The size of Trump's megabill will be the size of the debt, says Capital Alpha's James Lucier
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Yahoo
an hour ago
- Yahoo
Some New Mexico leaders warn mega bill could be disastrous for renewable energy industry
NEW MEXICO (KRQE) – New Mexico's Democratic leaders are warning that the 'One Big Beautiful Bill' could be disastrous for New Mexico's thriving renewable energy industry. While republicans argue, the bill will be great for the state's oil and gas companies. 'This bill goes against everything New Mexicans stand for. It's not honest, it's not caring, and it's not fair,' said Senator Ben Ray Luján, (D-NM). Story continues below News: Albuquerque's downtown vacant buildings ordinance will go into effect July 1 Investigation: 'It's on her': Senator defunds DA citing attitude, staff shortage Sports Office: Catching up with World Champion Boxer Danny Romero Jr Senators Ben Ray Luján and Martin Heinrich both voted against the bill. Heinrich said in a statement, in part, 'This bill will hike electricity bills, leave tens of millions uninsured, cut food assistance for millions more, shutter hundreds of nursing homes, force rural hospitals to close, and send health insurance premiums soaring.' But the Republican Party of New Mexico argues New Mexicans will benefit. 'This will stop the runaway spending that the government does,' said Amy Barela, Chairwoman of the Republican Party of New Mexico. The bill has New Mexico company Affordable Solar on edge. 'It's a scary time in the renewable energy space,' said Neil Wenderoth, Sales Manager for Affordable Solar. The Senate made a last-minute change before passing the bill that removed a new tax on wind and solar energy projects. The bill would still phase out wind and solar tax credits for clean energy development, but on a slower timeline than originally proposed. 'It's a time where there should be more investment in all sectors of energy, and I think it's very short-sighted that we're cutting out incentives,' said Wenderoth. Wenderoth anticipates the market decreasing by more than 80%, calling it a death sentence for the solar industry. 'Jobs are lost, people are not getting energy independence, less solar and wind are going into place,' said Wenderoth. Barela argues that the bill would help New Mexico's oil and gas industry by expanding development on federal lands. 'So it makes America less dependent on foreign countries to provide us with everything. It strengthens us with oil and gas,' said Barela. Governor Michelle Lujan Grisham said in a statement, in part, 'This bill is a disastrous, deficit-exploding gift to the ultra-wealthy made possible by gutting health care and food programs that millions of Americans rely on.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
an hour ago
- Yahoo
White House Plots Replacement for Republican Rebel Trump Wants to Destroy
The White House will host Kentucky state Sen. Aaron Reed in the coming weeks as they plot to oust GOP rebel Thomas Massie for publicly disagreeing with President Trump, according to a report. Massie has been persona non grata within MAGA circles after the Kentucky congressman voiced his opposition to Trump's 'One Big Beautiful Bill' and his decision to launch airstrikes in Iran. Trump advisers have already launched a super PAC running a series of attack ads against Massie as MAGA tries to undermine him ahead of next year's Republican primary. Now, according to Politico, White House officials will meet in the coming weeks with Reed, a retired Navy SEAL who once called Massie one of 'America's greatest congressmen.' The Daily Beast has contacted Massie, Reed, and the White House for comment. It comes just days after Trump allies launched MAGA Kentucky, a super PAC dedicated to defeating Massie, with the president reacting to the news by promising to 'campaign really hard' in Kentucky to ensure a 'wonderful American patriot' unseats the six-time incumbent congressman. The president and his advisers have also launched an all-out attack on Massie on social media, with Trump telling his MAGA base to dump 'LOSER' Massie and 'GET THIS 'BUM' OUT OF OFFICE,' in a post on Truth Social. 'I think there's a real opportunity…they're going to spend upwards of $30 million to defeat Thomas Massie,' a Kentucky GOP operative told Politico last week of the PAC. Massie, meanwhile, appears unperturbed by the target painted on his back by the GOP establishment, bragging to reporters that he had raised $120,000 in just 24 hours after Trump put out the call to unseat him. 'In 2020 I got my Trump antibodies from a natural infection when he came after me, and I survived,' the congressman told reporters Tuesday. 'It will deplete his political capital if he doesn't succeed, and he knows that. So that's got to be part of his calculus.' Massie previously endorsed Reed for state Senate. The congressman is also still 'very popular in Kentucky,' Sen. Rand Paul told Politico before confirming he would support him in the race. Other Kentucky Republicans also believe that Trump is 'overplaying his hand' and underestimating the strength of Massie's base. The race is also an important one for the president's credibility—if he throws his support behind Reed only to see him defeated, it may empower more Republicans to speak out against Trump and his MAGA base.
Yahoo
an hour ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq trade mixed after surprise ADP jobs reading
US stocks traded mixed on Wednesday as Wall Street digested more signs of an intensifying labor market slowdown that could bolster the case for the Federal Reserve to start cutting interest rates. The Dow Jones Industrial Average (^DJI) fell nearly 0.3%. Meanwhile, the S&P 500 (^GSPC) rose around 0.1%, but kept a potential new record high in sight. The Nasdaq Composite (^IXIC) moved up about 0.5% as Tesla (TSLA) stock rose after the EV maker produced more vehicles globally than expected in the second quarter. The labor market showed more signs of a cooldown in June. ADP data showed US private employers unexpectedly cut 33,000 jobs in the month, badly missing expectations of around 98,000 jobs added. It was the first month of job losses in the private sector in over two years. The data lays the ground for the release of the June US jobs report on Thursday, seen as a key factor for the Fed as investors bet an interest-rate cut could land sooner rather than later. Meanwhile, investors are watching for signs the US will hammer out deals with the likes of the EU and Japan before a pause on Trump's "reciprocal" tariffs lifts on July 9. The fear is that historically high tariff rates could push up inflation as businesses pass on costs. Read more: The latest on Trump's tariffs Trump's "One Big Beautiful Bill" is in focus as it heads to the House after clearing the Senate thanks to Vice President JD Vance's tie-breaking vote. Split Republican factions threaten to delay a potential final vote as Trump pushes to sign it by July 4. Insurance stocks dropped across the board Wednesday following the passage of Trump's "big beautiful" tax and spending bill during the prior trading session that would gut federal healthcare spending over the next decade. UnitedHealth (UNH) fell more than 2%, while Aetna parent company CVS Health (CVS) dropped less than 2%. Cigna (CI) declined 3%, while Elevance Health (ELV) fell almost 8%. The megabill's provision to slash federal spending on Medicaid and Affordable Care Act marketplaces by about $1 trillion would leave almost 12 million people without insurance by 2034, NPR reported. Tesla stock climbed nearly 3% early Wednesday after the EV maker reported global electric vehicle deliveries that came in below Wall Street's low projections but produced more cars than expected. Tesla said Wednesday it delivered 384,122 EVs in the second quarter, less than the 389,407 projected by Wall Street analysts tracked by Bloomberg consensus estimates. The company's deliveries for the period marked a 13% drop from the prior year, but an increase from the 336,681 vehicles delivered in the first quarter. Read the full story here. Apple (AAPL) stock climbed about 1% Wednesday before the market open following an upgrade from analysts at Jefferies, who raised their rating to Hold from Underperform previously. Citing Counterpoint Research, Jefferies analyst Edison Lee said global iPhone sales rose 15% in April and May from the prior year, the strongest growth since the third quarter of 2021. Lee estimated that iPhone sales in China grew 19% in that period, partly due to targeted discounts and government subsidies as well as "pulled-in demand," or Chinese consumers buying phones ahead of anticipated tariffs. "This is a strong sign that AAPL is determined to defend market share in China, and Chinese consumers are still willing to buy iPhone at lower prices," Lee wrote. But he also said the release of the iPhone 17 in the second half of 2025 may not provide the boost Apple needs. Lee wrote that "sales could be at risk since there remains a lack of new features, and AI is not yet a game changer." Apple shares jumped 1.3% Tuesday following a report from Bloomberg that the iPhone maker is considering using AI technology from startups Anthropic ( or OpenAI ( to power a new version of Siri. Still, the stock was down 17% for the 12 months through Tuesday. Nvidia (NVDA) stock continued to retreat from its record high of $157.99 on Monday. Shares were down 1.2% in premarket trading. The AI chipmaker had reclaimed the top spot among the most valued companies worldwide in June, with a market cap of around $3.73 trillion, as of July 1. Microsoft (MSFT), the second most valued company, has a market cap of roughly $3.65 trillion. From Reuters: Read more here. Private employers unexpectedly cut 33,000 jobs in June, the latest signal of an intensifying slowdown in the US labor market. On Wednesday, data from ADP showed private payrolls fell by 33,000 last month in June, below the 29,000 job gains seen in May and the 98,000 additions expected by economists. This marked the first month of job losses in the private sector since March 2023. May's initial reading of 37,000 private payroll additions had been the lowest monthly total since March '23. "Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month," ADP chief economist Nela Richardson said in the release. "Still, the slowdown in hiring has yet to disrupt pay growth." Read more here. Some of the world's most influential stocks are dragging the S&P 500 Index (^GSPC) down. The names Apple (AAPL), Tesla (TSLA) and Alphabet (GOOG, GOOGL) — part of the Mag 7 and synonymous with growth and value seem to be preventing the S&P 500 from reaching further highs. Bloomberg News reports: Read more here. Apple's (AAPL) is reportedly considering using AI tech from outside firms to power new version of Siri. Meta CEO Mark Zuckerberg is on an aggressive recruitment drive to poach top AI researchers and engineers. They're both signs of a key shift, Yahoo Finance's Hamza Shaban reports in today's Morning Brief: Read more here. Tesla (TSLA) is expected to report yet another quarter of declining global deliveries on Wednesday, though disappointing sales are nothing new for investors and analysts following the company. Data for June has brought a mixed message. Sales dropped for a sixth straight month in France, Sweden, Denmark and Italy, but rose in Norway and Spain — an early sign that the revamped Model Y is getting some buyers. Shares of Tesla were edging into the green in premarket before the quarterly data, following a 5% loss on Tuesday as CEO Elon Musk's feud with President Trump flared up again. Yahoo Finance's Pras Subramanian reports: Read more here. Earnings: No notable earnings releases.. Economic data: MBA Mortgage Applications (week ending June 27); ADP employment change (June); S&P Global US services PMI (May final); Challenger job cuts (May) Here are some of the biggest stories you may have missed overnight and early this morning: Apple and Meta are proving it: AI is going corporate Bets on 'Goldilocks' stocks bump up against reality Trump's 35% threat feeds Japan's worst-case tariff fears 'Irrational exuberance' stock gauge sparks fresh bubble worries Opinion: Musk is right about the Trump tax bill's failures Tesla's quarterly deliveries to fall short again Paramount settles Trump's '60 Minutes' suit for $16 million Bessent: Fed could lower interest rates by September Social Security checks slashed for millions this month Shares of Centene (CNC) tumbled over 25% in premarket trading after the healthcare insurer withdrew its financial guidance for 2025, warning that its earnings will fall far short of expectations. The company said late Tuesday that recent data showed that fewer people were enrolling in the Medicaid and Affordable Care Act marketplaces, and those who did enrol were sicker than expected. Those trends went against Centene's assumptions are likely to lead to a shortfall of $1.8 billion in federal payouts, the company said. Centene expects the issue to pull its full-year earnings per shares down by $2.75 a share. Wall Street had previously estimated adjusted EPS of $7.28. Shares of industry peers Elevance Health (ELV) and Oscar Health (OSCR) also struggled, down 4% and 7%, respectively. Here are some top stocks trending on Yahoo Finance in premarket trading: Centene Corporation (CNC) slumped 26% in premarket trading on Wednesday after withdrawing its financial guidance for 2025, warning that earnings will fall short of expectations. Centene is following in the footsteps of fellow insurance group, UnitedHealth (UNH), which pulled its guidance for the year and also replaced its chief executive. This latest news from Centene may add to investor nervousness when it comes to the insurance sector. Wolfspeed (WOLF) stock fell 8% before the bell today after the semiconductor company filed for a Chapter 11 bankruptcy. Intel (INTC) stock fell 1% in premarket trading following the new chief executive's plan to exploring a big change to its contract manufacturing business. If implemented, the new strategy for what Intel calls its "foundry" business would entail no longer marketing certain chipmaking technology, which the company had long developed, to external customers, the people said. If investors are expecting a seasonal lift for Asian equities this summer, they may have to think again. Tariff pressures and macroeconomic concerns have started to dampen sentiment. Bloomberg News reports: Read more here. Markets across the Asia-Pacific region saw mixed trading early morning on Wednesday, with investors eyeing the potential of US interest rate cuts and the fast-approaching July 9 tariff deadline for deals to be struck between the US and major trading partners worldwide. Singapore's benchmark, the Straits Times Index (^STI), gained 0.5% to hit a record high of 4009.15 points as of 00:20 (UTC-4). The move saw the index crossing past the 4000 threshold for the second time on record. Australia and Hong Kong led gains as Australia's S&P/ASX 200 (^AXJO) rose 0.4% and the Hang Seng Index (^HSI) popped 0.7%. Japan saw loss in the country's major gauge as the benchmark Nikkei 225 (^N225) slipped 0.7%. Korea's Kospi (^KS11) cratered 1.2% as Trump ratcheted up pressure on the country to finalize a trade deal. Mainland China's CSI 300 ( hovered near the baseline. Reuters reports: Insurance stocks dropped across the board Wednesday following the passage of Trump's "big beautiful" tax and spending bill during the prior trading session that would gut federal healthcare spending over the next decade. UnitedHealth (UNH) fell more than 2%, while Aetna parent company CVS Health (CVS) dropped less than 2%. Cigna (CI) declined 3%, while Elevance Health (ELV) fell almost 8%. The megabill's provision to slash federal spending on Medicaid and Affordable Care Act marketplaces by about $1 trillion would leave almost 12 million people without insurance by 2034, NPR reported. Tesla stock climbed nearly 3% early Wednesday after the EV maker reported global electric vehicle deliveries that came in below Wall Street's low projections but produced more cars than expected. Tesla said Wednesday it delivered 384,122 EVs in the second quarter, less than the 389,407 projected by Wall Street analysts tracked by Bloomberg consensus estimates. The company's deliveries for the period marked a 13% drop from the prior year, but an increase from the 336,681 vehicles delivered in the first quarter. Read the full story here. Apple (AAPL) stock climbed about 1% Wednesday before the market open following an upgrade from analysts at Jefferies, who raised their rating to Hold from Underperform previously. Citing Counterpoint Research, Jefferies analyst Edison Lee said global iPhone sales rose 15% in April and May from the prior year, the strongest growth since the third quarter of 2021. Lee estimated that iPhone sales in China grew 19% in that period, partly due to targeted discounts and government subsidies as well as "pulled-in demand," or Chinese consumers buying phones ahead of anticipated tariffs. "This is a strong sign that AAPL is determined to defend market share in China, and Chinese consumers are still willing to buy iPhone at lower prices," Lee wrote. But he also said the release of the iPhone 17 in the second half of 2025 may not provide the boost Apple needs. Lee wrote that "sales could be at risk since there remains a lack of new features, and AI is not yet a game changer." Apple shares jumped 1.3% Tuesday following a report from Bloomberg that the iPhone maker is considering using AI technology from startups Anthropic ( or OpenAI ( to power a new version of Siri. Still, the stock was down 17% for the 12 months through Tuesday. Nvidia (NVDA) stock continued to retreat from its record high of $157.99 on Monday. Shares were down 1.2% in premarket trading. The AI chipmaker had reclaimed the top spot among the most valued companies worldwide in June, with a market cap of around $3.73 trillion, as of July 1. Microsoft (MSFT), the second most valued company, has a market cap of roughly $3.65 trillion. From Reuters: Read more here. Private employers unexpectedly cut 33,000 jobs in June, the latest signal of an intensifying slowdown in the US labor market. On Wednesday, data from ADP showed private payrolls fell by 33,000 last month in June, below the 29,000 job gains seen in May and the 98,000 additions expected by economists. This marked the first month of job losses in the private sector since March 2023. May's initial reading of 37,000 private payroll additions had been the lowest monthly total since March '23. "Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month," ADP chief economist Nela Richardson said in the release. "Still, the slowdown in hiring has yet to disrupt pay growth." Read more here. Some of the world's most influential stocks are dragging the S&P 500 Index (^GSPC) down. The names Apple (AAPL), Tesla (TSLA) and Alphabet (GOOG, GOOGL) — part of the Mag 7 and synonymous with growth and value seem to be preventing the S&P 500 from reaching further highs. Bloomberg News reports: Read more here. Apple's (AAPL) is reportedly considering using AI tech from outside firms to power new version of Siri. Meta CEO Mark Zuckerberg is on an aggressive recruitment drive to poach top AI researchers and engineers. They're both signs of a key shift, Yahoo Finance's Hamza Shaban reports in today's Morning Brief: Read more here. Tesla (TSLA) is expected to report yet another quarter of declining global deliveries on Wednesday, though disappointing sales are nothing new for investors and analysts following the company. Data for June has brought a mixed message. Sales dropped for a sixth straight month in France, Sweden, Denmark and Italy, but rose in Norway and Spain — an early sign that the revamped Model Y is getting some buyers. Shares of Tesla were edging into the green in premarket before the quarterly data, following a 5% loss on Tuesday as CEO Elon Musk's feud with President Trump flared up again. Yahoo Finance's Pras Subramanian reports: Read more here. Earnings: No notable earnings releases.. Economic data: MBA Mortgage Applications (week ending June 27); ADP employment change (June); S&P Global US services PMI (May final); Challenger job cuts (May) Here are some of the biggest stories you may have missed overnight and early this morning: Apple and Meta are proving it: AI is going corporate Bets on 'Goldilocks' stocks bump up against reality Trump's 35% threat feeds Japan's worst-case tariff fears 'Irrational exuberance' stock gauge sparks fresh bubble worries Opinion: Musk is right about the Trump tax bill's failures Tesla's quarterly deliveries to fall short again Paramount settles Trump's '60 Minutes' suit for $16 million Bessent: Fed could lower interest rates by September Social Security checks slashed for millions this month Shares of Centene (CNC) tumbled over 25% in premarket trading after the healthcare insurer withdrew its financial guidance for 2025, warning that its earnings will fall far short of expectations. The company said late Tuesday that recent data showed that fewer people were enrolling in the Medicaid and Affordable Care Act marketplaces, and those who did enrol were sicker than expected. Those trends went against Centene's assumptions are likely to lead to a shortfall of $1.8 billion in federal payouts, the company said. Centene expects the issue to pull its full-year earnings per shares down by $2.75 a share. Wall Street had previously estimated adjusted EPS of $7.28. Shares of industry peers Elevance Health (ELV) and Oscar Health (OSCR) also struggled, down 4% and 7%, respectively. Here are some top stocks trending on Yahoo Finance in premarket trading: Centene Corporation (CNC) slumped 26% in premarket trading on Wednesday after withdrawing its financial guidance for 2025, warning that earnings will fall short of expectations. Centene is following in the footsteps of fellow insurance group, UnitedHealth (UNH), which pulled its guidance for the year and also replaced its chief executive. This latest news from Centene may add to investor nervousness when it comes to the insurance sector. Wolfspeed (WOLF) stock fell 8% before the bell today after the semiconductor company filed for a Chapter 11 bankruptcy. Intel (INTC) stock fell 1% in premarket trading following the new chief executive's plan to exploring a big change to its contract manufacturing business. If implemented, the new strategy for what Intel calls its "foundry" business would entail no longer marketing certain chipmaking technology, which the company had long developed, to external customers, the people said. If investors are expecting a seasonal lift for Asian equities this summer, they may have to think again. Tariff pressures and macroeconomic concerns have started to dampen sentiment. Bloomberg News reports: Read more here. Markets across the Asia-Pacific region saw mixed trading early morning on Wednesday, with investors eyeing the potential of US interest rate cuts and the fast-approaching July 9 tariff deadline for deals to be struck between the US and major trading partners worldwide. Singapore's benchmark, the Straits Times Index (^STI), gained 0.5% to hit a record high of 4009.15 points as of 00:20 (UTC-4). The move saw the index crossing past the 4000 threshold for the second time on record. Australia and Hong Kong led gains as Australia's S&P/ASX 200 (^AXJO) rose 0.4% and the Hang Seng Index (^HSI) popped 0.7%. Japan saw loss in the country's major gauge as the benchmark Nikkei 225 (^N225) slipped 0.7%. Korea's Kospi (^KS11) cratered 1.2% as Trump ratcheted up pressure on the country to finalize a trade deal. Mainland China's CSI 300 ( hovered near the baseline. Reuters reports:
