Heard on the Street Friday Recap: What Wall Street Talked About
Trump on Terminating Trade Talks With Canada: 'We Have All The Cards'
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Newsweek
13 minutes ago
- Newsweek
The 1600: America Doesn't Have a Conservative Party
The Insider's Track Good morning, I paid $8 for a black iced coffee yesterday in my neighborhood. Eight. Dollars. Sometimes I think most of the underlying rage you see bubbling up around the country can be attributed to this feeling of just being constantly ripped off wherever you go. Speaking of getting ripped off, Congress is in the process of stitching up the votes on President Trump's "Big Beautiful Bill" flagship legislation in hopes of getting it to his desk by the Fourth. Following a narrow 51–49 procedural vote over the weekend, the Senate advanced the bill to the debate stage, with Senators Rand Paul and Thom Tillis joining all Democrats in opposition. Targeted by MAGA for his disloyalty, Tillis immediately announced he's not running for re-election, thus putting NC potentially in play for Senate Dems next year (the modern GOP has no room for actual conservatives). So once the Senate passes the bill, it gets kicked back to the House as part of the reconciliation process before going to Trump. I'd put it at extremely likely that this giant turd of a bill becomes law in time for the fireworks on Friday. So what's in this thing? It's mostly an extension of the 2017 tax cuts, with some deep cuts to the welfare state for good measure. The current Senate version raises the debt ceiling $5 trillion. It'll increase the deficit by some $3 trillion over the next decade, per the Congressional Budget Office. (I've seen lots of Trump supporters attack the CBO for its scoring of this bill as some kind of "lefty" organization. Please. The CBO is run by a Bush appointee). The bill uses this well-worn accounting trick to make it look like Republicans are actually reducing the deficit by $508 billion, as Lindsey Graham falsely claimed over the weekend. But that's based on this little gimmick that lets them basically write off the $4 trillion cost of extending the tax cuts. So when you see Republicans tossing around that $508B number this week, it should immediately set off your B.S. detector. Here's some other random little tidbits that caught my eye in the current manifestation of the bill: A huge cut in SNAP benefits and food assistance for the poor, plus another $1 trillion in cuts to Medicaid, Medicare and Obamacare (but mostly Medicaid). Millions will probably lose their coverage. This is the provision that Dems could run with as a winning message for the midterms, if they aren't too busy fighting for trans girls in sports or whatever. A tax on remittances, which is the money that immigrants send home, has been watered down to effectively be meaningless. House Rs passed a 5% tax on remittance, which was cut to 3.5% by the Senate, and then further to 1%. It also doesn't apply to bank transfers. This is one of those things I don't understand. It's a tax on US dollars flowing out of the country. Who is the lobby pushing Senate Rs against this? Western Union? On the energy front, the bill phases out Biden's tax credits for solar and wind—not surprising—while adding an excise tax on new renewable projects that utilize components made in China. At the same time, there's provisions tucked in there to incentivize domestic coal production. Making Coal Great Again, baby. Our children will be ashamed of us. Thankfully, the bill no longer includes Sen. Mike Lee's provision to sell off millions of acres of pristine federal land in the West to developers after an outcry from (actual) conservative voters. Teddy Roosevelt would've been spinning in his grave. The bottom line is that this legislation acts as a giant wealth transfer from the poor to the rich and the young to the old. Younger earners get nothing from the tax cuts, which are all structured to benefit higher-earners. It adds trillions to the national debt, which means higher taxes and mortgage payments for young Americans trying to start or build their families. One nonpartisan analysis suggests a 40-year-old making the median income will lose $7,500 over their lifetime, while a 70-year-old with the same income nets $17,500. The Boomers win, as always. And then we wonder why young voters turn out in record numbers in our most expensive city to elect a socialist. If this is the alternative, why wouldn't they? If this whole charade does anything, it should finally disabuse Americans of this notion that modern-day Republicans are the conservative party. You simply cannot be an actual conservative while voting to increase the debt, adding to the deficit, all while doing precisely nothing to deal with our spending problem. The Rundown A fierce war of words has erupted between Iran's Supreme Leader Ali Khamenei and President Donald Trump following recent U.S. strikes on Iran's nuclear facilities. Khamenei accused Trump of "exaggerating in order to cover up and conceal the truth," directly responding to Trump's claim that the U.S. had "obliterated" Iran's nuclear sites. Separately, Trump said that he is offering Iran "nothing" and is refusing to engage with Iranian officials, signaling a hardening U.S. stance. Read more. Also happening: US-Canada trade talks: Canada and the United States have resumed trade negotiations after Canadian Prime Minister Mark Carney agreed to rescind the country's digital services tax on U.S. technology companies. The development follows President Donald Trump's announcement on Friday that he was suspending all trade talks with Canada "effective immediately" over the tax policy. Here's the latest. Week in review: President Donald Trump is coming off what may be his most successful week in office—a landmark Supreme Court ruling, a successful NATO summit, a ceasefire that appears to be holding in the Middle East, another peace deal in Africa, a stock market back to setting records and a key trade breakthrough with China. Read more. This is a preview of The 1600—Tap here to get this newsletter delivered straight to your inbox.
Business Insider
19 minutes ago
- Business Insider
3 reasons why Palantir's stock price has soared a market-crushing 73% this year
Palantir stock is crushing the broader market this year and it's not even close. In fact, it's the second-best-performing stock in the entire S&P 500. What makes Palantir stand out is the unique blend of forces driving the gains. The company's investing profile spans several of the market's main themes: government spending, AI, and the rising influence of retail investors. Shares of the AI-powered software company are up 73% year-to-date, handily trouncing the S&P 500 's 5% return. The stock is also well outpacing other tech titans like Nvidia (+17% YTD), Microsoft (+18%), and Apple (-20%). Detailed below are the three primary driving forces behind the stocks's stellar 2025 performance: 1. Government dealmaking Palantir has inked a number of contracts with the Federal government this year, signing on to initiatives supporting the Trump administration's policy priorities. In April, the software company secured a $30 million deal with the US Immigration and Customs Enforcement for software to monitor visas and track deportations. In May, the firm teamed up with Fannie Mae, and said it would provide AI tools to support the government-sponsored mortgage financier's Crime Detection Unit. It also secured a $795 million contract with the Department of Defense's AI arm, adding to a prior $480 million contract it secured with the agency last year. The contract lasts through 2029. "We continue to believe that PLTR will continue to gain more deals across the federal government with its software value proposition playing perfectly into the broader efficiency theme," analysts at Wedbush Securities wrote in a note last month, calling the stock one of the "top names to own." The ties to the Trump administration and its flurry of government dealmaking recently have put it among the winners of the Trump trade. 2. The AI trade Palantir, with its artificial intelligence-powered data software, is viewed as a key part of Wall Street's booming AI trade. During the first quarter, Palantir reported a total of $883.9 million in revenue, up 39% year-over-year. That was largely attributable to hot demand for the company's Artificial Intelligence Platform, analysts at Wedbush wrote in a note last month. "We view Palantir as a generational tech name that we see as a trillion market cap over the next three years with PLTR being a core name in the AI Revolution theme over the coming years," Wedbush said. CEO Alex Karp has touted the "rule of 40" as a key metric of the firm's success. The rule says software makers should be considered at the top of their game when revenue growth plus profit margins are equal to at least 40%. Karp bragged that Palantir's score was 83% in the company's first quarter earnings report. "We are in the middle of a tectonic shift in the adoption of our software, particularly in the US where our revenue soared 55% year-over-year, while our US commercial revenue expanded 71% year-over-year in the first quarter to surpass a one-billion-dollar annual run rate," Karp said. 3. An army of retail investors Retail traders love Alex Karp, praising the Palantir chief for his outspoken nature and meme-able public appearances. Karp has also shown interest in developing a connection with his retail followers. On earnings calls, the top Palantir exec regularly answers questions from retail investors before addressing big bank analysts. Palantir landed among the top 9 most trending stocks on r/ WallStreetBets over the last month, according to Vanda Research, a firm that tracks retail investor activity and sentiment. Retail traders also poured in a net $170.3 million into the stock in the last five days, the firm said on Thursday, making it the second-most purchased stock among individual investors after Tesla. "Palantir is a recurring meme stock," Vanda Research said. "Retail traders are bullish on government contracts and AI potential, with high conviction among holders."
CNN
21 minutes ago
- CNN
5 things to know for June 30: Idaho shooting, Trump bill, US-Canada, Iran, escaped inmates
The Justice Department has reportedly fired at least three prosecutors involved in criminal cases tied to the 2021 US Capitol riot. In recent months, the DOJ has also terminated employees who worked on prosecutions against President Donald Trump and demoted many career supervisors who were seen as insufficiently loyal to the president. Here's what else you need to know to Get Up to Speed and On with Your Day. Two firefighters were killed and a third was injured on Sunday when they came under attack while responding to a brush fire in Coeur d'Alene, Idaho. 'It's clear to me that this fire was set intentionally to draw us in,' one firefighter said while calling for help. Residents were asked to shelter in place as hundreds of local, state and federal law enforcement converged on the area to look for the gunman. Then on Sunday night, a deceased man was found on Canfield Mountain with a firearm nearby, and the shelter in place order was lifted. The man is believed to have started the fire before shooting at the responding firefighters, the Kootenai County sheriff said. The Senate's marathon voting session on President Trump's sweeping agenda bill is expected to begin at 9 a.m. today. During the session, known as a vote-a-rama, lawmakers may offer as many amendments to the bill as they want to vote on. Only after that's finished can a final vote on the bill be held. Over the weekend, North Carolina Sen. Thom Tillis announced that he would not be seeking reelection next year. Tillis is one of only two Republicans who voted against advancing the tax and spending cuts package, citing concerns about the impact that cuts to Medicaid would have on his constituents. On his social media site, Trump called Tillis' decision 'Great News!' In a bid to restart trade negotiations with the Trump administration, Canada announced on Sunday that it will rescind its digital services tax. Set to take effect today, it would have taxed online services from large tech companies, such as Amazon, Apple, Google, Meta and Microsoft — retroactive to 2022. On Friday, President Trump canceled trade talks between the two nations and blamed the tax, saying it was 'a direct and blatant attack' on the US. Following its latest tax decision, the Canadian government said Prime Minister Mark Carney and Trump had decided to resume trade talks 'with a view towards agreeing on a deal by July 21, 2025.' US strikes on Iran last week fell short of causing total damage to its nuclear program, and the Islamic Republic could start enriching uranium 'in a matter of months,' according to the head of the UN's nuclear watchdog. Rafael Grossi's comments on CBS Sunday appear to support an early assessment from the Pentagon's Defense Intelligence Agency, first reported by CNN, which suggested the US strikes did not destroy the core components of Iran's nuclear program and likely only set it back by months. President Trump decried the CNN story and has claimed the US attack set Tehran's ambitions back by decades. Authorities have captured another inmate who escaped from a New Orleans jail on May 16. Antoine Massey, 33, a serial escapee who was most recently charged with vehicle theft and domestic abuse involving strangulation, was arrested Friday in a rental property just miles from the Orleans Justice Center where he and nine other inmates made their brazen getaway. In the weeks since they fled, the police have arrested nine of the fugitives. Derrick Groves, the last remaining escapee, is still on the run. Groves was convicted of killing two people in 2018 and later pleaded guilty to battery of a corrections officer. There is a $50,000 reward for information leading to his capture. Fox News suedThe $787 million lawsuit stems from a dispute between California Gov. Gavin Newsom and President Trump over the timing of a phone call during LA's recent immigration protests. Bey is safe!Singer Beyoncé had to briefly stop the show in Houston after her 'flying' car prop experienced a mishap in midair. No biting, sirActress Alicia Hannah-Kim called the police to a fan convention in Washington and accused one of her 'Cobra Kai' co-stars of assaulting her. A forest returnsUnderwater forests of crayweed are slowly being restored off Australia's southeastern coast after disappearing in the 1980s, likely due to dumped sewage. Blue screen goes bye byeMicrosoft's infamous 'blue screen of death,' which would appear on computer monitors whenever Windows users experienced 'unexpected restarts,' will soon be retired. 110,000That's how many Russian troops have amassed near the eastern Ukrainian city of Pokrovsk. Russian forces have been trying to capture the area for almost a year. 'You can put any lipstick you want on this pig, but it's still a pig.'— Virginia Democratic Sen. Mark Warner, on President Trump's massive policy bill. Check your local forecast here>>> Despite a heat wave, massive crowds protested the Hungarian government's anti-LGBTQ legislation during Budapest Pride over the weekend.
