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32 minutes ago
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NFL on the verge of selling media assets to ESPN for an equity stake in the network, AP source says
The NFL and ESPN are expected to announce an agreement next week under which most of the league's significant media holdings will go to the sports network. People familiar with the transaction said the multibillion-dollar deal would give the NFL an equity stake in ESPN. The people spoke to The Associated Press on condition of anonymity because the deal has not been finalized. It was first reported by The Athletic. The NFL and ESPN had no comment. The NFL has been trying to sell its media properties for nearly five years. ESPN and the league have been involved in on-again, off-again talks for the past three years. The proposed move comes as ESPN is expected to soon launch its direct-to-consumer service, likely before the end of August. The service would give cord cutters access to all of ESPN's programs and networks for $29.99 per month. Most cable, satellite and viewers who have streaming services will receive the service for free as part of their subscription. ESPN would get access to the popular RedZone channel, as well as NFL Network and an additional seven regular-season games (six international and a Saturday afternoon late-season contest). A couple of weeks ago, ESPN announced that NFL Network host Rich Eisen's three-hour program would air on ESPN Radio as well as stream on Disney+ and ESPN+. 'The Rich Eisen Show' is not affiliated with NFL Network. ESPN has carried NFL games since 1987 and 'Monday Night Football' since 2006. Under the current TV contract, it will have the 2027 and 2031 Super Bowls for the first time. NFL Network started in November 2003 and was the second major pro league to have its own network. NBA TV started in 1999, MLB Network in 2009 and NHL Network in the United States in 2007. ___ AP NFL:
Yahoo
32 minutes ago
- Yahoo
VSE Corp (VSEC) Q2 2025 Earnings Call Highlights: Record Revenue and Strategic Transformation
Release Date: July 31, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points VSE Corp (NASDAQ:VSEC) achieved record revenue, profitability, and margins in Q2 2025, with a 41% increase in consolidated revenues to $272 million. The company completed the sale of its fleet segment, marking its transformation into a pure play aviation aftermarket company, focusing on higher growth and margin opportunities. VSE Corp (NASDAQ:VSEC) acquired Turbine Weld Industries, expanding its engine service capabilities and deepening OEM relationships. The company secured a new $700 million credit facility, providing more financial flexibility and a lower cost of capital to support growth. VSE Corp (NASDAQ:VSEC) reported strong cash flow generation, with an improvement of approximately $28 million in free cash flow compared to Q2 2024. Negative Points The company experienced some softness in the aftermarket at the beginning of Q2 2025 due to uncertainty around tariffs. VSE Corp (NASDAQ:VSEC) is facing challenges in the USM business, leading to a strategic shift away from speculative parts trading, which may result in reduced topline revenue. The company is still working on final approvals and supply chain issues for its OEM licensed fuel control program, delaying new program launches. There is a need for continued integration efforts and synergy capture from recent acquisitions to support margin expansion. VSE Corp (NASDAQ:VSEC) faces seasonality in its margins, with typically higher margins in the first half of the year due to lower inventory costs. Q & A Highlights Warning! GuruFocus has detected 7 Warning Sign with VSEC. Q: Can you discuss the organic growth outlook for the second half of the year, particularly in commercial transport versus business aviation? A: John Cuomo, President and CEO, explained that the engine markets, both in business and general aviation (BGA) and commercial sectors, continue to be robust. The commercial market is stronger than the BGA market, with commercial growth in high single digits to low double digits, aided by organic growth. Overall, organic growth is expected to be in the mid to high single digits before any share gain. Q: What are the expected impacts of the "One VSE" initiative on margins, particularly in 2026 and 2027? A: John Cuomo noted that the integration of acquisitions is ahead of schedule, contributing to margin improvements. While they are capturing synergies, particularly from the Telstrom acquisition, they see continued opportunities for margin expansion as they integrate further. Q: How sustainable is the free cash flow, and what are the working capital considerations for the second half of the year? A: Adam Cohen, CFO, stated that they expect strong free cash flow improvement in the second half due to less working capital-intensive acquisitions and improved working capital profiles. They anticipate neutralizing the larger working capital use seen in the first half. Q: Can you elaborate on the USM business strategy shift and its expected impact on repair margins? A: John Cuomo mentioned that the USM business is transitioning from a transactional parts trading model to a more integrated approach, supporting new part distribution and repair capabilities. This strategy aims to enhance customer service and focus on margin expansion by insourcing work. Q: What is the outlook for the Honeywell fuel control program and similar opportunities? A: John Cuomo indicated that while the Honeywell fuel control program is performing well, they are focused on perfecting execution before pursuing new programs. They expect to provide a strategy update in the first quarter of next year. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
32 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq sink after weak jobs report, Trump's tariff redux
US stocks sank on Friday after President Trump officially hit virtually every US trading partner with sweeping tariff hikes, while the July jobs report showed signs of a labor market slowdown. The Dow Jones Industrial Average (^DJI) fell more than 500 points, or about 1.1%, while the S&P 500 (^GSPC) dropped roughly 1.5%, with the two gauges set for weekly losses. The tech-heavy Nasdaq Composite (^IXIC) sank around 2.1%, on track for its own weekly decline, despite earnings reports from major tech firms that beat expectations. Friday's sell-off followed a losing day for the indexes on Thursday. The retreat in stocks came as the July jobs report released Friday morning showed weaker-than-expected jobs growth, with the economy adding some 73,000 jobs, versus 104,000 expected. The prior two readings were also revised down sharply, indicating the labor market has been slowing down over the past three months. The unemployment rate ticked up to 4.2%. The surprise cracks in the labor market will be closely watched by the Federal Reserve, whose preferred inflation gauge on Thursday showed signs of increasing price pressures. The yield on the benchmark 10-year Treasury (^TNX) dived following the jobs data as traders ramped up bets on interest rate cuts this year. Meanwhile, markets assessed the reshaped US trade landscape after Trump on Thursday hit dozens of countries — including crucial partners Taiwan and India — with steep new tariffs. His executive order formally authorized a hike in levies on Canada to 35%, to go into effect on Friday. Most of the other "reciprocal" rates range from 15% to 40% (though the baseline remains 10%) and will be implemented in seven days. The White House also confirmed details of trade agreements negotiated by some trading partners before the Aug. 1 deadline for "Liberation Day" tariffs to hit. But Trump said the implementation of the hiked levies will be pushed back by seven days, opening up scope for more talks. Read more: The latest on Trump's tariffs Also dragging on spirits was disappointment over Amazon's (AMZN) earnings released late Thursday. The performance of its AWS cloud unit failed to live up to lofty expectations set by rivals Google (GOOG, GOOGL) and Microsoft (MSFT), sending its shares down as much as 8%. But Apple (AAPL) erased losses despite results that beat expectations, boosted by surprisingly strong iPhone sales. Trump calls for firing of commissioner of Bureau of Labor Statistics responsible for monthly jobs reports President Trump said he has directed his team to fire Erika McEntarfer, the commissioner of the Bureau of Labor Statistics, who is responsible for producing the US monthly jobs reports. This comes after July's print showed larger-than-normal revisions for the past two months, indicating that the labor market has been cooling for the past three months. "I was just informed that our Country's 'Jobs Numbers' are being produced by a Biden Appointee, Dr. Erika McEntarfer, the Commissioner of Labor Statistics, who faked the Jobs Numbers before the Election to try and boost Kamala's chances of Victory," Trump wrote on social media. "We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified," he added. "Important numbers like this must be fair and accurate, they can't be manipulated for political purposes. McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months. Similar things happened in the first part of the year, always to the negative." Trump has been pressuring the Federal Reserve to lower interest rates. Policymakers this week decided to keep rates steady, with two dissidents voting for a rate cut. Coinbase stock takes a hit as lower crypto volatility slows trading activity Coinbase (COIN) stock plunged 14%, its biggest intraday drop since April, after the crypto platform high flyer's quarterly revenue took a hit from lower trading volume. Revenue for the company's second quarter increased 3.3% year over year to $1.5 billion. Wall Street was expecting a climb to $1.59 billion. Revenue also slowed from $2 billion in the prior quarter. Total trading volume declined 40% in the second quarter as crypto asset volatility declined. Read more here. Dow sinks 600 points, S&P 500 Nasdaq drop to session lows The Dow Jones Industrial Average (^DJI) dropped more than 600 points, or 1.4% Friday afternoon, while the S&P 500 (^GSPC) fell around 1.7% to touch a session low. The tech-heavy Nasdaq Composite (^IXIC) tumbled more than 2.3%. Most growth sectors were in the red, leading the declines. The sell-off followed a weaker-than-expected jobs report, and after President Trump reshaped the US trade landscape by imposing tariffs on imports from dozens of trading partners around the world. Friday's July jobs report showed weaker-than-expected hiring and larger-than-normal downward revisions to prior months' data, suggesting the labor market has been weakening for months. 'A gamechanger': Economists react to weak July jobs report as rate cut bets Yahoo Finance's Allie Canal reports: Read more here. " Big Tech's AI investments set to spike to $364 billion in 2025 as bubble fears ease Big Tech firms Amazon (AMZN), Alphabet (GOOGL, GOOG), Microsoft (MSFT), and Meta (META) reported that they were set to spend as much as a cumulative $364 billion in their respective 2025 fiscal years, up from their prior estimates of around $325 billion. Investors appeared to shrug off the increase for the most part. Shares of three of the four tech giants spiked following their latest quarterly earnings reports over the past two weeks, which showed the companies broadly outperforming Wall Street's expectations and lifting their capital expenditure forecasts. Meta and Microsoft shares surged roughly 11% and 4%, respectively, in Thursday's trading session, following their quarterly results the prior afternoon. Microsoft's surge briefly pushed the firm's value north of $4 trillion for the first time. Alphabet stock also jumped following its report last week. Amazon was an exception to Wall Street's bullish reception of the capital expenditures changes. Shares fell 8% Friday after the company raised its capital expenditure forecast, but its guidance for operating income at its AWS cloud computing unit was lower than expected, raising questions about its AI plans. Amazon said its $31.4 billion in second quarter capital expenditures was "reasonably representative of our quarterly capital investment rate for the back half of this year," implying it would spend around $118.5 billion in the full fiscal year. Read the full story here. UnitedHealth Group stock drops after appointing new CFO in wake of top leadership change After a year that has seen its share price collapse by more than 50%, UnitedHealth Group (UNH) has swapped out its chief financial officer, Yahoo Finance's Jake Conley and Anjalee Khemlani report. Conley and Khemlani write: Shares of UnitedHealth dropped around 3.4% early Friday. Read the full story here. Manufacturing activity hits a 9-month low Economic activity in the US manufacturing sector hit a nine month low in July. The Institute for Supply Management's (ISM) manufacturing PMI registered a reading of 48% in July, down from June's reading of 49%. Readings above 50 for this index indicate an expansion in activity, while readings below 50 indicate contraction. The manufacturing sector has been in contraction for most of the past two years. 'In July, U.S. manufacturing activity contracted at a faster rate, with declines in the Supplier Deliveries and Employment Indexes contributing as the biggest factors in the 1-percentage point loss of the Manufacturing PMI," Chair of the Institute for Supply Management Susan Spence wrote in the release. Reddit stock soars after Q2 earnings beat Reddit (RDDT) stock soared more than 16% early Friday after the social media platform reported second quarter earnings and revenue that surpassed Wall Street's expectations, with a sunnier than anticipated outlook for its third quarter. The social media's revenue grew 78% to $500 million, its fastest revenue growth in three years, according to the company. That figure was ahead of the $425 million projected by Wall Street analysts tracked by Bloomberg. In its results released late Thursday, Reddit also reported adjusted earnings per share of $0.92, ahead of the estimated $0.72. The company said global daily active users hit 110.4 million in the three months ended June 30, just above the 110 million expected by analysts, according to Bloomberg consensus data. Meanwhile, US daily active users hit 50.3 million, slightly below the 50.5 million expected. Read more about Reddit's latest report here. Novo Nordisk, Eli Lilly stocks pop on report of Medicare, Medicaid GLP-1 coverage Shares of Novo Nordisk (NVO) and Eli Lilly (LLY) spiked at the open after the Washington Post reported that the Trump administration is planning to experiment with allowing Medicare and Medicaid to cover weight-loss drugs. A plan obtained from the Centers for Medicare and Medicaid Services stated that state Medicaid programs and Medicare Part D insurance plans can voluntarily choose to cover Novo Nordisk's Ozempic and Wegovy and Eli Lilly's Mounjaro and Zepbound for weight management, the Post reported. It's a signal that the administration is more open to GLP-1 drug coverage, despite reservations from Health and Human Services Secretary Robert F. Kennedy Jr. Novo Nordisk and Eli Lilly stocks both popped 3% in the first 10 minutes of trading. On Thursday, the stocks sold off after President Trump sent a letter to 17 pharma companies demanding that they slash their drug prices in the US. Stocks sink at the open US stocks sank at the market open on Friday after President Trump officially hit virtually every US trading partner with sweeping tariff hikes, and the June jobs report showed signs of a labor market slowdown. The Dow Jones Industrial Average (^DJI) dropped 0.9%, while the S&P 500 (^GSPC) fell around 1%. The tech-heavy Nasdaq Composite (^IXIC) sank about 1.4%, on the heels of a losing day for the major US gauges. Treasury yields sink after jobs data as traders price in more aggressive Fed action The big market action after a shocking July jobs report was being seen in the bond market Friday morning. Treasuries were in rally mode as traders moved to price in at least two interest-rate cuts from the Federal Reserve this year. That reversed the moves seen Wednesday after the FOMC meeting, which saw Fed Chair Jay Powell talk down the need for rate cuts. The yield on 2-year Treasury notes fell by more than 17 basis points to as low as 3.78% Friday morning. The yield on 10-year notes fell by nearly 10 basis points to as low as 4.27%. Data from the CME Group showed the odds for a September rate cut from the Fed were as high as 75% following Friday's report. The July jobs report showed the US economy added just 73,000 jobs last month while revisions to the May and June reports showed more than quarter million fewer jobs were added to the economy than previously reported. On Wednesday, odds for a September rate cut from the Fed were just 37%. Just before the release of Friday's jobs report, two Fed governors — Chris Waller and Michelle Bowman — issued statements explaining their decision to vote against the Fed's call to keep interest rates unchanged on Wednesday. Both suggested the US labor market is not as strong as recent data had shown, and that when the labor market turns, it may turn quickly. Waller and Bowman's dissents on Wednesday marked the first time since 1993 that two members of the Fed's Board of Governors voted against a policy action at the same meeting. President Trump, for his part, said Friday morning before the jobs numbers were released the Fed board should "ASSUME CONTROL" as Powell continues to face criticism from the president over his view that interest rates should remain at current levels. Figma stock rises 19% in premarket trade Friday, poised to build on Thursday's 250% rally Figma (FIG) stock looked set to surge again on Friday, rising as much as 19% in premarket trading after shares rocketed higher with a gain of 250% in Thursday's public market debut, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. New healthcare jobs continue to lead gains Here's a look at US employment by sector in July. Where hiring picked up: Where hiring declined: US labor market adds 73,000 jobs in July while unemployment rate hits 4.2% Stock futures fell premarket after the July jobs report showed US nonfarm payrolls missed estimates. Dow Jones Industrial Average futures (YM=F) dropped 0.9%, while futures for the S&P 500 (ES=F) fell around 1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) sank 1.1%. Yahoo Finance's Josh Schafer reports: Read more here. European stocks slide after Trump announces new tariffs European stocks fell on Friday after President Trump confirmed new tariff rates, including a 15% tariff rate on goods from the European Union and a 10% rate for the UK. In London, the benchmark FTSE 100 index (^FTSE) fell 0.5%. The pan-European Stoxx 600 (^STOXX) index shed 0.75%, while Germany's DAX (^GDAXI) dropped 1.89% and the CAC (^FCHI) in Paris declined 2%. In a twist, Trump said the new tariffs will take effect a week from now, instead of today, as was originally telegraphed. Still, global markets were rattled by the latest change to US trade policy. Swiss manufacturers warned Friday that tens of thousands of jobs are at risk after President Trump imposed steep tariffs. European pharmaceutical companies, such as Novo Nordisk (NVO) and AstraZeneca (AZN), were also in the red Thursday and will be stocks to watch Friday after Trump sent a letter to 17 companies, urging them to lower prices. Good morning. Here's what's happening today. Economic calendar: Nonfarm payrolls (July); Unemployment rate (July); Average hourly earnings (July); Average weekly hours worked (July); Labor force participation rate (July); ISM manufacturing (July); S&P Global US manufacturing (July final); Construction spending (June); University of Michigan consumer sentiment (July final) Earnings: Chevron (CVX), Colgate-Palmolive (CL), Exxon Mobil (XOM) Here are some of the biggest stories you may have missed overnight and early this morning: July jobs report on deck: What to expect Trump stuns markets again with latest bid to reshape US trade order Trump: Fed board should assume control if Powell won't cut rates Trump lays out sweeping tariff hikes for dozens of countries Amazon stock sinks as cloud results fail to impress Moderna beats estimates on COVID booster sales, cost cuts Exxon beats profit estimates as output rises despite weak oil prices Chevron beats Wall Street profit estimates with record output Big Tech's AI and core businesses are blurring together This week, investors heard quarterly updates from Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Meta (META). And in the midst of strong quarterly financial results from Big Tech, a new paradigm is emerging, Yahoo Finance's Hamza Shaban wrote in today's Morning Brief. Hamza writes: Read more here. Chevron beats Wall Street profit estimates with record production Chevron (CVX) beat analyst estimates on Friday for second-quarter profit as record oil and gas production and lower capital expenditure helped the US oil producer boost earnings despite weaker crude prices. Chevron shares were flat in premarket trading. Reuters reports: Read more here. Exxon beats profit estimates with higher production despite weak oil prices Shares in Exxon Mobil (XOM) rose more than 1% before the bell on Friday after the company beat Wall Street estimate for second-quarter profit as higher oil and gas production helped the top US oil producer overcome lower crude prices. Reuters reports: Read more here. Eyes on Figma, day two After a sizzling 250% surge on Thursday IPO day, Figma (FIG) is up another 8% premarket. You are watching the forming of a stock bubble in real time here! I encourage you to read up on the company's not-so-impressive financials this weekend. Trump calls for firing of commissioner of Bureau of Labor Statistics responsible for monthly jobs reports President Trump said he has directed his team to fire Erika McEntarfer, the commissioner of the Bureau of Labor Statistics, who is responsible for producing the US monthly jobs reports. This comes after July's print showed larger-than-normal revisions for the past two months, indicating that the labor market has been cooling for the past three months. "I was just informed that our Country's 'Jobs Numbers' are being produced by a Biden Appointee, Dr. Erika McEntarfer, the Commissioner of Labor Statistics, who faked the Jobs Numbers before the Election to try and boost Kamala's chances of Victory," Trump wrote on social media. "We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified," he added. "Important numbers like this must be fair and accurate, they can't be manipulated for political purposes. McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months. Similar things happened in the first part of the year, always to the negative." Trump has been pressuring the Federal Reserve to lower interest rates. Policymakers this week decided to keep rates steady, with two dissidents voting for a rate cut. President Trump said he has directed his team to fire Erika McEntarfer, the commissioner of the Bureau of Labor Statistics, who is responsible for producing the US monthly jobs reports. This comes after July's print showed larger-than-normal revisions for the past two months, indicating that the labor market has been cooling for the past three months. "I was just informed that our Country's 'Jobs Numbers' are being produced by a Biden Appointee, Dr. Erika McEntarfer, the Commissioner of Labor Statistics, who faked the Jobs Numbers before the Election to try and boost Kamala's chances of Victory," Trump wrote on social media. "We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified," he added. "Important numbers like this must be fair and accurate, they can't be manipulated for political purposes. McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months. Similar things happened in the first part of the year, always to the negative." Trump has been pressuring the Federal Reserve to lower interest rates. Policymakers this week decided to keep rates steady, with two dissidents voting for a rate cut. Coinbase stock takes a hit as lower crypto volatility slows trading activity Coinbase (COIN) stock plunged 14%, its biggest intraday drop since April, after the crypto platform high flyer's quarterly revenue took a hit from lower trading volume. Revenue for the company's second quarter increased 3.3% year over year to $1.5 billion. Wall Street was expecting a climb to $1.59 billion. Revenue also slowed from $2 billion in the prior quarter. Total trading volume declined 40% in the second quarter as crypto asset volatility declined. Read more here. Coinbase (COIN) stock plunged 14%, its biggest intraday drop since April, after the crypto platform high flyer's quarterly revenue took a hit from lower trading volume. Revenue for the company's second quarter increased 3.3% year over year to $1.5 billion. Wall Street was expecting a climb to $1.59 billion. Revenue also slowed from $2 billion in the prior quarter. Total trading volume declined 40% in the second quarter as crypto asset volatility declined. Read more here. Dow sinks 600 points, S&P 500 Nasdaq drop to session lows The Dow Jones Industrial Average (^DJI) dropped more than 600 points, or 1.4% Friday afternoon, while the S&P 500 (^GSPC) fell around 1.7% to touch a session low. The tech-heavy Nasdaq Composite (^IXIC) tumbled more than 2.3%. Most growth sectors were in the red, leading the declines. The sell-off followed a weaker-than-expected jobs report, and after President Trump reshaped the US trade landscape by imposing tariffs on imports from dozens of trading partners around the world. Friday's July jobs report showed weaker-than-expected hiring and larger-than-normal downward revisions to prior months' data, suggesting the labor market has been weakening for months. The Dow Jones Industrial Average (^DJI) dropped more than 600 points, or 1.4% Friday afternoon, while the S&P 500 (^GSPC) fell around 1.7% to touch a session low. The tech-heavy Nasdaq Composite (^IXIC) tumbled more than 2.3%. Most growth sectors were in the red, leading the declines. The sell-off followed a weaker-than-expected jobs report, and after President Trump reshaped the US trade landscape by imposing tariffs on imports from dozens of trading partners around the world. Friday's July jobs report showed weaker-than-expected hiring and larger-than-normal downward revisions to prior months' data, suggesting the labor market has been weakening for months. 'A gamechanger': Economists react to weak July jobs report as rate cut bets Yahoo Finance's Allie Canal reports: Read more here. " Yahoo Finance's Allie Canal reports: Read more here. " Big Tech's AI investments set to spike to $364 billion in 2025 as bubble fears ease Big Tech firms Amazon (AMZN), Alphabet (GOOGL, GOOG), Microsoft (MSFT), and Meta (META) reported that they were set to spend as much as a cumulative $364 billion in their respective 2025 fiscal years, up from their prior estimates of around $325 billion. Investors appeared to shrug off the increase for the most part. Shares of three of the four tech giants spiked following their latest quarterly earnings reports over the past two weeks, which showed the companies broadly outperforming Wall Street's expectations and lifting their capital expenditure forecasts. Meta and Microsoft shares surged roughly 11% and 4%, respectively, in Thursday's trading session, following their quarterly results the prior afternoon. Microsoft's surge briefly pushed the firm's value north of $4 trillion for the first time. Alphabet stock also jumped following its report last week. Amazon was an exception to Wall Street's bullish reception of the capital expenditures changes. Shares fell 8% Friday after the company raised its capital expenditure forecast, but its guidance for operating income at its AWS cloud computing unit was lower than expected, raising questions about its AI plans. Amazon said its $31.4 billion in second quarter capital expenditures was "reasonably representative of our quarterly capital investment rate for the back half of this year," implying it would spend around $118.5 billion in the full fiscal year. Read the full story here. Big Tech firms Amazon (AMZN), Alphabet (GOOGL, GOOG), Microsoft (MSFT), and Meta (META) reported that they were set to spend as much as a cumulative $364 billion in their respective 2025 fiscal years, up from their prior estimates of around $325 billion. Investors appeared to shrug off the increase for the most part. Shares of three of the four tech giants spiked following their latest quarterly earnings reports over the past two weeks, which showed the companies broadly outperforming Wall Street's expectations and lifting their capital expenditure forecasts. Meta and Microsoft shares surged roughly 11% and 4%, respectively, in Thursday's trading session, following their quarterly results the prior afternoon. Microsoft's surge briefly pushed the firm's value north of $4 trillion for the first time. Alphabet stock also jumped following its report last week. Amazon was an exception to Wall Street's bullish reception of the capital expenditures changes. Shares fell 8% Friday after the company raised its capital expenditure forecast, but its guidance for operating income at its AWS cloud computing unit was lower than expected, raising questions about its AI plans. Amazon said its $31.4 billion in second quarter capital expenditures was "reasonably representative of our quarterly capital investment rate for the back half of this year," implying it would spend around $118.5 billion in the full fiscal year. Read the full story here. UnitedHealth Group stock drops after appointing new CFO in wake of top leadership change After a year that has seen its share price collapse by more than 50%, UnitedHealth Group (UNH) has swapped out its chief financial officer, Yahoo Finance's Jake Conley and Anjalee Khemlani report. Conley and Khemlani write: Shares of UnitedHealth dropped around 3.4% early Friday. Read the full story here. After a year that has seen its share price collapse by more than 50%, UnitedHealth Group (UNH) has swapped out its chief financial officer, Yahoo Finance's Jake Conley and Anjalee Khemlani report. Conley and Khemlani write: Shares of UnitedHealth dropped around 3.4% early Friday. Read the full story here. Manufacturing activity hits a 9-month low Economic activity in the US manufacturing sector hit a nine month low in July. The Institute for Supply Management's (ISM) manufacturing PMI registered a reading of 48% in July, down from June's reading of 49%. Readings above 50 for this index indicate an expansion in activity, while readings below 50 indicate contraction. The manufacturing sector has been in contraction for most of the past two years. 'In July, U.S. manufacturing activity contracted at a faster rate, with declines in the Supplier Deliveries and Employment Indexes contributing as the biggest factors in the 1-percentage point loss of the Manufacturing PMI," Chair of the Institute for Supply Management Susan Spence wrote in the release. Economic activity in the US manufacturing sector hit a nine month low in July. The Institute for Supply Management's (ISM) manufacturing PMI registered a reading of 48% in July, down from June's reading of 49%. Readings above 50 for this index indicate an expansion in activity, while readings below 50 indicate contraction. The manufacturing sector has been in contraction for most of the past two years. 'In July, U.S. manufacturing activity contracted at a faster rate, with declines in the Supplier Deliveries and Employment Indexes contributing as the biggest factors in the 1-percentage point loss of the Manufacturing PMI," Chair of the Institute for Supply Management Susan Spence wrote in the release. Reddit stock soars after Q2 earnings beat Reddit (RDDT) stock soared more than 16% early Friday after the social media platform reported second quarter earnings and revenue that surpassed Wall Street's expectations, with a sunnier than anticipated outlook for its third quarter. The social media's revenue grew 78% to $500 million, its fastest revenue growth in three years, according to the company. That figure was ahead of the $425 million projected by Wall Street analysts tracked by Bloomberg. In its results released late Thursday, Reddit also reported adjusted earnings per share of $0.92, ahead of the estimated $0.72. The company said global daily active users hit 110.4 million in the three months ended June 30, just above the 110 million expected by analysts, according to Bloomberg consensus data. Meanwhile, US daily active users hit 50.3 million, slightly below the 50.5 million expected. Read more about Reddit's latest report here. Reddit (RDDT) stock soared more than 16% early Friday after the social media platform reported second quarter earnings and revenue that surpassed Wall Street's expectations, with a sunnier than anticipated outlook for its third quarter. The social media's revenue grew 78% to $500 million, its fastest revenue growth in three years, according to the company. That figure was ahead of the $425 million projected by Wall Street analysts tracked by Bloomberg. In its results released late Thursday, Reddit also reported adjusted earnings per share of $0.92, ahead of the estimated $0.72. The company said global daily active users hit 110.4 million in the three months ended June 30, just above the 110 million expected by analysts, according to Bloomberg consensus data. Meanwhile, US daily active users hit 50.3 million, slightly below the 50.5 million expected. Read more about Reddit's latest report here. Novo Nordisk, Eli Lilly stocks pop on report of Medicare, Medicaid GLP-1 coverage Shares of Novo Nordisk (NVO) and Eli Lilly (LLY) spiked at the open after the Washington Post reported that the Trump administration is planning to experiment with allowing Medicare and Medicaid to cover weight-loss drugs. A plan obtained from the Centers for Medicare and Medicaid Services stated that state Medicaid programs and Medicare Part D insurance plans can voluntarily choose to cover Novo Nordisk's Ozempic and Wegovy and Eli Lilly's Mounjaro and Zepbound for weight management, the Post reported. It's a signal that the administration is more open to GLP-1 drug coverage, despite reservations from Health and Human Services Secretary Robert F. Kennedy Jr. Novo Nordisk and Eli Lilly stocks both popped 3% in the first 10 minutes of trading. On Thursday, the stocks sold off after President Trump sent a letter to 17 pharma companies demanding that they slash their drug prices in the US. Shares of Novo Nordisk (NVO) and Eli Lilly (LLY) spiked at the open after the Washington Post reported that the Trump administration is planning to experiment with allowing Medicare and Medicaid to cover weight-loss drugs. A plan obtained from the Centers for Medicare and Medicaid Services stated that state Medicaid programs and Medicare Part D insurance plans can voluntarily choose to cover Novo Nordisk's Ozempic and Wegovy and Eli Lilly's Mounjaro and Zepbound for weight management, the Post reported. It's a signal that the administration is more open to GLP-1 drug coverage, despite reservations from Health and Human Services Secretary Robert F. Kennedy Jr. Novo Nordisk and Eli Lilly stocks both popped 3% in the first 10 minutes of trading. On Thursday, the stocks sold off after President Trump sent a letter to 17 pharma companies demanding that they slash their drug prices in the US. Stocks sink at the open US stocks sank at the market open on Friday after President Trump officially hit virtually every US trading partner with sweeping tariff hikes, and the June jobs report showed signs of a labor market slowdown. The Dow Jones Industrial Average (^DJI) dropped 0.9%, while the S&P 500 (^GSPC) fell around 1%. The tech-heavy Nasdaq Composite (^IXIC) sank about 1.4%, on the heels of a losing day for the major US gauges. US stocks sank at the market open on Friday after President Trump officially hit virtually every US trading partner with sweeping tariff hikes, and the June jobs report showed signs of a labor market slowdown. The Dow Jones Industrial Average (^DJI) dropped 0.9%, while the S&P 500 (^GSPC) fell around 1%. The tech-heavy Nasdaq Composite (^IXIC) sank about 1.4%, on the heels of a losing day for the major US gauges. Treasury yields sink after jobs data as traders price in more aggressive Fed action The big market action after a shocking July jobs report was being seen in the bond market Friday morning. Treasuries were in rally mode as traders moved to price in at least two interest-rate cuts from the Federal Reserve this year. That reversed the moves seen Wednesday after the FOMC meeting, which saw Fed Chair Jay Powell talk down the need for rate cuts. The yield on 2-year Treasury notes fell by more than 17 basis points to as low as 3.78% Friday morning. The yield on 10-year notes fell by nearly 10 basis points to as low as 4.27%. Data from the CME Group showed the odds for a September rate cut from the Fed were as high as 75% following Friday's report. The July jobs report showed the US economy added just 73,000 jobs last month while revisions to the May and June reports showed more than quarter million fewer jobs were added to the economy than previously reported. On Wednesday, odds for a September rate cut from the Fed were just 37%. Just before the release of Friday's jobs report, two Fed governors — Chris Waller and Michelle Bowman — issued statements explaining their decision to vote against the Fed's call to keep interest rates unchanged on Wednesday. Both suggested the US labor market is not as strong as recent data had shown, and that when the labor market turns, it may turn quickly. Waller and Bowman's dissents on Wednesday marked the first time since 1993 that two members of the Fed's Board of Governors voted against a policy action at the same meeting. President Trump, for his part, said Friday morning before the jobs numbers were released the Fed board should "ASSUME CONTROL" as Powell continues to face criticism from the president over his view that interest rates should remain at current levels. The big market action after a shocking July jobs report was being seen in the bond market Friday morning. Treasuries were in rally mode as traders moved to price in at least two interest-rate cuts from the Federal Reserve this year. That reversed the moves seen Wednesday after the FOMC meeting, which saw Fed Chair Jay Powell talk down the need for rate cuts. The yield on 2-year Treasury notes fell by more than 17 basis points to as low as 3.78% Friday morning. The yield on 10-year notes fell by nearly 10 basis points to as low as 4.27%. Data from the CME Group showed the odds for a September rate cut from the Fed were as high as 75% following Friday's report. The July jobs report showed the US economy added just 73,000 jobs last month while revisions to the May and June reports showed more than quarter million fewer jobs were added to the economy than previously reported. On Wednesday, odds for a September rate cut from the Fed were just 37%. Just before the release of Friday's jobs report, two Fed governors — Chris Waller and Michelle Bowman — issued statements explaining their decision to vote against the Fed's call to keep interest rates unchanged on Wednesday. Both suggested the US labor market is not as strong as recent data had shown, and that when the labor market turns, it may turn quickly. Waller and Bowman's dissents on Wednesday marked the first time since 1993 that two members of the Fed's Board of Governors voted against a policy action at the same meeting. President Trump, for his part, said Friday morning before the jobs numbers were released the Fed board should "ASSUME CONTROL" as Powell continues to face criticism from the president over his view that interest rates should remain at current levels. Figma stock rises 19% in premarket trade Friday, poised to build on Thursday's 250% rally Figma (FIG) stock looked set to surge again on Friday, rising as much as 19% in premarket trading after shares rocketed higher with a gain of 250% in Thursday's public market debut, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Figma (FIG) stock looked set to surge again on Friday, rising as much as 19% in premarket trading after shares rocketed higher with a gain of 250% in Thursday's public market debut, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. New healthcare jobs continue to lead gains Here's a look at US employment by sector in July. Where hiring picked up: Where hiring declined: Here's a look at US employment by sector in July. Where hiring picked up: Where hiring declined: US labor market adds 73,000 jobs in July while unemployment rate hits 4.2% Stock futures fell premarket after the July jobs report showed US nonfarm payrolls missed estimates. Dow Jones Industrial Average futures (YM=F) dropped 0.9%, while futures for the S&P 500 (ES=F) fell around 1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) sank 1.1%. Yahoo Finance's Josh Schafer reports: Read more here. Stock futures fell premarket after the July jobs report showed US nonfarm payrolls missed estimates. Dow Jones Industrial Average futures (YM=F) dropped 0.9%, while futures for the S&P 500 (ES=F) fell around 1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) sank 1.1%. Yahoo Finance's Josh Schafer reports: Read more here. European stocks slide after Trump announces new tariffs European stocks fell on Friday after President Trump confirmed new tariff rates, including a 15% tariff rate on goods from the European Union and a 10% rate for the UK. In London, the benchmark FTSE 100 index (^FTSE) fell 0.5%. The pan-European Stoxx 600 (^STOXX) index shed 0.75%, while Germany's DAX (^GDAXI) dropped 1.89% and the CAC (^FCHI) in Paris declined 2%. In a twist, Trump said the new tariffs will take effect a week from now, instead of today, as was originally telegraphed. Still, global markets were rattled by the latest change to US trade policy. Swiss manufacturers warned Friday that tens of thousands of jobs are at risk after President Trump imposed steep tariffs. European pharmaceutical companies, such as Novo Nordisk (NVO) and AstraZeneca (AZN), were also in the red Thursday and will be stocks to watch Friday after Trump sent a letter to 17 companies, urging them to lower prices. European stocks fell on Friday after President Trump confirmed new tariff rates, including a 15% tariff rate on goods from the European Union and a 10% rate for the UK. In London, the benchmark FTSE 100 index (^FTSE) fell 0.5%. The pan-European Stoxx 600 (^STOXX) index shed 0.75%, while Germany's DAX (^GDAXI) dropped 1.89% and the CAC (^FCHI) in Paris declined 2%. In a twist, Trump said the new tariffs will take effect a week from now, instead of today, as was originally telegraphed. Still, global markets were rattled by the latest change to US trade policy. Swiss manufacturers warned Friday that tens of thousands of jobs are at risk after President Trump imposed steep tariffs. European pharmaceutical companies, such as Novo Nordisk (NVO) and AstraZeneca (AZN), were also in the red Thursday and will be stocks to watch Friday after Trump sent a letter to 17 companies, urging them to lower prices. Good morning. Here's what's happening today. Economic calendar: Nonfarm payrolls (July); Unemployment rate (July); Average hourly earnings (July); Average weekly hours worked (July); Labor force participation rate (July); ISM manufacturing (July); S&P Global US manufacturing (July final); Construction spending (June); University of Michigan consumer sentiment (July final) Earnings: Chevron (CVX), Colgate-Palmolive (CL), Exxon Mobil (XOM) Here are some of the biggest stories you may have missed overnight and early this morning: July jobs report on deck: What to expect Trump stuns markets again with latest bid to reshape US trade order Trump: Fed board should assume control if Powell won't cut rates Trump lays out sweeping tariff hikes for dozens of countries Amazon stock sinks as cloud results fail to impress Moderna beats estimates on COVID booster sales, cost cuts Exxon beats profit estimates as output rises despite weak oil prices Chevron beats Wall Street profit estimates with record output Economic calendar: Nonfarm payrolls (July); Unemployment rate (July); Average hourly earnings (July); Average weekly hours worked (July); Labor force participation rate (July); ISM manufacturing (July); S&P Global US manufacturing (July final); Construction spending (June); University of Michigan consumer sentiment (July final) Earnings: Chevron (CVX), Colgate-Palmolive (CL), Exxon Mobil (XOM) Here are some of the biggest stories you may have missed overnight and early this morning: July jobs report on deck: What to expect Trump stuns markets again with latest bid to reshape US trade order Trump: Fed board should assume control if Powell won't cut rates Trump lays out sweeping tariff hikes for dozens of countries Amazon stock sinks as cloud results fail to impress Moderna beats estimates on COVID booster sales, cost cuts Exxon beats profit estimates as output rises despite weak oil prices Chevron beats Wall Street profit estimates with record output Big Tech's AI and core businesses are blurring together This week, investors heard quarterly updates from Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Meta (META). And in the midst of strong quarterly financial results from Big Tech, a new paradigm is emerging, Yahoo Finance's Hamza Shaban wrote in today's Morning Brief. Hamza writes: Read more here. This week, investors heard quarterly updates from Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Meta (META). And in the midst of strong quarterly financial results from Big Tech, a new paradigm is emerging, Yahoo Finance's Hamza Shaban wrote in today's Morning Brief. Hamza writes: Read more here. Chevron beats Wall Street profit estimates with record production Chevron (CVX) beat analyst estimates on Friday for second-quarter profit as record oil and gas production and lower capital expenditure helped the US oil producer boost earnings despite weaker crude prices. Chevron shares were flat in premarket trading. Reuters reports: Read more here. Chevron (CVX) beat analyst estimates on Friday for second-quarter profit as record oil and gas production and lower capital expenditure helped the US oil producer boost earnings despite weaker crude prices. Chevron shares were flat in premarket trading. Reuters reports: Read more here. Exxon beats profit estimates with higher production despite weak oil prices Shares in Exxon Mobil (XOM) rose more than 1% before the bell on Friday after the company beat Wall Street estimate for second-quarter profit as higher oil and gas production helped the top US oil producer overcome lower crude prices. Reuters reports: Read more here. Shares in Exxon Mobil (XOM) rose more than 1% before the bell on Friday after the company beat Wall Street estimate for second-quarter profit as higher oil and gas production helped the top US oil producer overcome lower crude prices. Reuters reports: Read more here. Eyes on Figma, day two After a sizzling 250% surge on Thursday IPO day, Figma (FIG) is up another 8% premarket. You are watching the forming of a stock bubble in real time here! I encourage you to read up on the company's not-so-impressive financials this weekend. After a sizzling 250% surge on Thursday IPO day, Figma (FIG) is up another 8% premarket. You are watching the forming of a stock bubble in real time here! I encourage you to read up on the company's not-so-impressive financials this weekend. 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
