High-speed train linking NYC to Los Angeles proposed ahead of FIFA World Cup
A proposal — dubbed 'The Transcontinental Chief' and pitched to Amtrak as well as President Trump and his secretary of transportation, Sean Duffy — would shoot riders between the country's two biggest cities in just 72 hours.
Delaware-based Ameristar Rail said it would use existing infrastructure owned by Amtrak and other regional rail lines passing through major cities like Kansas City, Chicago and Philadelphia rather than launch a massive and costly new public project.
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It would be funded by private investors — not taxpayers — and would carry vehicles as well as passengers, modeled after Europe's truck transport trains, Ameristar said.
A proposed high-speed rail line could soon connect Los Angeles to New York City in under 72 hours.
'The Transcontinental Chief will be a great opportunity for Amtrak to team up with the private sector to confront the challenges of its money-losing long-distance trains and create opportunities to usher in a profitable Golden Age of rail travel for passengers and truckers, with the ingenuity of free enterprise, as we celebrate our great nation's 250th birthday next year,' Scott Spencer, AmeriStarRail's chief operating officer, wrote in a letter to Amtrak, according to Newsweek.
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AmeriStarRail hopes to have it running by May 10, 2026 — in time for the FIFA World Cup, which is being hosted across North America, with the finals at MetLife Stadium in New Jersey.
The plan has been pitched to President Trump and Secretary of Transportation Sean Duffy, the paper reported.
The Trump administration has been notified of the proposal, which would utilize already-existing rail infrastructure.
muratart – stock.adobe.com
Ameristar leaders said taxpayers will not foot the project, which would be funded by private investors.
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'Subject to operating agreements with the host railroads (BNSF, Norfolk Southern and New Jersey Transit) the Transcontinental Chief can start operations on National Train Day, Sunday, May 10, 2026 to begin serving tourists for America 250 celebrations and the 2026 FIFA World Cup,' a spokesperson said.
'The Transcontinental Chief can be privately operated and funded, without new congressional legislation or additional federal spending.'
Amtrak has not yet responded to the proposal, according to Newsweek.
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31 minutes ago
- Yahoo
Dem report: China to seize global advantage from Trump international spending cuts
China will seize influence on the global stage as a result of the Trump administration's major cuts to international spending, according to a report published Monday by the Democratic staff on the Senate Foreign Relations Committee. Sen. Jeanne Shaheen (N.H.), the panel's top Democrat, commissioned the report as a wake-up call to her colleagues over the damage she says will be wrought by President Trump's policies six months into his term. The report comes as the Senate is considering a Trump administration rescissions package that would cut hundreds of billions in foreign funding. It also comes as Congress moves toward appropriations season; the House Appropriations Committee on Monday proposed a 22 percent funding cut for national security, Department of State, and related programs. 'I can't imagine that anybody who has a thoughtful strategy for how to address what's happening in the world would have done the kinds of actions this administration has done,' Shaheen said in a call Monday previewing the report. The report is based on open-source research, official staff travel, meetings with the Trump administration, foreign government officials, U.S. companies and international nongovernmental organizations. 'In private, our allies tell us that Chinese officials are gleeful, characterizing the United States as unreliable,' Shaheen wrote in the opening letter of the report. 'In some cases, China is filling the void we have left behind, buying up now-vacant radio frequencies to broadcast its propaganda to millions. But in many cases, Beijing is doubling down on its own long-term investments — in overseas infrastructure, critical minerals exploitation and exchange programs that bring foreign talent to Chinese universities — all while America withdraws.' The 91-page report covers cuts to foreign aid, economic assistance, democracy initiatives, free media and law enforcement. One case study includes U.S. budget cuts toward Africa and how they will impact efforts to develop the continent's exports of critical minerals. Trump has put a spotlight on Africa in the first six months of his term, brokering a peace agreement between the Democratic Republic of Congo and Rwanda that could provide access to that region's critical minerals; touting $2.5 billion in deals and commitments at the recent U.S.-Africa Business Summit in June; and hosting five West African leaders at the White House in July. But the Democratic report says the Trump administration's gutting of the U.S. Agency for International Development has disrupted tens of millions of dollars in funding for projects complementing the development of infrastructure surrounding critical mineral extraction. 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The MCC funds projects in poor but stable countries to help drive new investment opportunities for American businesses. While the MCC funds were reinstated, the initial pause 'delayed the launching, opening, evaluation and signing of bids for significant procurements,' the report notes. 'Following consultations with Indonesian counterparts, Senate Foreign Relations Committee Minority Staff also concluded that the pause has damaged America's standing and credibility with leadership in Jakarta,' the report read. Shaheen, a centrist Democrat who has worked with Republicans in the past, is using the report to push GOP colleagues to help reverse cuts or save bipartisan initiatives that are on the chopping block with the Trump administration's rescissions request. 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'I can't imagine that there's any serious strategy that eliminates that kind of international law enforcement activity if you're really serious about addressing what the PRC is doing,' Shaheen said, referring to the People's Republic of China (PRC). Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
34 minutes ago
- Yahoo
Stock market today: Nasdaq eyes record close as investors shake off tariff threats, bitcoin touches latest record
US stocks rose modestly on Monday as Wall Street braced for a turbulent week, as renewed trade tensions injected uncertainty ahead of a key inflation report and the first wave of second quarter earnings. The S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) drifted about 0.2% higher, while the tech-heavy Nasdaq Composite (^IXIC) added around 0.4%. Meanwhile, bitcoin (BTC-USD) spiked above $123,000 for the first time as investors greeted the open of Congress's "Crypto Week," but the asset dropped back near $120,000 later in the day. Stocks with crypto ties also rallied as the House of Representatives weighs three key pieces of crypto-related legislation. Earlier in the day, investors showed a diminished appetite for risk after President Trump said Saturday that the US will impose 30% tariffs on goods from the EU and Mexico from Aug. 1. The increased pressure on key US trading partners is testing the market's previous resilience in the face of escalating tariff tensions. 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On a "core" basis, which strips out volatile food and energy prices, the annual inflation rate for June is expected to come in at 2.9%, a slight pickup from May's 2.8%. Core prices are also projected to climb 0.3% month over month, outpacing the previous 0.1% rise seen in May. In May, falling car and apparel prices, categories seen as early indicators of tariff impacts, contributed to a cooler-than-expected core CPI reading. But economists expect those trends to reverse in June, potentially pushing core inflation higher. The report lands amid renewed trade tensions between the US and other countries. President Trump has unveiled new letters to over 20 countries outlining tariffs ranging from 20% to 50%, including a 35% duty on Canadian goods and 30% tariffs on imports from Mexico and the European Union. He has also floated sweeping 15% to 20% tariffs on most trading partners. The EU, in response, is scrambling to negotiate while preparing potential countermeasures. Read more here. 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Seven categories, including technology and semiconductors, have "more material risk," meaning that import exposure in that group from China is more than 15% of the global total of imports. In other words, tariffs on China would hurt sectors like the tech sector more than tariffs on nearly any other country listed in Wilson's work. "The more material trade-elated risk for equity indices would be if tariff rates on China were to increase materially from here," Wilson wrote. "China is significant not only because of the number of industries with tariff cost exposure, but also because of the market cap weighting of those industries, in aggregate." Yahoo Finance's Brooke DiPalma reports: Read more here. Meta (META) stock gained 1% after CEO Mark Zuckerberg announced on Monday that the company plans to build several data centers in the US. "Meta Superintelligence Labs will have industry-leading levels of compute and by far the greatest compute per researcher," Zuckerberg wrote in a post on Threads. The news followed several high-profile AI hires at Meta as the tech company looks to spend billions to advance its AI efforts and break free of its dependence on third-party companies. Yahoo Finance's Daniel Howley reports: Read more here. Procter & Gamble (PG) stock slipped about 2% on Monday after Evercore ISI analysts downgraded shares to In Line from Outperform, citing retail channel shifts and macro uncertainty. The analysts noted that P&G's sales growth could become capped as more consumers purchase household and personal care (HPC) items online with Amazon (AMZN) instead of at retailers like Walmart (WMT) and Costco (COST). "Our concern ... increasingly lies in adverse shifts in retail channels that challenge Procter's growth potential," the analysts wrote. "In the U.S., Amazon now accounts for 50% of all HPC growth, which creates a 2-point growth gap or one point globally relative to Procter's core retailers, mainly Walmart and Costco, where the firm remains competitively advantaged given scale and product superiority. A parallel shift to pure online in China compounds macro pressures and could delay a turnaround, in our view." Procter & Gamble's market share at Amazon is about one-third its share at Costco and Walmart, the analysts noted. They cut their price target on P&G stock to $170 from $190. Yahoo Finance's Jennifer Schonberger reports: Read more here. US stocks were little changed after President Trump floated secondary tariffs of up to 100% on Russia if the country does not make progress toward ending its war with Ukraine in 50 days. The S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) were roughly flat Monday afternoon, while the tech-heavy Nasdaq Composite (^IXIC) added about 0.2%. Per the FT: The tariffs Trump threatened would theoretically apply to the imports of countries that trade with Russia. Direct US trade with Russia has plummeted amid the war, but Russia still trades with many countries in Europe and Asia — most notably China. Yahoo Finance's Pras Subramanian reports: Read more here. Another Wall Street firm no longer sees the S&P 500 declining to finish the year. In a note to clients on Sunday, RBC Capital Markets boosted its year-end S&P 500 target to 6,250 from a prior target of 5,730. As RBC Capital Markets' Lori Calvasina noted, the adjustment comes amid the market's more than 25% bounce back from the April lows and essentially moves their target back to where it sat in mid-March before the bulk of the tariff turmoil began. "We feel neutral on the outlook for stocks in the 2nd half of 2025, and are mindful that our new price target is essentially in line with recent levels," Calvasina wrote. "We expect choppy conditions in the back half of the year, and swings in both directions." Calvasina noted that it's likely still "too early to stop worrying about tariff impacts" on corporate earnings and also highlighted a slowdown in recent momentum as reasons she remains cautious that the next major move for the benchmark index is higher. While Calvasina is at least the ninth strategist tracked by Yahoo Finance to recently raise their S&P 500 target from their April downward revision, she's also part of a growing list of those who aren't pounding the table for the rally to continue. Yardeni Research president Ed Yardeni, who maintains a 6,500 year-end target for the S&P 500, wrote in a note to clients on Sunday that the recent V-shape recovery in stocks could soon look more like a "square-root shaped pattern" where the rapid rise higher stalls out. Apple (AAPL) stock fell 1.2% in early trading on Monday as the iPhone maker faces pressure to shake up its artificial intelligence efforts and potentially acquire an established AI startup, such as Perplexity AI ( Bloomberg reports: Read more here. US stocks pulled back slightly on Monday as Wall Street braced for a turbulent week, with renewed trade tensions injecting uncertainty ahead of a key inflation report and the first wave of second-quarter earnings. The S&P 500 (^GSPC) was off about 0.1%, while the tech-heavy Nasdaq Composite (^IXIC) was roughly flat. The Dow Jones Industrial Average (^DJI) fell about 0.2%. Crypto stocks added to this year's gains on Monday as bitcoin (BTC-USD) surpassed $120,000 for the first time. The rally in crypto highlighted optimism in the sector as House lawmakers kicked off "Crypto Week," which is expected to result in new crypto-friendly stablecoin legislation. Coinbase (COIN), the largest crypto exchange, rose 1.6%, while Robinhood (HOOD) gained nearly 3%. Stablecoin issuer Circle (CRCL) added 0.5%. Strategy (MSTR) was up 2.8%. The Michael Saylor-led firm is one of the largest corporate holders of bitcoin through its bitcoin treasury. Bitcoin was trading just below $121,000 as of 9 a.m. ET. Here's a look at stocks moving ahead of the opening bell: Nio (NIO): US-listed shares of Nio jumped 5% in premarket trading after the Chinese EV maker unveiled its line of ONVO L90 SUVs, which will be launched at the end of July. Early pre-sales boosted optimism about the competitiveness of the seven-seater vehicle. Nebius Group (NBIS): Nebius stock soared more than 7% after Goldman Sachs initiated coverage with a Buy rating, citing the company's role in providing AI infrastructure. Tesla (TSLA): Tesla stock rose 1.3% ahead of a shareholder vote to determine whether to invest in CEO Elon Musk's xAI startup. 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"The Board's strategic review is underway, and we are considering a broad range of potential alternatives, including ways to simplify the company's portfolio and how it operates," board chair Larry Merlo said. Read more here. Stocks are on the back foot before the bell, but are still trading near record highs heading into a busy week of economic data and quarterly earnings reports. Yahoo Finance's Myles Udland lays out the highlights in what's coming this week: Read more here. Yahoo Finance UK's Lucy Harley-McKeown reports: The FTSE 100 (^FTSE) ticked higher and European stocks dropped on Monday morning, as traders digest the latest round of tariff threats by US President Donald Trump. The US and UK have already struck a partial trade deal, meaning tariff threats have less impact on the FTSE. Read more here. Reuters reports: Read more here. Bloomberg reports: Read more here. Gold (GC=F) rises with tariff threats from Trump driving investors toward the safe-haven commodity. Bloomberg reports: Read more here. June's Consumer Price Index (CPI) is expected to show prices rose at a faster clip compared to May. The report, due Tuesday at 8:30 a.m. ET, comes as investors closely monitor whether President Trump's tariffs are starting to filter through to what consumers pay, even as inflation data has so far remained more resilient than expected. According to Bloomberg data, headline CPI is expected to have increased 2.6% year over year in June, up from a 2.4% rise in May. On a monthly basis, prices are forecast to climb 0.3%, marking an acceleration from the 0.1% gain the prior month. On a "core" basis, which strips out volatile food and energy prices, the annual inflation rate for June is expected to come in at 2.9%, a slight pickup from May's 2.8%. Core prices are also projected to climb 0.3% month over month, outpacing the previous 0.1% rise seen in May. In May, falling car and apparel prices, categories seen as early indicators of tariff impacts, contributed to a cooler-than-expected core CPI reading. But economists expect those trends to reverse in June, potentially pushing core inflation higher. The report lands amid renewed trade tensions between the US and other countries. President Trump has unveiled new letters to over 20 countries outlining tariffs ranging from 20% to 50%, including a 35% duty on Canadian goods and 30% tariffs on imports from Mexico and the European Union. He has also floated sweeping 15% to 20% tariffs on most trading partners. The EU, in response, is scrambling to negotiate while preparing potential countermeasures. Read more here. The stock market continues to shake off President Trump's latest tariff threats. New letters from Trump over the weekend threatened 30% duties on goods from Mexico and the European Union. On Monday, he threatened 100% tariffs on Russia. Still, the S&P 500 (^GSPC) rose about 0.2% on Monday. Sure, perhaps part of this is the so-called TACO trade, a calling card for investors to stay invested because "Trump always chickens out" on his highest tariff threats. But Morgan Stanley chief investment officer Mike Wilson points out there's likely something more mathematical at play. The recent tariff announcements have said nothing about China, and as our Chart of the Day from Wilson shows, that's what matters to the widest array of industries. Wilson segmented various industries into different subsectors of exposure to tariffs. Seven categories, including technology and semiconductors, have "more material risk," meaning that import exposure in that group from China is more than 15% of the global total of imports. In other words, tariffs on China would hurt sectors like the tech sector more than tariffs on nearly any other country listed in Wilson's work. "The more material trade-elated risk for equity indices would be if tariff rates on China were to increase materially from here," Wilson wrote. "China is significant not only because of the number of industries with tariff cost exposure, but also because of the market cap weighting of those industries, in aggregate." Yahoo Finance's Brooke DiPalma reports: Read more here. Meta (META) stock gained 1% after CEO Mark Zuckerberg announced on Monday that the company plans to build several data centers in the US. "Meta Superintelligence Labs will have industry-leading levels of compute and by far the greatest compute per researcher," Zuckerberg wrote in a post on Threads. The news followed several high-profile AI hires at Meta as the tech company looks to spend billions to advance its AI efforts and break free of its dependence on third-party companies. Yahoo Finance's Daniel Howley reports: Read more here. Procter & Gamble (PG) stock slipped about 2% on Monday after Evercore ISI analysts downgraded shares to In Line from Outperform, citing retail channel shifts and macro uncertainty. The analysts noted that P&G's sales growth could become capped as more consumers purchase household and personal care (HPC) items online with Amazon (AMZN) instead of at retailers like Walmart (WMT) and Costco (COST). "Our concern ... increasingly lies in adverse shifts in retail channels that challenge Procter's growth potential," the analysts wrote. "In the U.S., Amazon now accounts for 50% of all HPC growth, which creates a 2-point growth gap or one point globally relative to Procter's core retailers, mainly Walmart and Costco, where the firm remains competitively advantaged given scale and product superiority. A parallel shift to pure online in China compounds macro pressures and could delay a turnaround, in our view." Procter & Gamble's market share at Amazon is about one-third its share at Costco and Walmart, the analysts noted. They cut their price target on P&G stock to $170 from $190. Yahoo Finance's Jennifer Schonberger reports: Read more here. US stocks were little changed after President Trump floated secondary tariffs of up to 100% on Russia if the country does not make progress toward ending its war with Ukraine in 50 days. The S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) were roughly flat Monday afternoon, while the tech-heavy Nasdaq Composite (^IXIC) added about 0.2%. Per the FT: The tariffs Trump threatened would theoretically apply to the imports of countries that trade with Russia. Direct US trade with Russia has plummeted amid the war, but Russia still trades with many countries in Europe and Asia — most notably China. Yahoo Finance's Pras Subramanian reports: Read more here. Another Wall Street firm no longer sees the S&P 500 declining to finish the year. In a note to clients on Sunday, RBC Capital Markets boosted its year-end S&P 500 target to 6,250 from a prior target of 5,730. As RBC Capital Markets' Lori Calvasina noted, the adjustment comes amid the market's more than 25% bounce back from the April lows and essentially moves their target back to where it sat in mid-March before the bulk of the tariff turmoil began. "We feel neutral on the outlook for stocks in the 2nd half of 2025, and are mindful that our new price target is essentially in line with recent levels," Calvasina wrote. "We expect choppy conditions in the back half of the year, and swings in both directions." Calvasina noted that it's likely still "too early to stop worrying about tariff impacts" on corporate earnings and also highlighted a slowdown in recent momentum as reasons she remains cautious that the next major move for the benchmark index is higher. While Calvasina is at least the ninth strategist tracked by Yahoo Finance to recently raise their S&P 500 target from their April downward revision, she's also part of a growing list of those who aren't pounding the table for the rally to continue. Yardeni Research president Ed Yardeni, who maintains a 6,500 year-end target for the S&P 500, wrote in a note to clients on Sunday that the recent V-shape recovery in stocks could soon look more like a "square-root shaped pattern" where the rapid rise higher stalls out. Apple (AAPL) stock fell 1.2% in early trading on Monday as the iPhone maker faces pressure to shake up its artificial intelligence efforts and potentially acquire an established AI startup, such as Perplexity AI ( Bloomberg reports: Read more here. US stocks pulled back slightly on Monday as Wall Street braced for a turbulent week, with renewed trade tensions injecting uncertainty ahead of a key inflation report and the first wave of second-quarter earnings. 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Here's a look at stocks moving ahead of the opening bell: Nio (NIO): US-listed shares of Nio jumped 5% in premarket trading after the Chinese EV maker unveiled its line of ONVO L90 SUVs, which will be launched at the end of July. Early pre-sales boosted optimism about the competitiveness of the seven-seater vehicle. Nebius Group (NBIS): Nebius stock soared more than 7% after Goldman Sachs initiated coverage with a Buy rating, citing the company's role in providing AI infrastructure. Tesla (TSLA): Tesla stock rose 1.3% ahead of a shareholder vote to determine whether to invest in CEO Elon Musk's xAI startup. Musk announced the vote after SpaceX reportedly agreed to invest $2 billion in xAI. Lionsgate (LION): Lionsgate shares surged 11% premarket on reports that Legendary Entertainment was considering taking over the film studio. Check out more trending tickers here. Wall Street's giant lenders are getting set to report their second quarter results this week, kicking off earnings season in earnest. What a difference a quarter makes for the mood surrounding the US's largest banks, Yahoo Finance's David Hollerith reports: Read more here. Kenvue (KVUE) stock rose 4% in premarket trading after the company said CEO and board member Thibaut Mongon stepped down as part of a strategic review. The Tylenol maker, which spun off from Johnson & Johnson (JNJ) in 2023, named company director Kirk Perry as interim chief executive, per Reuters. "The Board's strategic review is underway, and we are considering a broad range of potential alternatives, including ways to simplify the company's portfolio and how it operates," board chair Larry Merlo said. Read more here. Stocks are on the back foot before the bell, but are still trading near record highs heading into a busy week of economic data and quarterly earnings reports. Yahoo Finance's Myles Udland lays out the highlights in what's coming this week: Read more here. Yahoo Finance UK's Lucy Harley-McKeown reports: The FTSE 100 (^FTSE) ticked higher and European stocks dropped on Monday morning, as traders digest the latest round of tariff threats by US President Donald Trump. The US and UK have already struck a partial trade deal, meaning tariff threats have less impact on the FTSE. Read more here. Reuters reports: Read more here. Bloomberg reports: Read more here. Gold (GC=F) rises with tariff threats from Trump driving investors toward the safe-haven commodity. Bloomberg reports: Read more here. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
35 minutes ago
- Yahoo
President Trump Supports New Proposed Capital Gains Bill: It's a ‘Big Positive' for Homeowners
While speaking to reporters at Joint Base Andrews over the weekend, President Trump expressed support for a bill that would eliminate federal capital gains tax for homeowners. The bill was introduced last week by Republican Congresswoman Marjorie Taylor Greene, who called it a 'gift to the American people.' When asked about the legislation by a reporter after attending the 2025 Club World Cup match in East Rutherford, NJ, Trump agreed that reform was needed. 'We're looking at that,' Trump responded. 'It could be a very big positive. I think it's going to be a great incentive for a lot of people that really need money.' Dubbed the No Tax on Home Sales Act by Greene, the bill would eliminate the federal capital gains tax on the sale of a primary residence. Framed as a pro-homeowner reform, the bill aims to boost housing inventory by eliminating what Greene calls one of the biggest deterrents to selling: the fear of losing a large share of profits to the IRS. 'I just think this is a great gift for the American people, and it's very core to what we were founded on,' Greene told in an exclusive interview. '[Homeowners] get penalized so much [by capital gains taxes] because of the large amount of equity they've gained,' she says. Data supports the claim: Roughly 1 in 3 homeowners—nearly 29 million households—in America has built up more equity than the federal capital gains tax exclusion for single filers protects. The reason? The capital gains exclusion—$250,000 for individuals and $500,000 for couples—hasn't changed since 1997. Over that time, home prices have risen more than 260% nationwide, turning what was once a generous buffer into a narrow threshold. As home values continue to climb, more average sellers are finding themselves unexpectedly exposed. According to a recent analysis by the National Association of Realtors®, by 2030, that number is expected to grow to 56% of homeowners. Those hit hardest are homeowners who've stayed put the longest—especially in states where property values have surged in recent years. Hawaii tops the list: Nearly 79% of homeowners could be affected by the $250,000 exclusion limit, with an average capital gain over the threshold of more than $409,000 per household. Washington follows closely, with nearly 65% of homeowners at risk. By comparison, West Virginia and Mississippi see the least impact, with less than 8% of homeowners potentially exposed. In Greene's home state of Georgia, just over 31% exceed the limit. The hope is that the bill will allow millions of longtime homeowners to benefit from their equity—so long as they've actually lived in the home. 'This is not for home flippers. This is for people selling their primary residences … and they will get to keep their money, get to keep their equity,' Greene says. Trump was also asked about his ongoing criticisms of the Federal Reserve and Chairman Jerome Powell, including whether he believes Powell should step down. He reiterated his disapproval. 'We should have the lowest interest rates on earth, and we don't,' Trump told reporters, before turning his attention to the Fed's $2.5 billion headquarters renovation project. The central bank appeared to quietly respond shortly after his remarks by updating the 'Frequently Asked Questions' section on its website to defend the decision. 'It involves a complete overhaul and modernization that preserves two historic buildings that have not been comprehensively renovated since their construction in the 1930s,' the Fed wrote. Missouri Starter Homes Make Sense For First-Time Buyers Making This Salary The Most Affordable Places Across the U.S. To Invest in a Lake House Middle-Class Americans Can Afford an Average-Priced Home in Only These 20 States
