Senate Majority Leader John Thune, R-S.D., pushed back on President Donald Trump’s call for him to “immediately fire” Obama-era Senate parliamentarian appointee Elizabeth MacDonough, arguing that doing so would not pave the way for passage of the SAVE America Act because Republicans “don’t have the votes.”

“For me, it’s a function of math…” Thune told FOX Business on Wednesday.

“The issue with respect to the parliamentarian is one where, even under reconciliation, it has to be principally about budget and not policy, and SAVE America would not be at a 51-vote threshold. It would be at a 60-vote threshold under the rules, so she would just basically enforce the rules now.”

Thune pointed to a ruling that favored Republicans last week, when MacDonough determined that a Democratic-backed weaponization amendment would require 60 votes to pass rather than a simple majority.

FURY ERUPTS AS UNELECTED SENATE ‘SCOREKEEPER’ BLOCKS TRUMP’S AGENDA

Senate Majority Leader John Thune, R-S.D., speaks to reporters following the weekly Senate luncheon at the U.S. Capitol on December 17, 2024 in Washington, D.C. (Kevin Dietsch/Getty Images / Getty Images)

“But [if] it had been a 51 [vote threshold] there would have been… an anti-weaponization amendment attached [to] that bill which would have jeopardized its passage in the House and probably jeopardize the president signing into law, so you win some you lose some with a parliamentarian,” he added.

President Trump called on Thune to remove MacDonough in a Truth Social post on Monday, writing that he “should immediately fire the parliamentarian, who treats Republicans and everything they stand for horribly!”

TED CRUZ SAYS THE DEM PARTY IS EMBROILED IN ‘CIVIL WAR’ AFTER ‘RADICAL LEFT’ TAKEOVER

President Donald Trump waves after his arrival at Ocala International Airport, in Ocala, Fla. on May 1. ( Jim WATSON / AFP via Getty Images / Getty Images)

“Just the other night, as an example, she ruled against us on a proposal that would have easily been approved, and should have been, by anyone else,” the president added, insisting Republicans reserve “every right” to change her to pave way for the SAVE Act.

The Trump-backed bill would require Americans to provide proof of citizenship when registering to vote in federal elections.

The president has also called for nuking the Senate filibuster, another measure Thune mentioned during his discussion on “Mornings With Maria.”

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“[That’s something] we don’t have the vote to do and, on that issue, it’s not even close,” he said.

“[On] some of these issues, it is a close call, but there probably aren’t half of Senate Republicans who are in favor of doing that.”

Shares of Casey’s General Stores Inc. jumped more than 14% in early Wednesday trading, reaching $872.17 after the convenience store operator reported robust fourth-quarter earnings that beat Wall Street expectations and announced a significant expansion of its share repurchase program.

The Iowa-based company, known for its pizza offerings and Midwest-focused network of stores, posted fiscal 2026 fourth-quarter earnings per share of $4.37, substantially exceeding analyst estimates of $3.32. Revenue also surpassed forecasts, driven by strong inside same-store sales growth and continued momentum in its food service business.

The impressive results triggered a sharp positive reaction from investors, with the stock opening higher and maintaining strong gains on elevated volume. The move marks one of the largest single-day percentage increases for the company in recent memory and reflects growing confidence in its strategic transformation.

Earnings Highlights and Strategic Announcements

Casey’s reported inside same-store sales rose 5.5% in the quarter, with pizza sales remaining a standout performer. The company has successfully expanded its prepared food offerings, positioning itself as more than a traditional convenience retailer. Full-year fiscal 2026 results also showed significant growth, with EPS climbing nearly 31% to $19.16.

In addition to the earnings beat, Casey’s board approved an expansion of its share repurchase authorization to $1 billion, up from the previous $400 million level. The company also raised its quarterly dividend by 14% to $0.65 per share, signaling strong confidence in its cash flow generation and long-term outlook.

“Casey’s continues to execute well on its strategy of enhancing the customer experience while driving profitable growth,” analysts noted in reaction to the results. The combination of operational strength and shareholder-friendly capital returns has resonated strongly with the investment community.

Business Model Evolution

Casey’s has been steadily evolving from a fuel-focused convenience store chain into a destination for fresh food and community engagement. Its emphasis on proprietary pizza and other made-to-order items has differentiated it from competitors and supported higher-margin sales. The company operates hundreds of locations primarily in the Midwest, with plans for continued expansion into new markets.

Strong fuel margins and inside sales growth have contributed to robust profitability. Management has highlighted opportunities in digital ordering, loyalty programs and supply chain efficiencies as key drivers for future performance.

Market Reaction and Valuation Context

At around $872, the stock trades at a premium valuation but is supported by the company’s consistent execution and growth trajectory. Year-to-date gains were already solid before Wednesday’s surge, reflecting investor optimism around the earnings report.

Trading volume was significantly above average in early sessions, indicating broad participation from both institutional and retail investors. The move pushed the company’s market capitalization higher, further solidifying its position among mid-cap consumer stocks.

Analysts have generally maintained positive ratings on Casey’s, with several raising price targets following the results. Consensus forecasts point to continued earnings growth in fiscal 2027, supported by same-store sales guidance in the 2% to 5% range for inside sales.

Industry Context for Convenience Retail

The convenience store sector has benefited from resilient consumer spending on essentials and prepared foods even amid inflationary pressures. Casey’s has outperformed many peers by focusing on proprietary offerings and customer loyalty, helping it navigate cost challenges more effectively.

Competitors in the space continue to invest in food service and digital capabilities, but Casey’s established pizza program gives it a competitive edge in many markets. Industry-wide trends toward healthier options and premium products are also creating opportunities for innovation.

Broader Market Environment

Wednesday’s surge in Casey’s shares occurred against a backdrop of mixed performance in the broader market. While major indexes showed modest weakness, consumer discretionary and retail-related names with strong fundamental stories attracted selective buying interest.

The positive reaction underscores investor appetite for high-quality companies delivering consistent results and returning capital to shareholders. In an environment of elevated interest rates and economic uncertainty, businesses with strong balance sheets and clear growth strategies stand out.

Analyst and Investor Perspectives

Wall Street has responded favorably to the earnings report. Several firms reiterated Buy ratings and raised price targets, citing improved visibility into fiscal 2027 performance and the benefits of the expanded buyback program.

Longer-term investors appreciate Casey’s disciplined approach to capital allocation and its track record of delivering shareholder value through both growth and distributions. The stock’s inclusion in the S&P 500 earlier this year has also broadened its appeal to index-tracking funds.

Outlook and Key Considerations

Management provided constructive guidance for the new fiscal year, expecting continued same-store sales momentum and margin stability. Expansion plans remain on track, with new store openings and remodels contributing to long-term growth.

Potential risks include fuel price volatility, competitive pressures in the convenience sector and macroeconomic factors affecting consumer spending. However, the company’s diversified revenue streams and operational improvements provide a buffer against these challenges.

For investors, the current environment offers a compelling entry point into a high-quality retailer with proven execution. The share repurchase program provides downside support while allowing participation in upside from operational success.

As Casey’s continues its evolution, focus will remain on its ability to sustain same-store sales growth and successfully integrate new locations. The strong fourth-quarter performance and capital return initiatives position the company well for fiscal 2027 and beyond.

Wednesday’s trading action reflects the market’s endorsement of Casey’s strategic direction and financial results. The convenience store operator’s transformation story continues to attract investor attention, with today’s surge highlighting the rewards of consistent execution in a challenging retail landscape.

Analysts will closely monitor upcoming quarterly updates for confirmation of the positive trends. For now, the significant early-session gains underscore the enthusiasm surrounding one of the sector’s standout performers.

Cornwall’s Balaena has bought APCL Group to add four sites around the UK

Some of the best known names in UK shipbuilding have been sold in a deal that creates a leading player in the ship repair and refitting sectors.

Maritime group Balaena has bought APCL Group to add the A&P yard on the Tyne, Cammell Laird at Birkenhead, Merseyside, and A&P Falmouth and Falmouth Docks and Engineering Company, in Cornwall. The company already has facilities at Gibraltar and at Padstow, Cornwall.

The deal – which has been welcomed by unions – will give Baleana a network of 12 dry docks and strategic reach across the UK and the Mediterranean. It said it would be able to play a bigger role in the UK defence sector, with the deal coming just a few days after Defence Secretary John Healy indicated he wanted to give more MoD work to UK firms.

As well as defence, Baleana said it would be able to work in the offshore energy, cargo, cruise, and ferry sectors. lt is planning to invest in modernising facilities at A&P, Cammell Laird and Falmouth, as well launching a new skills and apprenticeship programme in association with local colleges and training providers.

Simon Gillett, founder and group chief executive officer of Balaena, said: “We are delighted to welcome APCL Group into Balaena. This acquisition reinforces our long-term commitment to British maritime capability – creating jobs, expanding apprenticeships, and driving innovation in line with the ambitions of the Strategic Defence Review and the UK’s Industrial Strategy.

“By uniting Balaena’s vision and ambition with APCL’s skilled teams in Tyne, Birkenhead, and Falmouth, we are strengthening the UK’s ability to deliver for both the Royal Navy and the global commercial maritime sector, while investing in the next generation of British shipbuilders and engineers”.

David McGinley CEO of APCL Group, said: “Joining Balaena marks an exciting new chapter for APCL and our workforce. It secures the future of our shipyards, allows new investment in digital and green shipbuilding technologies, and renews our commitment to working closely with local communities on Tyne, Birkenhead, and Falmouth to create jobs, apprenticeships, and lasting prosperity”.

The deal will give Balaena a combined workforce of over 2,000 employees and operations spanning Gibraltar, Padstow, Hebburn, Birkenhead, and Falmouth. It also keeps alive some of the best known names in UK shipbuilding, with Cammell Laird dating back to the early 19th century and A&P being in operation since the 1970s.

Matt Roberts, GMB national officer and president of the Confederation of Shipbuilding & Engineering Unions (CSEU), said: “This deal gives certainty after months of speculation and allows our members and the yards at Cammell Laird, A&P Falmouth and A&P Tyne to move forward together. GMB has been clear our members want a solution that kept the three yards together as a strong and complimentary group, so we welcome this deal. There is great capability and delivery across these yards.

“We look forward to working with the new owners to ensure we continue to grow UK sovereign capability and increase local jobs and apprenticeships in Merseyside, west Cornwall, and on Tyneside.

“GMB continue to demand an end to the inexcusable sending of British shipbuilding and repair work overseas. The Labour Government must fully make good on this change, and ensure all domestic work goes to the UK shipyards, including these yards now owned by Balaena.”

Inflation ticked higher in May as American consumers continued to face elevated fuel prices amid the Iran war’s impact on the energy market and across the economy.

The Bureau of Labor Statistics (BLS) said on Wednesday that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – rose 0.5% from a month ago and is 4.2% higher than a year ago. The annual figure is the highest since April 2023.

Expectations vs. reality

Both the 0.5% monthly increase and the 4.2% rise from a year ago were in line with the expectations of economists polled by LSEG.

So-called core prices, which exclude volatile measurements of gasoline and food to better assess price growth trends, were up 0.2% on a monthly basis and 2.9% from a year ago. The monthly figure was slightly cooler than the expected rise of 0.3%, while the annual core figure was in line with economists’ predictions.

INFLATION IS SQUEEZING AMERICAN CONSUMERS AND THE FED’S LATEST REPORT SHOWS IT’S GETTING WORSE

The cost of living breakdown

High inflation has created severe financial pressures in recent years for most U.S. households, which are forced to pay more for everyday necessities like food and rent. Price hikes are particularly difficult for lower-income Americans, because they tend to spend more of their already-stretched paychecks on necessities and have less flexibility to save.

Energy prices rose 3.9% in May amid the Iran war’s disruption of Middle Eastern oil supplies, with prices up 23.5% in the last year. The BLS noted that the energy index accounted for over 60% of the overall CPI increase in May.

Gasoline prices increased 7% on a monthly basis in May and are up 40.5% compared with a year ago. Electricity prices rose 0.6% last month and are up 5.9% from a year ago. Utility gas service prices fell 0.5% in May and are up 3% year over year.

Gas prices are up a little more than 40% from a year ago in May, the BLS report noted. (Ariana Drehsler/Bloomberg via Getty Images)

Food prices were up 0.2% in May and are 3.1% higher than a year ago. The food at home index was up 0.1% for the month and 2.7% compared with last year. The food away from home index rose 0.3% on a monthly basis and 3.5% year over year.

Meats, poultry and fish prices were down 0.4% in May but are up 6.2% from last year. Beef and veal prices fell 1.6% for the month but remain up 12.9% on an annual basis. Egg prices increased 4% in May but are down 35.2% year over year as supply normalized after an avian flu outbreak. Fruits and vegetables prices rose 0.2% for the month and are up 6.1% from a year ago.

Housing prices were up 0.3% in May and are 3.4% higher than a year ago. Tenants’ and household insurance prices were up 0.5% on a monthly basis and 6.9% year over year.

Transportation service prices were down 0.6% in May and are up 4.1% from a year ago. Airline fares accounted for much of the increase, as they rose 2.7% in May and are up 26.7% from last year.

US ECONOMY ADDED 172,000 JOBS IN MAY, BEATING EXPECTATIONS

What experts are saying

Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management, said that, “While today’s numbers weren’t as bad as some people feared, inflation remains well above target.”

“With higher oil prices, AI-induced inflation, and tariffs driving up goods prices, the Fed will remain patiently on the sidelines. We are watching if the re-acceleration in the labor market is sustained and spills over into higher services pricing,” Zentner added.

Angelo Kourkafas, senior global strategist for investment strategy at Edward Jones, said that the CPI data gives the Fed “some breathing room to remain patient as the energy supply shock plays out. If oil prices don’t make another run higher, inflation will likely peak this quarter and begin easing in the back half of the year.” 

Food prices also trended higher in May. (Justin Sullivan/Getty Images)

What does it mean for the Fed?

The Federal Reserve is expected to hold interest rates steady when policymakers meet next week for their first interest rate decision under new Fed Chair Kevin Warsh.

The market sees a 96.3% chance that the benchmark federal funds rate remains at its current target of 3.5% to 3.75% after the June meeting, according to the CME FedWatch tool. The tool also sees interest rate hikes as being more likely than cuts heading into this fall.

AI REMAINS TOP REASON FOR US JOB CUTS FOR THIRD STRAIGHT MONTH AS EMPLOYERS AXED 97,000 WORKERS IN MAY

What does it mean for markets?

Futures for the benchmark S&P 500 index were down about 0.5% following the release of the inflation report ahead of the market open.

“The CPI report should help reassure investors and the Fed that inflation is not running wild,” said Scott Helfstein, head of investment strategy at Global X ETFs. “While the headline number moved higher, the pace of price increases slowed from the prior month. Higher energy costs continue to drive inflation, but that was baked in.”

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Bret Kenwell, eToro U.S. investment analyst, said the inflation report coming in at a level in line with expectations “may give markets a bit of relief” after there’s “been a palpable jitteriness among investors worried about the Fed’s next move.”

“Bulls had been riding a wave of momentum thanks to renewed strength in the AI trade. That surging tide in tech was enough to lift the broader market – even as the S&P 500’s ten other sectors have yet to hit record highs this quarter like the index has,” Kenwell added.

For working Americans with access to a 401(k), there’s perhaps no easier way to save for retirement. You tell your employer how much money you want to contribute per year or per pay period, and that money gets deducted from your paychecks accordingly.

Plus, if you’re lucky, you may not only have access to a 401(k) plan but also a workplace match. That’s free money you can invest alongside your own contributions.

But a lot of 401(k) savers overlook a big financial risk that could become a problem later on in retirement. And if you’re saving in a 401(k), it’s something you absolutely need to know about.

MOST 401(K) SAVERS MAY BE SHORT-CHANGING THEMSELVES, DATA SHOWS

While 401(k)s make it easier for some people to accumulate retirement wealth, they have a huge potential drawback. (Getty Images)

Required minimum distributions can create a costly surprise

One of the biggest risks of saving in a 401(k) is required minimum distributions (RMDs). Once you turn 73 or 75, depending on the year you were born, you’re forced to withdraw a certain amount from a 401(k) each year or otherwise risk a large penalty.

RMDs aren’t just annoying. They could push you into a higher tax bracket in retirement, cause you to get taxed on your Social Security benefits, and leave you paying surcharges on your Medicare premiums.

ARE YOU A NEW STOCK MARKET INVESTOR IN JUNE 2026? HERE’S WARREN BUFFETT’S ADVICE

Of course, the larger your 401(k) balance is once RMDs start, the larger those mandatory withdrawals are apt to be. But if you don’t need to withdraw all that money each year, it could create a huge headache.

RMDs could push you into a higher tax bracket in retirement. (iStock)

And if you contribute steadily to a 401(k) over decades, all the while investing in the stock market, it’s conceivable that you could have a few million dollars sitting in that account by the time you reach the age when RMDs begin. That’s a good problem to have – but it’s a problem nonetheless.

Planning ahead is crucial

While RMDs could become a big hassle for you if you have your retirement savings in a 401(k), there’s one way to make them less of a problem: Do Roth conversions before they begin.

HOW ETFS CAN BE EFFECTIVE BUILDING BLOCKS FOR RETIREES

With a Roth conversion, you move some (or all) of the money from your 401(k) into a Roth IRA. Roth IRA withdrawals are not taxable and are not subject to RMDs.

Another option is to carefully manage 401(k) withdrawals before RMDs begin. Taking larger withdrawals during lower-income years could reduce your future tax burden.

One of the biggest risks of saving in a 401(k) is required minimum distributions (RMDs). (iStock)

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For example, you may have a period when you retire from your job and only live on Social Security for a while. That could be a good time to do Roth conversions or strategically withdraw from your 401(k).

While 401(k)s make it easier for some people to accumulate retirement wealth, they have a huge potential drawback. It’s important to understand how RMDs might affect your taxes and overall financial situation in retirement so you can plan around them.

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Voters in a Southern California city overwhelmingly approved a ballot measure that permanently prohibits data centers within city limits, underscoring growing local resistance to the infrastructure powering the artificial intelligence boom.

Monterey Park voters approved Measure NDC by a margin of 10,321 votes to 1,362 votes, or 88.34%, according to official election results from Los Angeles County.

The measure amends the city’s General Plan to prohibit data centers citywide and specifies that the ban will remain in effect unless voters choose to reverse it in a future election.

Signs of protest against data centers pepper front yards in a residential neighborhood in Monterey Park, California, on April 1, 2026. (Robert Gauthier/Los Angeles Times via Getty Images)

The ballot measure was presented to voters as a way to protect air quality, drinking water resources and public health while preventing potential impacts on electricity and water rates.

KEVIN O’LEARY SAYS UTAH AI DATA CENTER PROJECT WILL SHRINK AFTER LAWMAKERS DEMAND CUTS

The vote follows months of controversy surrounding a proposed data center project at 1977 Saturn Avenue, which became the focal point of community opposition to large-scale digital infrastructure development.

The project, proposed by Australian investment firm HMC StratCap through its DigiCo platform, would have converted the site into a roughly 218,400-square-foot data center designed to support large-scale computing operations, including artificial intelligence workloads.

Project documents estimated the facility would require approximately 50 megawatts of peak electrical capacity and generate about $5 million annually in tax revenue for the city.

KEVIN O’LEARY DETAILS MASSIVE UTAH AI DATA CENTER TO RIVAL CHINA’S TECH DOMINANCE

Opponents argued the project’s electricity demands, water consumption and environmental footprint outweighed its economic benefits. Public opposition to the Saturn Avenue proposal intensified throughout 2024 and 2025, eventually prompting city officials to pursue restrictions on future data center development. The project was later withdrawn.

On March 4, the Monterey Park City Council unanimously voted to place the measure on the June ballot.

Following the election, Mayor Elizabeth Yang celebrated the outcome in a Facebook post.

“Landslide win!!” Yang wrote. “Congratulations to our city Monterey Park on making history!!!”

The vote comes as technology companies and developers invest billions of dollars in data centers to support the rapid expansion of artificial intelligence and cloud computing services.

On March 4, the Monterey Park City Council unanimously voted to place the measure on the June ballot. (iStock)

That growth has fueled debates across the country over electricity demand, water usage, land-use planning and the economic benefits such facilities can bring to local communities.

Monterey Park officials have described the measure as a historic step in limiting data center development, though broader questions remain about how communities nationwide will balance rising demand for digital infrastructure with local concerns over energy use, resource consumption and quality of life.

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As artificial intelligence adoption accelerates, disputes over where and how data centers are built are likely to remain a key issue for local governments, developers and residents across the United States.

Prism, formerly Oravel Stays Ltd, recently received markets regulator Sebi’s approval for its initial public offering.

“The positive outlook reflects our expectation that Oravel’s credit metrics will improve significantly over the next 12 months if the company maintains its good earnings momentum and improves its capital structure through an IPO,” S & P Global Ratings said.

A successful IPO could also materially improve the company’s capital structure, which is currently weighed down by debt-like instruments, it added.

“Credit ratios could further strengthen if the company uses its IPO proceeds to pay down debt,” the rating agency said. ​

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According to S & P Global Ratings, Prism’s capital structure will strengthen with a successful IPO, as the company’s compulsory convertible preference shares (CCPS) and compulsorily convertible cumulative preference shares (CCCPS) will convert to equity in the event of the public offer.
“We currently treat these instruments as debt-like in our financial ratios because of their lack of permanence. The instruments will convert to equity in a successful IPO,” the rating agency said.It observed that Prism’s earnings could continue to improve over the next 12 months on an improving scale, better operating efficiencies and a healthy cash conversion rate.

“Oravel’s revenue could exceed Rs 92 billion or about USD 1 billion in fiscal 2026, from Rs 62.5 billion in fiscal 2025. This follows the company’s full integration of G6 Hospitality LLC, which the company acquired in the fiscal 2025,” S & P Global Ratings said.

According to the global rating agency, the company’s revenue could further increase by about 15 per cent in the fiscal 2027 on the group’s upscaling to premium offerings, new asset additions and healthy same-storefront growth rates.

The U.S. Strategic Petroleum Reserve (SPR) is dropping toward Biden-era lows toward levels not seen since the Reagan administration.

According to the latest data from the U.S. Energy Information Administration’s petroleum status report for the week ending June 5, the SPR fell to 349.2 million barrels, with nearly 9 million barrels per week being tapped.

The last time reserves approached this level was under the Biden administration in July 2023, when there were 346.7 million barrels in the SPR. If the reserve continues to decline, U.S. emergency crude oil inventories could hit a multi-decade floor not seen since August 1983.

Energy market experts are warning against the depletion as the Trump administration draws heavily on domestic reserves to counter the effective closure of the Strait of Hormuz during the war in Iran.

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“This should be very concerning to every American consumer,” American Petroleum Institute President and CEO Mike Sommers said in an interview on CNN. “Because as those inventories go down and production isn’t increased, you’re going to start seeing a significant impact at the pump.”

A contractor works on a crude oil pipeline at the U.S. Department of Energy’s Bryan Mound Strategic Petroleum Reserve in Freeport, Texas. (Getty Images)

“That’s going to happen over time,” Sommers cautioned, “but again, it’s because of American production that we haven’t seen those same price surges that you’ve seen in other parts of the world.”

“It’s a pretty monumental number to hear multi-decade lows reached,” GasBuddy head of analysis Patrick De Haan told Fortune. “The longer this goes on, the fewer tools the administration has in dealing with it and the more risk there is to a slingshot for costs.”

Under Biden-era leadership, the SPR declined by 243 million barrels to address pandemic-era supply chain disruptions and the Russian invasion of Ukraine, according to a Fortune report. Over the last several months, the Trump administration has authorized an overall release of 172 million barrels as a result of the active conflict with Iran.

Energy prices rose 3.9% in May amid disruptions to Middle Eastern oil supplies, with prices up 23.5% in the last year. The Bureau of Labor Statistics noted that the energy index accounted for more than 60% of the overall consumer price index (CPI) increase in May. Gasoline prices increased 7% on a monthly basis in May and are up 40.5% compared with a year ago.

“We’re raising alarm bells right now. We’re at about 350 million barrels left in the Strategic Petroleum Reserve. You have to have about 20% of that left for it to be operational, for our system to operate, so we’re getting to levels where we’re starting to be concerned,” Sommers said.

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“The only thing that we can do in the short term to fix this problem is to get the Strait [of Hormuz] open as quickly as possible,” Sommers said.

Under Secretary of Energy Kyle Haustveit told FOX Business’ Edward Lawrence on Wednesday: “We’re borrowing the barrels for a near-term supply challenge, but in return, the folks that receive those barrels are bringing more barrels back. On average, we’re seeing over 25% premium.”

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FOX Business’ Eric Revell contributed to this report.