
Chinese researchers suggest lasers and sabotage to counter Musk's Starlink satellites
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'As the United States integrates Starlink technology into military space assets to gain a strategic advantage over its adversaries, other countries increasingly perceive Starlink as a security threat in nuclear, space, and cyber domains,' wrote professors from China's National University of Defense Technology in a 2023 paper.
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Chinese researchers are not the only ones concerned about Starlink, which has a stranglehold on certain space-based communications. Some traditional U.S. allies are also questioning the wisdom of handing over core communications infrastructure — and a potential trove of data — to a company run by an unpredictable foreign businessman whose allegiances are not always clear.
Apprehensions deepened after Russia's 2022 full-scale invasion of Ukraine made clear the battlefield advantages Starlink satellites could convey and have been exacerbated by Musk's proliferating political interests.
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Musk pumped tens of millions of dollars into President Donald Trump's reelection effort and emerged, temporarily, as a key adviser and government official. As Musk toys with the idea of starting his own political party, he has also taken an increasing interest in European politics, using his influence to promote an array of hard-right and insurgent figures often at odds with establishment politicians.
Musk left the Trump administration in May and within days his relationship with Trump publicly imploded in a feud on social media. SpaceX, the rocket launch and space-based communications company that Musk founded and that operates Starlink, remains inextricably linked with core U.S. government functions. It has won billions in contracts to provide launch services for NASA missions and military satellites, recuperate astronauts stranded at the International Space Station and build a network of spy satellites for the National Reconnaissance Office.
Starlink's space dominance has sparked a global scramble to come up with viable alternatives. But its crushing first-mover advantage has given SpaceX near monopoly power, further complicating the currents of business, politics and national security that converge on Musk and his companies.
Starlink dominates space
Since its first launches in 2019, Starlink has come to account for about two-thirds of all active satellites, according to Jonathan McDowell, an astronomer at the Harvard-Smithsonian Center for Astrophysics, who writes a newsletter tracking satellite launches. SpaceX operates more than 8,000 active satellites and eventually aims to deploy tens of thousands more.
Beijing's tendency to view Starlink as tool of U.S. military power has sharpened its efforts to develop countermeasures — which, if deployed, could increase the risk of collateral damage to other customers as SpaceX expands its global footprint. The same satellites that pass over China also potentially serve Europe, Ukraine, the United States and other geographies as they continue their path around the earth.
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Starlink says it operates in more than 140 countries, and recently made inroads in Vietnam, Niger, Somalia, the Democratic Republic of Congo and Pakistan. In June, Starlink also obtained a license to operate in India, overcoming national security concerns and powerful domestic telecom interests to crack open a tech-savvy market of nearly 1.5 billion people.
On the company's own map of coverage, it has very few dead zones beyond those in North Korea, Iran and China.
No other country or company is close to catching up with Starlink. Amazon billionaire Jeff Bezos has taken aim at rival Musk with Project Kuiper, which launched its first batch of internet satellites into orbit in April. So far Amazon has just 78 satellites in orbit, with 3,232 planned, according to McDowell, and London-based Eutelstat OneWeb has around 650 satellites in orbit, a fraction of the fleet it had initially planned.
The European Union is spending billions to develop its own satellite array — called the IRIS2 initiative — but remains woefully behind. EU officials have had to lobby their own member states not to sign contracts with Starlink while it gets up and running.
'We are allies with the United States of America, but we need to have our strategic autonomy,' said Christophe Grudler, a French member of the European Parliament who led legislative work on IRIS2. 'The risk is not having our destiny in our own hands.'
China has been public about its ambition to build its own version of Starlink to meet both domestic national security needs and compete with Starlink in foreign markets. In 2021, Beijing established the state-owned China SatNet company and tasked it with launching a megaconstellation with military capabilities, known as Guowang. In December, the company launched its first operational satellites, and now has 60 of a planned 13,000 in orbit, according to McDowell.
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Qianfan, a company backed by the Shanghai government, has launched 90 satellites out of some 15,000 planned. The Brazilian government in November announced a deal with Qianfan, after Musk had a scorching public fight with a Brazilian judge investigating X, who also froze Space X's bank accounts in the country. Qianfan is also targeting customers in Kazakhstan, Malaysia, Oman, Pakistan and Uzbekistan and has ambitions to expand across the African continent, according to a slide presented at a space industry conference last year and published by the China Space Monitor.
Russia's invasion of Ukraine supercharges concerns
Concerns about Starlink's supremacy were supercharged by Russia's 2022 full-scale invasion of Ukraine. The war was a turning point in strategic thinking about Starlink and similar systems. Ukraine used the Starlink network to facilitate battlefield communications and power fighter and reconnaissance drones, providing a decisive ground-game advantage. At the same time, access to the satellites was initially controlled by a single man, Musk, who can — and did — interrupt critical services, refusing, for example, to extend coverage to support a Ukrainian counterattack in Russia-occupied Crimea.
U.S.-led sanctions against Moscow after the full-scale invasion also curtailed the availability of Western technology in Russia, underscoring the geopolitical risks inherent in relying on foreign actors for access to critical infrastructure.
'Ukraine was a warning shot for the rest of us,' said Nitin Pai, co-founder and director of the Takshashila Institution, a public policy research center based in Bangalore, India. 'For the last 20 years, we were quite aware of the fact that giving important government contracts to Chinese companies is risky because Chinese companies operate as appendages of the Chinese Communist Party. Therefore, it's a risk because the Chinese Communist Party can use technology as a lever against you. Now it's no different with the Americans.'
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Nearly all of the 64 papers about Starlink reviewed by AP in Chinese journals were published after the conflict started.
Assessing Starlink's capabilities and vulnerabilities
Starlink's omnipresence and potential military applications have unnerved Beijing and spurred the nation's scientists to action. In paper after paper, researchers painstakingly assessed the capabilities and vulnerabilities of a network that they clearly perceive as menacing and strove to understand what China might learn — and emulate — from Musk's company as Beijing works to develop a similar satellite system.
Though Starlink does not operate in China, Musk's satellites nonetheless can sweep over Chinese territory. Researchers from China's National Defense University in 2023 simulated Starlink's coverage of key geographies, including Beijing, Taiwan, and the polar regions, and determined that Starlink can achieve round-the-clock coverage of Beijing.
'The Starlink constellation coverage capacity of all regions in the world is improving steadily and in high speed,' they concluded.
In another paper — this one published by the government-backed China Industrial Control Systems Cyber Emergency Response Team — researchers mapped out vulnerabilities in Starlink's supply chain. 'The company has more than 140 first-tier suppliers and a large number of second-tier and third-tier suppliers downstream,' they wrote in a 2023 paper. 'The supervision for cybersecurity is limited.'
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Engineers from the People's Liberation Army, in another 2023 paper, suggested creating a fleet of satellites to tail Starlink satellites, collecting signals and potentially using corrosive materials to damage their batteries or ion thrusters to interfere with their solar panels.
Other Chinese academics have encouraged Beijing to use global regulations and diplomacy to contain Musk, even as the nation's engineers have continued to elaborate active countermeasures: Deploy small optical telescopes already in commercial production to monitor Starlink arrays. Concoct deep fakes to create fictitious targets. Shoot powerful lasers to burn Musk's equipment.
Some U.S. analysts say Beijing's fears may be overblown, but such assessments appear to have done little to cool domestic debate. One Chinese paper was titled, simply: 'Watch out for that Starlink.'
Chen reported from Washington.
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This comes after July's print showed larger-than-normal revisions for the past two months, indicating that the labor market has been cooling for the past three months. "I was just informed that our Country's 'Jobs Numbers' are being produced by a Biden Appointee, Dr. Erika McEntarfer, the Commissioner of Labor Statistics, who faked the Jobs Numbers before the Election to try and boost Kamala's chances of Victory," Trump wrote on social media. "We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified," he added. "Important numbers like this must be fair and accurate, they can't be manipulated for political purposes. McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months. Similar things happened in the first part of the year, always to the negative." Trump has been pressuring the Federal Reserve to lower interest rates. Policymakers this week decided to keep rates steady, with two dissidents voting for a rate cut. Coinbase stock takes a hit as lower crypto volatility slows trading activity Coinbase (COIN) stock plunged 14%, its biggest intraday drop since April, after the crypto platform high flyer's quarterly revenue took a hit from lower trading volume. Revenue for the company's second quarter increased 3.3% year over year to $1.5 billion. Wall Street was expecting a climb to $1.59 billion. Revenue also slowed from $2 billion in the prior quarter. Total trading volume declined 40% in the second quarter as crypto asset volatility declined. Read more here. Coinbase (COIN) stock plunged 14%, its biggest intraday drop since April, after the crypto platform high flyer's quarterly revenue took a hit from lower trading volume. Revenue for the company's second quarter increased 3.3% year over year to $1.5 billion. Wall Street was expecting a climb to $1.59 billion. Revenue also slowed from $2 billion in the prior quarter. Total trading volume declined 40% in the second quarter as crypto asset volatility declined. Read more here. Dow sinks 600 points, S&P 500 Nasdaq drop to session lows The Dow Jones Industrial Average (^DJI) dropped more than 600 points, or 1.4% Friday afternoon, while the S&P 500 (^GSPC) fell around 1.7% to touch a session low. The tech-heavy Nasdaq Composite (^IXIC) tumbled more than 2.3%. Most growth sectors were in the red, leading the declines. The sell-off followed a weaker-than-expected jobs report, and after President Trump reshaped the US trade landscape by imposing tariffs on imports from dozens of trading partners around the world. Friday's July jobs report showed weaker-than-expected hiring and larger-than-normal downward revisions to prior months' data, suggesting the labor market has been weakening for months. The Dow Jones Industrial Average (^DJI) dropped more than 600 points, or 1.4% Friday afternoon, while the S&P 500 (^GSPC) fell around 1.7% to touch a session low. The tech-heavy Nasdaq Composite (^IXIC) tumbled more than 2.3%. Most growth sectors were in the red, leading the declines. The sell-off followed a weaker-than-expected jobs report, and after President Trump reshaped the US trade landscape by imposing tariffs on imports from dozens of trading partners around the world. Friday's July jobs report showed weaker-than-expected hiring and larger-than-normal downward revisions to prior months' data, suggesting the labor market has been weakening for months. 'A gamechanger': Economists react to weak July jobs report as rate cut bets Yahoo Finance's Allie Canal reports: Read more here. " Yahoo Finance's Allie Canal reports: Read more here. " Big Tech's AI investments set to spike to $364 billion in 2025 as bubble fears ease Big Tech firms Amazon (AMZN), Alphabet (GOOGL, GOOG), Microsoft (MSFT), and Meta (META) reported that they were set to spend as much as a cumulative $364 billion in their respective 2025 fiscal years, up from their prior estimates of around $325 billion. Investors appeared to shrug off the increase for the most part. Shares of three of the four tech giants spiked following their latest quarterly earnings reports over the past two weeks, which showed the companies broadly outperforming Wall Street's expectations and lifting their capital expenditure forecasts. Meta and Microsoft shares surged roughly 11% and 4%, respectively, in Thursday's trading session, following their quarterly results the prior afternoon. Microsoft's surge briefly pushed the firm's value north of $4 trillion for the first time. Alphabet stock also jumped following its report last week. Amazon was an exception to Wall Street's bullish reception of the capital expenditures changes. Shares fell 8% Friday after the company raised its capital expenditure forecast, but its guidance for operating income at its AWS cloud computing unit was lower than expected, raising questions about its AI plans. Amazon said its $31.4 billion in second quarter capital expenditures was "reasonably representative of our quarterly capital investment rate for the back half of this year," implying it would spend around $118.5 billion in the full fiscal year. Read the full story here. Big Tech firms Amazon (AMZN), Alphabet (GOOGL, GOOG), Microsoft (MSFT), and Meta (META) reported that they were set to spend as much as a cumulative $364 billion in their respective 2025 fiscal years, up from their prior estimates of around $325 billion. Investors appeared to shrug off the increase for the most part. Shares of three of the four tech giants spiked following their latest quarterly earnings reports over the past two weeks, which showed the companies broadly outperforming Wall Street's expectations and lifting their capital expenditure forecasts. Meta and Microsoft shares surged roughly 11% and 4%, respectively, in Thursday's trading session, following their quarterly results the prior afternoon. Microsoft's surge briefly pushed the firm's value north of $4 trillion for the first time. Alphabet stock also jumped following its report last week. Amazon was an exception to Wall Street's bullish reception of the capital expenditures changes. Shares fell 8% Friday after the company raised its capital expenditure forecast, but its guidance for operating income at its AWS cloud computing unit was lower than expected, raising questions about its AI plans. Amazon said its $31.4 billion in second quarter capital expenditures was "reasonably representative of our quarterly capital investment rate for the back half of this year," implying it would spend around $118.5 billion in the full fiscal year. Read the full story here. UnitedHealth Group stock drops after appointing new CFO in wake of top leadership change After a year that has seen its share price collapse by more than 50%, UnitedHealth Group (UNH) has swapped out its chief financial officer, Yahoo Finance's Jake Conley and Anjalee Khemlani report. Conley and Khemlani write: Shares of UnitedHealth dropped around 3.4% early Friday. Read the full story here. After a year that has seen its share price collapse by more than 50%, UnitedHealth Group (UNH) has swapped out its chief financial officer, Yahoo Finance's Jake Conley and Anjalee Khemlani report. Conley and Khemlani write: Shares of UnitedHealth dropped around 3.4% early Friday. Read the full story here. Manufacturing activity hits a 9-month low Economic activity in the US manufacturing sector hit a nine month low in July. The Institute for Supply Management's (ISM) manufacturing PMI registered a reading of 48% in July, down from June's reading of 49%. 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. 'In July, U.S. manufacturing activity contracted at a faster rate, with declines in the Supplier Deliveries and Employment Indexes contributing as the biggest factors in the 1-percentage point loss of the Manufacturing PMI," Chair of the Institute for Supply Management Susan Spence wrote in the release. Economic activity in the US manufacturing sector hit a nine month low in July. The Institute for Supply Management's (ISM) manufacturing PMI registered a reading of 48% in July, down from June's reading of 49%. 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. 'In July, U.S. manufacturing activity contracted at a faster rate, with declines in the Supplier Deliveries and Employment Indexes contributing as the biggest factors in the 1-percentage point loss of the Manufacturing PMI," Chair of the Institute for Supply Management Susan Spence wrote in the release. Reddit stock soars after Q2 earnings beat Reddit (RDDT) stock soared more than 16% early Friday after the social media platform reported second quarter earnings and revenue that surpassed Wall Street's expectations, with a sunnier than anticipated outlook for its third quarter. The social media's revenue grew 78% to $500 million, its fastest revenue growth in three years, according to the company. That figure was ahead of the $425 million projected by Wall Street analysts tracked by Bloomberg. In its results released late Thursday, Reddit also reported adjusted earnings per share of $0.92, ahead of the estimated $0.72. The company said global daily active users hit 110.4 million in the three months ended June 30, just above the 110 million expected by analysts, according to Bloomberg consensus data. Meanwhile, US daily active users hit 50.3 million, slightly below the 50.5 million expected. Read more about Reddit's latest report here. Reddit (RDDT) stock soared more than 16% early Friday after the social media platform reported second quarter earnings and revenue that surpassed Wall Street's expectations, with a sunnier than anticipated outlook for its third quarter. The social media's revenue grew 78% to $500 million, its fastest revenue growth in three years, according to the company. That figure was ahead of the $425 million projected by Wall Street analysts tracked by Bloomberg. In its results released late Thursday, Reddit also reported adjusted earnings per share of $0.92, ahead of the estimated $0.72. The company said global daily active users hit 110.4 million in the three months ended June 30, just above the 110 million expected by analysts, according to Bloomberg consensus data. Meanwhile, US daily active users hit 50.3 million, slightly below the 50.5 million expected. Read more about Reddit's latest report here. Novo Nordisk, Eli Lilly stocks pop on report of Medicare, Medicaid GLP-1 coverage Shares of Novo Nordisk (NVO) and Eli Lilly (LLY) spiked at the open after the Washington Post reported that the Trump administration is planning to experiment with allowing Medicare and Medicaid to cover weight-loss drugs. A plan obtained from the Centers for Medicare and Medicaid Services stated that state Medicaid programs and Medicare Part D insurance plans can voluntarily choose to cover Novo Nordisk's Ozempic and Wegovy and Eli Lilly's Mounjaro and Zepbound for weight management, the Post reported. It's a signal that the administration is more open to GLP-1 drug coverage, despite reservations from Health and Human Services Secretary Robert F. Kennedy Jr. Novo Nordisk and Eli Lilly stocks both popped 3% in the first 10 minutes of trading. On Thursday, the stocks sold off after President Trump sent a letter to 17 pharma companies demanding that they slash their drug prices in the US. Shares of Novo Nordisk (NVO) and Eli Lilly (LLY) spiked at the open after the Washington Post reported that the Trump administration is planning to experiment with allowing Medicare and Medicaid to cover weight-loss drugs. A plan obtained from the Centers for Medicare and Medicaid Services stated that state Medicaid programs and Medicare Part D insurance plans can voluntarily choose to cover Novo Nordisk's Ozempic and Wegovy and Eli Lilly's Mounjaro and Zepbound for weight management, the Post reported. It's a signal that the administration is more open to GLP-1 drug coverage, despite reservations from Health and Human Services Secretary Robert F. Kennedy Jr. Novo Nordisk and Eli Lilly stocks both popped 3% in the first 10 minutes of trading. On Thursday, the stocks sold off after President Trump sent a letter to 17 pharma companies demanding that they slash their drug prices in the US. Stocks sink at the open US stocks sank at the market open on Friday after President Trump officially hit virtually every US trading partner with sweeping tariff hikes, and the June jobs report showed signs of a labor market slowdown. The Dow Jones Industrial Average (^DJI) dropped 0.9%, while the S&P 500 (^GSPC) fell around 1%. The tech-heavy Nasdaq Composite (^IXIC) sank about 1.4%, on the heels of a losing day for the major US gauges. US stocks sank at the market open on Friday after President Trump officially hit virtually every US trading partner with sweeping tariff hikes, and the June jobs report showed signs of a labor market slowdown. The Dow Jones Industrial Average (^DJI) dropped 0.9%, while the S&P 500 (^GSPC) fell around 1%. The tech-heavy Nasdaq Composite (^IXIC) sank about 1.4%, on the heels of a losing day for the major US gauges. Treasury yields sink after jobs data as traders price in more aggressive Fed action The big market action after a shocking July jobs report was being seen in the bond market Friday morning. Treasuries were in rally mode as traders moved to price in at least two interest-rate cuts from the Federal Reserve this year. That reversed the moves seen Wednesday after the FOMC meeting, which saw Fed Chair Jay Powell talk down the need for rate cuts. The yield on 2-year Treasury notes fell by more than 17 basis points to as low as 3.78% Friday morning. The yield on 10-year notes fell by nearly 10 basis points to as low as 4.27%. Data from the CME Group showed the odds for a September rate cut from the Fed were as high as 75% following Friday's report. The July jobs report showed the US economy added just 73,000 jobs last month while revisions to the May and June reports showed more than quarter million fewer jobs were added to the economy than previously reported. On Wednesday, odds for a September rate cut from the Fed were just 37%. Just before the release of Friday's jobs report, two Fed governors — Chris Waller and Michelle Bowman — issued statements explaining their decision to vote against the Fed's call to keep interest rates unchanged on Wednesday. Both suggested the US labor market is not as strong as recent data had shown, and that when the labor market turns, it may turn quickly. Waller and Bowman's dissents on Wednesday marked the first time since 1993 that two members of the Fed's Board of Governors voted against a policy action at the same meeting. President Trump, for his part, said Friday morning before the jobs numbers were released the Fed board should "ASSUME CONTROL" as Powell continues to face criticism from the president over his view that interest rates should remain at current levels. The big market action after a shocking July jobs report was being seen in the bond market Friday morning. Treasuries were in rally mode as traders moved to price in at least two interest-rate cuts from the Federal Reserve this year. That reversed the moves seen Wednesday after the FOMC meeting, which saw Fed Chair Jay Powell talk down the need for rate cuts. The yield on 2-year Treasury notes fell by more than 17 basis points to as low as 3.78% Friday morning. The yield on 10-year notes fell by nearly 10 basis points to as low as 4.27%. Data from the CME Group showed the odds for a September rate cut from the Fed were as high as 75% following Friday's report. The July jobs report showed the US economy added just 73,000 jobs last month while revisions to the May and June reports showed more than quarter million fewer jobs were added to the economy than previously reported. On Wednesday, odds for a September rate cut from the Fed were just 37%. Just before the release of Friday's jobs report, two Fed governors — Chris Waller and Michelle Bowman — issued statements explaining their decision to vote against the Fed's call to keep interest rates unchanged on Wednesday. Both suggested the US labor market is not as strong as recent data had shown, and that when the labor market turns, it may turn quickly. Waller and Bowman's dissents on Wednesday marked the first time since 1993 that two members of the Fed's Board of Governors voted against a policy action at the same meeting. President Trump, for his part, said Friday morning before the jobs numbers were released the Fed board should "ASSUME CONTROL" as Powell continues to face criticism from the president over his view that interest rates should remain at current levels. Figma stock rises 19% in premarket trade Friday, poised to build on Thursday's 250% rally Figma (FIG) stock looked set to surge again on Friday, rising as much as 19% in premarket trading after shares rocketed higher with a gain of 250% in Thursday's public market debut, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Figma (FIG) stock looked set to surge again on Friday, rising as much as 19% in premarket trading after shares rocketed higher with a gain of 250% in Thursday's public market debut, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. New healthcare jobs continue to lead gains Here's a look at US employment by sector in July. Where hiring picked up: Where hiring declined: Here's a look at US employment by sector in July. Where hiring picked up: Where hiring declined: US labor market adds 73,000 jobs in July while unemployment rate hits 4.2% Stock futures fell premarket after the July jobs report showed US nonfarm payrolls missed estimates. Dow Jones Industrial Average futures (YM=F) dropped 0.9%, while futures for the S&P 500 (ES=F) fell around 1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) sank 1.1%. Yahoo Finance's Josh Schafer reports: Read more here. Stock futures fell premarket after the July jobs report showed US nonfarm payrolls missed estimates. Dow Jones Industrial Average futures (YM=F) dropped 0.9%, while futures for the S&P 500 (ES=F) fell around 1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) sank 1.1%. Yahoo Finance's Josh Schafer reports: Read more here. European stocks slide after Trump announces new tariffs European stocks fell on Friday after President Trump confirmed new tariff rates, including a 15% tariff rate on goods from the European Union and a 10% rate for the UK. In London, the benchmark FTSE 100 index (^FTSE) fell 0.5%. The pan-European Stoxx 600 (^STOXX) index shed 0.75%, while Germany's DAX (^GDAXI) dropped 1.89% and the CAC (^FCHI) in Paris declined 2%. In a twist, Trump said the new tariffs will take effect a week from now, instead of today, as was originally telegraphed. Still, global markets were rattled by the latest change to US trade policy. Swiss manufacturers warned Friday that tens of thousands of jobs are at risk after President Trump imposed steep tariffs. European pharmaceutical companies, such as Novo Nordisk (NVO) and AstraZeneca (AZN), were also in the red Thursday and will be stocks to watch Friday after Trump sent a letter to 17 companies, urging them to lower prices. European stocks fell on Friday after President Trump confirmed new tariff rates, including a 15% tariff rate on goods from the European Union and a 10% rate for the UK. In London, the benchmark FTSE 100 index (^FTSE) fell 0.5%. The pan-European Stoxx 600 (^STOXX) index shed 0.75%, while Germany's DAX (^GDAXI) dropped 1.89% and the CAC (^FCHI) in Paris declined 2%. In a twist, Trump said the new tariffs will take effect a week from now, instead of today, as was originally telegraphed. Still, global markets were rattled by the latest change to US trade policy. Swiss manufacturers warned Friday that tens of thousands of jobs are at risk after President Trump imposed steep tariffs. European pharmaceutical companies, such as Novo Nordisk (NVO) and AstraZeneca (AZN), were also in the red Thursday and will be stocks to watch Friday after Trump sent a letter to 17 companies, urging them to lower prices. Good morning. Here's what's happening today. Economic calendar: Nonfarm payrolls (July); Unemployment rate (July); Average hourly earnings (July); Average weekly hours worked (July); Labor force participation rate (July); ISM manufacturing (July); S&P Global US manufacturing (July final); Construction spending (June); University of Michigan consumer sentiment (July final) Earnings: Chevron (CVX), Colgate-Palmolive (CL), Exxon Mobil (XOM) Here are some of the biggest stories you may have missed overnight and early this morning: July jobs report on deck: What to expect Trump stuns markets again with latest bid to reshape US trade order Trump: Fed board should assume control if Powell won't cut rates Trump lays out sweeping tariff hikes for dozens of countries Amazon stock sinks as cloud results fail to impress Moderna beats estimates on COVID booster sales, cost cuts Exxon beats profit estimates as output rises despite weak oil prices Chevron beats Wall Street profit estimates with record output Economic calendar: Nonfarm payrolls (July); Unemployment rate (July); Average hourly earnings (July); Average weekly hours worked (July); Labor force participation rate (July); ISM manufacturing (July); S&P Global US manufacturing (July final); Construction spending (June); University of Michigan consumer sentiment (July final) Earnings: Chevron (CVX), Colgate-Palmolive (CL), Exxon Mobil (XOM) Here are some of the biggest stories you may have missed overnight and early this morning: July jobs report on deck: What to expect Trump stuns markets again with latest bid to reshape US trade order Trump: Fed board should assume control if Powell won't cut rates Trump lays out sweeping tariff hikes for dozens of countries Amazon stock sinks as cloud results fail to impress Moderna beats estimates on COVID booster sales, cost cuts Exxon beats profit estimates as output rises despite weak oil prices Chevron beats Wall Street profit estimates with record output Big Tech's AI and core businesses are blurring together This week, investors heard quarterly updates from Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Meta (META). And in the midst of strong quarterly financial results from Big Tech, a new paradigm is emerging, Yahoo Finance's Hamza Shaban wrote in today's Morning Brief. Hamza writes: Read more here. This week, investors heard quarterly updates from Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Meta (META). And in the midst of strong quarterly financial results from Big Tech, a new paradigm is emerging, Yahoo Finance's Hamza Shaban wrote in today's Morning Brief. Hamza writes: Read more here. Chevron beats Wall Street profit estimates with record production Chevron (CVX) beat analyst estimates on Friday for second-quarter profit as record oil and gas production and lower capital expenditure helped the US oil producer boost earnings despite weaker crude prices. Chevron shares were flat in premarket trading. Reuters reports: Read more here. Chevron (CVX) beat analyst estimates on Friday for second-quarter profit as record oil and gas production and lower capital expenditure helped the US oil producer boost earnings despite weaker crude prices. Chevron shares were flat in premarket trading. Reuters reports: Read more here. Exxon beats profit estimates with higher production despite weak oil prices Shares in Exxon Mobil (XOM) rose more than 1% before the bell on Friday after the company beat Wall Street estimate for second-quarter profit as higher oil and gas production helped the top US oil producer overcome lower crude prices. Reuters reports: Read more here. Shares in Exxon Mobil (XOM) rose more than 1% before the bell on Friday after the company beat Wall Street estimate for second-quarter profit as higher oil and gas production helped the top US oil producer overcome lower crude prices. Reuters reports: Read more here. Eyes on Figma, day two After a sizzling 250% surge on Thursday IPO day, Figma (FIG) is up another 8% premarket. You are watching the forming of a stock bubble in real time here! I encourage you to read up on the company's not-so-impressive financials this weekend. After a sizzling 250% surge on Thursday IPO day, Figma (FIG) is up another 8% premarket. You are watching the forming of a stock bubble in real time here! I encourage you to read up on the company's not-so-impressive financials this weekend. Sign in to access your portfolio