Dow drops 650 points as Iran war sends oil prices surging
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City. (Photo by Spencer Platt/Getty Images)
(NEW YORK) — The Dow Jones Industrial Average plummeted more than 650 points in early trading on Friday as the Iran war continued to spike oil prices.
The Dow fell 657 points, or 1.3%, while the S&P 500 dropped 1.2%. The tech-heavy Nasdaq declined 1%.
In a post on social media on Friday morning, President Donald Trump appeared to rule out a compromise with Iran.
Trump said there would be “no deal with Iran except UNCONDITIONAL SURRENDER!”
Oil prices soared as traders feared a prolonged blockade of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of global oil supply.
U.S. crude oil prices topped $88 on Friday, marking a staggering 35% increase from a week earlier.
The stock selloff on Friday extended losses from a day earlier, when the Dow closed down 785 points.
This is a developing story. Please check back for updates.
Signage at an Apple Store in San Francisco (David Paul Morris/Bloomberg via Getty Images)
(NEW YORK) — Apple has agreed to settle a class-action lawsuit for $250 million after the tech giant was accused of marketing Apple Intelligence technologies that “did not exist” yet, according to a Tuesday court filing.
The settlement paves the way for payouts of up to $95 for iPhone users who purchased eligible devices between June 10, 2024, and March 29, 2025.
Plaintiffs in the suit asked a judge on Tuesday to approve the settlement, which they described as “within the range of what is fair, reasonable, and adequate,” according to the filing.
The settlement will provide class members up to $95 per device, “depending on claim volume and other factors,” the filing states.
The lawsuit, which was originally filed in March 2025, alleged the iPhone manufacturer “violated consumer protection laws when it advertised its new generation of iPhones as a breakthrough in artificial intelligence (‘AI’), including significant enhancements to Siri, iPhone’s digital assistant,” according to Tuesday’s court filing.
The lawsuit itself specifically accused Apple of introducing Enhanced Siri capabilities — such as AI-powered digital assistant recollection and calendar reminders — even though they “did not exist or were materially misrepresented.”
The plaintiffs also alleged Apple “saturated the market with deceptive ads” promoting that technology, which were “viewed widely by the Public” online and in ad spots during major broadcast events. They alleged that promotion led consumers to buy iPhones due to the perception that Siri had some of those enhanced AI features.
According to Tuesday’s settlement document, Apple has “maintained that its ads were not misleading because it disclosed from the outset the Apple Intelligence features would be delivered over time and continue to evolve.”
The company also “maintained that it successfully delivered more than 20 Apple Intelligence features” and argued that “consumers purchase new iPhones for any number of reasons that have nothing to do with Enhanced Siri features,” the settlement document states.
An Apple spokesperson confirmed the settlement in a statement to ABC News on Wednesday.
“Since the launch of Apple Intelligence, we have introduced dozens of features across many languages that are integrated across Apple’s platforms, relevant to what users do every day, and built with privacy protections at every step,” the spokesperson said. “These include Visual Intelligence, Live Translation, Writing Tools, Genmoji, Clean Up and many more.”
They added, “Apple has reached a settlement to resolve claims related to the availability of two additional features. We resolved this matter to stay focused on doing what we do best, delivering the most innovative products and services to our users.”
The settlement payout applies to a list of iPhone 15 and 16 devices, including the iPhone 16, iPhone 16e, iPhone 16 Plus, iPhone 16 Pro, iPhone 16 Pro Max, iPhone 15 Pro or iPhone 15 Pro Max, according to Tuesday’s filing.
The document notes there are approximately 37 million eligible devices.
The settlement will apply to those who purchased the eligible devices and “who reside in the United States and purchased an Eligible Device in the United States for purposes other than resale,” according to the document.
David Zaslav, CEO & President, Warner Bros. Discovery at TCL Chinese Theatre on April 07, 2026 in Hollywood, California. (Monica Schipper/Getty Images)
(NEW YORK) — Warner Bros. Discovery shareholders on Thursday voted to approve the Paramount Skydance takeover bid, completing a major step toward the $111 billion media mega-deal.
The offer from Paramount encompasses the HBO Max streaming service, the Warner Bros. film production company, and cable channels such as CNN. Assets owned by Paramount include CBS, Paramount Pictures and Comedy Central, among others.
Shareholders cast ballots “overwhelmingly” in support of the Paramount takeover, Warner Bros. Discovery said in a statement.
“Today’s stockholder approval is another key milestone toward completing this historic transaction that will deliver exceptional value to our stockholders. We will continue to work with Paramount to complete the remaining steps in this process that will create a leading, next-generation media and entertainment company,” Warner Bros. Discovery CEO David Zaslav said in the statement.
Shares of Paramount fell nearly 5% in the minutes following the announcement on Thursday morning.
In December, Paramount launched a hostile takeover bid to acquire Warner Bros. Discovery, just days after Netflix struck a deal to purchase a large part of the media giant.
The rival, multi-billion-dollar efforts to acquire streaming platform Warner Bros. Discovery threatened to upend the media industry and shape content viewed by hundreds of millions of people.
Paramount appeared to gain the upper hand in the bidding war in recent months. In February, the Warner Bros. Discovery board of directors voted unanimously to recommend approval of the Paramount takeover.
Under the terms of the deal, shareholders will receive $31 per share, which amounts to a 147% premium, Warner Bros. Discovery said in March.
