The US and Iran reached a preliminary agreement that could officially end more than three months of fighting and reopen the Strait of Hormuz, one of the world's most important energy shipping routes.

The update is great news for the global economy, which has dealt with high inflation since the war began in late February. Oil prices plunged, the Dow closed at a record high, and markets rallied on the news.

The proposed deal would extend their ceasefire by 60 days, reopen the Strait of Hormuz, and begin a new round of negotiations focused on Iran's nuclear program and sanctions relief. According to President Donald Trump:

While key details still need to be finalized, the announcement marks one of the strongest signs yet that the months-long conflict could be nearing an end and finally spark the lowering of gas prices.

There is one hiccup… as both the US and Iran have offered differing accounts on key issues, including the Strait of Hormuz, sanctions, and Iran’s nuclear program. See more here.

What will happen next? Although both parties have signed the agreement virtually, an official signing agreement will take place on Friday in Geneva, Switzerland. It is expected that a full text of the deal will be released then as well.

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AI powerhouse Anthropic shut down its newest and most powerful AI models, Fable 5 and Mythos 5, after receiving a US government order citing national security concerns.

Anthropic first released Mythos to more than 40 tech giants in April, including Apple, Amazon, Microsoft, and others responsible for critical digital infrastructure, to help find bugs in their systems. It worked:

That decision was quickly overturned: Since then, Anthropic has expanded access to Mythos to more than 150 organizations, and the company released Fable, a new version of the model with more safety protections, last week.

According to anonymous sources, Amazon allegedly raised concerns that the model could be “jailbroken” and used without the additional safeguards that prevented it from finding software vulnerabilities:

What happens now? Anthropic claims that Fable’s safeguards are holding up under testing, saying no researchers “have yet been able to find a universal jailbreak.” Meanwhile, senior staff are reportedly in Washington attempting to resolve the standoff with administration officials.

Confidence among US homebuilders declined again this month as high mortgage rates, rising construction costs, and affordability concerns continue to weigh on the housing market.

According to new data from the National Association of Home Builders/Wells Fargo Housing Market Index, which measures builder sentiment for new single-family homes, homebuilders are straight up not having a good time.

Why the long face? Builders continue to deal with sky-high labor, land, and material costs, limiting their ability to lower prices without hurting profits. At the same time, high mortgage rates—which have risen by more than 50 basis points since the start of the Iran war (see data)—have left many potential buyers sitting on the sidelines.

To offset weak demand, many builders are increasingly relying on incentives like price reductions, mortgage-rate buydowns, and other promotions to lure in prospective buyers:

It comes amid a massive shortage: Experts say the country simply hasn’t built enough homes to keep up with demand. With an estimated shortage of 1.2 million units, many argue that easing regulations and speeding up development is the only way to improve affordability.

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The US is expected to set new records for electricity consumption in both 2026 and 2027 due to the rapid growth of AI data centers, according to recent data from the Energy Information Administration (EIA).

A lot. For two years in a row, power consumption has already reached record highs and is only expected to continue climbing:

Businesses are becoming the largest power consumers: For the first time on record, commercial electricity use is expected to pass residential consumption. The shift is largely being driven by (you guessed it) data centers, which require an increasingly enormous amount of electricity to train and operate advanced AI systems (watch breakdown). Some large AI data centers consume enough electricity to power hundreds of thousands of homes alone.

It’s taking a toll on the grid: As companies invest billions of dollars into AI infrastructure, utilities and grid operators are racing to keep up with growing demand. Experts warn that grid upgrades and new energy projects will be needed to prevent higher electricity prices and potential supply constraints.

All-inclusive resorts, which have historically been popular among budget-friendly vacationers, are increasingly attracting wealthy travelers looking for convenience and luxury.

Resort operators are investing heavily in upscale amenities like private butlers, personalized wellness programs, high-end dining, and exclusive experiences to appeal to guests willing to spend thousands of dollars per night.

It’s an investment that’s paying off, especially for hotel chains:

It’s a good market to be in: According to Hotels.com, searches for all-inclusive resorts rose 70% during the first five months of the year compared to last year, and a recent study found 84% of people who have stayed at an all-inclusive resort were repeat visitors.

> The first global map of underground fungal networks estimates that their combined length would stretch roughly 68 quadrillion miles if placed end to end, about 10% of the width of the Milky Way.

> Scientists have developed a breakthrough technique using electron microscopes that captured the sharpest images yet of some of the body’s smallest proteins, potentially transforming our understanding of diseases.

> A new study revealed that when wandering through spaces like museums or supermarkets, humans have a subconscious tendency to turn left and walk in a counterclockwise direction.

> Students at an Italian high school got an unexpected history lesson when archaeologists discovered a 2,000-year-old Roman villa buried directly underneath their gymnasium.

> Aerospace company Axiom Space and Italian fashion house Prada co-developed a high-performance cooling and ventilation undergarment that NASA astronauts will wear beneath their next-generation lunar spacesuits.

> The 2026 FIFA World Cup is expected to become the biggest gambling event in history, with hundreds of billions of dollars projected to be wagered as sports betting continues to go mainstream worldwide.