Brandon Lutnick Pushes Cantor to Go All-In on Crypto SPACs
It was late May, and Brandon Lutnick — the son of billionaire US Commerce Secretary Howard Lutnick — had flown in with his banker colleagues to celebrate the rise of cryptocurrencies under President Donald Trump.
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Yahoo
3 hours ago
- Yahoo
Stock Market News for Jul 22, 2025
U.S. stock markets closed mixed on Monday following a trading session in which major indexes changed little. Concerns related to the Trump administration's tariff policies and strong second-quarter 2025 earnings results were two opposite forces that kept investors mostly sidelined. The S&P 500 and the Nasdaq Composite recorded new highs while Dow ended in negative territory. How Did The Benchmarks Perform? The Dow Jones Industrial Average (DJI) fell 19.12 points to close at 44,323.07 after a choppy session. Notably, 17 components of the 30-stock index ended in negative territory, 12 finished in positive zone and one remained unchanged. At intraday high, the blue-chip index was up 259.66 points. The index is currently 1.7% away from its all-time high posted on December 2024. The tech-heavy Nasdaq Composite finished at 20,974.17, rising 0.4% due to strong performance of technology bigwigs. This was a new record-high closing for the index. Moreover, in intraday trading, the tech-laden index posted an all-time high of 21,077.37, reflecting the first time the index touched 21,000 this year. The S&P 500 was up 0.1% to finish at 6,305.60, marking the first closing above the key technical barriers of 6,300 in its history. In intraday trading, Wall Street's most observed benchmark posted a new all-time high of 6,336.08. Six out of 11 broad sectors of the broad-market index ended in positive territory while five in negative zone. The Communication Services Select Sector SPDR (XLC) advanced 1.3%, while the Energy Select Sector SPDR (XLE) declined 1%. The fear-gauge CBOE Volatility Index (VIX) was up 1.5% to 16.65. A total of 19.7 billion shares were traded on Monday, higher than the last 20-session average of 17.7 billion. The S&P 500 registered 17 new highs and 9 new lows, while the Nasdaq posted 97 new highs and 56 new lows. Tariff Related Concerns On July 20, Commerce Secretary Howard Lutnick said on CBS News that the Trump administration will start implementing tariffs from Aug 1. Lutnick said, 'That's a hard deadline, so on Aug 1, the new tariff rates will come in.' However, he also asserted 'Nothing stops countries from talking to us after Aug 1, but they're going to start paying the tariffs on Aug 1.' The Financial Times reported citing three genuine sources that the Trump administration is negotiating with the European Union (EU) to impose at least 15-20% tariffs in any deal. Earlier, President Donald Trump said that he will impose a 30% tariff on EU if it fails to clinch a deal with the United States before the Aug 1 dateline. The EU is the single largest block that collectively exports more to the United States than any single country: Total U.S. goods imports from the EU topped $553 billion in 2022, according to the Office of the U.S. Trade Representative. Total U.S. imports from Mexico were approximately $454.8 billion in 2022, according to the U.S. Trade Representative. Strong Q2 2025 Earnings Results Verizon Communications Inc. VZ came up with quarterly earnings of $1.22 per share, beating the Zacks Consensus Estimate of $1.18 per share. The giant national wireless service provider posted quarterly revenues of $34.5 billion, surpassing the Zacks Consensus Estimate by 2.76%. Cleveland-Cliffs Inc. CLF came up with a quarterly loss of $0.5 per share, narrower-than the Zacks Consensus Estimate of a loss of $0.68 per share. The company posted quarterly revenues of $4.93 billion, surpassing the Zacks Consensus Estimate by 0.62%. Consequently, stock prices of Verizon and Cleveland-Cliffs appreciated 4% and 12.5%, respectively. Both stocks currently carry a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Economic Data The Conference Board reported that Leading Economic Indicator declined by 0.3% in June to a reading of 98.8. The consensus estimate was for a decline of 0.2%. The reading for May was revised upward to remain unchanged from a reading of a drop of 0.1% reported earlier. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Verizon Communications Inc. (VZ) : Free Stock Analysis Report Cleveland-Cliffs Inc. (CLF) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Yahoo
4 hours ago
- Yahoo
Trump Commerce Sec Dishes On President's Bizarre Bedtime Calls
President Donald Trump tucks his Commerce Secretary Howard Lutnick into bed with a phone call most nights, according to a new profile in The New Yorker. The two men often speak around 1 a.m. 'just after Lutnick gets in bed,' according to the piece published Monday. Sometimes the president and the billionaire businessman discuss serious matters, like tariffs. Other times, it's 'nothing,' Lutnick admitted. That 'nothing' includes 'sporting events, people, who'd you have dinner with, what was this guy like, can you believe what this guy did, what's the TV like, I saw this on TV, what'd you think of what this guy said on TV, what did you think about my press conference, how about this Truth?' according to the article. Trump also makes late-night calls to others, Lutnick noted, though he didn't specify who. The practice echoes Trump's late-night habits during his first term. A 2018 New York magazine report detailed how Trump would often phone Fox News host Sean Hannity after his show aired, with the pair 'gabbing like old girlfriends' about the media, ratings and the so-called 'witch hunt' against him. Related... Donald Trump Jr. Shares Anti-Obama Meme That May Have Just Clowned JD Vance, Too CNN's Erin Burnett Nails The Playbook Behind Trump's Epstein Distraction Blitz Trump Shares Utterly Unhinged AI Video Of Obama Arrest In Oval Office
Bloomberg
4 hours ago
- Bloomberg
Bloomberg Daybreak: The Fed's Building Renovations
On today's podcast: 1) Treasury Secretary Scott Bessent said in a social media post Monday that there should be a review of the decision to renovate parts of the Federal Reserve headquarters in Washington. 2) A cohort of the world's largest asset managers is leaning harder into the rally in risk assets as US stocks push to fresh highs, defying persistent trade and geopolitical tensions. 3) Japan's chief trade negotiator Ryosei Akazawa met with US Commerce Secretary Howard Lutnick on Monday as an Aug. 1 deadline for higher tariffs looms.
