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Business Insider
an hour ago
- Business Insider
Morning News Wrap-Up: Thursday's Biggest Stock Market Stories!
The stock market will close early on Thursday and will be closed for the Fourth of July tomorrow. With that in mind, now is the perfect time for investors to catch up on today's hottest stock market stories! Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Empro Group (EMPG) stock underwent a massive rally after its initial public offering (IPO) yesterday. Rivian (RIVN) stock failed to impress with its Q2 deliveries. Amazon (AMZN) received bullish analyst coverage ahead of its Prime Day event. Global Interactive Technologies (GITS) stock soared following a company update. NetCapital (NCPL) stock plummeted after it launched a registered direct offering. Bank of America analysts reaffirmed a bullish rating for Apple (AAPL). The S&P 500 (SPX) jumped on U.S. job growth. Costco (COST) expanded store hours for Executive members but will be closed for the Fourth of July. Lucid Motors (LCID) missed Q2 delivery estimates but the stock still rallied. President Donald Trump revealed plans for a megabill signing event tomorrow. Apple saw its Chinese iPhone sales grow for the first time in two years. Sony (SONY) stock slipped after it announced plans to release a game on Microsoft's (MSFT) Xbox consoles. JPMorgan Chase (JPM) has announced David Frame as the new CEO of its global private banking unit. The latest jobs report plummeted the chances of a July interest rate cut. Several of Microsoft's Xbox studios canceled games and laid off staff. Super Micro Computer (SMCI) was up on increased demand for its artificial intelligence (AI) servers. Tesla's (TSLA) loyal retail investors have refused to sell the electric vehicle (EV) company's shares. The Nasdaq 100 ETF (QQQ) climbed alongside the .
The Hill
2 hours ago
- The Hill
What Canada's tech tax scrap means for US trade talks
The Big Story Canada's decision to rescind its digital services tax (DST) to restart trade negotiations with the U.S. represents a boon for major tech firms and could be a harbinger of what's to come for similar measures in other countries, experts told The Hill. © AP Photo/Thomas Padilla The Canadian government announced late Sunday that it would scrap the tax on U.S. tech firms that was set to take effect Monday in a bid to bring the Trump administration back to the table and avoid heightened tariffs in the coming weeks. The move was successful for Ottawa, with the White House saying that trade talks would resume immediately. It was also cheered by the tech industry, which has lambasted digital services taxes as 'unfair' and 'discriminatory.' But experts say Canada's move could put pressure on other nations to follow suit and rescind their tech taxes. 'Going forward, I think the fact that Trump managed to bully or cajole Canada into dropping its [digital services tax] means that this will be a big item that he insists on in talks with Europe and any countries in all these trade negotiations,' said Gary Hufbauer, a nonresident senior fellow at the Peterson Institute for International Economics. 'I see this as a harbinger of a more general repeal of digital services taxes,' he added, calling it a 'pretty big deal and a real victory for Trump.' Since taking office for a second time, Trump has repeatedly criticized taxes and fines on U.S. tech firms. He slammed the European Union (EU) in January, alleging that the bloc's hefty fines against American companies amount to a 'form of taxation.' The EU's top court ruled in September that Apple owed more than $14 billion in back taxes to Ireland, while upholding a $2.7 billion fine against Google by European antitrust regulators. Meta, the parent company of Facebook and Instagram, was also fined about $840 million for antitrust violations in November. The social media giant was hit with another $228 million fine in April, alongside Apple, which faced a $570 million penalty. Trump railed against the EU during a meeting with the NATO secretary-general in March, calling the European bloc 'nasty' over the tech fines, as well as a tariff on U.S.-made cars. 'They're suing Google, they're suing Facebook, they're suing all of these companies, and they're taking billions of dollars out of American companies,' he said at the time. The president has also taken aim at digital services taxes in particular, signing an executive order in February slamming the taxes as 'designed to plunder American companies' and declaring that the U.S. would respond to such measures with tariffs or other actions. Check out the full report at first thing Monday. Welcome to The Hill's Technology newsletter, I'm Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley. Programming note: The Hill's Technology newsletter will be off tomorrow for the July 4 holiday. See you Monday! Did someone forward you this newsletter? Subscribe here. Essential Reads How policy will be impacting the tech sector now and in the future: YouTube in 'productive discussions' with Trump over Jan. 6 ban lawsuit YouTube is 'engaged in productive discussions' with President Trump's lawyers in his case against the social media platform for banning his account in the wake of the Jan. 6 Capitol riot, court documents show. In a court filing from late May, the two sides asked the judge to delay a June court hearing. The document was first reported Thursday by The Atlantic. 'The parties have engaged in productive discussions regarding … Managers are using AI to determine raises, promotions, layoffs (NewsNation) — Artificial intelligence (AI) isn't just changing workflows, it's deciding who moves up and who gets the boot. According to a new Resume Builder survey of 1,342 U.S. managers, 6 in 10 said they use AI tools to make decisions about their direct reports. Even more striking is that most managers who use AI said they've turned to it for high-stakes calls, such as determining raises, promotions and … Space Shuttle Discovery would move to Texas under GOP megabill The Space Shuttle Discovery would move to Texas under President Trump's sweeping tax and spending bill, according to Sen. John Cornyn (R-Texas). Cornyn's office said in a statement on his website that Trump's megabill 'would authorize' Discovery's shipment to 'an entity' close to Houston's Lyndon B. Johnson Space Center. It is currently on display at the Smithsonian's Steven F. Udvar-Hazy Center in Northern Virginia. 'Houston … The Refresh News we've flagged from the intersection of tech and other topics: Crypto Corner Lummis unveils crypto tax package © Greg Nash Welcome to Crypto Corner, a daily feature focused on digital currency and its outlook in Washington. Sen. Cynthia Lummis (R-Wyo.) unveiled new legislation Thursday updating tax rules for cryptocurrencies, as Congress continues to move toward establishing a comprehensive regulatory regime for digital assets. 'In order to maintain our competitive edge, we must change our tax code to embrace our digital economy, not burden digital asset users,' Lummis said in a statement. The crypto tax package would establish a de minimis rule for digital assets, exempting small transactions of less than $300 from taxes, in addition to exempting crypto lending from taxes and deferring taxes on income generated from crypto mining and staking until tokens are sold. It would also apply the typical 30-day wash rule to digital assets, removing a loophole that has allowed crypto investors to sell tokens at a loss and then quickly buy them up again while still claiming a tax deduction. Crypto dealers and traders would also be eligible for mark-to-market treatment under the rules. This means that crypto holdings, like securities holdings, could be considered as if they were sold at market price at the end of the year for tax purposes, allowing individuals to claim losses that can then be deducted from their taxes. Lummis underscored Thursday that the congressional Joint Committee on Taxation estimates the bill would generate about $600 million through 2034. 'This groundbreaking legislation is fully paid for, cuts through the bureaucratic red tape and establishes common-sense rules that reflect how digital technologies function in the real world,' she said. The Wyoming Republican indicated earlier this week that she hoped to get crypto tax provisions into President Trump's sweeping tax and spending bill. However, the legislation ultimately passed out of the Senate on Tuesday without the measures. What Others are Reading Two key stories on The Hill right now: House sends GOP's 'big, beautiful bill' to Trump's desk in major win for Republicans The 'big, beautiful bill' is heading to President Trump's desk. House Republicans passed the core of Trump's domestic policy agenda Thursday afternoon … Read more Supreme Court enables Trump to resume South Sudan deportation flight The Supreme Court in an apparent 7-2 decision Thursday cleared the way for the Trump administration to restart plans to deport a group of convicted … Read more You're all caught up. See you next week! Thank you for signing up! Subscribe to more newsletters here
Engadget
2 hours ago
- Engadget
Here are the letters that let Apple and Google ignore the TikTok ban
More than six months after TikTok was briefly banned, we still don't know exactly what its fate in the US will be. But we do have new insight into the legal wrangling that has allowed Apple, Google and other platforms to continue to support the app. If you remember, TikTok was only "banned" for a matter of hours shortly before President Donald Trump took office in January and delayed enforcement of the law. The app's service was promptly restored January 19, 2025, but the app didn't return to Apple and Google's app stores until February 13. Reporting at the time suggested the companies had lingering concerns about potential liability for running afoul of the Protecting Americans from Foreign Adversary Controlled Applications Act. Back in February, Axios and others reported that the Justice Department had given "assurances" to tech platforms that they wouldn't be penalized for violating the law. Now, we know exactly what Attorney General Pam Bondi told the companied as letters sent to Apple, Google, Amazon, Oracle and other firms have been made public. The letters were disclosed in a Freedom of Information Act Request made by Tony Tan, a software engineer and Google shareholder suing the search giant for not complying with the TikTok ban. In a letter dated January 30, 2025, Bondi tells Apple and Google that "the President has determined that an abrupt shutdown of the TikTok platform would interfere with the execution of the President's constitutional duties to take care of the national security and foreign affairs of the United States." It goes on to state that Apple and Google "may continue to provide services to TikTok … without incurring any legal liability." A followup later dated April 5, 2025 (the day after Trump gave TikTok another 75-day reprieve), Bondi told the companies that "the Department of Justice is also irrevocably relinquishing any claims the United States might have had against" them "for the conduct proscribed in the Act during the Covered Period and Extended Covered Period, with respect to TikTok and the larger family of ByteDance Ltd. and TikTok, Inc. applications covered under the Act." The letters can be read in full below. This embedded content is not available in your region. The law has now been paused three times since Trump took office. Earlier this week, he said that details about TikTok's new ownership could be made public in "about two weeks."
