Stock Market Today: Indexes Mixed After Trump Tariff News But Microsoft Gains (Live Coverage)
The Dow Jones dropped Thursday on Trump tariff news. Boeing stock dived on a 787 jet crash on the stock market today.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Vox
7 minutes ago
- Vox
What drove the tech right's — and Elon Musk's — big, failed bet on Trump
is a senior writer at Future Perfect, Vox's effective altruism-inspired section on the world's biggest challenges. She explores wide-ranging topics like climate change, artificial intelligence, vaccine development, and factory farms, and also writes the Future Perfect newsletter. While tech has generally been very liberal in its political support and giving, there's been an emergence of a real and influential tech right over the last few years. Allison Robbert/AFP via Getty Images I live and work in the San Francisco Bay Area, and I don't know anyone who says they voted for Donald Trump in 2016 or 2020. I know, on the other hand, quite a few who voted for him in 2024, and quite a few more who — while they didn't vote for Trump because of his many crippling personal foibles, corruption, penchant for destroying the global economy, etc. — have thoroughly soured on the Democratic Party. Future Perfect Explore the big, complicated problems the world faces and the most efficient ways to solve them. Sent twice a week. Email (required) Sign Up By submitting your email, you agree to our Terms and Privacy Notice . This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. It's not just my professional networks. While tech has generally been very liberal in its political support and giving, the last few years have seen the emergence of a real and influential tech right. Elon Musk, of course, is by far the most famous, but he didn't start the tech right by himself. And while his break with Trump — which Musk now seems to be backpedaling on — might have changed his role within the tech right, I don't think this shift will end with him. The rise of the tech right The Bay Area tech scene has always to my mind been best understood as left-libertarian — socially liberal, but suspicious of big government and excited about new things from cryptocurrency to charter cities to mosquito gene drives to genetically engineered superbabies to tooth bacteria. That array of attitudes sometimes puts them at odds with governments (and much of the public, which tends to be much less welcoming of new technology). The tech world valorizes founders and doers, and everyone knows two or three stories about a company that only succeeded because it was willing to break some city regulations. Lots of founders are immigrants; lots are LGBTQ+. For a long time, this set of commitments put tech firmly on the political left — and indeed tech employees overwhelmingly vote and donate to the Democratic Party. Related The AI that apparently wants Elon Musk to die But over the last 10 years, I think three things changed. The first was what Vox at the time called the Great Awokening — a sweeping adoption of what had been a bunch of niche liberal social justice ideas, from widespread acceptance of trans people to suspicion of any sex or race disparity in hiring to #MeToo awareness of sexual harassment in the workplace. A lot of this shift at tech companies was employee driven; again, tech employees are mostly on the left. And some of it was good! But some of it was illiberal — rejecting the idea that we can and should work with people we profoundly disagree with — and identitarian, in that it focused more on what demographic categories we belong to than our commonalities. We're now in the middle of a backlash, which I think is all the more intense in tech because the original woke movement was all the more intense in tech. The second thing that changed was the macroeconomic environment. When I first joined a tech company in 2017, interest rates were low and VC funding was incredibly easy to get. Startups were everywhere, and companies were desperately competing to hire employees. As a result, employees had a lot of power; CEOs were often scared of them. The third was a deliberate effort by many liberals to go after a tech scene they saw as their enemy. The Biden administration ended up staffed by a lot of people ideologically committed to Sen. Elizabeth Warren's view of the world, where big tech was the enemy of liberal democracy and the tools of antitrust should be used to break it up. Lina Khan's Federal Trade Commission acted on those convictions, going after big tech companies like Amazon. Whether you think this was the right call in economic terms — I mostly think it was not — it was decidedly self-destructive in political terms. So in 2024, some of tech (still not a majority, but a smaller minority than in the past two Trump elections) went right. The tech world watched with bated breath as Musk announced DOGE: Would the administration bring about the deregulation, tax cuts, and anti-woke wish list they believed that only the administration could? …and the immediate failure The answer so far has been no. (Many people on the tech right are still more optimistic than me, and point at a small handful of victories, but my assessment is that they're wearing rose-colored glasses to the point of outright blindness.) Some deregulation has happened, but any beneficial effects it would have had on investment have been more than canceled out by the tariffs' catastrophic effects on businesses' ability to plan for the future. They did at least get the tax cuts for the rich, if the 'big, beautiful bill' passes, but that's about all they got — and the ultra-rich will be poorer this year anyway thanks to the unsteady stock market. The Republicans, when out of power, had a critique of the Democrats which spoke to the tech right, the populist right, the white supremacists and moderate Black and Latino voters alike. But it's much easier to complain about Democrats in a way that all of those disparate interest groups find compelling than to govern in a way that keeps them all happy. Once the Trump administration actually had to choose, it chose basically none of the tech right's priorities. They took a bad bet — and I think it'd behoove the Democrats to think, as Trump's coalition fractures, about which of those voters can be won back.
Yahoo
10 minutes ago
- Yahoo
The World's Largest Meatpacker Is Finally Set for Its NYSE Debut
The world's biggest meat company is set to debut on the New York Stock Exchange, riding strong earnings and American consumers' fixation on protein. Ordinarily, such a deal would draw a crowd of banks, a big roadshow and a traditional listing-day bell-ringing ceremony. JBS is going a different route, simply making its shares available to trade and letting the market take it from there. The Case for Rate Cuts Is Growing Inside ABC News's Decision to Oust a Longtime Correspondent Boeing Crash in India Is First Fatal Incident Involving a 787 Jet Chime Financial Is the Latest IPO to Soar in Debut Aerospace Startup JetZero to Start Building Futuristic Planes in North Carolina The São Paulo-based company on Friday will directly list its shares on the Big Board, aiming to cement its image as an American meat conglomerate. JBS last week delisted its shares from Brazil's São Paulo Stock Exchange, where they had traded for almost two decades. 'This step will mark a new chapter in the company's journey,' JBS Chief Executive Gilberto Tomazoni said last month. The $15 billion Brazilian meatpacking conglomerate brings to U.S. markets a sprawling global operation—and some baggage. A corruption case in Brazil ensnared two of its founding family members, who did jail time related to the affair, and environmental groups have long alleged it has driven deforestation. How JBS's listing trades will be a barometer on whether U.S. investors harbor concerns about the company, or are eager to get a piece of its prospects. JBS leaders have been trying to list shares in the U.S. since at least 2016. Company officials have said the move would help reduce its cost of capital and expand its branded product offering. JBS Chief Financial Officer Guilherme Cavalcanti said that the company isn't raising capital from the listing and that moving its shares from Brazil to the U.S. will open the company to a broader pool of potential investors. He said the company doesn't need a roadshow and regularly talks to investors at conferences. 'We are just doing bureaucratic things in changing an exchange,' Cavalcanti said in an interview. 'Why should I pay something to the bank, right, if I don't need them?' Named for founder José Batista Sobrinho, JBS began as a family-owned slaughterhouse in the Brazilian countryside. The Bastista family built JBS into a beef powerhouse in its home country, and harnessed government-backed loans to help fund an international acquisition spree that made it a global giant. JBS employs roughly 280,000 people around the world, processing protein ranging from beef to salmon and lamb. More than half of JBS's nearly $80 billion in sales now come from North America, where it is the largest U.S. processor of beef, the second-largest pork supplier and the majority owner of Pilgrim's Pride, the second-largest American chicken company. JBS reported a nearly $2 billion profit for 2024 compared with a loss the prior year, and its annual sales surpassed Wall Street analysts' estimates. The company's past efforts to list its shares in the U.S. were interrupted by market conditions following the Covid-19 pandemic, executives have said. JBS has also dealt with fallout from a corporate corruption scandal in Brazil. J&F Investimentos, which is run by the Batista family and owns about half of JBS's stock, admitted in 2017 to paying about $150 million in bribes to Brazilian politicians to help secure cheap government funding for acquisitions. Fallout from that episode landed the billionaire brothers Joesley and Wesley Batista in jail for several months. J&F in 2020 settled a corruption case with U.S. authorities, which it said was important to improving corporate governance efforts. Some of the largest American banks, including Morgan Stanley, JPMorgan Chase and Goldman Sachs, won't do business with JBS for compliance reasons, according to people familiar with the matter. A JBS spokeswoman said the company has a robust compliance program and uses a number of American, Canadian, European and Latin American banks. She said that as JBS board members, Wesley and Joesley Batista bring decades of operational experience, including turning around many of its U.S. acquisitions over the years. U.S. lawmakers and environmental groups have raised concerns over JBS's stock listing plan. Last year a bipartisan group of senators, including now Secretary of State Marco Rubio, called on the Securities and Exchange Commission to scrutinize the listing, saying it could 'subject U.S. investors to risk from a company with a history of blatant, systemic corruption, and further entrench its monopoly power.' Environmental groups have urged the SEC and NYSE to bar the listing, citing what they called JBS's record of profiting from Amazon deforestation, which the company has denied. Last month, shareholder advisory firms Glass Lewis and Institutional Shareholder Services recommended JBS investors vote against the company's listing plans. The firms said the listing could give J&F Investimentos, the company's controlling shareholder, roughly 85% of voting power in the U.S.-listed company. JBS secured approval from the SEC earlier this year. Company shareholders in late May approved a plan to restructure the company in the Netherlands and move forward with a U.S. listing. In addition to its primary New York listing, JBS will trade in Brazil through Brazilian Depositary Receipts, or BDRs. In a letter to the SEC, Michael Martino, founder of Mason Capital Management, a JBS shareholder, said that being publicly traded in the U.S. would enhance the company's governance. 'We see a company built over many years from nothing to $80 billion in sales,' Martino said. Write to Patrick Thomas at and Corrie Driebusch at Scale AI Gets Meta Investment That Values It at More Than $29 Billion Why Warner Boss Zaslav Is Having to Split Up the Media Empire He Built More Financial Advisers Are Outsourcing Investment Decisions Norway Wealth Fund Puts TD Bank Under Observation Live Q&A: Ask Us Your Air Safety Questions 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
Fast Company
10 minutes ago
- Fast Company
Air India crash sends Boeing's troubles back into the spotlight
The crash of a Boeing 787 passenger jet in India minutes after takeoff on Thursday is putting the spotlight back on a beleaguered manufacturer though it was not immediately clear why the plane crashed. The Air India 787 went down in the northwestern city of Ahmedabad with more than 240 people aboard shortly after takeoff, authorities said. It was the first fatal crash since the plane, also known as the Dreamliner, went into service in 2009, according to the Aviation Safety Network database. Boeing shares fell more than 4% in afternoon trading. The 787 was the first airliner to make extensive use of lithium ion batteries, which are lighter, recharge faster and can hold more energy than other types of batteries. In 2013 the 787 fleet was temporarily grounded because of overheating of its lithium-ion batteries, which in some cases sparked fires. 737 Max The Max version of Boeing's best-selling 737 airplane has been the source of persistent troubles for Boeing after two of the jets crashed. The crashes, one in Indonesia in 2018 and another in Ethiopia in 2019, killed 346. The problem stemmed from a sensor providing faulty readings that pushed the nose down, leaving pilots unable to regain control. After the second crash, Max jets were grounded worldwide until the company redesigned the system. Last month, the Justice Department reached a deal to allow Boeing to avoid criminal prosecution for allegedly misleading U.S. regulators about the Max before the two crashes. Worries about the plane flared up again after a door plug blew off a Max operated by Alaska Airlines, leading regulators to cap Boeing's production at 38 jets per month. Financial woes Boeing posted a loss of $11.8 billion in 2024, bringing its total losses since 2019 to more than $35 billion. The company's financial problems were compounded by a strike by machinists who assemble the airplanes plane at its factories in Renton and Everett, Washington, which halted production at those facilities and hampered Boeing's delivery capability. For the first three months of 2025, Boeing reported a narrower loss of $31 million compared with the previous year. CEO Kelly Ortberg said Boeing made progress on stabilizing operations during the quarter. Orders and deliveries The stepped-up government scrutiny and the workers' strike resulted in Boeing's aircraft deliveries sliding last year. Boeing said it supplied 348 jetliners in 2024, which was a third fewer than the 528 that it reported for the previous year. The company delivered less than half the number of commercial aircraft to customers than its main rival Airbus, which reported delivering 766 commercial jets in 2023. Still, Boeing's troubles haven't turned off airline customers from buying its jets. Last month the company secured big orders from two Middle Eastern customers. The deals included a $96 billion order for 787 and 777X jets from Qatar, which it said was the biggest order for 787s and wide body jets in the company's.
