Trump rules out Bessent as next Fed chair, says may name Powell replacement soon
"The two Kevins are doing well, and I have two other people that are doing well," Trump said in an interview with CNBC on Tuesday. The "two Kevins" are in reference to former Fed governor Kevin Warsh and Kevin Hassett, director of the National Economic Council.
Asked about Fed Governor Chris Waller and Secretary Bessent, Trump didn't deny that Waller was among the four possible replacements for Powell, but did say that Bessent does not want the job.
"I love Scott, but he wants to stay where he is," Trump said.
Trump said he may make the decision to announce Powell's replacement "soon," also noting that Fed governor Adriana Kugler is set to leave her post at the end of week and that a nominee for that opening could be announced in the coming days.
Asked whether a Kugler replacement could eventually be nominated to replace Powell as Fed chair, Trump said, "that's a possibility, too."
Kugler's term as a governor was set to expire on Jan. 31, but she announced last week she will resign on Aug. 8, opening a spot on the Federal Reserve Board for the president to fill. Kugler, who has served as a Fed governor since Sept. 13, 2023, will return to Georgetown University as a professor this fall.
Warsh has experience navigating the central bank, serving as Fed governor from 2006 until 2011; Warsh was former Fed Chair Ben Bernanke's liaison to Wall Street during the chaos of the 2008 financial crisis.
He is also a known figure to Trump, who interviewed him for the Fed chair post eight years ago before deciding to nominate Powell.
Trump nominated Powell to serve as Fed chair in 2017 at the direction of then-Treasury Secretary Steven Mnuchin. Powell's first term as Fed chair began in Feb. 2018. Former President Biden reappointed Powell to another four year term which started in 2022. Powell's current term as Fed chair is set to expire next May.
The White House also hopes that Powell will decide to leave the Fed Board of Governors when his chairmanship is up next year, which would open up a second seat Trump can fill. Powell has not yet said whether he intends to do that; his term as a Fed governor is not up until 2028.
Warsh has been critical of the Fed of late, suggesting that the Fed could look through inflation related to tariffs because they'd be a one-time increase.
He's also argued that the costs involved in renovating the Fed's headquarters represent one of several examples of how the Fed "has lost its way" and that the American people "need a reformer to fix" the institution and rebuild its credibility. "Frankly, it's about breaking some heads," he said on Fox Business last month, calling for "regime change" at the central bank.
Hassett, meanwhile, already has a close relationship with Trump, given that he advises the president on economic policy and also served in the first Trump administration.
Earlier in the year, Hassett said he was more focused on the 10-year Treasury yield than on any quick monetary policy changes at the Federal Reserve. While the Fed has greater influence on short-term Treasury yields, longer-term yields are influenced by a range of factors outside the Fed and the 10-year holds sway over mortgage rates that more directly weigh on household finances.
Recently, Hassett has been more blunt, saying there's no reason why the Fed shouldn't be cutting rates now, something the president has repeatedly hammered the central bank to do.
Hassett signaled in an interview Sunday on NBC's Meet the Press that he's open to succeeding Fed Chair Powell if the president chooses him.
'I've been working with the president for about eight years, and, you know, as one of his closest economic advisers, of course, we've talked about the Federal Reserve,' Hassett told NBC. When pressed whether he'd say yes if chosen to be the next Fed Chair, Hassett said, 'we'll have to see if he chooses me.'
Meanwhile, Fed Governor Waller — whom the president acknowledged is in the running for chair — dissented at last week's central bank policy meeting along with Fed Governor Michelle Bowman, with both preferring the Fed cut rates by 25 basis rather than keeping interest rates unchanged.
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Stock market today: Dow, S&P 500, Nasdaq fall as Wall Street digests earnings, Trump tariffs
US stocks retreated on Tuesday as investors digested the latest wave of corporate earnings and various tariff updates. The benchmark S&P 500 (^GSPC) slid 0.5%, while the blue-chip Dow Jones Industrial Average (^DJI) fell 0.1%. The Nasdaq Composite (^IXIC) was down nearly 0.7%. Palantir (PLTR) stock jumped roughly 7% after the company's earnings report beat expectations and revealed its revenue had topped $1 billion in a quarter for the first time. On Monday, stocks sharply rebounded after tanking on Friday in the aftermath of a number of market-shaking events, including a weak jobs report, fresh tariffs, new signs of rising prices, and President Trump's firing of the commissioner of the Bureau of Labor Statistics. Economic data released Tuesday morning showed the services sector flatlined in July. The Institute for Supply Management's (ISM) services PMI registered a reading of 50.1 in July, down from June's reading of 50.8, and below the 51.5 economists surveyed by Bloomberg. Meanwhile, Trump continued to amp up pressure on trade after this week after threatening to hike tariffs on India. In an interview with CNBC on Tuesday morning, President Trump said pharmaceutical imports could see tariffs of up to 250%. He also ruled out Treasury Secretary Scott Bessent as a potential incoming Fed chair, but noted that Jerome Powell's successor could be named "soon." Read more: The latest on Trump's tariffs Wall Street is now focused on the continuation of earnings season. On Tuesday, AMD (AMD) and Rivian (RIVN) are set to report their results. McDonald's (MCD) and Disney (DIS) earnings land Wednesday. Palantir is now one of the biggest stocks in the market Palantir (PLTR) stock rose more than 7% on Tuesday after notching a billion dollars in quarterly revenue for the first time. The stock is now up more than 610% over the past year and is quickly becoming one of the largest stocks in the S&P 500 GSPC (^GSPC). Since joining the S&P 500 in September 2024, Palantir has added about $321 billion to its market cap and is now a top 25 largest holding in the S&P 500. That makes Palantir larger than the likes of Bank of America (BAC), Chevron (CVX) and Coca-Cola (KO). Rivian Q2 earnings preview: EV tax credit impact, R2 SUV update on the agenda Yahoo Finance's Pras Subramanian reports: Rivian (RIVN) will report second quarter earnings after the bell on Tuesday. The pure-play EV maker is building the case toward eventual profitability while navigating the minefields of President Trump's auto sector tariffs and removal of EV tax credits. For the quarter, Rivian is expected to report revenue of $1.28 billion, per Bloomberg consensus estimates, higher than the $1.158 billion reported a year ago. The company is expected to post an adjusted EPS loss of $0.63, with an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of $493 million. Last quarter, the company reported its second consecutive quarter of gross profit, hitting $206 million. Despite this, issues like trade policy and tariffs meant Rivian maintained its 2025 full-year adjusted EBITDA loss projection in a range of $1.7 billion to $1.9 billion. Tariffs on auto parts currently stand at 25%, though USMCA-compliant parts are exempt. The Federal Reserve rate cut debate is shifting Following Friday's weaker-than-expected July jobs report, the consensus debate surrounding Federal Reserve interest rate cuts is no longer whether the central bank will slash rates this year. Instead, it's all about how aggressive the cuts will be. "I think a 25 basis points cut is a lock," Queens' College, Cambridge president Mohamed El-Erian told Yahoo Finance. "A 50 basis point cut is a possibility, not yet a probability. It's a possibility." The economic team at Goldman Sachs agrees. In a Monday research note titled "on course for cuts," Goldman Sachs chief economist Jan Hatzius projected the Fed will proceed with three 25 basis point interest rate cuts throughout its final three meetings of 2025. But Hatzius added that should the unemployment rate move higher from 4.2% in the August jobs report, a 50 basis point interest rate cut in September is "possible." For their part, markets are split on how far the Fed will bring down interest rates this year. As of Tuesday afternoon, investors are pricing in a 46% chance the Fed cuts rates by 75 basis points in 2025 and a 43% chance rates are lowered by 50 basis points by the end of the year, per the CME FedWatch Tool. This will put upcoming monthly labor reports and weekly reports on unemployment claim filings, released on Thursdays, in particular focus for investors between now and the Sept. 17 monetary policy decision. Monday's winners are Tuesday's losers in the market On a sector basis, Technology (XLK), Communication Services (XLC), and Utilities (XLU) were the clear winners during Monday's trade, each outperforming the S&P 500's 1.5% gain. On Tuesday, that action reversed. All three sectors were among the worst performers within the benchmark index. AI is the clear risk to the upside for the stock market in 2025 Another Wall Street strategist has boosted their year-end S&P 500 target. In a note to clients on Tuesday, HSBC head of equity strategy for the Americas Nicole Inui boosted her year-end S&P 500 target to 6,400 from 5,600. Inui also detailed a bull-case scenario in which an "AI fueled rally" brings the benchmark index to 7,000 by year-end and a bear-case scenario in which tariff impacts drag the S&P 500 down to 5,700. "We have more confidence in the sustainability of the AI trade than further easing on policy uncertainty," Inui wrote. In other words, the risks are more heavily weighted to the bull case outcome. This reveals a key takeaway from how Wall Street is talking about the potential path higher for an S&P 500 that's already near record highs. The bull case for stocks isn't backed by a call for US economic growth to suddenly inflect higher or interest rate cuts from the Federal Reserve to suddenly spark a broad market rally. As we wrote in Tuesday's Yahoo Finance Morning Brief newsletter, the bull case in stocks is still being driven by AI investment and its ability to push corporate profits higher. "For our bull case scenario to play out, tariff costs would shift mostly to the supplier having a negligible impact on US corporate profits," Inui wrote. "At the same time, AI adoption accelerates and starts to have a real impact on profitability through efficiency gains." Countries push for last-minute deals as Thursday tariff deadline looms Yahoo Finance's Ben Wersckul reports: Read more here. Hims & Hers stock slides 6% after second quarter revenue misses forecasts Yahoo Finance's Jake Conley reports: Read more here. PMI data points to 'encouragingly robust' economic activity to start the third quarter Activity in the services continued to expand during the month of July, according to two data releases on Tuesday morning. The Institute for Supply Management's (ISM) services PMI registered a reading of 50.1 in July, down from June's reading of 50.8, and below the 51.5 economists surveyed by Bloomberg had expected. Readings above 50 for this index indicate an expansion in activity, while readings below 50 indicate contraction. The manufacturing sector has been in contraction for most of the past two years. "July's PMI level continues to reflect slow growth, and survey respondents indicated that seasonal and weather factors had negative impacts on business," Steve Miller, the chair of the Institute for Supply Management Services Business Survey committee, said in the release. "The most common topic among survey panelists remained tariff-related impacts, with a noticeable increase in commodities listed as up in price." Elsewhere on Tuesday, S&P Global's composite PMI, which combines both activity in the services and manufacturing sectors, registered a reading of 55.1 in July, up from 52.9 the month prior. S&P Global chief business economist Chris Williamson said the data signals "encouragingly robust economic growth at the start of the third quarter." Williamson added that the July PMI data points to the US economy growing at a 2.5% annualized pace in the third quarter, above the 1.25% pace seen in the first half. Trump rules out Bessent as next Fed chair, says may name Powell replacement soon Yahoo Finance's Jennifer Schonberger and Myles Udland report: Read more here. Trending tickers in premarket trading: Pfizer, Palantir, Caterpillar Companies reporting earnings topped Yahoo Finance's trending tickers list on Tuesday. Here's a look at how they're trading 30 minutes before the opening bell: Read more live coverage of corporate earnings here. Palantir stock surges on Q2 beat and raise Palantir (PLTR) stock climbed 7% higher in premarket trading on Tuesday following the AI software company's blowout second quarter earnings report on Monday afternoon. Palantir's revenue topped $1 billion in a quarter for the first time as the company dodged government contract spending cuts and reported beat-and-raise results. Year to date, Palantir stock is up 112%. Yahoo Finance's Jake Conley reports: Read more here. Wall Street 2025 bonuses: Winners and losers so far Yahoo Finance's David Hollerith reports: Read more here. Good morning. Here's what's happening today. Economic data: S&P Global US Services PMI (July final) S&P Global US Composite, (July final); ISM services index (July) Earnings: AMD (AMD), BP (BP), Caterpillar (CAT), Duke Energy (DUK), Lucid Group (LCID), Opendoor (OPEN), Pfizer (PFE), Rivian (RIVN), Super Micro Computer (SMCI), Snap (SNAP), Upstart (UPST) Here are some of the biggest stories you may have missed overnight and early this morning: One key reason a slowing economy isn't shaking stock market bulls Wall Street 2025 bonuses: Winners and losers so far Big Tech is power-hungry, and America's aging grid can't keep up Pfizer beats in Q2 earnings, reaffirms 2025 outlook Trump's Fed pick could face resistance from colleagues on rates Intel struggles with key manufacturing process for next chip EU says it expects turbulence in trade relations with US Jefferies sees crowded trade in Big Tech as Fed nears rate cuts US rig decline outpaces efficiency, threatening oil output Autopilot verdict deals Tesla a 'black eye' Pfizer stock rises after beating Q2 earnings, reaffirming 2025 outlook Pfizer (PFE) stock rose 2% in premarket trading Tuesday after beating quarterly estimates on the top and bottom lines. The company posted earnings per share of $0.78, versus estimates of $0.58 per share, on revenue of $14.7 billion, compared to Wall Street expectations of $13.5 billion. Yahoo Finance's Anjalee Khemlani reports: Read more here. One key reason a slowing economy isn't shaking stock market bulls Yahoo finance's senior reporter Josh Schafer looks at why softening economic data may not be as important for stocks as AI: Read more here. Nvidia partner Hon Hai's July sales growth weakened by tariffs Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( saw its Taiwan stock close 2% higher on Tuesday despite reporting a sales slowdown for July. Bloomberg News reports: Read more here. Oil flattened from multi-day drop after Trump's India rebuke Oil prices steadied from a three-day decline following a ramping up of threats from Trump to India over the Asian nation's continued use of Russian crude. Bloomberg reports: Read more here. Palantir is now one of the biggest stocks in the market Palantir (PLTR) stock rose more than 7% on Tuesday after notching a billion dollars in quarterly revenue for the first time. The stock is now up more than 610% over the past year and is quickly becoming one of the largest stocks in the S&P 500 GSPC (^GSPC). Since joining the S&P 500 in September 2024, Palantir has added about $321 billion to its market cap and is now a top 25 largest holding in the S&P 500. That makes Palantir larger than the likes of Bank of America (BAC), Chevron (CVX) and Coca-Cola (KO). Palantir (PLTR) stock rose more than 7% on Tuesday after notching a billion dollars in quarterly revenue for the first time. The stock is now up more than 610% over the past year and is quickly becoming one of the largest stocks in the S&P 500 GSPC (^GSPC). Since joining the S&P 500 in September 2024, Palantir has added about $321 billion to its market cap and is now a top 25 largest holding in the S&P 500. That makes Palantir larger than the likes of Bank of America (BAC), Chevron (CVX) and Coca-Cola (KO). Rivian Q2 earnings preview: EV tax credit impact, R2 SUV update on the agenda Yahoo Finance's Pras Subramanian reports: Rivian (RIVN) will report second quarter earnings after the bell on Tuesday. The pure-play EV maker is building the case toward eventual profitability while navigating the minefields of President Trump's auto sector tariffs and removal of EV tax credits. For the quarter, Rivian is expected to report revenue of $1.28 billion, per Bloomberg consensus estimates, higher than the $1.158 billion reported a year ago. The company is expected to post an adjusted EPS loss of $0.63, with an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of $493 million. Last quarter, the company reported its second consecutive quarter of gross profit, hitting $206 million. Despite this, issues like trade policy and tariffs meant Rivian maintained its 2025 full-year adjusted EBITDA loss projection in a range of $1.7 billion to $1.9 billion. Tariffs on auto parts currently stand at 25%, though USMCA-compliant parts are exempt. Yahoo Finance's Pras Subramanian reports: Rivian (RIVN) will report second quarter earnings after the bell on Tuesday. The pure-play EV maker is building the case toward eventual profitability while navigating the minefields of President Trump's auto sector tariffs and removal of EV tax credits. For the quarter, Rivian is expected to report revenue of $1.28 billion, per Bloomberg consensus estimates, higher than the $1.158 billion reported a year ago. The company is expected to post an adjusted EPS loss of $0.63, with an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of $493 million. Last quarter, the company reported its second consecutive quarter of gross profit, hitting $206 million. Despite this, issues like trade policy and tariffs meant Rivian maintained its 2025 full-year adjusted EBITDA loss projection in a range of $1.7 billion to $1.9 billion. Tariffs on auto parts currently stand at 25%, though USMCA-compliant parts are exempt. The Federal Reserve rate cut debate is shifting Following Friday's weaker-than-expected July jobs report, the consensus debate surrounding Federal Reserve interest rate cuts is no longer whether the central bank will slash rates this year. Instead, it's all about how aggressive the cuts will be. "I think a 25 basis points cut is a lock," Queens' College, Cambridge president Mohamed El-Erian told Yahoo Finance. "A 50 basis point cut is a possibility, not yet a probability. It's a possibility." The economic team at Goldman Sachs agrees. In a Monday research note titled "on course for cuts," Goldman Sachs chief economist Jan Hatzius projected the Fed will proceed with three 25 basis point interest rate cuts throughout its final three meetings of 2025. But Hatzius added that should the unemployment rate move higher from 4.2% in the August jobs report, a 50 basis point interest rate cut in September is "possible." For their part, markets are split on how far the Fed will bring down interest rates this year. As of Tuesday afternoon, investors are pricing in a 46% chance the Fed cuts rates by 75 basis points in 2025 and a 43% chance rates are lowered by 50 basis points by the end of the year, per the CME FedWatch Tool. This will put upcoming monthly labor reports and weekly reports on unemployment claim filings, released on Thursdays, in particular focus for investors between now and the Sept. 17 monetary policy decision. Following Friday's weaker-than-expected July jobs report, the consensus debate surrounding Federal Reserve interest rate cuts is no longer whether the central bank will slash rates this year. Instead, it's all about how aggressive the cuts will be. "I think a 25 basis points cut is a lock," Queens' College, Cambridge president Mohamed El-Erian told Yahoo Finance. "A 50 basis point cut is a possibility, not yet a probability. It's a possibility." The economic team at Goldman Sachs agrees. In a Monday research note titled "on course for cuts," Goldman Sachs chief economist Jan Hatzius projected the Fed will proceed with three 25 basis point interest rate cuts throughout its final three meetings of 2025. But Hatzius added that should the unemployment rate move higher from 4.2% in the August jobs report, a 50 basis point interest rate cut in September is "possible." For their part, markets are split on how far the Fed will bring down interest rates this year. As of Tuesday afternoon, investors are pricing in a 46% chance the Fed cuts rates by 75 basis points in 2025 and a 43% chance rates are lowered by 50 basis points by the end of the year, per the CME FedWatch Tool. This will put upcoming monthly labor reports and weekly reports on unemployment claim filings, released on Thursdays, in particular focus for investors between now and the Sept. 17 monetary policy decision. Monday's winners are Tuesday's losers in the market On a sector basis, Technology (XLK), Communication Services (XLC), and Utilities (XLU) were the clear winners during Monday's trade, each outperforming the S&P 500's 1.5% gain. On Tuesday, that action reversed. All three sectors were among the worst performers within the benchmark index. On a sector basis, Technology (XLK), Communication Services (XLC), and Utilities (XLU) were the clear winners during Monday's trade, each outperforming the S&P 500's 1.5% gain. On Tuesday, that action reversed. All three sectors were among the worst performers within the benchmark index. AI is the clear risk to the upside for the stock market in 2025 Another Wall Street strategist has boosted their year-end S&P 500 target. In a note to clients on Tuesday, HSBC head of equity strategy for the Americas Nicole Inui boosted her year-end S&P 500 target to 6,400 from 5,600. Inui also detailed a bull-case scenario in which an "AI fueled rally" brings the benchmark index to 7,000 by year-end and a bear-case scenario in which tariff impacts drag the S&P 500 down to 5,700. "We have more confidence in the sustainability of the AI trade than further easing on policy uncertainty," Inui wrote. In other words, the risks are more heavily weighted to the bull case outcome. This reveals a key takeaway from how Wall Street is talking about the potential path higher for an S&P 500 that's already near record highs. The bull case for stocks isn't backed by a call for US economic growth to suddenly inflect higher or interest rate cuts from the Federal Reserve to suddenly spark a broad market rally. As we wrote in Tuesday's Yahoo Finance Morning Brief newsletter, the bull case in stocks is still being driven by AI investment and its ability to push corporate profits higher. "For our bull case scenario to play out, tariff costs would shift mostly to the supplier having a negligible impact on US corporate profits," Inui wrote. "At the same time, AI adoption accelerates and starts to have a real impact on profitability through efficiency gains." Another Wall Street strategist has boosted their year-end S&P 500 target. In a note to clients on Tuesday, HSBC head of equity strategy for the Americas Nicole Inui boosted her year-end S&P 500 target to 6,400 from 5,600. Inui also detailed a bull-case scenario in which an "AI fueled rally" brings the benchmark index to 7,000 by year-end and a bear-case scenario in which tariff impacts drag the S&P 500 down to 5,700. "We have more confidence in the sustainability of the AI trade than further easing on policy uncertainty," Inui wrote. In other words, the risks are more heavily weighted to the bull case outcome. This reveals a key takeaway from how Wall Street is talking about the potential path higher for an S&P 500 that's already near record highs. The bull case for stocks isn't backed by a call for US economic growth to suddenly inflect higher or interest rate cuts from the Federal Reserve to suddenly spark a broad market rally. As we wrote in Tuesday's Yahoo Finance Morning Brief newsletter, the bull case in stocks is still being driven by AI investment and its ability to push corporate profits higher. "For our bull case scenario to play out, tariff costs would shift mostly to the supplier having a negligible impact on US corporate profits," Inui wrote. "At the same time, AI adoption accelerates and starts to have a real impact on profitability through efficiency gains." Countries push for last-minute deals as Thursday tariff deadline looms Yahoo Finance's Ben Wersckul reports: Read more here. Yahoo Finance's Ben Wersckul reports: Read more here. Hims & Hers stock slides 6% after second quarter revenue misses forecasts Yahoo Finance's Jake Conley reports: Read more here. Yahoo Finance's Jake Conley reports: Read more here. PMI data points to 'encouragingly robust' economic activity to start the third quarter Activity in the services continued to expand during the month of July, according to two data releases on Tuesday morning. The Institute for Supply Management's (ISM) services PMI registered a reading of 50.1 in July, down from June's reading of 50.8, and below the 51.5 economists surveyed by Bloomberg had expected. Readings above 50 for this index indicate an expansion in activity, while readings below 50 indicate contraction. The manufacturing sector has been in contraction for most of the past two years. "July's PMI level continues to reflect slow growth, and survey respondents indicated that seasonal and weather factors had negative impacts on business," Steve Miller, the chair of the Institute for Supply Management Services Business Survey committee, said in the release. "The most common topic among survey panelists remained tariff-related impacts, with a noticeable increase in commodities listed as up in price." Elsewhere on Tuesday, S&P Global's composite PMI, which combines both activity in the services and manufacturing sectors, registered a reading of 55.1 in July, up from 52.9 the month prior. S&P Global chief business economist Chris Williamson said the data signals "encouragingly robust economic growth at the start of the third quarter." Williamson added that the July PMI data points to the US economy growing at a 2.5% annualized pace in the third quarter, above the 1.25% pace seen in the first half. Activity in the services continued to expand during the month of July, according to two data releases on Tuesday morning. The Institute for Supply Management's (ISM) services PMI registered a reading of 50.1 in July, down from June's reading of 50.8, and below the 51.5 economists surveyed by Bloomberg had expected. Readings above 50 for this index indicate an expansion in activity, while readings below 50 indicate contraction. The manufacturing sector has been in contraction for most of the past two years. "July's PMI level continues to reflect slow growth, and survey respondents indicated that seasonal and weather factors had negative impacts on business," Steve Miller, the chair of the Institute for Supply Management Services Business Survey committee, said in the release. "The most common topic among survey panelists remained tariff-related impacts, with a noticeable increase in commodities listed as up in price." Elsewhere on Tuesday, S&P Global's composite PMI, which combines both activity in the services and manufacturing sectors, registered a reading of 55.1 in July, up from 52.9 the month prior. S&P Global chief business economist Chris Williamson said the data signals "encouragingly robust economic growth at the start of the third quarter." Williamson added that the July PMI data points to the US economy growing at a 2.5% annualized pace in the third quarter, above the 1.25% pace seen in the first half. Trump rules out Bessent as next Fed chair, says may name Powell replacement soon Yahoo Finance's Jennifer Schonberger and Myles Udland report: Read more here. Yahoo Finance's Jennifer Schonberger and Myles Udland report: Read more here. Trending tickers in premarket trading: Pfizer, Palantir, Caterpillar Companies reporting earnings topped Yahoo Finance's trending tickers list on Tuesday. Here's a look at how they're trading 30 minutes before the opening bell: Read more live coverage of corporate earnings here. Companies reporting earnings topped Yahoo Finance's trending tickers list on Tuesday. Here's a look at how they're trading 30 minutes before the opening bell: Read more live coverage of corporate earnings here. Palantir stock surges on Q2 beat and raise Palantir (PLTR) stock climbed 7% higher in premarket trading on Tuesday following the AI software company's blowout second quarter earnings report on Monday afternoon. Palantir's revenue topped $1 billion in a quarter for the first time as the company dodged government contract spending cuts and reported beat-and-raise results. Year to date, Palantir stock is up 112%. Yahoo Finance's Jake Conley reports: Read more here. Palantir (PLTR) stock climbed 7% higher in premarket trading on Tuesday following the AI software company's blowout second quarter earnings report on Monday afternoon. Palantir's revenue topped $1 billion in a quarter for the first time as the company dodged government contract spending cuts and reported beat-and-raise results. Year to date, Palantir stock is up 112%. Yahoo Finance's Jake Conley reports: Read more here. Wall Street 2025 bonuses: Winners and losers so far Yahoo Finance's David Hollerith reports: Read more here. Yahoo Finance's David Hollerith reports: Read more here. Good morning. Here's what's happening today. Economic data: S&P Global US Services PMI (July final) S&P Global US Composite, (July final); ISM services index (July) Earnings: AMD (AMD), BP (BP), Caterpillar (CAT), Duke Energy (DUK), Lucid Group (LCID), Opendoor (OPEN), Pfizer (PFE), Rivian (RIVN), Super Micro Computer (SMCI), Snap (SNAP), Upstart (UPST) Here are some of the biggest stories you may have missed overnight and early this morning: One key reason a slowing economy isn't shaking stock market bulls Wall Street 2025 bonuses: Winners and losers so far Big Tech is power-hungry, and America's aging grid can't keep up Pfizer beats in Q2 earnings, reaffirms 2025 outlook Trump's Fed pick could face resistance from colleagues on rates Intel struggles with key manufacturing process for next chip EU says it expects turbulence in trade relations with US Jefferies sees crowded trade in Big Tech as Fed nears rate cuts US rig decline outpaces efficiency, threatening oil output Autopilot verdict deals Tesla a 'black eye' Economic data: S&P Global US Services PMI (July final) S&P Global US Composite, (July final); ISM services index (July) Earnings: AMD (AMD), BP (BP), Caterpillar (CAT), Duke Energy (DUK), Lucid Group (LCID), Opendoor (OPEN), Pfizer (PFE), Rivian (RIVN), Super Micro Computer (SMCI), Snap (SNAP), Upstart (UPST) Here are some of the biggest stories you may have missed overnight and early this morning: One key reason a slowing economy isn't shaking stock market bulls Wall Street 2025 bonuses: Winners and losers so far Big Tech is power-hungry, and America's aging grid can't keep up Pfizer beats in Q2 earnings, reaffirms 2025 outlook Trump's Fed pick could face resistance from colleagues on rates Intel struggles with key manufacturing process for next chip EU says it expects turbulence in trade relations with US Jefferies sees crowded trade in Big Tech as Fed nears rate cuts US rig decline outpaces efficiency, threatening oil output Autopilot verdict deals Tesla a 'black eye' Pfizer stock rises after beating Q2 earnings, reaffirming 2025 outlook Pfizer (PFE) stock rose 2% in premarket trading Tuesday after beating quarterly estimates on the top and bottom lines. The company posted earnings per share of $0.78, versus estimates of $0.58 per share, on revenue of $14.7 billion, compared to Wall Street expectations of $13.5 billion. Yahoo Finance's Anjalee Khemlani reports: Read more here. Pfizer (PFE) stock rose 2% in premarket trading Tuesday after beating quarterly estimates on the top and bottom lines. The company posted earnings per share of $0.78, versus estimates of $0.58 per share, on revenue of $14.7 billion, compared to Wall Street expectations of $13.5 billion. Yahoo Finance's Anjalee Khemlani reports: Read more here. One key reason a slowing economy isn't shaking stock market bulls Yahoo finance's senior reporter Josh Schafer looks at why softening economic data may not be as important for stocks as AI: Read more here. Yahoo finance's senior reporter Josh Schafer looks at why softening economic data may not be as important for stocks as AI: Read more here. Nvidia partner Hon Hai's July sales growth weakened by tariffs Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( saw its Taiwan stock close 2% higher on Tuesday despite reporting a sales slowdown for July. Bloomberg News reports: Read more here. Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( saw its Taiwan stock close 2% higher on Tuesday despite reporting a sales slowdown for July. Bloomberg News reports: Read more here. Oil flattened from multi-day drop after Trump's India rebuke Oil prices steadied from a three-day decline following a ramping up of threats from Trump to India over the Asian nation's continued use of Russian crude. Bloomberg reports: Read more here. Oil prices steadied from a three-day decline following a ramping up of threats from Trump to India over the Asian nation's continued use of Russian crude. Bloomberg reports: Read more here. 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Watch MAGA politicians die inside as their voters turn on them at town hall meetings
Republicans may be in power right now, but that doesn't make them immune from criticism — even in bright red states like Nebraska — and one conservative's constituents took that to a whole new level on Monday night. The GOP is no stranger to being heckled and booed at city council meetings, rallies, and town hall meetings — just look at JD Vance's propensity for inspiring anger in crowds — but House Republican Rep. Mike Flood just faced an onslaught of hostile Nebraskans when he tried to defend President Donald Trump's massive spending and tax bill that contains cut to Medicaid, ABC News reports. 'Given your full-throated support of the bill, whatever we call it, and your view of the facts, I'd like to know how you expect tp pay back a lot of this debt that is going to be layered onto our grandchildren because we're not willing to make our rich part of our society pay their fair share,' one Nebraskan in the audience asked the congressman to cheers from the crowd. When Flood attempted to explain himself, he was drowned out by the audience chanting, 'Tax the rich, tax the rich!' At other points during the town hall meeting, Flood was met with boos, heckling, and people shouting 'vote him out' so loudly that he had to stop talking, including when he was trying to explain that cutting Medicaid was the answer to cutting healthcare costs, despite the Bipartisan Policy Center reporting that the Trump administration's 'One Big Beautiful Bill' will cost the country $3.4 trillion. But it was one Nebraska citizen who took her opportunity at the podium to ask a question that has probably been on many people's minds these days. While asking a 'fiscal' question where she referenced ICE spending millions every day to illegally detain people, the makeshift immigration detention facility dubbed 'Alligator Alcatraz,' and FEMA dollars being used to open 'more concentration camps,' one woman asked, 'How much does it cost for fascism? How much do the taxpayers have to pay for a fascist country?' as the crowd erupted in applause. Flood may have just entered the 'find out' stage of 'f*ck around and find out,' but he isn't the only Republican who is facing backlash from their constituents. Iowa Republican Ashley Hinton was heckled and laughed at when she praised Trump's 'One Big Beautiful Bill' and defended his decision to accept a jet from Qatar. Angry constituents didn't hold back when Republican Congressman Chuck Edwards (R-N.C.) defended Trump and Elon Musk's sweeping cuts to the government at a town hall meeting in March. The interaction with the crowd became so hostile that Edwards even had to be escorted from the building. 'You're taking away my Social Security, f*ck you!' one U.S. Veteran shouted while the crowd cheered him on and applauded. Republican Kansas Sen. Roger Marshall walked out of his own town hall meeting early after people angry about the Trump administration's budget cuts and funding freezes made their voices heard. The senator was booed as he entered the meeting and was quickly asked questions about veterans being fired by Musk's Department of Government Efficiency, but instead of answering his constituents questions, he ended the meeting and walked out. Florida GOP Rep. Byron Donalds faced a contentious crowd at a town hall in April. The attendees shouted from the crowd while the congressman kept asking, 'do you want to yell, or do you want to hear?' The crowd erupted into applause when one person asked, 'Do you approve of Elon and DOGE invading our Social Security files? But Donalds only got boos when he tried to answer. And these are all just examples of Republicans being shut down by their own constituents since Trump took office. We hate to see the damage the Republican Party is doing every day they hold onto power, but it's highly satisfying to see them squirm when their voters hold them accountable! This article originally appeared on Pride: Watch MAGA politicians die inside as their voters turn on them at town hall meetings RELATED Watch This GOP Senator Act Like A Child & Get Schooled Like A Child By Sen. Bernie Sanders 6 shocking celebrities who used to be Republicans The Republican National Convention is the 'Super Bowl' of faceless Grindr hookups — SHOCKER!
