Stock futures dropped lower to start the second half of the year as investors brace for more market volatility. A key measure of inflation rose to 6.3% in May from a year earlier and consumer spending slowed in the same month as inflation continues to bite. Gas prices continue to pressure consumer spending even as pricing eases ahead of the Fourth of July weekend. State and local governments are hiking wages and adding incentives for potential employees as the Great Resignation drives away workers ahead of an expected recession. Fewer Americans filed for unemployment last week amid a strong job market despite rising job cuts in some sectors.

In one of its final rulings of the term, the Supreme Court ruled that the Environmental Protection Agency overstepped its authority in seeking to limit emissions from power plants, curtailing the agency’s ability to make policy decisions without congressional approval. The decision is expected to delay the U.S.’s transition to clean power. Local and state governments have accelerated their own efforts to combat climate change as action lags federally. National parks will bear the brunt of climate inaction as parks like Yellowstone, Glacier and Joshua Tree face climate shifts like extreme flooding, melting glaciers and intense heat.

Airbnb announced a permanent ban of parties at its properties worldwide after an initial temporary ban during the pandemic. Several shootings occurred at Airbnb parties in the U.S. over the past two years despite the ban, prompting the company to take a stronger stance to support communities, hosts and public health. Local policy reviews have outlined the negative impacts of short-term vacation rentals on communities as new policies and regulations stand to potentially interrupt Airbnb’s growth.

Game developer Unity is laying off hundreds of workers despite its CEO telling employees two weeks ago that the company was on solid financial footing. The round of layoffs follows another similar purge at Tesla, where 200 members of the autopilot team were let go earlier this week. A union contract covering 22,000 workers at nearly 30 U.S. West Coast ports expires late Friday, enhancing worries that the supply chain could be rocked again under a possible labor disruption. The unionization movement continues to ramp up in the U.S. as workers at a New Jersey Medieval Times dinner theater called to unionize the restaurant earlier this week.

Russia’s trial of Brittney Griner began Friday, where the WNBA star faces up to 10 years in prison on drug smuggling charges. Griner was arrested at a Moscow airport in February for possessing vape canisters with cannabis oil. Griner’s detainment has underscored tension in U.S.-Russian relations, and the court is expected to convict and sentence Griner in a move to force the Biden administration to negotiate for Griner’s freedom. Fewer than 1% of defendants in Russian criminal cases are acquitted, and acquittals can be overturned, unlike the U.S.

CONTENT FACTS.

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