Musk Announces New America Party Is Formed Amid Trump Split
'By a factor of two to one, you want a new political party and you shall have it! When it comes to bankrupting our country with waste and graft, we live in a one-party system, not a democracy,' Musk said via his social media platform, X, on Saturday, a day after Trump signed the bill. 'Today, the America Party is formed to give you back your freedom.'
The Tesla CEO had opened a poll on July 4, Independence Day, asking his more than 220 million followers if he should create the new political party. Over 65% of the more than 1.2 million respondents voted 'yes.'
Read More: Musk Renews Promise to Start New Rival Political Party as Trump Debates Deporting Him
Musk went on to share his potential strategy for 'gaining independence from the two-party system,' arguing that he might try to 'laser-focus on just two or three Senate seats and eight to 10 House districts' for his party.
'Given the razor-thin legislative margins, that would be enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people,' Musk elaborated.
But as for what exactly Musk plans to do with his rival third party is largely open for discussion. Musk has yet to share any specific proposed policies or explicitly state what the core tenets of his party would be.Here's what we do—and don't—know about Musk's vision for the America Party and how it came to be.
What do we know of the America Party's proposed policies?
When Musk floated the idea of creating a new political party in early June amid the very public fracturing of his relationship with Trump, his one-time ally, Musk after conducting a poll said: 'The people have spoken. A new political party is needed in America to represent the 80% in the middle!' He appeared to be referring to those who may not feel seen or represented by either the Republican Party or Democratic Party.
Musk, the country's biggest Republican donor, is seemingly committed to campaigning against any Republicans who showed support and voted for the Big, Beautiful Bill that he so vehemently opposes.
'Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!' Musk said on June 30. 'And they will lose their primary next year if it is the last thing I do on this Earth.'
If he so desired, Musk could target pivotal congressional seats in an effort to turn them and thus potentially have the upper hand during votes on key matters. He seemingly referenced this plan with his July 4 post about establishing a 'laser-focus on just two or three Senate seats and eight to 10 House districts.'
Musk did not elaborate or specify which seats would be at the center of his focus.
While Musk has yet to share an actual policy platform for his party, he has reposted and responded affirmatively to some of his X followers' posts about what the platform could be. What appears to be on the docket is a platform that prioritizes cuts on debt and excess spending within the government, similar to what Musk pushed for during his time in the White House.
One of Musk's followers asked: 'Is this the America Party platform?' They went on to list the following stances:
In response, Musk said 'yeah!' and went on to repost the list to his millions of followers, but stopped short of providing his own official policy plan.
Read More: Trump's 'Big, Beautiful Bill' Faces Opposition From Musk and Some Republicans as Senate Narrowly Votes to Advance It
Musk's split from Trump and the Republican Party
Though Musk had voted Democrat previously, he played a vital role for the Republican Party when he became the largest donor of the 2024 presidential race, predominantly funding Trump's campaign but also financially backing other Republicans via his super political action committee (PAC) titled America PAC.
Musk became a close ally of Trump's and appeared at major campaign rallies with him, addressing large crowds and urging them to vote for Trump. As a sign of their close working relationship, Trump appointed Musk as the lead of DOGE, a role he held until May. During his tenure, Musk became known for actualizing Trump's vision of cutting 'waste' in the government, which amounted to laying off thousands of federal employees.
But Musk and Trump's relationship soured, especially after the former took a public stance against the spending bill.
'I think a bill can be big or it could be beautiful,' Musk told CBS News in May, shortly before he announced his DOGE departure. 'But I don't know if it could be both.'
Going a step further in early June, Musk said the 'massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination' and told his millions of followers to 'call your Senator, call your Congressman… kill the bill!'
Musk and Trump engaged in an all-out war of words, exchanging jabs and lobbying threats—with Trump threatening to take away the government contracts for Musk's companies, including the SpaceX firm that has become a critical player for NASA. Trump has repeatedly claimed that the falling out stemmed from Musk being unhappy over changes to the Electric Vehicle [EV] mandate.
Tensions reignited once more when Musk renewed his calls for the policy bill not to be passed.
When asked by reporters on July 1 if he was planning to deport Musk, who has U.S. and South African citizenship, Trump replied: 'I don't know, we'll have to take a look.'
'We might have to put DOGE on Elon. The monster that might have to go back and eat Elon. Wouldn't that be terrible?' Trump said, appearing to refer to the contracts and subsidies that Musk's prominent businesses have from the federal government.
Read More: Musk Floats Idea of Starting New Rival Political Party—and Even Names It—Amid Trump Feud
A third party has never been able to thrive in America's two-party system
Though Musk is looking to build a viable, competitive third party, it requires more than an X poll to actualize it in the U.S.. In fact, many have tried before.
Two major parties—Democratic and Republican—have dominated U.S. politics and no third party in recent memory has been able to penetrate the two-party system in a meaningful way.
Former 2020 Democratic presidential primary candidate Andrew Yang has pushed for representation beyond the two-party system, but has arguably encountered limited success with his Forward Party.
In June, Yang expressed a keenness to join forces with Musk, seemingly hoping that the two of them may have a stronger chance of succeeding.
'Elon has built world-class companies from nothing more than an idea multiple times, and in this instance, you have the vast majority of Americans who are hungry for a new approach,' Yang said in an interview with Politico. 'I'm happy to spell it out for Elon, or anyone else who wants to head down this road. A third party can succeed very quickly.'
Part of the reason third parties struggle is due to the U.S.' 'winner takes all' system in the Electoral College. 48 out of the 50 States award Electoral votes on a winner-takes-all basis (so does the District of Columbia).
This makes voting for third party candidates difficult. For example, support for the Tea Party held strong at 24% according to polls in the 2010s, though they rarely held significant political power, since the Republicans were often fearful of splitting votes in races with narrow margins, which would have risked giving the election to Democratic candidates.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
16 minutes ago
- Yahoo
Seth Meyers Tickled by Trump Team Saying He Gets Bruises From Too Many Handshakes: ‘He's Basically a Plum'
"I just love that his followers have to somehow reconcile this idea," the NBC host says The Trump administration offered an explanation for the bruising spotted on the president's hands recently, calling it a result of constant contact with people. That reasoning thoroughly amused Seth Meyers on Tuesday night, specifically because of how Trump's followers see the man. During his monologue, the NBC host noted that the official White House statement on Trump's health issues said the bruising is 'consistent with minor soft tissue irritation from frequent handshaking.' The explanation came shortly after social media users zeroed in on a photo of Trump's hands, which appeared to have a light shade of makeup covering his hands. More from TheWrap Seth Meyers Tickled by Trump Team Saying He Gets Bruises From Too Many Handshakes: 'He's Basically a Plum' | Video 'Wednesday' Renewed for Season 3 at Netflix The Future of Late Night Comedy: What's Lost When – Not if – It Goes Away Jessica Chastain-Led Limited Series 'The Savant' Sets September Premiere | Photos 'And I just love that his followers have to somehow reconcile this idea that he's this powerful, strong man, but also he gets bruises if you touch him,' Meyers said with a laugh. 'He's the indestructible savior of America, but also he's basically a plum.' Elsewhere in his monologue, Meyers poked fun at Trump's celebration of six months in office this week. In his social media post, Trump argued that 'time flies.' Meyers disagreed. 'Does it, though?' he said. 'It's been six months of this term, but we already did four years of you. And even when this guy was President, you were still the president of every news cycle.' At that, an image of former president Joe Biden appeared on screen, before Meyers pushed on. 'It feels like you've been president forever,' he said. 'I think it goes Washington, Jefferson, Adams, and then you.' You can watch Seth Meyers's full monologue in the video above. The post Seth Meyers Tickled by Trump Team Saying He Gets Bruises From Too Many Handshakes: 'He's Basically a Plum' | Video appeared first on TheWrap.
Yahoo
16 minutes ago
- Yahoo
Trump tariffs live updates: Trump strikes deal with Japan, but EU digs in with over $100B counterattack
The European Union said on Wednesday it plans to hit the US with 30% tariffs on over $100 billion worth of goods in the event the two sides cannot reach a trade deal by Aug. 1. Bloomberg News reported the European Commission will combine $24 billion in approved tariffs with a proposed $83 billion US goods list into one countermeasure package that would hit everything from American whiskey to cars to Boeing (BA) planes. As the EU digs in, President Trump announced two more deals and finalized a third, most notably a pact with Japan. 'I just signed the largest deal in history with Japan," Trump said during the meeting. The president said the agreement includes a 15% tariff on imported goods from Japan, and the country will invest $550 billion into the US. Earlier on Tuesday, Trump said the US had also struck a trade deal with the Philippines, which will see the country's imports face a 19% tariff into the US. Trump said US exports will face no import tax in the Philippines as part of the deal. The White House also unveiled new details of a confirmed trade agreement with Indonesia too. Yahoo Finance's Ben Werschkul reported that a 19% tariff will apply to Indonesian goods, as well as a 40% rate on any 'transhipped' goods. US officials said no tax would apply to "99%" of US imports. The deal developments come as prospects for larger pacts with India, the EU, and Canada look increasingly in doubt. Trump has threatened 25% to 35% tariffs on those larger trade partners. Trump has also said he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group. Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries. Treasury Secretary Scott Bessent on Tuesday said he expected many deals to take shape over the next several days. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. EU readies over $100B no-deal plan to match US 30% tariff The European Union announced on Wednesday it plans to hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. A European Commission spokesman said that the first part of countermeasures would combine an already approved list of tariffs on $24 billion of US goods and a previously proposed list on an additional on $83 billion of American products into one package. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. Bloomberg News reports: Read more here. Detroit Three automakers raise concerns about Japan trade deal A group representing General Motors (GM) Ford (F) and Chrysler-parent Stellantis (STLA) raised concerns on Tuesday about the US-Japan trade deal, which could cut tariffs on auto imports from Japan to 15% while leaving tariffs on imports from Canada and Mexico at 25%. Reuters reports: Read more here. SAP falls as trade war concerns temper strong cloud growth Bloomberg News: Read more here. European auto shares rally after US-Japan trade deal Bloomberg News reports: Read more here. Copper-laden ships race to reach US ahead of Trump's 50% tariffs At least four ships are rushing to reach US ports before August to avoid new import tariffs, a report from Bloomberg News claimed on Wednesday. Bloomberg News: Read more here. Enphase falls on downbeat outlook as Trump policies hit Enphase Energy (ENPH) said on Tuesday that steep import tariffs had impacted its gross margin, causing the solar panel maker's shares to fall 6% in premarket trading on Wednesday. Enphase forecast third-quarter revenue below Wall Street estimates on Tuesday and said President Donald Trump's import tariffs had impacted its earnings. Reuters reports: Read more here. Taiwan aims to strike deal with US in new round of talks Bloomberg News reports: Read more here. Japanese auto stocks surge as US announces lower-than-expected tariffs Shares of Japanese automakers pumped after US President Donald Trump announced a trade deal with Japan, lowering the previously discussed 25% auto tariffs on Japanese vehicles to 15%. Trump hailed the deal as the 'largest Deal ever,' claiming Japan would invest $550 billion in the US and allow greater access to its markets, including for American autos, trucks, and agricultural goods. Honda (HMC) surged 9.8%, Toyota (TM) jumped 13.9%, Nissan (7222.T) gained over 5%, and Mazda (7261.T) soared 17.7%. Mitsubishi Motors (7211.T) rose over 12%. According to Japan's NHK, the revised tariff structure includes a 12.5% cut plus a 2.5% 'Most Favored Nation' base rate. The move comes as Japanese auto exports to the US have suffered, plunging 26.7% in June. Read more here. Trump: 'I've just signed the largest trade deal in history with Japan' President Trump announced overnight that his team and Japan have finally reached a trade deal, which includes a 15% tariff on imported goods from Japan, and the country will invest $550 billion into the US. Trump, who made the announcement during a White House reception with members of Congress and later on Truth Social, called it the "largest trade deal in history" in reference to Japan. The deal wasn't easy to achieve. Japan's Prime Minister Shigeru Ishiba had hoped to speak with Trump at the G-7 meeting back in June, but earlier this month Trump said Japan was "spoiled" and doubted a deal would happen. The two sides have come a long way, with Ishiba remaining stoic yet firm to maintain his country's trust while trying to reach an agreement with the US. Bloomberg News reports: Read more here. Trump announces new details on trade pact with Indonesia President Trump and his team released new details of a pact announced last week with Indonesia, confirming plans for a 19% tariff on the country and adding a 40% rate on any 'transhipped' goods. The more complete framework of the deal is further confirmation of an agreement with America's 23rd largest trading partner that will avert 32% tariffs that Trump threatened previously. It also stipulates that 'Indonesia is going to drop its tariffs to 0% on over 99% of its trade,' a senior White House official said Tuesday. The official added that the deal includes the elimination of non-tariff barriers that Trump's team say hinders American companies, including in areas like pre-shipment inspection requirements, motor vehicle safety standards, and restrictions around US medical devices and pharmaceuticals. The exact definition of how Trump defines transshipped goods has been a matter of some debate in recent weeks. The deal with Indonesia includes goods not just re-labeled but made with a significant portion of components from a third country and then assembled in Indonesia. It's a provision also included in a recent deal with Vietnam and is clearly aimed at China. Indonesian negotiators previously confirmed that a deal had been struck but not all details, with the country president's spokesperson telling Reuters the negotiations had been 'an extraordinary struggle.' Trump says US has reached trade deal with the Philippines President Trump said Tuesday the US had reached a trade deal with the Philippines following its president's visit to the White House. He posted on Truth Social: This doesn't seem to move the needle much for the Philippines, whose imports to the US will see a 19% tariff instead of the 20% Trump had threatened from Aug. 1. The Philippines is the US's 29th-largest trade partner. Copper-laden ships race to reach US ahead of tariffs Fascinating angle from Bloomberg: Read more here. Coca-Cola CFO on tariffs: 'We think we can manage' Coca-Cola's (KO) CFO said the company is managing President Trump's tariffs. "June turned out to be a disappointing month," Coca-Cola CFO John Murphy told Yahoo Finance on Tuesday. He noted that tariffs continue to create uncertainty heading into the second half of the year. "We think we can manage absorbing any of the impacts with the various levers that we have at our disposal. It's always a local decision as to how to utilize those levers, but right now, it's something that we factored into our rest of year guidance." Yahoo Finance's Brooke DiPalma reports that Coca-Cola reported earnings for its second quarter that topped forecasts. Read more here. Bessent says he will meet Chinese officials, discuss tariff deadline extension US Treasury Secretary Scott Bessent told Fox Business on Tuesday that he plans to meet his Chinese counterpart next week and discuss an extension of an August 12 deadline for higher tariffs. Both China and the US reached a trade truce in London last month to prevent escalating tariffs. Reuters reports: Read more here. RTX cuts 2025 profit forecast as tariff costs weigh US aerospace and defense giant RTX (RTX) cut its 2025 profit forecast on Tuesday, citing President Trump's trade war as the major reason. Shares of the company fell 3% in premarket trading. Reuters reports: Read more here. GM's core profit slides in second quarter as Trump's tariffs bite Tariffs have started to hit US automaker General Motors (GM), who reported a fall in second quarter core profit of 32% to $3 billion on Tuesday. The automaker said tariffs have sapped $1.1 billion from results as it continues to grapple with President Trump's challenging trade war. Reuters reports: Read more here. Canadian boycott of US spirits hurts broader alcohol sales: Trade group American imports to Canada have dropped sharply due to Canadian provinces' boycott of US spirits amid the ongoing trade war with the United States, according to a Canadian liquor trade group. Reuters reports: Read more here. AstraZeneca announces $50B US manufacturing investment, matching its big pharma peers Pharmaceutical giant, AstraZeneca (AZN) announced it plans to invest $50 billion in US manufacturing by 2030, in the hopes it will avoid steep tariffs on imported components manufactured abroad. Yahoo Finance's senior reporter Anjalee Khemlani looks at how AstraZeneca's latest US investment keeps pace with its big pharma rivals. Read more here Trump targeting trade loopholes risks 70% of China exports to US China's growth could be eroded due to President Trump's efforts to target the country via its trading partners across global supply chains, according to Bloomberg Economics. China is using other countries like Vietnam and Mexico more to make products for the US, a trend that accelerated after Trump's first trade war. China's share of total value- added manufacturing of goods destined for the US via Vietnam and Mexico surged 22% in 2023 from 14% in 2017. Bloomberg News reports: Read more here. India-US interim trade deal prospects dim ahead of tariff deadline: Sources Hopes for a US-India trade deal before the August 1 deadline are fading, with talks stuck over cuts to farm and dairy tariffs, according to sources. Reuters reports: Read more here. The European Union announced on Wednesday it plans to hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. A European Commission spokesman said that the first part of countermeasures would combine an already approved list of tariffs on $24 billion of US goods and a previously proposed list on an additional on $83 billion of American products into one package. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. Bloomberg News reports: Read more here. Detroit Three automakers raise concerns about Japan trade deal A group representing General Motors (GM) Ford (F) and Chrysler-parent Stellantis (STLA) raised concerns on Tuesday about the US-Japan trade deal, which could cut tariffs on auto imports from Japan to 15% while leaving tariffs on imports from Canada and Mexico at 25%. Reuters reports: Read more here. A group representing General Motors (GM) Ford (F) and Chrysler-parent Stellantis (STLA) raised concerns on Tuesday about the US-Japan trade deal, which could cut tariffs on auto imports from Japan to 15% while leaving tariffs on imports from Canada and Mexico at 25%. Reuters reports: Read more here. SAP falls as trade war concerns temper strong cloud growth Bloomberg News: Read more here. Bloomberg News: Read more here. European auto shares rally after US-Japan trade deal Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Copper-laden ships race to reach US ahead of Trump's 50% tariffs At least four ships are rushing to reach US ports before August to avoid new import tariffs, a report from Bloomberg News claimed on Wednesday. Bloomberg News: Read more here. At least four ships are rushing to reach US ports before August to avoid new import tariffs, a report from Bloomberg News claimed on Wednesday. Bloomberg News: Read more here. Enphase falls on downbeat outlook as Trump policies hit Enphase Energy (ENPH) said on Tuesday that steep import tariffs had impacted its gross margin, causing the solar panel maker's shares to fall 6% in premarket trading on Wednesday. Enphase forecast third-quarter revenue below Wall Street estimates on Tuesday and said President Donald Trump's import tariffs had impacted its earnings. Reuters reports: Read more here. Enphase Energy (ENPH) said on Tuesday that steep import tariffs had impacted its gross margin, causing the solar panel maker's shares to fall 6% in premarket trading on Wednesday. Enphase forecast third-quarter revenue below Wall Street estimates on Tuesday and said President Donald Trump's import tariffs had impacted its earnings. Reuters reports: Read more here. Taiwan aims to strike deal with US in new round of talks Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Japanese auto stocks surge as US announces lower-than-expected tariffs Shares of Japanese automakers pumped after US President Donald Trump announced a trade deal with Japan, lowering the previously discussed 25% auto tariffs on Japanese vehicles to 15%. Trump hailed the deal as the 'largest Deal ever,' claiming Japan would invest $550 billion in the US and allow greater access to its markets, including for American autos, trucks, and agricultural goods. Honda (HMC) surged 9.8%, Toyota (TM) jumped 13.9%, Nissan (7222.T) gained over 5%, and Mazda (7261.T) soared 17.7%. Mitsubishi Motors (7211.T) rose over 12%. According to Japan's NHK, the revised tariff structure includes a 12.5% cut plus a 2.5% 'Most Favored Nation' base rate. The move comes as Japanese auto exports to the US have suffered, plunging 26.7% in June. Read more here. Shares of Japanese automakers pumped after US President Donald Trump announced a trade deal with Japan, lowering the previously discussed 25% auto tariffs on Japanese vehicles to 15%. Trump hailed the deal as the 'largest Deal ever,' claiming Japan would invest $550 billion in the US and allow greater access to its markets, including for American autos, trucks, and agricultural goods. Honda (HMC) surged 9.8%, Toyota (TM) jumped 13.9%, Nissan (7222.T) gained over 5%, and Mazda (7261.T) soared 17.7%. Mitsubishi Motors (7211.T) rose over 12%. According to Japan's NHK, the revised tariff structure includes a 12.5% cut plus a 2.5% 'Most Favored Nation' base rate. The move comes as Japanese auto exports to the US have suffered, plunging 26.7% in June. Read more here. Trump: 'I've just signed the largest trade deal in history with Japan' President Trump announced overnight that his team and Japan have finally reached a trade deal, which includes a 15% tariff on imported goods from Japan, and the country will invest $550 billion into the US. Trump, who made the announcement during a White House reception with members of Congress and later on Truth Social, called it the "largest trade deal in history" in reference to Japan. The deal wasn't easy to achieve. Japan's Prime Minister Shigeru Ishiba had hoped to speak with Trump at the G-7 meeting back in June, but earlier this month Trump said Japan was "spoiled" and doubted a deal would happen. The two sides have come a long way, with Ishiba remaining stoic yet firm to maintain his country's trust while trying to reach an agreement with the US. Bloomberg News reports: Read more here. President Trump announced overnight that his team and Japan have finally reached a trade deal, which includes a 15% tariff on imported goods from Japan, and the country will invest $550 billion into the US. Trump, who made the announcement during a White House reception with members of Congress and later on Truth Social, called it the "largest trade deal in history" in reference to Japan. The deal wasn't easy to achieve. Japan's Prime Minister Shigeru Ishiba had hoped to speak with Trump at the G-7 meeting back in June, but earlier this month Trump said Japan was "spoiled" and doubted a deal would happen. The two sides have come a long way, with Ishiba remaining stoic yet firm to maintain his country's trust while trying to reach an agreement with the US. Bloomberg News reports: Read more here. Trump announces new details on trade pact with Indonesia President Trump and his team released new details of a pact announced last week with Indonesia, confirming plans for a 19% tariff on the country and adding a 40% rate on any 'transhipped' goods. The more complete framework of the deal is further confirmation of an agreement with America's 23rd largest trading partner that will avert 32% tariffs that Trump threatened previously. It also stipulates that 'Indonesia is going to drop its tariffs to 0% on over 99% of its trade,' a senior White House official said Tuesday. The official added that the deal includes the elimination of non-tariff barriers that Trump's team say hinders American companies, including in areas like pre-shipment inspection requirements, motor vehicle safety standards, and restrictions around US medical devices and pharmaceuticals. The exact definition of how Trump defines transshipped goods has been a matter of some debate in recent weeks. The deal with Indonesia includes goods not just re-labeled but made with a significant portion of components from a third country and then assembled in Indonesia. It's a provision also included in a recent deal with Vietnam and is clearly aimed at China. Indonesian negotiators previously confirmed that a deal had been struck but not all details, with the country president's spokesperson telling Reuters the negotiations had been 'an extraordinary struggle.' President Trump and his team released new details of a pact announced last week with Indonesia, confirming plans for a 19% tariff on the country and adding a 40% rate on any 'transhipped' goods. The more complete framework of the deal is further confirmation of an agreement with America's 23rd largest trading partner that will avert 32% tariffs that Trump threatened previously. It also stipulates that 'Indonesia is going to drop its tariffs to 0% on over 99% of its trade,' a senior White House official said Tuesday. The official added that the deal includes the elimination of non-tariff barriers that Trump's team say hinders American companies, including in areas like pre-shipment inspection requirements, motor vehicle safety standards, and restrictions around US medical devices and pharmaceuticals. The exact definition of how Trump defines transshipped goods has been a matter of some debate in recent weeks. The deal with Indonesia includes goods not just re-labeled but made with a significant portion of components from a third country and then assembled in Indonesia. It's a provision also included in a recent deal with Vietnam and is clearly aimed at China. Indonesian negotiators previously confirmed that a deal had been struck but not all details, with the country president's spokesperson telling Reuters the negotiations had been 'an extraordinary struggle.' Trump says US has reached trade deal with the Philippines President Trump said Tuesday the US had reached a trade deal with the Philippines following its president's visit to the White House. He posted on Truth Social: This doesn't seem to move the needle much for the Philippines, whose imports to the US will see a 19% tariff instead of the 20% Trump had threatened from Aug. 1. The Philippines is the US's 29th-largest trade partner. President Trump said Tuesday the US had reached a trade deal with the Philippines following its president's visit to the White House. He posted on Truth Social: This doesn't seem to move the needle much for the Philippines, whose imports to the US will see a 19% tariff instead of the 20% Trump had threatened from Aug. 1. The Philippines is the US's 29th-largest trade partner. Copper-laden ships race to reach US ahead of tariffs Fascinating angle from Bloomberg: Read more here. Fascinating angle from Bloomberg: Read more here. Coca-Cola CFO on tariffs: 'We think we can manage' Coca-Cola's (KO) CFO said the company is managing President Trump's tariffs. "June turned out to be a disappointing month," Coca-Cola CFO John Murphy told Yahoo Finance on Tuesday. He noted that tariffs continue to create uncertainty heading into the second half of the year. "We think we can manage absorbing any of the impacts with the various levers that we have at our disposal. It's always a local decision as to how to utilize those levers, but right now, it's something that we factored into our rest of year guidance." Yahoo Finance's Brooke DiPalma reports that Coca-Cola reported earnings for its second quarter that topped forecasts. Read more here. Coca-Cola's (KO) CFO said the company is managing President Trump's tariffs. "June turned out to be a disappointing month," Coca-Cola CFO John Murphy told Yahoo Finance on Tuesday. He noted that tariffs continue to create uncertainty heading into the second half of the year. "We think we can manage absorbing any of the impacts with the various levers that we have at our disposal. It's always a local decision as to how to utilize those levers, but right now, it's something that we factored into our rest of year guidance." Yahoo Finance's Brooke DiPalma reports that Coca-Cola reported earnings for its second quarter that topped forecasts. Read more here. Bessent says he will meet Chinese officials, discuss tariff deadline extension US Treasury Secretary Scott Bessent told Fox Business on Tuesday that he plans to meet his Chinese counterpart next week and discuss an extension of an August 12 deadline for higher tariffs. Both China and the US reached a trade truce in London last month to prevent escalating tariffs. Reuters reports: Read more here. US Treasury Secretary Scott Bessent told Fox Business on Tuesday that he plans to meet his Chinese counterpart next week and discuss an extension of an August 12 deadline for higher tariffs. Both China and the US reached a trade truce in London last month to prevent escalating tariffs. Reuters reports: Read more here. RTX cuts 2025 profit forecast as tariff costs weigh US aerospace and defense giant RTX (RTX) cut its 2025 profit forecast on Tuesday, citing President Trump's trade war as the major reason. Shares of the company fell 3% in premarket trading. Reuters reports: Read more here. US aerospace and defense giant RTX (RTX) cut its 2025 profit forecast on Tuesday, citing President Trump's trade war as the major reason. Shares of the company fell 3% in premarket trading. Reuters reports: Read more here. GM's core profit slides in second quarter as Trump's tariffs bite Tariffs have started to hit US automaker General Motors (GM), who reported a fall in second quarter core profit of 32% to $3 billion on Tuesday. The automaker said tariffs have sapped $1.1 billion from results as it continues to grapple with President Trump's challenging trade war. Reuters reports: Read more here. Tariffs have started to hit US automaker General Motors (GM), who reported a fall in second quarter core profit of 32% to $3 billion on Tuesday. The automaker said tariffs have sapped $1.1 billion from results as it continues to grapple with President Trump's challenging trade war. Reuters reports: Read more here. Canadian boycott of US spirits hurts broader alcohol sales: Trade group American imports to Canada have dropped sharply due to Canadian provinces' boycott of US spirits amid the ongoing trade war with the United States, according to a Canadian liquor trade group. Reuters reports: Read more here. American imports to Canada have dropped sharply due to Canadian provinces' boycott of US spirits amid the ongoing trade war with the United States, according to a Canadian liquor trade group. Reuters reports: Read more here. AstraZeneca announces $50B US manufacturing investment, matching its big pharma peers Pharmaceutical giant, AstraZeneca (AZN) announced it plans to invest $50 billion in US manufacturing by 2030, in the hopes it will avoid steep tariffs on imported components manufactured abroad. Yahoo Finance's senior reporter Anjalee Khemlani looks at how AstraZeneca's latest US investment keeps pace with its big pharma rivals. Read more here Pharmaceutical giant, AstraZeneca (AZN) announced it plans to invest $50 billion in US manufacturing by 2030, in the hopes it will avoid steep tariffs on imported components manufactured abroad. Yahoo Finance's senior reporter Anjalee Khemlani looks at how AstraZeneca's latest US investment keeps pace with its big pharma rivals. Read more here Trump targeting trade loopholes risks 70% of China exports to US China's growth could be eroded due to President Trump's efforts to target the country via its trading partners across global supply chains, according to Bloomberg Economics. China is using other countries like Vietnam and Mexico more to make products for the US, a trend that accelerated after Trump's first trade war. China's share of total value- added manufacturing of goods destined for the US via Vietnam and Mexico surged 22% in 2023 from 14% in 2017. Bloomberg News reports: Read more here. China's growth could be eroded due to President Trump's efforts to target the country via its trading partners across global supply chains, according to Bloomberg Economics. China is using other countries like Vietnam and Mexico more to make products for the US, a trend that accelerated after Trump's first trade war. China's share of total value- added manufacturing of goods destined for the US via Vietnam and Mexico surged 22% in 2023 from 14% in 2017. Bloomberg News reports: Read more here. India-US interim trade deal prospects dim ahead of tariff deadline: Sources Hopes for a US-India trade deal before the August 1 deadline are fading, with talks stuck over cuts to farm and dairy tariffs, according to sources. Reuters reports: Read more here. Hopes for a US-India trade deal before the August 1 deadline are fading, with talks stuck over cuts to farm and dairy tariffs, according to sources. Reuters reports: Read more here.
Yahoo
16 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq rise on US-Japan deal hopes, with Tesla and Google on deck
US stocks climbed on Wednesday after the US struck a trade deal with Japan, lifting hopes for further tariff pacts as Wall Street got ready for Tesla (TSLA) and Alphabet (GOOGL, GOOG) earnings. The Dow Jones Industrial Average (^DJI) rose roughly 0.5%, while the S&P 500 (^GSPC) moved up 0.3%. The tech-heavy Nasdaq Composite (^IXIC) nudged up around 0.2%, following a mixed day for stocks. The new pact places a 15% tariff on imports from Japan, President Trump said — a step down from the threatened 25% duties set to hit next week. For its part, Tokyo will make $550 billion in US investment. "It's a great deal for everybody," Trump said late Tuesday. Read more: The latest on Trump's tariffs The major-partner breakthrough lifted optimism that more trade deals will be sealed before Aug. 1, when Trump's sweeping tariffs kick in. While negotiations with the European Union, India, and other large partners have dragged of late, Treasury Secretary Scott Bessent said Wednesday that talks with the EU are getting better and those with China are back on track. Economists believe that if tariffs then average out at 15%, that would be manageable for the global economy, limiting damage. The deal's confidence boost for markets after months of tariff uncertainty is likely to fuel this week's record-setting run in the S&P 500 (^GSPC), which eked out another all-time closing high on Tuesday. But the rally faces a big test in Google-parent Alphabet and Tesla's earnings due after the bell, the first of the "Magnificent Seven" to report. Tesla CEO Elon Musk's rocky relationship with Trump is looming large over the EV maker's earnings. With its stock down nearly 18% year-to-date, investors are watching for updates on the company's core auto business and its robotaxi rollout. With Alphabet, investors are looking for signs that AI investments are starting to pay off as the company pours billions into the technology. A federal judge's decision that could force the company to sell Google Chrome will also be in focus. Read more: Full earnings coverage in our live blog Meanwhile, investors will scour Wednesday's flurry of quarterly earnings for more insight into how Corporate America is coping with tariffs, after Texas Instruments' (TXN) soft guidance fed fears. Highlights on the docket include Chipotle (CMG), AT&T (T), IBM (IBM), and Alaska Air (ALK). US stocks climb at the open US stocks rose at the market open on Wednesday. The Dow Jones Industrial Average (^DJI) rose roughly 0.6%, while the S&P 500 (^GSPC) moved up 0.3%. The tech-heavy Nasdaq Composite (^IXIC) nudged up around 0.2%. The gains followed a mixed day for stocks Tuesday. Gold wavers as Trump's deal with Japan eases trade concerns The price of gold (GC=F) retreated on Wednesday after a three-day rally as President Trump's trade deal with Japan relieved some demand for the safe-haven asset. Gold prices pared some losses, however, once it became clear that the European Union is preparing over $100 billion in tariff countermeasures. Gold futures fell 0.18% to $3,437 ahead of the opening bell. Silver futures (SI=F), meanwhile, rose 0.6% to $39.80 an ounce, the highest since 2011. Bloomberg reports: Read more here. Trump readies new hands-off AI 'action plan' President Trump is expected to release an AI "action plan" on Wednesday, said to outline how the US can win in the global AI race by taking a hands-off regulatory approach. The plan is likely to cover how to make it easier to export AI technology and to lower barriers to domestic development, going by a draft reported by Reuters. A clutch of supporting executive orders expected this week could include one that could draw legal challenges, notes Yahoo Finance's Alexis Keenan: Read more here. AT&T subscribers surge, but the stock is sliding premarket AT&T (T) stock fell over 3% in premarket trading despite the telecom provider reporting a huge subscriber beat. Reuters reports: Read more here. How the dropping dollar could scramble Trump's agenda President Trump has said he is "never going to let the dollar slide." But his agenda is making that complicated, Yahoo Finance's Ben Werschkul reports: Read more here. Good morning. Here's what's happening today. Economic data: MBA mortgage applications (July 18); Existing home sales (June) Earnings: Alphabet (GOOGL, GOOG), Tesla (TSLA), Chipotle (CMG), Alaska Airlines (ALK), AT&T (T), Fiserv (FI), Freeport-McMoran (FCX), GE Vernova (GEV), General Dynamics (GD), Hasbro (HAS), IBM (IBM), O'Reilly Automotive (ORLY), QuantumScape (QS) Here are some of the biggest stories you may have missed overnight and early this morning: AT&T stock slides despite subscriber surge; Tesla, Google on deck Trump gets Japan deal, but EU digs in with $100B response How the dollar's drop could scramble Trump's agenda Trump to launch hands-off 'action plan' to win AI race Google earnings on deck: AI results wanted, not just hype The protein boom is only beginning Krispy Kreme, GoPro jump as meme stock rally continues AT&T beats profit estimates as bundled plans boost subscribers Hilton lifts 2025 profit forecast on US demand recovery The protein boom is only beginning Yahoo Finance's Hamza Shaban reports in today's Morning Brief: Read more here. Enphase stock slides on warning of hit from Trump policies Shares in Enphase Energy (ENPH) fell after its third quarter revenue forecast fell short, as the US solar company pointed to headwinds from President Trump's policies. The solar equipment maker said Trump's import tariffs had hit its gross margin, after the US in April finalized steep duties on solar cells from Southeast Asia. At the same time, Enphase faces the fallout from Trump's cuts to tax incentives in the renewable energy sector. It said it expects the US residential solar market to shrink 20% next year as tax credits for homeowners end under Trump's sweeping budget legislation. Bloomberg reports: Read more here. Trending tickers: Krispy Kreme, GoPro and Constellation Energy Corporation Here are some top stocks trending on Yahoo Finance in premarket trading: Krispy Kreme (DNUT)`stock rose 22% before the bell boosted by their names trending on social media a day after retail traders snapped up Kohl's (KSS) shares. Camera maker GoPro (GPRO) shares rose 43%, per Reuters short interest in the stock recently stood at 7.7%. Investor interest in heavily shorted stocks has grown after Kohl's jumped 38% on Tuesday amid heavy retail buying. Constellation Energy Corporation (CEG) stock rose 4% premarket after PJM Interconnection released results from its 2026-2027 capacity auction. The grid operator set record prices at $329.17 per megawatt-day, raising total capacity costs to $16.1 billion from $14.7 billion last year. Tesla Q2 earnings preview: 3 things to watch Tesla (TSLA) is slated to report second quarter earnings on Wednesday against an uncertain backdrop for its core auto business and robotaxi rollout. Tesla stock pared some of its losses earlier in the year, as tariffs and a volatile relationship between CEO Elon Musk and President Trump weighed on the company. But the stock is still down about 17% year to date. Yahoo Finance's Pras Subramanian previews three key areas to watch when the EV maker reports: Read more here. Meme stocks are on the move again The return of meme stock mania doesn't appear like it will end on Wednesday. Some of the highest-trending ticker pages on Yahoo Finance this morning are meme crowd favorites Kohl's (KSS), Rocket (RKT), and Krispy Kreme (DNUT). As of 6 a.m. ET, Rocket and Krispy Kreme are each up double-digit percentages in premarket. "The phenomenon of meme stocks isn't going away. I feel like the genie's out of the bottle. And it's just become a way for a certain subset of everyday investors to trade, and that's completely fine," Ritholtz Wealth Management strategist Callie Cox said on Yahoo Finance's Opening Bid (watch below). Makes sense! Texas Instruments stock plunges as guidance disappoints Given how hard the stock market has rallied, any company reporting guidance that is perceived as subpar will get punished. A good example of that will play out with Texas Instruments (TXN) in today's session. The stock is getting pounded premarket, down 12% after third quarter guidance on earnings per share that was 14 cents below consensus on the low end. TXN blamed weak demand in the auto market (heard the same in GM's (GM) outlook on Tuesday). Executives at the key chipmaker for producers of cars and factory equipment said they didn't know how much of the second quarter's jump in revenue was down to customers trying to get ahead of tariffs, per Reuters. Whatever the case, TXN's outlook is putting pressure on similar names in the space: Microchip (MCHP), Analog Devices (ADI), NXP Semiconductors (NXPI), and On Semi (ON). Japanese auto stocks surge as US announces lower-than-expected tariffs Shares of Japanese automakers pumped after U.S. President Donald Trump announced a trade deal with Japan, lowering the previously discussed 25% auto tariffs on Japanese vehicles to 15%. Honda (HMC) surged 9.8%, Toyota (TM) jumped 13.9%, Nissan (7222.T) gained over 5%, and Mazda (7261.T) soared 17.7%. Mitsubishi Motors (7211.T) rose over 12%. According to Japan's NHK, the revised tariff structure includes a 12.5% cut plus a 2.5% 'Most Favored Nation' base rate. The move comes as Japanese auto exports to the US have suffered, plunging 26.7% in June. Trump hailed the deal as the 'largest Deal ever,' claiming Japan would invest $550 billion in the US and allow greater access to its markets, including for American autos, trucks, and agricultural goods. Trending tickers in after-hours trading Texas Instruments, Inc. (TXN) Texas Instruments, a leading chipmaker with the broadest product list in the field, saw its share value drop over 11.6% in after-hours trading. The stock has seen 46% gains in the year to date following a boom in purchases with each wave of tariff announcements. The rapid cooling-off occurred when the executive team announced they were unaware how much of the increase in revenue had been dependent on consumers attempting to circumvent the hike in prices from Trump's tariffs. Enphase Energy, Inc. (ENPH) Solar equipment provider Enphase Energy saw a drop of over 7.2% in the company's stock value in extended trading. With 5% of the market share in the solar equipment field Enphase acts as an early indicator for the impact that Trump's removal of tax credits will have upon the industry. Enphase are pointing towards a 20% drop in the residential market. Read more here. Analog Devices, Inc. (ADI) Shares in semiconductor maker Analog Devices saw a drop of over 4.1% after-hours, erasing gains from the month so far. The company specializes in chips that convert real world input into electrical signals, processing sound, light, temperature, pressure and motion. Investors have been eyeing ADI's earnings reports, still not due for another month. US stocks climb at the open US stocks rose at the market open on Wednesday. The Dow Jones Industrial Average (^DJI) rose roughly 0.6%, while the S&P 500 (^GSPC) moved up 0.3%. The tech-heavy Nasdaq Composite (^IXIC) nudged up around 0.2%. The gains followed a mixed day for stocks Tuesday. US stocks rose at the market open on Wednesday. The Dow Jones Industrial Average (^DJI) rose roughly 0.6%, while the S&P 500 (^GSPC) moved up 0.3%. The tech-heavy Nasdaq Composite (^IXIC) nudged up around 0.2%. The gains followed a mixed day for stocks Tuesday. Gold wavers as Trump's deal with Japan eases trade concerns The price of gold (GC=F) retreated on Wednesday after a three-day rally as President Trump's trade deal with Japan relieved some demand for the safe-haven asset. Gold prices pared some losses, however, once it became clear that the European Union is preparing over $100 billion in tariff countermeasures. Gold futures fell 0.18% to $3,437 ahead of the opening bell. Silver futures (SI=F), meanwhile, rose 0.6% to $39.80 an ounce, the highest since 2011. Bloomberg reports: Read more here. The price of gold (GC=F) retreated on Wednesday after a three-day rally as President Trump's trade deal with Japan relieved some demand for the safe-haven asset. Gold prices pared some losses, however, once it became clear that the European Union is preparing over $100 billion in tariff countermeasures. Gold futures fell 0.18% to $3,437 ahead of the opening bell. Silver futures (SI=F), meanwhile, rose 0.6% to $39.80 an ounce, the highest since 2011. Bloomberg reports: Read more here. Trump readies new hands-off AI 'action plan' President Trump is expected to release an AI "action plan" on Wednesday, said to outline how the US can win in the global AI race by taking a hands-off regulatory approach. The plan is likely to cover how to make it easier to export AI technology and to lower barriers to domestic development, going by a draft reported by Reuters. A clutch of supporting executive orders expected this week could include one that could draw legal challenges, notes Yahoo Finance's Alexis Keenan: Read more here. President Trump is expected to release an AI "action plan" on Wednesday, said to outline how the US can win in the global AI race by taking a hands-off regulatory approach. The plan is likely to cover how to make it easier to export AI technology and to lower barriers to domestic development, going by a draft reported by Reuters. A clutch of supporting executive orders expected this week could include one that could draw legal challenges, notes Yahoo Finance's Alexis Keenan: Read more here. AT&T subscribers surge, but the stock is sliding premarket AT&T (T) stock fell over 3% in premarket trading despite the telecom provider reporting a huge subscriber beat. Reuters reports: Read more here. AT&T (T) stock fell over 3% in premarket trading despite the telecom provider reporting a huge subscriber beat. Reuters reports: Read more here. How the dropping dollar could scramble Trump's agenda President Trump has said he is "never going to let the dollar slide." But his agenda is making that complicated, Yahoo Finance's Ben Werschkul reports: Read more here. President Trump has said he is "never going to let the dollar slide." But his agenda is making that complicated, Yahoo Finance's Ben Werschkul reports: Read more here. Good morning. Here's what's happening today. Economic data: MBA mortgage applications (July 18); Existing home sales (June) Earnings: Alphabet (GOOGL, GOOG), Tesla (TSLA), Chipotle (CMG), Alaska Airlines (ALK), AT&T (T), Fiserv (FI), Freeport-McMoran (FCX), GE Vernova (GEV), General Dynamics (GD), Hasbro (HAS), IBM (IBM), O'Reilly Automotive (ORLY), QuantumScape (QS) Here are some of the biggest stories you may have missed overnight and early this morning: AT&T stock slides despite subscriber surge; Tesla, Google on deck Trump gets Japan deal, but EU digs in with $100B response How the dollar's drop could scramble Trump's agenda Trump to launch hands-off 'action plan' to win AI race Google earnings on deck: AI results wanted, not just hype The protein boom is only beginning Krispy Kreme, GoPro jump as meme stock rally continues AT&T beats profit estimates as bundled plans boost subscribers Hilton lifts 2025 profit forecast on US demand recovery Economic data: MBA mortgage applications (July 18); Existing home sales (June) Earnings: Alphabet (GOOGL, GOOG), Tesla (TSLA), Chipotle (CMG), Alaska Airlines (ALK), AT&T (T), Fiserv (FI), Freeport-McMoran (FCX), GE Vernova (GEV), General Dynamics (GD), Hasbro (HAS), IBM (IBM), O'Reilly Automotive (ORLY), QuantumScape (QS) Here are some of the biggest stories you may have missed overnight and early this morning: AT&T stock slides despite subscriber surge; Tesla, Google on deck Trump gets Japan deal, but EU digs in with $100B response How the dollar's drop could scramble Trump's agenda Trump to launch hands-off 'action plan' to win AI race Google earnings on deck: AI results wanted, not just hype The protein boom is only beginning Krispy Kreme, GoPro jump as meme stock rally continues AT&T beats profit estimates as bundled plans boost subscribers Hilton lifts 2025 profit forecast on US demand recovery The protein boom is only beginning Yahoo Finance's Hamza Shaban reports in today's Morning Brief: Read more here. Yahoo Finance's Hamza Shaban reports in today's Morning Brief: Read more here. Enphase stock slides on warning of hit from Trump policies Shares in Enphase Energy (ENPH) fell after its third quarter revenue forecast fell short, as the US solar company pointed to headwinds from President Trump's policies. The solar equipment maker said Trump's import tariffs had hit its gross margin, after the US in April finalized steep duties on solar cells from Southeast Asia. At the same time, Enphase faces the fallout from Trump's cuts to tax incentives in the renewable energy sector. It said it expects the US residential solar market to shrink 20% next year as tax credits for homeowners end under Trump's sweeping budget legislation. Bloomberg reports: Read more here. Shares in Enphase Energy (ENPH) fell after its third quarter revenue forecast fell short, as the US solar company pointed to headwinds from President Trump's policies. The solar equipment maker said Trump's import tariffs had hit its gross margin, after the US in April finalized steep duties on solar cells from Southeast Asia. At the same time, Enphase faces the fallout from Trump's cuts to tax incentives in the renewable energy sector. It said it expects the US residential solar market to shrink 20% next year as tax credits for homeowners end under Trump's sweeping budget legislation. Bloomberg reports: Read more here. Trending tickers: Krispy Kreme, GoPro and Constellation Energy Corporation Here are some top stocks trending on Yahoo Finance in premarket trading: Krispy Kreme (DNUT)`stock rose 22% before the bell boosted by their names trending on social media a day after retail traders snapped up Kohl's (KSS) shares. Camera maker GoPro (GPRO) shares rose 43%, per Reuters short interest in the stock recently stood at 7.7%. Investor interest in heavily shorted stocks has grown after Kohl's jumped 38% on Tuesday amid heavy retail buying. Constellation Energy Corporation (CEG) stock rose 4% premarket after PJM Interconnection released results from its 2026-2027 capacity auction. The grid operator set record prices at $329.17 per megawatt-day, raising total capacity costs to $16.1 billion from $14.7 billion last year. Here are some top stocks trending on Yahoo Finance in premarket trading: Krispy Kreme (DNUT)`stock rose 22% before the bell boosted by their names trending on social media a day after retail traders snapped up Kohl's (KSS) shares. Camera maker GoPro (GPRO) shares rose 43%, per Reuters short interest in the stock recently stood at 7.7%. Investor interest in heavily shorted stocks has grown after Kohl's jumped 38% on Tuesday amid heavy retail buying. Constellation Energy Corporation (CEG) stock rose 4% premarket after PJM Interconnection released results from its 2026-2027 capacity auction. The grid operator set record prices at $329.17 per megawatt-day, raising total capacity costs to $16.1 billion from $14.7 billion last year. Tesla Q2 earnings preview: 3 things to watch Tesla (TSLA) is slated to report second quarter earnings on Wednesday against an uncertain backdrop for its core auto business and robotaxi rollout. Tesla stock pared some of its losses earlier in the year, as tariffs and a volatile relationship between CEO Elon Musk and President Trump weighed on the company. But the stock is still down about 17% year to date. Yahoo Finance's Pras Subramanian previews three key areas to watch when the EV maker reports: Read more here. Tesla (TSLA) is slated to report second quarter earnings on Wednesday against an uncertain backdrop for its core auto business and robotaxi rollout. Tesla stock pared some of its losses earlier in the year, as tariffs and a volatile relationship between CEO Elon Musk and President Trump weighed on the company. But the stock is still down about 17% year to date. Yahoo Finance's Pras Subramanian previews three key areas to watch when the EV maker reports: Read more here. Meme stocks are on the move again The return of meme stock mania doesn't appear like it will end on Wednesday. Some of the highest-trending ticker pages on Yahoo Finance this morning are meme crowd favorites Kohl's (KSS), Rocket (RKT), and Krispy Kreme (DNUT). As of 6 a.m. ET, Rocket and Krispy Kreme are each up double-digit percentages in premarket. "The phenomenon of meme stocks isn't going away. I feel like the genie's out of the bottle. And it's just become a way for a certain subset of everyday investors to trade, and that's completely fine," Ritholtz Wealth Management strategist Callie Cox said on Yahoo Finance's Opening Bid (watch below). Makes sense! The return of meme stock mania doesn't appear like it will end on Wednesday. Some of the highest-trending ticker pages on Yahoo Finance this morning are meme crowd favorites Kohl's (KSS), Rocket (RKT), and Krispy Kreme (DNUT). As of 6 a.m. ET, Rocket and Krispy Kreme are each up double-digit percentages in premarket. "The phenomenon of meme stocks isn't going away. I feel like the genie's out of the bottle. And it's just become a way for a certain subset of everyday investors to trade, and that's completely fine," Ritholtz Wealth Management strategist Callie Cox said on Yahoo Finance's Opening Bid (watch below). Makes sense! Texas Instruments stock plunges as guidance disappoints Given how hard the stock market has rallied, any company reporting guidance that is perceived as subpar will get punished. A good example of that will play out with Texas Instruments (TXN) in today's session. The stock is getting pounded premarket, down 12% after third quarter guidance on earnings per share that was 14 cents below consensus on the low end. TXN blamed weak demand in the auto market (heard the same in GM's (GM) outlook on Tuesday). Executives at the key chipmaker for producers of cars and factory equipment said they didn't know how much of the second quarter's jump in revenue was down to customers trying to get ahead of tariffs, per Reuters. Whatever the case, TXN's outlook is putting pressure on similar names in the space: Microchip (MCHP), Analog Devices (ADI), NXP Semiconductors (NXPI), and On Semi (ON). Given how hard the stock market has rallied, any company reporting guidance that is perceived as subpar will get punished. A good example of that will play out with Texas Instruments (TXN) in today's session. The stock is getting pounded premarket, down 12% after third quarter guidance on earnings per share that was 14 cents below consensus on the low end. TXN blamed weak demand in the auto market (heard the same in GM's (GM) outlook on Tuesday). Executives at the key chipmaker for producers of cars and factory equipment said they didn't know how much of the second quarter's jump in revenue was down to customers trying to get ahead of tariffs, per Reuters. Whatever the case, TXN's outlook is putting pressure on similar names in the space: Microchip (MCHP), Analog Devices (ADI), NXP Semiconductors (NXPI), and On Semi (ON). Japanese auto stocks surge as US announces lower-than-expected tariffs Shares of Japanese automakers pumped after U.S. President Donald Trump announced a trade deal with Japan, lowering the previously discussed 25% auto tariffs on Japanese vehicles to 15%. Honda (HMC) surged 9.8%, Toyota (TM) jumped 13.9%, Nissan (7222.T) gained over 5%, and Mazda (7261.T) soared 17.7%. Mitsubishi Motors (7211.T) rose over 12%. According to Japan's NHK, the revised tariff structure includes a 12.5% cut plus a 2.5% 'Most Favored Nation' base rate. The move comes as Japanese auto exports to the US have suffered, plunging 26.7% in June. Trump hailed the deal as the 'largest Deal ever,' claiming Japan would invest $550 billion in the US and allow greater access to its markets, including for American autos, trucks, and agricultural goods. Shares of Japanese automakers pumped after U.S. President Donald Trump announced a trade deal with Japan, lowering the previously discussed 25% auto tariffs on Japanese vehicles to 15%. Honda (HMC) surged 9.8%, Toyota (TM) jumped 13.9%, Nissan (7222.T) gained over 5%, and Mazda (7261.T) soared 17.7%. Mitsubishi Motors (7211.T) rose over 12%. According to Japan's NHK, the revised tariff structure includes a 12.5% cut plus a 2.5% 'Most Favored Nation' base rate. The move comes as Japanese auto exports to the US have suffered, plunging 26.7% in June. Trump hailed the deal as the 'largest Deal ever,' claiming Japan would invest $550 billion in the US and allow greater access to its markets, including for American autos, trucks, and agricultural goods. Trending tickers in after-hours trading Texas Instruments, Inc. (TXN) Texas Instruments, a leading chipmaker with the broadest product list in the field, saw its share value drop over 11.6% in after-hours trading. The stock has seen 46% gains in the year to date following a boom in purchases with each wave of tariff announcements. The rapid cooling-off occurred when the executive team announced they were unaware how much of the increase in revenue had been dependent on consumers attempting to circumvent the hike in prices from Trump's tariffs. Enphase Energy, Inc. (ENPH) Solar equipment provider Enphase Energy saw a drop of over 7.2% in the company's stock value in extended trading. With 5% of the market share in the solar equipment field Enphase acts as an early indicator for the impact that Trump's removal of tax credits will have upon the industry. Enphase are pointing towards a 20% drop in the residential market. Read more here. Analog Devices, Inc. (ADI) Shares in semiconductor maker Analog Devices saw a drop of over 4.1% after-hours, erasing gains from the month so far. The company specializes in chips that convert real world input into electrical signals, processing sound, light, temperature, pressure and motion. Investors have been eyeing ADI's earnings reports, still not due for another month. Texas Instruments, Inc. (TXN) Texas Instruments, a leading chipmaker with the broadest product list in the field, saw its share value drop over 11.6% in after-hours trading. The stock has seen 46% gains in the year to date following a boom in purchases with each wave of tariff announcements. The rapid cooling-off occurred when the executive team announced they were unaware how much of the increase in revenue had been dependent on consumers attempting to circumvent the hike in prices from Trump's tariffs. Enphase Energy, Inc. (ENPH) Solar equipment provider Enphase Energy saw a drop of over 7.2% in the company's stock value in extended trading. With 5% of the market share in the solar equipment field Enphase acts as an early indicator for the impact that Trump's removal of tax credits will have upon the industry. Enphase are pointing towards a 20% drop in the residential market. Read more here. Analog Devices, Inc. (ADI) Shares in semiconductor maker Analog Devices saw a drop of over 4.1% after-hours, erasing gains from the month so far. The company specializes in chips that convert real world input into electrical signals, processing sound, light, temperature, pressure and motion. Investors have been eyeing ADI's earnings reports, still not due for another month. 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
