Headlines From The Times

The S&P 500 closed at a record high on Tuesday. Faith Pinnow from L.A. Times Studios breaks down what's driving the rally — from strong second-quarter earnings reports to growing optimism around a potential Iran ceasefire and the reopening of the Strait of Hormuz. Plus: a look back at how far the index has come since 1957.

California lawmakers have rejected a proposal that would have phased out pesticides containing PFAS, also known as "forever chemicals," on farms across the state. Supporters cited health concerns linked to PFAS exposure, while agricultural groups argued a ban would hurt farmers and limit crop protection tools. The revised bill now focuses on publicly identifying pesticides that contain PFAS.

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President Trump is threatening to drop Todd Blanche as his pick for Attorney General until he can lock down Senate approval. The warning comes after Republican Senators Thom Tillis and John Cornyn signaled they'd vote no — both objecting to a deal Blanche struck settling Trump's IRS lawsuit, including a controversial "anti-weaponization fund" Cornyn says protects Trump and his family from tax audits.

Plus, the Federal Reserve holds interest rates steady, even as inflation sits above the central bank’s target, with the war in Iran disrupting trade routes and pushing energy prices higher.

Meanwhile, The financial empire of Dodgers and Lakers owner Mark Walter is reportedly under investigation by federal prosecutors and the Securities and Exchange Commission over $16 billion in loans tied to companies he controls. Authorities are examining whether the transactions were properly disclosed, while Walter's representatives say he acted in good faith and is cooperating with investigators.

And, Major record labels — including Sony Music, Universal Music Group, and Warner Music Group — are proposing new standards for how AI-generated music should be treated on official music charts. The guidelines say the songs can chart, but must meet strict requirements around copyright and human involvement. Songs that rely on fake streams or chart manipulation would also be disqualified. This comes as streaming platforms see a boom in AI-assisted songs, raising concerns about the future of the music industry.

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Truth Social's new Truth API is set to launch August 1, offering paying clients real-time access to posts from President Trump and other top administration officials. The service reportedly costs $100,000 per month and is designed to help institutional investors react to breaking news in milliseconds.

L.A. Times Studios' Faith Pinnow speaks with former White House chief ethics lawyer Richard Painter, who argues the service raises significant ethics and legal questions. He explains why he believes giving paying firms faster access to market-moving information could create an unfair advantage, benefit the president financially, and potentially draw scrutiny from federal regulators.

And, Los Angeles is in the midst of an unusually humid weather pattern, making this summer feel much hotter than normal and contributing to more heat-related emergency room visits across LA County. Meteorologists say monsoon moisture, tropical storm remnants and warm ocean waters are to blame.

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Trump Media & Technology Group is launching a new service that gives paying customers real time access to President Donald Trump's Truth Social posts, potentially milliseconds before others see them. The new "Truth API" could benefit institutional investors and high frequency trading firms, where even fractions of a second can be worth millions of dollars.

In this episode, we speak with L.A. Times business columnist Michael Hiltzik about the legal and ethical questions surrounding the service, why Wall Street reacts so quickly to the president's posts, and whether the $100,000 per month product could become a major new source of revenue for Trump Media as the company looks to offset steep financial losses.

Netflix has acquired Ben Affleck's AI film-tech startup, InterPositive, for $587 million. The company says the technology will help speed up filmmaking while keeping creators in control, as Hollywood continues to debate the future of AI in entertainment.

A Los Angeles Times investigation found that homeless nonprofit A Step to Freedom paid more than $1.7 million to companies owned by its CEO over three years. County officials later determined the food service contract created a conflict of interest, though no criminal allegations have been made against the organization.

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President Trump is threatening to bomb Iranian bridges and power plants for every attack Iran carries out against ships in the Strait of Hormuz, marking a dramatic escalation in the nearly five month conflict. Iran is warning of an "eye for an eye" response, while attacks in the Red Sea and rising oil prices are fueling concerns the war could spiral into a wider regional conflict.

Meanwhile, lawmakers have introduced the bipartisan "AI Kill Switch Act," which would require the nation's largest AI companies to build emergency shutdown capabilities into their most advanced systems. The proposal comes just days after OpenAI disclosed an unprecedented cyber incident in which one of its AI models hacked another company's servers, reigniting debate over how to regulate rapidly advancing artificial intelligence.

And, Dodgers rookie catcher Dalton Rushing snapped out of a slump during Dodgers’ win over Phillies before the team is set to visit the White House, Thursday.

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