logo
Knoxville City Council candidates keep violence interruption front and center

Knoxville City Council candidates keep violence interruption front and center

Yahoo19-05-2025
Knoxville violence interruption workers and advocates are making sure their mission stays in the public eye by running for city council this year. The neighborhoods that have been harmed by youth gun violence are in District 6, where Councilmember Gwen McKenzie is term-limited.
Candidates Denzel Grant, director of Turn Up Knox; Stan Johnson, executive director and co-founder of SEEED; and Lawrence Williams, a pastor, all work in the violence interruption space. they're joined in the race by Sam Brown, Charles Frazier and George Raudenbush III.
Making room at the table: The race for District 6 is crowded, with six candidates stepping up to run for the open seat. Several have been advocates for the city council to pressure Mayor Indya Kincannon to allocate more money for local violence interruption groups.
Why it matters: Three of the six candidates said they're running to uplift community voices in violence interruption spaces. Presumably, it'll be a prominent talking point during the primary campaign, especially after the Knoxville City Council allowed the mayor to pay the National Institute of Criminal Justice Reform to spearhead violence interruption here instead of local nonprofits.
Why the election change will have an impact: The new election system endorsed by voters in 2024 means only residents of a district can vote in that district's elections. Whatever voters decide is a priority will dominate the race. The top two candidates in the primary election will move on to the Nov. 4 general election.
Get prepared: There's still a few months until the August primary, and Knox News will have voter's guides out before early voting so you can study up. In the meantime, you can get familiar with the candidates in your district the list at knoxnews.com. If you don't know which district you live in, put your address in at tnmap.tn.gov/voterlookup.
For conservative Knox County, no news is good news on the budget. That's reflected in Mayor Glenn Jacobs' proposal for the coming year, where the main highlights were $5 million in increased funding for the Knox County Sheriff's Office and Jacobs supporting Knox County Schools' full budget request.
Property tax rates will not change if it's approved as proposed.
The increased funding for KCSO will pay for overtime, funding for officers' pensions, raises, increased contract costs, new body cameras, new tasers and new vehicles.
Body camera funding increases: The budget increase for body cameras comes as KCSO's policy is under scrutiny. Knox News was first to report the SWAT team members who shot and killed the South-Doyle High School student were not wearing bodycams during the raid on 18-year-old Daevon Montez Saint-Germain's home. SWAT team members shot and killed Saint-Germain. Neighbors and elected officials put pressure on KCSO to require body cameras, which Spangler told community members he did a month after the Saint-Germain's killing.
What's happening this week:
The Knox County Commission will listen to public input on the budget 4 p.m. May 19 in the main assembly room of the City-County Building, 400 Main St.
The Knox County Commission will vote on the budget at 5p.m. May 19 in the main assembly room of the City-County Building, 400 Main St.
Want to study up? Knox County's budget is at knoxcounty.org. Click the finance option under the government tab. The proposed budget is at the top of the page.
The Knoxville City Council is analyzing its own rules as part of a process it hopes to repeat regularly, similar to how the county commission reviews its' rules routinely.
Why its relevant: The public comment section of meetings will be reviewed later this month. It loomed large last year, as demonstrations at meetings arose periodically, and were an ongoing point of friction between council members and pro-Palestinian demonstrators who effectively used the council's rules to redirect the focus of meetings from agenda items to the Israel-Hamas War.
Council members grew exasperated by meetings that stretched for hours. Demonstrators pointed out that if the council refused to address their concerns about what could be done locally to influence the war, they would use the legal means available to them to make their points.
Setting up a debate: Council member Amelia Parker, who represents the whole city, was an advocate for expanded public forum during the demonstrations, while most other members were quiet or supported Kincannon's efforts to keep the meeting moving. Now, Parker is on the council committee that's set to examine how public comment works.
Happening this week: Parker is hosting an information session to talk about public forum rules from 6:30-8 p.m. May 27 via Zoom. Registration is required at the QR code on Parker's Facebook page.
A couple weeks ago, I mentioned an effort by Knox County Commissioner Andy Fox to add an extra layer to the county's applications for federal grants.
Fox's proposal: The county's grants department applies for state and federal help and then seeks the commission's approval before accepting the money. Fox wants commissioners to know before the department even sends in the application. Commissioners would be able to approve or deny the application, and they could also postpone it (potentially past the deadline).
Why it's back The commission voted to delay a vote on Fox's proposal, so now its on their agenda again for this month.
Important date: The commission will meet at 5 p.m. April May 19 in the main assembly room of the City-County Building at 400 Main St.
Here are some news highlights from last week:
Tyler Whetstone, Myron Thompson and Kelly Puente broke the news the the Tennessee Highway Patrol is now partnering with U.S. Immigration and Customs Enforcement through the federal agency's most aggressive program
Keenan Thomas wrote about former Tennessee Gov. Bill Haslam's new role
Hayden Dunbar highlighted the history of the Beck Cultural Exchange Center on its 50th anniversary
Allison Kiehl explained the new "Junk Fees Rule"
I caught up with former supporters of Knox County Trustee Justin Biggs and politicos to talk about his spending
Allie Feinberg reports on politics for Knox News. Email her: allie.feinberg@knoxnews.com and follow her on X, formerly known as Twitter, @alliefeinberg.
This article originally appeared on Knoxville News Sentinel: Knoxville City Council candidates keep violence interruption out front
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Stock market today: Dow, S&P 500, Nasdaq futures climb as Wall Street digests July inflation report
Stock market today: Dow, S&P 500, Nasdaq futures climb as Wall Street digests July inflation report

Yahoo

time7 minutes ago

  • Yahoo

Stock market today: Dow, S&P 500, Nasdaq futures climb as Wall Street digests July inflation report

US stock futures moved higher on Tuesday as Wall Street digested fresh inflation data and President Trump revealed his pick to head the Bureau of Labor Statistics. Futures attached to the Dow Jones Industrial Average (YM=F) rose 0.6%. Those tied to the benchmark S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) were both up around 0.7%. The latest data from the Bureau of Labor Statistics showed that "core" inflation, which excludes volatile food and energy costs, rose 3.1% over the past year in July, ahead of June's 2.9% increase and indicating that rising goods inflation is no longer being offset by easing services inflation. But on a headline basis, the Consumer Price Index (CPI) increased 2.7% year-over-year, matching June and coming in softer than economist expectations of a 2.8% rise. The report was the first major piece of economic data to be released by the Bureau of Labor Statistics after Trump fired Erika McEntarfer as commissioner of the BLS earlier this month following the release of the July jobs report. Late Monday, Trump announced that he nominated E.J. Antoni, chief economist at the conservative Heritage Foundation, to lead the BLS. In corporate news, Intel (INTC) stock jumped more than 2% in premarket trading on Tuesday after CEO Lip-Bu Tan met with President Trump, who had called for Tan's resignation last week. After the meeting, Trump posted to Truth Social saying that he had met with Tan along with Secretary of Commerce Howard Lutnick and Secretary of the Treasury Scott Bessent. "The meeting was a very interesting one," the president wrote, adding, "His success and rise is an amazing story." On Tuesday, reports said China urged local firms not to use Nvidia H20 chips, complicating Trump's bid to turn those sales into a US windfall. Trump also granted another 90-day pause on the most punishing tariffs on China as the two countries work toward a trade deal. Read more: The latest on Trump's tariffs Investors will get two more pulse checks on the state of the economy later this week, with the release of the Producer Price Index on Thursday and retail sales data on Friday. "Core" price increases accelerate more than expected in July Price increases accelerated more than expected in July. The latest data from the Bureau of Labor Statistics showed that on a "core" basis, which strips out the more volatile costs of food and gas, consumer prices in increased 3.1% over the prior year in July, an increase from June's 2.9% and above economists' forecast for 3%. Core prices climbed 0.3% over the prior month, ahead of June's 0.2% increase but in line with expectations. The headline Consumer Price Index (CPI) showed prices increased 2.7% in July, unchanged from the month prior and below the 2.8% economists had expected. On a month-over-month basis, prices increased 0.2%, lower than the 0.3% seen the month prior. Circle stock jumps on first earnings report since going public Circle (CRCL) posted higher revenue and reserve income on Tuesday in its first quarterly report since its IPO in June, as circulation of its stablecoin USDC (USDC-USD) spread. Circle stock rose 6% in premarket trading on Tuesday. Its total gains since going public are now 133%. Reuters reports: Read more here. US small business optimism rebounds, but uncertainty clouds outlook Reuters reports: Read more here. Good morning. Here's what's happening today. Economic data: NFIB Small Business Optimism (July); Consumer Price Index (July); Real average hourly earnings (July) Earnings: Circle (CRCL), Pony AI (PONY), On Holding (ONON), CoreWeave (CRWV), Rigetti (RGTI), Cava (CAVA) Here are some of the biggest stories you may have missed overnight and early this morning: July inflation report expected to show prices accelerated Media musical chairs are reshaping the sports landscape Earnings live: Circle pops on higher revenue in first earnings report Intel stock rises after Trump praises CEO's 'amazing story' China urges firms to shun Nvidia chips, trade truce extended Musk accuses Apple of unfairly favoring OpenAI on iPhone Google and IBM believe workable quantum computer is in sight US small business optimism up but uncertainty clouds outlook Switzerland wants binding Trump commitment on gold tariffs Cannabis stocks soar as President Trump considers reclassifying marijuana Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug. The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year. Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%. On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks. "We're looking at reclassification and we'll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one," Trump said. "It's a very complicated subject." Intel is still a disaster Intel (INTC) is rallying premarket as Trump walked back his apparent hate for the company's CEO, Lip-Bu Tan, after meeting on Monday. Don't be fooled by the price action, however. This isn't the case like Apple (AAPL), where CEO Tim Cook kisses Trump's butt and the company is exempt from various tariffs. Intel is a fundamental disaster right now. People in the industry I talk to are unsure if the company will ever come back to a state of health, given 1) how fast AI chip development is occurring, and 2) how far behind Nvidia and AMD Intel is. Intel's statement on the meeting: "Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening U.S. technology and manufacturing leadership. We appreciate the President's strong leadership to advance these critical priorities and look forward to working closely with him and his Administration as we restore this great American company." Japan's Nikkei hits record high on tariff relief, tech rally The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. "Core" price increases accelerate more than expected in July Price increases accelerated more than expected in July. The latest data from the Bureau of Labor Statistics showed that on a "core" basis, which strips out the more volatile costs of food and gas, consumer prices in increased 3.1% over the prior year in July, an increase from June's 2.9% and above economists' forecast for 3%. Core prices climbed 0.3% over the prior month, ahead of June's 0.2% increase but in line with expectations. The headline Consumer Price Index (CPI) showed prices increased 2.7% in July, unchanged from the month prior and below the 2.8% economists had expected. On a month-over-month basis, prices increased 0.2%, lower than the 0.3% seen the month prior. Price increases accelerated more than expected in July. The latest data from the Bureau of Labor Statistics showed that on a "core" basis, which strips out the more volatile costs of food and gas, consumer prices in increased 3.1% over the prior year in July, an increase from June's 2.9% and above economists' forecast for 3%. Core prices climbed 0.3% over the prior month, ahead of June's 0.2% increase but in line with expectations. The headline Consumer Price Index (CPI) showed prices increased 2.7% in July, unchanged from the month prior and below the 2.8% economists had expected. On a month-over-month basis, prices increased 0.2%, lower than the 0.3% seen the month prior. Circle stock jumps on first earnings report since going public Circle (CRCL) posted higher revenue and reserve income on Tuesday in its first quarterly report since its IPO in June, as circulation of its stablecoin USDC (USDC-USD) spread. Circle stock rose 6% in premarket trading on Tuesday. Its total gains since going public are now 133%. Reuters reports: Read more here. Circle (CRCL) posted higher revenue and reserve income on Tuesday in its first quarterly report since its IPO in June, as circulation of its stablecoin USDC (USDC-USD) spread. Circle stock rose 6% in premarket trading on Tuesday. Its total gains since going public are now 133%. Reuters reports: Read more here. US small business optimism rebounds, but uncertainty clouds outlook Reuters reports: Read more here. Reuters reports: Read more here. Good morning. Here's what's happening today. Economic data: NFIB Small Business Optimism (July); Consumer Price Index (July); Real average hourly earnings (July) Earnings: Circle (CRCL), Pony AI (PONY), On Holding (ONON), CoreWeave (CRWV), Rigetti (RGTI), Cava (CAVA) Here are some of the biggest stories you may have missed overnight and early this morning: July inflation report expected to show prices accelerated Media musical chairs are reshaping the sports landscape Earnings live: Circle pops on higher revenue in first earnings report Intel stock rises after Trump praises CEO's 'amazing story' China urges firms to shun Nvidia chips, trade truce extended Musk accuses Apple of unfairly favoring OpenAI on iPhone Google and IBM believe workable quantum computer is in sight US small business optimism up but uncertainty clouds outlook Switzerland wants binding Trump commitment on gold tariffs Economic data: NFIB Small Business Optimism (July); Consumer Price Index (July); Real average hourly earnings (July) Earnings: Circle (CRCL), Pony AI (PONY), On Holding (ONON), CoreWeave (CRWV), Rigetti (RGTI), Cava (CAVA) Here are some of the biggest stories you may have missed overnight and early this morning: July inflation report expected to show prices accelerated Media musical chairs are reshaping the sports landscape Earnings live: Circle pops on higher revenue in first earnings report Intel stock rises after Trump praises CEO's 'amazing story' China urges firms to shun Nvidia chips, trade truce extended Musk accuses Apple of unfairly favoring OpenAI on iPhone Google and IBM believe workable quantum computer is in sight US small business optimism up but uncertainty clouds outlook Switzerland wants binding Trump commitment on gold tariffs Cannabis stocks soar as President Trump considers reclassifying marijuana Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug. The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year. Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%. On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks. "We're looking at reclassification and we'll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one," Trump said. "It's a very complicated subject." Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug. The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year. Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%. On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks. "We're looking at reclassification and we'll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one," Trump said. "It's a very complicated subject." Intel is still a disaster Intel (INTC) is rallying premarket as Trump walked back his apparent hate for the company's CEO, Lip-Bu Tan, after meeting on Monday. Don't be fooled by the price action, however. This isn't the case like Apple (AAPL), where CEO Tim Cook kisses Trump's butt and the company is exempt from various tariffs. Intel is a fundamental disaster right now. People in the industry I talk to are unsure if the company will ever come back to a state of health, given 1) how fast AI chip development is occurring, and 2) how far behind Nvidia and AMD Intel is. Intel's statement on the meeting: "Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening U.S. technology and manufacturing leadership. We appreciate the President's strong leadership to advance these critical priorities and look forward to working closely with him and his Administration as we restore this great American company." Intel (INTC) is rallying premarket as Trump walked back his apparent hate for the company's CEO, Lip-Bu Tan, after meeting on Monday. Don't be fooled by the price action, however. This isn't the case like Apple (AAPL), where CEO Tim Cook kisses Trump's butt and the company is exempt from various tariffs. Intel is a fundamental disaster right now. People in the industry I talk to are unsure if the company will ever come back to a state of health, given 1) how fast AI chip development is occurring, and 2) how far behind Nvidia and AMD Intel is. Intel's statement on the meeting: "Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening U.S. technology and manufacturing leadership. We appreciate the President's strong leadership to advance these critical priorities and look forward to working closely with him and his Administration as we restore this great American company." Japan's Nikkei hits record high on tariff relief, tech rally The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. Sign in to access your portfolio

Stock market today: Dow, S&P 500, Nasdaq futures drift as Wall Street braces for July inflation report
Stock market today: Dow, S&P 500, Nasdaq futures drift as Wall Street braces for July inflation report

Yahoo

time7 minutes ago

  • Yahoo

Stock market today: Dow, S&P 500, Nasdaq futures drift as Wall Street braces for July inflation report

US stock futures wavered around the flatline on Tuesday as Wall Street braced for July's inflation report and President Trump revealed his pick to head the Bureau of Labor Statistics. Futures attached to the Dow Jones Industrial Average (YM=F), the benchmark S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) all fell below the flatline. Intel (INTC) stock jumped more than 2% in premarket trading on Tuesday after CEO Lip-Bu Tan met with President Trump, who had called for Tan's resignation last week. After the meeting, Trump posted to Truth Social saying that he had met with Tan along with Secretary of Commerce Howard Lutnick and Secretary of the Treasury Scott Bessent. "The meeting was a very interesting one," the president wrote, adding, "His success and rise is an amazing story." On Tuesday, reports said China urged local firms not to use Nvidia H20 chips, complicating Trump's bid to turn those sales into a US windfall. After the bell on Monday, Trump announced that he nominated E.J. Antoni, chief economist at the conservative Heritage Foundation, to lead the BLS. "E.J. will ensure that the Numbers released are HONEST and ACCURATE," the president said on Truth Social. Trump fired Erika McEntarfer as commissioner of the BLS earlier this month following the release of the July jobs report, which contained "larger than normal" revisions to data and revealed fewer jobs than previously thought had been added to the economy. Trump said, without providing evidence, that McEntarfer had been acting politically and her numbers "were wrong." During day trading, stocks slumped even as Trump reportedly granted another 90-day pause on the most punishing tariffs on China as the two countries work toward a trade deal. Read more: The latest on Trump's tariffs Wall Street is preparing for the release of July's Consumer Price Index (CPI) report on Tuesday morning. Analysts expect it to show that prices increased as Trump's tariffs kicked in. A hot inflation report could put the Federal Reserve in a tight spot as it navigates rising prices amid recent signs of a weakening labor market. In the background, anticipation over the possibility of a September interest rate cut continues to grow. Investors will get two more pulse checks on the state of the economy later this week, with the release of the Producer Price Index on Thursday and retail sales data on Friday. "Core" price increases accelerate more than expected in July Price increases accelerated more than expected in July. The latest data from the Bureau of Labor Statistics showed that on a "core" basis, which strips out the more volatile costs of food and gas, consumer prices in increased 3.1% over the prior year in July, an increase from June's 2.9% and above economists' forecast for 3%. Core prices climbed 0.3% over the prior month, ahead of June's 0.2% increase but in line with expectations. The headline Consumer Price Index (CPI) showed prices increased 2.7% in July, unchanged from the month prior and below the 2.8% economists had expected. On a month-over-month basis, prices increased 0.2%, lower than the 0.3% seen the month prior. Circle stock jumps on first earnings report since going public Circle (CRCL) posted higher revenue and reserve income on Tuesday in its first quarterly report since its IPO in June, as circulation of its stablecoin USDC (USDC-USD) spread. Circle stock rose 6% in premarket trading on Tuesday. Its total gains since going public are now 133%. Reuters reports: Read more here. US small business optimism rebounds, but uncertainty clouds outlook Reuters reports: Read more here. Good morning. Here's what's happening today. Economic data: NFIB Small Business Optimism (July); Consumer Price Index (July); Real average hourly earnings (July) Earnings: Circle (CRCL), Pony AI (PONY), On Holding (ONON), CoreWeave (CRWV), Rigetti (RGTI), Cava (CAVA) Here are some of the biggest stories you may have missed overnight and early this morning: July inflation report expected to show prices accelerated Media musical chairs are reshaping the sports landscape Earnings live: Circle pops on higher revenue in first earnings report Intel stock rises after Trump praises CEO's 'amazing story' China urges firms to shun Nvidia chips, trade truce extended Musk accuses Apple of unfairly favoring OpenAI on iPhone Google and IBM believe workable quantum computer is in sight US small business optimism up but uncertainty clouds outlook Switzerland wants binding Trump commitment on gold tariffs Cannabis stocks soar as President Trump considers reclassifying marijuana Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug. The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year. Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%. On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks. "We're looking at reclassification and we'll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one," Trump said. "It's a very complicated subject." Intel is still a disaster Intel (INTC) is rallying premarket as Trump walked back his apparent hate for the company's CEO, Lip-Bu Tan, after meeting on Monday. Don't be fooled by the price action, however. This isn't the case like Apple (AAPL), where CEO Tim Cook kisses Trump's butt and the company is exempt from various tariffs. Intel is a fundamental disaster right now. People in the industry I talk to are unsure if the company will ever come back to a state of health, given 1) how fast AI chip development is occurring, and 2) how far behind Nvidia and AMD Intel is. Intel's statement on the meeting: "Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening U.S. technology and manufacturing leadership. We appreciate the President's strong leadership to advance these critical priorities and look forward to working closely with him and his Administration as we restore this great American company." Japan's Nikkei hits record high on tariff relief, tech rally The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. "Core" price increases accelerate more than expected in July Price increases accelerated more than expected in July. The latest data from the Bureau of Labor Statistics showed that on a "core" basis, which strips out the more volatile costs of food and gas, consumer prices in increased 3.1% over the prior year in July, an increase from June's 2.9% and above economists' forecast for 3%. Core prices climbed 0.3% over the prior month, ahead of June's 0.2% increase but in line with expectations. The headline Consumer Price Index (CPI) showed prices increased 2.7% in July, unchanged from the month prior and below the 2.8% economists had expected. On a month-over-month basis, prices increased 0.2%, lower than the 0.3% seen the month prior. Price increases accelerated more than expected in July. The latest data from the Bureau of Labor Statistics showed that on a "core" basis, which strips out the more volatile costs of food and gas, consumer prices in increased 3.1% over the prior year in July, an increase from June's 2.9% and above economists' forecast for 3%. Core prices climbed 0.3% over the prior month, ahead of June's 0.2% increase but in line with expectations. The headline Consumer Price Index (CPI) showed prices increased 2.7% in July, unchanged from the month prior and below the 2.8% economists had expected. On a month-over-month basis, prices increased 0.2%, lower than the 0.3% seen the month prior. Circle stock jumps on first earnings report since going public Circle (CRCL) posted higher revenue and reserve income on Tuesday in its first quarterly report since its IPO in June, as circulation of its stablecoin USDC (USDC-USD) spread. Circle stock rose 6% in premarket trading on Tuesday. Its total gains since going public are now 133%. Reuters reports: Read more here. Circle (CRCL) posted higher revenue and reserve income on Tuesday in its first quarterly report since its IPO in June, as circulation of its stablecoin USDC (USDC-USD) spread. Circle stock rose 6% in premarket trading on Tuesday. Its total gains since going public are now 133%. Reuters reports: Read more here. US small business optimism rebounds, but uncertainty clouds outlook Reuters reports: Read more here. Reuters reports: Read more here. Good morning. Here's what's happening today. Economic data: NFIB Small Business Optimism (July); Consumer Price Index (July); Real average hourly earnings (July) Earnings: Circle (CRCL), Pony AI (PONY), On Holding (ONON), CoreWeave (CRWV), Rigetti (RGTI), Cava (CAVA) Here are some of the biggest stories you may have missed overnight and early this morning: July inflation report expected to show prices accelerated Media musical chairs are reshaping the sports landscape Earnings live: Circle pops on higher revenue in first earnings report Intel stock rises after Trump praises CEO's 'amazing story' China urges firms to shun Nvidia chips, trade truce extended Musk accuses Apple of unfairly favoring OpenAI on iPhone Google and IBM believe workable quantum computer is in sight US small business optimism up but uncertainty clouds outlook Switzerland wants binding Trump commitment on gold tariffs Economic data: NFIB Small Business Optimism (July); Consumer Price Index (July); Real average hourly earnings (July) Earnings: Circle (CRCL), Pony AI (PONY), On Holding (ONON), CoreWeave (CRWV), Rigetti (RGTI), Cava (CAVA) Here are some of the biggest stories you may have missed overnight and early this morning: July inflation report expected to show prices accelerated Media musical chairs are reshaping the sports landscape Earnings live: Circle pops on higher revenue in first earnings report Intel stock rises after Trump praises CEO's 'amazing story' China urges firms to shun Nvidia chips, trade truce extended Musk accuses Apple of unfairly favoring OpenAI on iPhone Google and IBM believe workable quantum computer is in sight US small business optimism up but uncertainty clouds outlook Switzerland wants binding Trump commitment on gold tariffs Cannabis stocks soar as President Trump considers reclassifying marijuana Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug. The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year. Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%. On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks. "We're looking at reclassification and we'll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one," Trump said. "It's a very complicated subject." Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug. The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year. Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%. On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks. "We're looking at reclassification and we'll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one," Trump said. "It's a very complicated subject." Intel is still a disaster Intel (INTC) is rallying premarket as Trump walked back his apparent hate for the company's CEO, Lip-Bu Tan, after meeting on Monday. Don't be fooled by the price action, however. This isn't the case like Apple (AAPL), where CEO Tim Cook kisses Trump's butt and the company is exempt from various tariffs. Intel is a fundamental disaster right now. People in the industry I talk to are unsure if the company will ever come back to a state of health, given 1) how fast AI chip development is occurring, and 2) how far behind Nvidia and AMD Intel is. Intel's statement on the meeting: "Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening U.S. technology and manufacturing leadership. We appreciate the President's strong leadership to advance these critical priorities and look forward to working closely with him and his Administration as we restore this great American company." Intel (INTC) is rallying premarket as Trump walked back his apparent hate for the company's CEO, Lip-Bu Tan, after meeting on Monday. Don't be fooled by the price action, however. This isn't the case like Apple (AAPL), where CEO Tim Cook kisses Trump's butt and the company is exempt from various tariffs. Intel is a fundamental disaster right now. People in the industry I talk to are unsure if the company will ever come back to a state of health, given 1) how fast AI chip development is occurring, and 2) how far behind Nvidia and AMD Intel is. Intel's statement on the meeting: "Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening U.S. technology and manufacturing leadership. We appreciate the President's strong leadership to advance these critical priorities and look forward to working closely with him and his Administration as we restore this great American company." Japan's Nikkei hits record high on tariff relief, tech rally The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. Sign in to access your portfolio

Trump signs executive order to extend trade truce with China for another 90 days
Trump signs executive order to extend trade truce with China for another 90 days

Fast Company

time8 minutes ago

  • Fast Company

Trump signs executive order to extend trade truce with China for another 90 days

President Donald Trump extended a trade truce with China for another 90 days Monday, at least delaying once again a dangerous showdown between the world's two biggest economies. Trump posted on his Truth Social platform that he signed the executive order for the extension, and that 'all other elements of the Agreement will remain the same.' Beijing at the same time also announced the extension of the tariff pause, according to the Ministry of Commerce. The previous deadline was set to expire at 12:01 a.m. Tuesday. Had that happened the U.S. could have ratcheted up taxes on Chinese imports from an already high 30%, and Beijing could have responded by raising retaliatory levies on U.S. exports to China. The pause buys time for the two countries to work out some of their differences, perhaps clearing the way for a summit later this year between Trump and Chinese President Xi Jinping, and it has been welcomed by the U.S. companies doing business with China. Sean Stein, president of the U.S.-China Business Council, said the extension is 'critical' to give the two governments time to negotiate a trade agreement that U.S. businesses hope would improve their market access in China and provide the certainty needed for companies to make medium- and long-term plans. 'Securing an agreement on fentanyl that leads to a reduction in U.S. tariffs and a rollback of China's retaliatory measures is acutely needed to restart U.S. agriculture and energy exports,' Stein said. China said Tuesday it would extend relief to American companies who were placed on an export control list and an unreliable entities list. After Trump initially announced tariffs in April, China restricted exports of dual-use goods to some American companies, while banning others from trading or investing in China. The Ministry of Commerce said it would stop those restrictions for some companies, while giving others another 90-day extension. Reaching a pact with China remains unfinished business for Trump, who has already upended the global trading system by slapping double-digit taxes — tariffs — on almost every country on earth. The European Union, Japan and other trading partners agreed to lopsided trade deals with Trump, accepting once unthinkably U.S. high tariffs (15% on Japanese and EU imports, for instance) to ward off something worse. Trump's trade policies have turned the United States from one of the most open economies in the world into a protectionist fortress. The average U.S. tariff has gone from around 2.5% at the start of the year to 18.6%, highest since 1933, according to the Budget Lab at Yale University. But China tested the limits of a U.S. trade policy built around using tariffs as a cudgel to beat concessions out of trading partners. Beijing had a cudgel of its own: cutting off or slowing access to its rare earths minerals and magnets – used in everything from electric vehicles to jet engines. In June, the two countries reached an agreement to ease tensions. The United States said it would pull back export restrictions on computer chip technology and ethane, a feedstock in petrochemical production. And China agreed to make it easier for U.S. firms to get access to rare earths. 'The U.S. has realized it does not have the upper hand,' said Claire Reade, senior counsel at Arnold & Porter and former assistant U.S. trade representative for China affairs. In May, the U.S. and China had averted an economic catastrophe by reducing massive tariffs they'd slapped on each other's products, which had reached as high as 145% against China and 125% against the U.S. Those triple-digit tariffs threatened to effectively end trade between the United States and China and caused a frightening sell-off in financial markets. In a May meeting in Geneva they agreed to back off and keep talking: America's tariffs went back down to a still-high 30% and China's to 10%. Having demonstrated their ability to hurt each other, they've been talking ever since. 'By overestimating the ability of steep tariffs to induce economic concessions from China, the Trump administration has not only underscored the limits of unilateral U.S. leverage, but also given Beijing grounds for believing that it can indefinitely enjoy the upper hand in subsequent talks with Washington by threatening to curtail rare earth exports,' said Ali Wyne, a specialist in U.S.-China relations at the International Crisis Group. 'The administration's desire for a trade détente stems from the self-inflicted consequences of its earlier hubris.' It's unclear whether Washington and Beijing can reach a grand bargain over America's biggest grievances. Among these are lax Chinese protection of intellectual property rights and Beijing's subsidies and other industrial policies that, the Americans say, give Chinese firms an unfair advantage in world markets and have contributed to a massive U.S. trade deficit with China of $262 billion last year. Reade doesn't expect much beyond limited agreements such as the Chinese saying they will buy more American soybeans and promising to do more to stop the flow of chemicals used to make fentanyl and to allow the continued flow of rare-earth magnets. But the tougher issues will likely linger, and 'the trade war will continue grinding ahead for years into the future,' said Jeff Moon, a former U.S. diplomat and trade official who now runs the China Moon Strategies consultancy.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store