S&P 500 closes higher on soft inflation report, Nasdaq jumps 1% as traders snap up tech shares

Esme Stallard and Mark PoyntingBBC News Climate and ScienceS. Lakamov/Anadolu/Getty ImagesDebris in Russia's Kamchatka Peninsula after a 8.8 magnitude earthquakeAn 8.8-magnitude earthquake struck eastern Russia's Kamchatka Peninsula, prompting mass evacuations due to tsunami fears, reminiscent of past disasters in 2004 and 2011; however, the resulting tsunami was less severe, with waves reaching 4 meters, attributed to various geological factors and improved early warning systems. Want More Context? 🔎

People for the Ethical Treatment of Animals (PETA) has filed a lawsuit against the Maine Lobster Festival and the City of Rockland, claiming the practice of steaming lobsters alive is "egregiously cruel" and a violation of animal protection laws. PETA is seeking a court injunction to stop the event, arguing that it causes significant public distress and suffering to approximately 16,000 lobsters each year. Want More Context? 🔎

Senate Democrats, led by Chuck Schumer, are invoking a nearly century-old law to compel the Justice Department to release the Jeffrey Epstein files, citing the need for transparency after a controversial internal review found no evidence of a "client list." Schumer criticized Republicans for their evasiveness regarding the files and expects the DOJ to respond by August 15, while ensuring victim privacy is protected. Want More Context? 🔎

Investigative hearings into the deadly midair collision between an American Airlines flight and a Black Hawk helicopter over Washington on January 29, which killed all 67 aboard, began Wednesday. The NTSB is examining FAA and Army actions leading to the crash and exploring broader safety concerns in Washington airspace, as new evidence reveals prior warnings about near misses and equipment failures. Want More Context? 🔎

The National Transportation Safety Board (NTSB) is holding a three-day hearing regarding the January plane crash in Washington, D.C., involving an Army helicopter and an American Airlines jet that resulted in 67 fatalities. Investigators will examine the actions of the FAA and air traffic controllers, noting that a combination of factors, including a misplaced antenna and reduced staffing at crucial times, may have contributed to the tragedy. Want More Context? 🔎

A sharp decline in imports due to President Trump's tariff policy contributed to a 3% annual economic growth in the US from April to June, reversing the previous quarter's contraction. While Trump urged the Federal Reserve to lower interest rates based on this rebound, analysts suggest the central bank may hold off on cuts to assess the ongoing impacts of tariffs on consumer prices. Want More Context? 🔎