Alex Ossola

As you heard from Matt, it was a hawkish meeting, and investors took the emphasis on, quote, price stability as a sign that the Fed might soon raise interest rates.

The Nasdaq fell 1.3%, the S&P dropped 1.2%, and the Dow was off 1%.

Elon Musk's SpaceX lost nearly 5% today, its first drop since Friday's IPO.

In an exclusive interview with The Wall Street Journal, Apple CEO Tim Cook says the company plans to raise prices on its products to offset the surging costs of both memory and storage.

There's been big price jumps for those chips, which are needed in the AI data center build-out.

Cook said price increases were unavoidable, but he didn't say when the price changes would happen or how big they might be.

The journal used projections from research firm Tech Insights to calculate a price tag for the next iPhone.

It's the 18 Pro, and it could cost an estimated $1,300.

Reporter Rolf Winkler explains.

Rolf says this could affect Apple's bottom line.

We're likely to find out more about the exact price tag in September when the next iPhone is expected.

Other price increases, especially for Macs and iPads, could come sooner.

Coming up, lawyers for Luigi Mangione set a defense strategy for his state murder trial.

More on that, the Iran peace deal, and the next U.S.

intelligence chief after the break.

Senior U.S.

officials today read the text of the U.S.-Iran peace agreement to reporters.

It's expected to be signed later this week in Switzerland.

As we discussed earlier this week, it would lift the blockades around the Strait of Hormuz and lift U.S.

sanctions on Iran's oil sales, letting Iran start selling oil widely.