, 7-5, 6-0 loss to Diana Shnaider in the quarterfinals on Wednesday. “We’ll see in few days. Hopefully I’ll get back on track mentally.”
Sabalenka’s wait for a first French Open title continues despite the four-time major winner leading 4-1 in the second set and being two points from victory when serving for the match at 5-4. What followed was a complete collapse as as she lost 12 of the last 13 games against a player appearing in her first Grand Slam quarterfinal, looking increasingly frustrated and forlorn in the windy conditions.
Just like her loss to Coco Gauff in last year’s final, when she also won the first set before becoming undone with a slew of unforced errors, this one will take some time to get over.
“You know those rooms where you just go in and you smash everything,” Sabalenka said. “Probably I will spend a whole day tomorrow over there destroying stuff. Maybe it will help, maybe not.”
Sabalenka stood still and screamed loudly after losing a point to fall 0-30 down in the sixth game of the decider and, although she saved two match points at 0-40 down, she lost when she sent a shot into the net.
“I just think it’s combination of everything,” Sabalenka lamented. “You overthink, then you make easy mistakes, then you miss opportunities.”
Shnaider next faces Maja Chwalinska, who extended her remarkable Roland Garros run by beating No. 22-seeded Anna Kalinskaya 7-6 (3), 6-3.
But for Sabalenka, her struggles were reminiscent of the match against Gauff, when she remonstrated loudly, shouting to herself and glaring at her team box.
“I just have to sit back and openly think about what’s going on in my head in those tough moments,” Sabalenka said, recalling that match. “Because I’m quite an experienced player. I have been through so many things, and I overcome so many things.”
Sabalenka had already looked agitated when serving for the first set but still looked in control as she served for the match in the second, holding a 30-15 lead.
But Shnaider, who was already on her best run at a major, broke Sabelenka before taking complete control.
“Well, honestly I am speechless. Super happy,” Shnaider said. “I feel like I was trying to focus point by point. Not thinking about the score. She is the world No. 1, so I just trying to do my best. I just had to fight for every point.”
Sabalenka looked increasingly frustrated as the third set wore on, and when she missed a volley at the net in the fourth game of the decider she crouched and rested her head on her racket.
Another upset
It was another big upset in a tournament where defending champion Gauff (third round) and four-time winner Iga Swiatek (fourth round) already tumbled out.
Defending men’s champion Jannik Sinner served for the match in a second round defeat, and 24-time major winner Novak Djokovic wasted a two-set lead in a third round loss.
That opened things up for lesser-known players. According to Opta, this is the first major without a former champion in either the men’s and women’s semifinals since the French Open in 1977.
From qualifier to contender
The unseeded Chwalinska came through three qualifying rounds to become only the second Polish woman to reach the semifinals at Roland Garros, along with Swiatek.
Chwalinska said British player Emma Raducanu’s run to the 2021 U.S. Open title as an 18-year-old qualifier had inspired her.
“It was such an impressive run, you know,” Chwalinska recalled. “Also, she was so young.”
When Kalinskaya’s big forehand from the back of the court went out, the 24-year-old Chwalinska had her biggest win, having never been beyond the second round at any major before this tournament.
Chwalinska’s total prize money heading into Roland Garros was $864,030 and reaching the last four here earns her 750,000 euros (about $872,000).
Windy conditions
After they traded early breaks of serve amid blustery conditions with the roof open on Court Philippe-Chatrier.
“I don’t know why would they keep the roof open when it was crazy windy,” Sabalenka said. “It was very dirty tennis. I don’t know how people could actually just sit there and watch me play.”
Kalinskaya also struggled.
“I feel like I was fighting against the wind,” she said. “It was cold today, so the ball was going slower. I couldn’t use my speed, my power.”
Men’s matches
In remaining men’s quarterfinals, No. 4 Felix Auger-Aliassime took on No. 10 Flavio Cobolli before unseeded Italians Matteo Berrettini and Matteo Arnaldi faced off.
All of Wednesday’s matches were held on Chatrier.
Second-seeded Alexander Zverev and No. 26 Jakub Mensik won their quarterfinals Tuesday and will meet in the semifinals.
SAN ANTONIO (AP) — For the San Antonio Spurs and New York Knicks, Game 1 of the NBA Finals might feel like old times.
It’s the Knicks’ ninth time in the title series, and the eighth time they’ve played Game 1 on the road. It’s the Spurs’ seventh time in the title series, and the sixth time they’ve played Game 1 at home.
Granted, a good amount of time has passed for both teams since they’ve been on this stage: The Knicks haven’t played in the finals since losing to the Spurs in 1999, and the Spurs haven’t been there since beating the Miami Heat in 2014.
“I think we’re just locked in and focused on the task at hand,” Knicks forward Josh Hart said. “Then we can look back when everything is all said and done and really embrace this process and this run. It’s an honor, but can’t focus too much on the outside world and the run so far.”
The run the Knicks are on coming into this series is without compare: 11 straight wins by a total of 262 points, the most lopsided 11-game run — regular season or playoffs — in NBA history.
The Spurs have a different kind of streak going into Wednesday night. They’ve never lost Game 1 of the NBA Finals, going 6-0 in openers when they make the title round.
Most players on both teams are making their finals debuts in this series. Spurs guard De’Aaron Fox said it’s still going to be important for his team to remember how they got to the finals in the first place.
“This is a hard thing to do. It’s hard to get back to these places,” Fox said. “Don’t change anything that we’re doing. There’s a reason that we’re in the finals. There’s a reason that we won (62) games. There’s a reason we didn’t lose three games in a row the whole year. So, we don’t want to get to this place and then start changing the way we play.”
WASHINGTON (AP) — Former Alabama football coach Nick Saban and other college sports figures testified Wednesday in support of a bipartisan bill aimed at overhauling a system where players can increasingly earn millions of dollars while moving freely between schools.
The leaders of the Senate Commerce Committee held the hearing as they push legislation unveiled last week that supporters hope can break the congressional gridlock over how to regulate college athletics.
The bill, introduced by Sen. Ted Cruz, R-Texas, and Sen. Maria Cantwell, D-Wash., would regulate payments to athletes, limit them to one “free” transfer during their careers and create a “Lane Kiffin Rule” restricting coaches from leaving programs during the season. Cruz touted the proposal as “the last, best hope we have to save college sports.”
“If you had the biggest, baddest Ferrari that you could ever have and it was going 150 miles an hour toward the Grand Canyon, somebody needs to tap the brakes. And I think that’s what we all need to do here,” Saban said in his opening remarks.
Notably absent from the the witness list, which included Notre Dame’s athletic director and the commissioner of the PAC-12 conference, was any representative from the Southeastern Conference, where Saban won seven national championships between Alabama and Louisiana State University
The SEC and the Big Ten, the two most powerful conferences in college sports, oppose the bill, arguing it “leaves critical issues unresolved.”
Cantwell said the legislation is intended to restore competition to college athletics by ensuring success is determined by how universities “build a team, and not because they have a billionaire in their back pocket.”
She also addressed the conferences’ opposition directly, suggesting they fear “that somebody’s going to come in and rearrange the deck chairs of those conferences, steal the eyeball schools, and then basically leave everybody with everything else.”
NEW YORK (AP) — Oil prices are rising Wednesday following the latest flare-up in fighting to threaten the U.S.-Iran ceasefire, and U.S. stocks are stalling near their records.
The S&P 500 slipped 0.3% from its all-time high. The Dow Jones Industrial Average was down 339 points, or 0.7%, as of 10:15 a.m. Eastern time, and the Nasdaq composite was 0.3% lower.
Weighing on the market was a climb of 1.1% for the price of a barrel of Brent crude oil, the international standard, which brought it back to $97.07. It rose after the U.S. military said Iran fired missiles toward Kuwait and Bahrain, which failed to hit their targets. The United States said it then struck an Iranian military ground control station on an island in the Strait of Hormuz.
The war with Iran has already sent oil prices and inflation higher, cranking up the pressure on the global economy. But oil prices remain below their peaks from earlier in the fighting, and hope seems to be remaining on Wall Street that the United States and Iran will ultimately agree to reopen the Strait of Hormuz to oil tankers. That would improve the global flow of crude and hopefully lower its price.
Such hopes, along with strong profit reports from U.S. companies, have helped launch the U.S. stock market on a tremendous rally. If the S&P 500 can turn around and finish the day with a gain, it would be the 10th straight for the index, which would be its longest such streak in more than three decades.
Medtronic climbed 5.3% after reporting a stronger profit for the latest quarter than analysts expected. It also increased its dividend payout going to investors.
GameStop jumped 7.7% after the video-game retailer said its revenue in the latest quarter grew 14% from a year earlier. It also announced a program to send up to $2 billion to its investors by buying back its own stock.
Macy’s swung from an initial gain to a loss of 0.9% after the iconic New York department store reported profit for the latest quarter that blew past analysts’ forecasts. The retailer said said an overhaul of its merchandise and better customer service is resonating with customers.
Also on the losing side of Wall Street was Palo Alto Networks, which fell 6% despite topping analysts’ expectations for profit in the latest quarter. Investors may have been looking for even more after its stock came into the day with a surge of 61.3% for the year so far, more than quintuple the S&P 500’s already big 11.2% rise.
In the bond market, Treasury yields rose with the price of oil, which put downward pressure on the stock market. The yield on the 10-year Treasury climbed to 4.48% from 4.46% late Tuesday and from just 3.97% before the war began.
High yields worldwide recently have threatened to slow economies and undercut prices for stocks and all kinds of other investments. They have already forced the average long-term U.S. mortgage rate to its most expensive level in nine months, and they could curtail companies’ borrowing to build the AI data centers that have supported the U.S. economy’s growth recently.
More expensive loans can hurt smaller companies in particular because many need to borrow to grow. The Russell 2000 index of the smallest U.S. stocks fell 0.9%, more than the rest of the market.
Reports on the U.S. economy came in mixed. One from the Institute for Supply Management said that growth for U.S. construction, agricultural and other services businesses accelerated by more last month than economists expected.
That’s an encouraging signal for the economy, but the survey also showed businesses are feeling the pinch of higher prices caused by tariffs and more expensive oil. “This is the definition of inflationary pressure starting to affect us,” one company in the accommodation and food services industry said in the survey.
In stock markets abroad, European indexes dipped following a mixed finish in Asia.
Hong Kong’s Hang Seng fell 1.6%, but Japan’s Nikkei 225 jumped 2.5% to another record as computer chip equipment maker Tokyo Electron soared 13.4%.
Excitement around the boom created by artificial-intelligence technology has been a huge engine for stock markets worldwide. On Wall Street, Marvell Technology rose another 7.1% following its best day on record, a surge of 32.5%, after Nvidia CEO Jensen Huang suggested at a conference in Taiwan that Marvell could be “the next trillion-dollar company.”
The last company to enter the expanding club of behemoths was Micron Technology, which is likewise riding the AI wave.
TYLER – The East Texas Food Bank (ETFB) kicked off its Free Summer Food Program on Tuesday afternoon, which aims to provide kids with free meals while they’re out of school for the summer.
According to our news partner KETK, the program was launched at 43 locations across East Texas and a special event was held at the Glass Recreation Center in Tyler, which was sponsored by the PepsiCo Foundation’s Food for Good. the program is expected to distribute over 100,000 meals to nearly 4,500 kids and teenagers throughout the summer and is open to anyone under 18. Read the rest of this entry »
TYLER – Early Voting for the City of Tyler mayor runoff election is set for June 1-9. Stuart Hene is currently serving as a Tyler City Councilmember and John Nix is a former City Councilmember are running for the position.
Early voting hours will be:
*8 a.m. to 5 p.m. Monday through Friday, June 1-5
*9 a.m. to 3 p.m. Saturday, June 6
*8 a.m. to 5 p.m. Monday and Tuesday, June 8-9. Read the rest of this entry »