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Tesla (TSLA) shares have risen this week as investors may be moving past the fiery public spat between CEO Elon Musk and President Donald Trump.

The electric vehicle maker’s shares are up 8% this week, recouping more than half of the ground lost last week in the wake of Trump and Musk’s social media shots at one another. The back and forth started as an argument over Trump’s “Big Beautiful” taxation-and-spending bill but spiraled into a now-deleted post in which Musk accused Trump of being in the “Epstein files,” referencing the late convicted sex trafficker. The public fight ended up costing Tesla a spot in the illustrious $1 trillion market capitalization club with a one-day drop of more than $150 billion. 

This week has seen a cooling of tensions, at least on social media, with Musk admitting he regrets some of his posts. He also reposted Trump’s criticism of California Gov. Gavin Newsom. 

Tesla’s stock has been on a roller coaster ride this year. Shares shed more than 35% of their value in the first quarter as sales slumped, tariffs hit the stock market, and controversy swirled around Musk. They staged a comeback in April and May after Musk said he would step back from Washington.

Shares are up 2% in recent trading Friday, and currently sit down 20% for 2025.

Shares of JBS advanced Friday morning in their New York Stock Exchange (NYSE) debut after years of complications for the Brazilian meatpacking giant to trade in U.S. public markets.

JBS shares, which have the ticker symbol “JBS,” opened at $13.65 on the New York Stock Exchange and recently were trading at $14.03, up 2%. The shares are dual listed with Brazil’s B3 exchange.

JBS, which is majority owner of U.S. poultry firm Pilgrim’s Pride (PPC), is the world’s largest meatpacker, with 2024 revenue of $77.18 billion and net income of $1.96 billion, according to a prospectus filed in April with the Securities and Exchange Commission.

Both American meat producers and environmentalists had opposed JBS’ attempts to list in the country “because of concerns about corruption settlements, accusations of Amazon deforestation and its growing market share in the United States,” The New York Times reported last year.

However, CNBC reported that after President Donald Trump was re-elected last November, Pilgrim’s Pride donated $5 million to his inauguration committee, and the SEC subsequently approved its request to list on the NYSE.

U.S. equities slumped at midday on concerns of a possible wider Middle East war after Israel bombed Iran nuclear facilities, and Tehran responded with attack drones. The Dow Jones Industrial Average, S&P 500, and Nasdaq all were lower.

The fighting sent the price of oil soaring, and fears of higher fuel costs and travel disruptions drove down airline and cruise line stocks. Shares of United Airlines Holdings (UAL), Delta Air Lines (DAL), Carnival Corporation (CCL), and Norwegian Cruise Line Holdings (NCLH) all tumbled.

Adobe (ADBE) shares sank when the software maker didn’t raise its guidance despite strong profit and sales.

Shares of Boeing (BA) fell for a second straight session following the deadly crash of one of its 787 Dreamliners in India. 

The jump in oil prices boosted shares of energy companies, including Diamondback Energy (FANG), Occidental Petroleum (OXY), and Halliburton (HAL).

Shares of defense contractors Lockheed Martin (LMT) and Northrop Grumman (NOC) also advanced on the Middle East news.

Gold futures took off as the precious metal is seen as a safe-haven investment, sending shares of Newmont (NEM) and other gold miners higher. 

The yield on the 10-year Treasury note rose. The U.S. dollar was up on the euro, pound, and yen. Most major cryptocurrencies were lower. 

The states with the cheapest 30-year refinance rates Thursday were New York, California, Florida, Colorado, Connecticut, Texas, and Washington. These low-rate states registered refi averages between 6.87% and 6.98%.

Meanwhile, the states with Thursday’s most expensive 30-year refinance rates were West Virginia, New Hampshire, North Dakota, Kentucky, Hawaii, Wyoming, South Dakota, Rhode Island, Montana, and Alaska. These high-rate states registered refi averages between 7.10% and 7.13%.

Mortgage refinance rates vary by the state where they originate. Different lenders operate in different regions, and rates can be influenced by state-level variations in credit score, average loan size, and regulations. Lenders also have varying risk management strategies that influence the rates they offer.

Since rates vary widely across lenders, it’s always smart to shop around for your best mortgage option and compare rates regularly, no matter the type of home loan you seek.

National Mortgage Refinance Rate Averages

Rates for 30-year refinance mortgages have fallen for four days straight, completely reversing last week’s surge. Sliding another 5 basis points, the Thursday average is 7.04%—an improvement vs. the 7.32% May peak that was a 10-month high.

Back in March, however, rates plunged to a 6.71% average—their cheapest 2025 mark. And last September, 30-year refinance rates sank to a two-year low of 6.01%.

Refinance rates for 30-year loans dropped another 5 basis points Thursday, falling to a 7.04% average. That’s now a four-day retreat of 16 basis points, which reverses last week’s surge and leaves refi rates notably improved vs. a May peak of 7.32%, which was a 10-month high. Today’s average is the lowest reading we’ve seen since early May.

Given that 30-year refi rates sank as low as 6.71% in March, however, today’s rates remain elevated. The current average is also more than a percentage point above last September’s 6.01%—a two-year low.

Many other refi rates saw declines Thursday. The 15-year and 20-year refinance averages shed 5 and 10 basis points, respectively. Meanwhile, jumbo 30-year refi rates subtracted 7 points.

Shares of RH (RH) soared 20% in premarket trading Friday, a day after the high-end home furnishings retailer posted a surprise profit and announced steps to offset the effects of new tariffs.

The company formerly known as Restoration Hardware reported first-quarter adjusted earnings per share of $0.13, while analysts surveyed by Visible Alpha were looking for an adjusted loss of $0.07 per share. Revenue jumped 12% year-over-year to $814.0 million, slightly below estimates.

CEO Gary Friedman wrote in a letter to shareholders that RH was especially pleased with its performance in England and the rest of Europe.

Friedman also said that the company was maintaining its full-year guidance despite “the speculative and uncertain outcome related to tariffs and the macroeconomic environment,” including a weak housing market. Friedman explained that in response, RH was “delaying the launch of the new concept that was planned for the second half of 2025 to the Spring of 2026 when there is more certainty regarding tariffs.” In addition, the company will continue to shift sourcing out of China, and “resourced a significant portion of our upholstered furniture to our own North Carolina factory.”

Friedman noted that because the tariffs have disrupted global shipments and resourcing, it is reducing its revenue outlook by 6 percentage points in the current quarter. However, the company anticipates making that up in the second half of the year. RH sees 2025 revenue up 10% to 13%. 

Shares of RH have lost more than half their value this year entering Friday trading.

Merck (MRK) has received the go-ahead to expand use of its blockbuster cancer drug, Keytruda.

The Food and Drug Administration (FDA) has approved Keytruda’s use for adults with resectable locally advanced head and neck squamous cell carcinoma whose tumors express the protein PD-L1. 

The study’s overall principal investigator, Dr. Ravindra Uppaluri, said the approval “represents a potentially significant shift in how we manage this disease.” Dr. Uppaluri added Keytruda “has been shown to reduce the risk of recurrence, progression, or death by 30%, compared with standard of care adjuvant chemoradiotherapy or radiotherapy alone.”

Merck noted that it’s estimated that in 2025, there will be approximately 72,680 new cases of head and neck cancer diagnosed, and more than 16,680 deaths from the disease.

Keytruda is the company’s best-selling drug, with first-quarter revenue of $7.2 billion, making up nearly half of its total sales.

Entering Friday trading, shares of Merck were down about 18% year-to-date.

U.S. airline shares are dropping Friday in premarket trading after oil prices spiked and flights were disrupted as attacks on Iran’s nuclear program and military leadership sparked worries of a broader Middle East conflict.

Shares of American Airlines (AAL), Delta Air Lines (DAL), United Airlines (UAL), Southwest (LUV), Alaska Air Group (ALK), and JetBlue Airways (JBLU) were down between 3% and 5% in premarket trading Friday. 

According to reports, several Middle East nations had shut their airspace following the attacks. Among them were Iran, Iraq, Israel, Jordan, and Syria, according to Bloomberg.

According to PYOK, a blog that covers the airline industry, Delta Air Lines and United Airlines “abruptly diverted Tel Aviv-bound flights back to the US on Thursday night” after Israel’s attacks.

In late 2023, the European Union finalized its Artificial Intelligence Act, the world’s first comprehensive law governing corporate AI use. The EU AI Act, which takes full effect by August 2026, applies to any company operating in Europe or serving EU consumers, including U.S. tech giants and startups with overseas customers.

As AI usage becomes more embedded across the public and private sectors, Europe’s legislation could pressure American companies to rethink their approach to data privacy, transparency, and human oversight.

Here’s what’s included in Europe’s sweeping regulation, how it might affect U.S.-based business owners, and why it might reshape consumer expectations.

What Does the EU AI Act Do?

The EU AI Act’s main goal is to ensure that companies that develop and use artificial intelligence systems do so safely, ethically, and with respect for consumers’ rights and privacy. It classifies AI tools by risk level and applies different compliance rules accordingly.

• Minimal risk AI systems like AI-powered spam filters and simple video games are largely unregulated. 
• Limited-risk AI systems like chatbots, automated product recommendation systems, and image/video filters and enhancement tools must meet transparency obligations to inform users that they’re interacting with artificial intelligence. 
• High-risk AI systems are those used in applications like credit scoring, critical infrastructure, border control management, worker management, law enforcement, and many activities that determine a person’s access to resources. These systems face strict documentation, testing, and human oversight requirements, which are expected to go into effect in early August 2026.
• Unacceptable risk AI systems have been deemed to threaten people’s rights, safety, or livelihoods and are banned outright within the EU (with some exceptions). Examples include real-time biometric surveillance for law enforcement or categorization based on sensitive attributes, social scoring systems, and any form of “manipulative AI” that impairs decision-making. This ban has been in effect since February 2025.

The Act also includes provisions for “general purpose AI” (GPAI) models like OpenAI’s ChatGPT to comply with certain requirements based on their level of risk. All GPAIs must adhere to the EU’s Copyright Directive (2019) and provide usage instructions, technical documentation, and a summary of the data used to train their models. Additional compliance criteria apply to GPAI models that “present a systemic risk.”

While some Big Tech companies have pushed back on the regulation, the European Commission has indicated it’s open to amending the Act during a planned review.

Why Does the EU AI Act Matter for American Businesses?

The EU AI Act applies to any company operating within or serving consumers in the European Union, regardless of where they’re headquartered. For American organizations with overseas business partners or customers, the Act could mean significant compliance costs and operational changes for big players and startups. Fines can be as high as 7% of global annual revenue if you use a banned AI application, with slightly lower fines for noncompliance or inaccurate reporting.

Yelena Ambartsumian, founder of AMBART LAW, a New York City law firm focused on AI governance and privacy, believes U.S. companies will start to feel the “regulatory heat” when the provisions dealing with high-risk AI systems go into effect next year.

“U.S. companies must ensure their AI systems meet the transparency and documentation standards set by the EU, which includes providing detailed technical documentation and ensuring proper human oversight,” Ambartsumian said. “Failure to comply could result in penalties, market restrictions, and reputational damage.”

Pete Foley, CEO of ModelOp, an AI governance firm for enterprise clients, added, “U.S. companies could stand to receive a wake-up call.”

“They’ll all need to reevaluate their AI governance practices and make sure they align with the EU expectations,” Foley said.

An AI educator, author, and business consultant, Peter Swain, expects the Act’s rollout and enforcement to follow the same path as the General Data Protection Regulation (GDPR).

“The EU AI Act is GDPR for algorithms: If you trade with Europe, its rules ride along,” said Swain. “GDPR already gave us the playbook: early panic, a compliance gold rush, then routine audits. Expect the same curve here.”

Will American Consumers Be Impacted by the EU AI Act?

While American consumers might not be directly impacted by the EU AI Act’s provisions, experts believe users will get accustomed to higher standards of transparency and privacy by design from EU-originating apps and platforms.

Adnan Masood, Ph.D., Chief AI Architect at UST, noted that consumers will gain clearer insight into when algorithms influence decisions, what data is used, and where redress is possible.

“Europe is setting baseline expectations for ethical AI, and the resulting uplift in transparency will spill over to American users as companies unify product experiences across regions,” Masood said.

“Right now, consumers don’t know what they don’t know,” added Swain. “Once Americans taste that transparency, they’ll demand it everywhere, forcing U.S. companies to comply—regulators optional.”

Will the US Adopt Similar Rules?

William O. London, a business attorney and founding partner at Kimura London & White LLP, noted that the U.S. has taken a more sector-specific and state-driven approach to AI regulation. Still, there is growing bipartisan interest in establishing federal AI governance.

While the White House did revise its existing policies on federal AI usage and procurement in April 2025, this is unlikely to lead to a federal regulation resembling the EU AI Act.

“Any U.S. legislation will likely seek to balance innovation with consumer protection, but may be less restrictive to avoid stifling tech development,” said London.

Ambartsumian noted that AI regulation is becoming more intertwined with politics and industry.

“Tech companies have been quite vocal in appealing to the [Trump] administration to exempt them from state laws [on AI],” she said. “The House Energy and Commerce Committee is now evaluating a 10-year moratorium … on state-level laws.”

At the time of writing, only a handful of states have laws on the books regarding AI usage, including Colorado (which is the most similar to the EU AI Act), California, and Tennessee and several others are considering similar pieces of legislation.

While such guidelines can help level the playing field when it comes to AI usage, Foley warns that compliance costs and administrative burdens could strain small businesses’ limited resources, especially if they’re trying to keep up with nuanced state-specific laws around AI. 

“It’s crucial for policymakers to consider scalable compliance solutions and support mechanisms to ensure that small businesses can navigate the evolving regulatory landscape without disproportionate hardship,” Foley added.

Regardless of current or pending AI rules in your state, experts say it’s wise to start preparing for greater AI transparency if compliance becomes mandatory. 

“Smart small businesses should calibrate to the strictest standard—the EU—once, then sell anywhere,” Swain advised. “Create a one‑page ‘Model Safety Data Sheet’ for every AI tool—purpose, data sources, and risk controls. It turns red tape into a trust badge.”

The Bottom Line

The EU AI Act is a bold move toward protecting citizens in an AI-driven world. It may very well become a strict model for the rest of the world, or it may get watered down as industries that rely heavily on artificial intelligence fight against regulatory hurdles. Either way, consumers can expect AI-driven services to become more transparent in Europe and eventually, everywhere else.

U.S. stock futures are dropping and oil futures are jumping following Israel’s attack on Iran’s nuclear facilities and military leadership; Adobe (ADBE) posts better-than-expected fiscal second-quarter results; preliminary consumer sentiment data for June is expected to have risen from May’s reading; Oracle (ORCL) shares are pulling back from all-time highs in premarket trading; and Advanced Micro Devices (AMD) unveils its latest artificial intelligence (AI) chips. Here’s what investors need to know today.

1. US Stock Futures Drop, Oil Spikes on Iran-Israel Conflict

U.S. stock futures are falling and oil prices are spiking Friday as Israel’s attacks on Iran’s nuclear program and military leadership are sparking worries of a broader Middle East conflict and are driving investors into safe-haven assets. Dow Jones Industrial Average and Nasdaq futures are 1% lower, and S&P 500 futures are down 1.2%. Oil prices are jumping more than 8%. Gold is rising roughly 1% to around $3,433 an ounce. The 10-year Treasury yield is little changed at 4.37%. The U.S. dollar, which hit a three-year-low Thursday, is gaining ground against the euro, pound, and yen. Bitcoin (BTCUSD) is falling almost 2% to trade below $105,000.

2. Adobe Reports Better-Than-Expected Results, Lifts Outlook

Adobe (ADBE) delivered better-than-estimated fiscal second-quarter results on record-high sales and raised its full-year revenue and profit projections. However, the Creative Cloud developer’s shares are slipping more than 3% in premarket trading, and Citi analysts called the results “fairly straight down the middle” and noted that “overall AI usage appears to be leveling off.”

3. June Consumer Sentiment Data Due

June consumer sentiment data is due at 10:00 a.m. ET today, and analysts expect an improvement from May’s reading, according to a survey of economists by Dow Jones Newswires and The Wall Street Journal. President Donald Trump’s tariffs will be a key topic in the report, which dropped for four straight months before leveling out in May. The University of Michigan Index of Consumer Sentiment is expected to show a preliminary reading of 54.0, an improvement from the May reading of 52.2.

4. Oracle Stock Edges Lower After Hitting All-Time High

Oracle (ORCL) shares are pulling back slightly in premarket trading after soaring 13% to an all-time high Thursday, a day after the company’s fiscal fourth-quarter results and sales outlook sailed past Wall Street expectations. The enterprise software giant said it expects “dramatically higher” revenue growth this fiscal year, driven by strength in its cloud infrastructure segment, a bullish projection that prompted analysts to increase price targets.

5. AMD Unveils Next-Gen AI Chips

Advanced Micro Devices (AMD) unveiled its next-generation MI400 chips at its “Advancing AI” event Thursday. The chip isn’t expected to launch until 2026, but it already has some high-profile customers, including ChatGPT maker OpenAI. The event also brought the launch of AMD’s Instinct MI350 Series GPUs, which it claims offers four times more computing power than its previous generation. AMD shares, which entered Friday down 2% this year, are 2.5% lower in premarket trading.