An alarmed bond market gets the Trump administration to act again

NEW YORK (AP) — Normally quiet, the bond market can occasionally send warning signals loud enough to hit stock markets worldwide and even grab the attention of U.S. presidents and other world leaders. After the bond market’s alarm bells rose in volume through the summer in the form of higher yields, the Trump administration announced on Wednesday a move that could help calm it down. The U.S. Treasury Department said it will more than double the amount of U.S. government bonds that it will buy back, and the move worked in getting longer-term yields lower, for now at least. The stakes are high because high yields drag on economies and bring downward pressure on stock markets.

Moderna shares surge after it says its experimental mRNA cancer treatment passed a key test

Moderna shares more than doubled after announcing initial results from a study of an experimental cancer treatment. Moderna and Merck are developing an mRNA-based cancer vaccine designed to be tailored to individual patients based on unique mutations within their tumors. They are pairing the drug, intismeran, with Keytruda, an immunotherapy drug made by Merck. The study compared using intismeran and Keytruda together on melanoma patients against using Keytruda alone. The companies said patients who received the combination lived longer without cancer returning or metastasizing than patients who got Keytruda alone. They said they plan to present full data at an upcoming international medical meeting.

Trump says US and Canada have reached last-minute deal to delay 50% US tariffs on Canadian imports

WASHINGTON (AP) — President Donald Trump says he is delaying the 50% U.S. tariffs on $20 billion worth of Canadian imports after the two countries reached a last-minute deal hours before the sanctions were to go into effect. The announcement, which Trump made late Tuesday on his social media platform, buys time for more negotiations and avoids, for now, another strain in already tense relations between the historic allies. Trump said he had paused the tariffs “based on the fact that Canada and the U.S.A., subject to the finalization of documents, have a DEAL!” Trump’s import taxes would have hit about 5% of what Canada ships to the United States every year, including products ranging from hockey sticks to tongue depressors.

In Meta's trial, families of social media victims see a pivotal moment for online safety

Advocates and parents of social media victims see the trial underway against Meta Platforms as a significant moment in their fight for online child safety. The trial involves attorneys general from four states seeking billions in damages for social media harms to children. This lawsuit is not focused on any individual person, case or specific harm tied to social media, but rather broader claims that Meta made decisions in designing Instagram and Facebook that put young users at risk. Meta has rejected the allegations and said the trial will show the work it has done to make its platforms safer.

'Many' Fed officials think higher rates will be needed if inflation stays high

WASHINGTON (AP) — Many Federal Reserve officials think the central bank will have to lift its key short-term interest rate in the coming months if inflation doesn’t subside, minutes of the Fed’s meeting last month showed. The minutes of the July 28-29 meeting, released Wednesday, don’t provide specifics on how many of the 19 officials supported higher rates. Inflation has since showed some signs of cooling, though gas prices have rebounded this month on renewed hostilities in the Middle East. Wall Street investors now expect the Fed to remain on hold at its next meeting in September and potentially lift rates in December, though that outlook could change.

US stocks look to halt their 3-day slide as pressure from the bond market eases

NEW YORK (AP) — U.S. stocks are ticking higher after the U.S. Treasury Department said it may buy more U.S. government bonds, which eased pressure on financial markets worldwide. Strong profit reports for the spring from Estee Lauder and other U.S. companies also helped support the stock market Wednesday. The S&P 500 rose 0.3% and is on track for its first gain in four days after setting its all-time high last week. The Dow Jones Industrial Average added 133 points, and the Nasdaq composite was up 0.2%. Treasury yields eased after the Treasury Department said it will at least double the size of its planned purchases of longer-term Treasurys.

United Arab Emirates suspends trade with Iran after coming under renewed missile fire

DUBAI, United Arab Emirates (AP) — The United Arab Emirates has suspended all trade with Iran after it said it had come under renewed fire from the country. That will further isolate the Islamic Republic. The country is already suffering under U.S. sanctions and a blockade. Incoming ballistic missile fire triggered nationwide warnings Tuesday night for UAE residents to seek shelter. It was the first time in weeks such an alarm had sounded. Early in the conflict, the UAE regularly came under intense fire from Iran, and most trade between the countries ground to a halt. It was not clear how much trade there was more recently.

Trump picks Dr. Heidi Overton, a top White House aide, to lead the Food and Drug Administration

WASHINGTON (AP) — President Donald Trump has picked Dr. Heidi Overton to lead the Food and Drug Administration. Overton is a deputy director of the White House Domestic Policy Council and a trusted figure in Trump's administration. Overton has worked on several of Trump's health initiatives. But the new FDA commissioner will face challenges balancing Trump's priorities, traditional Republican interests and Health Secretary Robert F. Kennedy Jr.'s anti-corporate stance. Overton will need Senate confirmation and face questions from the Senate health committee. The previous FDA head, Dr. Marty Makary, resigned in May, leaving unfinished projects like work on ultra-processed foods, antidepressants and COVID-19 shots.

FTC proposal would require retailers to be transparent about personalized pricing

Companies that secretly vary prices based on how much they think individual customers will pay could face federal charges under a proposed Federal Trade Commission policy. In a preliminary report last year, the FTC said that grocers, clothing companies and others used third-party companies to set online prices based on shoppers' locations, browsing histories and other factors. The FTC says it doesn't have the authority to ban personalized pricing in all circumstances. Instead, the proposed policy released on Wednesday would require businesses to tell consumers when they're using personalized pricing and what data they are collecting. The FTC is seeking comment on the proposal for the next 30 days.

A new look and fresh merch are winning customers back at Target as sales rebound

NEW YORK (AP) — Target is reporting its second straight quarter of comparable sales gains, saying a merchandising overhaul under the discount retailer’s new CEO was attracting more customers. Target CEO Michael Fiddelke called the results “an important step forward in the plan we laid out earlier this year to open a new chapter of growth for Target.” Before this year, Target had reported weak or declining comparable sales for multiple quarters. In March, Fiddelke unveiled a $6 billion plan to reclaim the retailer’s reputation as a place to go for affordable yet stylish apparel and home goods.