Business News Digest

Here are the AP's top business stories that have moved or are planned to move today. All times U.S. Eastern. For up-to-the minute information on AP's coverage, visit AP Newsroom's Coverage Plan.

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UPCOMING

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1. WITH: FRANCE GERMANY

2. DESCRIPTION: French President Emmanuel Macron, German Chancellor Friedrich Merz in Toulon for Franco-German cabinet meeting. German Chancellor Friedrich Merz and top ministers expected to meet with their French counterparts.

3. UPCOMING: By 08/29/2025 12:21 p.m. EDT

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NEW AND DEVELOPING

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FINANCIAL MARKETS

Stocks pull back from their latest all-time highs on Wall Street

SUMMARY: Stocks are losing ground on Wall Street a day after the market hit its latest all-time highs. The S&P 500 fell 0.5% in early trading Friday. The index is set to end August up about 2%, which would be its fourth straight month of gains. The Dow Jones Industrial Average was down 125 points, or 0.3%. The Nasdaq composite fell 0.9%. Treasury yields edged higher in the bond market. The government said prices mostly held steady last month. European markets were mostly lower and Asian markets closed mixed. U.S. markets will be closed on Monday for the Labor Day holiday.

WORDS: 531 - MOVED: 08/29/2025 10:07 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:f46f70b94fd5d68d4968f23c85944285&mediaType=text

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US--FEDERAL RESERVE-COOK

Fed governor Cook to seek court order blocking her firing by Trump

SUMMARY: A case that could provide the Trump administration with new and expansive power over the traditionally independent Federal Reserve will get its first court hearing Friday.Federal Reserve Governor Lisa Cook has requested an emergency injunction to block President Donald Trump's attempt to fire her over allegations that she committed mortgage fraud when she purchased a home and condo in 2021. She was appointed to the Fed's board by former president Joe Biden in 2022. If her firing is allowed to stand, it would likely erode the Fed's longstanding independence from day-to-day politics. No president has ever fired a Fed governor in the agency's 112-year history.

WORDS: 991 - MOVED: 08/29/2025 9:46 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:e9933d518af5155250bebbdc29fd3f2b&mediaType=text

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US--CONSUMER SPENDING

Key US inflation gauge holds mostly steady though core inflation ticks higher

SUMMARY: The Federal Reserve's preferred inflation gauge mostly held steady last month despite President Donald Trump's broad-based tariffs, but a measure of underlying inflation increased. Prices rose 2.6% in July compared with a year ago, the Commerce Department said Friday, the same annual increase as in June. The figures illustrate why many officials at the Federal Reserve have been reluctant to cut their key interest rate. While inflation is much lower than the roughly 7% peak it reached three years ago, it is still running noticeably above the Fed's 2% target.

WORDS: 431 - MOVED: 08/29/2025 9:28 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:826e19661277fe417ee1103ddade4e89&mediaType=text

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US--TRACKING IMMIGRANTS

Employers have used E-Verify for years. ICE's arrest of a Maine police officer raises new questions

SUMMARY: The case of a Maine police officer arrested by immigration authorities even though he was vetted by a government system called E-Verify is raising questions about what employers can do to make sure they're employing people who can legally work. E-Verify is an online system that compares information entered by an employer from an employee's documents with records available to the U.S. Department of Homeland Security and the Social Security Administration. Assistant Secretary of Homeland Security Tricia McLaughlin accused Old Orchard Beach, Maine, of showing "reckless reliance" on the E-Verify program when it hired Jamaica national Jon Luke Evans, who has since agreed to leave the country. But experts say there are few other options.

WORDS: 1230 - MOVED: 08/29/2025 7:17 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:9303ab3ab07041def46373d9f0d927eb&mediaType=text

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US--FIREFIGHTERS-TOXIC GEAR-PFAS

Fire departments concerned about cancer risks are buying gear that is free of forever chemicals

SUMMARY: Fire departments are increasingly switching to gear that doesn't contain potentially cancer-causing chemicals. The department in East Providence, Rhode Island, is the first in the country to replace all its gear with coats and pants that don't contain PFAS, or perfluoroalkyl and polyfluoroalkyl substances. Known as forever chemicals because of how long they remain in the environment, PFAS has been linked to increased risk of certain cancers, cardiovascular disease and babies born with low birth weights. The shift comes amid a flurry of lawsuits against gear manufacturers as well as the makers of PFAS chemicals. But switching isn't always easy: Companies don't list chemicals in gear, so departments are in the dark as to whether their choice is truly safer.

WORDS: 1248 - MOVED: 08/29/2025 6:18 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:4c980326a06798eadd4f4cf583973e56&mediaType=text

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US--ELECTRIC VEHICLES-ROAD USER FEE

Oregon could join Hawaii in mandating pay-per-mile fees for EV owners as gas tax projections fall

SUMMARY: Oregon lawmakers are considering a proposal that would make the state the second in the nation to require electric vehicle owners to enroll in a pay-per-mile program. The measure is part of a larger transportation funding package that lawmakers will consider during a special session that starts Friday. States are facing transportation budget shortfalls partly stemming from projected declines in gas tax revenues as more people adopt fuel-efficient and electric cars. Under Oregon's proposal, EV drivers would pay a fee based on distance traveled or pay an annual fee. In 2023, Hawaii became the first state to create a mandatory road usage charge for EVs.

WORDS: 736 - MOVED: 08/29/2025 12:06 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:ceb4872e2d2e35f252fb3e27f5bd1f71&mediaType=text

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