4PM ET 08/03/2026 Newscast

Summary

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Fox News Hourly Update – 4PM ET, August 3, 2026

Host: Jack Callahan, FOX News Podcasts

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Episode Overview

The August 3, 2026, Fox News Hourly Update provides a brisk, information-packed summary of major U.S. and global news developments. Top stories include high-stakes diplomatic moves on Iran, military procurement updates, the Senate Judiciary Committee’s confirmation process for Acting Attorney General Todd Blanche, new White House plans for advanced AI regulation, a devastating wildfire disaster in Washington State, political ethics news, legal action over federal access to welfare recipient data, and notable Wall Street gains.

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Main Discussion Points & Insights

1. Iran Nuclear Deal and U.S. Military Posture

Timestamps: 00:03–01:01

• President Trump’s Warning:
  President Trump issued a stark ultimatum to Iran regarding ongoing nuclear negotiations, emphasizing that this is their “last chance” for a deal to avoid increased U.S. military action.

  • Quote:

    “This is the last chance. This is not something that if it doesn't happen, this is the last chance for them to sign a good document.”
    — President Trump [00:13]

• Strait of Hormuz and Airstrikes:
  The president linked a potential agreement to the reopening of the key oil route at the Strait of Hormuz and the end of Iran’s nuclear ambitions. Recent U.S. airstrikes were called off at the request of Gulf allies.

• Military Procurement:
  The Pentagon has signed deals with Northrop Grumman and Lockheed Martin to boost missile system production (Patriot and Thaad), building on a recent contract for more Patriot missiles.

• Economic Impact:
  Crude oil prices dropped on hopes for Strait of Hormuz access, yet U.S. gas prices remain high ($4.09/gallon on average), prompting a presidential rebuke of oil company profits.

  • Quote:

    “When you look at one company where they made 12 times what they made the year before, they got to give some of that back to the public and they better cut the retail price.”
    — President Trump [01:01]

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2. Senate Judiciary Committee and DOJ “Weaponization Fund”

Timestamps: 01:10–01:54

• Nomination of Todd Blanche:
  The Committee is set to vote on Acting Attorney General Todd Blanche’s nomination. Republican Senators John Cornyn and Thom Tillis—previously holdouts—now support Blanche following assurances regarding the end of a controversial “weaponization fund.”

• Context:
  The $1.8 billion fund originated during the Biden Administration to compensate individuals claiming DOJ persecution. Blanche released documentation “beyond any doubt” asserting the fund no longer exists.

• Reporting:
  Fox’s Jared Halperin reports from the White House.

  • Quote:

    “…Blanche released a document ordering beyond any doubt that there is no fund.”
    — Fox News Correspondent [01:54]

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3. White House AI Testing Plans

Timestamps: 01:54–02:52

• Upcoming AI Model Testing:
  The Trump administration is finalizing an advanced testing regime for powerful AI systems, with formal details expected soon.
• Balance of Guardrails and Competition:
  President Trump seeks safeguards while cautioning against overregulation that could let the U.S. lose the AI race to China.
  • Quote:

    “…whoever loses the AI race will lose every race.”
    — President Trump (paraphrased by Darren Botello) [02:07]

• Intellectual Property and Cybersecurity Concerns:
  Lawmakers and tech executives met in D.C. over growing concerns about open-source AI models and risks of IP theft by China, along with cyberattack threats.
• Reporting:
  Darren Botello, FOX Business, summarizes industry and policy conversations.

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4. Wildfires in Washington State

Timestamps: 02:52–03:17

• Disaster Declaration Preparation:
  Governor Bob Ferguson is working toward a federal disaster declaration following widespread wildfires.
  • Quote:

    “My understanding is things are staged here, literally in Washington state already on many of the resources I’ve talked about. So it’s up to the federal government. But from President Trump to Secretary Mullen to FEMA, we’ve had only productive conversations.”
    — Gov. Bob Ferguson [03:05]

• Evacuations:
  Approximately 60,000 people have been displaced.

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5. House Censure and Legal Challenges to Welfare Data Access

Timestamps: 03:17–03:38

• Ethics Censure:
  The House Ethics Committee recommends censure for Rep. Chuck Edwards (R-NC) over inappropriate conduct with aides.

• TANF Data Access Court Challenge:
  More than 20 states plus D.C. are suing the Trump administration to prevent it from acquiring broad access to welfare recipient data, citing privacy and anti-fraud concerns.

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6. Wall Street Rally

Timestamps: 03:38–End

• Market Performance:
  The Dow Jones Industrial Average surged nearly 675 points, closing at a new record high.

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Notable Quotes & Moments

• President Trump’s Ultimatum on Iran:
  “This is the last chance. This is not something that if it doesn't happen, this is the last chance for them to sign a good document.” [00:13]

• On High Gas Prices and Oil Companies:
  “When you look at one company where they made 12 times what they made the year before, they got to give some of that back to the public and they better cut the retail price.” [01:01]

• White House View on AI Race:
  “…whoever loses the AI race will lose every race.” (as paraphrased by Darren Botello) [02:07]

• Governor Ferguson on Federal Disaster Preparations:
  “From President Trump to Secretary Mullen to FEMA, we’ve had only productive conversations.” [03:05]

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Important Timestamps

• [00:03] Iran nuclear talks, President Trump’s ultimatum
• [01:01] Trump on gas prices
• [01:10]–[01:54] DOJ weaponization fund and Todd Blanche’s confirmation status
• [01:54]–[02:52] AI policy, regulation, and U.S.–China competition
• [02:52]–[03:17] Washington state wildfire updates
• [03:17]–[03:38] House Ethics censure; TANF lawsuit
• [03:38]–End Wall Street highs

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Summary

This Fox News Hourly Update offers a rapid-fire briefing on high-level political, economic, and disaster response developments, with a focus on U.S. policy choices shaping both domestic and international affairs. The reporting is brisk, straightforward, and mirrors the news-driven, urgent tone typical of Fox’s hourly updates, highlighting the implications of executive decisions, legislative negotiations, tech policy, and looming crises.

Transcript

[Jack Callahan]

Now or never on Jack Callahan, Fox News. President Trump telling reporters in the Oval Office today Iran has one last chance to strike a deal to avoid an escalation of US Attacks.

[President Trump]

This is the last chance. This is not something that if it doesn't happen, this is the last chance for them to sign a good document,

[Jack Callahan]

a document the president says would open the Strait of Hormuz and lead to the end of Iran's nuclear ambitions. The president called off airstrikes against Iran over the weekend at the request of Gulf allies. The Pentagon is buying more military hardware, signing agreements with Northrop Grumman and Lockheed Martin to expand production of components for Patriot and Thaad missile systems. This just days after awarding Lockheed Martin a contract to make more Patriot missiles. Crude oil prices falling today on optimism over the Strait of Hormuz, but gas prices at the pump remain stagnant, averaging $4.09 a gallon nationally. The president's not happy with that.

[President Trump]

When you look at one company where they made 12 times what they made the year before, they got to give some of that back to the public and they better cut the retail price.

[Jack Callahan]

Senate Judiciary Committee scheduled to vote tomorrow on the nomination of Acting Attorney General Todd Blanch. Approval likely after an agreement with two GOP senators, Republicans John Cornyn and Thom

[Fox News Correspondent]

Tillis are now signaling support to confirm Acting Attorney General Todd Blanche later this week. The two were among holdouts demanding written commitments from the Justice Department to end a $1.8 billion weaponization fund created as part of a settlement between President Trump and the irs. The fund was intended to compensate individuals who believed they were unfairly targeted or prosecuted by the Justice Department during the Biden administration. Overnight, Blanche released a document ordering beyond any doubt that there is no fund.

[Jack Callahan]

Fox's Jared Halperin the White House. America is listening to Fox News. The Trump administration has finalized plans for advanced testing of AI models.

[Darren Botello]

We don't know the details yet, but we do know the White House plans to release a formal process this week for reviewing powerful new AI systems after the Trump administration met with AI leaders last week. We also know from President Trump's comments to reporters this past week he's looking into guardrails but doesn't want overregulation and to lose the AI race to China. He said whoever loses the AI race will lose every race. Then you had several AI executives on the Hill last week as well meeting with lawmakers about open way AI models where basically anyone could get access to the ingredients of the model. That brings up concerns of other countries like China stealing American intellectual property and possibly for a cyber attack. DARREN botello, FOX BUSINESS with hundreds of

[Jack Callahan]

homes and businesses now smoldering ash, Washington's governor Bob Ferguson says they are preparing a request for federal disaster declaration for the wildfires that have ravaged the state. He says that will start the flow of federal aid.

[Washington Governor Bob Ferguson]

My understanding is things are staged here, literally in Washington state already on many of the resources I've talked about. So it's up to the federal government. But from President Trump to Secretary Mullen to FEMA, we've had only productive conversations.

[Jack Callahan]

60,000 people have been forced to evacuate from their homes as the wildfires continue to burn. House Ethics Committee recommending the House censure Republican Congressman Chuck Edwards of North Carolina after finding he engaged in inappropriate conduct with two young female aides. More than 20 states and the District of Columbia have sued the Trump administration to block it from getting wide access to the personal information of millions of recipients of the Temporary Assistance for Needy Families program, which is among those under scrutiny from the Trump administration as potential sources of fraud. Wall street, the Dow Jones industrial average closing up nearly 675 points set a new high. I'm Jack Callahan. This is five.