President Donald Trump is expected to announce a nearly $700 million initiative Thursday aimed at supporting the U.S. coal industry, including funding for power plant upgrades, new projects and export infrastructure.

According to a White House official, Trump plans to invoke the Defense Production Act, a Cold War-era law that grants presidents broad authority over industries considered vital to national security, to direct federal support to coal projects across the country.

The announcement could come as soon as Thursday afternoon during a White House event focused on what the administration has called “beautiful clean coal.”

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President Donald Trump plans to invoke the Defense Production Act to direct federal support to coal projects across the country. (Adrees Latif/Reuters)

The funding package would provide more than $425 million to upgrade 13 existing coal-fired power plants. Another $185 million would be used to match corporate funding for coal projects in Alaska, Maryland and West Virginia, while $75 million would support construction of the long-proposed West Gateway coal export terminal in Northern California, according to the White House official.

The official, who spoke on condition of anonymity ahead of the president’s formal announcement, cautioned that details could still change.

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The latest initiative represents another step in the Trump administration’s broader effort to revive the coal industry after decades of decline.

Coal generated more than half of U.S. electricity in 2000. Today, it accounts for less than one-fifth of power generation, according to data from the U.S. Energy Information Administration, as utilities have increasingly shifted toward natural gas and renewable energy sources.

The funding package would provide more than $425 million to upgrade 13 existing coal-fired power plants. (Kent Nishimura / AFP via Getty Images)

The administration has framed coal as both an energy-security and national-security priority, arguing reliable electricity generation will be critical as the United States works to meet growing power demand from artificial intelligence development and data centers while competing with geopolitical rivals.

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Trump has previously taken several actions intended to support the industry. The Energy Department has issued emergency orders directing some coal plants to continue operating beyond planned retirement dates, while the Interior Department has moved to expand coal leasing opportunities on federal lands.

The administration has framed coal as both an energy-security and national-security priority. (Jim Urquhart/Reuters)

The president has also directed the Pentagon to pursue agreements to purchase electricity generated by coal-fired power plants for military purposes.

Supporters of the administration’s approach argue coal remains an important source of around-the-clock electricity generation capable of helping meet surging power demand. Critics, meanwhile, cite coal’s environmental impact and note that utilities have increasingly turned to lower-cost natural gas and renewable alternatives.

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Bloomberg first reported details of the planned funding initiative.

Reuters contributed to this report.

Federal aviation officials are investigating an incident near Fort Lauderdale-Hollywood International Airport after a JetBlue flight received an onboard alert warning of a nearby aircraft that was not communicating with air traffic control, according to the Federal Aviation Administration.

JetBlue Flight 1256 landed safely after receiving the alert at approximately 6:15 p.m. local time on June 1, the FAA told FOX Business. The agency said required separation between aircraft was maintained throughout the incident.

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JetBlue Flight 1256 landed safely after the incident. (Beata Zawrzel/NurPhoto via Getty Images)

Air traffic control recordings reviewed by FOX Business appear to show controllers monitoring the unidentified aircraft as it maneuvered near arriving commercial traffic.

At one point, a controller advised JetBlue Flight 1256 that “Mad Max” appeared to be south of the aircraft and was “no factor.” Moments later, the controller added: “That guy’s insane.”

Air traffic control recordings reviewed by FOX Business appear to show controllers monitoring the unidentified aircraft. (Stan Grossfeld/The Boston Globe via Getty Images)

In a separate transmission, a controller warned another arriving aircraft about “a VFR out there that’s been trying to climb at aircraft” approximately eight miles away.

The FAA said the other aircraft involved was not communicating with air traffic control at the time.

“This information is preliminary and subject to change,” the agency said in a statement. “JetBlue Airlines Flight 1256 landed safely at Fort Lauderdale International Airport after receiving an onboard alert that another aircraft was nearby and not in communications with air traffic control. The required separation was maintained.”

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The FAA said it is continuing to investigate the incident.

EPA Administrator Lee Zeldin expressed high hopes for U.S. energy dominance Thursday, citing enthusiasm for projects in development under the Trump administration and increasing interest in American energy from allies overseas.

“I’m very bullish about where this is going to be going once the conflict is over,” Zeldin told FOX Business, referring to lingering tensions in the Middle East.

Speaking on “Mornings with Maria,” Zeldin pointed to the nuclear, oil and gas fronts as evidence of positive developments to come for the energy sector, despite reports of U.S. crude oil stockpiles extending their decline to six weeks.

“We see it on the nuclear front with new small modular reactors, new builds,” he said.

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EPA Administrator Lee Zeldin attends a meeting with U.S. President Donald Trump and NATO Secretary General Mark Rutte in the Oval Office of the White House on Mar. 13, 2025, in Washington, D.C.  (Andrew Harnik/Getty Images / Getty Images)

“On the oil and gas side at the EPA, we have been advancing a number of actions on [OOOO b/c], related to methane and flaring. It’s a top priority for the industry.”

The regulations, known as NSPS OOOOb and OOOOc, govern methane emissions and volatile organic compound (VOC) emissions from oil and natural gas operations.

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Oil pumpjacks stand in the Inglewood Oil Field on November 23, 2021 in Los Angeles, Calif.  (Mario Tama/Getty Images / Getty Images)

The Trump administration has pursued changes to some of those requirements as part of its push for energy dominance.

Beyond domestic optimism, Zeldin also pointed to the National Energy Dominance Council’s engagement with other nations, sharing that Indo-Pacific nations seek to diversify their supply chains “like never before.”

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“They’re realizing how long it takes them to be able to get their sources from the Middle East, that they don’t always have freedom of navigation, but they could get it faster from the U.S. with what has always been total freedom of navigation,” he said.

“So the strategic look, [if] you look midterm, long term, that decision that’s being made by these other countries, that will help as well.”

NEW YORK — The Russell 2000 Index climbed Thursday as small-cap stocks continued to attract buyers in a broadening market environment, closing at 2,919.61 after gaining 26.10 points, or 0.90%. The move highlighted ongoing investor rotation out of mega-cap technology names into smaller companies perceived as more sensitive to domestic economic improvements.

Small-cap shares have shown resilience in 2026 despite periodic geopolitical pressures from the Middle East. The index has benefited from expectations of lower interest rates, potential fiscal support and stronger relative earnings growth compared to large caps. Thursday’s advance came as the broader market displayed mixed performance, with the Dow Jones Industrial Average posting gains while the Nasdaq faced pressure.

The Russell 2000, which tracks the smallest 2,000 companies in the Russell 3000 Index, has been a standout performer in recent periods. Year-to-date through early June 2026, it has posted solid gains, outperforming the S&P 500 on multiple stretches as investors seek exposure to more domestically focused businesses less vulnerable to international trade tensions.

Reconstitution Dynamics in Focus

The June 2026 semi-annual Russell reconstitution, the first under the new twice-yearly schedule, has added to technical support for small caps. Preliminary results showed significant activity, with 237 companies joining the Russell 2000 and others migrating between indexes. Health care, technology, industrials and consumer discretionary sectors led additions.

The market capitalization breakpoint between the Russell 1000 and Russell 2000 rose 24% to about $5.7 billion, reflecting broad growth across US equities. The smallest company in the Russell 2000 now has a market cap of roughly $146 million, up nearly 23% from the prior year.

This reconstitution process typically generates elevated trading volume and can influence short-term price action as index funds and passive strategies adjust holdings. Analysts note a shift toward higher-quality, profitable companies within the small-cap universe during this cycle.

Broader Market Context

Small caps have gained traction as the market rotates away from concentrated mega-cap leadership. Companies in the Russell 2000 tend to derive more revenue domestically, making them potentially better positioned amid uncertainties around tariffs, global supply chains and energy costs linked to US-Iran tensions.

Recent economic data has presented a mixed picture. While inflation remains a concern and oil prices fluctuate with Middle East developments, resilient consumer spending and corporate earnings in certain sectors have supported risk appetite for smaller firms. The Federal Reserve’s path on interest rates continues to influence sentiment, with small caps often benefiting more from easing expectations.

Financials, industrials and consumer-related names within the index contributed to Thursday’s gains. These sectors stand to benefit from a stable or improving domestic economy and potential stimulus measures.

Performance Trends in 2026

The Russell 2000 has notched multiple record highs in 2026 and extended streaks of outperformance against the S&P 500. In the first quarter, it posted positive returns even as large-cap indexes faced pressure from geopolitical shocks and energy volatility.

Analysts from firms like Goldman Sachs have highlighted potential for small-cap strength in 2026, citing accelerating economic growth, moderating inflation and Fed easing. However, they caution that full-year outperformance is not guaranteed and depends on sustained fundamentals.

Dispersion within the Russell 2000 remains high, offering opportunities for active managers. While some unprofitable companies have lagged, higher-quality names with strong cash flows have driven much of the recent rally.

Challenges and Risks

Despite the positive session, risks persist. Small caps remain sensitive to higher oil prices and any escalation in the Middle East that could disrupt energy supplies. South Korea’s won weakening to multi-month lows on Thursday underscored global spillovers from US-Iran tensions.

Valuations have expanded in the small-cap space, raising questions about sustainability. The index trades at premiums to historical averages in some metrics, though still below large-cap multiples in others. Ongoing earnings reports will be critical in validating the rotation narrative.

Broader economic headwinds, including sticky inflation in certain categories and consumer sentiment challenges, could weigh on discretionary spending. Companies in the Russell 2000 often have higher debt loads, making them more exposed to interest rate fluctuations.

Investor Sentiment and Outlook

Institutional and retail investors alike have shown renewed interest in small caps as part of a diversification strategy. Exchange-traded funds tracking the Russell 2000 have seen inflows during periods of outperformance.

Looking ahead, the June reconstitution finalization later this month could bring additional volatility. Markets will also watch for second-quarter earnings, Federal Reserve communications and any diplomatic progress on Middle East issues.

Strategists generally maintain a constructive view on small caps over the medium term, citing potential earnings acceleration and valuation support. However, near-term caution prevails amid geopolitical uncertainties and the possibility of renewed large-cap leadership.

The session’s 0.9% gain in the Russell 2000 came alongside solid volume, indicating genuine participation rather than thin trading. As the trading week progresses, focus will remain on whether small caps can sustain momentum or if broader market consolidation takes hold.

This performance underscores the cyclical nature of market leadership. While mega-cap technology drove much of the prior bull run, 2026 has seen a more balanced participation that includes smaller companies positioned for domestic recovery and sector-specific tailwinds.

MONTECITO, Calif. — The Duke and Duchess of Sussex marked a family milestone Thursday as their daughter, Princess Lilibet, celebrated her fifth birthday with newly released photographs and a heartfelt message from her mother.

In a post on Instagram, Meghan, Duchess of Sussex, shared two images of Lilibet, born Lilibet Diana Mountbatten-Windsor on June 4, 2021, at Santa Barbara Cottage Hospital. One photo shows Prince Harry embracing the young princess while Meghan smiles beside them. The second captures Lilibet in a garden setting, her hand gently touching a flower amid lush greenery.

“Our dream girl. Happy 5th birthday, Lili,” Meghan wrote in the caption, using the family nickname for her daughter.

Lilibet, the couple’s second child, follows her brother Prince Archie, who is two years older. The family has lived a relatively private life in Montecito since stepping back from senior royal duties in 2020. Public glimpses of the children remain rare, with the parents often choosing to obscure faces or limit visibility to protect their privacy.

Recent Family Moments

The birthday tribute follows other recent posts highlighting family life. Meghan previously referred to Lilibet as “Mama’s little helper” in a post showing the pair in what appeared to be a walk-in wardrobe. These glimpses offer fans occasional insight into the children’s personalities while maintaining boundaries.

Just two weeks earlier, the couple marked their eighth wedding anniversary with photographs from their 2018 ceremony at Windsor Castle. The anniversary post reflected on their journey from royal life to independent endeavors in California.

Projects and Public Activities

Professionally, Prince Harry and Meghan have remained active through their Archewell organization. In May 2026, Archewell announced development of a feature film for Netflix based on the book “No Way Out: The Searing True Story of Men Under Siege” by British Army Major Adam Jowett. The project, written by Oscar-nominated screenwriter Matt Charman, recounts a 2006 battle in Afghanistan involving British troops.

The film represents part of a first-look deal with Netflix following the end of their broader production agreement last year. Archewell continues to focus on storytelling that highlights service, resilience and social issues.

In April, Harry and Meghan traveled privately to Australia’s east coast. Their four-day visit emphasized Indigenous culture, sports, charitable causes and a stop at the Australian War Memorial. The trip underscored Harry’s longstanding connection to military communities, shaped by his own service in the British Army.

Life After Royal Duties

Since relocating to California, the Sussexes have built a life centered on family, media projects and philanthropic work. Their children have grown up largely away from the intense scrutiny that defined Harry’s own upbringing. Lilibet’s fifth birthday arrives as the family settles into routines balancing public interests with private moments.

Friends and observers note the couple’s emphasis on creating a nurturing environment. Meghan has spoken in past interviews about the joys and challenges of motherhood, while Harry has highlighted the importance of breaking cycles of generational pain. The birthday photos convey warmth and normalcy amid their high-profile existence.

Lilibet’s name carries royal significance, honoring her great-grandmother Queen Elizabeth II, who used “Lilibet” as a childhood nickname. The addition of Diana pays tribute to Harry’s late mother. Despite their distance from the British royal family, these naming choices reflect enduring connections to heritage.

Balancing Privacy and Public Life

The decision to share select images of Lilibet illustrates the couple’s ongoing navigation of privacy. Meghan has faced criticism and scrutiny over social media use, yet she continues selective posting to mark significant occasions. Supporters view these moments as genuine expressions of parental pride, while critics sometimes question authenticity or timing.

As Lilibet reaches school age, expectations around public appearances may evolve. For now, the family appears focused on providing stability in their California home, surrounded by gardens and open spaces that feature prominently in recent photographs.

Broader Context

The birthday comes during a period of relative calm for the Sussexes after years of high-profile interviews, books and documentaries. Their Netflix deal shift and selective projects suggest a more measured approach to content creation. Archewell’s focus on impactful storytelling, including the Afghanistan film, aligns with Harry’s advocacy for veterans and service members.

Public interest in the children remains strong, with fans celebrating milestones online. The latest images sparked widespread warm responses, reflecting continued global fascination with the family even years after their departure from royal roles.

As summer begins in California, Lilibet’s fifth year promises new adventures alongside her brother. The family’s ability to shield the children while occasionally sharing joy has become a defining aspect of their post-royal chapter.

Harry and Meghan’s journey from Buckingham Palace to Montecito hills has been marked by challenges and growth. On this birthday, the emphasis remains on family bonds and simple pleasures — a garden flower, a parental embrace and a young girl turning five.

Car park demolition could start later this year

A new 38-storey tower could be built in Manchester in a development for 1,000 new student homes.

The scheme is based at the disused Charles Street multi-storey car park, based roughly between Oxford Road and Piccadilly train station and next to the railway viaduct that passes through the city centre.

It sits on what is known as ‘Plot H’ within the wider ‘Sister’ regeneration project based in the area.

Since 2024, the car park and former shop units based on the land have been sitting empty according to planning reports, but now the land could be transformed in the joint plans by RG Real Estate Ltd, ID Manchester Ltd, and the University of Manchester.

Proposals for the land could see it developed with three towers, these would be eight, ten, and 38 stories tall.

A total of 1,041 bedspaces would be part of the scheme, to be used as purpose-built student accommodation.

These would be a mix of studios as well as cluster flats – which is where bedrooms are arranged around communal areas.

According to the planning application, growing the student population in the area could pump an extra £6.7m into the local economy.

Changes could also be made to the surrounding streets too, with a ‘generous pedestrian boulevard along Altrincham Street’, a new square, and with landscaping features along Charles Street itself.

The scheme is set to be a ‘car-free’ development apart from two disabled parking spaces along Charles Street.

A planning report set out the vision: ‘The development will deliver 1,041 purpose-built student bedspaces with outstanding amenities, including a gym, social and study spaces, to support residents’ welfare, and c.612 sq m flexible commercial space at ground floor to help enliven the Sister district.’

During a public consultation, some concerns were raised about the plans.

The planning report stated: ‘Overall, pre-application engagement has been constructive, supporting an effective iterative design process.

‘Key issues raised have included the potential impact of the proposed development on daylight/sunlight, safety and visibility of public realm, and impact of the new student population.’

A separate planning application to demolish the existing multi-storey car park building has already been approved.

Subject to planning permission being granted, construction of the three towers at Charles Street could take around three years in total.

Reports submitted to the council suggest that demolition of the car park could start later this year, with the construction phases continuing until 2030.

Site sits in area earmarked for huge regeneration

Massive changes could soon be on the way in Strangeways with plans for a major new housing development for more than 300 people.

An application has been made to Manchester council to build a part 20-storey building with 189 homes at 24 Dutton Street. It is located close to Strangeways prison.

The proposals fall into an area designated for major regeneration, known as the Strangeways and Cambridge Strategic Regeneration Framework, a joint project from Manchester and Salford councils.

Planning reports suggest that the site at Dutton Street could accommodate up to 328 new residents in total, and pump £1.9m into the local area through spending from future occupiers.

The site is based a short distance from Victoria train station and wider Manchester city centre.

There is a warehouse building currently on the land which is used by Pure Padel under a temporary agreement.

The new proposals could see that building knocked down to make way for the residential tower block, according to planning reports.

If approved, it would create a mix of one and two-bedroom flats, as well as two-bedroom townhouses on the land.

That’s along with plans to make a private ‘woodland garden’ and resident lounges overlooking the open space.

Other features included in the blueprint are a communal roof terrace of level ten, and a ‘productive’ roof terrace on level 14 with growing spaces and rainwater harvesting.

The scheme has been designed to be ‘car free’ apart from some disabled parking along Robert Street.

Surrounding the current building are a mix of light industrial units as well as different shops.

The Strangeways area of Manchester is expected to undergo massive changes in future years thanks to the wider regeneration plans.

Central to the blueprint for the neighbourhood is the future of Strangeways prison, officially known as HMP Manchester.

In 2022, Manchester council wrote to the government arguing that the prison was ‘coming to the end of its natural lifespan’ and was not suitable for the ‘significant remodelling and expansion’ needed to bring it up to modern-day standards.

The Manchester council leader, Coun Bev Craig, said its current location was acting as a ‘barrier to growth and development which could bring new jobs, much-needed houses and green space.’

Recent reports suggested that conversations are taking place with the government about potentially relocating the prison.

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

NEW YORK — Elon Musk’s SpaceX is preparing for what could become the largest initial public offering in history, with the company targeting a $135 per share price to raise approximately $75 billion and secure a valuation near $1.75 trillion upon listing on Nasdaq next week.

The spacecraft manufacturer, officially known as Space Exploration Technologies Corp., plans to sell around 555.6 million shares and begin trading under the ticker symbol SPCX as early as June 12. The move would instantly place SpaceX among the 10 most valuable publicly traded companies in the United States while giving Musk access to substantial new capital for ambitious projects.

SpaceX has transformed from a startup challenging traditional aerospace giants into a leader in reusable rockets, satellite internet through Starlink, and advanced space transportation. The IPO comes as the company expands into artificial intelligence infrastructure and long-term goals such as Mars colonization and asteroid mining.

Details of the Offering

According to regulatory filings and reports, SpaceX aims to price the shares at a fixed $135 level ahead of its roadshow, an unconventional approach that bypasses traditional price discovery. The offering would value the company at roughly $1.75 trillion, positioning it ahead of many established tech firms but behind the largest players like Apple, Microsoft and Alphabet.

Proceeds are expected to fund ongoing operations, including Starship development, Starlink constellation growth, and new ventures such as placing AI data centers in space. The company has a history of significant investment in research and development, which has contributed to past net losses.

Musk is expected to retain dominant voting control, holding more than 80% of voting power after the offering through super-voting shares. This structure ensures he maintains strategic direction over the company even as public shareholders gain economic exposure.

Financial Picture and Risks

SpaceX reported $18.6 billion in revenue last year but posted a net loss of $4.9 billion, reflecting heavy spending on technology and infrastructure. The prospectus highlights ongoing losses and notes that profitability is not guaranteed in the near term.

Analysts have pointed to both the enormous potential and substantial risks. The company operates in a capital-intensive industry with technical, regulatory and geopolitical challenges. Rocket launch failures, satellite deployment issues and competition from firms like Blue Origin and international players could impact performance.

High valuation multiples have drawn skepticism. Some market observers question whether current pricing fully accounts for execution risks in unproven areas such as large-scale Mars missions or orbital data centers. However, supporters highlight Musk’s track record of delivering on seemingly impossible timelines with reusable Falcon rockets and rapid Starlink growth.

Who Can Invest

Institutional investors are expected to dominate initial allocations, but retail investors will have opportunities through brokerage platforms and certain investment apps. Indirect exposure may also come through pension funds, mutual funds or index trackers that add the stock upon listing.

SpaceX has reserved a portion of shares for employees and select individuals, a common practice in tech IPOs to reward early contributors. Trading on Nasdaq is anticipated to bring heightened volatility, typical for high-profile debuts with strong retail interest.

Strategic Vision

The IPO prospectus outlines an expansive future. Musk has long emphasized making humanity multi-planetary to safeguard against existential risks on Earth. Initiatives include advancing Starship for crewed Mars missions and expanding satellite networks for global connectivity.

Integration possibilities with Musk’s other ventures, including Tesla and xAI, have been discussed in market commentary, though no formal merger plans have been confirmed. The company’s dual focus on space exploration and AI infrastructure positions it at the intersection of two transformative industries.

Market Context

The timing aligns with renewed investor enthusiasm for technology and space-related themes. If successful, the IPO could pave the way for additional large offerings in AI and related sectors later this year. It also reflects broader trends of private companies seeking public capital to fund ambitious growth after years of elevated private valuations.

Wall Street banks, led by Goldman Sachs, are supporting the transaction. The accelerated timeline — with confidential filing in April and public details emerging in May — demonstrates efficient regulatory navigation.

Potential Impact

A successful debut would significantly boost Musk’s wealth on paper and provide SpaceX with resources to compete at a new scale. It could also influence talent attraction, supplier relationships and government contracting dynamics in the aerospace sector.

For investors, the stock represents a high-risk, high-reward bet on Musk’s execution capabilities. Historical comparisons to Tesla’s volatile but ultimately rewarding public journey are common, though SpaceX operates in a different regulatory and technical environment.

As the June 12 listing approaches, attention will focus on final pricing adjustments, demand indications and early trading performance. The offering marks a pivotal moment for commercial spaceflight, potentially democratizing investment in what was once the domain of governments and a handful of billionaires.

Market participants will closely monitor how SpaceX balances its visionary goals with the quarterly performance expectations of public company life. The coming weeks promise intense scrutiny as one of the most anticipated debuts in market history gets underway.