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Good afternoon. Here's what you should know today, June 26: | |
- The Middle East is undergoing a dramatic, unexpected realignment
- The EU might reduce tariffs on U.S. imports in an effort to woo Trump
- Luxury landscape designers are increasingly relying on—clutch your pearls—artificial turf
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| Thanks for reading What's News! Look for the 🔐 to enjoy a free article on us—and share the link with a friend (or forward the whole newsletter!). | |
 | | All three major U.S. stock indexes rose on Thursday. PHOTO: MICHAEL M. SANTIAGO/GETTY IMAGES | | |
1. The S&P 500 and the tech-laden Nasdaq Composite closed just below their all-time highs, extending a 180 from the stock-market rout in April. | |
| The S&P finished 0.8% higher, less than 0.1% shy of its high water mark, and the Nasdaq added 1% and notched its highest finish since Dec. 16. The Dow Jones Industrial Average climbed 0.9%. Tech stocks were hit hard during the market's swoon but boomeranged (🔐 read for free) as investors grew more optimistic about avoiding a trade war—and regained enthusiasm for companies involved in AI. | |
2. The Israel-Iran war reordered the Middle East—but not as expected. | |
| Israel's military success against Tehran undermines years of painstaking negotiations that brought Saudi Arabia to the cusp of a landmark deal for diplomatic recognition of Israel. It also raises concerns about Israel's growing military power. Saudi normalization would have solidified an Israeli-Arab coalition against Iran, locked in U.S. support for Saudi security and opened the door to greater acceptance of Israel in the Arab and Muslim worlds. Separately, the U.S. attack on Iran's nuclear program risks emboldening North Korea. For dictator Kim Jong Un, the strikes hammered home how critical nuclear weapons are for his regime. | |
3. The EU is considering lowering tariffs on a range of U.S. imports in a bid to clinch a speedy trade deal, according to people familiar with the matter. | |
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4. The Supreme Court made it easier for conservative states to kick Planned Parenthood out of their Medicaid programs. | |
| The 6-3 decision found patients don't have a right to sue states that disqualify the organization based on their opposition to abortion. Planned Parenthood offers a range of healthcare services aside from abortion, and Medicaid is one of its significant revenue sources. A South Carolina woman sued, arguing she had a right to seek care from any qualified healthcare provider. Though Medicaid funds can't cover abortions, her state said any Planned Parenthood income frees up other money that could help end pregnancies. | |
5. Some Republicans want the Senate parliamentarian fired for effectively blocking several proposals central to their budget legislation. | |
| Elizabeth MacDonough, a nonpartisan adviser on parliamentary rules and procedure, determined that some provisions related to Medicaid cuts violated a rule that prohibits using the special fast-track budget reconciliation process to advance policies with incidental fiscal effects. Senate Majority Leader John Thune (R., S.D.) said they don't intend to overrule her. MacDonough was appointed in 2012; Thune retained her when he became majority leader. | |
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