California is investigating one of the Trump administration’s deals to end an offshore wind project. Golden State Wind was a floating offshore wind project proposed off California’s central coast. The California Energy Commission says Monday it issued an administrative subpoena to Golden State Wind. The commission says it is seeking documents and information about the company’s recent agreement with the Department of Interior to accept a payout in exchange for voluntarily abandoning its offshore wind lease. The company says it does not comment on open or potential litigation.

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The U.S. stock market set more records after Apple, Estee Lauder and others joined the list of companies delivering fatter profits for the start of the year than analysts expected. The S&P 500 climbed 0.3% Friday to its latest all-time high and closed out a fifth straight winning week. That’s its longest such streak since 2024. The Dow Jones Industrial Average dipped 0.3%, and the Nasdaq composite added 0.9% to its own record. Apple led the way after delivering better profit than expected. Easing oil prices also helped steady the stock markets around the world that were still open on the May Day holiday.

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President Donald Trump said on Friday that he’s “not satisfied” with Iran’s latest proposal in negotiations to end war between the countries. “They want to make a deal, I’m not satisfied with it, so we’ll see what happens,” Trump told reporters Friday at the White House. Trump did not elaborate on what he sees as the proposal’s shortcomings. The president said negotiations have continued by phone after he called off his envoys’ trip to Pakistan last week. He expressed frustration with Iran’s leadership, which he described as fractured. “It’s a very disjointed leadership,” he said. “They all want to make a deal, but they’re all messed up.”

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Iran's supreme leader says the Islamic Republic will protect its nuclear and missile capabilities as a national asset. Ayatollah Mojtaba Khamenei made the statement Thursday, likely drawing a hard line as U.S. President Donald Trump seeks a wider deal to cement the war's shaky three-week ceasefire. Khamenei also said Americans belong “at the bottom” of the Persian Gulf. His remarks come as Iran's oil industry is struggling under a U.S. Navy blockade and as the global economy feels the strain of Iran's chokehold on the Strait of Hormuz. World oil prices surged above $126 a barrel on Thursday. The Trump administration is trying to persuade other nations to help reopen the strait.

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The U.S stock market motored to more records as profits keep piling up for big businesses. The S&P 500 rallied 1% Thursday and topped its prior all-time high to finish its best month in more than five years. The Dow Jones Industrial Average jumped 1.6%, and the Nasdaq composite climbed 0.9% to its own record. Alphabet led the way after the owner of Google and YouTube reported profit for the start of 2026 that blew past analysts’ expectations. The gains came after the latest whipsaw moves for oil prices, which surged toward their highest levels since the war with Iran began only to quickly regress.

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The United Arab Emirates will leave OPEC effective Friday, stripping the oil cartel of its third-largest producer and further weakening its leverage over global oil supplies and prices. The UAE in recent years has pushed back against OPEC production quotas it felt were too low. Regional politics are also likely a factor in the decision announced Tuesday. The UAE has had increasingly frosty relations with Saudi Arabia, OPEC’s largest producer, over political and economic matters in the Mideast, even after both were attacked by fellow OPEC member Iran during the war. The UAE’s withdrawal from OPEC won’t necessarily have any immediate effects in markets because supplies are being constrained by the war in Iran.

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Sinking AI stocks and another climb in oil prices helped pull Wall Street off its record heights. The S&P 500 fell 0.5% Tuesday from its latest all-time high. The Dow Jones Industrial Average dipped 0.1%, while the Nasdaq composite fell 0.9% from its own record. Chip companies Nvidia and Broadcom were the heaviest weights on the market. Oil prices rose by more than 2.5% as uncertainty continues about when the Strait of Hormuz could reopen and allow oil tankers to leave the Persian Gulf again. Treasury yields held relatively steady following a surprise increase in confidence among U.S. consumers.

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Iran has offered to end its control over the Strait of Hormuz if the U.S. lifts its blockade and ends the war. That's according to regional officials. The proposal that emerged Monday would delay discussions on Iran’s nuclear program. U.S. President Donald Trump seems unlikely to accept the offer. The blockade prevents Iran from selling oil, affecting global prices and economies. Trump extended a ceasefire with Iran, but a permanent settlement remains elusive. In other developments, Iranian Foreign Minister Abbas Araghchi met with Russian President Vladimir Putin to discuss the situation. Talks between Iran and the U.S. have stalled. Pakistan has been attempting to mediate.

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Iran's foreign minister has briefly visited Islamabad again as Pakistan's leaders work to restart ceasefire talks between Tehran and Washington. But President Donald Trump says the two sides can talk by phone instead. Abbas Araghchi had left Pakistan's capital on Saturday but returned to Islamabad before heading on to Moscow on Sunday. The White House had said Friday it would send envoys to Islamabad for a second round of talks, but Trump called off the mission due to a lack of progress. Pakistani officials say indirect talks are still ongoing. The standoff around the Strait of Hormuz does, too.

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Former Idaho Gov. and U.S. Interior Secretary Dirk Kempthorne has died at age 74. His family said in a written statement that he died Friday evening in Boise. No cause was given, but he had been diagnosed with colon cancer last year. Kempthorne, a Republican, was elected mayor of Boise at age 34 and served seven years before serving one term in the U.S. Senate and then as governor until 2006. That's when President George W. Bush appointed him Interior secretary. Kempthorne was responsible for the polar bear being listed as a threatened species in 2008, though environmentalists often found him too accommodating of the oil and gas industry.