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After falsely blaming others for his policy of separating immigrant children from their parents, a practice that triggered a political firestorm and swift international condemnation, U.S. President Donald Trump retreated. His wife and daughter urged him to do so, he said. 

Here are today’s top stories

Trump still plans to prosecute immigrant parents and jail entire families on military bases. He also asked the Pentagon to build new prisons. The policy may be illegal under federal law.

The biggest U.S. shale patch will have to shut some of its wells within four months. It's not that there isn't any oil left—there just aren’t enough pipelines to get it to customers.

Disney is close to winning antitrust approval of its $71 billion purchase of 21st Century Fox’s entertainment assets, potentially knocking out rival suitor Comcast.

Why are gunmakers more interested in selling semi-automatic rifles, the kind regularly used in mass-shootings, than handguns? Because they make more money.

Star medical journalist and surgeon Atul Gawande was named head of a new health venture for Amazon, JPMorgan and Warren Buffett's Berkshire Hathaway.

Trade war with Canada. Trade war with China. Now trade war with Europe, as the European Union slates its retaliation against Trump's metal-import tariffs to begin June 22.

What's Joe Weisenthal thinking? The Bloomberg news director is mulling tension among experts about whether the jobless rate is well below what constitutes "full employment," and thus whether monetary tightening is needed to prevent inflation—or if the conventional wisdom is off.

What you’ll need to know tomorrow

What you’ll want to read tonight

Rolex finally makes an “affordable” watch. The GMT-Master II, which arrived this year at the Baselworld watch expo in Switzerland, is a new version of a colorful timepiece the company rolled out in 1959. This model is stainless steel, a tougher metal suited to rugged travel and retails for what Rolex considers wallet-friendly: $9,250.

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