NEW YORK (AP) — The U.S. stock market is holding near its record high Thursday as Wall Street waits for more clues about what will happen in the Iran war before making its next big move.
The S&P 500 edged down by 0.1%, a day after topping its prior all-time high set in January for its 10th gain in 11 days. The Dow Jones Industrial Average was down 66 points, or 0.1% after the first half-hour of trading, and the Nasdaq composite was 0.3% lower.
Stocks have leaped more than 10% since hitting a low in late March, driven by hopes for an end to the war or something that could avert a worst-case scenario for the global economy. Now, the wait is on to see if such hopes were prescient or just wishful thinking.
Pakistan’s army chief is set to meet with Iranian officials in Tehran Thursday in a bid to ease tensions in the Middle East and arrange a second round of negotiations between the United States and Iran after almost seven weeks of war.
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Oil prices climbed, showing that caution still remains in financial markets. The price for a barrel of Brent crude oil, the international standard, rose 3.1% to $97.83. It’s gone from roughly $70 before the war to as high as $119 at times on uncertainty about how long the war will keep oil stuck in the Persian Gulf area and away from customers.
“The key upside risk for the market is that peace talks between the US and Iran break down,” ING Bank strategists Warren Patterson and Ewa Manthey wrote Thursday. “This isn’t an unrealistic scenario, given that US and Iranian demands remain fairly wide apart.”
In the meantime, big U.S. companies are continuing to deliver growth in profits for the start of 2026 that’s even better than analysts expected. Such growth is the lifeblood of the stock market, whose level tends to follow the track of corporate profits over the long term.
J.B. Hunt Transport Services rose 5.7%, and Marsh & McLennan climbed 3.4% after both delivered stronger results than expected.
Technology stocks also broadly got some support after Taiwan Semiconductor Manufacturing Co., an industry heavyweight, reported stronger revenue and profit for the start of 2026 than analysts expected. TSMC’s Chief Financial Officer Wendell Huang said the company expects strong demand to continue into the spring.
On the losing end of Wall Street was Abbott, which fell 4.4% even though it reported slightly better results than analysts expected. The health care company cut its forecast for profit over the full year, mostly because of its purchase of cancer-screening company Exact Sciences.
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Allbirds slumped 28.7%, but that gave back only a portion of its 582% surge from the day before. The company formerly known for sneakers is pivoting to the artificial-intelligence industry and hopes to rent out the use of high-powered AI chips as a service.
In stock markets abroad, indexes climbed across much of Europe and Asia. Japan’s Nikkei 225 jumped 2.4%, South Korea’s Kospi rallied 2.2% and Hong Kong’s Hang Seng rose 1.7% for some of the world’s larger moves.
China on Thursday reported 5% economic growth for the January-March quarter, an acceleration from the previous quarter. While economists say China has largely shrugged off the initial impacts of the Iran war, some are warning its massive export engine could be hit more significantly in the coming months on slower global economic growth.
Ukrainian and Russian intelligence have shown that Vladimir Putin diverted huge numbers of next-generation FPV drones away from the Ukrainian front and into rear depots since late 2025.
Trump has the bejeezus scared out of him at White House
The Kremlin may already have amassed up to 130,000 fibre-optic drones, a stockpile that could rise to 200,000 by the end of summer.
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FPV drones are especially dangerous because they use hair-thin fibre-optic cables rather than radio signals, making them far harder to jam electronically by NATO defences.
Putin is massively expanding Alabuga Special Economic Zone in Tatarstan now effectively a giant drone city (Picture: TV Zvezda/east2west news)
Asked at the White House event if the ceasefire in Iran was still in place, Trump said it is ‘unbelievably weak’ and on ‘life support’ before talking about the recent peace proposal from Iran.
‘I would call it the weakest right now after reading that piece of garbage they sent us,’ Trump added.
‘I didn’t even finish reading it.’
It came as the cost of Trump’s Operation Epic Fury spiralled to ‘closer to $29 billion’, Congress heard because of ‘updated repair and replacement of equipment and general operational costs’.
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Democratic Senator Mark Kelly said on the weekend that it’s ‘shocking how deep we have gone into these magazines.’
War Secretary Pete Hegseth fired back on social media saying Kelly was ‘blabbing on TV (falsely & dumbly) about a *CLASSIFIED* Pentagon briefing he received.’
‘The munitions issue has been foolishly and unhelpfully overstated,’ Hegseth claimed at Congress before adding ‘we know exactly what we have, we have plenty of what we need.’
As AI agents rapidly evolve from experimental tools into productivity systems, AnySearch, a next-generation AI search product purpose-built for AI agents and enterprise AI systems, has officially launched, offering AI agents unified access to high-quality information.
Jose Mourinho is in final negotiations to become Real Madrid’s next head coach, 13 years after his first spell at the Bernabeu.
The 63-year-old is the clear favourite – and currently the only candidate Real are in talks with over the role.
He would replace current head coach Alvaro Arbeloa, who only took charge in January following Xabi Alonso’s departure.
Real Madrid president Florentino Perez first considered the possibility of Mourinho’s return two days after Xabi Alonso left the club, during initial conversations with the Portuguese coach’s representatives.
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Mourinho has been manager of Benfica, in his native Portugal, since joining on a two-year contract last September, and only yesterday told media he did not want to talk about his future just yet.
“There’s a match against Estoril, and from Monday onwards I’ll be able to answer questions about my future as a coach and Benfica’s future,” he said.
Saturday’s game against Estoril Praia is Benfica’s last of the season.
He was in charge at Real between 2010 and 2013, winning La Liga, the Copa del Rey and the Spanish Super Cup.
The sex offender had previous convictions for offences involving children
A registered sex offender, who has had previous convictions for offences involving children, has breached a strict court order. Police visited Vincent Flemons, 53, after the team in charge of managing sex offenders discovered he was breaching orders in place around him.
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Flemons was given a Sexual Harm Prevention Order (SHPO) in July 2025 which stated he must not install, download, or use any instant messaging service which does not save internet history without obtaining prior written consent.
Officers received a notification in February that he had downloaded a social media app which does not record chat history, and without receiving prior consent. The SHPO further stated that any device Flemons used must retain all internet history, and that he must notify police of any change of home address within three days.
A search of Flemons’ device revealed that he had also deleted several apps, including Instagram and Twitter, from his phone. He had also been staying at a property in Waterbeach without alerting police, both further breaching the conditions of his SHPO.
On Thursday, May 7, Flemons, of no known address, was jailed for one year for two counts of breaching a SHPO and one count of failing to comply with Sex Offenders Register notifications. He admitted the offences at Huntingdon Law Courts.
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DC Sonia Kauser, who investigated, said: “Flemons was well aware of the conditions of his SHPO, but decided to breach them anyway. I’m pleased that he has now faced justice, and I hope this case shows how committed we are to managing sexual offenders and ensuring they comply with court orders.”
I want to start by first saying that we have worked closely together on Violence Against Women and Girls for many years and I have no doubt you have genuine knowledge and desire to rectify this dreadful social ill. We have started to make steps towards change whilst in government and I have been grateful for your support.
However, it would be remiss of me not to say that real change and direction in this area usually came from threats made by me in light of catastrophic mistakes. The Mandelson saga whenever it bubbled up made Number 10 kick into gear on the subject in order to prove our credentials. I will never waste a crisis to make advancements for women and girls and so demands were made and some were met.
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I think you are a good man fundamentally, who cares about the right things however I have seen first-hand how that is not enough. The desire not to have an argument means we rarely make an argument, leaving opportunities for progress stalled and delayed.
Over a year ago presented solutions, long worked on by brilliant civil servants that would end the ability for children in the UK to take naked images of themselves. 91% of online child sex abuse is self-generated by children groomed, tricked and exploited in to abuse. The technology exists to stop children being able to take naked images of themselves. We could make this possible on every phone and device in the country. We could stop this abuse. It has taken me a year to get you to agree to even threaten to legislate in this space. Not legislate, just threaten. This is the definition of incremental change. Nothing bold about it. The announcement was meant to be in March, I’m still on a promise this will happen in June, I’ve given up believing it. How many children were left without a safety net in the time we dilly dallied and worried about tech bosses?
This is just one example.
Labour governments come around rarely is the constant refrain at the moment. It’s true they are precious. Every Labour government in my and my family’s lifetime has forged progress that changed our country and the world for the better. I know you care deeply, but deeds, not words are what matter. I’m not sure we are grasping this rare opportunity with the gusto that’s needed and I cannot keep waiting around for a crisis to push for faster progress.
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Decency is vital, calm curiosity is also needed, but so too are fight and drive required. Have a row, push back, make arguments, bring people along. Standing up and being counted can’t always be workshopped. Politics is as much about feelings as policy, especially at the moment.
I want a Labour government to work and I will strive as I always have for its success and popularity, but I’m not seeing the change I think I, and the country expect, and so cannot continue to serve as a minister under the current leadership.
For the UK’s young carers, life is a cycle of adult responsibilities and social isolation. But for one weekend a year, the Young Carers Festival helps them swap domestic stress for the simple joy of being a child
For most UK festival fans, the last weekend of June is important for one reason: Glastonbury. But for the country’s young carers, there’s another let-your-hair-down jamboree held that weekend that leaves lasting memories.
The Young Carers Festival in Hampshire is an annual residential weekend held exclusively for children aged 11 to 17 with caring responsibilities.
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Run by the YMCA Fairthorne Group, in partnership with The Children’s Society, for attendees “it’s the only weekend that they getaway from their caring responsibilities”, organiser Karina Barnett tells Positive News.
Estimates for how many young carers (described as someone aged five to 18 who helps care for a loved one) there are in the UK vary wildly. The 2021 census put the figure at around 120,000, but other surveys estimate hundreds of thousands more.
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However, despite there being so many young carers in the UK, the group remains largely forgotten, unseen by society.
“They don’t get paid for what they do. They don’t get asked to do what they do. It’s almost like they’re just [brushed] under the carpet,” says Annie Jones, a former festival attendee. “They put their life on hold to do this.”
That’s where the Young Carers Festival comes in. Over three days, hundreds of young carers descend upon YMCA Fairthorne Manor, an outdoor activity centre in the Hampshire countryside, and unpause the childhood that many of them have not been able to prioritise.
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There, the air is thick with the chatter of new friendships being formed and the yells of kids, often adorned with glitter or face paint, racing from activity to activity. Do I want to kayak or climb? What about the dance classes? This is a festival, so I should stop by the hair braiding or silent disco… but we can’t miss the farm animals, can we? For these children, the YCF (as the attendees excitedly call it) is a rare thing: not only somewhere that they can be kids, but somewhere that they can do so surrounded by other young carers.
Jones cared for her mother growing up and went to the festival for the first time when she was 16. “It feels like these people that you’re with at this festival you’ve known forever, because they just get it and understand,” she says. “It’s like you can relate to them and you’ve known them a long time. If you’re feeling a bit wobbly, they just get it straight away.”
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Over the years, the numbers of children attending the YCF has fluctuated dramatically. When the festival was first created, there were more than 1,500 young carers present. Due to a lack of funding, only roughly half that came along in 2025. Still, it remains the world’s biggest gathering of young carers.
They don’t get paid for what they do. They don’t get asked to do what they do. It’s almost like they’re just brushed under the carpet
Angel Brown, who cares for her mother, attended the festival between the ages of 11 and 16, and only then began to grapple with how many young carers like her there were in the UK.
“You don’t realise how many people are in the same boat as you,” she says. “I didn’t realise how much of a big deal it actually was.”
This summer, the Young Carers Festival returns with the theme ‘celebrating you’, and more activities than ever. The kids will arrive on Friday to live music, fun fair rides and a firework display, then spend the Saturday doing whatever their hearts desire: painting, playing on inflatables, yoga. Beyond meal times, there is no itinerary for them to follow. For young people so used to living their lives for their loved ones, such freedom can be life-changing.
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Still, the barriers preventing people from attending have grown in recent years. Ticket costs are kept as low as possible (a spot including a tent costs £140), and while local groups pay rather than attendees themselves, budget cuts and the closure or merging of young carers groups by councils means that many organisations have had to cut the number of kids they can send.
Travel costs are also high for those coming from further afield. While The Children’s Society offers grants to assist, the need far outstrips supply.
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The Young Carers Festival leaves its mark on those who do attend. Keren Ben-Dor is a group leader with the Romsey Young Carers, and says that older children return with stories from the festival, leaving their younger counterparts itching to go.
“There’s almost a bit of a legacy to the whole event… so [the] young people build up and wait for the opportunity when they get to be invited,”she says.
While some kids seek adventure at the festival, there are options for those wanting to take part in mental health workshops, speak to organisations who help young carers, or simply switch off in the chill-out zone.
You don’t realise how many people are in the same boat as you
“Being a teenager, being a young carer, going through exams, everything can sometimes be a bit overwhelming, and some kids do get a little when they’re in that situation,” says Jones.
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Having benefitted from the Young Carers Festival as an attendee, Jones now volunteers at the event. Brown does the same. Whether it’s volunteering, donating or sponsoring a child to attend through the YMCA Fairthorne Group or The Children’s Society, any action that can help more children experience the YCF comes hugely appreciated, Jones says.
“It’s hard to describe the atmosphere, but if you came down you’d feel it,” she says. “It’s so full of love.”
That, ultimately, is what Barnett wants for the kids: for them “to have that weight off their shoulders for a weekend to just enjoy themselves”.
“I hear that every festival, and then I know that they’ve had a good time, and I’ve done a good job,” she says.
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Images: YMCA
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Acting Under Secretary of Defense and Chief Financial Officer Jules Hurst testified that the cost of the Iran war has hit $29 billion.
Late last month, the Pentagon said the total cost was an estimated $25 billion.
Hurst attributed the increase to “updated repair and replacement of equipment costs,” along with “general operational costs.”
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Katie Hawkinson12 May 2026 14:20
Hegseth pressed on US-Iran ceasefire
Democratic Representative Pete Aguilar pressed Defense Secretary Pete Hegseth on the U.S.-Iran ceasefire, asking how officials know whether or not it’s active.
“As you know, for the most part, a ceasefire means the fire is ceasing, and we know that has occurred while negotiations occur. And there are lots of different discussions with our negotiating team that are happening,” Hegseth said.
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Aguilar then asked: “Is the theory to create more ceasefires or more projects just to evade the War Powers Act?”
“The theory of the entire case is to prevent Iran from having a nuclear weapon. And if that has to be done kinetically and militarily, the Department of War is locked and loaded and ready to do that,” Hegseth replied.
Katie Hawkinson12 May 2026 14:16
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In pictures: Hegseth and Caine testify
Defense Secretary Pete Hegseth and General Dan Caine, the chairman of the Joint Chiefs of Staff, are testifying before Congress Tuesday morning. (Reuters)
Hegseth is appearing before Congress to justify President Donald Trump’s $1.5 trillion budget request for the U.S. military (AFP/Getty)
Hegseth called the budget ‘historic’ (Reuters)
Katie Hawkinson12 May 2026 14:10
Hegseth keeps it calm during opening statement
Hegseth’s opening statement thus far is devoid of the bluster and partisanship that characterized his testimony before the House and Senate Armed Services committees.
That’s likely because he’s been advised that the appropriations subcommittees he is appearing in front of today are responsible for cutting the check that funds his department. He’s not going to walk into their house and bite the hand that feeds him.
Andrew Feinberg12 May 2026 13:48
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Hegseth’s testimony comes after a combative exchange with lawmakers
Defense Secretary Pete Hegseth’s testimony to Congress Tuesday morning comes less than a month after he got into a tense exchange with lawmakers who questioned the validity of the Iran war.
Catch up with Hegseth’s most recent testimony:
Ariana Baio12 May 2026 13:48
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Welcome to The Independent’s live blog
Good morning and welcome to The Independent’s live blog for Defense Secretary Pete Hegseth’s testimony to Congress on the Trump administration’s budget request for $1.5 trillion.
The expansion of the BBC licence fee to cover Netflix and Amazon Prime streaming is being discussed to protect the future of the BBC, according to reports
Netflix and Amazon Prime subscribers could be forced to pay the TV licence fee in a bid to safeguard the BBC, according to reports. The potential broadening of the levy is being explored as part of wider plans to secure the future of the broadcasting corporation, the Times has revealed.
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Industry insiders told The Times that the Labour government is weighing up whether to extend the licence fee to include streaming platforms such as Netflix, home to Love on the Spectrum, Wednesday and Stranger Things, and Amazon Prime, which hosts The Boys, Fallout and Rings of Power.
One streaming industry source told the paper: “It’s pretty desperate to argue that everyone should be made to pay for the BBC whether they watch it or not.
“The BBC needs to think more radically and creatively about how to generate income in ways that don’t undermine universal access.”
Culture Secretary Lisa Nandy has previously voiced reservations about a subscription-based model, warning it could diminish the BBC’s capacity to “unite the nation”, reports Birmingham Live.
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She told The House magazine last year: “It is absolutely right that we explore subscriptions, but if you believe, as I do, that one of the greatest strengths of the BBC is its ability to unite the nation that has found multiple ways to divide itself, then I think you’ve got to be cautious about the use of subscriptions and paywalls.”
Ministers are additionally concerned that financing the BBC through advertising revenue could harm commercial competitors, including ITV and Channel 4, both of which are already facing significant financial pressures. The BBC has put forward a proposal that viewers of streaming platforms should be required to pay the licence fee.
“The precise set of rules that require households to be licensed no longer reflect typical audience behaviour among many households in the UK,” it said.
“The TV licence is predicated upon content being consumed via ‘live TV’. But on-demand consumption is not licensable, unless it is BBC content consumed via iPlayer.”
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The Department for Digital, Culture, Media and Sport said: “The government does not comment on speculation.
“We are reviewing responses to the BBC Charter Review consultation and will set out our decisions in a white paper to be published later this year.”
The incident happened in Mobberly Road, Breightmet on Sunday evening, and residents said cables were hanging down near the road.
Fire crews attended the scene.
The road was closed yesterday (Monday) to replace the fallen pole with a new and more up-to-date one.
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A homeowner who lived opposite the incident told The Bolton News: “It caused the kids anxiety because there were wires in the road. The fire service blocked it all.
“I was nervous because all of the wires were hanging down, but thankfully now it’s sorted.”
The road was closed on Monday, 11 May, as a result, while the replacement was underway.
Nobody was reported to be injured in the incident.
Film Club was well-reviewed when it came out – but it won’t return (Picture: BBC/Gaumont/Ben Blackall)
One of BBC’s buzziest comedy-dramas, Film Club, is not coming back for round two, leaving fans (me) devastated.
The six-episode show created by and starring Sex Education breakout and Bafta winner Aimee Lou Wood follows best friends Evie (Aimee) and Noa (Nabhaan Rizwan).
Evie lives at home with her eccentric family, including her eternally worried and well-meaning mum, Suz (Suranne Jones) and is all but housebound after a traumatic event.
Her main interaction with the outside world comes in the shape of local bike-riding miscreant Callum, played by the inimitable Owen Cooper, who himself has a touching storyline.
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Oh, and she has a weird boyfriend, Josh (Adam Long), who we’re all immediately hoping she’ll bin.
A movie enthusiast at heart, she and Noa, along with a gaggle of less committed but still supportive friends, host a weekly film club in the shed, capped off with costumes, decorations and a vow from Suz to not interrupt.
The series follows the blossoming love story between Evie and Noa (Picture: BBC/Gaumont/Ben Blackall)
When Noa gets a job offer in Bristol, however, the underlying romantic tension finally comes to a head as the pair race against the looming deadline to confess their feelings and figure the whole mess out.
It’s got all the ingredients for the perfect watch – a heartwarming group of characters you’re rooting for, delightful family and friend dynamics, and just enough stakes to keep you hooked while still knowing everything will work out in the end.
With a delicate touch, it explores mental health, the impact of trauma and the beauty of human connection when life is at its hardest.
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The impressive cast made it all the more appealing and effortlessly dropped into the shoes of their characters, with Aimee’s portrayal of Evie immediately capturing her heart.
Did you like Film Club?
Yes, I’m so sad it’s not coming back!
I’m yet to check it out
Want to get bespoke updates on the TV shows you love? Sign up to Metro’s TV newsletters and tell us which ones you can’t get enough of
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And as someone who is not the biggest fan of the friend-to-lover trope, this was one of the rare occasions where it felt well-executed, brimmed full of chemistry, and their interactions made me equally laugh out loud and groan in exasperation when things weren’t working out.
It had an endearing spark to it that could have been nurtured into a roaring fire had it been given the space to grow beyond one season.
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Clearly, the story resonated with others as well, not only landing 90% on Rotten Tomatoes and a slew of rave fan reviews, but also a Bafta nomination.
Which is why I am so heartbroken that Deadline has revealed it won’t have a second outing. According to the publication, it was a mutual decision between Aimee and the broadcaster.
The White Lotus star reportedly wants to prioritise other writing.
It has a stacked cast and potential for more (Picture: BBC/Gaumont/Ben Blackall)
Yet Film Club feels as though it has plenty of potential for more. Although we get a somewhat satisfactory ending (a small mercy), there were definitely loose ends that could have been explored.
Has Noa left his job for good to choose Evie? What will it look like to give their relationship a proper go? What’s next for Evie’s recovery as she makes a resolution to work on experiencing life to the fullest?
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I want to check back in with Suz and her romantic and not-so-romantic exploits and see Callum grow into a young man who still has a penchant for teasing Evie.
Aimee painted a delightful world that would have been nice to live in for a little while longer, at least.
I’m not the only one sad to see it go (Picture: BBC/Gaumont/Ben Blackall)
I’m far from the only one disappointed at the news.
‘Just fell to my knees,’ Josh Carr wrote on X.
‘Literally one of the best series of the last few years, the reviews were great, Aimee is a massive star now, why isn’t this being renewed???????? What are we even doing,’ gaea reflected.
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‘I thought it ended pretty satisfyingly, but I would have liked to have seen more,’ hj agreed.
‘What? Devastated, man. Film Club was an amazing show,’ Edward Burger said.
Still, if it must end, then it remains a wonderful bite-sized limited series to enjoy as a sweet rewatch. And, with her career going from strength to strength, time will tell what’s next for Aimee.
Film Club is available to stream on BBC iPlayer.
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