U.S. stocks pulled away from their record heights. The S&P 500 slipped 0.3% Monday for just its second loss in the last 11 days, but it remains near its all-time high set in October. The Dow Jones Industrial Average dropped 215 points, and the Nasdaq composite edged down by 0.1%. Berkshire Hathaway fell after announcing a shake-up of some of its leadership. Warner Bros. Discovery jumped after Paramount took an offer to buy the company directly to shareholders. Treasury yields rose ahead of the Federal Reserve’s Wednesday meeting. The wide expectation is for it to cut interest rates but hint at fewer cuts in 2026.

A federal judge has ordered the release of Florida grand jury transcripts from the federal sex trafficking cases of Jeffrey Epstein and Ghislaine Maxwell, citing the transparency law President Donald Trump recently signed. Meanwhile, a federal vaccine advisory committee voted to end a longstanding recommendation that all U.S. babies get the hepatitis B vaccine on the day they’re born, even though the shots have prevented thousands of liver illnesses. Democrats are pushing for the release of video of the first U.S. military strikes on a boat in the Caribbean that they say shows a war crime or murder. And Trump took center stage at Friday’s 2026 World Cup draw.

A strong quarter at Build-A-Bear Workshop in a bounce back year for the retailer was overshadowed by the growing weight of tariffs in an ongoing trade war waged by President Donald Trump. The mall staple was able to get ahead of tariff impacts during the first half of the year through preemptive actions, Chief Financial Officer Voin Todorovic said in a statement Thursday, but the levies caught up to the company in its most recent quarter and will continue to weigh on its performance into 2026. Trump acknowledged in April that tariffs could result in fewer and costlier products in U.S., saying American kids might “have two dolls instead of 30 dolls.” Build-A-Bear shares tumbled 13% Thursday.

President Donald Trump has long praised tariffs as key to increasing wealth in the United States, idealizing Gilded Age policies that preceded the implementation of a modern federal income tax. Among the potential benefits, Trump claims, is the ability to replace revenue from federal income taxes with money the U.S. is taking in from tariffs — a concept he has touted since his 2024 presidential campaign, most recently at a Cabinet meeting Tuesday. But tariff revenue doesn’t even come close to where it would need to be if federal income taxes were eliminated. Experts say such a plan isn’t feasible.

Secretary of Defense Pete Hegseth on Tuesday defended the secondary strike on an alleged drug boat in the Caribbean Sea, citing the “fog of war” as reason for his not seeing any survivors in the water when the strike was ordered and launched. Hegseth’s comments came during a cabinet meeting hosted by President Donald Trump the day after the administration insisted the strike, which it says was ordered by Navy Vice Adm. Frank “Mitch” Bradley, was lawful. Legal experts say the U.S. military would have committed a crime if survivors were killed, and lawmakers have announced congressional reviews of the strikes. Bradley is expected to provide a classified briefing Thursday to lawmakers overseeing the military.