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British Prime Minister Kier Starmer fights for his job as a rebellion against him spills into markets.

Plus another midterm setback for Democrats.

And a new acronym makes the rounds on Wall Street, the so-called nacho trade.

The idea with not a chance where Moose opens is essentially this all-important waterway that we've all been watching so closely won't open until there's enough economic pain inflicted that there needs to be some sort of resolution to the conflict.

It's Tuesday, May 12th. I'm Luke Vargas for the Wall Street Journal, and here is the AM edition of What's News.

The top headlines and business stories moving your world today.

We begin in the UK where the pound is falling and borrowing costs have surged to their

highest level since 1998.

The turmoil in markets is being triggered by a political crisis as Prime Minister Kier-Starmur

faces rising pressure to step down after his Labor Party suffered one of its worst performances

ever in local elections last week. This morning, a cabinet member resigned, saying the country

faces enormous challenges and that Starmor cannot deliver the changes needed. Nearly one in five

labor lawmakers have made similar statements urging Starmor to quit. The U.S. Supreme Court has

greenlit Alabama's efforts to redraw its congressional map,

likely leading to the elimination of a majority black district currently held by a Democrat.

...