Congressman's daughter defeats Gen Z activist in Arizona primary: 3 takeaways
The former Pima County supervisor begins as the favorite in September's special election to succeed the liberal stalwart Raúl Grijalva, who died of complications from lung cancer earlier this year at age 77. Adelita Grijalva, 54, bested four other contenders, the Associated Press reported, including 25-year-old Gen Z content creator Deja Foxx, who ran on a platform of generational change and challenging the old guard.
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Yahoo
23 minutes ago
- Yahoo
Markets Jitter as Trump Weighs Unprecedented Fed Shakeup
Trump quietly floated the idea of firing Fed Chair Jerome Powell to a handful of Republican lawmakersand they told him they'd back it. News of the draft ouster letter sent Wall Street wobbling, with stocks slipping and the dollar dipping. The meeting came after those same lawmakers had stalled crypto bills. Trump even shared a mock?up dismissal letter, and though aides say no decision is locked in, whispers of an executive order this week have everyone on edge. If the president removes a Fed chair over policy disagreements, it would upend decades of central?bank independence and risk shaking market confidence in rate?setting. Powell and Fed officials are pushing back hard, and some House members plan to meet with him tonight to reinforce the bank's autonomy. Now, investors and policymakers alike are holding their breath to see if this threat fades or becomes realityand how markets will react either way. Investors would want to keep an eye on the S&P 500 (SPX), Nasdaq Composite (IXIC), Dow Jones Industrial Average (DJI) and the U.S. Dollar Index (DXY) This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq rise as Trump says 'not planning' to fire Powell
US stocks recovered from session lows Wednesday after President Trump said he's "not planning" to fire Fed Chair Jerome Powell despite new reports emerging suggesting he was close to making that decision. The S&P 500 (^GSPC) rose about 0.4%, while the Dow Jones Industrial Average (^DJI) climbed 0.5%. The tech-heavy Nasdaq (^IXIC) rose 0.3%. Bloomberg reported Wednesday, citing a White House official, that Trump was considering firing Powell "soon." But Trump subsequently said in the Oval Office that he wasn't "planning" to do so, despite going on a rant at the Fed chair not lowering interest rates at his preferred pace. "No, we're not planning on doing anything," he told reporters, but added, "We're very concerned." "He's doing a lousy job, but no, I'm not talking about that. Fortunately, we get to make a change in the next eight months or so, and we'll pick somebody that's good," Trump said. Trump also confirmed a report that said he had asked a meeting of Republican lawmakers late Tuesday whether he should fire the chair. He said most of the lawmakers said he should do it. He denied a different report that said he had drafted a letter to fire Powell. Stocks opened Wednesday's session mixed as Wall Street weighed a surprise inflation print and scoured the latest batch of earnings for signs that corporate America is weathering the tariff turmoil. Solid earnings from Bank of America (BAC) and Johnson & Johnson (JNJ) helped ease some Wall Street worry about Trump's cycle of escalating tariff threats. BofA's trading desks benefited from trade policy-driven market gyrations, as did those at fellow banks Morgan Stanley (MS) and Goldman Sachs (GS). Read more: Full earnings coverage in our live blog At the same time, markets took in a wholesale inflation checkup on Wednesday that provided better news on price pressures. The Producer Price Index print for June came in unchanged on a monthly basis and rose 2.3% year over year, below estimates. The release came after the latest Consumer Price Index reading spurred traders to pare bets on Federal Reserve interest rate cuts. Tuesday's CPI report showed inflation accelerated in June. It rose at its fastest year-over-year clip since February, with signs of tariff-driven inflation starting to show up in the data. Read more: The latest on Trump's tariffs Trump's NHTSA nominee could step up pressure on Tesla, Waymo President Trump's nominee to run the country's top auto safety agency may bring more scrutiny to technologies like autonomous driving and robotaxis, putting pressure on companies like Tesla (TSLA) and Alphabet's (GOOG) Waymo, Yahoo Finance's Pras Subramanian reports. Subramanian writes: Read the full story here. Rigetti stock soars after unveiling multi-chip quantum computer Rigetti Computing (RGTI) stock climbed nearly 29% Wednesday after the company announced that it built the largest multi-chip quantum computer to date, with half the error rate of its prior, single-chip computer. Shares of Rigetti are up nearly 1,200% since last year, mirroring gains from fellow quantum computing stock D-Wave (QBTS). Meanwhile, IonQ (IONQ) is up roughly 380% over the past year. The latter two rose 2% and 3.8% Wednesday, respectively. Big Tech has unveiled several quantum breakthroughs this year. IBM (IBM) in June said it is building the world's first large-scale quantum computer capable of operating without errors. The computer, called Starling, is set to launch by 2029. Microsoft (MSFT) and Amazon (AMZN) unveiled new quantum computing chips in February. Google (GOOG) released a quantum computing chip called Willow in December, saying the technology "paves the way to a useful, large-scale quantum computer." Stocks endured a wild ride in the second quarter. It was great news for big banks. The second quarter of 2025 was a great time to be a stock trader at one of the country's major banks, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Nvidia, Meta, Google, Microsoft, and other giant tech stocks have one important challenge coming up Large-cap tech stocks will likely soon be forced to meet the moment, Yahoo Finance's Brian Sozzi reports. Sozzi writes: Read the full story here. The bond market is on edge as Trump's threat to fire Powell resurfaces The bond market remains on edge after multiple outlets reported that President Trump was seriously considering firing Federal Reserve Chair Jerome Powell, Yahoo Finance's Allie Canal reports — only for the president to downplay the possibility as stocks fell and Treasury yields jumped. Canal writes: Read the full story here. Bitcoin, crypto stocks rise on renewed optimism for stablecoin legislation Bitcoin (BTC-USD) and crypto stocks bounced back Wednesday as optimism rose over the fate of three cryptocurrency bills that were snagged in the House of Representatives Tuesday. On Wednesday, Republican representative and Financial Services Committee Chairman French Hill told CNBC that the House has the necessary votes to pass the three crypto bills: the CLARITY Act, a market framework bill; the GENIUS Act, tied to stablecoin regulation; and the Anti-CBDC Surveillance State Act, which bans the Federal Reserve from issuing a central bank digital currency directly to individuals. Shares of stablecoin issuer Circle (CRCL) rose nearly 14%, while crypto exchange Coinbase (COIN) saw its stock rise 2.6%. Robinhood (HOOD) rose 3.5%, and Strategy (MSTR) climbed 2.6%. Bitcoin rose 1.4% to nearly $119,000 after hitting a high above $120,000 earlier in the week. Hill's comments came after President Trump said on Truth Social late Tuesday that the GENIUS Act has the support necessary for passage. "I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule," Trump wrote late Tuesday on Truth Social. Trump: Powell does a 'terrible job,' but says 'not talking about' firing Fed chair Just moments after reporting from multiple outlets suggested President Trump was moving closer to firing Federal Reserve Chair Jerome Powell, Trump said he's "not talking about" firing Powell. Speaking to reporters in the Oval Office, Trump was asked about whether he'd try to remove Powell and while he reiterated his view Powell is not doing a good job and should be lowering rates, he's not considering firing the Fed chair, noting that his term is up in May. In response, stocks moved off session lows and were trading little-changed. Dollar crushed as Trump appears to move closer to firing Powell The drumbeat that President Trump will fire Fed Chair Jerome Powell got louder Wednesday, with reporting from CBS News, Bloomberg, CNBC, and The New York Times all adding to the sense that Trump is getting closer to making the unprecedented move. Stocks were lower following the news, but the biggest move in markets was coming from the foreign exchange market, where the dollar was getting crushed against other major currencies. The dollar quickly fell as much as 1% against the Japanese yen, lost about 0.7% against the euro, and fell about 0.5% against the British pound. The dollar index fell about 0.7%. Trump has for some time complained about Powell's lack of aggressive rate cuts this year, saying the Fed chair is "too late," among other barbs. And while the spat between Trump and Powell — who was named Fed chair by Trump during his first term in office — has now spanned multiple administrations, some on Wall Street also see Trump's desire to cut Powell as coming back to aiding his key economic agenda: tariffs. "There is method to President Donald Trump's madness regarding Fed Chair Jerome Powell," Ed Yardeni of Yardeni Research wrote in a note to clients on July 1. "Trump has been hammering Powell almost daily recently because doing so is very effectively hammering the foreign-exchange value of the dollar. Trump wants a weaker dollar to boost US exports and depress US imports. He has said that he favored a weaker dollar many times in the past, but now he has found a way to achieve that: by beating up on Powell." As for whether Trump will be able to fire Powell, the Supreme Court in May issued a ruling that walled off the Federal Reserve from other independent agencies that had their leaders removed by Trump. Stocks sink as Trump moves to fire Powell President Trump asked Republican members of the House of Representatives if he should fire Fed Chair Jerome Powell in the Oval Office on Tuesday night, CBS News reported Wednesday, citing unnamed sources. The New York Times reported that Trump had showed off a draft of a letter firing Powell during the meeting. The Republican representatives voiced approval for such a move, CBS reported. Shortly after the CBS report, Bloomberg reported that Trump is likely to fire Powell soon, citing a White House official. All three major indexes fell after the news to touch lows for the day. The S&P 500 (^GSPC) fell 0.45%, while the Dow Jones Industrial Average (^DJI) fell 0.3%. The Nasdaq Composite (^IXIC) dropped nearly 0.6%. The US Dollar DXY ( fell roughly 0.9% following the news. Meanwhile, bets on Fed rate cuts rose from earlier in the day after weaker-than-expected inflation data out earlier Wednesday morning. As of late Wednesday morning, traders saw a more than 70% chance of the Fed cutting rates in September, versus roughly 56% earlier in the day, according to CME Group. Expectations for Fed rate cuts in September are falling Investor speculation that the Fed will hold rates steady not just this month but also in September is growing. According to the CME Group, traders are pricing in a 44% chance that the Fed will not cut rates in September, up from 30% last week. Investors see a more than 54% probability of a 25 basis point cut in September, down from roughly 66% last week. And traders are betting that there's a slim 1.4% chance that the central bank will cut rates by 50 basis points, down from 4.2% last week. Johnson & Johnson stock climbs after earnings beat Johnson & Johnson (JNJ) stock climbed nearly 5% Wednesday after the drugmaker's latest earnings results topped expectations and the company raised its financial outlook for the year. The pharma giant reported revenues of $23.7 billion, higher than the $22.8 billion expected by Wall Street analysts. Earnings per share came in at $2.77, compared to the $2.66 projected, Yahoo Finance's Anjalee Khemlani reports. The company also raised its revenue guidance for the year to a range between $93.2 billion and $93.6 billion, up from its prior range of $91 billion to $91.8 billion. J&J lifted full-year earnings per share guidance by $0.25 to $10.85. Khemlani writes: Read more about J&J's latest earnings results here. US stocks edge up at the open US stocks inched higher Wednesday morning as investors digested another round of corporate earnings results and a wholesale inflation checkup. The Dow Jones Industrial Average (^DJI) rose about 0.3% after shedding over 400 points on Tuesday, while the S&P 500 (^GSPC) was up nearly 0.2%. The tech-heavy Nasdaq Composite (^IXIC) was just above the flat line after notching a fresh record Tuesday as AI chipmaker Nvidia (NVDA) hit a new high. Shares of Johnson & Johnson (JNJ), Bank of America (BAC), and Goldman Sachs (GS) rose after reporting solid earnings results, while Morgan Stanley (MS) stock fell despite the bank's own earnings report topping Wall Street's projections. Trending tickers: J&J, ASML, Goldman Sachs, SharpLink Gaming Here's a look a the top trending tickers in premarket trading as earnings season kicks off: Read more live coverage of earnings season here. Wholesale prices increase less than expected in June Wholesale prices rose less than expected in June. Wednesday's report from the Bureau of Labor Statistics showed that its producer price index (PPI) — which tracks the price changes companies see — rose 2.3% from the year prior, below the 2.7% seen in May and lower than the 2.5% increase economists had projected. On a monthly basis, prices were flat. Economists had expected 0.2% increase. Excluding food and energy, "core" prices rose 2.6% year over year, below the 3.2% gain seen in May. Economists had expected an increase of 2.7%. Meanwhile, month-over-month core prices were flat below the 0.2% increase economists had expected and the 0.3% gain seen last month. The report follows Tuesday's Consumer Price Index (CPI) report which showed core price increases accelerated to 2.9% in June. Goldman stock gains as trading and dealmaking boosts profits Shares of Goldman Sachs (GS), JPMorgan Chase (JPM), and Citigroup (C) were moving higher in premarket trading on Wednesday after the Wall Street firms reported higher dealmaking and trading revenue this week to kick off earnings season. Yahoo Finance's David Hollerith reports: Read more here. Markets are now ho-hum about tariff threats. Trump and Wall Street disagree about why. Yahoo Finance's Ben Werschkul reports: Read more here. Chip linchpin ASML warns on 2026 growth amid tariff headwinds ASML (ASML, shares slumped almost 8% in premarket trading after the chip industry linchpin said it may not achieve growth in 2026. The warning came even as the world's biggest supplier of chipmaking gear's second quarter bookings topped Wall Street estimates on Wednesday. Reuters reported: Read more here. Gold rises as trade war fears bolster haven asset Gold (GC=F) rose overnight Tuesday as a wave of tariff updates did little to appease flighty investors looking for safe investments. With multiple rocky trade deals on the table, markets have pushed back into the valuable metal which has risen by over 25% this year so far. Bloomberg reports: Read more here. Trump order to open up private investment to retirement plans. President Trump is in the process of signing an executive order that will allow retirement plan providers to invest more heavily in private assets, according to those familiar with the matter. The order should take place within the next few days and will open up retirement plans to riskier investments. Reuters reports: Read more here. Trump's NHTSA nominee could step up pressure on Tesla, Waymo President Trump's nominee to run the country's top auto safety agency may bring more scrutiny to technologies like autonomous driving and robotaxis, putting pressure on companies like Tesla (TSLA) and Alphabet's (GOOG) Waymo, Yahoo Finance's Pras Subramanian reports. Subramanian writes: Read the full story here. President Trump's nominee to run the country's top auto safety agency may bring more scrutiny to technologies like autonomous driving and robotaxis, putting pressure on companies like Tesla (TSLA) and Alphabet's (GOOG) Waymo, Yahoo Finance's Pras Subramanian reports. Subramanian writes: Read the full story here. Rigetti stock soars after unveiling multi-chip quantum computer Rigetti Computing (RGTI) stock climbed nearly 29% Wednesday after the company announced that it built the largest multi-chip quantum computer to date, with half the error rate of its prior, single-chip computer. Shares of Rigetti are up nearly 1,200% since last year, mirroring gains from fellow quantum computing stock D-Wave (QBTS). Meanwhile, IonQ (IONQ) is up roughly 380% over the past year. The latter two rose 2% and 3.8% Wednesday, respectively. Big Tech has unveiled several quantum breakthroughs this year. IBM (IBM) in June said it is building the world's first large-scale quantum computer capable of operating without errors. The computer, called Starling, is set to launch by 2029. Microsoft (MSFT) and Amazon (AMZN) unveiled new quantum computing chips in February. Google (GOOG) released a quantum computing chip called Willow in December, saying the technology "paves the way to a useful, large-scale quantum computer." Rigetti Computing (RGTI) stock climbed nearly 29% Wednesday after the company announced that it built the largest multi-chip quantum computer to date, with half the error rate of its prior, single-chip computer. Shares of Rigetti are up nearly 1,200% since last year, mirroring gains from fellow quantum computing stock D-Wave (QBTS). Meanwhile, IonQ (IONQ) is up roughly 380% over the past year. The latter two rose 2% and 3.8% Wednesday, respectively. Big Tech has unveiled several quantum breakthroughs this year. IBM (IBM) in June said it is building the world's first large-scale quantum computer capable of operating without errors. The computer, called Starling, is set to launch by 2029. Microsoft (MSFT) and Amazon (AMZN) unveiled new quantum computing chips in February. Google (GOOG) released a quantum computing chip called Willow in December, saying the technology "paves the way to a useful, large-scale quantum computer." Stocks endured a wild ride in the second quarter. It was great news for big banks. The second quarter of 2025 was a great time to be a stock trader at one of the country's major banks, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. The second quarter of 2025 was a great time to be a stock trader at one of the country's major banks, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Nvidia, Meta, Google, Microsoft, and other giant tech stocks have one important challenge coming up Large-cap tech stocks will likely soon be forced to meet the moment, Yahoo Finance's Brian Sozzi reports. Sozzi writes: Read the full story here. Large-cap tech stocks will likely soon be forced to meet the moment, Yahoo Finance's Brian Sozzi reports. Sozzi writes: Read the full story here. The bond market is on edge as Trump's threat to fire Powell resurfaces The bond market remains on edge after multiple outlets reported that President Trump was seriously considering firing Federal Reserve Chair Jerome Powell, Yahoo Finance's Allie Canal reports — only for the president to downplay the possibility as stocks fell and Treasury yields jumped. Canal writes: Read the full story here. The bond market remains on edge after multiple outlets reported that President Trump was seriously considering firing Federal Reserve Chair Jerome Powell, Yahoo Finance's Allie Canal reports — only for the president to downplay the possibility as stocks fell and Treasury yields jumped. Canal writes: Read the full story here. Bitcoin, crypto stocks rise on renewed optimism for stablecoin legislation Bitcoin (BTC-USD) and crypto stocks bounced back Wednesday as optimism rose over the fate of three cryptocurrency bills that were snagged in the House of Representatives Tuesday. On Wednesday, Republican representative and Financial Services Committee Chairman French Hill told CNBC that the House has the necessary votes to pass the three crypto bills: the CLARITY Act, a market framework bill; the GENIUS Act, tied to stablecoin regulation; and the Anti-CBDC Surveillance State Act, which bans the Federal Reserve from issuing a central bank digital currency directly to individuals. Shares of stablecoin issuer Circle (CRCL) rose nearly 14%, while crypto exchange Coinbase (COIN) saw its stock rise 2.6%. Robinhood (HOOD) rose 3.5%, and Strategy (MSTR) climbed 2.6%. Bitcoin rose 1.4% to nearly $119,000 after hitting a high above $120,000 earlier in the week. Hill's comments came after President Trump said on Truth Social late Tuesday that the GENIUS Act has the support necessary for passage. "I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule," Trump wrote late Tuesday on Truth Social. Bitcoin (BTC-USD) and crypto stocks bounced back Wednesday as optimism rose over the fate of three cryptocurrency bills that were snagged in the House of Representatives Tuesday. On Wednesday, Republican representative and Financial Services Committee Chairman French Hill told CNBC that the House has the necessary votes to pass the three crypto bills: the CLARITY Act, a market framework bill; the GENIUS Act, tied to stablecoin regulation; and the Anti-CBDC Surveillance State Act, which bans the Federal Reserve from issuing a central bank digital currency directly to individuals. Shares of stablecoin issuer Circle (CRCL) rose nearly 14%, while crypto exchange Coinbase (COIN) saw its stock rise 2.6%. Robinhood (HOOD) rose 3.5%, and Strategy (MSTR) climbed 2.6%. Bitcoin rose 1.4% to nearly $119,000 after hitting a high above $120,000 earlier in the week. Hill's comments came after President Trump said on Truth Social late Tuesday that the GENIUS Act has the support necessary for passage. "I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule," Trump wrote late Tuesday on Truth Social. Trump: Powell does a 'terrible job,' but says 'not talking about' firing Fed chair Just moments after reporting from multiple outlets suggested President Trump was moving closer to firing Federal Reserve Chair Jerome Powell, Trump said he's "not talking about" firing Powell. Speaking to reporters in the Oval Office, Trump was asked about whether he'd try to remove Powell and while he reiterated his view Powell is not doing a good job and should be lowering rates, he's not considering firing the Fed chair, noting that his term is up in May. In response, stocks moved off session lows and were trading little-changed. Just moments after reporting from multiple outlets suggested President Trump was moving closer to firing Federal Reserve Chair Jerome Powell, Trump said he's "not talking about" firing Powell. Speaking to reporters in the Oval Office, Trump was asked about whether he'd try to remove Powell and while he reiterated his view Powell is not doing a good job and should be lowering rates, he's not considering firing the Fed chair, noting that his term is up in May. In response, stocks moved off session lows and were trading little-changed. Dollar crushed as Trump appears to move closer to firing Powell The drumbeat that President Trump will fire Fed Chair Jerome Powell got louder Wednesday, with reporting from CBS News, Bloomberg, CNBC, and The New York Times all adding to the sense that Trump is getting closer to making the unprecedented move. Stocks were lower following the news, but the biggest move in markets was coming from the foreign exchange market, where the dollar was getting crushed against other major currencies. The dollar quickly fell as much as 1% against the Japanese yen, lost about 0.7% against the euro, and fell about 0.5% against the British pound. The dollar index fell about 0.7%. Trump has for some time complained about Powell's lack of aggressive rate cuts this year, saying the Fed chair is "too late," among other barbs. And while the spat between Trump and Powell — who was named Fed chair by Trump during his first term in office — has now spanned multiple administrations, some on Wall Street also see Trump's desire to cut Powell as coming back to aiding his key economic agenda: tariffs. "There is method to President Donald Trump's madness regarding Fed Chair Jerome Powell," Ed Yardeni of Yardeni Research wrote in a note to clients on July 1. "Trump has been hammering Powell almost daily recently because doing so is very effectively hammering the foreign-exchange value of the dollar. Trump wants a weaker dollar to boost US exports and depress US imports. He has said that he favored a weaker dollar many times in the past, but now he has found a way to achieve that: by beating up on Powell." As for whether Trump will be able to fire Powell, the Supreme Court in May issued a ruling that walled off the Federal Reserve from other independent agencies that had their leaders removed by Trump. The drumbeat that President Trump will fire Fed Chair Jerome Powell got louder Wednesday, with reporting from CBS News, Bloomberg, CNBC, and The New York Times all adding to the sense that Trump is getting closer to making the unprecedented move. Stocks were lower following the news, but the biggest move in markets was coming from the foreign exchange market, where the dollar was getting crushed against other major currencies. The dollar quickly fell as much as 1% against the Japanese yen, lost about 0.7% against the euro, and fell about 0.5% against the British pound. The dollar index fell about 0.7%. Trump has for some time complained about Powell's lack of aggressive rate cuts this year, saying the Fed chair is "too late," among other barbs. And while the spat between Trump and Powell — who was named Fed chair by Trump during his first term in office — has now spanned multiple administrations, some on Wall Street also see Trump's desire to cut Powell as coming back to aiding his key economic agenda: tariffs. "There is method to President Donald Trump's madness regarding Fed Chair Jerome Powell," Ed Yardeni of Yardeni Research wrote in a note to clients on July 1. "Trump has been hammering Powell almost daily recently because doing so is very effectively hammering the foreign-exchange value of the dollar. Trump wants a weaker dollar to boost US exports and depress US imports. He has said that he favored a weaker dollar many times in the past, but now he has found a way to achieve that: by beating up on Powell." As for whether Trump will be able to fire Powell, the Supreme Court in May issued a ruling that walled off the Federal Reserve from other independent agencies that had their leaders removed by Trump. Stocks sink as Trump moves to fire Powell President Trump asked Republican members of the House of Representatives if he should fire Fed Chair Jerome Powell in the Oval Office on Tuesday night, CBS News reported Wednesday, citing unnamed sources. The New York Times reported that Trump had showed off a draft of a letter firing Powell during the meeting. The Republican representatives voiced approval for such a move, CBS reported. Shortly after the CBS report, Bloomberg reported that Trump is likely to fire Powell soon, citing a White House official. All three major indexes fell after the news to touch lows for the day. The S&P 500 (^GSPC) fell 0.45%, while the Dow Jones Industrial Average (^DJI) fell 0.3%. The Nasdaq Composite (^IXIC) dropped nearly 0.6%. The US Dollar DXY ( fell roughly 0.9% following the news. Meanwhile, bets on Fed rate cuts rose from earlier in the day after weaker-than-expected inflation data out earlier Wednesday morning. As of late Wednesday morning, traders saw a more than 70% chance of the Fed cutting rates in September, versus roughly 56% earlier in the day, according to CME Group. President Trump asked Republican members of the House of Representatives if he should fire Fed Chair Jerome Powell in the Oval Office on Tuesday night, CBS News reported Wednesday, citing unnamed sources. The New York Times reported that Trump had showed off a draft of a letter firing Powell during the meeting. The Republican representatives voiced approval for such a move, CBS reported. Shortly after the CBS report, Bloomberg reported that Trump is likely to fire Powell soon, citing a White House official. All three major indexes fell after the news to touch lows for the day. The S&P 500 (^GSPC) fell 0.45%, while the Dow Jones Industrial Average (^DJI) fell 0.3%. The Nasdaq Composite (^IXIC) dropped nearly 0.6%. The US Dollar DXY ( fell roughly 0.9% following the news. Meanwhile, bets on Fed rate cuts rose from earlier in the day after weaker-than-expected inflation data out earlier Wednesday morning. As of late Wednesday morning, traders saw a more than 70% chance of the Fed cutting rates in September, versus roughly 56% earlier in the day, according to CME Group. Expectations for Fed rate cuts in September are falling Investor speculation that the Fed will hold rates steady not just this month but also in September is growing. According to the CME Group, traders are pricing in a 44% chance that the Fed will not cut rates in September, up from 30% last week. Investors see a more than 54% probability of a 25 basis point cut in September, down from roughly 66% last week. And traders are betting that there's a slim 1.4% chance that the central bank will cut rates by 50 basis points, down from 4.2% last week. Investor speculation that the Fed will hold rates steady not just this month but also in September is growing. According to the CME Group, traders are pricing in a 44% chance that the Fed will not cut rates in September, up from 30% last week. Investors see a more than 54% probability of a 25 basis point cut in September, down from roughly 66% last week. And traders are betting that there's a slim 1.4% chance that the central bank will cut rates by 50 basis points, down from 4.2% last week. Johnson & Johnson stock climbs after earnings beat Johnson & Johnson (JNJ) stock climbed nearly 5% Wednesday after the drugmaker's latest earnings results topped expectations and the company raised its financial outlook for the year. The pharma giant reported revenues of $23.7 billion, higher than the $22.8 billion expected by Wall Street analysts. Earnings per share came in at $2.77, compared to the $2.66 projected, Yahoo Finance's Anjalee Khemlani reports. The company also raised its revenue guidance for the year to a range between $93.2 billion and $93.6 billion, up from its prior range of $91 billion to $91.8 billion. J&J lifted full-year earnings per share guidance by $0.25 to $10.85. Khemlani writes: Read more about J&J's latest earnings results here. Johnson & Johnson (JNJ) stock climbed nearly 5% Wednesday after the drugmaker's latest earnings results topped expectations and the company raised its financial outlook for the year. The pharma giant reported revenues of $23.7 billion, higher than the $22.8 billion expected by Wall Street analysts. Earnings per share came in at $2.77, compared to the $2.66 projected, Yahoo Finance's Anjalee Khemlani reports. The company also raised its revenue guidance for the year to a range between $93.2 billion and $93.6 billion, up from its prior range of $91 billion to $91.8 billion. J&J lifted full-year earnings per share guidance by $0.25 to $10.85. Khemlani writes: Read more about J&J's latest earnings results here. US stocks edge up at the open US stocks inched higher Wednesday morning as investors digested another round of corporate earnings results and a wholesale inflation checkup. The Dow Jones Industrial Average (^DJI) rose about 0.3% after shedding over 400 points on Tuesday, while the S&P 500 (^GSPC) was up nearly 0.2%. The tech-heavy Nasdaq Composite (^IXIC) was just above the flat line after notching a fresh record Tuesday as AI chipmaker Nvidia (NVDA) hit a new high. Shares of Johnson & Johnson (JNJ), Bank of America (BAC), and Goldman Sachs (GS) rose after reporting solid earnings results, while Morgan Stanley (MS) stock fell despite the bank's own earnings report topping Wall Street's projections. US stocks inched higher Wednesday morning as investors digested another round of corporate earnings results and a wholesale inflation checkup. The Dow Jones Industrial Average (^DJI) rose about 0.3% after shedding over 400 points on Tuesday, while the S&P 500 (^GSPC) was up nearly 0.2%. The tech-heavy Nasdaq Composite (^IXIC) was just above the flat line after notching a fresh record Tuesday as AI chipmaker Nvidia (NVDA) hit a new high. Shares of Johnson & Johnson (JNJ), Bank of America (BAC), and Goldman Sachs (GS) rose after reporting solid earnings results, while Morgan Stanley (MS) stock fell despite the bank's own earnings report topping Wall Street's projections. Trending tickers: J&J, ASML, Goldman Sachs, SharpLink Gaming Here's a look a the top trending tickers in premarket trading as earnings season kicks off: Read more live coverage of earnings season here. Here's a look a the top trending tickers in premarket trading as earnings season kicks off: Read more live coverage of earnings season here. Wholesale prices increase less than expected in June Wholesale prices rose less than expected in June. Wednesday's report from the Bureau of Labor Statistics showed that its producer price index (PPI) — which tracks the price changes companies see — rose 2.3% from the year prior, below the 2.7% seen in May and lower than the 2.5% increase economists had projected. On a monthly basis, prices were flat. Economists had expected 0.2% increase. Excluding food and energy, "core" prices rose 2.6% year over year, below the 3.2% gain seen in May. Economists had expected an increase of 2.7%. Meanwhile, month-over-month core prices were flat below the 0.2% increase economists had expected and the 0.3% gain seen last month. The report follows Tuesday's Consumer Price Index (CPI) report which showed core price increases accelerated to 2.9% in June. Wholesale prices rose less than expected in June. Wednesday's report from the Bureau of Labor Statistics showed that its producer price index (PPI) — which tracks the price changes companies see — rose 2.3% from the year prior, below the 2.7% seen in May and lower than the 2.5% increase economists had projected. On a monthly basis, prices were flat. Economists had expected 0.2% increase. Excluding food and energy, "core" prices rose 2.6% year over year, below the 3.2% gain seen in May. Economists had expected an increase of 2.7%. Meanwhile, month-over-month core prices were flat below the 0.2% increase economists had expected and the 0.3% gain seen last month. The report follows Tuesday's Consumer Price Index (CPI) report which showed core price increases accelerated to 2.9% in June. Goldman stock gains as trading and dealmaking boosts profits Shares of Goldman Sachs (GS), JPMorgan Chase (JPM), and Citigroup (C) were moving higher in premarket trading on Wednesday after the Wall Street firms reported higher dealmaking and trading revenue this week to kick off earnings season. Yahoo Finance's David Hollerith reports: Read more here. Shares of Goldman Sachs (GS), JPMorgan Chase (JPM), and Citigroup (C) were moving higher in premarket trading on Wednesday after the Wall Street firms reported higher dealmaking and trading revenue this week to kick off earnings season. Yahoo Finance's David Hollerith reports: Read more here. Markets are now ho-hum about tariff threats. Trump and Wall Street disagree about why. Yahoo Finance's Ben Werschkul reports: Read more here. Yahoo Finance's Ben Werschkul reports: Read more here. Chip linchpin ASML warns on 2026 growth amid tariff headwinds ASML (ASML, shares slumped almost 8% in premarket trading after the chip industry linchpin said it may not achieve growth in 2026. The warning came even as the world's biggest supplier of chipmaking gear's second quarter bookings topped Wall Street estimates on Wednesday. Reuters reported: Read more here. ASML (ASML, shares slumped almost 8% in premarket trading after the chip industry linchpin said it may not achieve growth in 2026. The warning came even as the world's biggest supplier of chipmaking gear's second quarter bookings topped Wall Street estimates on Wednesday. Reuters reported: Read more here. Gold rises as trade war fears bolster haven asset Gold (GC=F) rose overnight Tuesday as a wave of tariff updates did little to appease flighty investors looking for safe investments. With multiple rocky trade deals on the table, markets have pushed back into the valuable metal which has risen by over 25% this year so far. Bloomberg reports: Read more here. Gold (GC=F) rose overnight Tuesday as a wave of tariff updates did little to appease flighty investors looking for safe investments. With multiple rocky trade deals on the table, markets have pushed back into the valuable metal which has risen by over 25% this year so far. Bloomberg reports: Read more here. Trump order to open up private investment to retirement plans. President Trump is in the process of signing an executive order that will allow retirement plan providers to invest more heavily in private assets, according to those familiar with the matter. The order should take place within the next few days and will open up retirement plans to riskier investments. Reuters reports: Read more here. President Trump is in the process of signing an executive order that will allow retirement plan providers to invest more heavily in private assets, according to those familiar with the matter. The order should take place within the next few days and will open up retirement plans to riskier investments. Reuters reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Gizmodo
24 minutes ago
- Gizmodo
The Big Beautiful Bill Is Bad for Americans' Health and Wallets, Study Finds
The 'Big Beautiful Bill' is now law, and it's poised to wreak plenty of destruction. Research out today finds that the policy changes will lead to thousands more deaths annually, as well as harm the financial health of rural hospitals. Epidemiologists at the University of California, San Francisco, and elsewhere conducted the study. They found the Medicaid cuts caused by the Big Beautiful Bill will cause many avoidable hospitalizations and deaths, put dozens of rural hospitals at high risk of closing, and ultimately leave a big dent in the U.S. economy as a whole. The findings are only the latest to highlight the likely damage from the Trump administration's now crowning achievement. 'This analysis suggests substantive negative health and economic impacts from provisions in the current Medicaid reform bill,' the authors wrote in their paper, published Wednesday in JAMA Health Forum. Elon Musk Rekindles Trump Criticism, Attacks 'Big, Beautiful Bill' The One Big Beautiful Bill Act—signed into law by President Donald Trump on July 4—extends the 2017 tax cuts passed during Trump's first term and enacts many of the administration's other priorities, including increased defense spending. It was crafted as a budget reconciliation bill, which allowed Republicans to pass it through the Senate with a simple majority. To offset some of its added expenditures, the bill includes provisions designed to trim spending across several programs, most notably Medicaid. These provisions include tighter restrictions on Medicaid eligibility, work requirements for non-disabled adults, and the delay of Biden-era regulations to simplify and expand Medicaid access. The Congressional Budget Office previously projected that these changes would reduce Medicaid spending by roughly $700 billion between 2026 and 2034 and cause 10.3 million people to leave Medicaid by 2034, including 7.6 million who would become uninsured entirely. To come up with their estimates, the study authors analyzed past research looking at the aftereffects of losing health care coverage on people, hospitals, and the economy. Under the CBO's projections of lost coverage, they estimated that nearly 95,000 more hospitalizations in the U.S. would occur annually by 2034, along with 1,500 excess deaths a year. 1.6 million people annually would also delay medical care due to cost, and nearly 2 million would fail to take their medications as instructed. The researchers further calculated the bill would cause many rural hospitals to lose revenue from losing patients covered by Medicaid and having to pay for uninsured patients instead. They estimated that 101 rural hospitals would be at high risk for closure by 2034. The losses in coverage were also estimated to result in 302,000 lost jobs annually by 2034, as well as $135.3 billion less money being pumped into the economy every year, including $11 billion lost in state and local taxes. These coverage losses could additionally generate $7.6 billion in medical debt by 2034. Trump's 'Big Beautiful Bill' Will Literally Kill, Study Warns Other studies have mapped out the health costs of the Big Beautiful Bill, but the study researchers say their analysis takes an even deeper look into the total fallout that will come from it. 'The study critically is peer-reviewed and uses evidence from multiple rigorous studies to create a hopefully more credible assessment of impact, specifically looking beyond coverage losses alone to other secondary impacts on healthcare entities and local economies,' lead author Sanjay Baju, an epidemiologist and physician at UCSF, told Gizmodo. Though the bill is now signed into law, there may yet be further changes made to Medicaid. But Baju and his colleagues don't expect any such changes to significantly alter their estimates. If anything, the numbers may be too rosy. It's possible that even more people will lose their Medicaid coverage, the researchers note, and they didn't analyze the impact of possible negative changes to Medicare that could also be set into motion by the bill. While these provisions aren't scheduled to come into effect for some time, some rural hospitals have already blamed the law for their closures. Baju says that it's still possible to mitigate at least some of the harms caused by the bill, such as through added private funding. But the reality of the situation is grim enough that even many of its supporters are scrambling to run damage control. Health and Human Secretary Robert F. Kennedy recently denied outright that the law will cause any Medicaid cuts, for instance, while Senator Josh Hawley (R-Montana) introduced legislation Tuesday to prevent the Medicaid changes he voted for.
