Following two consecutive days of strikes on Iran, President Donald Trump announced yesterday that further attacks were cancelled and negotiators had made meaningful progress toward a potential peace agreement.

The decision came just hours after Trump warned that the US would strike Iran "very hard" and threatened additional military action if talks failed. According to Trump, discussions have now reached Iran's senior leadership and have gained support from several countries in the region.

Why did the US start attacking Iran again? The renewed US offensive began after Iran allegedly downed a US Apache helicopter near the Strait of Hormuz on Tuesday, enabling the US military to successfully complete its first-ever drone rescue by sea. Watch the 24-foot unmanned maritime drone in action here.

What happens now? It remains unclear whether Iranian officials will sign off on the potential peace deal, but it’s an encouraging step toward stabilization in the Strait of Hormuz. As of writing, neither party has formally withdrawn from negotiations. See live updates here.

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A new report found Social Security is projected to run out of funds by 2032, earlier than previously thought. If Congress fails to act, many would be unable to receive benefits.

Most of Social Security’s funding comes from payroll taxes paid by current workers. However, Americans are living longer, having fewer children, and retiring in larger numbers, leaving fewer workers to support the program:

The rising costs reflect the increasing number of beneficiaries relative to the number of workers paying, forcing the program to draw from its trust fund reserves to cover the gap.

Will you lose Social Security if this doesn’t change? While beneficiaries would not completely lose Social Security, payments would be reduced to match incoming payroll tax revenue. The report found those revenues would only be enough to pay 78% of scheduled benefits.

What can be done? Proposed solutions generally consist of raising payroll taxes, reducing future benefits, and increasing the retirement age, with some including a combination of the three.

Looking forward: Experts say the sooner Congress acts, the less extreme any eventual changes will be, but political disagreements have made it difficult for lawmakers to come to a consensus.

Inflation rose to 4.2% last month, its highest point since April 2023, according to the consumer price index (CPI) report released this week. The spike is largely thanks to high energy prices, particularly gasoline, tied to the war in Iran.

The effects of surging energy prices have spread beyond the gas pump, hiking airline ticket prices, most groceries, and many goods and services. Regardless, energy was still the main driver of inflation:

Is there some good news? The worst of the recent price surge may be over. Inflation cooled slightly from April’s pace, and gas prices have started to drift lower. However, a lasting decline will likely require a US-Iran peace deal and smoother energy shipments through the Strait of Hormuz.

The core CPI, which filters out food and energy costs, is typically viewed by economists as a more reliable gauge of future inflation trends. The latest reading had a few green flags:

While the short-term data is encouraging, most experts expect inflation to continue rising slowly due to ongoing energy shocks before gradually cooling back down by next year.

Also… the report is likely to reinforce expectations that the Federal Reserve will keep interest rates elevated as it works to bring inflation to its 2% target.

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The most sanctioned country in the world is now experiencing its biggest economic boom since Kim Jong Un took power in 2011, largely thanks to entrenching its relationships with China and Russia.

The few tourists who are allowed to visit Pyongyang have reported seeing a revamped city, with new apartment towers, EVs, restaurants, and smartphones that would have been difficult to imagine just a few years ago.

It’s clear the nation’s economy has changed, too.

You can tell the difference from space: Satellite imagery indicates North Korea is roughly three times brighter at night than it was five years ago, suggesting a significant increase in economic activity and electricity use, per the WSJ.

It’s benefited from war and fraud. Long-term economic hardships and strict leadership have historically hampered the country, but its fiscal hardships turned around thanks to Russia’s war on Ukraine:

China wants in as well: The nation’s shocking growth comes as Chinese President Xi Jinping visited North Korea for the first time in over seven years, vowing to deepen bilateral ties.

Has that money raised the quality of life? No. Much of the country’s recent development is in Pyongyang, where mostly government officials, military leaders, and political elites live. Meanwhile, the UN estimates that nearly half of North Korea’s 26 million residents are still malnourished.

Ahead of its public debut, which is expected to be the largest in history, demand for SpaceX shares has exploded. Investors have submitted roughly $250 billion worth of orders for shares in the offering, far exceeding the amount of stock available.

The initial public offering is expected to raise around $75 billion at a massive $1.8 trillion valuation, instantly making SpaceX one of the most valuable publicly traded companies in the world.

Plus, SpaceX employees will become millionaires: Over 4,000 current and former employees, including engineers, managers, and long-time staff members, will become millionaires overnight thanks to stock grants that accumulated over years of rapid growth.

Regular investors can get in on the action, too: Unlike many major IPOs that favor institutional investors, SpaceX has reserved an unusually large portion of shares for retail investors. Reports indicate roughly 20%–30% of the offering could be allocated to individual investors, much more than the typical 5%–10% reserved in many public offerings.

See some of the strange secrets that were leaked when SpaceX initially filed… and a glossary to help understand what happens in an IPO.

> Watch out, parents. A new retail study shows that Generation Alpha (children born between 2010 and 2024) already heavily influences billions in household spending, well before gaining financial independence.

> Scientists have administered the first-ever cellular reverse aging therapy to a human, a major milestone in the quest to rejuvenate aging cells and treat age-related disease.

> Asexual reproduction held back evolution for millions of years until environmental pressures and competition helped drive sex and increase diversity between 635 million and 539 million years ago.

> Researchers have, for the first time, found a way to trigger some of sleep’s memory-restoration processes in awake mice, suggesting that certain forms of brain maintenance may not require a fully sleeping state.

> The FDA has officially approved its first new sunscreen ingredient in over 25 years, a chemical filter called bemotrizinol that’s long been used in Europe and Asia.