Iran began a multi-day funeral on Saturday for its Supreme Leader, Ali Khamenei, as large crowds gathered in Tehran to pay their respects. The ceremonies also honor others killed in the initial US-Israeli strikes on Feb. 28 that marked the start of the war.

As the procession continued, the nation directed its military to solidify its control over the Strait of Hormuz, one of the world’s most important shipping lanes.

Peace negotiations between the US and Iran are on hold for at least a week as the funeral continues across several religious sites, before ending in the next couple of days.

While no US or European officials received invitations, representatives of the terrorist organizations Hamas and Hezbollah were in attendance. See photos here and the full funeral schedule here.

One important guest was missing: Mojtaba Khamenei, the late leader’s son, was notably absent from the ceremony. Despite being selected by senior regime officials as the country’s next Supreme Leader, he has not been seen or spoken publicly since reports surfaced that he was wounded in the strikes that killed his father.

Iran is using the funeral to tighten its grip: As officials have linked control of the Strait of Hormuz to Khamenei's political legacy, Iran's Revolutionary Guard has increased efforts to direct ship traffic through routes it controls while warning that attempts to challenge its authority could lead to renewed violence.

🌎 Why is this important? Control over the Strait of Hormuz remains one of the biggest unresolved issues between the US and Iran. While Iran works to increase its authority over the waterway, it has heightened concerns about global energy supplies, as any disruption to shipping through the waterway could reduce global oil supplies, increase transportation costs, and put upward pressure on fuel prices worldwide.

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The economy has slowed to a turtle’s pace. According to new data from the Bureau of Labor Statistics, US employers added just 57,000 jobs last month, far fewer roles than analysts expected.

The figure is less than half the previous month’s total and comes as April and May also saw their job growth numbers revised downward by tens of thousands. So why the hiring slump?

The decline was pretty unexpected, as the World Cup was projected to generate tens of thousands of jobs and boost consumer spending.

Purchasing power is down as well: The average wage growth of 3.5% is still being outpaced by 4.2% annual inflation.

While last month’s numbers aren’t anything to rave about, the job market is still stronger than a year ago:

The jobs that were added were mostly thanks to… healthcare and construction. Construction and manufacturing added 11,000 and 3,000 jobs, respectively, reflecting continued investment in AI data center construction. Meanwhile, healthcare and social assistance remained major sources of job growth, adding nearly 47,000 positions.

Unemployment cooled: The unemployment rate edged down to 4.2% in June from 4.3% in May, partly because the number of people working or actively seeking work fell by 720,000.

🌎 Why does this matter? A slower hiring market could make it harder for Americans to find new jobs or negotiate higher pay, even as most people who already have jobs remain employed. If the trend continues, weaker hiring could slow consumer spending while reducing pressure for additional interest rate increases.

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While Americans celebrated Independence Day, the US President announced the launch of his eponymous Trump Accounts, a new savings program designed to help people begin investing for retirement at an earlier age.

Any American with a Social Security number can apply for a Trump Account as long as they are enrolled before the year they turn 18.

Many of the program's features will deliberately look familiar to anyone who's used other investment accounts:

It’s absolutely free to open an account. However, when a child wants to withdraw their money, it will be taxed under rules similar to traditional IRAs.

Some kids will get starting money: Children born between 2025 and 2028 will get an initial $1,000 deposit from the government into their accounts. Meanwhile, children born between 2016 and 2024 may qualify for a $250 if they live in a ZIP code with a median income below $150,000, thanks to a contribution funded by Michael and Susan Dell. Other funds came from select companies and even Niki Minaj; see the full list here.

🌎 Why is this important? The new accounts could give more children a financial head start by encouraging long-term investing from an early age, potentially helping pay for college, a first home, or retirement. According to the Trump Accounts website, an initial $1,000 contribution with no additional deposits could grow to about $243,000 by age 55 (assuming the stock market generates strong, consistent returns over several decades).

Apple just secretly added Starlink satellite support to iPhones through iOS 18.3.

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OPEC+ agreed to raise its oil production targets again earlier this week, approving an additional 188,000 barrels per day, as shipping through the Strait of Hormuz has gradually recovered.

The move marks the fifth straight monthly production increase for the group as it attempts to reverse earlier cuts and claw back its market share:

More production means demand is growing… that’s good news for the broader economy. Analysts say the constant production increases highlight improving supply conditions, and OPEC+ is betting the market can absorb additional supply without triggering a sharp collapse in prices.

Meanwhile, oil prices have steadily fallen: After briefly topping $90 per barrel last month, US crude oil prices have dropped roughly 25% to about $68 per barrel, thanks to record domestic production and OPEC+ boosting output.

🌎 How does this affect you? Higher oil production generally puts downward pressure on gasoline prices, but flaring geopolitical tensions are still a risk. Analysts caution that any renewed disruption in the Strait of Hormuz or other major supply routes could quickly reverse recent price declines.

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Living with parents is becoming increasingly common for young adults as high housing costs, student debt, and a difficult job market make it harder to afford living independently.

According to a new Wall Street Journal report, the trend no longer carries the stigma it once did, as many now view it as a practical financial decision. It shows in the data:

Why stay with mom and pop? Sky-high home prices, record rents, and lingering student loan debt are making it more and more difficult for young adults to move out on their own. Many who live with their parents contribute toward household expenses, but still spend far less than they would renting an apartment or paying a mortgage.

It’s not necessarily because they want to: Over half of young adults who moved back home said they did so out of financial necessity, allowing them to save for a home, pay off debt, or pursue career goals.

🌎 Why should you care? Experts say the trend is delaying milestones such as buying a home, getting married, and starting a family while allowing many young adults to build savings instead. It’s also reshaping how houses are built, as many Builders are designing more homes with flexible living spaces, while some states have eased rules for accessory dwelling units, often called backyard cottages or in-law suites.

> A forgotten copy of the Declaration of Independence was found in Britain’s National Archives, tucked inside records from a Royal Navy ship that was tracking the American rebellion.

> Egyptian officials announced the discovery of an extremely well-preserved Byzantine-era city, complete with ancient walls, watchtowers, houses, tools, coins, and more.

> A new study found that honeybee queens exposed to pesticides can offload those chemicals into their eggs to protect themselves.

> A 1,000-kilogram elephant seal named Neil has become an internet sensation in Australia, but wildlife officials are pleading with fans to keep their distance before the viral star (or other people) gets hurt.

> Scientists have overturned a long-held belief about the world’s tallest tropical trees, finding they can transport water to their highest branches (as high as 300 feet) just as effectively as smaller trees, even during droughts.