US stocks set for another miserable day. But…
Futures on Monday morning were way off their lows from overnight, even after a historic rout in Asia and massive losses in Europe. That suggested that some of the worst selling may be over. At least for now.
Dow futures were down 800 points, or 2.1%. The S&P 500 was set to open down 2.4%, and Nasdaq futures were 2.7% lower.
Although those declines were sharp and significant, they were roughly halved from their low point Sunday night. The S&P 500 was at one point set to open in bear-market territory – a drop of 20% from a recent peak – after hitting a record high less than seven weeks ago, on February 19. That would be the second-fastest peak-to-bear market shift in history (the fastest occurred during the 2020 pandemic).
Investors may be sensing a buying opportunity. With all the recent and rapid selling, stocks are getting cheap: They're trading at a historically inexpensive 15 times future earnings projections. That could help markets rebound if investors believe stocks are oversold.
'We are getting close to a bottom,' said Demmert. 'The fact that stocks have dropped so significantly in these deep intraday moves is a clear sign of indiscriminate and fear-based selling. When this happens, we tend to soon see significant rallies.'
That could muddy the message Wall Street has been trying to send to President Donald Trump. Market mayhem has potentially opened the door to some negotiation.
Trump said Sunday on Air Force One that he has been fielding calls from tech executives and world leaders over the weekend on tariffs. Trump said he would be open to a deal with China and the European Union, although he demanded they close the trade gap with the United States. It's a feat that isn't solvable overnight, if ever.
'If they want to talk about that, I'm open to talking,' Trump said.
If the stock market pulls back from its extensive declines, Trump may get the message that he can hold firm and weather the market storm, some market analysts said.
'We need this market to crash – to keep the pressure on the administration,' Ed Yardeni, president of Yardeni Research told CNN in a stunning comment from a prominent market analyst.
To be sure, markets are still lower. Yardeni noted to clients earlier in the day that 'Liberation Day' has been followed by Annihilation Days in the stock market.
Trump, for his part, has tried to make the case that recession fears could be a good thing. For example, US oil prices plunged below $60 for the first time since April 2021 on fears that global demand will be sapped in an economic downturn. And Treasury yields have fallen as investors have poured money into the apparent safety of government bonds. That could lower some consumer rates pegged to Treasury yields, including mortgages, credit cards and auto loans – although Federal Reserve Chair Jerome Powell said Friday the central bank was in no rush to lower rates.
'Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place,' Trump said in a Truth Social post Monday morning.
Trump and his tariffs have taken a bull stock market and are on the precipice of turning it into a bear faster than any president has overseen in modern history. If the stock market closes in bear territory, it would be the earliest in a new administration a bull market has turned into a bear in the history of the S&P 500, which dates back to 1957.
Among the reasons for the bearish sentiment is the uncertainty the Trump administration has created regarding its inconsistent messaging about whether tariffs would be open to negotiation.
On Wednesday, America will impose significantly higher 'reciprocal' tariffs on nearly 90 countries that have the highest trade imbalances with the United States. In a note to investors Sunday, Goldman Sachs said that if Trump followed through with those threats, it would surely plunge the US and global economies into a recession. JPMorgan CEO Jamie Dimon said in an annual letter to shareholders Monday that Trump's tariffs would raise prices and slow economic growth.
In addition to baseline 10% universal tariffs that went into effect Saturday morning, Trump has also put in place tariffs on autos, steel and aluminum. He placed 25% tariffs on certain goods from Canada and Mexico. And more tariffs could be on their way: Tariffs on auto parts are set to go into effect no later than May 3. Meanwhile Trump has also threatened tariffs on lumber, pharmaceuticals, copper and microchips, among other products.
Whether or not Trump follows through with those threats could be the determining factor in whether the economy plunges into a global downturn.
If you ask Commerce Secretary Howard Lutnick, Trump isn't bluffing.
'The tariffs are coming. (Trump) announced it, and he wasn't kidding,' Lutnick told CBS's 'Face the Nation' on Sunday. 'The tariffs are coming. Of course they are.'
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CNBC
19 minutes ago
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Best stocks: The 10 most exciting names of the summer and one more on the verge of a breakout
(This is The Best Stocks in the Market , brought to you by Josh Brown and Sean Russo of Ritholtz Wealth Management.) Josh — With the first half of the year wrapping up, Sean and I are taking a look at the best stocks on our Best Stocks in the Market list so far this summer. We're using June 1st as the starting point to show you the names people have been most excited about on our list. The first thing that jumped out at me was the breadth of sector dispersion among the top ten Best Stocks this month. It's not concentrated to any one or two sectors, it's all over the map. This is what you want to see in a bull market, of course, because it indicates a bull that's being driven by multiple forces and not a singular theme, like rates falling or AI spending. Coinbase (COIN) , Oracle (ORCL) , Robinhood (HOOD) , Vistra (VST) and Roblox (RBLX) are your top five. That's two from financial services, one from information technology, one utility, and one from communications services. Over the past month, these stocks are up between 21% and 42% with billions in market cap gains for all of them. Coinbase has added $27 billion in value since the start of the month while Robinhood has added $22 billion, putting both companies higher in the Financial sector's overall weighting. Within the top 10 are Royal Caribbean (RCL) which is benefiting from the twin tailwinds of lower energy prices and a resilient consumer, and Cloudflare (NET) , a data center play. Then there's Ferguson Enterprises (FERG) , an HVAC giant I introduced the audience to on the Halftime Report back in December for the first time. Last but not certainly not least is KLAC and NVDA , two semiconductor giants, with NVDA nearing a $4 trillion market cap. Additionally, Hilton (HLT) hit our list last week. We just saw a golden cross happen as the stock climbs out of its April "Liberation Day" lows. The stock was in a 24% drawdown and is now back to within 4% of a 52-week high. Welcome to the list, Hilton. Sector Leaderboard As of 6/30/2025, there are 120 names on The Best Stocks in the Market list. Top Sector Ranking: Sean — June 2025 was a standout month for the U.S. stock market, with the S & P 500 and Nasdaq both closing at record highs amid renewed optimism around AI and easing geopolitical tensions. Tech stocks led the charge, with names like Nvidia and Oracle driving performance, helping the broader market shrug off lingering concerns about inflation and trade policy. Industrials and tech take up the lion's share of our list at a combined 40% exposure out of all 11 sectors: Top Industries: Software, Capital Markets, and Aerospace and Defense have been the strongest industries for the first half of 2025: Crypto was another theme within our list that had a great June. COIN was the best performing stock on our list for the month of June, up a total of 42%. Robinhood, a capital markets stock but one that earns a massive amount of revenue due to crypto trading, was the 2nd best performer on our list for the month of June, up 41.6%. In Q1 2025, HOOD reported $252 million in crypto trading revenue, which was up 100% year-over-year. That same quarter, its total transaction-based revenue amounted to $583 million, meaning approximately 43% came from crypto alone. Hotels, restaurants and leisure is another interesting industry to point out. Within the leisure, lodging, and travel service industries in the S & P 500, every stock is above its 50-day moving average, and all but one stock is above its 200-day moving average ( Norwegian Cruise Line is below that level). The median RSI for an S & P 500 stock in these industry groups is 66, higher than the median reading of 55 for the S & P 500. Top 5 Best Stocks by Relative Strength: New Addition: Hilton (HLT) Sean — Hilton (added to list on June 27) is benefiting from multiple tailwinds heading into the back half of 2025. Business travel demand has rebounded strongly, with corporate bookings and group events coming back online. At the same time, Hilton's diversified brand portfolio of affordable to ultra luxury positions it well to capture an evolving consumer during times of heightened macro uncertainty. HLT's earnings report last quarter was a strong one: Q1 2025 saw 6% adjusted EBITDA growth, $300 million in net income, a 7% pipeline increase and $927 million returned to shareholders. Full-year guidance projects up to $1.75 billion in net income and $3.3 billion in capital returned to shareholders. (data via Quartr.) Last week we saw a golden cross - which is the 50-day moving average cross through and above the 200 day moving average, which is a bullish formation. The stock is breaking above some recent congestion and deserves a spot on your watchlist from here. Risk management Josh here — Hilton is a potential breakout, not a breakout in progress. Pure technicians would wait to see how it handles a retest of the old highs from February in the low $270s. For investors, if you're going to pull the trigger early in anticipation, I like $240 as a line in the sand, just below the rising 200-day. Update each week as the closing prices come in. DISCLOSURES: (None) All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL'S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. INVESTING INVOLVES RISK. EXAMPLES OF ANALYSIS CONTAINED IN THIS ARTICLE ARE ONLY EXAMPLES. THE VIEWS AND OPINIONS EXPRESSED ARE THOSE OF THE CONTRIBUTORS AND DO NOT NECESSARILY REFLECT THE OFFICIAL POLICY OR POSITION OF RITHOLTZ WEALTH MANAGEMENT, LLC. JOSH BROWN IS THE CEO OF RITHOLTZ WEALTH MANAGEMENT AND MAY MAINTAIN A SECURITY POSITION IN THE SECURITIES DISCUSSED. ASSUMPTIONS MADE WITHIN THE ANALYSIS ARE NOT REFLECTIVE OF THE POSITION OF RITHOLTZ WEALTH MANAGEMENT, LLC" TO THE END OF OR OUR DISCLOSURE. Click here for the full disclaimer.
Yahoo
23 minutes ago
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Trump slams Elon Musk as megabill drops AI protections and hits snags in Senate
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New York Times
23 minutes ago
- New York Times
FIFA urged to use ‘influence' over President Trump's ‘abusive' immigration policy ahead of World Cup
FIFA president Gianni Infantino has received a letter signed by over 90 civil society groups, the majority of which are based in the United States, expressing 'deep concern' about immigration policies and enforcement measures in the U.S. and their potential impact on the World Cup in 2026. The letter urges FIFA to use its 'influence' to call on the administration of President Donald Trump to guarantee the fundamental rights of the millions of football fans who will seek to attend the World Cup next summer. The groups reference Infantino's 'high-profile engagements' in the White House and his recent trip to Saudi Arabia and Qatar, when he accompanied President Trump at an investment summit as evidence of his proximity to the U.S. President. Advertisement The letter asks FIFA to leverage its position to 'publicly' urge President Trump to reverse policies and practices that the groups say pose risks to both foreign tournament attendees and migrant communities living within the U.S. The letter goes on to warn that if FIFA continues to remain silent, then 'the FIFA brand will be used as a public relations tool to whitewash the reputation of an increasingly authoritarian government.' The letter says: 'We call on FIFA to use its influence to encourage the U.S. government to guarantee the fundamental rights of the millions of foreign visitors and fans who seek entry to the U.S. to attend the tournaments, and those of the constitutional rights of the many immigrants who already live, work, and contribute meaningfully to the cities selected to host them.' The letter, which has been seen by The Athletic, is co-signed by groups including Human Rights Watch, Amnesty International and NAACP, an American civil rights organization founded in 1909, as well as the 105-year-old American Civil Liberties Union (ACLU). Civil society groups and unions based in New York, Florida, Georgia, California, Texas, Massachusetts, Missouri, Pennsylvania, all states which will host World Cup fixtures, have signed the letter. The letter was co-ordinated by the British advocacy group Fair Square, in collaboration with several of the signatories. It was sent to FIFA on the morning of July 1, addressed to Infantino and copying in senior officials including Carlos Cordeiro, the former U.S. Soccer president who now serves as an advisor to Infantino. The letter was also copied into the FIFA COO Kevin Lamour, its World Cup COO Heimo Schirgi, as well as its director of government relations Alex Sopko and chief strategy officer Amy Hopfinger. The letter also copied in Matthew Mullen, the FIFA Head of Human Rights specifically for the World Cup, in 2026, which will be co-hosted by the U.S., Canada and Mexico. Advertisement Minky Worden, the director of global initiatives at Human Rights Watch, told The Athletic this type of intervention is 'very uncommon in the context of any U.S. mega-sporting event', which underlines the concern felt by the signatories about the current climate in the U.S. The letter points to the series of executive orders and policy changes implemented by President Trump since his inauguration in 2025. The administration argues these orders are in the interests of national security and public safety. In their letter, however, the rights groups say they are concerned for the projected 2.6 million visitors projected to attend the World Cup in 2026. The letter says: 'Increased immigration enforcement actions, abusive Immigration and Customs Enforcement (ICE) operations, and broader border restrictions have also contributed to widespread fear and uncertainty. Several foreign governments have already issued travel advisories to its citizens, warning of risks of being denied entry or detained and deported when traveling to the U.S.' There has been evidence of reduced inbound travel to the U.S., with Republican congressman Darin LaHood last week expressing concern about a 40 per cent reduction in travel to the U.S. from Canada amid a trade war, while he added that tourism in Las Vegas, New York and Florida is down. The letter points to the imposition of travel bans by the Trump administration against nationals from twelve countries, which threatens to exclude Iranian football fans from the World Cup, as their team has already qualified for the tournament, as well as partial restrictions on seven more nations including Venezuela, who are in contention to qualify. The groups also reference reporting from the New York Times, which claimed that 36 more countries, many of which are African, could be added to the list. Advertisement The letter warns that 'spectators from other countries remain subject to invasive and burdensome vetting procedures and the possibility of being denied travel authorization or entry due to their political or religious views.' The groups also point to concerns about the alleged 'cruel, inhuman and degrading treatment' within U.S. immigration detention facilities. The letter says that the success of a World Cup depends not only on infrastructure and logistics, but also the 'spirit of openness and safety extended to all who participate and attend'. Infantino insisted at the FIFA Congress in May that the world is welcome in America, saying in Paraguay: 'Of course, the players, of course, everyone involved, all of us, but definitely also all the fans.' The U.S. vice-president J.D. Vance said in May: 'Of course everyone is welcome to come and see this wonderful event. We want them to come, we want them to celebrate, we want them to watch the games. 'But when the time is up we want them to go home, otherwise they will have to talk to Secretary Noem,' he continued, referring to Kristi Noem, the Secretary of Homeland Security. The letter argues that FIFA, in accordance with its own Human Rights Policy, has a 'responsibility to act.' The letter says: 'The policy specifically identifies that 'providing for the safety and security of people who are attending or are otherwise involved in or affected by FIFA's events may impact certain fundamental human rights, such as freedom of movement, expression and assembly' as one of FIFA's five salient human rights risks.' It continues: 'People of all nationalities should be able to travel to the United States without fear of arbitrary denial of entry, arbitrary detention, or deportation without due process, and people in the United States should be able to exercise their right to freedom of expression without fear of arbitrary detention and deportation, and migrant communities should not live in perpetual fear of CBP and ICE raids.' The CBP provoked alarm before this summer's FIFA Club World Cup when it posted on Facebook that its agents would be 'suited and booted ready to provide security for the first round of games.' The Athletic revealed that the post was removed after direct contact from senior personnel at FIFA expressing concerns, but it is not clear as to the extent to which FIFA's outreach impacted the decision. NBC Miami reported that ICE confirmed that they would be present at games as part of the security operation, while also including a reminder that non-American citizens should carry proof of their legal status. Attendances for the Club World Cup have been mixed, with some matches close to full and some leaving tens of thousands of seats empty. Advertisement FIFA, which has been approached for comment about the letter to Infantino, has faced numerous questions over its commitment to human rights after holding its previous two men's World Cups in Qatar and Russia, while the 2034 edition will be held in Saudi Arabia. Eleven leading human rights organisations have previously criticised a 39-page document published by the world football governing body FIFA by the Saudi arm of the global law firm Clifford Chance. The groups claimed it represented a 'flawed' assessment of Saudi Arabia as the country bid to host the World Cup. FIFA is currently hiring for a Head of Human Rights & Anti-Discrimination, according to a job posting on its webpage. The posting says the applicant must have 10 years experience as a human rights executive, must demonstrate high ethical standards and personal integrity, and have experience working with marginalized and vulnerable people. Among the key tasks will be to ensure the active and transparent communication of FIFA's human rights work.
