U.S. stocks are drifting lower as momentum wanes from a big rally that had brought the market to the brink of a record. The S&P 500 fell 0.3% in early trading Thursday. The Dow Jones Industrial Average was down 238 points, or 0.6%. The Nasdaq composite lost 0.2%. Treasury yields fell in the bond market after a report on inflation in wholesale prices came in milder than expected. Boeing's stock fell after one of the company's jets crashed in India with more than 240 people aboard. Business software maker Oracle rose sharply after reporting results that came in well ahead of forecasts.

THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below.

The dollar slid one percent against the euro Thursday after U.S. President Donald Trump threatened unilateral tariff rates on partners in the coming weeks, reigniting trade war fears.

Following the greenback's decline, one euro was worth $1.1597, while the U.S. currency dropped also against the British pound and Swiss franc.

Google has offered buyouts to staff in several divisions in a fresh round of cost cutting, according to a company statement and reports from several news outlets.

It's not clear how many employees are affected, but the offers were made to staff in Google's search, advertising, research and engineering units, according to The Wall Street Journal.

President Donald Trump is looking to cancel $9.4 billion in spending already approved by Congress. That's just a sliver of the $1.7 trillion that lawmakers OK'd for the budget year ending Sept. 30.

The package of 21 budget rescissions will have to be approved by both chambers of Congress for the cuts to take place, beginning with a House vote expected Thursday. Otherwise, the spending remains in place.

.S. inflation picked up a bit last month as food costs rose, though overall inflation remained mostly tame.

Consumer prices increased 2.4% in May compared with a year ago, according to a Labor Department report released Wednesday. That is up from a 2.3% yearly increase in April. Excluding the volatile food and energy categories, core prices rose 2.8% for the third straight month. Economists pay close attention to core prices because they generally provide a better sense of where inflation is headed.

President Donald Trump announced Wednesday that the United States will get magnets and rare earth minerals from China under a new trade deal and that tariffs on Chinese goods will rise to 55%.

In return, Trump said, the U.S. will provide China "what was agreed to," including allowing Chinese students to attend American colleges and universities. The Republican president had recently begun to clamp down on the presence of Chinese nationals on U.S. college campuses.

Britain, Australia, Canada, New Zealand and Norway said Tuesday they have imposed sanctions on two far-right Israeli government ministers for allegedly "inciting extremist violence" against Palestinians in the Israeli-occupied West Bank.

The decision by Western governments friendly to Israel was a sharp rebuke of Israel's settlement policies in the West Bank and of settler violence, which has spiked since Hamas' Oct. 7, 2023, attack ignited the war in the Gaza Strip.

The U.S. Treasury Department on Tuesday imposed sanctions on a major Palestinian legal group for prisoners and detainees along with 4 other charitable entities across the Middle East, Africa and Europe, accusing them of supporting Hamas' military wing under the pretense of humanitarian aid in Gaza.

Those sanctioned include Addameer, a nongovernmental organization that was founded in 1991 and is based in the city of Ramallah in the Israeli-occupied West Bank.

The EU on Tuesday announced the removal of the United Arab Emirates from its money-laundering "high-risk" list but added Lebanon alongside nine other jurisdictions.

The European Commission said it added Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Namibia, Nepal and Venezuela, along with Monaco, to the list of countries that need extra monitoring of their money laundering controls.

Early trading on Wall Street is thin with all eyes on China-U.S. trade talks in London that could have a huge impact on the global economy.

Futures for the S&P 500 and the Nasdaq each inched up 0.1% before the bell Tuesday, while futures for the Dow Jones Industrial Average were essentially flat.