Global selloff in stocks as bond market enters ‘new era’ of risk

Good morning. On Fortune’s radar today:

The high price of war.

Could Iran tank the market?

Stocks down as bond yields enter “new era.”

AI models often don’t know what time it is.

What if “temporary” inflation is permanent?

63% of religious books on Amazon are AI slop, a study finds.

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The price of war: $33 billion and climbing

The war with Iran cost U.S. taxpayers $33.4 billion through June, according to a new report from the Pentagon’s Lead Inspector General. “Iranian strikes damaged and destroyed hundreds of buildings and structures at U.S. bases in Kuwait, Bahrain, Qatar, UAE, Saudi Arabia, Iraq, Oman, and Jordan during the conflict,” the report states. “In addition, dozens of U.S. aircraft were destroyed or damaged during OEF [Operation Epic Fury].” The conflict also “resulted in strategic inventory shortfalls [of weapons] and revealed industrial base bottlenecks for munitions resupply,” it said. Fourteen members of the U.S. armed forces have lost their lives in the conflict.

Posting on Truth Social, President Donald Trump said: “I’ve just received a Report that the United States is producing more Exquisite and Elite Weapons than at any time in our History. They are being delivered on a daily basis to our Forces in the Middle East, and beyond. Our Defense Company Factories are moving 24/7.”

He also blamed former President Joe Biden for the high price of oil and said Iran “wants to make a deal, quickly and badly.”

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Trump’s war in Iran could crash the stock market, some analysts fear

Some Wall Street analysts are wondering whether the war with Iran could tank the stock market. Here’s how that logic........

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