Should You Trust ChatGPT With Your Money?
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US airlines deliver a warning to Washington that already high airfares will surge if the war in Iran doesn't end soon. Plus, a new rush into AI stocks pushes markets in the US and Asia to fresh records. And we'll look at what happens when ChatGPT manages your stock portfolio.
Two financial advisors I spoke with said, hey, this does get a passing grade. You know, this isn't exactly what I would say to investors, but this is not a bad starting framework in terms of a broad portfolio of diversified index funds.
It's Thursday, May 7th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. We are exclusively reporting that a spike in fuel prices is sparking concern among President Trump's advisers. More than eight in 10 Americans say that struggles at the gas pump are putting strain on their finances, according to a new poll by NPR, PBS and Marist, with 63 percent of Americans putting a great deal or a good amount of blame on Trump for the increase in gas prices. Well, the surge in fuel costs is hurting air travel, too. with former New Hampshire Governor Chris Sununu, who leads the industry group Airlines for America, among those who's warned Trump officials about rising airfares.
Here he was on Fox Business' Varney & Co. yesterday.
Jet fuel has more than doubled in price, right? And it stayed up there. Now, the airlines themselves are eating most of that cost. They will lose $10 to $12 billion this year because they're eating most of it.
U.S. domestic ticket prices surged 20% in March, and we understand that Sununu has argued that the war must come to a close soon or things will get worse.
And now, again, if we can get the straight open, it's all about the straight of our moves. If that opens up, you'll see that tick down. But it is a supply chain issue on the fuel side. So it will take a little while, right? They go up fast, they go down slow.
So what's the jet fuel price outlook? I asked Journal Energy Markets reporter Rebecca Fung.
What are the potential impacts of the war in Iran on U.S. airfares?
So the first thing to know about refined fuel is that the supply chain is really long. The crude oil sometimes comes from the Middle East Gulf and the crude oil needs to travel to Asia, which will take a few weeks to be refined there. Then the refined fuel, whether it's jet fuel or gasoline or diesel, will come back to Europe and other global markets. So in short, even if the strait is to completely open tomorrow, the whole process to get the refined fuel back will take a few weeks.
A Treasury Department spokesman pointed to recent comments from Secretary Scott Besant that the U.S. economy remains strong despite price increases. A judge has unsealed a purported suicide note from late sex offender Jeffrey Epstein. The handwritten note claims that investigators found nothing and stated, "...it is a treat to be able to choose one's time to say goodbye." The release of the note comes the same day as Commerce Secretary Howard Ludnick told a congressional panel that he had no relationship with Epstein and that a one-hour visit to Epstein's island in 2012 was a surprise during a family vacation. While Ludnick has said that he cut ties with Epstein years earlier, unsealed Justice Department files showed continued correspondence.
Testimony from billionaires Leon Black and Bill Gates is scheduled for next month. And we are exclusively reporting that Washington and Beijing are weighing formal talks to manage a potential AI arms race, focusing on risks like autonomous military systems and unpredictable models. Treasury Secretary Scott Besant is leading the U.S.
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