News for July 1, 2026
Ship runs aground in Strait of Hormuz, Iranian state TV reports
DUBAI, United Arab Emirates (AP) — A ship ran aground in the Strait of Hormuz while using a route not approved by Iran. That’s according to a report Wednesday by state television in Tehran. The vessel was identified as a foreign container ship, with no other details. The report appeared aimed at underlining Tehran’s claims to control the strait, which the world has long considered an international waterway. Iran has used its ability to choke off the waterway as a key source of leverage since the war began Feb. 28. Meanwhile, talks aimed at ending the Iran war were taking place in Qatar, with U.S. and Iranian negotiators present.
The US, Canada and Mexico begin bumpy negotiations to renew North American trade pact
WASHINGTON (AP) — The North American trade pact that President Donald Trump negotiated and boasted about in his first term is up for renewal. It’s a process that is likely to last months, maybe longer. And the path forward is lined with landmines. The U.S. is making demands that could effectively force Canada and Mexico to surrender some factory production to the United States. That push would upend established regional automotive supply chains and would put upward pressure on U.S. prices for new cars. Trump has added to the tension by threatening to pull out of his own agreement altogether.
Defying Pope Leo XIV, traditionalists go ahead with bishop consecrations in Switzerland
ECONE, Switzerland (AP) — A breakaway group of traditionalist Catholics has directly defied Pope Leo XIV by consecrating four bishops without his consent. The Society of St. Pius X is dismissing the resulting excommunications and schism by declaring it was a “sacred duty” to defend the Catholic faith. The group opposes the modernizing reforms of the Catholic Church. It went ahead with the consecrations at its seminary in Econe, Switzerland, despite a last-ditch appeal by Leo to call it off. The ceremony drew thousands of people who prefer the Latin Mass to the modern liturgies celebrated in most of the Catholic Church. The Vatican has said the ceremony is a schismatic act that incurs automatic excommunication.
Most US stocks rise, but drops for tech keep Wall Street in check
NEW YORK (AP) — Most U.S. stocks are rising, but drops for some influential technology companies are keeping the market in check. The S&P 500 rose 0.2% Wednesday after erasing an early loss. The Dow Jones Industrial Average added 269 points, and the Nasdaq composite fell 0.1%. General Mills led the market after delivering better results for the latest quarter than analysts expected. Stocks also got a lift after Treasury yields pared gains following a weaker-than-expected report on U.S. manufacturing. That could allow the Federal Reserve to hold off on increases to interest rates this year. But drops for some AI winners restrained the market’s gains.
Trump will visit newly built Theodore Roosevelt Presidential Library in North Dakota’s Badlands
MEDORA, N.D. (AP) — President Donald Trump is visiting the Theodore Roosevelt Presidential Library in North Dakota. The $450 million library project explores the 26th president’s life in the rugged, remote landscape where he roamed as a cowboy and big game hunter in the 1880s. The library was pushed by Interior Secretary Doug Burgum when he was governor. The facility’s grand opening is July Fourth, but Trump is visiting Wednesday to see the library and to speak to a crowd at a nearby amphitheater. Roosevelt served from 1901 to 1909 and said he never would have been president were it not for his experiences in North Dakota.
Democratic socialist Melat Kiros defeats longtime US House incumbent in Colorado
Democratic socialist Melat Kiros has defeated U.S. Rep. Diana DeGette in a Colorado House primary. It’s a stunning victory for the first-time candidate against an almost 30-year incumbent. Kiros is the latest democratic socialist or progressive candidate to boot a Democratic incumbent this month. The victory adds to a nascent but clear uprising, stirred by frustration among some voters, that has vexed party leadership. There were mixed results for progressives in Tuesday’s other races. Sen. John Hickenlooper fended off a primary challenge from self-fashioned “insurgent progressive” state Sen. Julie Gonzales.
Federal Reserve Chair Warsh emphasizes political independence, signals focus on inflation
WASHINGTON (AP) — New Federal Reserve Chair Kevin Warsh said Wednesday that the central bank would remain independent and seek to bring down inflation, likely foreclosing the rate cuts President Trump has sought. The Fed typically combats inflation by raising borrowing costs. When asked about Trump’s oft-repeated desire for lower rates, Warsh underscored the Fed’s independence from day-to-day politics. Such comments suggest that Warsh has shifted his views since replacing Jerome Powell as chair May 22.
