• Banks have been lifting the market higher today as investors anticipate higher interest rates. Wells Fargo, the nation’s largest mortgage lender, has been up by 2 percent while JPMorgan Chase and Bank of America each gained 1 percent. Investors believe banks will be able to raise interest rates on loans before too long.
  • Federal aviation officials estimate there will be 600,000 commercial drone aircraft operating in the U.S. within the year as the result of new safety rules that opened the skies to them today. Michael Huerta, head of the Federal Aviation Administration, said at a news conference that the rules governing the operation of small commercial drones are designed to protect safety without stifling innovation. Commercial operators initially complained that the new rules would be too rigid. The agency responded by creating a system to grant exemptions for companies that show they can operate safely.
  • Apple is expected to show off a new iPhone next week when the company holds its fall product launch event in San Francisco. The tech giant announced the date for the Sept. 7 launch by sending out invitations to technology journalists and industry analysts today. Apple didn’t provide any details, in keeping with its usual practice, but it traditionally announces one or two new iPhone models at its annual September event.
  • The Japanese air bag maker Takata says a truck carrying some of its inflators and a load of volatile ammonium nitrate crashed in southern Texas last week, killing a woman, destroying her home and injuring four others. Takata says the truck, operated by a subcontractor, crashed in the small town of Quemado near the Mexican border about 140 miles from San Antonio. The company says it sent people to the site and is helping authorities investigate the crash.
  • Foot Locker is reorganizing its stores to further highlight top brands. It’s designating areas to showcase trends and adding more displays of full sports gear to encourage broader shopping. The chain’s redesigned midtown Manhattan flagship store is set to reopen tomorrow. And larger areas will be devoted to brands such as Puma and Under Armour. Foot Locker chain is aiming to push annual sales to $10 billion through 2020 from last year’s $7.4 billion.