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President Donald Trump on Friday said he is not satisfied with a new offer from Iran to end a two-month-old war with the United States and Israel. “Iran wants to make a deal, but I’m not satisfied with it,” Trump told reporters at the White House. “Iran wants to make a deal because they have no military left.” Read more: cnb.cx/4cKEJWH

U.S. Attorney for the District of Columbia Jeanine Pirro may have suspended her criminal investigation into outgoing Federal Reserve Chair Jerome Powell, but she and her office remain at the center of the power struggle over the influential central bank. How she handles an imminent appeal will help determine the extent of President Donald Trump's influence on the Fed. Pirro has until Monday to appeal District of Columbia Chief Judge James Boasberg's rulings quashing her subpoenas to the Fed. What her office says in the filing will be critical in determining how long Powell stays on the Fed after his chairmanship ends, and therefore when Trump is able to appoint a new Fed governor to replace him. It could also determine whether the effective ceasefire between Trump and the Fed settles in, or if hostilities recommence, potentially unsettling markets.

Exxon Mobil CEO Darren Woods warned Friday that the market has not absorbed the full impact of the unprecedented oil supply disruption triggered by the Iran war and the closure of the Strait of Hormuz. The disruption has been mitigated by the large number of loaded oil tankers that were in transit during the first month of the war, Woods told investors on Exxon's first-quarter earnings call. Strategic petroleum reserves have also been released and commercial inventories drawn down, the CEO said. One of these supply sources will become exhausted as the conflict goes on, Woods said. Oil prices will then increase as the strait remains closed, he said.

President Donald Trump said Friday that his administration gave a "final" bailout proposal for Spirit Airlines as the budget carrier could be forced to liquidate without a lifeline. Talks with bondholders for a government bailout this week have not yet yielded a deal. The Trump administration last month had offered a $500 million loan that could have given the government up to a 90% stake in the Florida airline, according to people familiar with the matter who requested anonymity to speak about the discussions. "If we could do it, we'd do it, but only if it's a good deal this weekend, because they haven't gotten a deal looking at it," Trump said. "I said I'd like to save the jobs but we'll have an announcement, sometime today we gave them. We gave them a final proposal."

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President Donald Trump on Friday said he is not satisfied with a new offer from Iran to end a two-month-old war with the United States and Israel. "Iran wants to make a deal, but I'm not satisfied with it," Trump told reporters at the White House. "Iran wants to make a deal because they have no military left." Earlier Friday, Pakistani officials in Islamabad who have been involved in mediating peace talks between the U.S. and Iran confirmed to MS NOW that Iran sent them an updated proposal to end the war, which they had sent to American officials.

Apple shares jumped more than 4% on Thursday, headed for the sharpest rally since August, after the iPhone maker reported better-than-expected quarterly results and issued revenue guidance for the current period that sailed past analysts' estimates. CEO Tim Cook, who is preparing to step down in September after 15 years at the helm, touted the company's performance in the face of significant supply constraints due largely to the global memory crunch. The company said revenue in the fiscal third quarter, which ends in June, will increase between 14% and 17% from a year earlier, while analysts were projecting growth of 9.5%. Apple is seeing continued demand from the iPhone 17 family, which Cook called the "most popular lineup in our history," as well as for a number of Mac models.

From the rise of GLP-1 drugs to backlash against artificial ingredients, current wellness trends are fueling growth for Smoothie King. “There are significant industry tailwinds behind what we’re doing,” said Gavin Felder, the chain’s president and CFO. “What we’ve learned is people are a lot more conscious about what choices they’re making. A lot of people are focusing on protein now and on fiber and all those good things.” Founded more than 50 years ago, the privately held chain takes credit for inventing the word “smoothie” and popularizing the health drinks. CEO Wan Kim, previously a franchisee for the brand in South Korea, has owned Smoothie King since 2012. Last year, the company sold a minority stake to private equity firm Main Post Partners and said the deal would help Smoothie King accelerate growth and innovation. “If you start the clock [in 2012], we’ve been growing system sales at a compound rate of double digits since then,” said Felder, who joined the company two years ago after spending 16 years with KFC owner Yum Brands. Over the past five years, Smoothie King has grown its number of locations by about 23%, the company told CNBC. The chain’s system-wide sales have increased roughly 64% over that period. Read more here:

Most consumer spending is now being driven by high-income households, those earning more than $125,000 a year, according to a Friday blog post by the Federal Reserve Bank of New York. This dynamic is creating an increasingly K-shaped consumer economy, Jessica Dickler reports for CNBC. More borrowers have become either superprime, with a credit score of 780 or higher, or subprime, with a credit score below 600, according to the credit reporting bureau TransUnion. Those struggling to make ends meet often turn to credit cards to bridge the gap and the average credit card balance per consumer climbed 2.3% from a year earlier to $6,519, TransUnion found. “Everyone has seen the effects of inflation somewhat equally — nobody escaped it,” said Michele Raneri, TransUnion’s vice president and head of U.S. research and consulting. But when you factor in debt-to-income levels, “that’s where you see that lower-income consumers are hit more,” she added. Although consumer spending and credit card balances remain relatively healthy overall, “reliance on a single segment of the economy has important implications for spending growth and its fragility, as well as for economic vulnerability and policy,” the New York Fed researchers wrote. Read more about the bifurcated consumer economy below: https://lnkd.in/eXsvfuRT

The global memory crisis played an outsized role in tech earnings season, which hit an apex this week. Apple CEO Tim Cook warned it’s just the beginning. Read more: cnb.cx/3ODoH81