San Francisco, Chicago, Baltimore sue Trump administration over cuts to federal workforce
On Monday, the group led by the San Francisco and Santa Clara County, California filed the lawsuit in U.S. District Court - Northern District of California. Other municipalities that have joined the suit include Chicago and Baltimore, along with Harris County, Texas, which is home to Houston and King County, Washington, which is home to Seattle.
The lawsuit accuses the Trump administration, DOGE, the Office of Personnel Management (OPM) and the Office of Management and Budget (OMB) of unlawfully ordering the restructuring and mass termination of federal employees without authorization from Congress, which they said violates the separation of powers in the U.S. Constitution.
"The President cannot radically restructure federal agencies through massive layoffs with a mere signature on an executive order. Only Congress has the power to reorganize federal agencies as Trump wishes," San Francisco City Attorney David Chiu said in a statement. "The Constitution's separation of powers was intended to prevent the abuse of presidential authority, yet here Trump is ignoring checks and balances and trying to act as both President and Congress."
The plaintiffs are seeking to stop the implementation of Executive Order 14210, which they said has resulted in cuts to multiple agencies. Officials said the order is leading to the elimination of 10,000 positions at the Department of Health and Human Services.
Other agencies that are significantly downsizing include the Small Business Administration (43%), the Department of Housing and Urban Development (51%), the Environmental Protection Agency (65%), the Department of Energy (43%) and the Internal Revenue Service (40%).
Santa Clara County Counsel Tony LoPresti said the cuts are impacting his county, which is home to San Jose and the Silicon Valley, in multiple ways.
"These actions hit home right here in the Bay Area by making it harder for local governments to respond to emergencies like wildfires and earthquakes, reducing resources to combat homelessness, eliminating public health programs that help prevent the spread of disease, and undermining vital collaboration between local and federal government in dozens of other operational areas," LoPresti said.
Both Santa Clara County and San Francisco have joined forces in another lawsuit against the Trump administration over policies targeting sanctuary cities. Last week, a federal judge in San Francisco issued a preliminary injunction in that case.
Along with the municipalities filing suit over the cuts, several unions have joined the lawsuit, including the American Federation of Government Employees (AFGE), the American Federation of State County and Municipal Employees (AFSCME) and the Service Employees International Union (SEIU).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
23 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures slump after weak jobs report, Trump's sweeping tariffs, Amazon's earnings flub
US stock futures sank on Friday after President Trump officially hit virtually every US trading partner with sweeping tariff hikes, while the June jobs report showed signs of a labor market slowdown. Dow Jones Industrial Average futures (YM=F) dropped 0.9%, while those on the S&P 500 (ES=F) fell around 1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) also sank around 1%, on the heels of a losing day for the major US gauges. The retreat in stocks came as markets assessed the reshaped US trade landscape after President Trump on Thursday hit dozens of countries — including crucial partners Taiwan and India — with steep new tariffs. His executive order formally authorized a hike in levies on Canada to 35%, to go into effect on Friday. Most of the other "reciprocal" rates range from 15% to 40% (though the baseline remains 10%) and will be implemented in seven days. The White House also confirmed details of trade agreements negotiated by some trading partners before the Aug 1. deadline for "Liberation Day" tariffs to hit. But Trump said the implementation of the hiked levies will be pushed back by seven days, opening up scope for more talks. Read more: The latest on Trump's tariffs The June jobs report released Friday morning came in weaker than expected, with the economy adding some 73,000 jobs, versus 104,000 expected. The prior two months were also revised down. The unemployment rate ticked up to 4.2%, as expected. The key indicator of US economic health will be closely watched by the Federal Reserve, whose preferred inflation gauge on Thursday showed signs of increasing price pressures. Also dragging on spirits was disappointment over Amazon's (AMZN) earnings released late Thursday. The performance of its AWS cloud unit failed to live up to lofty expectations set by rivals Google (GOOG, GOOGL) and Microsoft (MSFT), sending its shares down over 8%. But Apple (AAPL) stock rose after its results beat expectations, boosted by surprisingly strong iPhone sales. 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 those on 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. 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 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. 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. 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. 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. US stock losses pick up pace after Trump's tariff blitz The retreat in US stock futures accelerated on Friday morning as Wall Street weighed the likely fallout from President Trump's trade war. The broad benchmark S&P 500 (ES=F) was down 1% with four hours to go before the market open, having held not far below the flat line in earlier overnight trade. Futures on The Dow Jones Industrial Average (YM=F) sank 0.9%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) dived 1.1%. Markets are assessing the reshaped US trade landscape after President Trump on Thursday hit dozens of countries — including crucial partners Taiwan and India — with steep new tariffs. July jobs report on deck: What to watch The countdown is on for the release of the US nonfarm-payrolls reading for July, the final piece in a string of top-tier data this week. Yahoo Finance's Josh Schafer lays out what's in store: Read more here. Asian markets slide as tariffs rock global boat Asian markets fell overnight Thursday following the White House's announcement that Trump's sweeping tariffs on many of America's largest trading partners will be implemented in varying degrees of severity. Reuters reports: Read more here. 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 those on 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 those on 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. US stock losses pick up pace after Trump's tariff blitz The retreat in US stock futures accelerated on Friday morning as Wall Street weighed the likely fallout from President Trump's trade war. The broad benchmark S&P 500 (ES=F) was down 1% with four hours to go before the market open, having held not far below the flat line in earlier overnight trade. Futures on The Dow Jones Industrial Average (YM=F) sank 0.9%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) dived 1.1%. Markets are assessing the reshaped US trade landscape after President Trump on Thursday hit dozens of countries — including crucial partners Taiwan and India — with steep new tariffs. The retreat in US stock futures accelerated on Friday morning as Wall Street weighed the likely fallout from President Trump's trade war. The broad benchmark S&P 500 (ES=F) was down 1% with four hours to go before the market open, having held not far below the flat line in earlier overnight trade. Futures on The Dow Jones Industrial Average (YM=F) sank 0.9%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) dived 1.1%. Markets are assessing the reshaped US trade landscape after President Trump on Thursday hit dozens of countries — including crucial partners Taiwan and India — with steep new tariffs. July jobs report on deck: What to watch The countdown is on for the release of the US nonfarm-payrolls reading for July, the final piece in a string of top-tier data this week. Yahoo Finance's Josh Schafer lays out what's in store: Read more here. The countdown is on for the release of the US nonfarm-payrolls reading for July, the final piece in a string of top-tier data this week. Yahoo Finance's Josh Schafer lays out what's in store: Read more here. Asian markets slide as tariffs rock global boat Asian markets fell overnight Thursday following the White House's announcement that Trump's sweeping tariffs on many of America's largest trading partners will be implemented in varying degrees of severity. Reuters reports: Read more here. Asian markets fell overnight Thursday following the White House's announcement that Trump's sweeping tariffs on many of America's largest trading partners will be implemented in varying degrees of severity. Reuters reports: Read more here. Sign in to access your portfolio
Yahoo
23 minutes ago
- Yahoo
Trump urges Fed board to 'ASSUME CONTROL' as 2 top officials say why they broke with Powell
President Trump said in a social media post Friday that the Federal Reserve Board should 'ASSUME CONTROL" as two Fed governors outlined why they broke with Chairman Jerome Powell on rates. The president urged the Fed board, which Powell chairs, to "DO WHAT EVERYONE KNOWS HAS TO BE DONE' if Powell won't support lower interest rates. His comments came just before Fed governors Christopher Waller and Michelle Bowman explained in new statements why they disagreed with Powell Wednesday and argued for a quarter percentage point rate reduction at the Fed's last meeting. Both Waller and Bowman cited worries about the labor market as a reason to start cutting again. 'I believe that the wait and see approach is overly cautious, and, in my opinion, does not properly balance the risks to the outlook and could lead to policy falling behind the curve,' Waller said in his statement. Bowman added in her statement that the 'labor market has become less dynamic and shows increasing signs of fragility.' It was the first time two Fed governors have dissented in a monetary policy decision since 1993. The statements from Waller and Bowman came just 30 minutes before July's jobs report released Friday morning, which showed the US economy added fewer jobs than expected last month. Trump seemed to praise the statements after they were released, saying on Truth Social: 'STRONG DISSENTS ON FED BOARD. IT WILL ONLY GET STRONGER!' Trump's attempts to sway the Fed board marks another escalation in his campaign to pressure Powell. The president said Thursday that Powell is "TOO ANGRY, TOO STUPID, & TOO POLITICAL" to have his job. Powell at a press conference Wednesday did not budge from his view that more time is needed to assess the impact of Trump's tariffs on inflation and the economy, saying that there is still a "a long way to go" to figure that out and "you have to think of this as still quite early days." He also declined to say whether a cut was on the table for the Fed's next meeting in September and made it clear that inflation was still a concern as the Fed balances its dual mandate of stable prices and maximum employment. "In the end, there should be no doubt that we will do what we need to do to keep inflation under control." A new reading on inflation released Thursday showed price increases accelerated in June more than expected as inflation remained above the Fed's 2% target. That new reading "will do little to ease the Fed's concerns about tariff-driven inflation," Capital Economics assistant economist Harry Chambers said in a Thursday note."If these pressures persist, as we expect, a September cut looks unlikely." Traders on Thursday narrowed the odds of a cut in September, lowering them below 40%, but they raised them back above 55% following the release of Friday's weaker-than-expected jobs report. Waller argued in his statement Friday that "the price effects from tariffs have been small so far, and since we will likely not get clarity on tariff levels or their ultimate impact on the economy over the course of the next several months, it is possible that the labor market falters before that clarity is obtained — if it ever is obtained. "When labor markets turn, they often turn fast." In her statement, Bowman also emphasized that the lasting inflationary impacts from tariffs are likely overstated and warned the labor market could turn south faster than current forecasts. Bowman cautioned that economic growth has slowed more than some headline data may suggest, saying "underlying economic growth has slowed markedly." Specifically, Bowman cited a slowdown in private domestic final purchases — essentially spending on goods and services by US businesses. Wednesday morning's second quarter GDP data showed this spending rose at an annualized rate of just 1.4% in the second quarter, the slowest since 2022. Headline GDP, in contrast, showed the economy expanded at a 3% rate in the second quarter. "If demand conditions do not improve, firms may have little option other than to begin to lay off workers, recognizing that it may not be as difficult to rehire given the shift in labor market conditions," Bowman added. Trump on Wednesday said he does expect a cut at the next meeting, telling reporters that "I hear they're going to do it in September." The decision to keep rates on hold this week was expected to increase tensions with Trump, who has also in recent weeks been invoking a $2.5 billion renovation of the Fed's headquarters as a way to question the chair's management of the institution. Trump had toned down his criticism in the week leading up to the Wednesday meeting. During a visit to the construction project last week, he said of firing Powell: "To do that is a big move, and I just don't think it's necessary." Asked last Thursday what might lead him to back off the barrage of critiques that Trump has been leveling against Powell for weeks, the president said, "I'd love him to lower interest rates," before patting Powell on the back. But following the decision to keep rates on hold for the fifth consecutive meeting, Trump turned back to a harsher view of the Fed chair in his posts. 'Jerome 'Too Late' Powell, a stubborn MORON, must substantially lower interest rates, NOW,' he said in his post Friday. 'IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!' Click here for in-depth analysis of the latest stock market news and events moving stock prices
Yahoo
23 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures slump after weak jobs report, Trump's tariff redux
US stock futures sank on Friday after President Trump officially hit virtually every US trading partner with sweeping tariff hikes, while the June jobs report showed signs of a labor market slowdown. Dow Jones Industrial Average futures (YM=F) dropped 0.8%, while those on the S&P 500 (ES=F) fell around 0.9%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) sank around 1%, on the heels of a losing day for the major US gauges. The retreat in stocks came as markets assessed the reshaped US trade landscape after Trump on Thursday hit dozens of countries — including crucial partners Taiwan and India — with steep new tariffs. His executive order formally authorized a hike in levies on Canada to 35%, to go into effect on Friday. Most of the other "reciprocal" rates range from 15% to 40% (though the baseline remains 10%) and will be implemented in seven days. The White House also confirmed details of trade agreements negotiated by some trading partners before the Aug 1. deadline for "Liberation Day" tariffs to hit. But Trump said the implementation of the hiked levies will be pushed back by seven days, opening up scope for more talks. Read more: The latest on Trump's tariffs Meanwhile, the June jobs report released Friday morning came in weaker than expected, with the economy adding some 73,000 jobs, versus 104,000 expected. The prior two readings were also revised down sharply, indicating the labor market has been slowing down over the past three months. The unemployment rate ticked up to 4.2%. The key indicator of US economic health will be closely watched by the Federal Reserve, whose preferred inflation gauge on Thursday showed signs of increasing price pressures. Also dragging on spirits was disappointment over Amazon's (AMZN) earnings released late Thursday. The performance of its AWS cloud unit failed to live up to lofty expectations set by rivals Google (GOOG, GOOGL) and Microsoft (MSFT), sending its shares down as much as 8%. But Apple (AAPL) stock rose after its results beat expectations, boosted by surprisingly strong iPhone sales. 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. 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. 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 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. 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. 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. 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. US stock losses pick up pace after Trump's tariff blitz The retreat in US stock futures accelerated on Friday morning as Wall Street weighed the likely fallout from President Trump's trade war. The broad benchmark S&P 500 (ES=F) was down 1% with four hours to go before the market open, having held not far below the flat line in earlier overnight trade. Futures on The Dow Jones Industrial Average (YM=F) sank 0.9%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) dived 1.1%. Markets are assessing the reshaped US trade landscape after President Trump on Thursday hit dozens of countries — including crucial partners Taiwan and India — with steep new tariffs. July jobs report on deck: What to watch The countdown is on for the release of the US nonfarm-payrolls reading for July, the final piece in a string of top-tier data this week. Yahoo Finance's Josh Schafer lays out what's in store: Read more here. Asian markets slide as tariffs rock global boat Asian markets fell overnight Thursday following the White House's announcement that Trump's sweeping tariffs on many of America's largest trading partners will be implemented in varying degrees of severity. Reuters reports: Read more here. 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. US stock losses pick up pace after Trump's tariff blitz The retreat in US stock futures accelerated on Friday morning as Wall Street weighed the likely fallout from President Trump's trade war. The broad benchmark S&P 500 (ES=F) was down 1% with four hours to go before the market open, having held not far below the flat line in earlier overnight trade. Futures on The Dow Jones Industrial Average (YM=F) sank 0.9%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) dived 1.1%. Markets are assessing the reshaped US trade landscape after President Trump on Thursday hit dozens of countries — including crucial partners Taiwan and India — with steep new tariffs. The retreat in US stock futures accelerated on Friday morning as Wall Street weighed the likely fallout from President Trump's trade war. The broad benchmark S&P 500 (ES=F) was down 1% with four hours to go before the market open, having held not far below the flat line in earlier overnight trade. Futures on The Dow Jones Industrial Average (YM=F) sank 0.9%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) dived 1.1%. Markets are assessing the reshaped US trade landscape after President Trump on Thursday hit dozens of countries — including crucial partners Taiwan and India — with steep new tariffs. July jobs report on deck: What to watch The countdown is on for the release of the US nonfarm-payrolls reading for July, the final piece in a string of top-tier data this week. Yahoo Finance's Josh Schafer lays out what's in store: Read more here. The countdown is on for the release of the US nonfarm-payrolls reading for July, the final piece in a string of top-tier data this week. Yahoo Finance's Josh Schafer lays out what's in store: Read more here. Asian markets slide as tariffs rock global boat Asian markets fell overnight Thursday following the White House's announcement that Trump's sweeping tariffs on many of America's largest trading partners will be implemented in varying degrees of severity. Reuters reports: Read more here. Asian markets fell overnight Thursday following the White House's announcement that Trump's sweeping tariffs on many of America's largest trading partners will be implemented in varying degrees of severity. Reuters reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
