The Headlines - Trump’s Scattershot Week, and a Stock Market Record

Episode Date: April 16, 2026

Plus, forget sneakers — Allbirds is going A.I. Here’s what we’re covering: Jesus Memes, Threats and a War in Iran: A Portrait of Trump Under Pressure, by Katie Rogers Trump’s Erratic Behavior and Extreme Comments Revive Mental Health Debate, by Peter Baker As War Chills Economy, Dubai’s Most Vulnerable Bear the Cost, by Raja Abdulrahim Stocks Hit Record High as Wall St. Looks Beyond War, by Joe Rennison 5 Takeaways From the Live Nation Antitrust Trial, by Ben Sisario Saudi Fund to Back Away From LIV Golf Under Mounting Financial Pressures, by Lauren Hirsch, Vivian Nereim and Alan Blinder Sneaker Company Allbirds Plans to Pivot to A.I. Yes, A.I., by Livia Albeck-Ripka Tune in every weekday morning, and tell us what you think at [e-mail]. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

From the New York Times, it's the headlines. I'm Tracy Mumford. Today's Thursday, April 16th. Here's what we're covering. Is this war over? I think it's close to over. I mean, I view it as very close to over. Over the course of 12 hours this week,

President Trump promised the war with Iran was ending soon. He doubled down on his fight with the Pope on social media. He threatened to fire the chair of the Federal Reserve, and he posted an image of himself receiving a hug from Jesus Christ, which was not his first Jesus meme of the week. On top of that, the White House revealed new renderings for the giant arch Trump wants to build outside of D.C. It's so tall at 250 feet that even the architectural expert who proposed it says it's way too much. For Trump, this stretch has been one of the most vivid examples of his scattershot, what will he do next approach?

When he's under pressure on an issue, in this case, the war in Iran that's taken longer than than he originally thought it would. Trump shifts public attention elsewhere. One of his former press secretaries from his first term, Stephanie Grisham, told the Times, quote, he'll double down, lie more, and say that everything's perfectly fine and great, and then do all his bonkers postings. But she added that this week, he's being erratic even for him. Inside the White House, some of Trump's current advisors have privately acknowledged that his attacks on the Pope were not productive, and they're hoping he, he can shift the attention to tax season, where many Americans may see bigger refunds under the tax cuts that Trump pushed.

The Republican Party more broadly is hoping for that, too. With the midterms coming up, they want to keep the focus on economic issues that they hope will play well with voters. Even before this week, some of Trump's recent extreme rhetoric, including threatening Iran that, quote, a whole civilization will die tonight, had revived questions about Trump's mental fitness. Some of his former allies have questioned whether he's grown increasingly unbalanced. And recently, one of his former White House lawyers, Thai Cobb, said Trump is, quote, clearly insane. In response to questions from the Times, a White House spokesman pointed to what he said was President Trump's sharpness and unmatched energy. In the Middle East. I've spent the last few weeks reporting from Dubai and the international airport. airport, which is normally one of the busiest airports in the world. When I flew in and out of there,

it was nearly empty. Even all restaurants and cafes were closed. Five-star hotel lobbies are nearly empty. Restaurants are struggling already. So you can definitely see the impact on the ground. My colleague Rajah Abdulrahim has been covering how Iran's retaliation against the U.S. and its allies has taken a toll on countries across the Persian Gulf. For example, since the conflict started, Iran has fired thousands of drones and missiles at the United Arab Emirates. While the country has largely fended off the attacks, they have shattered the sense of security there and undermined its reputation as a global tourism destination. Expatts have fled, people have canceled trips, and Rajah says that's dealt a huge blow to the millions of migrant workers in the UAE who are the backbone of the

hospitality sector. We talked to some people who had been put on forced leave initially for a month and now it's been extended. Some people have actually been repatriated home without pay. These are people who are living quite precarious financial lives anyways. They're often living paycheck to paycheck. They come to the UAE because they can make more money there. And across the board, they all send money home. I spoke to one woman.

She works at a clothing store in an outlet mall, and she's been so far put on six weeks of leave without pay. Luckily, her husband still works, but they also have a one-year-old back home in the Philippines. So she told me that she's doing manicures and pedicures for friends, trying to make a few dollars here and there. But already she and her husband have cut back on meals. They eat only one meal a day.

I talked to other workers as well, a man from Sri Lanka, who said that he'd basically cut out all meat and was living off of lentils and rice in order to send money back home to his three children and his wife and his in-laws in Sri Lanka. And so this is impacting not just them, but also their families back home. Now, three quick business updates.

First, with the S&P 500, 7,22 and change is a way. The S&P 500 hit a record high yesterday. It has erased all of the losses from when stocks plunged at the start of the war and then some. Investors seem to be optimistic that the White House's efforts to negotiate with Iran

could bring an end to the fighting soon. One analyst told the times that the market is, quote, assuming we have seen the worst of the conflict. Still, some market watchers are a little puzzled by the rally, since oil prices are at their highest level in decades, which is fed into rising inflation in the U.S., and warnings from economists about a possible global recession. Also, yesterday after a seven-week trial, a federal jury found that live nation, the concert giant that owns Ticketmaster, is a monopoly. It's been accused of stifling competition, threatening

venues and driving up ticket prices for millions of fans. The verdict is a major win for the dozens of states that brought the lawsuit, but music fans expecting an immediate change may be disappointed. It could still take months or even years for the judge in the case to decide on what penalties Live Nation will face. The most extreme option would be ordering the company to break up into smaller parts, but that hasn't happened in the U.S. in decades. And last update, the Times has learned that the Saudi sovereign wealth fund, which has poured tens of billions of dollars into projects around the world, is about to pull out of one of its most high-profile ventures, live golf, according to one person familiar with the plan. The League launched in 2022 and garnered tons of attention and controversy for using massive paydays to lure some of golf's biggest stars. But the sovereign wealth fund is now facing mounting financial pressures, after years of pouring money into a range of investments, including Uber and a Premier League soccer team, but also more struggling ventures like a vast sci-fi-inspired megacity they've been trying to build in the desert that's running over costs.

The oil-rich country announced a new strategy for its fund yesterday, saying it's now focused on the efficiency of its investments. And finally, they were a very big country announced a new strategy for its fund yesterday, saying it's now focused on the efficiency of its investments. look polished and chic while still feeling incredibly cozy. Remember Allbirds? There was that time when people were talking about wool sneakers. Cozy, sheep, shoe, soft. They were going to be the future. Tech bros love them for sure. Official shoe of the Bay Area. Bring a bell. Okay. So they've decided they're not a shoe company anymore. Instead, they're pivoting to AI. It's a dramatic, somewhat head-scratching turn for a company that's had a few rough years. At one point, all birds was valued at $4 billion.

But people's appetite for woolly footwear didn't last. Last month, the company agreed to sell all of its assets for 1% of that, about $40 million. And now it's dropping sneakers altogether and is going to be known as New Bird AI. It's the latest company to go all in on AI, though the other companies have generally had some connection to tech rather than shoes. One executive in the AI industry said at first the announcement seemed like an April Fool's joke, but that, quote, given the craziness of this industry right now, maybe we shouldn't be surprised. Those are the headlines. Today on the Daily, more on the confrontation between President Trump and the Pope.

You can listen to that in the New York Times app or wherever you get your podcasts. I'm Tracy Mumford. We'll be back tomorrow with the latest and the Friday News Quiz.