AP Business Digest
Here are the AP's top business stories that have moved or are planned to move today. All times U.S. Eastern. For up-to-the minute information on AP's coverage, visit AP Newsroom's Coverage Plan.
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UPCOMING
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MIDEAST WARS-ABUNDANT OIL
DESCRIPTION: Iran launched missiles at a U.S. military base in Qatar on Monday and threatened to stoke a wider conflict in the Middle East, a region that supplies the world with about a third of the oil used every year. The the same day, benchmark U.S. crude tumbled more than 7%, one of the biggest single day sell-offs of this year. Unrest in the Middle East this year has highlighted a new reality. The world is awash in oil.
UPCOMING: By 06/25/2025 12:00 p.m. With AP Photos and AP Graphics.
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AI RACE-CHINA
DESCRIPTION: US lawmakers are warning against Chinese algorithms and vow to win the AI race against Beijing, as they move to ban Chinese AI tech from the federal government to ensure national security.
UPCOMING: By 06/25/2025 12:00 p.m. EDT, Text
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NEW AND DEVELOPING
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FINANCIAL MARKETS
US stocks hang near their record as Wall Street takes a breath following two big days
SUMMARY: U.S. stocks are hanging near their all-time high as financial markets catch a breath following two big days bolstered by hopes that the Israel-Iran war will not disrupt the global flow of crude oil. The S&P 500 rose 0.2% Wednesday and is 0.7% below its all-time high. The Dow Jones Industrial Average was flat, and the Nasdaq composite rose 0.6%. Stocks of cryptocurrency-related companies jumped to some of the market's bigger gains as the price of bitcoin kept steaming higher with investors willing to take on more risk. Oil prices stabilized after plunging by roughly $10 per barrel in the last two days.
WORDS: 508 - MOVED: 06/25/2025 10:19 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:80068c5388469b83648e478cdccf2f80&mediaType=text
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US--IRS REPORT
Trump's budget bill could complicate 2026 tax filing season after IRS cuts, watchdog warns
SUMMARY: The budget bill championed by President Donald Trump could complicate next year's tax filing season after the IRS lost one-quarter of its employees through staffing cuts. That's what an independent watchdog says in a report to Congress on Wednesday. The National Taxpayer Advocate report notes that the IRS historically receives more calls after significant changes in tax law, so it may need additional employees and improved digital tools to maintain its level of service if Trump's legislative package passes Congress.
WORDS: 612 - MOVED: 06/25/2025 10:18 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:2fc930e508744af96a4697f1e297c0a1&mediaType=text
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BKN--LAKERS SALE
Mark Walter and Lakers say sale of the team is expected to close later this year
SUMMARY: Businessman Mark Walter's acquisition of the majority ownership stake of the Los Angeles Lakers, in a deal that puts the franchise valuation at $10 billion, is expected to close in the third or fourth quarter of this year. In a statement Wednesday, the sides confirmed that Jeanie Buss -- whose family has had control of the Lakers for 46 years -- will remain governor of the team and "continue to oversee all team operations on a day-to-day basis for the foreseeable future." Walter has been a minority owner of the Lakers since 2021. Dr. Jerry Buss, Jeanie Buss' father, bought the team in 1979.
WORDS: 370 - MOVED: 06/25/2025 9:58 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:ceab140ab4b4501351c0299e04e08db1&mediaType=text
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US--EDUCATION-ARTIFICIAL INTELLIGENCE
How ChatGPT and other AI tools are changing the teaching profession
SUMMARY: Across the country, artificial intelligence tools are changing the teaching profession as educators use them to help write quizzes and worksheets, design lessons, assist with grading and reduce paperwork. By freeing up their time, many say the technology has made them better at their jobs. A poll released Wednesday by Gallup and the Walton Family Foundation found 60% of K-12 public schoolteachers used AI tools for their work over the past school year, with heavier use among high school educators. As schools navigate concerns over student abuse of the technology, many also are introducing guidelines to ensure teachers are not taking shortcuts that shortchange students.
WORDS: 989 - MOVED: 06/25/2025 8:43 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:b1630bc549e9044d1e3bbcc060fb422c&mediaType=text
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BEHIND THE WHEEL-SUVS FOR BIG FAMILIES
Edmunds: Five three-row EVs that are great for big families
SUMMARY: Big families looking for a three-row electric SUV have more options than ever before thanks to a few new arrivals. Besides a three-row electric van, there are models for shoppers in the market for luxury and off-road-capable electric SUVs. These large family haulers provide plenty of space, advanced safety features, and a surprising amount of driving range considering their size. So before you settle for a gas guzzler, check out Edmunds' five favorite three-row EVs that are great for big families.
WORDS: 857 - MOVED: 06/25/2025 6:27 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:74883f4c8fca84116274e45bf7767b6c&mediaType=text
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EU-EUROPE-DEFENSE HACKATHON
Hackathon teams race to solve defense tech challenges as Europe boosts military capabilities
SUMMARY: Defense tech hackathons are attracting engineering students, tech industry workers and hobbyists to solve military challenges. Participants meet up to brainstorm, write computer code or tinker with more drones and other hardware. Many want to use their technical skills to work on one of the big challenges confronting Europe -- the continent's race to beef up its military capabilities as Russia's war in Ukraine threatens to widen global instability. Competitions have been held on a regular basis across Europe since last year, inspired by the Ukrainian military's on-the-fly wartime innovations to fend off a much bigger Russian army.
WORDS: 1204 - MOVED: 06/25/2025 3:38 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:02768cd972c967cb08879b9041c8e4cb&mediaType=text
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