The U.S. launched a second consecutive night of strikes on Iranian air defense systems near the Strait of Hormuz, while Iran rejected a 15-point peace plan and demanded Lebanon be included in any ceasefire deal. May consumer prices rose 4.2 percent year-over-year, the fastest pace since early 2023, driven largely by surging energy costs from the conflict. SpaceX priced its IPO at a record $1.75 trillion valuation, and Congress passed the Secure America Act on immigration enforcement.