Gavin Newsom suggests tax credit for Hollywood after Trump proposes tariffs on foreign films
"California built the film industry -- and we're ready to bring even more jobs home," Newsom wrote on X. "We've proven what strong state incentives can do. Now it's time for a real federal partnership to Make America Film Again."
If approved and put into effect, such a tax credit would be the largest subsidy deal ever provided by the federal government for the industry.
Over three dozen American states already offer similar incentives to TV and film productions, but unlike some other countries there isn't a stateside national program, and there isn't a single state offering that exceeds more than around $1 billion annually.
California, the physical home of Hollywood, currently offers $330 million every year.
The post from Newsom followed an announcement from Trump who said on Sunday that he would impose a 100% tariff "on any and all movies coming into our country that are produced in foreign lands."
He did not make it clear how such tariffs would be applied or how they could impact U.S. films shot overseas or involving any production completed outside the United States.
Trump was inspired after he met with actor Jon Voight and his manager Sunday. Voight took credit for the inspiration, as he explained in a video posted to social media Monday that "many Americans have lost jobs to productions that have gone overseas," and that after "meeting with many of the entertainment leaders, I have brought forward recommendations to the President for certain tax provisions that can help the industry."
Trump proclaimed Sunday that the American movie industry is "dying a very fast death" because other countries offer incentives to inspire American filmmakers and studios to work outside the United States.
"Hollywood and many other areas within the U.S.A., are being devastated. This is a concerted effort by other nations and, therefore, a national security threat. it is, in addition to everything else, messaging and propaganda," Trump said. which led him to announce he has authorized the Department of Commerce and the U.S. Trade Representative to put together the levy on foreign-born films.
In an unrelated press conference on Monday, Trump was asked about the proposed tariff, to which he called Newsom "a grossly incompetent man" who he purported to have allowed the film industry "to be taken away from Hollywood."
"I'm not looking to hurt the industry, I want to help the industry," Trump said.
He added he wanted to "meet with the industry" to make sure they're "happy" with the proposed tariffs, because "we're all about jobs."
"Although no final decisions on foreign film tariffs have been made, the administration is exploring all options to deliver on President Trump's directive to safeguard our country's national and economic security while Making Hollywood Great Again," White House Deputy Press Secretary Kush Desai said Monday about the tariffs.
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Stock market today: Dow, S&P 500, Nasdaq slide to cap month full of records on sour note as Trump's tariff deadline, jobs report loom
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Fed calendar quirk raises the stakes for its Sept. meeting Meta stock surges after earnings beat, guidance surprise Microsoft on track for $4 trillion market cap after earnings beat Arm stock falls as chip ambitions shake investor confidence Economic data: Challenger jobs cuts (July); Personal income & spending (June); Core PCE price index; Employment cost index (second quarter); Initial jobless claims (week ending July 26) Earnings: Apple (AAPL), Amazon (AMZN), Bristol Myers Squibb (BMY), Cigna (CI), Coinbase (COIN), CVS Health (CVS), Mastercard (MA), Norwegian Cruise Line (NCLH), Reddit (RDDT), Roblox (RBLX), Roku (ROKU), Strategy (MSTR) Here are some of the biggest stories you may have missed overnight and early this morning: Trump knocks Canada as countries rush to strike trade deals Trump tariffs face another legal test on eve of deadline Apple faces 2 major threats ahead of earnings What's in the US-EU trade deal? It depends on who's talking. 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Yahoo
21 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq slide to solid month on sour note as Trump's tariff deadline, jobs report loom
Stocks closed Thursday's session down but capped a month of gains as the clock ticked down to President Trump's tariff deadline. Wall Street also awaited more key earnings salvos from Big Tech after strong Meta (META) and Microsoft (MSFT) earnings boosted faith in massive AI investments. The Nasdaq Composite (^IXIC) fell below the flatline, erasing earlier session gains of over 1%. The S&P 500 (^GSPC) fell 0.4%. The Dow Jones Industrial Average (^DJI) lagged, sliding about 0.7%. After notching a series of all-time high closes in July, the S&P 500 and Nasdaq closed out the month with gains of roughly 2.3% and 3.7% respectively. It was the third straight month of gains for the S&P 500 and fourth in a row for the Nasdaq. The Dow closed out the month little changed. Investors recalibrated toward the tail end of a furious week of earnings and economic datapoints. Trump's tariffs are set to go into effect Friday, when new deals will come into effect and with the president set to outline terms for the rest of the US's trade partners. Trump said Wednesday that he had extended current tariff rates with Mexico, the US's largest partner, another 90 days while the countries work toward a bigger deal. Meanwhile, the Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures (PCE) released on Thursday morning showed price increases accelerated in June as inflation remained above the Fed's 2% target. The release comes after the Fed held interest rates steady following its two-day policy meeting on Wednesday, with two Fed governors dissenting. Following the decision, Fed Chair Jerome Powell stressed "no decisions" had been made about a September rate cut. Bets on a September slash fell below 40% on Thursday, according to the CME Group, down from about 60% before the meeting. On the docket for Friday is the key jobs report, which looms as another key signal of the US economy's health. The developments somewhat overshadowed blowout earnings from Big Tech. Meta (META) stock shot up over 11%, as investors welcomed its earnings beat and stronger-than-expected guidance even as it ramps up its AI spending spree. Microsoft (MSFT) stock jumped as much as 8% before paring gains after its impressive results, which pushed the tech giant's market capitalization above $4 trillion. Markets are now looking to after-hours results from their "Magnificent Seven" peers, Apple (AAPL) and Amazon (AMZN). Stocks little changed ahead of Trump tariff deal deadline Stocks closed lower as President Trump's tariff deal deadline approached and investors awaited more key earnings from Big Tech players after blowout quarters from (META) and Microsoft (MSFT). The Nasdaq Composite (^IXIC) fell below the flatline while the S&P 500 (^GSPC) also closed down nearly 0.4% The Dow Jones Industrial Average (^DJI) slid 0.7%. After notching a series of all-time high closes in July, the S&P 500 and Nasdaq closed out the month with gains of 2.3% and 3.7%, respectively. However the markets stalled in the last couple of sessions as the August 1 tariff deadline for US trading partners loomed, and the Federal Reserve opted to keep interest rates unchanged for now. How Trump's 'One Big Beautiful Bill' may fuel Amazon's robotic rise Yahoo Finance's Francisco Velasquez reports: Read more here. The labor market chart Fed Chair Powell is watching By many measures, hiring momentum has slowed in the US labor market. That's expected to continue with Friday's jobs report, which economists project will show the US economy added 104,000 jobs in July. This would mark the lowest monthly job gain since February. But while monthly job additions have moved lower along with the national hiring rate, so too has the overall number of workers participating in the labor force. This, Fed Chair Jerome Powell said on Wednesday, means the labor market remains balanced. When asked directly which metric this has Powell watching in the monthly jobs report, the Fed chair said, "the main number you have to look at now is the unemployment rate." Looking at a one-year chart entering Friday's report, that key metric has been relatively steady in what Powell described as a "historically" low range for a year now and is one reason the central bank isn't rushing to cut interest rates. Figma stock opens for trade at $85, up 230% from where IPO priced Figma (FIG) stock surged more than 230% above its initial public offering price after it began trading just before 2:00 p.m. ET on Thursday. As of 2:15 p.m., shares of the design software company traded at $108 each, well above the IPO price of $33. It was briefly halted nine seconds after trading for volatility. Yahoo Finance's Jake Conley reports: Read more here. Trump talks with Canada, India, and Brazil in a stalemate as his tariff deadline looms Yahoo Finance's Ben Werschkul reports: Read more here. Apple Q3 earnings to give Wall Street better view of tariff impact, AI top of mind Apple (AAPL) is scheduled to announce its third quarter earnings after the bell on Thursday, as Wall Street looks for signs of movement on the company's AI plans and a view into how much tariff-related costs are eating into its margins, Yahoo Finance's Dan Howley reports. Howley writes: Read more about the tech giant's upcoming quarterly results here. Meme stocks are melting as investors look toward Big Tech Meme stock FOMO is taking a breather, Yahoo Finance's Francisco Velasquez reports. Velasquez writes: Read the full story here. Reddit stock jumps ahead of Q2 earnings Reddit shares jumped nearly 5% Thursday morning ahead of the social media's second quarter earnings report after the bell. Reddit's results after the bell Thursday come as Wall Street scrutinizes how changes to Google Search's algorithm could affect the social media platform's daily active users, which fell below expectations in the US in the past two quarters. Wall Street analysts tracked by Bloomberg expect Reddit to report adjusted earnings per share of $0.72, up from last year's loss per share of $0.06. They project the company's second quarter revenue to hit $425 million, up 50% from the prior year, according to Bloomberg data. Analysts expect global daily active users to climb 20% from the prior year to roughly 110 million for the period and US users to rise more than 9% to 50.5 million. Read more about Reddit's upcoming report here. CoreWeave soars after Microsoft reports higher-than-expected capital expenditures CoreWeave (CRWV) shares surged more than 12% Thursday on the heels of strong earnings reports from two of its customers, Microsoft (MSFT) and Meta (META). Microsoft is CoreWeave's largest customer, accounting for 72% of its revenue in the burgeoning cloud provider's most recent quarterly earnings report. Microsoft spent $88.2 billion in its fiscal year 2025, ahead of the $80 billion it previously forecast. That figure represented a 58% increase in the tech giant's spending from the prior year. Microsoft said its spending will grow at a slower pace in its 2026 fiscal year. During the first quarter, it expects to spend $30 billion, a 50% increase from the prior year. "We will continue to invest against the expansive opportunity ahead across both capital expenditures and operating expenses given our leadership position in commercial cloud, strong demand signals for our cloud and AI offerings, and significant contracted backlog," Microsoft CFO Amy Hood said in an earnings call with analysts. Microsoft tops $4 trillion Microsoft's (MSFT) market capitalization officially hit the $4 trillion mark Thursday, making it the second company behind Nvidia (NVDA) to achieve the feat. Shares of Microsoft climbed as much as 8% Thursday morning before paring gains, up roughly 5% shortly after the market opened. Microsoft, Apple (AAPL), and Nvidia have traded places as the world's most valuable companies. Nvidia still retains the top spot after a stunning comeback from a rocky first half of the year, with its market cap sitting around $4.4 trillion as of Thursday. Apple's was just over $3 trillion in morning trading. S&P 500, Nasdaq surge at the open The S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) surged on Thursday, on track for fresh record highs after strong Meta (META) and Microsoft (MSFT) earnings fueled a spike in tech stocks. The Nasdaq climbed roughly 1.3%, while the S&P 500 rose 0.8%. The Dow Jones Industrial Average (^DJI) lagged, up less than 0.1%. Microsoft set to join $4T market cap club, Meta stock surges in post-earnings rally Microsoft (MSFT) and Meta (META) stocks ripped higher in premarket trading as investors continued to bid up shares following the tech giants' earnings reports. Combined, the two stocks have added about half a trillion dollars in market value since Wednesday's close. If gains hold, Microsoft is set to join Nvidia (NVDA) in the $4 trillion market capitalization club when the market opens. Its market cap as of Wednesday stood at $3.81 trillion, and the stock has gained nearly 9% in premarket trading. Meta stock surged 11% ahead of the opening bell. Both Meta and Microsoft reported strong revenue growth that outweighed investors' concerns about spending on artificial intelligence. 'The stock moves make sense — the results are that good,' D.A. Davidson head of technology research Gil Luria told Yahoo Finance following Meta's and Microsoft's earnings. 'Meta is gaining significant share in the digital advertising market, … and therefore investors have patience for the capex guidance they're providing.' Fed's preferred inflation gauge shows price increases accelerated in June amid tariff uncertainty The latest reading of the Federal Reserve's preferred inflation gauge showed price increases accelerated in June as inflation remained above the Fed's 2% target. Yahoo Finance's Josh Schafer reports: Read more here. Roblox stock soars as daily active users surpass 100 million Roblox's (RBLX) stock rocketed 20% higher in premarket trading after reporting record daily users and raising its third quarter forecast for bookings. Daily active users rose 41% in the second quarter to cross 111 million, the company reported on Thursday. Roblox also raised its forecast for annual bookings in the third quarter to $1.59 billion to $1.64 billion. Bookings for the second quarter came in at $1.44 billion, beating market estimates of $1.24 billion. Reuters reports that the company has been investing in search and discovery features that allow greater visibility for viral games like "Grow a Garden." Roblox also aims to diversify its revenue beyond gaming by turning the platform into a hub for socializing, commerce, and advertising. The platform saw a boost in engagement during the quarter, with engaged hours up 58% to 27.4 billion. Read more here. What's in the US-EU trade deal depends on who is doing the talking President Trump and European Commission President Ursula von der Leyen shook hands Sunday over a trade agreement. The White House did a victory lap, but days later, there are still plenty of disagreements about exactly what is in the pact. Yahoo Finance's Ben Werschkul reports: Read more here. A quirk in the Fed's calendar puts extra pressure on the Sept. meeting Yahoo Finance's Hamza Shaban takes a look at the Federal Reserve's next move in today's Morning Brief: Read more here on how a long wait could result in a different outlook. Good morning. Here's what's happening today. Economic data: Challenger jobs cuts (July); Personal income & spending (June); Core PCE price index; Employment cost index (second quarter); Initial jobless claims (week ending July 26) Earnings: Apple (AAPL), Amazon (AMZN), Bristol Myers Squibb (BMY), Cigna (CI), Coinbase (COIN), CVS Health (CVS), Mastercard (MA), Norwegian Cruise Line (NCLH), Reddit (RDDT), Roblox (RBLX), Roku (ROKU), Strategy (MSTR) Here are some of the biggest stories you may have missed overnight and early this morning: Trump knocks Canada as countries rush to strike trade deals Trump tariffs face another legal test on eve of deadline Apple faces 2 major threats ahead of earnings What's in the US-EU trade deal? It depends on who's talking. Fed calendar quirk raises the stakes for its Sept. meeting Meta stock surges after earnings beat, guidance surprise Microsoft on track for $4 trillion market cap after earnings beat Arm stock falls as chip ambitions shake investor confidence Trending tickers: ARM, CVS and Confluent Here are some top stocks trending on Yahoo Finance in premarket trading: Arm (ARM) stock fell 6% on Thursday before the bell following the announcement of the chip tech provider's plan to invest in its own chip development, which would bite into future profits, disappointed investors. CVS (CVS) stock jumped 7% in premarket on Thursday after the company beat Wall Street estimates for second-quarter profit. Confluent Inc (CFLT) stock rose over 20% premarket following the company's positive earnings report. The data streaming platform reported a 21% growth in subscription revenue and a 28% growth in Confluent Cloud revenue for Q2 2025. Carvana posts higher quarterly profit on record car sales Shares in Carvana (CVNA) surged over 15% in premarket trading after the online used-car seller defied expectations with strong second quarter results and outlook. Bloomberg reports: Read more here. EBay stock rises as resilient consumers fuel strong sales forecast EBay (EBAY) stock jumped on Thursday before the bell after the e-commerce company forecasted sales that topped analysts' estimates, suggesting optimism for continued consumer resilience at a time of shifting US tariff proposals. Bloomberg News reports: Read more here. Stocks little changed ahead of Trump tariff deal deadline Stocks closed lower as President Trump's tariff deal deadline approached and investors awaited more key earnings from Big Tech players after blowout quarters from (META) and Microsoft (MSFT). The Nasdaq Composite (^IXIC) fell below the flatline while the S&P 500 (^GSPC) also closed down nearly 0.4% The Dow Jones Industrial Average (^DJI) slid 0.7%. After notching a series of all-time high closes in July, the S&P 500 and Nasdaq closed out the month with gains of 2.3% and 3.7%, respectively. However the markets stalled in the last couple of sessions as the August 1 tariff deadline for US trading partners loomed, and the Federal Reserve opted to keep interest rates unchanged for now. Stocks closed lower as President Trump's tariff deal deadline approached and investors awaited more key earnings from Big Tech players after blowout quarters from (META) and Microsoft (MSFT). The Nasdaq Composite (^IXIC) fell below the flatline while the S&P 500 (^GSPC) also closed down nearly 0.4% The Dow Jones Industrial Average (^DJI) slid 0.7%. After notching a series of all-time high closes in July, the S&P 500 and Nasdaq closed out the month with gains of 2.3% and 3.7%, respectively. However the markets stalled in the last couple of sessions as the August 1 tariff deadline for US trading partners loomed, and the Federal Reserve opted to keep interest rates unchanged for now. How Trump's 'One Big Beautiful Bill' may fuel Amazon's robotic rise Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Francisco Velasquez reports: Read more here. The labor market chart Fed Chair Powell is watching By many measures, hiring momentum has slowed in the US labor market. That's expected to continue with Friday's jobs report, which economists project will show the US economy added 104,000 jobs in July. This would mark the lowest monthly job gain since February. But while monthly job additions have moved lower along with the national hiring rate, so too has the overall number of workers participating in the labor force. This, Fed Chair Jerome Powell said on Wednesday, means the labor market remains balanced. When asked directly which metric this has Powell watching in the monthly jobs report, the Fed chair said, "the main number you have to look at now is the unemployment rate." Looking at a one-year chart entering Friday's report, that key metric has been relatively steady in what Powell described as a "historically" low range for a year now and is one reason the central bank isn't rushing to cut interest rates. By many measures, hiring momentum has slowed in the US labor market. That's expected to continue with Friday's jobs report, which economists project will show the US economy added 104,000 jobs in July. This would mark the lowest monthly job gain since February. But while monthly job additions have moved lower along with the national hiring rate, so too has the overall number of workers participating in the labor force. This, Fed Chair Jerome Powell said on Wednesday, means the labor market remains balanced. When asked directly which metric this has Powell watching in the monthly jobs report, the Fed chair said, "the main number you have to look at now is the unemployment rate." Looking at a one-year chart entering Friday's report, that key metric has been relatively steady in what Powell described as a "historically" low range for a year now and is one reason the central bank isn't rushing to cut interest rates. Figma stock opens for trade at $85, up 230% from where IPO priced Figma (FIG) stock surged more than 230% above its initial public offering price after it began trading just before 2:00 p.m. ET on Thursday. As of 2:15 p.m., shares of the design software company traded at $108 each, well above the IPO price of $33. It was briefly halted nine seconds after trading for volatility. Yahoo Finance's Jake Conley reports: Read more here. Figma (FIG) stock surged more than 230% above its initial public offering price after it began trading just before 2:00 p.m. ET on Thursday. As of 2:15 p.m., shares of the design software company traded at $108 each, well above the IPO price of $33. It was briefly halted nine seconds after trading for volatility. Yahoo Finance's Jake Conley reports: Read more here. Trump talks with Canada, India, and Brazil in a stalemate as his tariff deadline looms Yahoo Finance's Ben Werschkul reports: Read more here. Yahoo Finance's Ben Werschkul reports: Read more here. Apple Q3 earnings to give Wall Street better view of tariff impact, AI top of mind Apple (AAPL) is scheduled to announce its third quarter earnings after the bell on Thursday, as Wall Street looks for signs of movement on the company's AI plans and a view into how much tariff-related costs are eating into its margins, Yahoo Finance's Dan Howley reports. Howley writes: Read more about the tech giant's upcoming quarterly results here. Apple (AAPL) is scheduled to announce its third quarter earnings after the bell on Thursday, as Wall Street looks for signs of movement on the company's AI plans and a view into how much tariff-related costs are eating into its margins, Yahoo Finance's Dan Howley reports. Howley writes: Read more about the tech giant's upcoming quarterly results here. Meme stocks are melting as investors look toward Big Tech Meme stock FOMO is taking a breather, Yahoo Finance's Francisco Velasquez reports. Velasquez writes: Read the full story here. Meme stock FOMO is taking a breather, Yahoo Finance's Francisco Velasquez reports. Velasquez writes: Read the full story here. Reddit stock jumps ahead of Q2 earnings Reddit shares jumped nearly 5% Thursday morning ahead of the social media's second quarter earnings report after the bell. Reddit's results after the bell Thursday come as Wall Street scrutinizes how changes to Google Search's algorithm could affect the social media platform's daily active users, which fell below expectations in the US in the past two quarters. Wall Street analysts tracked by Bloomberg expect Reddit to report adjusted earnings per share of $0.72, up from last year's loss per share of $0.06. They project the company's second quarter revenue to hit $425 million, up 50% from the prior year, according to Bloomberg data. Analysts expect global daily active users to climb 20% from the prior year to roughly 110 million for the period and US users to rise more than 9% to 50.5 million. Read more about Reddit's upcoming report here. Reddit shares jumped nearly 5% Thursday morning ahead of the social media's second quarter earnings report after the bell. Reddit's results after the bell Thursday come as Wall Street scrutinizes how changes to Google Search's algorithm could affect the social media platform's daily active users, which fell below expectations in the US in the past two quarters. Wall Street analysts tracked by Bloomberg expect Reddit to report adjusted earnings per share of $0.72, up from last year's loss per share of $0.06. They project the company's second quarter revenue to hit $425 million, up 50% from the prior year, according to Bloomberg data. Analysts expect global daily active users to climb 20% from the prior year to roughly 110 million for the period and US users to rise more than 9% to 50.5 million. Read more about Reddit's upcoming report here. CoreWeave soars after Microsoft reports higher-than-expected capital expenditures CoreWeave (CRWV) shares surged more than 12% Thursday on the heels of strong earnings reports from two of its customers, Microsoft (MSFT) and Meta (META). Microsoft is CoreWeave's largest customer, accounting for 72% of its revenue in the burgeoning cloud provider's most recent quarterly earnings report. Microsoft spent $88.2 billion in its fiscal year 2025, ahead of the $80 billion it previously forecast. That figure represented a 58% increase in the tech giant's spending from the prior year. Microsoft said its spending will grow at a slower pace in its 2026 fiscal year. During the first quarter, it expects to spend $30 billion, a 50% increase from the prior year. "We will continue to invest against the expansive opportunity ahead across both capital expenditures and operating expenses given our leadership position in commercial cloud, strong demand signals for our cloud and AI offerings, and significant contracted backlog," Microsoft CFO Amy Hood said in an earnings call with analysts. CoreWeave (CRWV) shares surged more than 12% Thursday on the heels of strong earnings reports from two of its customers, Microsoft (MSFT) and Meta (META). Microsoft is CoreWeave's largest customer, accounting for 72% of its revenue in the burgeoning cloud provider's most recent quarterly earnings report. Microsoft spent $88.2 billion in its fiscal year 2025, ahead of the $80 billion it previously forecast. That figure represented a 58% increase in the tech giant's spending from the prior year. Microsoft said its spending will grow at a slower pace in its 2026 fiscal year. During the first quarter, it expects to spend $30 billion, a 50% increase from the prior year. "We will continue to invest against the expansive opportunity ahead across both capital expenditures and operating expenses given our leadership position in commercial cloud, strong demand signals for our cloud and AI offerings, and significant contracted backlog," Microsoft CFO Amy Hood said in an earnings call with analysts. Microsoft tops $4 trillion Microsoft's (MSFT) market capitalization officially hit the $4 trillion mark Thursday, making it the second company behind Nvidia (NVDA) to achieve the feat. Shares of Microsoft climbed as much as 8% Thursday morning before paring gains, up roughly 5% shortly after the market opened. Microsoft, Apple (AAPL), and Nvidia have traded places as the world's most valuable companies. Nvidia still retains the top spot after a stunning comeback from a rocky first half of the year, with its market cap sitting around $4.4 trillion as of Thursday. Apple's was just over $3 trillion in morning trading. Microsoft's (MSFT) market capitalization officially hit the $4 trillion mark Thursday, making it the second company behind Nvidia (NVDA) to achieve the feat. Shares of Microsoft climbed as much as 8% Thursday morning before paring gains, up roughly 5% shortly after the market opened. Microsoft, Apple (AAPL), and Nvidia have traded places as the world's most valuable companies. Nvidia still retains the top spot after a stunning comeback from a rocky first half of the year, with its market cap sitting around $4.4 trillion as of Thursday. Apple's was just over $3 trillion in morning trading. S&P 500, Nasdaq surge at the open The S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) surged on Thursday, on track for fresh record highs after strong Meta (META) and Microsoft (MSFT) earnings fueled a spike in tech stocks. The Nasdaq climbed roughly 1.3%, while the S&P 500 rose 0.8%. The Dow Jones Industrial Average (^DJI) lagged, up less than 0.1%. The S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) surged on Thursday, on track for fresh record highs after strong Meta (META) and Microsoft (MSFT) earnings fueled a spike in tech stocks. The Nasdaq climbed roughly 1.3%, while the S&P 500 rose 0.8%. The Dow Jones Industrial Average (^DJI) lagged, up less than 0.1%. Microsoft set to join $4T market cap club, Meta stock surges in post-earnings rally Microsoft (MSFT) and Meta (META) stocks ripped higher in premarket trading as investors continued to bid up shares following the tech giants' earnings reports. Combined, the two stocks have added about half a trillion dollars in market value since Wednesday's close. If gains hold, Microsoft is set to join Nvidia (NVDA) in the $4 trillion market capitalization club when the market opens. Its market cap as of Wednesday stood at $3.81 trillion, and the stock has gained nearly 9% in premarket trading. Meta stock surged 11% ahead of the opening bell. Both Meta and Microsoft reported strong revenue growth that outweighed investors' concerns about spending on artificial intelligence. 'The stock moves make sense — the results are that good,' D.A. Davidson head of technology research Gil Luria told Yahoo Finance following Meta's and Microsoft's earnings. 'Meta is gaining significant share in the digital advertising market, … and therefore investors have patience for the capex guidance they're providing.' Microsoft (MSFT) and Meta (META) stocks ripped higher in premarket trading as investors continued to bid up shares following the tech giants' earnings reports. Combined, the two stocks have added about half a trillion dollars in market value since Wednesday's close. If gains hold, Microsoft is set to join Nvidia (NVDA) in the $4 trillion market capitalization club when the market opens. Its market cap as of Wednesday stood at $3.81 trillion, and the stock has gained nearly 9% in premarket trading. Meta stock surged 11% ahead of the opening bell. Both Meta and Microsoft reported strong revenue growth that outweighed investors' concerns about spending on artificial intelligence. 'The stock moves make sense — the results are that good,' D.A. Davidson head of technology research Gil Luria told Yahoo Finance following Meta's and Microsoft's earnings. 'Meta is gaining significant share in the digital advertising market, … and therefore investors have patience for the capex guidance they're providing.' Fed's preferred inflation gauge shows price increases accelerated in June amid tariff uncertainty The latest reading of the Federal Reserve's preferred inflation gauge showed price increases accelerated in June as inflation remained above the Fed's 2% target. Yahoo Finance's Josh Schafer reports: Read more here. The latest reading of the Federal Reserve's preferred inflation gauge showed price increases accelerated in June as inflation remained above the Fed's 2% target. Yahoo Finance's Josh Schafer reports: Read more here. Roblox stock soars as daily active users surpass 100 million Roblox's (RBLX) stock rocketed 20% higher in premarket trading after reporting record daily users and raising its third quarter forecast for bookings. Daily active users rose 41% in the second quarter to cross 111 million, the company reported on Thursday. Roblox also raised its forecast for annual bookings in the third quarter to $1.59 billion to $1.64 billion. Bookings for the second quarter came in at $1.44 billion, beating market estimates of $1.24 billion. Reuters reports that the company has been investing in search and discovery features that allow greater visibility for viral games like "Grow a Garden." Roblox also aims to diversify its revenue beyond gaming by turning the platform into a hub for socializing, commerce, and advertising. The platform saw a boost in engagement during the quarter, with engaged hours up 58% to 27.4 billion. Read more here. Roblox's (RBLX) stock rocketed 20% higher in premarket trading after reporting record daily users and raising its third quarter forecast for bookings. Daily active users rose 41% in the second quarter to cross 111 million, the company reported on Thursday. Roblox also raised its forecast for annual bookings in the third quarter to $1.59 billion to $1.64 billion. Bookings for the second quarter came in at $1.44 billion, beating market estimates of $1.24 billion. Reuters reports that the company has been investing in search and discovery features that allow greater visibility for viral games like "Grow a Garden." Roblox also aims to diversify its revenue beyond gaming by turning the platform into a hub for socializing, commerce, and advertising. The platform saw a boost in engagement during the quarter, with engaged hours up 58% to 27.4 billion. Read more here. What's in the US-EU trade deal depends on who is doing the talking President Trump and European Commission President Ursula von der Leyen shook hands Sunday over a trade agreement. The White House did a victory lap, but days later, there are still plenty of disagreements about exactly what is in the pact. Yahoo Finance's Ben Werschkul reports: Read more here. President Trump and European Commission President Ursula von der Leyen shook hands Sunday over a trade agreement. The White House did a victory lap, but days later, there are still plenty of disagreements about exactly what is in the pact. Yahoo Finance's Ben Werschkul reports: Read more here. A quirk in the Fed's calendar puts extra pressure on the Sept. meeting Yahoo Finance's Hamza Shaban takes a look at the Federal Reserve's next move in today's Morning Brief: Read more here on how a long wait could result in a different outlook. Yahoo Finance's Hamza Shaban takes a look at the Federal Reserve's next move in today's Morning Brief: Read more here on how a long wait could result in a different outlook. Good morning. Here's what's happening today. Economic data: Challenger jobs cuts (July); Personal income & spending (June); Core PCE price index; Employment cost index (second quarter); Initial jobless claims (week ending July 26) Earnings: Apple (AAPL), Amazon (AMZN), Bristol Myers Squibb (BMY), Cigna (CI), Coinbase (COIN), CVS Health (CVS), Mastercard (MA), Norwegian Cruise Line (NCLH), Reddit (RDDT), Roblox (RBLX), Roku (ROKU), Strategy (MSTR) Here are some of the biggest stories you may have missed overnight and early this morning: Trump knocks Canada as countries rush to strike trade deals Trump tariffs face another legal test on eve of deadline Apple faces 2 major threats ahead of earnings What's in the US-EU trade deal? It depends on who's talking. Fed calendar quirk raises the stakes for its Sept. meeting Meta stock surges after earnings beat, guidance surprise Microsoft on track for $4 trillion market cap after earnings beat Arm stock falls as chip ambitions shake investor confidence Economic data: Challenger jobs cuts (July); Personal income & spending (June); Core PCE price index; Employment cost index (second quarter); Initial jobless claims (week ending July 26) Earnings: Apple (AAPL), Amazon (AMZN), Bristol Myers Squibb (BMY), Cigna (CI), Coinbase (COIN), CVS Health (CVS), Mastercard (MA), Norwegian Cruise Line (NCLH), Reddit (RDDT), Roblox (RBLX), Roku (ROKU), Strategy (MSTR) Here are some of the biggest stories you may have missed overnight and early this morning: Trump knocks Canada as countries rush to strike trade deals Trump tariffs face another legal test on eve of deadline Apple faces 2 major threats ahead of earnings What's in the US-EU trade deal? It depends on who's talking. Fed calendar quirk raises the stakes for its Sept. meeting Meta stock surges after earnings beat, guidance surprise Microsoft on track for $4 trillion market cap after earnings beat Arm stock falls as chip ambitions shake investor confidence Trending tickers: ARM, CVS and Confluent Here are some top stocks trending on Yahoo Finance in premarket trading: Arm (ARM) stock fell 6% on Thursday before the bell following the announcement of the chip tech provider's plan to invest in its own chip development, which would bite into future profits, disappointed investors. CVS (CVS) stock jumped 7% in premarket on Thursday after the company beat Wall Street estimates for second-quarter profit. Confluent Inc (CFLT) stock rose over 20% premarket following the company's positive earnings report. The data streaming platform reported a 21% growth in subscription revenue and a 28% growth in Confluent Cloud revenue for Q2 2025. Here are some top stocks trending on Yahoo Finance in premarket trading: Arm (ARM) stock fell 6% on Thursday before the bell following the announcement of the chip tech provider's plan to invest in its own chip development, which would bite into future profits, disappointed investors. CVS (CVS) stock jumped 7% in premarket on Thursday after the company beat Wall Street estimates for second-quarter profit. Confluent Inc (CFLT) stock rose over 20% premarket following the company's positive earnings report. The data streaming platform reported a 21% growth in subscription revenue and a 28% growth in Confluent Cloud revenue for Q2 2025. Carvana posts higher quarterly profit on record car sales Shares in Carvana (CVNA) surged over 15% in premarket trading after the online used-car seller defied expectations with strong second quarter results and outlook. Bloomberg reports: Read more here. Shares in Carvana (CVNA) surged over 15% in premarket trading after the online used-car seller defied expectations with strong second quarter results and outlook. Bloomberg reports: Read more here. EBay stock rises as resilient consumers fuel strong sales forecast EBay (EBAY) stock jumped on Thursday before the bell after the e-commerce company forecasted sales that topped analysts' estimates, suggesting optimism for continued consumer resilience at a time of shifting US tariff proposals. Bloomberg News reports: Read more here. EBay (EBAY) stock jumped on Thursday before the bell after the e-commerce company forecasted sales that topped analysts' estimates, suggesting optimism for continued consumer resilience at a time of shifting US tariff proposals. Bloomberg News 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
NBC News
21 minutes ago
- NBC News
Maine town denies it did not properly vet reserve officer arrested by ICE
A Maine resort town is challenging the Trump administration's criticism of its police department after a seasonal reserve officer was arrested by Immigration and Customs Enforcement last week. The incident is putting renewed focus on the accuracy of E-Verify, the system the federal government created for employers to check if prospective employees have legal authorization to work in the United States. Federal immigration officials have asserted that the Old Orchard Beach Police Department either 'knowingly' hired an unauthorized immigrant as a reserve officer or did not do enough independent verification of the man's status. The department has said it thoroughly checked the background of Jon-Luke Evans, and he was approved to work there as an officer in May through the Department of Homeland Security's E-Verify Program. ICE said it arrested Evans, a Jamaican citizen, last Friday after he unlawfully attempted to buy a firearm, triggering an alert with the Bureau of Alcohol, Tobacco, Firearms and Explosives, which worked with ICE to make the arrest. ICE said that Evans overstayed a visa that required him to leave in October 2023. But the town's police department said E-verify cleared Evans' work eligibility until March of 2030. 'The Old Orchard Beach Police Department follows all of the pre-employment guidelines expected of an employer in the State of Maine and in the U.S., and we are providing this additional information in response to statements made by certain federal agencies that only work to undermine public trust and confidence in municipal law enforcement,' the town's manager, Diana Asanza, said in a joint statement with the police department on Wednesday evening. 'Today, the Department of Homeland Security doubled down on its attack, but in doing so has thrown its own electronic verification system into question. If we should not trust the word of the federal computer system that verifies documents and employment eligibility, what good is that system?' Asanza said. The joint statement came after DHS said earlier Wednesday that using E-Verify 'does not absolve employers of their legal duty to verify documentation authenticity, and all employers should take necessary steps to effectively verify legal employment status.' 'The Old Orchard Beach Police Department's reckless reliance on E-Verify to justify arming an illegal alien, Jon Luke Evans, violates federal law, and does not absolve them of their failure to conduct basic background checks to verify legal status,' DHS Assistant Secretary Tricia McLaughlin said in the statement. McLaughlin also defended the E-Verify system, saying it 'is a proven, no-cost tool that delivers high accuracy in verifying work authorization by cross-checking employee documents against government databases to combat rampant document fraud and protecting American workers.' E-Verify is operated by the Department of Homeland Security in partnership with the Social Security Administration. After McLaughlin issued the DHS statement, Old Orchard Beach released a statement of its own detailing the steps it took to verify Evans' immigration status and eligibility to work. The town said that before the police department hired Evans, it compiled a 153-page personnel file on him that included background checks, driving records, copies of identification cards, education and medical records, and personal references. Evans provided required information including an I-9 federal immigration and work authorization form, as well as his Jamaican birth certificate, Massachusetts driver's license, U.S. social security card, work authorization card, among other documents, according to the statement. 'The Old Orchard Beach Police Department thoroughly checked Mr. Evans' background and verified that all information and documentation he provided was accurate. The depth of his personnel file shows the diligence the Town takes in hiring,' Police Chief Elise Chard said. It said it then submitted Evans' forms to DHS' E-Verify program, and in May the federal agency verified Evans' status and said he was authorized to work legally through March 19, 2030. 'Evans would not have been permitted to begin work in Old Orchard Beach without DHS verifying his status. The federal government has aggressively pushed all employers — government and private — to rely on E-Verify in the hiring process,' the town and police department said. 'Simply stated, had the federal government flagged his information the Town would not have hired Mr. Evans,' Chard said. 'Any insinuation that the Town and Department were derelict in our efforts to verify Mr. Evans' eligibility to work for the Town is false and appears to be an attempt to shift the blame onto a hard-working local law enforcement agency that has done its job.' The policed released 54 pages of his personnel file, which NBC News has reviewed, showing records related to his police department application process, which state that employment is conditional upon a background check, the submission of mandatory paperwork, drug screening and mandatory training sessions. The records also show Evans was required to provide two valid forms of ID for payroll processing and that he passed all of his training sessions before he was approved to work as a reserve officer. The documents also include Evans' résumé and educational records. DHS did not respond to requests for comment on the Old Orchard Beach town and police department statement. It also did not share what steps and methods, beyond E-Verify, it suggests local police departments and other employers use to independently verify an immigrant applicant's legal status and work authorization. ICE had accused the police department of 'knowingly breaking the law' and hiring an immigrant in the country illegally. The police department denied the claim, saying the federal government's own system had approved the man to work as a reserve officer. Rep. Lori K. Gramlich, a Democrat who represents Old Orchard Beach in the state's House of Representatives, said in a statement to NBC News on Thursday that in light of the conflicting accounts, she was calling for a thorough federal review of E-Verify and DHS' authorization process 'that allowed Officer Evans to begin work in good faith in May 2025. 'This incident highlights the importance and necessity of reliable federal systems to support the lawful employment of noncitizen residents in community-serving roles,' she said. 'We must do better to prevent such situations in the future, protect community trust and ensure fairness and accountability.' Maine is one of about a dozen states that allow noncitizens to work in law enforcement. Some require the immigrant to be a green-card holder, while others, such as Maine, require the immigrant to be legally authorized to work in the U.S. The town has said that its police department, like many in coastal communities, uses a seasonal supplementary workforce when the population surges in the summer months. Maine has some 34,000 immigrant workers, or 4.6% of the state's labor force, according to the American Immigration Council. There are also an estimated 5,800 unauthorized immigrants of working age in the state, according to the council.
