Donald Trump's Trade Deal Splits Europe
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
The trade deal struck between the EU and the U.S. has prompted a mixed reaction from European leaders who have expressed both concern about the impact of tariffs and relief that an all-out trade war has been averted.
EU chief Ursula von der Leyen and President Donald Trump announced the deal which would see 15 percent levies on most EU exports to the U.S.—or half the rate threatened by Trump—in return for Europe buying more American energy and slashing taxes on some imports.
Spain and France have given the least enthusiastic response, while Germany's chancellor was among other leaders who expressed support, at least for an end to the uncertainty. Newsweek has contacted the White House for comment.
President Donald Trump and President of the European Commission Ursula von der Leyen announce a US-EU trade deal after a meeting at Trump Turnberry golf club on July 27, 2025 in Turnberry, Scotland.
President Donald Trump and President of the European Commission Ursula von der Leyen announce a US-EU trade deal after a meeting at Trump Turnberry golf club on July 27, 2025 in Turnberry, Scotland.Why It Matters
Trump has touted the tariff deal with the EU as the "biggest of them all" as he pursues a plan to reorder the global economy and trim the American trade deficit.
EU members had feared tariffs of 30 percent, but they have greeted the much lower 15 percent levies with caution, with some bemoaning an act of "submission."
What To Know
After talks at Trump's Turnberry golf course in South Ayrshire, Scotland, the president and von der Leyen agreed on tariffs on EU goods entering the U.S. at 15 percent, down from the 30 percent import tax rate Trump had threatened.
Von der Leyen described the agreement as a "huge deal" but European leaders greeted it with less gusto, even if the tariffs are half what had been threatened and most acknowledged that at least it had created some predictability.
French Prime Minister François Bayrou posted on X that it was a "dark day" when such an alliance as the EU "resigns itself to submission."
Spanish Prime Minister Pedro Sánchez said he would support it "without any enthusiasm." Swedish Trade Minister Benjamin Dousa described the deal as "maybe the least bad alternative."
Hungarian Prime Minister Viktor Orbán said Trump "ate von der Leyen for breakfast" while Danish Foreign Minister Lars Løkke Rasmussen said the trade conditions would be worse than before but there needed to be a balance that both sides can live with.
Germany's chancellor, Friedrich Merz, said the agreement avoided a trade conflict that would have hit the export-orientated German economy hard, particularly in the automotive sector.
Micheál Martin, prime minister of Ireland, which has a large trading partnership with the U.S, put a positive spin on the agreement for bringing "clarity and predictability to the trading relationship between the EU and the U.S." although he added it would be challenging.
The EU's trade commissioner Maroš Šefčovič said it was the "best deal we could get under very difficult circumstances" and was better than a trade war. Ville Tavio, Finland's foreign trade minister, said the agreement calmed the situation "but there's absolutely no reason for celebration."
German Chancellor Friedrich Merz and French President Emmanuel Macron on July 23, 2025 in Berlin, Germany.
German Chancellor Friedrich Merz and French President Emmanuel Macron on July 23, 2025 in Berlin, Germany.In comments emailed to Newsweek, L. Daniel Mullaney, nonresident senior fellow at the Atlantic Council's Europe Center said the deal "will be controversial among important constituencies in the EU, which reasonably view the tariffs as contrary to international rules—and do not want to reward what they see as bad behavior."
Von der Leyen could face pressure to the U.S. tariffs, which "could throw the deal off the rails between now and August 1" although the preliminary deal will allow both sides to work out further details on sectoral tariffs and non-tariff barriers, he added.
Jörn Fleck, senior director, at the same think tank, said how the deal treats U.S. auto production and EU automotive exports will be worth watching closely.
Meanwhile, pharmaceuticals, steel, and maybe semiconductors appear to have been excluded from this deal and so discussions on those sectors will continue, Fleck added.
Trump said the bloc would increase investment in the U.S. economy by $600 billion (though the EU has said that this would come from the private sector, over which Brussels has no authority) and spend $750 billion on energy.
Von der Leyen said that investment over the next three years in American liquefied natural gas (LNG), oil and nuclear fuels would reduce European reliance on Russian energy whose exports fund Moscow's war on Ukraine.
However, Septimus Knox, director, disputes and investigations, at geopolitical and cyber risk consultancy S-RM told Newsweek that the deal is more about securing future supplies rather than decoupling the EU from Russian energy.
What People Are Saying
Germany's chancellor Friedrich Merz posted on X: "Stable and predictable trade relations with market access benefit everyone on both sides of the Atlantic, businesses and consumers alike."
French Prime Minister François Bayrou: "It is a dark day when an alliance of free peoples, brought together to affirm their common values and to defend their common interests, resigns itself to submission."
Spain's prime minister Pedro Sánchez: "I value the constructive and negotiating attitude of the president of the European Commission. In any case, I support this trade agreement, but I do so without any enthusiasm."
Hungary's prime minister Viktor Orbán: "This is not an agreement...Donald Trump ate [Ursula] von der Leyen for breakfast...as the U.S. president is a heavyweight when it comes to negotiations while Madame President is featherweight."
Irish Prime Minister Micheál Martin said the deal "creates a new era of stability that can hopefully contribute to a growing and deepening relationship between the EU and the U.S."
What Happens Next
Von der Leyen has described the deal as a "framework" and more details will be negotiated in the coming weeks.
The commission can negotiate trade deals for the entire bloc but it still needs the backing of the 27 EU member states, whose ambassadors will meet next Monday.
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"Policy uncertainty, resurgent inflation pressures stemming from tariffs, and tighter immigration constraints are beginning to weigh more visibly on activity," Daco said. Read more here. US economic growth rebounded in the second quarter after contracting for the first time in three years to start 2025. The headline number, a 3% annualized pace of growth, was well above the 2.6% increase economists had expected, a sharp mover higher from the 0.5% contraction seen in the first quarter. But the BEA noted that the second quarter bounce-back reflected a decrease in imports, which are a subtraction in the calculation of GDP. EY chief economist Gregory Daco noted that the quarterly swings in imports created an "economic mirage" that masked some underlying cooling in the economy. Daco argues that when "stripping out the noise" and looking at a metric like growth in sales to private domestic purchasers, the data points to a slowing in economic activity. Sales to private domestic purchasers rose 1.2% in the second quarter, lower than the 1.9% growth seen in the first quarter and the slowest pace of growth since 2022. "Policy uncertainty, resurgent inflation pressures stemming from tariffs, and tighter immigration constraints are beginning to weigh more visibly on activity," Daco said. Read more here. Wall Street bullish on Reddit ahead of Q2 earnings Reddit (RDDT) stock rose more than 2% Wednesday as Wall Street analysts largely maintained their bullish takes on shares ahead of the company's second quarter earnings. Analysts at Needham, Deutsche Bank, Jefferies, and Raymond James reiterated their Buy ratings on the stock in notes to clients heading into the social media platform's quarterly results Thursday after the bell. "The bear case (that Google Search will no longer send traffic to RDDT) is not playing out," wrote Needham analyst Laura Martin. Concerns over the impact of changes to Google Search's algorithm on Reddit's daily active users drove the stock down in the aftermath of its past two quarterly reports. Jefferies analyst John Colantuoni said web traffic data showed daily active user growth stabilizing in the past three months after decelerating throughout the first quarter. Needham's Martin added: "AI-driven ad tools, such as Reddit Insights & Conversation Summaries, suggest RDDT is already monetizing GenAI." Reddit (RDDT) stock rose more than 2% Wednesday as Wall Street analysts largely maintained their bullish takes on shares ahead of the company's second quarter earnings. Analysts at Needham, Deutsche Bank, Jefferies, and Raymond James reiterated their Buy ratings on the stock in notes to clients heading into the social media platform's quarterly results Thursday after the bell. "The bear case (that Google Search will no longer send traffic to RDDT) is not playing out," wrote Needham analyst Laura Martin. Concerns over the impact of changes to Google Search's algorithm on Reddit's daily active users drove the stock down in the aftermath of its past two quarterly reports. Jefferies analyst John Colantuoni said web traffic data showed daily active user growth stabilizing in the past three months after decelerating throughout the first quarter. Needham's Martin added: "AI-driven ad tools, such as Reddit Insights & Conversation Summaries, suggest RDDT is already monetizing GenAI." Mortgage rates near 7% Home contract signings slumped more than expected in June, the latest sign that the housing market is still essentially frozen, Yahoo Finance's Claire Boston reports. Boston writes: Read the full story here. Home contract signings slumped more than expected in June, the latest sign that the housing market is still essentially frozen, Yahoo Finance's Claire Boston reports. Boston writes: Read the full story here. Hershey stock climbs after Q2 earnings beat as investors look past tariff, cocoa shortage impacts Hershey (HSY) shares rose Wednesday morning after the candy and snack maker reported second quarter earnings and revenue ahead of Wall Street's expectations. Its earnings per share of $1.21 were above the $1.01 projected, while revenue of $2.6 billion was above the $2.5 billion estimate, according to Bloomberg consensus data. Revenue was boosted by a later Easter in 2025. The stock's climb comes despite the company revising its full-year outlook. It now sees earnings per share falling 50% in 2025 versus the prior 40% decline expected. That drop comes as Hershey faces record-high cocoa prices (CC=F) due to a global shortage and anticipates as much as a $180 million hit during the fiscal year from tariffs. The company recently raised candy prices due to elevated cocoa costs. Hershey (HSY) shares rose Wednesday morning after the candy and snack maker reported second quarter earnings and revenue ahead of Wall Street's expectations. Its earnings per share of $1.21 were above the $1.01 projected, while revenue of $2.6 billion was above the $2.5 billion estimate, according to Bloomberg consensus data. Revenue was boosted by a later Easter in 2025. The stock's climb comes despite the company revising its full-year outlook. It now sees earnings per share falling 50% in 2025 versus the prior 40% decline expected. That drop comes as Hershey faces record-high cocoa prices (CC=F) due to a global shortage and anticipates as much as a $180 million hit during the fiscal year from tariffs. The company recently raised candy prices due to elevated cocoa costs. Trump says Powell must lower interest rates 'now' following GDP uptick President Trump used a return to GDP growth ahead of a widely expected Federal Reserve decision to keep monetary policy unchanged to say that Fed Chairman Jerome Powell must 'now' lower rates, Yahoo Finance's Ben Werschkul reports. Werschkul writes: Read the full story here. President Trump used a return to GDP growth ahead of a widely expected Federal Reserve decision to keep monetary policy unchanged to say that Fed Chairman Jerome Powell must 'now' lower rates, Yahoo Finance's Ben Werschkul reports. Werschkul writes: Read the full story here. Marvell Technology soars 10% as Morgan Stanley analyst lifts price outlook Marvell Technology (MRVL) shares spiked Wednesday after Morgan Stanley (MS) analyst Joseph Moore lifted his price target on the stock to $80 from $73. In a note to clients on Tuesday, Moore cited the chipmaker's opportunity in the AI networking space. Networking products such as data center switches, ethernet controllers, and digital signal processors are required in data centers to receive and send data between AI chips and servers. Marvell makes both networking products and custom AI chips (also known as processors) called ASIC accelerators. "For both Broadcom (AVGO) and Marvell (MRVL), we expect AI upside this year to come from the networking side rather than processors [custom AI chips]," Moore wrote. Moore said Marvell "should be a direct beneficiary of NVIDIA's upcoming product cycle." That's because networking technology is needed to support upcoming purchases of Nvidia's latest Blackwell chips and servers. "Marvell is firmly in the AI winners camp," wrote Moore. Marvell Technology (MRVL) shares spiked Wednesday after Morgan Stanley (MS) analyst Joseph Moore lifted his price target on the stock to $80 from $73. In a note to clients on Tuesday, Moore cited the chipmaker's opportunity in the AI networking space. Networking products such as data center switches, ethernet controllers, and digital signal processors are required in data centers to receive and send data between AI chips and servers. Marvell makes both networking products and custom AI chips (also known as processors) called ASIC accelerators. "For both Broadcom (AVGO) and Marvell (MRVL), we expect AI upside this year to come from the networking side rather than processors [custom AI chips]," Moore wrote. Moore said Marvell "should be a direct beneficiary of NVIDIA's upcoming product cycle." That's because networking technology is needed to support upcoming purchases of Nvidia's latest Blackwell chips and servers. "Marvell is firmly in the AI winners camp," wrote Moore. Nvidia leads muted Mag 7 ahead of Microsoft, Meta earnings Nvidia (NVDA) shares moved up 1% early on Wednesday, leading the group of "Magnificent Seven" tech stocks ahead of earnings reports from Microsoft (MSFT) and Meta (META) after the bell. Amazon (AMZN), Tesla (TSLA), and Microsoft stock prices wavered around the flat line, while Meta and Google (GOOG) shares rose less than 1%. Apple (AAPL) slipped around 0.1% in lackluster trade for US stocks more broadly. Nvidia is up roughly 4% over the past five trading sessions, compared with the tech heavy Nasdaq Composite's (^IXIC) 0.6% gain over the same period. Nvidia (NVDA) shares moved up 1% early on Wednesday, leading the group of "Magnificent Seven" tech stocks ahead of earnings reports from Microsoft (MSFT) and Meta (META) after the bell. Amazon (AMZN), Tesla (TSLA), and Microsoft stock prices wavered around the flat line, while Meta and Google (GOOG) shares rose less than 1%. Apple (AAPL) slipped around 0.1% in lackluster trade for US stocks more broadly. Nvidia is up roughly 4% over the past five trading sessions, compared with the tech heavy Nasdaq Composite's (^IXIC) 0.6% gain over the same period. Stocks steady at the open US stocks held steady at the start of Wednesday's trading session ahead of the Federal Reserve's interest-rate decision and earnings from Big Tech names Microsoft (MSFT) and Meta (META). The Dow Jones Industrial Average (^DJI) wavered along the flat line, while the S&P 500 (^GSPC) nudged nearly 0.1% higher. The tech-heavy Nasdaq Composite (^IXIC) ticked up roughly 0.2%. The indices had fallen on Tuesday, with the S&P 500 ending its six-day record streak. US stocks held steady at the start of Wednesday's trading session ahead of the Federal Reserve's interest-rate decision and earnings from Big Tech names Microsoft (MSFT) and Meta (META). The Dow Jones Industrial Average (^DJI) wavered along the flat line, while the S&P 500 (^GSPC) nudged nearly 0.1% higher. The tech-heavy Nasdaq Composite (^IXIC) ticked up roughly 0.2%. The indices had fallen on Tuesday, with the S&P 500 ending its six-day record streak. Jobs data, GDP both top forecasts in a strong morning for the US economy Data from ADP on private payroll growth and the first look at second quarter GDP growth out Wednesday morning both topped forecasts, a sign of continued resilience in the US economy. Private payroll growth in July tallied 104,000 according to the latest data from ADP, more than the 77,000 jobs that private employers were expected to add and a rebound from the 23,000 jobs that were cut in the sector last month. "Our hiring and pay data are broadly indicative of a healthy economy," said Nela Richardson, chief economist at ADP. "Employers have grown more optimistic that consumers, the backbone of the economy, will remain resilient." Fifteen minutes after ADP's data was released, the BEA put out its first look at GDP growth in the second quarter, which showed the US economy grew at an annualized rate of 3% in the second quarter, faster than the 2.6% that had been expected by economists. In the first three months of the year, the US economy contracted at a rate of 0.5%. The BEA noted in its release the rebound in the second quarter was largely a result of decreased imports, which had weighed on growth in the first quarter as businesses increased orders ahead of expected tariffs. In response to the data, longer-term Treasury yields ticked slightly higher while futures remained little-changed ahead of the Federal Reserve's policy announcement set for 2:00 p.m. ET. In a post on Truth Social following the GDP data, President Trump again called on the Fed to cut rates. The central bank is widely expected to make no change to its interest rate policy later today. Data from ADP on private payroll growth and the first look at second quarter GDP growth out Wednesday morning both topped forecasts, a sign of continued resilience in the US economy. Private payroll growth in July tallied 104,000 according to the latest data from ADP, more than the 77,000 jobs that private employers were expected to add and a rebound from the 23,000 jobs that were cut in the sector last month. "Our hiring and pay data are broadly indicative of a healthy economy," said Nela Richardson, chief economist at ADP. "Employers have grown more optimistic that consumers, the backbone of the economy, will remain resilient." Fifteen minutes after ADP's data was released, the BEA put out its first look at GDP growth in the second quarter, which showed the US economy grew at an annualized rate of 3% in the second quarter, faster than the 2.6% that had been expected by economists. In the first three months of the year, the US economy contracted at a rate of 0.5%. The BEA noted in its release the rebound in the second quarter was largely a result of decreased imports, which had weighed on growth in the first quarter as businesses increased orders ahead of expected tariffs. In response to the data, longer-term Treasury yields ticked slightly higher while futures remained little-changed ahead of the Federal Reserve's policy announcement set for 2:00 p.m. ET. In a post on Truth Social following the GDP data, President Trump again called on the Fed to cut rates. The central bank is widely expected to make no change to its interest rate policy later today. Premarket trending tickers: Novo Nordisk stock falls, Starbucks stock pops Here's a look at some of the top stocks trending in premarket trading: Novo Nordisk (NVO): The stock continued to sink on Wednesday, falling 4% premarket after a 21% wipeout on Tuesday. The drugmaker cut its full-year sales and operating profit guidance again, related to lower growth expectations for its diabetes and weight-loss drugs, Wegovy and Ozempic. Eli Lilly stock also fell Tuesday but was up 1% Wednesday morning. Starbucks (SBUX): Shares of the coffee giant popped 5% premarket after the company reported its sixth straight quarterly sales decline. But things weren't as bad as investors feared, and CEO Brian Niccol assured Wall Street that the company was "ahead of schedule" in its turnaround plan. V.F. Corp (VFC): The Vans parent's stock soared nearly 20% after the company beat first quarter revenue estimates on Wednesday, aided by an uptick in demand for its apparel and footwear products. Palo Alto Networks (PANW): The software company is in final talks to acquire Israeli cybersecurity provider CyberArk, the Wall Street Journal reported, and the deal could be finalized as early as this week. The deal could place a value north of $20 billion on CyberArk, potentially making it one of the largest tech takeovers this year. Shares of Palo Alto Networks rose 0.4% in premarket trading. Meta (META) and Microsoft (MSFT) stocks rose modestly ahead of their quarterly results, which are set to be released after the closing bell on Wednesday. Investors will be looking to the two Big Tech companies for signs of AI sales growth and monetization. Read live coverage of corporate earnings here. Here's a look at some of the top stocks trending in premarket trading: Novo Nordisk (NVO): The stock continued to sink on Wednesday, falling 4% premarket after a 21% wipeout on Tuesday. The drugmaker cut its full-year sales and operating profit guidance again, related to lower growth expectations for its diabetes and weight-loss drugs, Wegovy and Ozempic. Eli Lilly stock also fell Tuesday but was up 1% Wednesday morning. Starbucks (SBUX): Shares of the coffee giant popped 5% premarket after the company reported its sixth straight quarterly sales decline. But things weren't as bad as investors feared, and CEO Brian Niccol assured Wall Street that the company was "ahead of schedule" in its turnaround plan. V.F. Corp (VFC): The Vans parent's stock soared nearly 20% after the company beat first quarter revenue estimates on Wednesday, aided by an uptick in demand for its apparel and footwear products. Palo Alto Networks (PANW): The software company is in final talks to acquire Israeli cybersecurity provider CyberArk, the Wall Street Journal reported, and the deal could be finalized as early as this week. The deal could place a value north of $20 billion on CyberArk, potentially making it one of the largest tech takeovers this year. Shares of Palo Alto Networks rose 0.4% in premarket trading. Meta (META) and Microsoft (MSFT) stocks rose modestly ahead of their quarterly results, which are set to be released after the closing bell on Wednesday. Investors will be looking to the two Big Tech companies for signs of AI sales growth and monetization. Read live coverage of corporate earnings here. A divided Fed is expected to hold rates steady, defying Trump's calls for a cut The Federal Reserve is widely expected to hold interest rates steady on Wednesday, though the central bank remains internally divided over the path of monetary policy amid the Trump administration's pressure on the Fed. Yahoo Finance's Jennifer Schonberger reports: Read more here. The Federal Reserve is widely expected to hold interest rates steady on Wednesday, though the central bank remains internally divided over the path of monetary policy amid the Trump administration's pressure on the Fed. Yahoo Finance's Jennifer Schonberger reports: Read more here. Whirlpool is championing the tariffs that have hammered its quarter Yahoo Finance's Hamza Shaban digs into the tariffs story for Whirlpool (WHR) in today's Morning Brief: Read more here on why Whirlpool is looking past tariff setbacks. Yahoo Finance's Hamza Shaban digs into the tariffs story for Whirlpool (WHR) in today's Morning Brief: Read more here on why Whirlpool is looking past tariff setbacks. Good morning. Here's what's happening today. Economic data: Federal Reserve monetary policy decision; GDP annualized; ADP private payrolls (July); (second quarter); Pending home sales, (June); MBA Mortgage Applications (July 25); Minnesota Chicago PMI (July) Earnings: Meta (META), Microsoft (MSFT), Arm (ARM), Altria (MO), Carvana (CVNA), Ford (F), Generac (GNRC), Harley Davidson (HOG), Hershey (HSY), Humana (HUM), The Kraft Heinz Company (KHC), Qualcomm (QCOM), Robinhood (HOOD) Here are some of the biggest stories you may have missed overnight and early this morning: Fed set to hold rates steady, defying Trump's call for a cut Whirlpool is championing the tariffs that have hammered its quarter Meta to report Q2 earnings amid AI investment push Microsoft to report Q4 earnings as Wall Street looks for continued AI growth Deal-hunting Americans are putting corporates on watch Trump eyes 25% India tariff, US-China truce in the balance Wall Street's riding high on relief, not results: Strategist Tesla signs $4.3B battery deal, cuts reliance on China Economic data: Federal Reserve monetary policy decision; GDP annualized; ADP private payrolls (July); (second quarter); Pending home sales, (June); MBA Mortgage Applications (July 25); Minnesota Chicago PMI (July) Earnings: Meta (META), Microsoft (MSFT), Arm (ARM), Altria (MO), Carvana (CVNA), Ford (F), Generac (GNRC), Harley Davidson (HOG), Hershey (HSY), Humana (HUM), The Kraft Heinz Company (KHC), Qualcomm (QCOM), Robinhood (HOOD) Here are some of the biggest stories you may have missed overnight and early this morning: Fed set to hold rates steady, defying Trump's call for a cut Whirlpool is championing the tariffs that have hammered its quarter Meta to report Q2 earnings amid AI investment push Microsoft to report Q4 earnings as Wall Street looks for continued AI growth Deal-hunting Americans are putting corporates on watch Trump eyes 25% India tariff, US-China truce in the balance Wall Street's riding high on relief, not results: Strategist Tesla signs $4.3B battery deal, cuts reliance on China Meta and Microsoft are set to kick off this week's Big Tech earnings Yahoo Finance's Dan Howley has previews of both Meta (META) and Microsoft (MSFT), whose reports come Wednesday. For Meta, it's all about the AI hiring and spree: And Microsoft remains chugging along, its stock up more than 20% this year. Dan says Alphabet's (GOOG, GOOGL) well-received results last week could bode well for Microsoft, as investors focus on AI-driven sales gains: Read more on Meta and Microsoft. Yahoo Finance's Dan Howley has previews of both Meta (META) and Microsoft (MSFT), whose reports come Wednesday. For Meta, it's all about the AI hiring and spree: And Microsoft remains chugging along, its stock up more than 20% this year. Dan says Alphabet's (GOOG, GOOGL) well-received results last week could bode well for Microsoft, as investors focus on AI-driven sales gains: Read more on Meta and Microsoft. Trending tickers: Seagate, Avis and Sarepta Here are some top stocks trending on Yahoo Finance in premarket trading: Seagate Technology (STX) shares fell more than 6% on Wednesday before the bell after the company's first-quarter revenue forecast fell below Wall Street estimates on Tuesday. Seagate earnings were hurt by weak demand for its storage devices amid ongoing uncertainty in the personal computer market. Avis (CAR) stock fell 5% premarket following the car rental company's earnings results on Tuesday. It was also announced that Alphabet (GOOG, GOOGL)-owned company Waymo plans to launch a robotaxi service next year in Dallas and will partner with Avis Budget Group to manage its fleet of all-electric autonomous Jaguar I-Pace vehicles. Sarepta Therapeutics (SRPT) stock rose 10% in premarket trading on Wednesday following the news that it will now start shipping its top-selling muscular dystrophy therapy, Elevidys, after the US Food and Drug Administration (FDA) reversed its request for a voluntary pause late Monday. Here are some top stocks trending on Yahoo Finance in premarket trading: Seagate Technology (STX) shares fell more than 6% on Wednesday before the bell after the company's first-quarter revenue forecast fell below Wall Street estimates on Tuesday. Seagate earnings were hurt by weak demand for its storage devices amid ongoing uncertainty in the personal computer market. Avis (CAR) stock fell 5% premarket following the car rental company's earnings results on Tuesday. It was also announced that Alphabet (GOOG, GOOGL)-owned company Waymo plans to launch a robotaxi service next year in Dallas and will partner with Avis Budget Group to manage its fleet of all-electric autonomous Jaguar I-Pace vehicles. Sarepta Therapeutics (SRPT) stock rose 10% in premarket trading on Wednesday following the news that it will now start shipping its top-selling muscular dystrophy therapy, Elevidys, after the US Food and Drug Administration (FDA) reversed its request for a voluntary pause late Monday. Starbucks stock pops after US sales fall less than feared Shares of Starbucks (SBUX) rose in premarket despite a quarterly profit miss after sales in the coffee chain's US outlets proved healthier than expected. Yahoo Finance's Brooke DiPalma reports: Read more here. Shares of Starbucks (SBUX) rose in premarket despite a quarterly profit miss after sales in the coffee chain's US outlets proved healthier than expected. Yahoo Finance's Brooke DiPalma reports: Read more here.
Wall Street Journal
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- Wall Street Journal
The Laws of Economics Apply to the Late Show
Ben Sasse is right that the cancellation of 'The Late Show with Stephen Colbert' illustrates the decline of a common American culture ('Colbert and the End of Late-Night TV,' op-ed, July 21). That's not something to celebrate. But the failure of the show illustrates another point that is exciting: Leftist cultural icons aren't immune to the laws of economics. Mr. Colbert put leftist political comedy first, effectively alienating at least half the country. He seems to have assumed that, given his lofty cultural perch and the elite deference shown to people like him, he was insulated from any potential decline in viewership. But losing your audience means losing revenue, and while studio executives tolerated him for a time, the losses became too steep to ignore.
