Joe Biden Diagnosed With 'Aggressive Form' Of Prostate Cancer
Per the statement, Biden and his family are reviewing treatment options.
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'Last week, President Joe Biden was seen for a new finding of a prostate nodule after experiencing increasing urinary symptoms. On Friday, he was diagnosed with prostate cancer, characterized by a Gleason score of 9 (Grade Group 5) with metastasis to the bone,' the statement said. 'While this represents a more aggressive form of the disease, the cancer appears to be hormone-sensitive which allows for effective management.'
The news comes as Jake Tapper and Alex Thompson's co-authored Original Sin: President Biden's Decline, Its Cover-Up, and His Disastrous Choice to Run Again, on the former POTUS' cognitive decline, is set to be released on Tuesday.
More to come…
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CNBC
10 minutes ago
- CNBC
How this week's avalanche of news from Washington to Wall Street kept investors guessing
It was a dizzying week on Wall Street. The S & P 500 closed this past Monday at a record high and then went on a four-session losing streak. Friday was particularly unsettling as terrible jobs data slammed the market and triggered President Donald Trump . Trump started the day by slamming Federal Reserve Chairman Jerome Powell for not cutting interest rates on Wednesday. He accused the Fed of cutting rates at the end of last year to help elect Kamala Harris. Later in the day , the president used similar reasoning when firing the head of the Bureau of Labor Statistics, which puts out the employment report. Trump accused BLS Commissioner Erika McEntarfer, a Biden appointee, of negatively manipulating the numbers during his presidency and inflating them before Election Day to help Harris. Also on Friday afternoon, Fed Governor Adriana Kugler resigned . The Biden appointee didn't give a reason. As if all that were not enough, just before his self-imposed Aug. 1 deadline, Trump set new "reciprocal" tariff rates to go into effect on Aug. 7. The president also on Friday ordered two nuclear submarines "to be positioned in the appropriate regions" after a warning to the U.S. from Russian official Dmitry Medvedev. On Monday, Medvedev said that "each new ultimatum" about the Ukraine conflict is a "threat and a step towards war" between Russia and the U.S. .SPX .IXIC 5D mountain S & P 500 and Nasdaq performance this week It was no wonder the S & P 500 lost more than 1.5% on Friday, in a session even further pressured by a drop in tech stocks following Amazon 's post-earnings stock decline of more than 8%. For the week, the broad market index lost nearly 1%, ending a two-week win streak. The tech-heavy Nasdaq was the big loser Friday, dropping more than 2.2% on the session and more than 2% for the week. It, too, snapped two straight weekly gains. As bad as the calendar page turn to August was on Friday, the S & P 500 and the Nasdaq wrapped July on Thursday with gains of 2.2% and 3.7%, respectively. The S & P 500 completed a three-month winning streak, while the Nasdaq extended its monthly run to four straight. It was certainly a busy week, jam-packed with macroeconomic updates, trade negotiations, a Fed rate decision — and, of course, an earnings onslaught, with four of the Magnificent Seven reporting. Trump trade The week started out with the U.S. on Sunday striking a trade deal with the European Union. South Korea slipped in under the wire before the president's Friday deadline. Both trade partners are now subject to a 15% tariff on exports to the U.S., down from the respective 30% and 25% rates in place prior to the agreements. The deal with the EU will also see the trading bloc purchase $750 billion in U.S. energy, while investing an additional $600 billion into the U.S. The deal with South Korea included an agreement for $350 billion in U.S. investments. Negotiations with China remain ongoing, with the tariff deadline being pushed to Aug. 12. Mexico was granted a 90-day extension of current 25% rates following a discussion with Mexican President Claudia Sheinbaum. Canada, however, was slapped with a 35% tariff rate . As for the trade partners that have yet to strike a deal, new rates were announced last Thursday evening and are set to take effect this coming Thursday. Weak jobs Just hours after the new tariff rates were announced, the Friday jobs report was released. The July nonfarm payroll growth of 73,000 positions fell way short of the 100,000 additions economists had expected. Worse yet, the June and May readings were both revised significantly lower for a combined 258,000 less jobs than originally reported for those two months. All of that, besides setting Trump off, put a September rate cut back on the table, according to the CME FedWatch tool. The market odds of a cut flipped from about 38% on Thursday to nearly 83% on Friday. Shortly after the weak jobs report, Jim Cramer said that while he has been a big backer of Powell, this number says: "You didn't need to wait" to cut rates. Warmer inflation The day after the Fed held rates steady, the central bank's preferred measure of inflation — the personal consumption expenditure (PCE) price index — was released Thursday morning. Both the headline PCE reading, as well as the core rate excluding food and energy prices, came in one-tenth hotter than expected on a year over year basis, seemingly supportive of the Fed's decision to leave rates unchanged. However, the negative jobs data clouds the picture a bit and will force the Fed to weigh the importance of both parts of its dual mandate — maintaining price stability, around their target 2% inflation rate, and fostering maximum employment. The former currently requires more restrictive or higher rates, given that inflation remains above target, while the latter points to less restrictive or lower rates, because central bankers don't want to see any material increases in joblessness. Economic growth Part of the rationale for holding rates steady came from a strong advance second quarter reading on the economy, which was released Wednesday morning just hours before the Fed's July meeting wrapped up. The seasonally adjusted annual GDP growth rate of 3% was much better than the 2.3% advance that was expected. While the economy managed to chug along during the April to June period, despite all the fear and uncertainty caused by trade disputes, it's already August. The GDP is a backwards looking data set. That's why more weight is put on the monthly updates noted above, relating to inflation and the labor market — and of course, the most real-time source of data we can get, earnings. Club earnings So, with that, let's take a look at how earnings went this week for the Club. We heard from Starbucks on Tuesday evening, Meta Platforms and Microsoft on Wednesday evening, Bristol Myers Squibb on Thursday morning, Amazon and Apple on Thursday evening, and Linde on Friday morning. Starbucks : Though the coffee giant reported mixed quarterly results, we heard enough positives to confirm that CEO Brian Niccol's turnaround remains firmly on track. Meta Platforms : The social media powerhouse delivered an absolute blow out quarter, with the only thing better than the results being the guidance. Bristol Myers : The drugmaker delivered a solid quarterly beat and outlook raise. However, with the Cobenfy narrative — at the core of our investment thesis— going from being pretty straightforward to a show-me story, investors aren't giving the company the benefit of the doubt. We trimmed our price target following the release. There are also the added questions marks around Trump push this week for lower prescription prices from Bristol and 16 other major drugmakers, including Club name Eli Lilly, which reports earnings next week. The threat of sector-specific pharma tariffs remains in play. Amazon : Overall the tech giant reported a solid quarter. However, shares sold off as investors took issue with Amazon Web Services (AWS) failing to deliver the same type of cloud revenue upside as rivals Microsoft Azure and Google Cloud. Operating income guidance for the current quarter was also a bit lower than expected, though that has historically proven conservative. Ultimately, we think the concerns are overblown and think the pullback represents a buying opportunity . Apple : The iPhone maker reported a very respectable quarter. However, when taking into account the price action of the stock this year alongside the reaction to the results, it's clear that investors are not ready to give management much credit until they deliver more clarity about the company's AI strategy. It was encouraging to hear CEO Tim Cook say he's open to M & A to help with that. Linde : The industrial gas stalwart delivered solid quarterly results in a difficult operating environment, demonstrating the company's resiliency no matter the backdrop. Moreover, management raised the low end of its full-year earnings guidance, despite noting that the high end of the range already assumes an economic contraction. It's another important week of corporate earnings ahead, with about a quarter of S & P 500 companies set to report. Six companies in the Club portfolio are on the docket: Coterra Energy , DuPont , Eaton , Disney , Eli Lilly , and Texas Roadhouse . Week in trades It was also a busy week of trades for the portfolio. Kicking off the week, we added to our positions in Cisco Systems and Honeywell . That was followed up by a small trim of Eaton as the stock hit new high. On Tuesday, we locked in a nice profit on Eli Lilly following disappointing news from Novo Nordisk , its main competitor in the GLP-1 market. We also trimmed our position in Wells Fargo as shares finally recovered from their post-earnings decline. On Wednesday, we added to our position in Dover and called out that we would also be adding to our stakes in Starbucks and Palo Alto Networks , we were not restricted. We'll be keeping a close eye on both in the week to come for an opportunity to step in. Palo Alto finished the week down nearly 15% on a four-session losing streak after reports of talks and its confirmation of a $25 billion deal to buy CyberArk were not well received by investors. We, however, feel that bundling CybarArk's identity security platform will accelerate Palo Alto's platformization strategy. Rounding out the week , on Thursday, we cut our position in Abbott , in line with prior commentary in which we highlighted our concerns about the company's exposure to China. We took the raised capital and redeployed it in Capital One Financial as the move we were seeing in the stock didn't reflect the fundamentals we saw when it reported second quarter earnings. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Yahoo
an hour ago
- Yahoo
Trump's Next Job: Selling Skeptical Americans on His Economy
(Bloomberg) -- Six months into his comeback term, Donald Trump has taken full ownership of the US economy. For better or worse, his party must now sell it to voters. The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival We Should All Be Biking Along the Beach Seeking Relief From Heat and Smog, Cities Follow the Wind San Francisco in Talks With Vanderbilt for Downtown Campus The president has hailed the world's 'hottest' economy – and found others to blame for any wobbles. When Friday's jobs report showed a dramatic slowdown in hiring, he fired the head of the agency that published it. He's pinned some frustrations on his predecessor Joe Biden, and continues to berate the Federal Reserve for what he considers too-high interest rates. But for political purposes, his takeover has now been cemented — after passage of the 'One Big Beautiful Bill' tax-and-spending law, and the latest phase of his global tariff rollout. Commerce Secretary Howard Lutnick trumpeted the transition: 'The Trump Economy has officially arrived,' he posted on social media. The question is whether Americans like it. Next year Trump's economic record will be on the midterm ballot. Polls suggest voters are unhappy with the tariffs and tax plans — potentially giving Democrats an opening. The loss of GOP majorities in Congress could stall Trump's legislative agenda and expose him to impeachment efforts, as it did in his first term. The July employment figures, with job creation running at the weakest pace since the pandemic, were the latest indicator of a slowing economy. GDP shrank in the first quarter then rebounded in the second, as trade shifts skewed the numbers — but the overall pace in the first half of 2025 has been around half of last year's, with consumers hitting the brakes amid trade-war uncertainty. Still, unemployment remains low and so far there's been little sign of the tariff-led surge in prices that many pundits warn of. 'The economy has held up remarkably well. Inflation has stayed relatively tame. But I do think there are storm clouds on the horizon,' said Republican strategist Marc Short, who served in Trump's first administration. Many businesses have so far avoided passing on tariff costs to consumers, he said, but 'the frog has been boiling all along.' Trump announced another round of tariff hikes this week, after months of often chaotic threats and reversals. Almost all US trading partners now face higher rates. The import taxes are bringing in billions in government revenue, but the longer-term economic impact remains unclear. Critics say US consumers and businesses will foot the bill. A recent Fox News poll shows that 62% of voters disapprove of Trump's handling of tariffs – while 58% are against the tax and spending bill, and 55% are unhappy with his overall handling of the economy. Voters are especially sensitive to the cost of living right now after prices skyrocketed under the Biden administration. Fed Chair Jerome Powell has cited the risk that tariffs could rekindle inflation as one reason for holding interest rates steady – to Trump's fury. The president has campaigned aggressively for lower rates, hinting he may fire Powell before his term ends next May. On Friday he called on the Fed's board to 'assume control' if Powell doesn't deliver a cut. There were some signs in June's price data that tariffs are starting to nudge prices higher for products like furniture and appliances. Still, the White House has a decent story to tell, according to Republican strategist Alex Conant. 'I would certainly take this economy over two or three years ago,' he said. 'There are two things that crush a president, inflation or unemployment. Right now both are low.' Democrats see opportunities to go after Trump on his tax-and-spending legislation as well as his tariffs. The measure includes new breaks for tips and overtime pay – but also steep cuts to health programs that will hurt many low-income Americans. 'Our summer's all about Cancel The Cuts,' former House Speaker Nancy Pelosi said on social media. 'I'll be looking at how House and Senate Republicans fare back home as they try to sell the recent budget bill,' said Democratic strategist Jim Manley. 'If you look at the polling, Democrats have to focus on his handling of the economy, because Americans are not happy.' With tariffs largely in place, the White House in August plans to start promoting its tax law. State and local officials were at the White House this week getting briefed on the legislation, one official said. Another White House insider said Trump was expected to hit the road as part of the effort. 'Naysayers and Doomsayers' Key parts of the bill like the tips exemption are 'huge immediate political winners,' Conant said. 'They should not only run on them, they should attack Democrats for opposing them.' The law also extends tax cuts from Trump's first term, which had been due to expire. That's potentially the GOP's strongest argument to voters — 'if they'd not done it, can you imagine what your tax bill would've been like next April' — according to veteran Republican pollster Frank Luntz. 'They should be saying it, they're doing it to some degree,' he told Bloomberg TV on Friday. 'But it's not being heard.' The White House maintains that the economy is booming. 'All the naysayers and the doomsayers have been proven wrong,' Communications Director Stephen Cheung said. And Trump is pulling other levers to improve GOP chances in the midterms. He's raised $236 million for his political operation in the first six months of 2025 — an unprecedented sum for a second-term president. The latest filings to the Federal Election Commission suggest most of that cash will be available for GOP House and Senate candidates. Trump is also urging Texas lawmakers to redraw the state's congressional map in an effort to win House districts that are more favorable to Republicans — a move Democrats have decried as a power grab. Midterm elections historically favor the party out of power — potentially giving a boost to Democrats, who were soundly beaten in 2024. But the opposition party is also struggling in the polls, and hasn't coalesced around an effective appeal to voters. Former Chicago Mayor Rahm Emanuel, who has said he is considering a 2028 Democratic presidential bid, said the party has a clear economic message available for the midterms – which includes focusing on tariffs as an effective tax hike. 'This is all about accepting that Donald Trump owns this economy,' Emanuel said. How Podcast-Obsessed Tech Investors Made a New Media Industry Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Russia Builds a New Web Around Kremlin's Handpicked Super App It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©2025 Bloomberg L.P.
Yahoo
an hour ago
- Yahoo
Trump's Next Job: Selling Skeptical Americans on His Economy
(Bloomberg) -- Six months into his comeback term, Donald Trump has taken full ownership of the US economy. For better or worse, his party must now sell it to voters. The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival We Should All Be Biking Along the Beach Seeking Relief From Heat and Smog, Cities Follow the Wind San Francisco in Talks With Vanderbilt for Downtown Campus The president has hailed the world's 'hottest' economy – and found others to blame for any wobbles. When Friday's jobs report showed a dramatic slowdown in hiring, he fired the head of the agency that published it. He's pinned some frustrations on his predecessor Joe Biden, and continues to berate the Federal Reserve for what he considers too-high interest rates. But for political purposes, his takeover has now been cemented — after passage of the 'One Big Beautiful Bill' tax-and-spending law, and the latest phase of his global tariff rollout. Commerce Secretary Howard Lutnick trumpeted the transition: 'The Trump Economy has officially arrived,' he posted on social media. The question is whether Americans like it. Next year Trump's economic record will be on the midterm ballot. Polls suggest voters are unhappy with the tariffs and tax plans — potentially giving Democrats an opening. The loss of GOP majorities in Congress could stall Trump's legislative agenda and expose him to impeachment efforts, as it did in his first term. The July employment figures, with job creation running at the weakest pace since the pandemic, were the latest indicator of a slowing economy. GDP shrank in the first quarter then rebounded in the second, as trade shifts skewed the numbers — but the overall pace in the first half of 2025 has been around half of last year's, with consumers hitting the brakes amid trade-war uncertainty. Still, unemployment remains low and so far there's been little sign of the tariff-led surge in prices that many pundits warn of. 'The economy has held up remarkably well. Inflation has stayed relatively tame. But I do think there are storm clouds on the horizon,' said Republican strategist Marc Short, who served in Trump's first administration. Many businesses have so far avoided passing on tariff costs to consumers, he said, but 'the frog has been boiling all along.' Trump announced another round of tariff hikes this week, after months of often chaotic threats and reversals. Almost all US trading partners now face higher rates. The import taxes are bringing in billions in government revenue, but the longer-term economic impact remains unclear. Critics say US consumers and businesses will foot the bill. A recent Fox News poll shows that 62% of voters disapprove of Trump's handling of tariffs – while 58% are against the tax and spending bill, and 55% are unhappy with his overall handling of the economy. Voters are especially sensitive to the cost of living right now after prices skyrocketed under the Biden administration. Fed Chair Jerome Powell has cited the risk that tariffs could rekindle inflation as one reason for holding interest rates steady – to Trump's fury. The president has campaigned aggressively for lower rates, hinting he may fire Powell before his term ends next May. On Friday he called on the Fed's board to 'assume control' if Powell doesn't deliver a cut. There were some signs in June's price data that tariffs are starting to nudge prices higher for products like furniture and appliances. Still, the White House has a decent story to tell, according to Republican strategist Alex Conant. 'I would certainly take this economy over two or three years ago,' he said. 'There are two things that crush a president, inflation or unemployment. Right now both are low.' Democrats see opportunities to go after Trump on his tax-and-spending legislation as well as his tariffs. The measure includes new breaks for tips and overtime pay – but also steep cuts to health programs that will hurt many low-income Americans. 'Our summer's all about Cancel The Cuts,' former House Speaker Nancy Pelosi said on social media. 'I'll be looking at how House and Senate Republicans fare back home as they try to sell the recent budget bill,' said Democratic strategist Jim Manley. 'If you look at the polling, Democrats have to focus on his handling of the economy, because Americans are not happy.' With tariffs largely in place, the White House in August plans to start promoting its tax law. State and local officials were at the White House this week getting briefed on the legislation, one official said. Another White House insider said Trump was expected to hit the road as part of the effort. 'Naysayers and Doomsayers' Key parts of the bill like the tips exemption are 'huge immediate political winners,' Conant said. 'They should not only run on them, they should attack Democrats for opposing them.' The law also extends tax cuts from Trump's first term, which had been due to expire. That's potentially the GOP's strongest argument to voters — 'if they'd not done it, can you imagine what your tax bill would've been like next April' — according to veteran Republican pollster Frank Luntz. 'They should be saying it, they're doing it to some degree,' he told Bloomberg TV on Friday. 'But it's not being heard.' The White House maintains that the economy is booming. 'All the naysayers and the doomsayers have been proven wrong,' Communications Director Stephen Cheung said. And Trump is pulling other levers to improve GOP chances in the midterms. He's raised $236 million for his political operation in the first six months of 2025 — an unprecedented sum for a second-term president. The latest filings to the Federal Election Commission suggest most of that cash will be available for GOP House and Senate candidates. Trump is also urging Texas lawmakers to redraw the state's congressional map in an effort to win House districts that are more favorable to Republicans — a move Democrats have decried as a power grab. Midterm elections historically favor the party out of power — potentially giving a boost to Democrats, who were soundly beaten in 2024. But the opposition party is also struggling in the polls, and hasn't coalesced around an effective appeal to voters. Former Chicago Mayor Rahm Emanuel, who has said he is considering a 2028 Democratic presidential bid, said the party has a clear economic message available for the midterms – which includes focusing on tariffs as an effective tax hike. 'This is all about accepting that Donald Trump owns this economy,' Emanuel said. How Podcast-Obsessed Tech Investors Made a New Media Industry Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Russia Builds a New Web Around Kremlin's Handpicked Super App It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©2025 Bloomberg L.P.
