Consumers Keep Spending as Fuel Costs Stay High

Iran War Costs Top $47 Billion as Weapons Bills Mount

Grand Jury Declines to Indict Cassidy Hutchinson

Boeing Shares Fall 10% on 737 Max Production Delays

Israel’s Early Count Leaves Both Blocs Short of a Majority

Consumers Keep Spending as Fuel Costs Stay High

Reports released Tuesday by UPS and Visa pointed to continued consumer spending, which accounts for about 70% of the U.S. economy. UPS said third-quarter revenue rose 6.7% to $22.9 billion and raised its annual forecast, while Visa reported 13% revenue growth and continued gains in card payments. Consumer confidence rose to 91.7 in October from 84.2 in September as gasoline prices eased, though respondents still planned to cut spending on services and big purchases, the Conference Board said.

Oil rose early Wednesday after the Houthis claimed a strike on Saudi Arabia’s Ras Tanura refinery, following Tuesday’s drop below $100 a barrel for U.S. crude. The Saudi-led coalition said it intercepted missiles and drones, and the claimed refinery damage remained unverified. The Federal Reserve was due to announce its interest-rate decision Wednesday as the Iran war kept fuel costs elevated for households and businesses.

CNBC / UPS / Visa / Conference Board / Al Jazeera / Anadolu / Federal Reserve / BEA

Iran War Costs Top $47 Billion as Weapons Bills Mount

U.S. military spending on the Iran war has exceeded $47 billion, more than 25% above the Pentagon’s $37.5 billion estimate in July, Reuters reported Tuesday. More than $29 billion covers replacing munitions and more than $6 billion covers replacing military equipment, according to Pentagon data reviewed by Reuters. The figures have not been publicly released, and the Pentagon did not immediately respond to the news agency’s request for comment. It is unclear whether the estimate includes repairs to U.S. bases damaged by Iranian missile and drone attacks, leaving the full cost uncertain. The rising bill leaves Congress facing decisions on funding replacement weapons needed for other possible conflicts. President Donald Trump has said he is weighing a deal with Tehran against further military action.

Reuters

Grand Jury Declines to Indict Cassidy Hutchinson

A federal grand jury in Washington declined Tuesday to indict former White House aide Cassidy Hutchinson over her 2022 testimony to the House committee investigating the Jan. 6 attack, according to people familiar with the case cited by AP and ABC News. ABC News reported that prosecutors sought to charge her with lying to Congress, but the specific statements at issue have not been disclosed. The Justice Department’s Civil Rights Division handled the case after Republican Reps. Jim Jordan and Barry Loudermilk referred her for investigation. President Donald Trump has denied her account of his conduct, and other witnesses have disputed parts of her testimony. Hutchinson declined to comment through her lawyer. The decision leaves a central Jan. 6 witness without charges in this case, although prosecutors can generally ask a grand jury to consider it again.

AP / ABC News

Boeing Shares Fall 10% on 737 Max Production Delays

Boeing shares fell about 10% Tuesday as slower wing production held back plans to increase 737 Max output, CNBC reported. The company is targeting production of 52 jets a month in the second half of 2027. Boeing reported a third-quarter net loss of $116 million on revenue of $24.19 billion, with an adjusted loss of 34 cents a share that was wider than analysts expected. The commercial-aircraft division’s operating loss narrowed to $697 million from $5.35 billion a year earlier. The company also reported a record $745 billion in orders awaiting fulfillment and recent certification of the 737-7 and 737-10. The production delays prolong the wait for airlines seeking deliveries of Boeing’s best-selling jet, a key part of the manufacturer’s recovery from safety and production crises.

CNBC / Boeing / Reuters

Israel’s Early Count Leaves Both Blocs Short of a Majority

Partial Israeli election results Wednesday left Prime Minister Benjamin Netanyahu’s bloc with 56 of parliament’s 120 seats, the opposition led by former military chief Gadi Eisenkot with 48 and Arab parties with 16, the Times of Israel reported. About two-thirds of ballot boxes had been counted as of 9:20 a.m. local time, and neither leading bloc had reached the 61 seats needed for a majority. The election committee warned the figures could change, with official results expected about a week after the vote. Both Netanyahu and Eisenkot claimed the advantage after exit polls initially put Eisenkot’s bloc narrowly ahead. Once results are certified, President Isaac Herzog will consult the parties and choose a lawmaker to try to assemble a governing coalition. A prolonged deadlock could leave Netanyahu serving as caretaker prime minister while Washington weighs a deal with Iran or renewed military action.

Times of Israel / CNN

October 28, 1886: Statue of Liberty Dedicated

On this day, President Grover Cleveland formally dedicated the Statue of Liberty in New York Harbor, marking the completion of France’s monumental gift to the United States. The towering figure, originally known as “Liberty Enlightening the World,” quickly became a powerful symbol of freedom and a welcoming beacon to millions of immigrants arriving in America.

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Sources

1. UPS / Visa / Conference Board / CNBC—Oil Prices / Al Jazeera / Anadolu / Federal Reserve / BEA—Consumer Spending’s Share of the Economy
2. Reuters via Times of Israel
3. AP via PBS / ABC News
4. CNBC / Boeing / Reuters via Euronext
5. Times of Israel / CNN