Stock futures tick lower after S&P 500 notches new record to cap winning second quarter: Live updates
NYSE
U.S. equity futures TK on Monday night after the S&P 500 notched another record to close out a stunning month and quarter.
Futures tied to the Dow Jones Industrial Average slipped 59 points, or 0.1%. S&P 500 futures dropped 0.1%, as did Nasdaq 100 futures .
In regular trading, the broad market S&P 500 advanced 0.52%, posting another record close, while the tech heavy Nasdaq Composite also rose to fresh all-time highs, rising 0.47%. The blue-chip Dow climbed 275.50 points, or 0.63%.
Monday's moves came after Canada walked back its digital services tax in an attempt to facilitate trade negotiations with the U.S. Ottawa's move to rescind the new levy comes after President Donald Trump said on Friday he would be "terminating ALL discussions on Trade with Canada."
Traders are hoping for deals between the U.S. and its trading partners, as Trump's 90-day reprieve on his steepest tariffs is set to expire next week.
Stocks have made an impressive comeback after suffering steep declines in April, after Trump's sweeping tariff policy pushed the S&P 500 near bear market territory. The major averages have since made a sharp turnaround, with the broad market index closing the second quarter with a 10.6% gain and the Nasdaq up nearly 18% in the period.
Though traders now head into the second half of the year with stocks at record highs, some remain optimistic the market could surge even higher in the months ahead.
Traders are looking ahead to the S&P Global Purchasing Managers' Index at 9:45 a.m. ET, which will give investors a read on the activity in the manufacturing sector, as well as ISM manufacturing report at 10 a.m. The Job Openings and Labor Turnover Survey (JOLTS) will also be released Tuesday morning.
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Yahoo
22 minutes ago
- Yahoo
Trump can't save Olympic sports through executive order, but he can by funding them
There is probably little good that can come from President Trump's executive order on college sports given that it's legally questionable, vaguely written in terms of enforcement and an unpredictable stick of dynamite thrown into the middle of legislative movement on the current SCORE Act making its way through the House of Representatives. But rather than trying to limit by presidential edict how and what college athletes get paid, there is something Trump could do that would address one of the major concerns for his administration. Much of the executive order focuses on protecting opportunities for Olympic sport athletes. With athletic budgets getting squeezed by up to $20.5 million going directly to athletes thanks to the House vs. NCAA settlement, there's widespread fear that non-revenue programs across the country will be on the chopping block. And given the NCAA's role as the de facto development system for much of America's success at the Olympics every four years, a significantly smaller allotment of scholarships could mean both fewer educational opportunities for young people and an erosion of America's standing on the medal table. So here's a suggestion for the Trump Administration: Want to leave a legacy for Olympic sports? Use government money to fund them. Dan Wolken: Attempts to curb payments to college athletes keep failing. There's only one way forward. In nearly every country around the world except the United States of America, federal dollars are funding Olympic sports programs. But here, it's the responsibility of the U.S. Olympic and Paralympic Committee and college athletic departments. The former is funded by corporate sponsorships and private donations. The latter is funded by college football. That system, imperfect as it may be, has worked for a long time. If it doesn't work anymore because the economics of college sports have changed, then we need to tweak the system. And if international domination of swimming, track and field and gymnastics is a priority for America, then what's the problem with taxpayers having a little skin in the game? It's not as if public dollars paying for sports is a new concept in this country. You can find the evidence by driving past nearly any pro stadium or arena if you live in a major city. Surely there are some smart people who can figure out how to build a federally funded joint partnership between the USOPC, various National Governing Bodies and the NCAA that coordinates and supports elite athlete development in a handful of Olympic sports that matter most, allowing schools to focus on providing opportunities and educating those who need athletic scholarships to attend college. Admittedly, this idea is a little radical, potentially impractical and rife with unintended consequences. But one way it could work, at least in theory, is that a certain percentage of the top American recruits in the key Olympic pipeline sports would go into a recruiting pool. When they choose a school, this government-funded organization would pay for the four-year scholarship, attach an NIL payment for the athlete to represent the organization and provide a grant to the school as reimbursement for the development cost. To make it more equitable, schools would be limited to a certain number of recruits every year from that elite pool of athletes. The rest of the roster would be filled with either foreign athletes or non-elite American recruits that they must pay for themselves. One obvious criticism of this plan is that smaller schools would get squeezed out even further, given that they're more likely to have a budget crisis than a Texas or an Ohio State and less likely to recruit elite athletes. This might require the NCAA to rethink how it stratifies schools into three divisions and instead move toward a two-tiered model where you either meet certain scholarship and funding standards to be in the Olympic development division or compete in the non-Olympic division, which would functionally be more like intramural or club sports. And maybe none of this is workable. But the point is, it's time to come up with some creative, bold solutions rather than just whining about how schools can't afford to pay for their non-revenue sports anymore. For many, many years, the USOPC has gotten a free ride on the back of the NCAA system, which has only been possible because universities illegally colluded not to share revenues with the athletes that played a significant role in generating them. But the good news is, all the systems are in place to keep Team USA's supremacy intact. There has to be a way for more formal collaboration between the USOPC and the NCAA that can save scholarships, development opportunities and teams from being cut. It just needs the funding. And the federal government can make that happen. Trump can make that happen. If he wants a real and lasting legacy as a president who kept the Olympic movement stable at a time of necessary change in college sports, that's how he can do it. Not an executive order destined to be picked apart and ultimately made irrelevant. This article originally appeared on USA TODAY: Donald Trump can't save Olympic sports through EO, but could do this
Yahoo
22 minutes ago
- Yahoo
Commentary: Paramount appeased Trump — but now it has to battle Colbert and all his friends
There may be a new entrant in the annals of corporate hole-digging: Media titan Paramount, which owns CBS and recently said it's canceling the top-rated "Late Show with Stephen Colbert." Paramount said it needs to cancel the Colbert show for 'financial reasons' and leaked reports likely sourced to the company suggest the show loses around $40 million per year. But the decision reeks of Trumpian subterfuge, putting Paramount in the fraught corporate position of picking sides in one of President Trump's many disputes over business and cultural priorities. Paramount plans to merge this year with media firm Skydance, to help stabilize its finances and ease the transition from legacy media behemoth to a nimbler streaming operation. The two companies agreed on the $8 billion deal last year, when Joe Biden was president. The Securities and Exchange Commission approved the deal in February. That left the Federal Communications Commission, which must also sign off since the deal involves the transfer of broadcast licenses. FCC approval was 'widely seen as a formality,' as Deadline reported in April. But it didn't come until July 24, months later than would have been likely under any president other than Trump. In the meanwhile, Paramount paid tribute to Trump in unprecedented ways likely to dog the company for months or years, with the cancellation of Colbert's show fueling a barrage of criticism from Colbert himself and many allies, some of it on Paramount's own airwaves. Paramount clearly didn't anticipate this sort of trouble when it arranged the deal last year. But when Trump won the presidency in November, Paramount faced new barriers to a buyout that otherwise might have been routine. That's because of Trump's personal beef with CBS and the news show "60 Minutes." Trump sued the network last year as an individual, claiming the show distorted a 2024 interview with Kamala Harris, Trump's foe in the presidential election, to give her favorable treatment. Shortly after taking office in January, Trump appointed loyalist Brendan Carr to head the FCC. Then Trump converted the formerly independent agency into an arm of the White House's policy and political operations. One of Carr's first moves as Trump's FCC boss was opening an investigation into the CBS for its interview with Harris, an unprecedented effort to use government power to intimidate a news organization. 'The chairman of the FCC has cagily created a new and coercive technique for operating outside the agency's established statutes and procedures to attack corporate decisions he and Donald Trump do not like,' former FCC commissioner Tom Wheeler, now of the Brookings Institution, wrote in February. 'Prime targets are media company editorial decisions.' The Los Angeles Times and other news organizations reported that Shari Redstone, non-executive chair of umbrella company Paramount Global, pushed her executives to settle with Trump. Redstone and her family stand to net about $1.75 billion from the Skydance deal. So she has a clear interest in pushing barriers to the deal out of the way. That may explain why earlier this month, Paramount and CBS agreed to settle the Trump lawsuit for $16 million. Colbert roasts Trump regularly on his show and is far more political than David Letterman, whom he replaced in 2015. On July 14, the cheeky host called the $16 million Paramount payment to Trump 'a big, fat bribe'—on CBS's own air. Three days later, Paramount canceled Colbert's show. There's no public evidence that the company axed Colbert to appease Trump. Yet it did please Trump. 'I absolutely love that Colbert got fired,' Trump posted to social media on July 18. Then on July 24, Paramount received the FCC blessing to close the deal with Skydance. Mission accomplished ... Except for what is sure to be a very messy aftermath. Colbert's contract lasts until next May (same as the tenure for embattled Federal Reserve Chair Jerome Powell), and the show will air until then. 'For the next 10 months, the gloves are off,' Colbert told his audience on July cronies Anderson Cooper, Andy Cohen, Jimmy Fallon, Seth Myers, Jon Stewart, John Oliver, Adam Sandler, Christopher McDonald, Lin-Manuel Miranda, and Weird Al Yankovic joined that show for a spoof that ended with a Trump-Paramount kiss-cam exposé. The same day, Jon Stewart devoted half of his weekly Comedy Central program to blasting Paramount for trying to 'make yourselves so innocuous, that you can serve a gruel so flavorless, that you will never again be on the boy king's radar.' Stewart ended the show with a musical number, backed by a gospel quintet, featuring the refrain 'Go f— yourself,' which may or may not become an instant classic but is certainly giggly. Stewart's show, like Colbert's, runs on a network owned by Paramount. So does the animated series "South Park," which just debuted the premiere episode of its 27th season, in which a fictional Trump tries to seduce a [fictional] Satan, who mocks fictional Trump for having diminutive [fictional] genitalia. Maybe Paramount won the battle. But will it win the war? Will Trump really be satisfied that Colbert's Paramount-supported mockery of him might continue until next year? Or that Stewart and the diabolical "South Park" brain trust will keep tweaking him indefinitely? If Paramount cites contractual obligations requiring it to continue airing the Trump-bashing resistance, will Trump nod and say, right, of course? Big public companies make mistakes all the time. The memorable ones are those compounded by a corporate reaction that amplifies the original sin and makes everything worse. In 2023, Target tried to back away from its own LGBTQ outreach effort, offending the very people it was wooing and making no new friends in the process. In 2017, United Airlines appeared to defend thuggish security guards who forcibly dragged a passenger off a plane, igniting a firestorm of bad publicity that wiped nearly $1.5 billion off its market value. Uber co-founder Travis Kalanick resigned as CEO in 2017 after failing to shake months of controversy over a toxic company culture rife with sexual harassment and discrimination. Those incidents are now textbook examples of how to worsen a crisis, rather than fix it. Paramount now seems headed toward its own chapter in that cringy volume. Colbert, Stewart, et al. won't do Trump any harm, since they've been slamming him for years and have long been speaking to like-minded audiences. But now they're aiming their comedic lances at Paramount, which most of their viewers have probably never thought much about. That will change. Rick Newman is a senior columnist for Yahoo Finance. Follow him on Bluesky and X: @rickjnewman. Click here for political news related to business and money policies that will shape tomorrow's stock prices.
USA Today
24 minutes ago
- USA Today
Trump can't save Olympic sports through executive order, but he can by funding them
There is probably little good that can come from President Trump's executive order on college sports given that it's legally questionable, vaguely written in terms of enforcement and an unpredictable stick of dynamite thrown into the middle of legislative movement on the current SCORE Act making its way through the House of Representatives. But rather than trying to limit by presidential edict how and what college athletes get paid, there is something Trump could do that would address one of the major concerns for his administration. Much of the executive order focuses on protecting opportunities for Olympic sport athletes. With athletic budgets getting squeezed by up to $20.5 million going directly to athletes thanks to the House vs. NCAA settlement, there's widespread fear that non-revenue programs across the country will be on the chopping block. And given the NCAA's role as the de facto development system for much of America's success at the Olympics every four years, a significantly smaller allotment of scholarships could mean both fewer educational opportunities for young people and an erosion of America's standing on the medal table. So here's a suggestion for the Trump Administration: Want to leave a legacy for Olympic sports? Use government money to fund them. Dan Wolken: Attempts to curb payments to college athletes keep failing. There's only one way forward. In nearly every country around the world except the United States of America, federal dollars are funding Olympic sports programs. But here, it's the responsibility of the U.S. Olympic and Paralympic Committee and college athletic departments. The former is funded by corporate sponsorships and private donations. The latter is funded by college football. That system, imperfect as it may be, has worked for a long time. If it doesn't work anymore because the economics of college sports have changed, then we need to tweak the system. And if international domination of swimming, track and field and gymnastics is a priority for America, then what's the problem with taxpayers having a little skin in the game? It's not as if public dollars paying for sports is a new concept in this country. You can find the evidence by driving past nearly any pro stadium or arena if you live in a major city. Surely there are some smart people who can figure out how to build a federally funded joint partnership between the USOPC, various National Governing Bodies and the NCAA that coordinates and supports elite athlete development in a handful of Olympic sports that matter most, allowing schools to focus on providing opportunities and educating those who need athletic scholarships to attend college. Admittedly, this idea is a little radical, potentially impractical and rife with unintended consequences. But one way it could work, at least in theory, is that a certain percentage of the top American recruits in the key Olympic pipeline sports would go into a recruiting pool. When they choose a school, this government-funded organization would pay for the four-year scholarship, attach an NIL payment for the athlete to represent the organization and provide a grant to the school as reimbursement for the development cost. To make it more equitable, schools would be limited to a certain number of recruits every year from that elite pool of athletes. The rest of the roster would be filled with either foreign athletes or non-elite American recruits that they must pay for themselves. One obvious criticism of this plan is that smaller schools would get squeezed out even further, given that they're more likely to have a budget crisis than a Texas or an Ohio State and less likely to recruit elite athletes. This might require the NCAA to rethink how it stratifies schools into three divisions and instead move toward a two-tiered model where you either meet certain scholarship and funding standards to be in the Olympic development division or compete in the non-Olympic division, which would functionally be more like intramural or club sports. And maybe none of this is workable. But the point is, it's time to come up with some creative, bold solutions rather than just whining about how schools can't afford to pay for their non-revenue sports anymore. For many, many years, the USOPC has gotten a free ride on the back of the NCAA system, which has only been possible because universities illegally colluded not to share revenues with the athletes that played a significant role in generating them. But the good news is, all the systems are in place to keep Team USA's supremacy intact. There has to be a way for more formal collaboration between the USOPC and the NCAA that can save scholarships, development opportunities and teams from being cut. It just needs the funding. And the federal government can make that happen. Trump can make that happen. If he wants a real and lasting legacy as a president who kept the Olympic movement stable at a time of necessary change in college sports, that's how he can do it. Not an executive order destined to be picked apart and ultimately made irrelevant.
