The New York Times

1. As Stockpiles Fall, U.S. Sells More Missiles Worth $17 Billion to Gulf Nations

   The United States and its partners have burned through an enormous amount of air defense missiles in the Iran war, and production is slow.

2. Court Rules Against Trump’s 10% Tariff

   Also, the U.S. and Iran exchange fire. Here’s the latest at the end of Thursday.

3. Trade Court Rules Trump’s 10% Global Tariff Is Illegal

   A panel of federal judges found that President Trump could not legally impose the tariff on most imports.

4. U.S. Debt Hits a Concerning Milestone, and Experts Say Trump’s Policies Could Worsen It

   The debt is outgrowing the size of America’s economy. The president’s policies could accelerate the country’s fiscal headaches, experts say, unless policymakers intervene.

5. Why Stocks and Bonds Are Responding Differently to the Iran War

   Stock investors are betting that companies will make enormous profits, despite the war. But investors in bonds, including U.S. Treasuries, have other concerns.