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Good evening. The U.S. struck military sites in Iran today in retaliation for an attack on a cargo ship in the Strait of Hormuz. The renewed tensions come as both countries try to hammer out a peace deal, and oil prices have finally moderated to pre-war levels.

We’ll go through the state of play below, but first we want to tell you about a different but quite vital waterway for U.S. consumers. Have a great weekend! — Tony Wagner, newsletter editor
A cargo ship on Lake Ontario
Tom Szczerbowski/Getty Images
Need a burger? A car? Winter road salt? Thank cargo ships on the Great Lakes.
Some of the busiest ports in the U.S. are here, and Marketplace’s Caleigh Wells reports Ohio residents know just how crucial this shipping route is.
Lake Erie on a perfect June day may not look perilous, but looks can be deceiving.

“When it blows up on Lake Erie, it blows up quick,” said Christine Seuffert, who led Ashtabula’s 77th annual Blessing of the Fleet.

Since the 1940s, Ashtabula residents in the very northeast corner of Ohio have gathered where its namesake river flows into Lake Erie. After the lake thaws, and the freighters set sail, those residents throw a memorial wreath into the harbor for fallen sailors, and a retired priest from the local Catholic Church leads prayers of protection from the perils of the deep.

The lake’s shallow water means storms make waves much faster and closer together than on the ocean. Federal seaway pilot Gunar Luhta sat quietly in the audience. He experienced the rough seas of Lake Erie on Christmas Eve 25 years ago.

“We were taking waves over the top of the pilot house. We lost our lifeboat, lost everything except for our GPS, lost our radar, and was able to navigate into the harbor using an old paper chart,” he said.

Luhta said his job is only getting busier every year. Even in the age of planes, trains and automobiles, more than 2 billion tons of the goods consumers and businesses buy move by ship. Coastal ports tend to steal the spotlight, because that’s where the stuff bought on Amazon tends to come into the country. But the Great Lakes and inland waterways carry nearly 700 million tons of cargo every year, according to the American Great Lakes Ports Association.

“A lot of steel and a lot of grain, those are the primary things, but there's also project cargo, like windmill parts, mast sections, and blades for windmills and engines and all sorts of stuff,” Luhta said.
READ MORE


 
News you should know
Let’s do the numbers
  • Most stocks rose but losses in tech gave major indexes a losing week. The S&P 500 fell less than 0.1% today, the Dow Jones Industrial Average lost 0.1% and the Nasdaq fell 0.2%.

  • The Dow will look a bit different come Monday; Verizon is out and Alphabet is in.

  • Shares in Softbank fell more than 5% today following news OpenAI, a major investment for the company, might wait to go public until 2027. 

  • Brent crude oil fell to $72.60 today, lower than it was when the U.S. first attacked Iran at the end of February. The national average gas price fell to $3.90 a gallon.

  • Lower gas prices boosted consumer sentiment at last check, but Americans’ views on the economy are still close to the worst on record.

  • Defunct Spirit airlines is selling off its “slots” at New York’s LaGuardia Airport, which could fetch upwards of $80 million. Learn about the secret economy undergirding your flights.
Government
  • The Supreme Court cleared the way for President Donald Trump to revoke temporary protected status for Haitian immigrants. Mass deportations would likely deepen staffing problems in elder care.

  • The government banned Polestar from selling its EVs in the U.S. as part of a larger crackdown on Chinese cars. 

  • The Postal Service had said it could run out of money next year. Now the cash crunch has been postponed to 2031 at earliest.

  • The Federal Reserve announced major American banks aced their annual stress tests, indicating they’d fare well in an economic downturn. 

  • In other Fed news, the Atlanta bank is having trouble finding a new president. Listen to our exit interview with the former prez, Raphael Bostic.


QUOTE OF THE DAY
“Iran has a large non-oil industry, and were it not for U.S. sanctions and this policy of isolating Iran economically, Iran would be basically a G20 economy.”
— Esfandyar Batmanghelidj, founder and CEO of the London think tank Bourse and Bazaar Foundation
Lower economic barriers present a serious investment opportunity, but the U.S. and Iran have to get a peace deal first. Batmanghelidj came on “Marketplace Morning Report” this morning to talk about the road ahead amid new fighting in the Strait of Hormuz. 
LISTEN NOW
Elon Musk frowns looking at his phone.
Alex Wong/Getty Images
Final note
Easy come, easy go?
SpaceX shares notched a tiny gain today, but the stock is down more than 13% in the past five days. That means CEO Elon Musk, who became the world’s first trillionaire after the big SpaceX IPO, is back to being merely a billionaire several hundred times over. Musk’s cult of personality is a bit shaken, but still, per Bloomberg’s billionaire index, the man’s net worth is still up more than 50% so far this year. 

Here’s where I’m obliged to mention that if you’re a billionaire, millionaire or even a thousandaire, any donation makes you a Marketplace Investor, and helps keep our business journalism free and accessible to everyone.
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