5 things to know before the stock market opens on Monday
Over the weekend, President Donald Trump disputed a Wall Street Journal report that said Treasury Secretary Scott Bessent advocated against firing Federal Reserve Chair Jerome Powell. Trump, who is suing the publication over a story that said the president sent a "bawdy" birthday letter to Jeffrey Epstein, called the report involving Bessent and Powell "typically untruthful" in a social media post. This marks the latest chapter in the public and escalating saga between the White House and the central bank chief. For weeks, Trump's disciples have ratcheted up attacks on Powell as the Fed holds interest rates steady amid uncertainty tied to the president's contentious tariff plan.
Speaking of tariffs, Commerce Secretary Howard Lutnick on Sunday reaffirmed the Aug. 1 deadline set by the White House in its plan for broad and steep levies. (For those who keep their calendars up-to-date, that's next Friday.) Lutnick told CBS News that the U.S. would start expecting payments tied to the tariffs on that date and that it was a "hard deadline," but he noted that countries can continue negotiating beyond the deadline. However, U.S. trading partners may be wondering if the commerce chief's statement is more bark than bite — especially after previously set deadlines were pushed back.
Alaska Airlines resumed operations early Monday morning after grounding all of its flights for around three hours because of an IT outage. The company did not immediately share specifics on the type of outage, according to Reuters. Just last month, Alaska-owned Hawaiian Airlines faced a hack to some of its IT systems. Tech companies are taking notice and have raised alarm on hackers showing particular interest in the aviation sector. In other cyber news, Microsoft on Saturday reported "active attacks" on its servers used by government agencies and businesses.
Astronomer CEO Andy Byron, who captured the internet's fascination after being caught on camera during a Coldplay concert embracing his company's human resources chief, has resigned. If you need to go back to the start (pun intended): A clip went viral showing Byron ducking out of view after being filmed in an intimate position with Kristin Cabot, Astronomer's chief people officer. If it wasn't awkward enough, lead singer Chris Martin says in the now-famous clip that "either they're having an affair or they're just very shy." Byron's departure comes after the company, which was little-known prior to the viral video, said on Friday that it was launching a formal investigation into the incident.
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Yahoo
20 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures slip as Wall Street braces for trade deadline, jobs report
US stock futures slipped as investors digested the latest Big Tech earnings ahead of a pivotal Friday, with President Trump's deadline for trade deals and the July jobs report both on deck. Futures attached to the Dow Jones Industrial Average (YM=F) ticked down 0.1%. Futures attached to the benchmark S&P 500 (ES=F) fell 0.2%. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) slumped 0.3%. Only select US trading partners have managed to negotiate trade agreements ahead of Trump's self-imposed Aug 1. deadline, leaving many countries facing the prospect of blanket tariff rates as soon as midnight. Trump announced on Thursday that Mexico would get a 90-day extension of the tariff pause currently in place, and revealed a flurry of other deals and demands in the countdown to Friday. Read more: The latest on Trump's tariffs Apple (AAPL) and Amazon (AMZN) reported their earnings after the bell Thursday. Apple stock rose after its results beat expectations, boosted by surprisingly strong iPhone sales. Amazon's report also exceeded expectations, but the performance of its cloud business caused its stock to tumble. Stocks fell in day trading Thursday, weighed down by an inflation report showing rising prices as well as uncertainty around the looming end to the tariff pause. A rollercoaster week on Wall Street is set to end not just with trade turmoil but also with the arrival of the July jobs report, a key indicator of US economic health. The data is expected to show hiring slowed while unemployment ticked higher. Sign in to access your portfolio
New York Post
21 minutes ago
- New York Post
Trump struck huge trade deals — but tariffs are about to go up on a huge swath of imports as Liberation Day tariffs hit
WASHINGTON — Countries around the world rushed Thursday to negotiate last-minute trade deals with the US before sweeping new tariffs take effect Friday — after President Trump already locked up major agreements accounting for about one-third of American trade. As of Thursday evening, the US had secured framework agreements calling for a 15% tariff on the European Union, a 10% duty on the United Kingdom, a 20% rate for Vietnam, a 19% levy for the Philippines and Indonesia, and a 15% levy on Japan and South Korea — while securing $2.25 trillion in promised investments and purchases of US goods. Trump also allowed extensions for China and Mexico — two of America's top economic partners responsible for 27% of US trade, as he irons out the details and tries to open their markets to more American goods. Countries who account for 40% of US trade were due to receive letters by midnight Eastern Time, informing them of new rates as high as 50%. Sectoral tariffs, including a 50% rate on foreign copper, aluminum and steel and a 20% on overseas pharmaceuticals, will also go into effect. Notably, Canada — America's second largest trading partner and a particular target of Trump's ire — looks set for a new 35% duty. But rates for more than 100 countries were still being negotiated with Trump's trade team Thursday afternoon, White House press secretary Karoline Leavitt told The Post in her regular briefing. 3 White House press secretary Karoline Leavitt said tariffs will be imposed at midnight Eastern Time on Aug. 1, upon an executive order from Trump. REUTERS 'Upwards of 200 countries around the world have reached out to their trade and tariff team,' Leavitt told reporters of the conversations had throughout negotiations, noting that the White House will continue to 'prioritize' key trading partners on the last stretch. Leavitt wouldn't reveal the exact rates countries will be charged — but said Trump's team 'has been working around the clock to try to be in correspondence with as many countries as possible.' It looked unlikely a deal with Canada — which bought $350 billion in American goods last year while exporting $412 billion to the US — could be struck before the tariffs kicked. 'They have to pay a fair rate,' Trump told reporters of the holdup Thursday. 'They have been charging very, very high tariffs to our farmers.' Trump has also been leveraging America's economic power in the trade war by invoking other geopolitical grievances. India was threatened with a 25% tariff, plus an additional penalty for importing Russian weapons and energy. And even though the US has a trade surplus with Brazil, South America's biggest economy will be hit with an astronomical 50% rate due to their treatment of Trump ally and former president Jair Bolsonaro. 3 Trump has threatened countries with tariffs as high as 50%. AP Trump first announced tariff hikes as a part of his 'Liberation Deal' announcement on April 2, threatening to impose high rates at a 'reciprocal' level to account for trade discrepancies and levies charged by trading partners. He then paused his high tariffs a week later and set most rates at 10%, with the expectation that '90 deals' would be done in '90 days.' Since then, Trump has made a number of key deals with major trading partners, and the administration has predicted the Aug. 1 deadline will push others to follow suit in the coming weeks and months. Trump first made a deal with the UK in May, locking in a 10% tariff and securing the promise that the country will 'open up' their market to US goods, notably agricultural products like beef. 3 Canadian Prime Minister Mark Carney has said he won't accept a 'bad deal' from Trump, so the 35% rate may go forth. REUTERS The president then struck a 20% tariff deal with Vietnam, a 19% rate with the Philippines and Indonesia, a 15% rate with Japan and South Korea — and then announced a 15% rate on the European Union Sunday. The EU deal was particularly impressive, as it significantly raised rates from their previous levels and includes pledges for the EU to buy $750 billion in American energy, invest $600 billion in new money in the US and purchase additional military equipment. China, America's no. 3 trading partner, has separate ongoing negotiations and has a deadline of Aug. 12 to come to a final deal. Mexico received a 90-day extension in a last minute phone call with Trump on Thursday, pushing their talks to a later date while keeping the 25% tariff as punishment for fentanyl crossing the border, a 25% tariff on cars and a 50% rate on the country's aluminum, copper and steel. Other world leaders were calling Thursday asking for possible extensions, Leavitt said, but the ultimate decision rests with Trump, who has indicated that the deadline is firm. 'I think he's done really good work here to expand export opportunities for the US and our producers,' said Richard Stern, acting director of the Thomas A. Roe Institute for Economic Policy Studies at the conservative Heritage Foundation. Stern said the preliminary frameworks for some of the deals will also ensure Americans' intellectual property isn't being stolen — and force a quicker decoupling from China critical for national security. 'We view tariffs as a good tool for statecraft negotiation,' he added. 'The EU is really on this knife's edge of moving closer to China or moving closer to us.' 'As of tomorrow, US tariffs will be higher than they have been in a century — and hundreds of billions of dollars in new taxes will be paid for by American companies and consumers,' warned Scott Lincicome, vice president of general economics at the libertarian Cato Institute. Other unknown variables that could affect the tariffs were upcoming rulings by federal courts on Trump's powers to tax imports without congressional approval. 'The way I've been trying to describe it is there's a lot we still don't know and a few things we know,' Lincicome said. 'The US tariffs system has gone from, almost overnight, simple and transparent to a labyrinth of new requirements.' Mark DiPlacido, a policy adviser at the trade protectionist think tank American Compass disagreed, saying: 'The Trump administration's trade strategy is working.' 'The trade deals struck in recent weeks will help reduce US trade deficits, reshore industry, and generate quality American jobs,' added DiPlacido, who worked in the Office of the US Trade Representative during the first Trump administration. 'While many predicted the worst when higher rates were announced in April, the administration has shown that tariffs can be used effectively to increase market access, revenue, and investment without major price increases, job losses, or economic instability.'
Politico
22 minutes ago
- Politico
Elon Musk gave the GOP $10M while he was fighting with Trump
Musk, who spent $290 million of his own money to boost Trump and other Republicans last year, led the cost-cutting efforts of the so-called Department of Government Efficiency in the first few months of the Trump administration. When he left that role in May, he also suggested he was done with political giving for the time being: 'If I see a reason to do political spending in the future, I will do it. I don't currently see a reason,' he said at the Qatar Economic Forum. He then engaged in a harsh public fight with Trump in June amid the push to pass the president's signature budget bill, breaking with the president and, later, the GOP. Musk's donations to CLF and SLF were enough to make him the largest known individual donor to the main House and Senate GOP super PACs so far this year, although they reflect only a fraction of the money both raised. Congressional Leadership Fund brought in $32.7 million in the first half of the year, while Senate Leadership Fund raised $26.4 million. A spokesperson for the Congressional Leadership Fund said it does not comment on donors. Senate Leadership Fund and Musk did not immediately respond to requests for comment on Thursday. Musk also poured another $45 million of his own money into his super PAC, America PAC, this spring. That group spent primarily on Wisconsin's Supreme Court race in April, which Musk was heavily involved in publicly. Its expenses included $27 million for petition incentives, $12.7 million on campaigning related to the Wisconsin race and three controversial $1 million payments to spokespeople selected for signing Musk's petition opposing 'activist judges.' Musk's preferred candidate in that Wisconsin race, conservative Brad Schimel, lost by 10 points in what was widely seen as a sign of Musk's electoral drag on Republicans. In July, Musk said he would create his own political party, the America Party. But Thursday's FEC filings, which cover only through the end of June, provide no insight into what that effort might look like.
