Tesla Boss Elon Musk-ETEER Comes out Fighting as French Police Investigate X
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Political Probe
The Elon Musk-led company was responding today to news that Paris prosecutors had ramped up their preliminary probe into X, which began in early July, for suspected algorithmic bias and 'fraudulent data extraction', or scraping as it is otherwise known. They have now, reportedly, asked the French police to investigate any wrongdoing by the company or its executives.
The move followed two complaints received in January about 'foreign interference' in French politics via X.
On its Global Government Affairs account, it said Paris prosecutors had requested that it hand over 'recommendation algorithm and real-time data about all user posts on the platform.'
However, X denied all the allegations and said it would not comply with the probe.
'X remains in the dark as to the specific allegations made against the platform. However, based on what we know so far, X believes that this investigation is distorting French law in order to serve a political agenda and, ultimately, restrict free speech,' it said. 'We have not acceded to the French authorities' demands.'
Musk Troubles
Musk has been critical of European governments before for what he perceives as cracking down on free speech online and the progress of technology. He has also praised certain far-right parties and politicians on the continent. This includes Alternative for Germany and the U.K.'s Tommy Robinson.
This will be another blow, however, for Musk, whose other main interests such as EV maker Tesla (TSLA) and satellite group Starlink have come under pressure from poor sales and threatened government subsidy cuts. This resulted from Musk's very public falling out with President Trump.
Investors in Tesla have been concerned that Musk's involvement in politics has meant he has lost focus on not just the EV maker but his other interests such as X. The Tesla share price has crashed 18.3% this year.
Is TSLA a Good Stock to Buy Now?
X is a private company, so let's take a look at Tesla stock. On TipRanks, it has a Hold consensus based on 13 Buy, 13 Hold and 8 Sell ratings. Its highest price target is $500. TSLA stock's consensus price target is $300.26 implying a 9.06% downside.
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President Trump on Tuesday said the US had reached 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 deal comes as prospects for larger pacts with India and the European Union have soured. Prospects for an interim deal between the US and India before an Aug. 1 deadline have dimmed, according to Reuters. Talks remain deadlocked due to disagreements on key agricultural and dairy products. Meanwhile, the European Union still wants a trade pact with the US, but the bloc said to be readying its counterattack as Trump plays hardball and makes a no-deal outcome more likely. EU member states are pushing for new and stringent measures to retaliate against US companies, The Wall Street Journal reported, while its officials are meeting this week to draw up a plan for reprisals. 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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. 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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. Orange juice importer says Trump's Brazil tariffs will raise US prices Orange juice prices join the list of products that could see price increases as a result of tariffs imposed by the Trump administration. Bloomberg reports: A US orange juice distributor is suing over President Donald Trump's move to impose a 50% tariff on Brazil starting next month. Johanna Foods Inc. is arguing that Trump's reasons for the levy increase — including support for Brazil's former right-wing President Jair Bolsonaro — don't present 'unusual and extraordinary' threats that give him emergency authority to circumvent Congress' taxing power. The New Jersey-based company estimates that the Brazil tariffs would increase its costs for not-from-concentrate orange juice from Brazil by $68 million over the next 12 months and raise retail costs for consumers between 20-25%. According to the complaint, Brazil supplies more than half of all orange juice sold in the US. Read more here. Orange juice prices join the list of products that could see price increases as a result of tariffs imposed by the Trump administration. Bloomberg reports: A US orange juice distributor is suing over President Donald Trump's move to impose a 50% tariff on Brazil starting next month. Johanna Foods Inc. is arguing that Trump's reasons for the levy increase — including support for Brazil's former right-wing President Jair Bolsonaro — don't present 'unusual and extraordinary' threats that give him emergency authority to circumvent Congress' taxing power. The New Jersey-based company estimates that the Brazil tariffs would increase its costs for not-from-concentrate orange juice from Brazil by $68 million over the next 12 months and raise retail costs for consumers between 20-25%. According to the complaint, Brazil supplies more than half of all orange juice sold in the US. Read more here. Brazil acknowledges possibility of no US trade deal by August 1 President Trump's August 1 tariff deadline is steadily approaching, and trading partners are preparing for multiple outcomes. Brazil, for example, is increasingly open to the possibility that a trade deal won't be reached in time. Reuters reported: Read more here. President Trump's August 1 tariff deadline is steadily approaching, and trading partners are preparing for multiple outcomes. Brazil, for example, is increasingly open to the possibility that a trade deal won't be reached in time. Reuters reported: Read more here. US steelmaker Cleveland-Cliffs touts 'positive impact' of tariffs Cleveland-Cliffs (CLF) CEO Lourenco Goncalves praised President Trump's protectionist policies on Monday, stating that the 25%-50% tariffs on foreign steel imports have had a "positive impact" on the US steel and automotive industries. The Section 232 steel tariffs "have played a significant role in supporting the domestic steel industry," Goncalves said during the company's earnings call. 'So far, there's no indication that the Section 232 tariffs will be used as a bargaining chip by the Trump administration as leverage in trade deals with other countries," Goncalves added. "We appreciate that and fully expect that the administration will keep in place and enforce these Section 232 tariffs." Goncalves said the only place where it's having a problem is with Stelco, the Canadian steel company it acquired in November 2024. The CEO urged Canadian Prime Minister Mark Carney to implement similar protectionist policies, saying that other efforts to curb unfair trade practices were "insufficient." Cleveland-Cliffs stock soared 11% in early trading Monday after the company reported record steel shipments of 4.3 million net tons for the three months ended June 30. Read more about how Cleveland-Cliffs' stock is trading. Cleveland-Cliffs (CLF) CEO Lourenco Goncalves praised President Trump's protectionist policies on Monday, stating that the 25%-50% tariffs on foreign steel imports have had a "positive impact" on the US steel and automotive industries. The Section 232 steel tariffs "have played a significant role in supporting the domestic steel industry," Goncalves said during the company's earnings call. 'So far, there's no indication that the Section 232 tariffs will be used as a bargaining chip by the Trump administration as leverage in trade deals with other countries," Goncalves added. "We appreciate that and fully expect that the administration will keep in place and enforce these Section 232 tariffs." Goncalves said the only place where it's having a problem is with Stelco, the Canadian steel company it acquired in November 2024. The CEO urged Canadian Prime Minister Mark Carney to implement similar protectionist policies, saying that other efforts to curb unfair trade practices were "insufficient." Cleveland-Cliffs stock soared 11% in early trading Monday after the company reported record steel shipments of 4.3 million net tons for the three months ended June 30. Read more about how Cleveland-Cliffs' stock is trading. Bessent: Trump more concerned about quality of deals than making deals by Aug. 1 Treasury Secretary Scott Bessent on Monday said the US wouldn't rush to make trade deals ahead of an Aug. 1 deadline for many of President Trump's sweeping tariffs to kick in. "We're not going to rush for the sake of doing deals," Bessent told CNBC in an interview. More from Reuters: Read more here. Treasury Secretary Scott Bessent on Monday said the US wouldn't rush to make trade deals ahead of an Aug. 1 deadline for many of President Trump's sweeping tariffs to kick in. "We're not going to rush for the sake of doing deals," Bessent told CNBC in an interview. More from Reuters: Read more here. More signs that Europe is hardening its stance We detailed earlier (keep scrolling) how the EU is readying its plans for retaliation in case a trade deal with the US fails. The Wall Street Journal has a big report out today with some more details of those plans — and details on how delicate negotiations are on even thinner ice, as President Trump keeps wanting more. The report said the EU got a "surprise" when US officials said Trump would want a higher baseline tariff in any deal, likely north of 15%, after months of talks around a 10% baseline. That apparently prompted Germany, Europe's largest economy, to swing to more of an alignment with France, which has been pushing a harder line throughout the negotiations. 'All options are on the table,' a German official said. The official said there was still time to negotiate a deal but added, 'If they want war, they will get war.' More from the report: Read more here. We detailed earlier (keep scrolling) how the EU is readying its plans for retaliation in case a trade deal with the US fails. The Wall Street Journal has a big report out today with some more details of those plans — and details on how delicate negotiations are on even thinner ice, as President Trump keeps wanting more. The report said the EU got a "surprise" when US officials said Trump would want a higher baseline tariff in any deal, likely north of 15%, after months of talks around a 10% baseline. That apparently prompted Germany, Europe's largest economy, to swing to more of an alignment with France, which has been pushing a harder line throughout the negotiations. 'All options are on the table,' a German official said. The official said there was still time to negotiate a deal but added, 'If they want war, they will get war.' More from the report: Read more here. Stellantis warns of $2.7B loss as tariffs bite Big Three automaker Stellantis (STLA) warned on Monday that it expects a 2.3 billion euro ($2.7 billion) net loss for the first half of 2025, hit by restructuring costs, ebbing sales, and an initial hit from US tariffs. The Chrysler maker's US-listed shares slipped nearly 2% in premarket, mirroring a drop in its stock in Milan. Reuters reports: Read more here. Big Three automaker Stellantis (STLA) warned on Monday that it expects a 2.3 billion euro ($2.7 billion) net loss for the first half of 2025, hit by restructuring costs, ebbing sales, and an initial hit from US tariffs. The Chrysler maker's US-listed shares slipped nearly 2% in premarket, mirroring a drop in its stock in Milan. Reuters reports: Read more here. EU to prepare its retaliation plan as US hardens its stance on trade talks EU negotiators are scrambling to make a trade agreement with the US as the Aug. 1 tariff deadline closes in. But they are also stepping up preparations to strike back if the two sides fail to secure a deal. Bloomberg reports: Read more here. EU negotiators are scrambling to make a trade agreement with the US as the Aug. 1 tariff deadline closes in. But they are also stepping up preparations to strike back if the two sides fail to secure a deal. Bloomberg reports: Read more here. Lutnick 'confident' US will get tariffs deal done with EU before Aug. 1 deadline WASHINGTON (Reuters) -U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in. Lutnick said he had just gotten off the phone with European trade negotiators and there was "plenty of room" for agreement. "These are the two biggest trading partners in the world, talking to each other. We'll get a deal done. I am confident we'll get a deal done," Lutnick said in an interview with CBS' "Face the Nation." President Donald Trump threatened on July 12 to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal. Lutnick said that was a hard deadline. "Nothing stops countries from talking to us after August 1, but they're going to start paying the tariffs on August 1," he said on CBS. Read more here WASHINGTON (Reuters) -U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in. Lutnick said he had just gotten off the phone with European trade negotiators and there was "plenty of room" for agreement. "These are the two biggest trading partners in the world, talking to each other. We'll get a deal done. I am confident we'll get a deal done," Lutnick said in an interview with CBS' "Face the Nation." President Donald Trump threatened on July 12 to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal. Lutnick said that was a hard deadline. "Nothing stops countries from talking to us after August 1, but they're going to start paying the tariffs on August 1," he said on CBS. Read more here Trump's tariffs are already shaping the holiday shopping season NEW YORK (AP) — With summer in full swing in the United States, retail executives are sweating a different season. It's less than 22 weeks before Christmas, a time when businesses that make and sell consumer goods usually nail down their holiday orders and prices. But President Donald Trump's vacillating trade policies have complicated those end-of-year plans. Balsam Hill, which sells artificial trees and other decorations online, expects to publish fewer and thinner holiday catalogs because the featured products keep changing with the tariff rates the president sets, postpones and revises. 'The uncertainty has led us to spend all our time trying to rejigger what we're ordering, where we're bringing it in, when it's going to get here,' Mac Harman, CEO of Balsam Hill parent company Balsam Brands, said. 'We don't know which items we're going to have to put in the catalog or not." Months of confusion over which foreign countries' goods may become more expensive to import has left a question mark over the holiday shopping season. U.S. retailers often begin planning for the winter holidays in January and typically finalize the bulk of their orders by the end of June. The seesawing tariffs already have factored into their calculations. Read more here NEW YORK (AP) — With summer in full swing in the United States, retail executives are sweating a different season. It's less than 22 weeks before Christmas, a time when businesses that make and sell consumer goods usually nail down their holiday orders and prices. But President Donald Trump's vacillating trade policies have complicated those end-of-year plans. Balsam Hill, which sells artificial trees and other decorations online, expects to publish fewer and thinner holiday catalogs because the featured products keep changing with the tariff rates the president sets, postpones and revises. 'The uncertainty has led us to spend all our time trying to rejigger what we're ordering, where we're bringing it in, when it's going to get here,' Mac Harman, CEO of Balsam Hill parent company Balsam Brands, said. 'We don't know which items we're going to have to put in the catalog or not." Months of confusion over which foreign countries' goods may become more expensive to import has left a question mark over the holiday shopping season. U.S. retailers often begin planning for the winter holidays in January and typically finalize the bulk of their orders by the end of June. The seesawing tariffs already have factored into their calculations. Read more here Hawaii coffee growers say Trump tariffs may curb demand (Bloomberg) — Hawaiian coffee farmers have a message for President Donald Trump: Steep tariffs on major exporters such as Brazil will end up hurting them, too. Hawaii at first glance might seem the obvious beneficiary of tariffs on coffee. It is the only state in the country where the tropical goods grow, with the vast majority of java imbibed by Americans imported from South America and Vietnam. Higher priced foreign imports should, in theory, make the island state's products comparatively more affordable. But growers say the opposite is true: rising prices across the board will hit consumers already struggling with inflation, curbing demand on everything from popular everyday roasts available at grocery stores to luxury Kona beans. While the discourse around trade and Trump's 'Buy American' mantra could draw attention to Hawaiian goods, the upshot for the state's farmers is that 'tariffs will probably will hurt us as much as it would hurt the mainland roasters,' said Suzanne Shriner, the vice president of the Kona Coffee Farmers Association and the president of Lions Gate Farms. Read more here (Bloomberg) — Hawaiian coffee farmers have a message for President Donald Trump: Steep tariffs on major exporters such as Brazil will end up hurting them, too. Hawaii at first glance might seem the obvious beneficiary of tariffs on coffee. It is the only state in the country where the tropical goods grow, with the vast majority of java imbibed by Americans imported from South America and Vietnam. Higher priced foreign imports should, in theory, make the island state's products comparatively more affordable. But growers say the opposite is true: rising prices across the board will hit consumers already struggling with inflation, curbing demand on everything from popular everyday roasts available at grocery stores to luxury Kona beans. While the discourse around trade and Trump's 'Buy American' mantra could draw attention to Hawaiian goods, the upshot for the state's farmers is that 'tariffs will probably will hurt us as much as it would hurt the mainland roasters,' said Suzanne Shriner, the vice president of the Kona Coffee Farmers Association and the president of Lions Gate Farms. Read more here
Yahoo
16 minutes ago
- Yahoo
Stock market today: Nasdaq, S&P 500 waver amid wave of earnings as tariffs bite GM profit
US stocks traded mixed on Tuesday after notching new all-time highs the prior day. The moves come as Wall Street continues to wade through a fresh wave of earnings that brought a tariff warning from General Motors (GM). The Nasdaq Composite (^IXIC) dropped 0.4% ahead of the first round of Big Tech quarterly results while the S&P 500 (^GSPC) traded just around the flatline. Meanwhile, the Dow Jones Industrial Average (^DJI) climbed about 0.3%. So far, the market has proven resilient in the face of tariff uncertainty, with the S&P 500 and Nasdaq hitting fresh record closes on Monday. Earnings season has been largely upbeat, buoying stocks and sentiment — though the market is now weighing how far the recent rally can run. Earnings results from a wave of companies on Tuesday were mixed. The stocks of General Motors (GM), Philip Morris (PM), RTX (RTX), and Lockheed Martin (LMT) sank after their quarterly results disappointed Wall Street. General Motors reported that its core profit sank over 32% in the second quarter as tariff headwinds sapped $1.1 billion from its results. The Big Three automaker warned the hit would be deeper in the current quarter, providing food for thought to investors assessing the impact of President Trump's trade policy. Read more: Full earnings coverage in our live blog At the same time, Wall Street awaits second-quarter results from "Magnificent Seven" members Alphabet (GOOGL, GOOG) and Tesla (TSLA) on Wednesday. As the valuation of large-cap tech stocks soars, investors are hoping for reassurance that the hype around AI is more than just buzz. The watch is on for signs of progress in trade talks as the clock ticks down to President Trump's Aug. 1 deadline to strike a deal or face higher tariffs. Prospects for a US-India pact appear to be faltering with negotiations deadlocked as US talks with the European Union, another key trading partner, also hit the buffers. Read more: The latest on Trump's tariffs Stocks bounce after President Trump announces trade deal with the Philippines The S&P 500 (^GSPC), tech-heavy Nasdaq Composite (^IXIC), and Dow Jones Industrial Average (^DJI) nudged higher in afternoon trading after President Trump announced the US struck a trade deal with the Philippines. Stocks remained mixed, with the Dow leading gains, up 0.2%. Goods from the Philippines bound for the US will face a 19% tariff instead of the 20% duties that were scheduled to go into effect Aug. 1. "President Ferdinand Marcos, of the Philippines, is just leaving the White House, with all of his many Representatives," Trump posted on Truth Social. "It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs. The Philippines will pay a 19% Tariff. In addition, we will work together Militarily. Read more about the latest trade negotiations and tariff updates here. Homebuilder stocks soar, GM stock slips as investors digest earnings Here's a quick update on how shares of companies that reported earnings this morning are performing: Google (GOOG) shares were up fractionally and Tesla (TSLA) stock gained about 1% ahead of their highly anticipated reports on Wednesday. Expect more volatility as companies report, Annex Wealth Management chief economist Brian Jacobsen told Yahoo Finance on Friday. "Earnings misses are going to get punished a lot more than usual. I don't think investors have the patience to really deal with companies that are missing any of those estimates." Read about the latest earnings results here. Wall Street analysts bullish on Amazon ahead of earnings Wall Street analysts lifted their price targets on Amazon stock ahead of the Facebook and Instagram parent's quarterly earnings report July 31. Needham analyst Laura Martin lifted her outlook on Amazon shares on Tuesday to $265 from $220, citing "strong" revenue growth for the company's cloud division, AWS, "record-breaking" Amazon Prime days, waning tariff woes, and lower costs in its logistics operations (i.e. deliveries) due to generative artificial intelligence. "AMZN is reporting strong improvement in its labor productivity, which we believe is a lead indicator to upside share price performance," Martin added. Deutsche Bank analyst Lee Horowitz also lifted his price target on Amazon stock to $266 from $230, noting that "consumers continue to spend" as "tariff concerns wane," a positive sign for online commerce. He also noted "healthy" advertising revenue and "AI tailwinds" for AWS revenue as positive indicators for Amazon ahead of its second quarter earnings report. To be sure, Amazon is facing some internal turmoil. The company has seen backlash from employees after CEO Andy Jassy wrote a memo to staffers that AI will lead to job cuts across the company. Meanwhile, workers with disabilities said the company has used AI to deny their requests for accommodations and have filed complaints with the Equal Employment Opportunity Commission and the National Labor Relations Board, alleging Amazon has violated the Americans with Disabilities Act with its RTO policies. Coinbase and PNC to work together as crypto reaches for Main Street The largest US cryptocurrency exchange and a Pittsburgh regional lender announced a strategic partnership Tuesday that shows how upstart crypto and old-school banking are coming closer together, Yahoo Finance's David Hollerith reports. Hollerith writes: Read the full story here. Nvidia falls for third day after record rally Nvidia (NVDA) shares fell around 2% late Tuesday morning, marking the third day of declines for the AI chipmaker after it rallied to fresh all-time highs last week. The drop comes as a burgeoning South Korean chipmaking rival FuriosaAI scored its first major customer. Despite the drop, Nvidia is up around 24% for the year as the stock has undergone a remarkable turnaround following its first quarter earnings in May after a rocky start to 2025. Its most recent rally last week came on the heels of the chipmaker's announcement that it was set to resume sales of its AI chips to China — a major reversal after a surprise export ban from the Trump administration in April was on track to result in billions in lost sales. Also on Tuesday, startup Reka AI announced that Nvidia, along with Snowflake, was part of a group to invest $110 million in the company during its latest funding round. Nvidia has invested in a number of AI companies, including OpenAI, Elon Musk's xAI, Inflection, Scale AI, and more. Kohl's surges nearly 30% as retail investors boost stock Kohl's (KSS) stock jumped nearly 30% Tuesday morning, with trading briefly halted for volatility after shares jumped as much as 105% earlier in the session. The notorious subreddit for meme traders, r/wallstreetbets, was buzzing with users posting about their trades of the stock Tuesday morning, and it was also trending on the popular forum for retail investors, Stocktwits. Northrop Grumman stock pops after boost to 2025 profit outlook Northrop Grumman's (NOC) shares jumped over 9% after it raised its full-year forecast on the heels of strong quarterly profit and revenue beats. The aerospace and defense giant has lifted its outlook as geopolitical tensions sustain demand for its defense products. Beyond that, the company is in talks to support the planned Golden Dome missile system. The Trump administration is searching for new partners for the project as tensions with Elon Musk threaten SpaceX's dominance, Reuters reported. Northrop Grumman reported second quarter earnings of $8.15 a share, versus $6.82 expected. Revenue came in at $10.35 billion, well above the $10.05 billion consensus view. Reuters reported: Read more here. Circle stocks extends decline after analyst downgrade Circle shares fell more than 7% Tuesday morning, extending its 3.4% drop the day prior. The declines come as the stablecoin issuer's stock was downgraded to Sell from Neutral at investment bank Compass Point following the passage of the first federal framework for dollar-backed stablecoins last week. 'While we expected CRCL to rally into stablecoin legislation, crypto investors typically 'sell the news' after highly anticipated events,' Compass Point analyst Ed Engel wrote in a note to investors Monday. 'As such, we expect CRCL to retrace some of its recent rally after the GENIUS act was signed into law on 7/18.' Engel also cited 'emerging competition from banks and fintechs' following the passage of the GENIUS Act. 'We expect more mainstream fintechs and banks to announce competing stablecoins in 2H25 [the second half of 2025],' he wrote, adding that 'many mainstream businesses have wider distribution networks than CRCL.' US stocks mixed at the open US stocks wavered on Tuesday after hitting new all-time highs the day prior, as Wall Street waded through a fresh wave of earnings. The Dow Jones Industrial Average (^DJI) rose nearly 0.1%. Meanwhile, the S&P 500 (^GSPC) traded roughly flat. The Nasdaq Composite (^IXIC) slipped 0.1% ahead of the first Big Tech quarterly results Wednesday from Alphabet (GOOGL, GOOG) and Tesla (TSLA). The stocks of General Motors's (GM), Philip Morris (PM), RTX (RTX), and Lockheed Martin (LMT) sank after their quarterly results disappointed Wall Street. Coca-Cola (KO) shares dropped despite reporting earnings that topped forecasts. Bessent calls for internal review of Fed but doesn't think Powell needs to step down Yahoo Finance's David Hollerith reports: Read more here. Wall Street is being stubbornly bullish on downtrodden energy stocks Wall Street analysts have high hopes for oil and gas stocks, encouraged by cheap valuations and President Trump's full-throated support for the beleaguered energy sector. Bloomberg reports: Read more here. Coca-Cola tops Q2 estimates on steady soda demand, plans cane sugar-based products Coca-Cola (KO) beat Wall Street's second quarter revenue and profit estimates on Tuesday, as steady soda demand and higher prices boosted profits. But the stock was down about 1% in premarket trading, as case volumes fell overall. Notably, the company said it plans to launch an offering made with US cane sugar under its trademark Coca-Cola product range this fall. In recent days, President Trump said that the company agreed to use cane sugar in its products, which Coke didn't confirm at the time. Here's what Coca-Cola reported, per Reuters: Read more here. Lockheed Martin Q2 profit plummets on $1.6 billion charge Lockheed Martin (LMT) stock fell 6% premarket after the defense giant recorded pre-tax losses of $1.6 billion, mainly linked to a classified program within its Aeronautics segment. Reuters reports: Read more here. GM stock falls as Trump tariffs take $1B bite out of earnings US automaker General Motors (GM) stock fell over 3% before the bell on Tuesday after reporting a fall in second quarter core profit of 32% to $3 billion. 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. Trump Media stock tests the limits of bitcoin accumulation Yahoo Finance's Hamza Shaban reports in today's Morning Brief: Read more here. Chipmaker NXP's stock falls as forecast fails to impress investors Dutch chipmaker NXP (NXPI) disappointed investors with a less-than-bullish revenue outlook for the next quarter, sending its stock sliding almost 6% in premarket trade. Bloomberg reports: Read more here. Good morning. Here's what's happening today. Economic data: Richmond Fed manufacturing index (July) Earnings: Capital One (COF), Coca-Cola (KO), DR Horton (DHI), Enphase Energy (ENPH), GM (GM), Lockheed Martin (LMT), Philip Morris International (PM), SAP (SAP), Texas Instruments (TXN) Here are some of the biggest stories you may have missed overnight and early this morning: Ethereum is surging, and more companies want in Chances of an India-US trade deal are dimming Nvidia chip challenger FuriosaAI lands its first major customer Trump-backed $500B Stargate AI project is struggling: WSJ Bessent calls for deeper US bank regulatory reforms Universal Music confidentially files for US listing Tesla's retro-futuristic diner officially opens Trending tickers: Nvidia, Oracle and Medpace Here are some top stocks trending on Yahoo Finance in premarket trading: Nvidia (NVDA) stock fell over 1% premarket following news that FuriosaAI Inc., the Seoul-based startup seeking to design chips to compete with Nvidia (NVDA) Corp., has sealed its first major contract months after rejecting an $800 million acquisition offer from Meta Platforms Inc. (META) Oracle (ORCL) shares dropped over 2% in premarket trading after it was announced that Stargate, a multi-billion-dollar effort by ChatGPT's creator OpenAI ( SoftBank (SFTBY, 9984.T) and Oracle (ORCL) are now setting a more modest goal of building a small data center by the end of the year, according to reports in The Wall Street Journal reported on Monday. Medpace Holdings, Inc. (MEDP) stock surged over 40% before the bell on Tuesday after exceeding analysts revenue expectations on Monday, with sales up over 14% year on year to $603.3 million. Oil prices fall as trade war pulls down investor sentiment Oil prices fell early morning Tuesday as the trade negotiations between the EU and the US continue to impact the economic landscape for crude consumption. Reuters reports: Read more here. Stocks bounce after President Trump announces trade deal with the Philippines The S&P 500 (^GSPC), tech-heavy Nasdaq Composite (^IXIC), and Dow Jones Industrial Average (^DJI) nudged higher in afternoon trading after President Trump announced the US struck a trade deal with the Philippines. Stocks remained mixed, with the Dow leading gains, up 0.2%. Goods from the Philippines bound for the US will face a 19% tariff instead of the 20% duties that were scheduled to go into effect Aug. 1. "President Ferdinand Marcos, of the Philippines, is just leaving the White House, with all of his many Representatives," Trump posted on Truth Social. "It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs. The Philippines will pay a 19% Tariff. In addition, we will work together Militarily. Read more about the latest trade negotiations and tariff updates here. The S&P 500 (^GSPC), tech-heavy Nasdaq Composite (^IXIC), and Dow Jones Industrial Average (^DJI) nudged higher in afternoon trading after President Trump announced the US struck a trade deal with the Philippines. Stocks remained mixed, with the Dow leading gains, up 0.2%. Goods from the Philippines bound for the US will face a 19% tariff instead of the 20% duties that were scheduled to go into effect Aug. 1. "President Ferdinand Marcos, of the Philippines, is just leaving the White House, with all of his many Representatives," Trump posted on Truth Social. "It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs. The Philippines will pay a 19% Tariff. In addition, we will work together Militarily. Read more about the latest trade negotiations and tariff updates here. Homebuilder stocks soar, GM stock slips as investors digest earnings Here's a quick update on how shares of companies that reported earnings this morning are performing: Google (GOOG) shares were up fractionally and Tesla (TSLA) stock gained about 1% ahead of their highly anticipated reports on Wednesday. Expect more volatility as companies report, Annex Wealth Management chief economist Brian Jacobsen told Yahoo Finance on Friday. "Earnings misses are going to get punished a lot more than usual. I don't think investors have the patience to really deal with companies that are missing any of those estimates." Read about the latest earnings results here. Here's a quick update on how shares of companies that reported earnings this morning are performing: Google (GOOG) shares were up fractionally and Tesla (TSLA) stock gained about 1% ahead of their highly anticipated reports on Wednesday. Expect more volatility as companies report, Annex Wealth Management chief economist Brian Jacobsen told Yahoo Finance on Friday. "Earnings misses are going to get punished a lot more than usual. I don't think investors have the patience to really deal with companies that are missing any of those estimates." Read about the latest earnings results here. Wall Street analysts bullish on Amazon ahead of earnings Wall Street analysts lifted their price targets on Amazon stock ahead of the Facebook and Instagram parent's quarterly earnings report July 31. Needham analyst Laura Martin lifted her outlook on Amazon shares on Tuesday to $265 from $220, citing "strong" revenue growth for the company's cloud division, AWS, "record-breaking" Amazon Prime days, waning tariff woes, and lower costs in its logistics operations (i.e. deliveries) due to generative artificial intelligence. "AMZN is reporting strong improvement in its labor productivity, which we believe is a lead indicator to upside share price performance," Martin added. Deutsche Bank analyst Lee Horowitz also lifted his price target on Amazon stock to $266 from $230, noting that "consumers continue to spend" as "tariff concerns wane," a positive sign for online commerce. He also noted "healthy" advertising revenue and "AI tailwinds" for AWS revenue as positive indicators for Amazon ahead of its second quarter earnings report. To be sure, Amazon is facing some internal turmoil. The company has seen backlash from employees after CEO Andy Jassy wrote a memo to staffers that AI will lead to job cuts across the company. Meanwhile, workers with disabilities said the company has used AI to deny their requests for accommodations and have filed complaints with the Equal Employment Opportunity Commission and the National Labor Relations Board, alleging Amazon has violated the Americans with Disabilities Act with its RTO policies. Wall Street analysts lifted their price targets on Amazon stock ahead of the Facebook and Instagram parent's quarterly earnings report July 31. Needham analyst Laura Martin lifted her outlook on Amazon shares on Tuesday to $265 from $220, citing "strong" revenue growth for the company's cloud division, AWS, "record-breaking" Amazon Prime days, waning tariff woes, and lower costs in its logistics operations (i.e. deliveries) due to generative artificial intelligence. "AMZN is reporting strong improvement in its labor productivity, which we believe is a lead indicator to upside share price performance," Martin added. Deutsche Bank analyst Lee Horowitz also lifted his price target on Amazon stock to $266 from $230, noting that "consumers continue to spend" as "tariff concerns wane," a positive sign for online commerce. He also noted "healthy" advertising revenue and "AI tailwinds" for AWS revenue as positive indicators for Amazon ahead of its second quarter earnings report. To be sure, Amazon is facing some internal turmoil. The company has seen backlash from employees after CEO Andy Jassy wrote a memo to staffers that AI will lead to job cuts across the company. Meanwhile, workers with disabilities said the company has used AI to deny their requests for accommodations and have filed complaints with the Equal Employment Opportunity Commission and the National Labor Relations Board, alleging Amazon has violated the Americans with Disabilities Act with its RTO policies. Coinbase and PNC to work together as crypto reaches for Main Street The largest US cryptocurrency exchange and a Pittsburgh regional lender announced a strategic partnership Tuesday that shows how upstart crypto and old-school banking are coming closer together, Yahoo Finance's David Hollerith reports. Hollerith writes: Read the full story here. The largest US cryptocurrency exchange and a Pittsburgh regional lender announced a strategic partnership Tuesday that shows how upstart crypto and old-school banking are coming closer together, Yahoo Finance's David Hollerith reports. Hollerith writes: Read the full story here. Nvidia falls for third day after record rally Nvidia (NVDA) shares fell around 2% late Tuesday morning, marking the third day of declines for the AI chipmaker after it rallied to fresh all-time highs last week. The drop comes as a burgeoning South Korean chipmaking rival FuriosaAI scored its first major customer. Despite the drop, Nvidia is up around 24% for the year as the stock has undergone a remarkable turnaround following its first quarter earnings in May after a rocky start to 2025. Its most recent rally last week came on the heels of the chipmaker's announcement that it was set to resume sales of its AI chips to China — a major reversal after a surprise export ban from the Trump administration in April was on track to result in billions in lost sales. Also on Tuesday, startup Reka AI announced that Nvidia, along with Snowflake, was part of a group to invest $110 million in the company during its latest funding round. Nvidia has invested in a number of AI companies, including OpenAI, Elon Musk's xAI, Inflection, Scale AI, and more. Nvidia (NVDA) shares fell around 2% late Tuesday morning, marking the third day of declines for the AI chipmaker after it rallied to fresh all-time highs last week. The drop comes as a burgeoning South Korean chipmaking rival FuriosaAI scored its first major customer. Despite the drop, Nvidia is up around 24% for the year as the stock has undergone a remarkable turnaround following its first quarter earnings in May after a rocky start to 2025. Its most recent rally last week came on the heels of the chipmaker's announcement that it was set to resume sales of its AI chips to China — a major reversal after a surprise export ban from the Trump administration in April was on track to result in billions in lost sales. Also on Tuesday, startup Reka AI announced that Nvidia, along with Snowflake, was part of a group to invest $110 million in the company during its latest funding round. Nvidia has invested in a number of AI companies, including OpenAI, Elon Musk's xAI, Inflection, Scale AI, and more. Kohl's surges nearly 30% as retail investors boost stock Kohl's (KSS) stock jumped nearly 30% Tuesday morning, with trading briefly halted for volatility after shares jumped as much as 105% earlier in the session. The notorious subreddit for meme traders, r/wallstreetbets, was buzzing with users posting about their trades of the stock Tuesday morning, and it was also trending on the popular forum for retail investors, Stocktwits. Kohl's (KSS) stock jumped nearly 30% Tuesday morning, with trading briefly halted for volatility after shares jumped as much as 105% earlier in the session. The notorious subreddit for meme traders, r/wallstreetbets, was buzzing with users posting about their trades of the stock Tuesday morning, and it was also trending on the popular forum for retail investors, Stocktwits. Northrop Grumman stock pops after boost to 2025 profit outlook Northrop Grumman's (NOC) shares jumped over 9% after it raised its full-year forecast on the heels of strong quarterly profit and revenue beats. The aerospace and defense giant has lifted its outlook as geopolitical tensions sustain demand for its defense products. Beyond that, the company is in talks to support the planned Golden Dome missile system. The Trump administration is searching for new partners for the project as tensions with Elon Musk threaten SpaceX's dominance, Reuters reported. Northrop Grumman reported second quarter earnings of $8.15 a share, versus $6.82 expected. Revenue came in at $10.35 billion, well above the $10.05 billion consensus view. Reuters reported: Read more here. Northrop Grumman's (NOC) shares jumped over 9% after it raised its full-year forecast on the heels of strong quarterly profit and revenue beats. The aerospace and defense giant has lifted its outlook as geopolitical tensions sustain demand for its defense products. Beyond that, the company is in talks to support the planned Golden Dome missile system. The Trump administration is searching for new partners for the project as tensions with Elon Musk threaten SpaceX's dominance, Reuters reported. Northrop Grumman reported second quarter earnings of $8.15 a share, versus $6.82 expected. Revenue came in at $10.35 billion, well above the $10.05 billion consensus view. Reuters reported: Read more here. Circle stocks extends decline after analyst downgrade Circle shares fell more than 7% Tuesday morning, extending its 3.4% drop the day prior. The declines come as the stablecoin issuer's stock was downgraded to Sell from Neutral at investment bank Compass Point following the passage of the first federal framework for dollar-backed stablecoins last week. 'While we expected CRCL to rally into stablecoin legislation, crypto investors typically 'sell the news' after highly anticipated events,' Compass Point analyst Ed Engel wrote in a note to investors Monday. 'As such, we expect CRCL to retrace some of its recent rally after the GENIUS act was signed into law on 7/18.' Engel also cited 'emerging competition from banks and fintechs' following the passage of the GENIUS Act. 'We expect more mainstream fintechs and banks to announce competing stablecoins in 2H25 [the second half of 2025],' he wrote, adding that 'many mainstream businesses have wider distribution networks than CRCL.' Circle shares fell more than 7% Tuesday morning, extending its 3.4% drop the day prior. The declines come as the stablecoin issuer's stock was downgraded to Sell from Neutral at investment bank Compass Point following the passage of the first federal framework for dollar-backed stablecoins last week. 'While we expected CRCL to rally into stablecoin legislation, crypto investors typically 'sell the news' after highly anticipated events,' Compass Point analyst Ed Engel wrote in a note to investors Monday. 'As such, we expect CRCL to retrace some of its recent rally after the GENIUS act was signed into law on 7/18.' Engel also cited 'emerging competition from banks and fintechs' following the passage of the GENIUS Act. 'We expect more mainstream fintechs and banks to announce competing stablecoins in 2H25 [the second half of 2025],' he wrote, adding that 'many mainstream businesses have wider distribution networks than CRCL.' US stocks mixed at the open US stocks wavered on Tuesday after hitting new all-time highs the day prior, as Wall Street waded through a fresh wave of earnings. The Dow Jones Industrial Average (^DJI) rose nearly 0.1%. Meanwhile, the S&P 500 (^GSPC) traded roughly flat. The Nasdaq Composite (^IXIC) slipped 0.1% ahead of the first Big Tech quarterly results Wednesday from Alphabet (GOOGL, GOOG) and Tesla (TSLA). The stocks of General Motors's (GM), Philip Morris (PM), RTX (RTX), and Lockheed Martin (LMT) sank after their quarterly results disappointed Wall Street. Coca-Cola (KO) shares dropped despite reporting earnings that topped forecasts. US stocks wavered on Tuesday after hitting new all-time highs the day prior, as Wall Street waded through a fresh wave of earnings. The Dow Jones Industrial Average (^DJI) rose nearly 0.1%. Meanwhile, the S&P 500 (^GSPC) traded roughly flat. The Nasdaq Composite (^IXIC) slipped 0.1% ahead of the first Big Tech quarterly results Wednesday from Alphabet (GOOGL, GOOG) and Tesla (TSLA). The stocks of General Motors's (GM), Philip Morris (PM), RTX (RTX), and Lockheed Martin (LMT) sank after their quarterly results disappointed Wall Street. Coca-Cola (KO) shares dropped despite reporting earnings that topped forecasts. Bessent calls for internal review of Fed but doesn't think Powell needs to step down Yahoo Finance's David Hollerith reports: Read more here. Yahoo Finance's David Hollerith reports: Read more here. Wall Street is being stubbornly bullish on downtrodden energy stocks Wall Street analysts have high hopes for oil and gas stocks, encouraged by cheap valuations and President Trump's full-throated support for the beleaguered energy sector. Bloomberg reports: Read more here. Wall Street analysts have high hopes for oil and gas stocks, encouraged by cheap valuations and President Trump's full-throated support for the beleaguered energy sector. Bloomberg reports: Read more here. Coca-Cola tops Q2 estimates on steady soda demand, plans cane sugar-based products Coca-Cola (KO) beat Wall Street's second quarter revenue and profit estimates on Tuesday, as steady soda demand and higher prices boosted profits. But the stock was down about 1% in premarket trading, as case volumes fell overall. Notably, the company said it plans to launch an offering made with US cane sugar under its trademark Coca-Cola product range this fall. In recent days, President Trump said that the company agreed to use cane sugar in its products, which Coke didn't confirm at the time. Here's what Coca-Cola reported, per Reuters: Read more here. Coca-Cola (KO) beat Wall Street's second quarter revenue and profit estimates on Tuesday, as steady soda demand and higher prices boosted profits. But the stock was down about 1% in premarket trading, as case volumes fell overall. Notably, the company said it plans to launch an offering made with US cane sugar under its trademark Coca-Cola product range this fall. In recent days, President Trump said that the company agreed to use cane sugar in its products, which Coke didn't confirm at the time. Here's what Coca-Cola reported, per Reuters: Read more here. Lockheed Martin Q2 profit plummets on $1.6 billion charge Lockheed Martin (LMT) stock fell 6% premarket after the defense giant recorded pre-tax losses of $1.6 billion, mainly linked to a classified program within its Aeronautics segment. Reuters reports: Read more here. Lockheed Martin (LMT) stock fell 6% premarket after the defense giant recorded pre-tax losses of $1.6 billion, mainly linked to a classified program within its Aeronautics segment. Reuters reports: Read more here. GM stock falls as Trump tariffs take $1B bite out of earnings US automaker General Motors (GM) stock fell over 3% before the bell on Tuesday after reporting a fall in second quarter core profit of 32% to $3 billion. 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. US automaker General Motors (GM) stock fell over 3% before the bell on Tuesday after reporting a fall in second quarter core profit of 32% to $3 billion. 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. Trump Media stock tests the limits of bitcoin accumulation 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. Chipmaker NXP's stock falls as forecast fails to impress investors Dutch chipmaker NXP (NXPI) disappointed investors with a less-than-bullish revenue outlook for the next quarter, sending its stock sliding almost 6% in premarket trade. Bloomberg reports: Read more here. Dutch chipmaker NXP (NXPI) disappointed investors with a less-than-bullish revenue outlook for the next quarter, sending its stock sliding almost 6% in premarket trade. Bloomberg reports: Read more here. Good morning. Here's what's happening today. Economic data: Richmond Fed manufacturing index (July) Earnings: Capital One (COF), Coca-Cola (KO), DR Horton (DHI), Enphase Energy (ENPH), GM (GM), Lockheed Martin (LMT), Philip Morris International (PM), SAP (SAP), Texas Instruments (TXN) Here are some of the biggest stories you may have missed overnight and early this morning: Ethereum is surging, and more companies want in Chances of an India-US trade deal are dimming Nvidia chip challenger FuriosaAI lands its first major customer Trump-backed $500B Stargate AI project is struggling: WSJ Bessent calls for deeper US bank regulatory reforms Universal Music confidentially files for US listing Tesla's retro-futuristic diner officially opens Economic data: Richmond Fed manufacturing index (July) Earnings: Capital One (COF), Coca-Cola (KO), DR Horton (DHI), Enphase Energy (ENPH), GM (GM), Lockheed Martin (LMT), Philip Morris International (PM), SAP (SAP), Texas Instruments (TXN) Here are some of the biggest stories you may have missed overnight and early this morning: Ethereum is surging, and more companies want in Chances of an India-US trade deal are dimming Nvidia chip challenger FuriosaAI lands its first major customer Trump-backed $500B Stargate AI project is struggling: WSJ Bessent calls for deeper US bank regulatory reforms Universal Music confidentially files for US listing Tesla's retro-futuristic diner officially opens Trending tickers: Nvidia, Oracle and Medpace Here are some top stocks trending on Yahoo Finance in premarket trading: Nvidia (NVDA) stock fell over 1% premarket following news that FuriosaAI Inc., the Seoul-based startup seeking to design chips to compete with Nvidia (NVDA) Corp., has sealed its first major contract months after rejecting an $800 million acquisition offer from Meta Platforms Inc. (META) Oracle (ORCL) shares dropped over 2% in premarket trading after it was announced that Stargate, a multi-billion-dollar effort by ChatGPT's creator OpenAI ( SoftBank (SFTBY, 9984.T) and Oracle (ORCL) are now setting a more modest goal of building a small data center by the end of the year, according to reports in The Wall Street Journal reported on Monday. Medpace Holdings, Inc. (MEDP) stock surged over 40% before the bell on Tuesday after exceeding analysts revenue expectations on Monday, with sales up over 14% year on year to $603.3 million. Here are some top stocks trending on Yahoo Finance in premarket trading: Nvidia (NVDA) stock fell over 1% premarket following news that FuriosaAI Inc., the Seoul-based startup seeking to design chips to compete with Nvidia (NVDA) Corp., has sealed its first major contract months after rejecting an $800 million acquisition offer from Meta Platforms Inc. (META) Oracle (ORCL) shares dropped over 2% in premarket trading after it was announced that Stargate, a multi-billion-dollar effort by ChatGPT's creator OpenAI ( SoftBank (SFTBY, 9984.T) and Oracle (ORCL) are now setting a more modest goal of building a small data center by the end of the year, according to reports in The Wall Street Journal reported on Monday. Medpace Holdings, Inc. (MEDP) stock surged over 40% before the bell on Tuesday after exceeding analysts revenue expectations on Monday, with sales up over 14% year on year to $603.3 million. Oil prices fall as trade war pulls down investor sentiment Oil prices fell early morning Tuesday as the trade negotiations between the EU and the US continue to impact the economic landscape for crude consumption. Reuters reports: Read more here. Oil prices fell early morning Tuesday as the trade negotiations between the EU and the US continue to impact the economic landscape for crude consumption. Reuters reports: Read more here. 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