Trump hosts Starmer in Scotland, promoting his own golf club
British Prime Minister Keir Starmer arrived Monday morning to meet with the president near the fairway to hash out a trade deal and discuss the wars in Gaza and Ukraine. On Sunday, European Union Commission President Ursula von der Leyen announced the contours of a trade deal at the private club.
The meetings provide the latest example of how Trump uses his presidential power not only to govern, but also to help his family businesses. The engagements provide publicity for the courses and funnel taxpayer funds to the Trump Organization, as the U.S. government pays to lodge staff and security details at the properties.
Traditionally, American presidents are invited to other countries by their leaders and hosted at diplomatic residences. But Trump is playing host to Starmer in the prime minister's own country, continuing his long tradition of sidestepping presidential norms to mix his family business and his public office.
'It is an unusual dynamic, but that is more of an issue for the U.S.,' said David Henig, director of the U.K. Trade Policy Project for the European Centre for International Political Economy. 'U.K. prime ministers have always said, we will just deal with the U.S. presidents as we find them.'
Asked about the potential conflicts of interest, White House officials noted that the golf courses are held in a trust managed by Trump's children.
'President Trump's working trip to Scotland has already been a huge success, securing a historic trade agreement with the EU. President Trump is always acting in the best interest of the American people delivering GOOD deals that put America First,' White House spokeswoman Taylor Rogers said in a written statement. 'Donald J. Trump has built the best and most beautiful world-class golf courses anywhere in the world, which is why they continue to be used for prestigious tournaments and by the most elite players in the sport.'
Trump and Starmer told reporters Monday that they plan to discuss tariffs — including those levied on whisky — and aid to Gaza and Ukraine.
In an exchange with reporters as Starmer arrived, Trump said he plans to shorten the 50-day deadline he gave Russian President Vladimir Putin to reach a ceasefire in Ukraine, reflecting his mounting frustration with the Kremlin.
He also repeated his complaint that no one has said 'thank you' for aid the United States has sent to Gaza for food, where deaths from starvation and malnutrition are rising, and stressed his continued focus on rescuing Israeli hostages.
Trump's visit, which includes the opening of a new golf course in Aberdeenshire, on Scotland's east coast, will cost American taxpayers millions of dollars for travel and security. While all other presidents in the era of jet travel have regularly used Air Force One for personal travel and are protected by the Secret Service as they do so, the government was not paying hotel fees to businesses they owned to house security details or White House staff.
The U.S. government paid $68,800 to Trump's Turnberry resort in 2018 to cover the cost of Trump's visit to the course on Scotland's west coast during his first term, according to a report in the Scotsman newspaper.
In between negotiating trade accords and batting back questions about the Jeffrey Epstein files, Trump used his time in Scotland over the weekend to promote the course. He posted videos of himself golfing on Truth Social, the social network he partially owns. He also cited praise from the retired professional golfer Gary Player.
'The Great Gary Player: 'Turnberry is, without a question, in the Top Five Greatest Golf Courses I've ever played in my 73 years as a Pro.' Thank you, Gary!'' he wrote.
Trump Turnberry was one of Trump's most expensive properties and has struggled to turn a profit since his company purchased it in 2014. Trump spent $67 million to buy the property and an additional $144 million to renovate it. The course lost $1.7 million in the 2023 fiscal year, according to a filing from the company which operates the course.
Trump has some supporters in the Turnberry area, where his club is a significant employer, but also many detractors. Scotts have hosted demonstrations across the country this week in protest of his stay.
'We're operating in nonstandard territory in terms of seeing him using Scotland as just a meeting room and use his properties as a venue for trade talks,' said Jack Nevin, who organized a protest Saturday in Edinburgh on behalf of Stop Trump Coalition. 'It's par for the course with his rank corruption and promoting his own businesses as president.'
Amy B Wang contributed to this report.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
24 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq lose steam ahead of Trump tariff deadline, jobs report
The S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) pared gains in afternoon trading after President Trump granted Mexico a 90-day tariff reprieve and strong Meta (META) and Microsoft (MSFT) earnings boosted faith in Big Tech's massive AI investments. The Nasdaq climbed about 0.2%, while the S&P 500 was just below the flat line. The Dow Jones Industrial Average (^DJI) lagged, sliding about 0.3%. Meta stock shot up 11% late morning, as investors welcomed its earnings beat and stronger-than-expected guidance even as it ramps up its AI spending spree. Microsoft stock jumped as much as 8% before paring back gains after its impressive results, which pushed the tech giant's market capitalization above $4 trillion. Markets are now looking to after-hours results from their "Magnificent Seven" peers, Apple (AAPL) and Amazon (AMZN), for reasons to keep the rally going. Meanwhile, the Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures (PCE) released on Thursday morning showed price increases accelerated in June as inflation remained above the Fed's 2% target. The release comes after the Fed held interest rates steady following its two-day policy meeting on Wednesday, with two Fed governors dissenting. Following the decision, Fed Chair Jerome Powell stressed "no decisions" had been made about a September rate cut, undercutting President Trump's claim he had heard a cut was coming at policymakers' next meeting. Bets on a September cut fell below 40% on Thursday, according to the CME Group, down from about 60% before the meeting. Stocks pared gains after President Trump announced a 90-day tariff extension for Mexico on the eve of Trump's deadline on Friday, allowing more time for the two sides to negotiate. The announcement follows a flurry of trade deals, including a pact with South Korea announced late Wednesday that sets a 15% tariff rate on its imports. US exports will face zero duties in return, and Seoul has agreed to make $350 billion in US investment and pledged to buy US energy products, Trump wrote in a social media post. Trump talks with Canada, India, and Brazil in a stalemate as his tariff deadline looms Yahoo Finance's Ben Werschkul reports: President Trump's tariff agenda is nearing a moment of truth with an Aug. 1 deadline just hours away and set to establish a new baseline rate of 15% on most of the world. Many final moves have come in a flurry (from a deal with South Korea to a delay with Mexico), but three key nations across three continents — Canada, India, and Brazil — have seen their talks go sideways for vastly different reasons. Importers there are now likely to face higher rates at least for the time being, leaving relationships with the world's largest recipient of US goods (Canada), the world's fourth-largest economy (India), and the Western Hemisphere's second-most-populous nation (Brazil) all in flux. Read more here. Apple Q3 earnings to give Wall Street better view of tariff impact, AI top of mind Apple (AAPL) is scheduled to announce its third quarter earnings after the bell on Thursday, as Wall Street looks for signs of movement on the company's AI plans and a view into how much tariff-related costs are eating into its margins, Yahoo Finance's Dan Howley reports. Howley writes: Read more about the tech giant's upcoming quarterly results here. Meme stocks are melting as investors look toward Big Tech Meme stock FOMO is taking a breather, Yahoo Finance's Francisco Velasquez reports. Velasquez writes: Read the full story here. Reddit stock jumps ahead of Q2 earnings Reddit shares jumped nearly 5% Thursday morning ahead of the social media's second quarter earnings report after the bell. Reddit's results after the bell Thursday come as Wall Street scrutinizes how changes to Google Search's algorithm could affect the social media platform's daily active users, which fell below expectations in the US in the past two quarters. Wall Street analysts tracked by Bloomberg expect Reddit to report adjusted earnings per share of $0.72, up from last year's loss per share of $0.06. They project the company's second quarter revenue to hit $425 million, up 50% from the prior year, according to Bloomberg data. Analysts expect global daily active users to climb 20% from the prior year to roughly 110 million for the period and US users to rise more than 9% to 50.5 million. Read more about Reddit's upcoming report here. CoreWeave soars after Microsoft reports higher-than-expected capital expenditures CoreWeave (CRWV) shares surged more than 12% Thursday on the heels of strong earnings reports from two of its customers, Microsoft (MSFT) and Meta (META). Microsoft is CoreWeave's largest customer, accounting for 72% of its revenue in the burgeoning cloud provider's most recent quarterly earnings report. Microsoft spent $88.2 billion in its fiscal year 2025, ahead of the $80 billion it previously forecast. That figure represented a 58% increase in the tech giant's spending from the prior year. Microsoft said its spending will grow at a slower pace in its 2026 fiscal year. During the first quarter, it expects to spend $30 billion, a 50% increase from the prior year. "We will continue to invest against the expansive opportunity ahead across both capital expenditures and operating expenses given our leadership position in commercial cloud, strong demand signals for our cloud and AI offerings, and significant contracted backlog," Microsoft CFO Amy Hood said in an earnings call with analysts. Microsoft tops $4 trillion Microsoft's (MSFT) market capitalization officially hit the $4 trillion mark Thursday, making it the second company behind Nvidia (NVDA) to achieve the feat. Shares of Microsoft climbed as much as 8% Thursday morning before paring gains, up roughly 5% shortly after the market opened. Microsoft, Apple (AAPL), and Nvidia have traded places as the world's most valuable companies. Nvidia still retains the top spot after a stunning comeback from a rocky first half of the year, with its market cap sitting around $4.4 trillion as of Thursday. Apple's was just over $3 trillion in morning trading. S&P 500, Nasdaq surge at the open The S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) surged on Thursday, on track for fresh record highs after strong Meta (META) and Microsoft (MSFT) earnings fueled a spike in tech stocks. The Nasdaq climbed roughly 1.3%, while the S&P 500 rose 0.8%. The Dow Jones Industrial Average (^DJI) lagged, up less than 0.1%. Microsoft set to join $4T market cap club, Meta stock surges in post-earnings rally Microsoft (MSFT) and Meta (META) stocks ripped higher in premarket trading as investors continued to bid up shares following the tech giants' earnings reports. Combined, the two stocks have added about half a trillion dollars in market value since Wednesday's close. If gains hold, Microsoft is set to join Nvidia (NVDA) in the $4 trillion market capitalization club when the market opens. Its market cap as of Wednesday stood at $3.81 trillion, and the stock has gained nearly 9% in premarket trading. Meta stock surged 11% ahead of the opening bell. Both Meta and Microsoft reported strong revenue growth that outweighed investors' concerns about spending on artificial intelligence. 'The stock moves make sense — the results are that good,' D.A. Davidson head of technology research Gil Luria told Yahoo Finance following Meta's and Microsoft's earnings. 'Meta is gaining significant share in the digital advertising market, … and therefore investors have patience for the capex guidance they're providing.' Fed's preferred inflation gauge shows price increases accelerated in June amid tariff uncertainty The latest reading of the Federal Reserve's preferred inflation gauge showed price increases accelerated in June as inflation remained above the Fed's 2% target. Yahoo Finance's Josh Schafer reports: Read more here. Roblox stock soars as daily active users surpass 100 million Roblox's (RBLX) stock rocketed 20% higher in premarket trading after reporting record daily users and raising its third quarter forecast for bookings. Daily active users rose 41% in the second quarter to cross 111 million, the company reported on Thursday. Roblox also raised its forecast for annual bookings in the third quarter to $1.59 billion to $1.64 billion. Bookings for the second quarter came in at $1.44 billion, beating market estimates of $1.24 billion. Reuters reports that the company has been investing in search and discovery features that allow greater visibility for viral games like "Grow a Garden." Roblox also aims to diversify its revenue beyond gaming by turning the platform into a hub for socializing, commerce, and advertising. The platform saw a boost in engagement during the quarter, with engaged hours up 58% to 27.4 billion. Read more here. What's in the US-EU trade deal depends on who is doing the talking President Trump and European Commission President Ursula von der Leyen shook hands Sunday over a trade agreement. The White House did a victory lap, but days later, there are still plenty of disagreements about exactly what is in the pact. Yahoo Finance's Ben Werschkul reports: Read more here. A quirk in the Fed's calendar puts extra pressure on the Sept. meeting Yahoo Finance's Hamza Shaban takes a look at the Federal Reserve's next move in today's Morning Brief: Read more here on how a long wait could result in a different outlook. Good morning. Here's what's happening today. Economic data: Challenger jobs cuts (July); Personal income & spending (June); Core PCE price index; Employment cost index (second quarter); Initial jobless claims (week ending July 26) Earnings: Apple (AAPL), Amazon (AMZN), Bristol Myers Squibb (BMY), Cigna (CI), Coinbase (COIN), CVS Health (CVS), Mastercard (MA), Norwegian Cruise Line (NCLH), Reddit (RDDT), Roblox (RBLX), Roku (ROKU), Strategy (MSTR) Here are some of the biggest stories you may have missed overnight and early this morning: Trump knocks Canada as countries rush to strike trade deals Trump tariffs face another legal test on eve of deadline Apple faces 2 major threats ahead of earnings What's in the US-EU trade deal? It depends on who's talking. Fed calendar quirk raises the stakes for its Sept. meeting Meta stock surges after earnings beat, guidance surprise Microsoft on track for $4 trillion market cap after earnings beat Arm stock falls as chip ambitions shake investor confidence Trending tickers: ARM, CVS and Confluent Here are some top stocks trending on Yahoo Finance in premarket trading: Arm (ARM) stock fell 6% on Thursday before the bell following the announcement of the chip tech provider's plan to invest in its own chip development, which would bite into future profits, disappointed investors. CVS (CVS) stock jumped 7% in premarket on Thursday after the company beat Wall Street estimates for second-quarter profit. Confluent Inc (CFLT) stock rose over 20% premarket following the company's positive earnings report. The data streaming platform reported a 21% growth in subscription revenue and a 28% growth in Confluent Cloud revenue for Q2 2025. Carvana posts higher quarterly profit on record car sales Shares in Carvana (CVNA) surged over 15% in premarket trading after the online used-car seller defied expectations with strong second quarter results and outlook. Bloomberg reports: Read more here. EBay stock rises as resilient consumers fuel strong sales forecast EBay (EBAY) stock jumped on Thursday before the bell after the e-commerce company forecasted sales that topped analysts' estimates, suggesting optimism for continued consumer resilience at a time of shifting US tariff proposals. Bloomberg News reports: Read more here. AB InBev shares slide on concern over sales volumes Beer giant Anheuser-Busch InBev (BUD) stock slumped more than 9% before the bell on Thursday after reporting that its second quarter sales volumes fell more than expected due to weak demand in Brazil and China, adding to investor worries over industry growth and hitting its shares. Reuters reports: Read more here. Qualcomm on the move lower Qualcomm's (QCOM) not playing in the big-cap tech stock euphoria this morning led by Microsoft (MSFT) and Meta (META) post earnings. Its shares are down 6% premarket. The company's earnings late Wednesday were fine. But the Street is calling out a few things that are giving the bears the win, for now. This note from HSBC's Ryan Mellor this morning captures it all nicely: This is remarkable on Meta Meta's (META) stock is rocking higher in premarket, to the tune of 12% after a monster quarter. Got to love the market ignoring the capex stuff in its earnings release below, and focusing in on Meta's revenue trends (strong). "We currently expect 2025 capital expenditures, including principal payments on finance leases, to be in the range of $66-72 billion, narrowed from our prior outlook of $64-72 billion and up approximately $30 billion year-over-year at the mid-point. While the infrastructure planning process remains highly dynamic, we currently expect another year of similarly significant capital expenditures dollar growth in 2026 as we continue aggressively pursuing opportunities to bring additional capacity online to meet the needs of our artificial intelligence efforts and business operations," Meta said. Bottom line: bull market ... carry on! Microsoft earnings call: A quick take A bit of a sleepy earnings call from Microsoft (MSFT) after the close, filled with the typical Satya Nadella tech jargon. Bottom line is this: Azure sales crushed, and there was zero signs of peaking AI demand. That should be good enough for the bulls. "We expect stock to trade up given continued large Azure growth beats and a positive AI trajectory even with continued capacity constraints. We think this also bodes well for other AI infrastructure names in our coverage (Oracle (ORCL), Coreweave (CRWV)," Citi analyst Tyler Radke said. Trump talks with Canada, India, and Brazil in a stalemate as his tariff deadline looms Yahoo Finance's Ben Werschkul reports: President Trump's tariff agenda is nearing a moment of truth with an Aug. 1 deadline just hours away and set to establish a new baseline rate of 15% on most of the world. Many final moves have come in a flurry (from a deal with South Korea to a delay with Mexico), but three key nations across three continents — Canada, India, and Brazil — have seen their talks go sideways for vastly different reasons. Importers there are now likely to face higher rates at least for the time being, leaving relationships with the world's largest recipient of US goods (Canada), the world's fourth-largest economy (India), and the Western Hemisphere's second-most-populous nation (Brazil) all in flux. Read more here. Yahoo Finance's Ben Werschkul reports: President Trump's tariff agenda is nearing a moment of truth with an Aug. 1 deadline just hours away and set to establish a new baseline rate of 15% on most of the world. Many final moves have come in a flurry (from a deal with South Korea to a delay with Mexico), but three key nations across three continents — Canada, India, and Brazil — have seen their talks go sideways for vastly different reasons. Importers there are now likely to face higher rates at least for the time being, leaving relationships with the world's largest recipient of US goods (Canada), the world's fourth-largest economy (India), and the Western Hemisphere's second-most-populous nation (Brazil) all in flux. Read more here. Apple Q3 earnings to give Wall Street better view of tariff impact, AI top of mind Apple (AAPL) is scheduled to announce its third quarter earnings after the bell on Thursday, as Wall Street looks for signs of movement on the company's AI plans and a view into how much tariff-related costs are eating into its margins, Yahoo Finance's Dan Howley reports. Howley writes: Read more about the tech giant's upcoming quarterly results here. Apple (AAPL) is scheduled to announce its third quarter earnings after the bell on Thursday, as Wall Street looks for signs of movement on the company's AI plans and a view into how much tariff-related costs are eating into its margins, Yahoo Finance's Dan Howley reports. Howley writes: Read more about the tech giant's upcoming quarterly results here. Meme stocks are melting as investors look toward Big Tech Meme stock FOMO is taking a breather, Yahoo Finance's Francisco Velasquez reports. Velasquez writes: Read the full story here. Meme stock FOMO is taking a breather, Yahoo Finance's Francisco Velasquez reports. Velasquez writes: Read the full story here. Reddit stock jumps ahead of Q2 earnings Reddit shares jumped nearly 5% Thursday morning ahead of the social media's second quarter earnings report after the bell. Reddit's results after the bell Thursday come as Wall Street scrutinizes how changes to Google Search's algorithm could affect the social media platform's daily active users, which fell below expectations in the US in the past two quarters. Wall Street analysts tracked by Bloomberg expect Reddit to report adjusted earnings per share of $0.72, up from last year's loss per share of $0.06. They project the company's second quarter revenue to hit $425 million, up 50% from the prior year, according to Bloomberg data. Analysts expect global daily active users to climb 20% from the prior year to roughly 110 million for the period and US users to rise more than 9% to 50.5 million. Read more about Reddit's upcoming report here. Reddit shares jumped nearly 5% Thursday morning ahead of the social media's second quarter earnings report after the bell. Reddit's results after the bell Thursday come as Wall Street scrutinizes how changes to Google Search's algorithm could affect the social media platform's daily active users, which fell below expectations in the US in the past two quarters. Wall Street analysts tracked by Bloomberg expect Reddit to report adjusted earnings per share of $0.72, up from last year's loss per share of $0.06. They project the company's second quarter revenue to hit $425 million, up 50% from the prior year, according to Bloomberg data. Analysts expect global daily active users to climb 20% from the prior year to roughly 110 million for the period and US users to rise more than 9% to 50.5 million. Read more about Reddit's upcoming report here. CoreWeave soars after Microsoft reports higher-than-expected capital expenditures CoreWeave (CRWV) shares surged more than 12% Thursday on the heels of strong earnings reports from two of its customers, Microsoft (MSFT) and Meta (META). Microsoft is CoreWeave's largest customer, accounting for 72% of its revenue in the burgeoning cloud provider's most recent quarterly earnings report. Microsoft spent $88.2 billion in its fiscal year 2025, ahead of the $80 billion it previously forecast. That figure represented a 58% increase in the tech giant's spending from the prior year. Microsoft said its spending will grow at a slower pace in its 2026 fiscal year. During the first quarter, it expects to spend $30 billion, a 50% increase from the prior year. "We will continue to invest against the expansive opportunity ahead across both capital expenditures and operating expenses given our leadership position in commercial cloud, strong demand signals for our cloud and AI offerings, and significant contracted backlog," Microsoft CFO Amy Hood said in an earnings call with analysts. CoreWeave (CRWV) shares surged more than 12% Thursday on the heels of strong earnings reports from two of its customers, Microsoft (MSFT) and Meta (META). Microsoft is CoreWeave's largest customer, accounting for 72% of its revenue in the burgeoning cloud provider's most recent quarterly earnings report. Microsoft spent $88.2 billion in its fiscal year 2025, ahead of the $80 billion it previously forecast. That figure represented a 58% increase in the tech giant's spending from the prior year. Microsoft said its spending will grow at a slower pace in its 2026 fiscal year. During the first quarter, it expects to spend $30 billion, a 50% increase from the prior year. "We will continue to invest against the expansive opportunity ahead across both capital expenditures and operating expenses given our leadership position in commercial cloud, strong demand signals for our cloud and AI offerings, and significant contracted backlog," Microsoft CFO Amy Hood said in an earnings call with analysts. Microsoft tops $4 trillion Microsoft's (MSFT) market capitalization officially hit the $4 trillion mark Thursday, making it the second company behind Nvidia (NVDA) to achieve the feat. Shares of Microsoft climbed as much as 8% Thursday morning before paring gains, up roughly 5% shortly after the market opened. Microsoft, Apple (AAPL), and Nvidia have traded places as the world's most valuable companies. Nvidia still retains the top spot after a stunning comeback from a rocky first half of the year, with its market cap sitting around $4.4 trillion as of Thursday. Apple's was just over $3 trillion in morning trading. Microsoft's (MSFT) market capitalization officially hit the $4 trillion mark Thursday, making it the second company behind Nvidia (NVDA) to achieve the feat. Shares of Microsoft climbed as much as 8% Thursday morning before paring gains, up roughly 5% shortly after the market opened. Microsoft, Apple (AAPL), and Nvidia have traded places as the world's most valuable companies. Nvidia still retains the top spot after a stunning comeback from a rocky first half of the year, with its market cap sitting around $4.4 trillion as of Thursday. Apple's was just over $3 trillion in morning trading. S&P 500, Nasdaq surge at the open The S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) surged on Thursday, on track for fresh record highs after strong Meta (META) and Microsoft (MSFT) earnings fueled a spike in tech stocks. The Nasdaq climbed roughly 1.3%, while the S&P 500 rose 0.8%. The Dow Jones Industrial Average (^DJI) lagged, up less than 0.1%. The S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) surged on Thursday, on track for fresh record highs after strong Meta (META) and Microsoft (MSFT) earnings fueled a spike in tech stocks. The Nasdaq climbed roughly 1.3%, while the S&P 500 rose 0.8%. The Dow Jones Industrial Average (^DJI) lagged, up less than 0.1%. Microsoft set to join $4T market cap club, Meta stock surges in post-earnings rally Microsoft (MSFT) and Meta (META) stocks ripped higher in premarket trading as investors continued to bid up shares following the tech giants' earnings reports. Combined, the two stocks have added about half a trillion dollars in market value since Wednesday's close. If gains hold, Microsoft is set to join Nvidia (NVDA) in the $4 trillion market capitalization club when the market opens. Its market cap as of Wednesday stood at $3.81 trillion, and the stock has gained nearly 9% in premarket trading. Meta stock surged 11% ahead of the opening bell. Both Meta and Microsoft reported strong revenue growth that outweighed investors' concerns about spending on artificial intelligence. 'The stock moves make sense — the results are that good,' D.A. Davidson head of technology research Gil Luria told Yahoo Finance following Meta's and Microsoft's earnings. 'Meta is gaining significant share in the digital advertising market, … and therefore investors have patience for the capex guidance they're providing.' Microsoft (MSFT) and Meta (META) stocks ripped higher in premarket trading as investors continued to bid up shares following the tech giants' earnings reports. Combined, the two stocks have added about half a trillion dollars in market value since Wednesday's close. If gains hold, Microsoft is set to join Nvidia (NVDA) in the $4 trillion market capitalization club when the market opens. Its market cap as of Wednesday stood at $3.81 trillion, and the stock has gained nearly 9% in premarket trading. Meta stock surged 11% ahead of the opening bell. Both Meta and Microsoft reported strong revenue growth that outweighed investors' concerns about spending on artificial intelligence. 'The stock moves make sense — the results are that good,' D.A. Davidson head of technology research Gil Luria told Yahoo Finance following Meta's and Microsoft's earnings. 'Meta is gaining significant share in the digital advertising market, … and therefore investors have patience for the capex guidance they're providing.' Fed's preferred inflation gauge shows price increases accelerated in June amid tariff uncertainty The latest reading of the Federal Reserve's preferred inflation gauge showed price increases accelerated in June as inflation remained above the Fed's 2% target. Yahoo Finance's Josh Schafer reports: Read more here. The latest reading of the Federal Reserve's preferred inflation gauge showed price increases accelerated in June as inflation remained above the Fed's 2% target. Yahoo Finance's Josh Schafer reports: Read more here. Roblox stock soars as daily active users surpass 100 million Roblox's (RBLX) stock rocketed 20% higher in premarket trading after reporting record daily users and raising its third quarter forecast for bookings. Daily active users rose 41% in the second quarter to cross 111 million, the company reported on Thursday. Roblox also raised its forecast for annual bookings in the third quarter to $1.59 billion to $1.64 billion. Bookings for the second quarter came in at $1.44 billion, beating market estimates of $1.24 billion. Reuters reports that the company has been investing in search and discovery features that allow greater visibility for viral games like "Grow a Garden." Roblox also aims to diversify its revenue beyond gaming by turning the platform into a hub for socializing, commerce, and advertising. The platform saw a boost in engagement during the quarter, with engaged hours up 58% to 27.4 billion. Read more here. Roblox's (RBLX) stock rocketed 20% higher in premarket trading after reporting record daily users and raising its third quarter forecast for bookings. Daily active users rose 41% in the second quarter to cross 111 million, the company reported on Thursday. Roblox also raised its forecast for annual bookings in the third quarter to $1.59 billion to $1.64 billion. Bookings for the second quarter came in at $1.44 billion, beating market estimates of $1.24 billion. Reuters reports that the company has been investing in search and discovery features that allow greater visibility for viral games like "Grow a Garden." Roblox also aims to diversify its revenue beyond gaming by turning the platform into a hub for socializing, commerce, and advertising. The platform saw a boost in engagement during the quarter, with engaged hours up 58% to 27.4 billion. Read more here. What's in the US-EU trade deal depends on who is doing the talking President Trump and European Commission President Ursula von der Leyen shook hands Sunday over a trade agreement. The White House did a victory lap, but days later, there are still plenty of disagreements about exactly what is in the pact. Yahoo Finance's Ben Werschkul reports: Read more here. President Trump and European Commission President Ursula von der Leyen shook hands Sunday over a trade agreement. The White House did a victory lap, but days later, there are still plenty of disagreements about exactly what is in the pact. Yahoo Finance's Ben Werschkul reports: Read more here. A quirk in the Fed's calendar puts extra pressure on the Sept. meeting Yahoo Finance's Hamza Shaban takes a look at the Federal Reserve's next move in today's Morning Brief: Read more here on how a long wait could result in a different outlook. Yahoo Finance's Hamza Shaban takes a look at the Federal Reserve's next move in today's Morning Brief: Read more here on how a long wait could result in a different outlook. Good morning. Here's what's happening today. Economic data: Challenger jobs cuts (July); Personal income & spending (June); Core PCE price index; Employment cost index (second quarter); Initial jobless claims (week ending July 26) Earnings: Apple (AAPL), Amazon (AMZN), Bristol Myers Squibb (BMY), Cigna (CI), Coinbase (COIN), CVS Health (CVS), Mastercard (MA), Norwegian Cruise Line (NCLH), Reddit (RDDT), Roblox (RBLX), Roku (ROKU), Strategy (MSTR) Here are some of the biggest stories you may have missed overnight and early this morning: Trump knocks Canada as countries rush to strike trade deals Trump tariffs face another legal test on eve of deadline Apple faces 2 major threats ahead of earnings What's in the US-EU trade deal? It depends on who's talking. Fed calendar quirk raises the stakes for its Sept. meeting Meta stock surges after earnings beat, guidance surprise Microsoft on track for $4 trillion market cap after earnings beat Arm stock falls as chip ambitions shake investor confidence Economic data: Challenger jobs cuts (July); Personal income & spending (June); Core PCE price index; Employment cost index (second quarter); Initial jobless claims (week ending July 26) Earnings: Apple (AAPL), Amazon (AMZN), Bristol Myers Squibb (BMY), Cigna (CI), Coinbase (COIN), CVS Health (CVS), Mastercard (MA), Norwegian Cruise Line (NCLH), Reddit (RDDT), Roblox (RBLX), Roku (ROKU), Strategy (MSTR) Here are some of the biggest stories you may have missed overnight and early this morning: Trump knocks Canada as countries rush to strike trade deals Trump tariffs face another legal test on eve of deadline Apple faces 2 major threats ahead of earnings What's in the US-EU trade deal? It depends on who's talking. Fed calendar quirk raises the stakes for its Sept. meeting Meta stock surges after earnings beat, guidance surprise Microsoft on track for $4 trillion market cap after earnings beat Arm stock falls as chip ambitions shake investor confidence Trending tickers: ARM, CVS and Confluent Here are some top stocks trending on Yahoo Finance in premarket trading: Arm (ARM) stock fell 6% on Thursday before the bell following the announcement of the chip tech provider's plan to invest in its own chip development, which would bite into future profits, disappointed investors. CVS (CVS) stock jumped 7% in premarket on Thursday after the company beat Wall Street estimates for second-quarter profit. Confluent Inc (CFLT) stock rose over 20% premarket following the company's positive earnings report. The data streaming platform reported a 21% growth in subscription revenue and a 28% growth in Confluent Cloud revenue for Q2 2025. Here are some top stocks trending on Yahoo Finance in premarket trading: Arm (ARM) stock fell 6% on Thursday before the bell following the announcement of the chip tech provider's plan to invest in its own chip development, which would bite into future profits, disappointed investors. CVS (CVS) stock jumped 7% in premarket on Thursday after the company beat Wall Street estimates for second-quarter profit. Confluent Inc (CFLT) stock rose over 20% premarket following the company's positive earnings report. The data streaming platform reported a 21% growth in subscription revenue and a 28% growth in Confluent Cloud revenue for Q2 2025. Carvana posts higher quarterly profit on record car sales Shares in Carvana (CVNA) surged over 15% in premarket trading after the online used-car seller defied expectations with strong second quarter results and outlook. Bloomberg reports: Read more here. Shares in Carvana (CVNA) surged over 15% in premarket trading after the online used-car seller defied expectations with strong second quarter results and outlook. Bloomberg reports: Read more here. EBay stock rises as resilient consumers fuel strong sales forecast EBay (EBAY) stock jumped on Thursday before the bell after the e-commerce company forecasted sales that topped analysts' estimates, suggesting optimism for continued consumer resilience at a time of shifting US tariff proposals. Bloomberg News reports: Read more here. EBay (EBAY) stock jumped on Thursday before the bell after the e-commerce company forecasted sales that topped analysts' estimates, suggesting optimism for continued consumer resilience at a time of shifting US tariff proposals. Bloomberg News reports: Read more here. AB InBev shares slide on concern over sales volumes Beer giant Anheuser-Busch InBev (BUD) stock slumped more than 9% before the bell on Thursday after reporting that its second quarter sales volumes fell more than expected due to weak demand in Brazil and China, adding to investor worries over industry growth and hitting its shares. Reuters reports: Read more here. Beer giant Anheuser-Busch InBev (BUD) stock slumped more than 9% before the bell on Thursday after reporting that its second quarter sales volumes fell more than expected due to weak demand in Brazil and China, adding to investor worries over industry growth and hitting its shares. Reuters reports: Read more here. Qualcomm on the move lower Qualcomm's (QCOM) not playing in the big-cap tech stock euphoria this morning led by Microsoft (MSFT) and Meta (META) post earnings. Its shares are down 6% premarket. The company's earnings late Wednesday were fine. But the Street is calling out a few things that are giving the bears the win, for now. This note from HSBC's Ryan Mellor this morning captures it all nicely: Qualcomm's (QCOM) not playing in the big-cap tech stock euphoria this morning led by Microsoft (MSFT) and Meta (META) post earnings. Its shares are down 6% premarket. The company's earnings late Wednesday were fine. But the Street is calling out a few things that are giving the bears the win, for now. This note from HSBC's Ryan Mellor this morning captures it all nicely: This is remarkable on Meta Meta's (META) stock is rocking higher in premarket, to the tune of 12% after a monster quarter. Got to love the market ignoring the capex stuff in its earnings release below, and focusing in on Meta's revenue trends (strong). "We currently expect 2025 capital expenditures, including principal payments on finance leases, to be in the range of $66-72 billion, narrowed from our prior outlook of $64-72 billion and up approximately $30 billion year-over-year at the mid-point. While the infrastructure planning process remains highly dynamic, we currently expect another year of similarly significant capital expenditures dollar growth in 2026 as we continue aggressively pursuing opportunities to bring additional capacity online to meet the needs of our artificial intelligence efforts and business operations," Meta said. Bottom line: bull market ... carry on! Meta's (META) stock is rocking higher in premarket, to the tune of 12% after a monster quarter. Got to love the market ignoring the capex stuff in its earnings release below, and focusing in on Meta's revenue trends (strong). "We currently expect 2025 capital expenditures, including principal payments on finance leases, to be in the range of $66-72 billion, narrowed from our prior outlook of $64-72 billion and up approximately $30 billion year-over-year at the mid-point. While the infrastructure planning process remains highly dynamic, we currently expect another year of similarly significant capital expenditures dollar growth in 2026 as we continue aggressively pursuing opportunities to bring additional capacity online to meet the needs of our artificial intelligence efforts and business operations," Meta said. Bottom line: bull market ... carry on! Microsoft earnings call: A quick take A bit of a sleepy earnings call from Microsoft (MSFT) after the close, filled with the typical Satya Nadella tech jargon. Bottom line is this: Azure sales crushed, and there was zero signs of peaking AI demand. That should be good enough for the bulls. "We expect stock to trade up given continued large Azure growth beats and a positive AI trajectory even with continued capacity constraints. We think this also bodes well for other AI infrastructure names in our coverage (Oracle (ORCL), Coreweave (CRWV)," Citi analyst Tyler Radke said. A bit of a sleepy earnings call from Microsoft (MSFT) after the close, filled with the typical Satya Nadella tech jargon. Bottom line is this: Azure sales crushed, and there was zero signs of peaking AI demand. That should be good enough for the bulls. "We expect stock to trade up given continued large Azure growth beats and a positive AI trajectory even with continued capacity constraints. We think this also bodes well for other AI infrastructure names in our coverage (Oracle (ORCL), Coreweave (CRWV)," Citi analyst Tyler Radke said.
Yahoo
24 minutes ago
- Yahoo
Poll: Nearly 70% of Americans — including a majority of Republicans — think the government is hiding something about Jeffrey Epstein
About a quarter believe the well-connected sex offender committed suicide. Twice as many think he was murdered. Bipartisanship is rare in U.S. politics these days. But according to a new Yahoo/YouGov poll, there's now at least one thing that more than two-thirds of Americans seem to agree on: that the government is 'hiding' information about convicted sex offender Jeffrey Epstein. The survey of 1,729 U.S. adults, which was conducted from July 24 to 28, shows that a clear consensus has formed across party lines about how the government has handled the questions surrounding Epstein's life and death. When respondents are told that President Trump's Justice Department has 'concluded that Epstein did not have a 'client list' of famous associates who engaged in wrongdoing with him,' 69% of them still say the government is 'hiding information about Epstein's client list.' That group includes a majority of Republicans (55%). Just 8% of Americans, meanwhile, say the government isn't concealing information about a client list. About a quarter of U.S. adults (23%) believe the Justice Department's conclusion that Epstein died by suicide after hanging himself in jail. The rest think Epstein was murdered (47%) or say they're not sure what happened (30%). Nearly as many Republicans (42%) as Democrats (51%) believe Epstein was killed. As a result, nearly seven in 10 Americans (67%) say the government is hiding information about Epstein's death. Again, that group includes a majority of Republicans (52%). What do people think is going on? About half of Americans (48%) — including 81% of Democrats and 53% of independents — think the government is hiding information about Epstein's client list 'because it would implicate Trump.' Even among Republicans, 13% say the same and 16% say they're unsure. The new Yahoo/YouGov poll comes amid ongoing right-wing backlash over how the administration has handled its investigation into Epstein, who died in 2019 while awaiting trial for allegedly paying dozens of teenage girls, some as young as 14, to perform sex acts. The disgraced financier has long been the focus of conspiracy theories that claim he was murdered to conceal the names of powerful people on a secret 'client list.' During the 2024 campaign, Trump said he would consider releasing additional government files on Epstein. Then, after returning to the White House, he directed the Justice Department to conduct an exhaustive review of any evidence it had collected. Earlier this month, the DOJ and FBI released a two-page joint memo concluding that Epstein had 'committed suicide in his cell" and compiled no such 'client list' — echoing previous findings by the Biden administration. The move enraged some Trump loyalists, who accused the president and his administration of breaking their promise to release all of the Epstein files. It also put the spotlight back on Trump's own relationship with Epstein. Speaking to reporters Monday in Scotland, Trump said he never visited Epstein's notorious private island, even when given the chance. 'I never had the privilege of going to his island, and I did turn him down,' Trump said. 'But a lot of people in Palm Beach were invited to his island. In one of my very good moments, I turned it down. I didn't want to go to his island.' Low marks for the administration's approach For the president, the Epstein controversy now seems to be creating a credibility gap with the public — including some of his own supporters. Just 21% of Americans approve of the way the president is handling the investigation, his lowest rating this year on any individual issue; nearly three times as many (61%) disapprove. Meanwhile, 44% of Republicans — roughly half the number who applaud his approach to immigration — approve of how Trump has dealt with the investigation. A majority of Americans (55%) say the president has 'not gone far enough' in his efforts to 'get to the bottom' of the Epstein case; combined, less than a quarter say that his approach has been about right (16%) or that it has gone too far (7%). A third of Republicans (33%) say Trump has not gone far enough. Attorney General Pam Bondi — the face of the administration's Epstein efforts — is now deeply unpopular: 26% of Americans say they have a favorable opinion of her. And while confidence in the Justice Department wasn't high the last time Yahoo and YouGov asked about it, in August 2022 — back then, 44% said they had 'a lot' of confidence or 'some' confidence in the DOJ; 56% said they had 'a little' or 'none' — today those numbers are even worse: 39% and 61%, respectively. Why the Epstein story has broken through The new Yahoo/YouGov poll suggests three potential explanations. First, ubiquity: Nearly all respondents (91%) have heard either a lot (50%) or a little (41%) about the story. That's the fourth highest 'heard a lot' score recorded in any Yahoo/YouGov poll since 2020; only the Supreme Court overturning Roe v. Wade in 2022 (70%), Will Smith slapping Chris Rock at the Academy Awards that same year (66%) and Trump getting indicted in 2023 (57%) have topped it. Meanwhile, a full 84% of Americans say they think Epstein was guilty — including 91% of Democrats, 90% of independents and 77% of Republicans. Second, Epstein's bipartisan circle. In the poll, respondents were reminded that Epstein 'had a wide circle of influential friends and acquaintances, including former President Bill Clinton and President Donald Trump.' Then they were asked if either president 'engaged in crimes' with the financier — and nearly half of Americans said yes for Clinton (47%) and Trump (48%). In contrast, the share who said the two presidents did not engage in crimes with Epstein —12% for Clinton, 26% for Trump — was much lower. Conspiracy theories may be more attractive when they have the power to hurt the other side as well. Third, conspiracy theories in general seem to have become more mainstream recently. For example, a majority of Democrats (51%) believe "many top politicians are involved in child sex-trafficking rings.' A majority of Republicans (51%) believe that "regardless of who is officially in charge of the government and other organizations, there is a single group of people who secretly control events and rule the world together.' A majority of Democrats (57%) believe 'the assassination attempt on Donald Trump in Butler, Pa. was staged in order to help him win the 2024 election.' A majority of Republicans (58%) believe 'Trump's would-be assassin, Thomas Matthew Crooks, didn't act alone.' And a majority of Republicans (63%) also believe that former President Barack Obama 'committed treason to try to sabotage Donald Trump in the 2016 election' — as Trump has been claiming lately, without proof. What's next? Americans are clear about what they want: More than eight in 10 (84%) say they would approve of the government 'releasing all of the information it has on Jeffrey Epstein.' Just 5% would disapprove. Conversely, more than two-thirds of Americans (69%) disapprove of the decision last week by Speaker Mike Johnson, a Republican, to send "the U.S. House of Representatives home early for the summer to avoid having to vote on releasing the Epstein files.' Only 10% approve. Previously, Johnson had said that Congress 'should put everything out there and let the people decide it.' With Dylan Stableford __________________ The Yahoo survey was conducted by YouGov using a nationally representative sample of 1,729 U.S. adults interviewed online from July 24 to 28, 2025. The sample was weighted according to gender, age, race, education, 2024 election turnout and presidential vote, party identification and current voter registration status. Demographic weighting targets come from the 2019 American Community Survey. Party identification is weighted to the estimated distribution at the time of the election (31% Democratic, 32% Republican). Respondents were selected from YouGov's opt-in panel to be representative of all U.S. adults. The margin of error is approximately 3.1%.
Yahoo
24 minutes ago
- Yahoo
How Trump's 'One Big Beautiful Bill' may fuel Amazon's robotic rise
Amazon's (AMZN) robot takeover may be coming, and President Trump's tax plan could help pay for it. The sweeping corporate tax reform, part of the One Big Beautiful Bill Act (OBBBA), could give Amazon the financial tailwind to accelerate its investment in warehouse robotics and AI. According to a Morgan Stanley report, Amazon stands to gain an annual $15 billion in free cash flow under the new bill. The estimate is based on tax accounting projections for 2025 through 2027, with benefits tapering slightly to $11 billion by 2028. Morgan Stanley notes Amazon could reallocate part of the windfall toward next-generation investments. The tax benefits are part of a broader package to encourage tech giants like Amazon, Google (GOOG), and Meta (META) to invest "more aggressively" in AI, chips, and infrastructure. Amazon is set to report its second quarter earnings Thursday after the market close. Its stock has gained 7% year to date, behind the S&P 500's (^GSPC) 8% advance. Investor expectations for Big Tech are sky-high as the "Magnificent Seven" stocks continue to trade at outsized valuations, making it crucial for the giants to keep up their competitive advantages. Analysts say warehouse robotics underpins key parts of Amazon's retail and logistics operations. Investing 50% of its new free cash flow, or about $7.5 billion a year, into robotics, would be a game changer, Morgan Stanley's Brian Nowak wrote. Morgan Stanley estimates if 10% of Amazon's global fulfillment volume runs through next-gen robotics warehouses, the company could save between $2 billion and $4 billion annually by 2027. Cost reductions scale up to nearly $10 billion a year if 25% of units are handled by advanced robotics. Amazon currently operates approximately 700 fulfillment centers. A $7.5 billion investment could potentially build 17 new robotics fulfillment centers each year at around $450 million apiece or retrofit 75 existing warehouses at $100 million each. Analysts say Amazon is also likely to pour tax savings into its cloud and generative AI business. In Q1, AWS sales grew 17% year over year to $29.3 billion. Maxim Group analyst Tom Forte points out that Amazon could benefit from AI on both sides — growing AWS through selling AI tools while using automation technology to reduce corporate labor costs. "I'm highly confident it will result in more investment spend, and definitely not dividends,' he said of Amazon's new tax windfall. "The big difference between Amazon under Bezos and Amazon under Jassy is that Jassy has found a way to invest while still generating margin and cash flow." One potential wrinkle is tariffs. Forte notes that if the cost of hardware, data centers, or compute power rises due to trade policy, it could make those investments less efficient and potentially force Amazon to spend more to achieve the same level of output. In Q1 2025, Amazon posted robust results. Earnings per share rose 62% year over year to $1.59, while net sales rose 9% to $155.7 billion. Online stores accounted for $57.4 billion, up 5% year over year. For Q2, Wall Street is forecasting revenue of $162.15 billion, with adjusted EPS of $1.81, according to Bloomberg consensus data. Morgan Stanley expects Amazon to be the biggest single corporate beneficiary of the OBBBA, ahead of Alphabet and Meta, due to its unique mix of retail infrastructure and cloud services. While companies like Apple (AAPL) may return tax windfalls to shareholders via buyback and dividends, Amazon is more likely to reinvest, Forte said, especially in states where the company is expanding its cloud and logistics operations, including Pennsylvania, North Carolina, and Georgia. Francisco Velasquez is a Reporter at Yahoo Finance. He can be reached on LinkedIn and X, or via email at
