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The main U.S. stock market indexes closed modestly higher on Wednesday, as easing government bond yields boosted risk appetite while a dramatic rally in shares of vaccine-maker Moderna drove gains in the healthcare sector.

Investors barely reacted to minutes from the U.S. Federal Reserve’s July meeting, which showed deepening concern about inflation with “several” policymakers ready to raise interest rates. “Many” said a rate hike would be needed if inflation does not decline to ‌the U.S. central ⁠bank’s 2% ⁠target.

But a day after the yield on the 30-year Treasury bond hit its highest level since 2007, the yield fell on Wednesday along with the 10-year Treasury yield. ​The moves came after the U.S. Treasury announced it would double the size of liquidity support buyback operations for longer-dated bonds.

“The risk-on trade is trying to ​hang on to the lifeline that Treasury Secretary Bessent sent,” said Carol Schleif, chief market strategist at BMO Private Wealth, noting that riskier assets including high-profile technology stocks had sold off in recent days as bond yields rose.

Concerns over ballooning government debt and rising inflation had pushed global ​bond yields to multi-decade highs on Tuesday. Schleif said investors were relieved by the ⁠government support as higher ‌rates “could potentially impact the AI trade” as technology companies have been issuing debt and equity and using their ​own cash to fund ​construction of data centers supporting AI.

However, equity indexes pared gains as the session wore on. Jim Baird, chief ⁠investment officer at Plante Moran Financial Advisors, said that investors likely took some profits ​after the initial rally and he added that the morning’s announcement “doesn’t mean that the longer-term ​issue of higher rates is off the table.”
According to preliminary data, the S&P 500 gained 18.15 points, or 0.24%, to end at 7,709.91 points, while the Nasdaq Composite gained 40.08 points, or 0.15%, to 26,331.09. The Dow Jones Industrial Average rose 123.94 points, or 0.23%, to 53,467.34.Moderna’s shares surged more than after the company said its personalized mRNA cancer therapy developed with Merck cut the risk of melanoma recurrence and spread in a late-stage trial. Merck shares also jumped and it was the biggest gainer in the blue-chip Dow.

Moderna’s rallyboosted healthcare peers such as ‌Novavax and U.S.-listed shares of BioNTech.

The S&P 500 healthcare sector rallied sharply, hitting a record high and providing the biggest boost to the benchmark index from any of its 11 major industry sectors. The Nasdaq biotechnology index also ​jumped.

S&P 500 information technology ​stocks dipped during the session with chip ⁠stocks leading losses.

However, Marvell Technologies shares climbed after it said it will help develop Google’s in-demand custom chips and has offered the search giant the right to buy a potential $12.2 billion stake.

Marvell was one of the few gainers in the volatile Philadelphia semiconductor index, which ​ended lower. Google parent Alphabet’s shares were little changed during the session.

Target shares rose after the retailer raised its annual sales forecast. Lowe’s shares gained even after it trimmed its annual sales growth forecast and Estee Lauder shares jumped after the cosmetics maker forecast annual profit above Wall Street estimates.

Brent crude futures settled higher with Middle East progress still unclear. U.S. President Donald Trump said no talks were taking place with Iran and insisted the Strait of Hormuz was open, contradicting Iran’s assertion that the strait remained shut to shipping.

Rep. Jodey Arrington, R-Texas, speaks about the need for fiscal reform, including spending caps and reining in government waste, on ‘The Bottom Line.’

The U.S. national debt crossed another historic milestone on Wednesday as it topped $40 trillion for the first time in history amid persistent federal budget deficits that are causing the debt to soar higher.

Data from the Treasury Department released on Wednesday showed that the gross national debt reached $40,047,425,768,420.22 as of August 18.

The $40 trillion milestone comes after the federal government’s debt burden crossed the $39 trillion threshold about five months ago in March, which closely followed the $38 trillion mark being crossed in October 2025.

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America’s national debt is growing rapidly due to surging interest costs, which are rising because of a larger debt burden and higher interest rates, as well as growth in federal spending on Social Security and Medicare amid the aging of the U.S. population.

FEDERAL BUDGET DEFICIT ON TRACK TO SURPASS $2T THIS FISCAL YEAR AS SPENDING OUTPACES REVENUE

The U.S. gross national debt surpassed $40 trillion for the first time amid surging federal spending. (Bill Clark/CQ-Roll Call, Inc/Getty Images)

A March estimate by the nonpartisan Congressional Budget Office (CBO) estimated that the gross national debt will rise to $63 trillion in 2036, with annual budget deficits widening from about $2.1 trillion, the agency’s estimate for the current fiscal year, to $3.1 trillion a year a decade from now.

The gross national debt topping $40 trillion follows another recent debt milestone that puts the burden in context relative to the size of the U.S. economy.

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The debt held by the public, a measure economists prefer to use in comparing a nation’s debt to the size of its economy, reached $31.27 trillion in late March the $31.22 trillion in gross domestic product (GDP) – marking the first time in about 80 years the public debt was larger than the economy.

Debt held by the public is projected to break the record of 106% of GDP that was set in 1946, when the U.S. was in the process of demobilization after the war ended, in the next few years, before rising to an estimated 120% of GDP in 2036, per the CBO’s estimate.

US NATIONAL DEBT SURPASSES SIZE OF THE ECONOMY FOR FIRST TIME SINCE WORLD WAR II

Michael A. Peterson, CEO of the Peter G. Peterson Foundation, told FOX Business that “For the millions concerned about affordability, let’s start by asking Washington to take notice that the national debt just hit $40 trillion,” adding that the debt has doubled in under 10 years and that “we must change course.”

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“The more debt we take on, the more interest costs we have to bear, which now even exceed the cost of national defense. And every trillion we add to our debt contributes to higher interest rates and inflation, increasing the mortgages, car loans and credit card bills of all Americans,” he said.

“At the same time, debt harms economic growth, slowing wage increases while the cost of living continues to rise.”

US DEBT SET TO CRUSH WORLD WAR II RECORD AS ANNUAL DEFICITS EXPLODE TO $3T WITHIN DECADE

The CBO’s budget outlook from this spring noted that the debt held by the public is projected to grow faster than the U.S. GDP in the years ahead, which could slow economic growth and reduce private investment, while causing interest costs to rise further.

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CBO warned that would also increase the risk of a fiscal crisis, in which investors lose confidence in the value of the U.S. government’s debt, as that could cause interest rates to rise abruptly and cause other economic and financial disruptions.

For example, those dynamics could increase inflation expectations that may, in turn, degrade the dollar’s status as the dominant international reserve currency.

“The only good thing about our fiscal challenge is that there are many available solutions, and the budget is entirely within our control,” Peterson said, noting that U.S. adversaries like China, Russia and Iran likely enjoy seeing the country devalue its economic future.

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“If we want to improve our living standards, today and for the next generation, now is the time for lawmakers to put our nation on a more affordable and sustainable path,” he added.

LeBron James is known for making headlines on the basketball court, but the four-time NBA champion turned heads in the golf world this week after coming agonizingly close to recording his first career hole-in-one during a round at Bandon Dunes in Oregon.

James shared footage of the near-miss on his Instagram Story following a round at The Preserve, the resort’s par-3 course. In the clip, James’ tee shot tracks directly toward the pin before settling just short of the cup. “Almost had my first hole in 1 today. I called it before I swung it too! Damn close,” James wrote in the caption accompanying the video.

The moment was later reposted by golf-focused Instagram account Ziregolf, helping the clip spread widely among golf fans and further amplifying attention on James’ evolving relationship with the sport. According to the footage, James’ tee shot landed remarkably close to the hole, prompting the reaction and celebration visible in the original video before the ball ultimately came to rest just off target.

James’ growing enthusiasm for golf has extended beyond casual play in recent months. According to reporting on his golf pursuits, multiple indoor golf facilities have reached out to James, offering him free access to their locations, a sign of how seriously the sport has begun factoring into his off-court life. What started as a more casual hobby for the NBA veteran appears to have evolved into a more consistent and increasingly visible pursuit, drawing growing interest from golf fans who have taken note of his continued improvement.

James was accompanied during the Bandon Dunes round by his son, Los Angeles Lakers guard Bronny James, adding a family dimension to the outing that further fueled engagement with the video once it began circulating online.

Reaction from golf fans in the comments section of Ziregolf’s Instagram post ranged from playful skepticism to genuine appreciation for James’ improving swing. One commenter joked about the apparent gap in golfing ability between father and son, writing, “Bronnie obviously received lessons from somebody else.” Another fan focused on the outcome of the shot rather than the shot itself, asking, “The real question everyone wants to know is did he make the putt?”

Several commenters took the opportunity to note how far James’ golf game appeared to have progressed since he first began playing. One fan wrote, “This is what golf addiction looks like. Not surprising that his swing is already looking worlds better!” Another offered a more grounded, relatable take on the realities of a near-miss hole-in-one, writing, “That’s when you get up there and realise it’s 20 feet away and all that excitement was for nothing,” a comment that resonated with many recreational golfers familiar with the gap between a shot’s apparent trajectory on video and its actual final resting distance from the pin.

One fan leaned into the competitive spirit often associated with golf, half-jokingly threatening to give up the sport entirely if James achieved a milestone many recreational players spend years chasing. “I swear if he gets a hole in one before me I’ll quit golfing….” the commenter wrote, reflecting the good-natured rivalry the video sparked among golf enthusiasts following James’ athletic pursuits outside of basketball.

James’ interest in golf comes during a notable transitional period in his basketball career. The 41-year-old is set to begin his 23rd NBA season this October with the Philadelphia 76ers, having signed with the franchise as a free agent after departing the Los Angeles Lakers earlier this offseason. As James approaches the twilight stages of his professional basketball career, his increasingly visible engagement with golf has drawn attention from fans curious about how the future Hall of Famer is spending his time away from the court during the offseason.

James is far from the only professional athlete to have developed a public passion for golf during his career, joining a long tradition of athletes from other major sports who have taken up the game, whether as a competitive outlet, a way to stay active, or simply as a social pursuit among friends and fellow athletes. His visible enthusiasm and willingness to share his rounds publicly, including moments of near-success like this week’s close call at Bandon Dunes, have helped fuel a growing crossover audience between his massive basketball fan base and golf enthusiasts eager to track his progress in a sport far removed from his primary athletic discipline.

Bandon Dunes itself has built a reputation as one of the premier golf destinations in the United States, drawing enthusiasts from around the world to its collection of highly regarded courses along the Oregon coastline. The Preserve, the par-3 course where James recorded his near-miss, is known among golf circles for offering a shorter but still challenging test of a player’s precision, making it a fitting stage for James’ close brush with golf’s most celebrated single-shot achievement.

While James ultimately missed out on adding a hole-in-one to his growing list of golf highlights during this particular round, the widespread reaction to the video suggests his pursuit of the sport, and any future attempts at the elusive ace, will likely continue to draw significant attention from both his basketball fan base and the broader golf community. Whether James manages to convert a future near-miss into his first official hole-in-one remains to be seen, but this week’s close call at Bandon Dunes has already cemented itself as one of the more talked-about moments of his ongoing golf journey, according to the widespread fan engagement the clip generated across social media platforms following its initial posting.

LONDON — A royal commentator has suggested that the long-standing tension between Catherine, the Princess of Wales, and Meghan Markle may not necessarily be permanent, even as questions persist over whether genuine trust could ever be restored between the two women following years of public friction within the royal family.

The comments came during a recent episode of the Daily Expresso podcast, hosted by JJ Anisiobi and featuring royal expert and former TalkTV presenter Daisy McAndrew, as the pair discussed the current state of relations within the royal family following a recent private meeting between Prince Harry, Meghan Markle and King Charles III.

Harry, Meghan and their two children, Archie and Lilibet, met privately with King Charles and Queen Camilla at Highgrove House in Gloucestershire on July 10, 2026, marking the first time the king had seen his grandchildren in person in more than four years. The meeting has been widely interpreted as a potential, if tentative, step toward repairing the broader rift within the royal family that followed Harry and Meghan’s 2020 departure from official royal duties.

During the podcast discussion, Anisiobi raised pointed questions about whether Catherine’s relationship with Meghan could ever meaningfully improve, framing the princess’s wariness as rooted in specific grievances. “Catherine doesn’t trust Meghan Markle for good reason. Meghan Markle slated the royal family,” Anisiobi said, pointing specifically to Harry and Meghan’s widely watched 2021 interview with Oprah Winfrey as a pivotal moment in the breakdown of relations within the family. During that interview, the couple discussed their experiences within the royal institution, including allegations concerning race and how they were treated by the family and its surrounding institutions. Anisiobi then posed a direct question to McAndrew: “Can you ever see a point when Catherine can actually trust Meghan?”

McAndrew responded by distinguishing between genuine personal trust and a more practical, institutionally motivated arrangement between the two women. “I mean, trust is something so personal, isn’t it? I can see a point where they come to some sort of arrangement for the good of the group, for the good of the firm, and I don’t know Catherine’s personality enough,” McAndrew said, using “the firm,” a common shorthand term for the institutional royal family, to describe the kind of pragmatic accommodation she believes could eventually emerge between the two women, even absent a full personal reconciliation.

McAndrew went on to draw a broader comparison to how different people in her own life have historically responded to similarly difficult personal ruptures, suggesting that predicting Catherine’s eventual approach remains genuinely uncertain. “If it happened to certain friends of mine, I could tell you who would be able to bury the hatchet and who wouldn’t. I have some friends that would never ever be able to move on. And I have some friends that be like, ‘Yeah, life’s too short. I forgive you because, you know, it’s it’s it’s damaging me to keep this grudge going.’ And those are two very different personalities,” McAndrew said. She concluded by acknowledging she could not say with confidence which type of response Catherine might ultimately show. “And I’m not sure which one Catherine is,” she said.

The discussion reflects a broader pattern of speculative commentary that has continued to surround the relationship between Catherine and Meghan since Harry and Meghan’s departure from royal duties in 2020. The two women’s relationship reportedly experienced strain even before that departure, with tension first surfacing publicly around the time of Meghan’s 2018 wedding to Harry, and further reports of friction emerging in the years that followed regarding various aspects of royal protocol, family dynamics and public perception.

The renewed attention on Catherine and Meghan’s relationship follows a period of significant personal challenges for both women, each of whom has publicly discussed undergoing cancer treatment over the past two years. Catherine announced in 2024 that she was undergoing chemotherapy following abdominal surgery, later confirming in January 2025 that she had entered remission. King Charles similarly disclosed his own cancer diagnosis in February 2024 and has continued ongoing treatment, developments that have periodically shaped the broader emotional context surrounding discussions of family reconciliation within royal commentary.

The July meeting at Highgrove has generated substantial speculation among royal watchers regarding whether it represents the beginning of a more sustained effort toward healing the broader family rift, or a more limited, one-off gesture focused primarily on allowing King Charles to reconnect with his grandchildren after an extended period without in-person contact. Neither Buckingham Palace nor representatives for the Duke and Duchess of Sussex have issued detailed public statements characterizing the broader significance or intended follow-up to the Highgrove meeting.

Commentary from royal experts such as McAndrew and Anisiobi reflects opinion and analysis rather than confirmed insider knowledge of the specific dynamics between Catherine and Meghan, and outlets covering such discussions typically present them as one perspective among many rather than an authoritative account of the family’s private relationships. Royal commentary programs and publications have continued to feature a wide range of often conflicting interpretations regarding the prospects for reconciliation between different branches of the family, reflecting both the intense ongoing public interest in the topic and the limited amount of confirmed, on-the-record information available regarding the family’s private discussions.

As speculation continues regarding the broader implications of the Highgrove meeting and the future of relations between Harry, Meghan and the wider royal family, questions specifically regarding Catherine and Meghan’s personal relationship are likely to remain a recurring subject of royal commentary, particularly given the significant public interest that has followed the two women’s dynamic since Meghan first joined the royal family in 2018. Neither Catherine nor Meghan has publicly addressed the state of their relationship in recent commentary, and any eventual arrangement between them, whether a genuine personal reconciliation or a more limited practical accommodation, is likely to remain a matter of speculation until either woman or an authorized royal representative addresses the matter directly.

Cinema United President and CEO Michael O’Leary and board Chair Mike Bowers reversed the movie theater trade group’s position Tuesday in California’s federal antitrust fight over Paramount Skydance’s $110 billion acquisition of Warner Bros. Discovery. 

They urged Attorney General Rob Bonta and Paramount CEO David Ellison to negotiate because they said prolonged uncertainty threatened box-office momentum and the entertainment industry.

O’Leary and Bowers said the industry’s recovery depended on the two sides discussing a resolution with protections for theaters and moviegoers.

DAVID ELLISON BREAKS SILENCE ON PARAMOUNT-WBD MERGER FIGHT; CNN INSIDERS DON’T BUY ‘LIP SERVICE’ ABOUT NETWORK

“For many in our industry, the current environment is marked by disruption and uncertainty. That is why we believe that it is incumbent upon both of you to meet in good faith to discuss a resolution that would provide robust protections and serve the entire industry. In fact, it is the next logical step,” O’Leary and Bowers said.

Cinema United explained its reversal in a statement to Fox News Digital Wednesday, saying concerns about consolidation remained, but settlement talks represented the next opportunity to secure protections for theaters.

“Despite our legitimate concerns about industry consolidation, Cinema United, on behalf of our executive board and the entire exhibition community, yesterday called for the AGs and Paramount to meet and discuss (a) settlement,” a Cinema United spokesperson said.

“Since the outset, we have been open to steps that will protect the exhibition industry. This is the next step in that process to ensure a thriving industry for generations to come.”

California Republican Party Chairwoman Corrin Rankin told Fox News Digital Wednesday that Bonta should enter negotiations, accusing Democrats of using lawsuits and regulations that increased costs and drove businesses from the state.

“Democrats keep writing the same bad script, and Californians are stuck paying the price in higher rent, gas and grocery bills. Their endless politically-motivated lawsuits, taxes and red tape drive jobs and opportunity out of California while making life harder for the families and businesses who stay,” Rankin said.

NEWSOM SAYS FILM TAX INCENTIVES ARE BRINGING HOLLYWOOD HOME BUT INDUSTRY EXPERTS WARN IT MAY BE ‘TOO LATE’

Bonta told reporters Tuesday that his office welcomed theater owners’ views but maintained that the proposed transaction violated the law, according to Reuters.

“The fact remains that this proposed merger breaks the law. It will lead to job loss. It will lead to wage cuts. It will lead to higher prices for consumers to go to the movies or to watch cable television,” Bonta said.

Paramount had taken the opposite position in a July statement to Fox News Digital, blaming the state challenge for prolonging the industry’s difficulties.

“Delaying this transaction will only harm entertainment workers who have already suffered over recent years as technology has disrupted their livelihood and cost California tens of thousands of entertainment jobs,” a Paramount spokesperson said.

Republican attorney general nominee Michael Gates responded to Cinema United’s call for negotiations by criticizing Bonta’s lawsuit and warning that continued litigation could threaten California entertainment jobs.

CNN STAFFERS BRACE FOR PARAMOUNT CEO’S POTENTIAL PLAN TO LAUNCH EDITORIAL BOARD TO OVERSEE NETWORK

“Bonta should accept Cinema United’s invitation and come to his senses. Frankly, Bonta should drop the lawsuit all together,” Gates said in a statement to Fox News Digital.

Bonta’s office told Fox News Digital the office had previously investigated potential Warner Bros. purchases by either Netflix or Paramount.

“The lawsuit against Paramount resulted from clear-cut antitrust analysis, based on the facts and the law,” Bonta’s press office said.

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Cinema United said it represented 30,000 U.S. movie screens and had previously supported the coalition of 12 states seeking to block the acquisition. The group requested enforceable safeguards requiring Paramount to maintain or expand wide theatrical releases and exclusive theater windows, prevent higher film rental terms, preserve theaters’ ability to book titles without onerous conditions and guarantee continued access to both companies’ film catalogs.

The reversal came as domestic box-office receipts had reached $6.8 billion as of Wednesday, nearly 20% above the same period in 2025. Cinemark also joined AMC Theatres and Regal Cinemas in supporting an expedited resolution, while the Directors Guild of America and IATSE had urged Bonta and Ellison to negotiate or advance the trial.

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The antitrust trial is scheduled to begin March 2, 2027. Paramount asked a federal judge Monday to require the states and the Writers Guild of America to post a $1.88 billion bond, saying it faced a $7 million daily fee after Sept. 30.