Grow the Economy? Not With These Immigration Restrictions
Unauthorized immigrants — persons who entered the country illegally or received a temporary, humanitarian status at entry — are the administration's primary focus as it restricts entry into the US, revokes humanitarian visas and deports those already in the country without authorization. To bolster those efforts, the new law includes $70 billion to increase border security and $75 billion for interior enforcement operations. It raises fees for applying for humanitarian visas and work authorizations and imposes a 1% excise tax on remittance transfers.
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Yahoo
27 minutes ago
- Yahoo
Stocks Pressured by Weakness in Netflix and Health Insurers
The S&P 500 Index ($SPX) (SPY) today down -0.08%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.44%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.15%. September E-mini S&P futures (ESU25) are down -0.14%, and September E-mini Nasdaq futures (NQU25) are down -0.17%. Stocks today gave up an early advance and turned lower as a -5% decline in Netflix weighed on technology stocks after the company forecasted below-consensus full-year operating margins. Also, the weakness in health insurance providers is weighing on the broader market today after Humana lost a lawsuit to reverse cuts to its Medicare bonus payments and after Elevance Health was downgraded. More News from Barchart Insider Trading Alert: Here's Who Bought Nvidia and AMD Stock Before the U.S. Chip Deal with China Dear Tesla Stock Fans, Mark Your Calendars for July 23 Robinhood Keeps Hitting New Highs. How Should You Play HOOD Stock Here? Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Stock indexes initially moved higher, with the S&P 500 and Nasdaq 100 posting new record highs. Bullish factors included the stronger-than-expected housing starts report and generally upbeat earnings reports. Also, the University of Michigan's US July consumer sentiment index rose more than expected to a 5-month high. Falling bond yields are supportive of stocks following dovish comments from Fed Governor Christopher Waller on Thursday evening, who stated that he supports a Fed interest rate cut at the July 29-30 FOMC meeting. Also, an easing of inflation expectations in today's University of Michigan's July inflation expectations report was bullish for T-notes and stocks. The 10-year T-note yield is down -3 bp to 4.42%. US June housing starts rose +4.6% m/m to 1.321 million, stronger than expectations of 1.300 million. Also, June building permits, a proxy for future construction, unexpectedly rose +0.2% m/m to 1.397 million versus expectations of a -0.5% m/m decline to 1.387 million. The University of Michigan's July US consumer sentiment index rose +1.1 to a 5-month high of 61.8, stronger than expectations of 61.5. The University of Michigan's US July 1-year inflation expectations indicator fell to a 5-month low of +4.4%, better than expectations of no change at +5.0%. Also, the July 5-10 year inflation expectations indicator eased to a 5-month low of +3.6%, weaker than expectations of +3.9%. Thursday evening, Fed Governor Christopher Waller said, 'With inflation near target and the upside risks to inflation limited, we should not wait until the labor market deteriorates before we cut the policy rate. I believe it makes sense to cut the FOMC's policy rate by 25 basis points two weeks from now.' Recent trade news has put some downward pressure on stocks. President Trump said late Wednesday that he intends to send a tariff letter to more than 150 countries notifying them their tariff rates could be 10% or 15%, effective August 1, and that the group was 'not big countries who don't do that much business with the US.' Also, President Trump last weekend announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. Mr. Trump said last Thursday that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%. Last week, Mr. Trump imposed a 50% tariff on copper imports, which will include semi-finished goods, and stated that drug companies could face tariffs as high as 200% on imports if they don't relocate production to the US within the next year. Federal funds futures prices are discounting the chances for a -25 bp rate cut at 5% at the July 29-30 FOMC meeting and 58% at the following meeting on September 16-17. Earnings season began in earnest this week as big bank earnings results came in stronger than expected. Early results now show S&P 500 earnings are on track to rise +3.2% for the second quarter, better than the pre-season expectations of +2.8% y/y, according to Bloomberg Intelligence. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research. Overseas stock markets today are mixed. The Euro Stoxx 50 is down -0.42%. China's Shanghai Composite closed up +0.50%. Japan's Nikkei Stock 225 fell from a 2.5-week high and closed down -0.21%. Interest Rates September 10-year T-notes (ZNU25) today are up +9 ticks. The 10-year T-note yield is down -2.0 bp to 4.432%. T-notes are climbing today on dovish comments from Fed Governor Christopher Waller, who said he backs a Fed rate cut at the July 29-30 FOMC meeting. Also, falling inflation expectations in today's University of Michigan report were bullish for T-notes. On the bearish side, today's US housing starts report was stronger than expected. Also, today's increase in the University of Michigan US July consumer sentiment to a 5-month high was negative for T-notes. European government bond yields today are moving higher. The 10-year German bund yield is up +2.1 bp to 2.696%. The 10-year UK gilt yield climbed to a 1.5-month high of 4.680% and is up +2.1 bp to 4.676%. Eurozone May construction output fell -1.7% m/m, the biggest decline in nearly 2.5-years. The German June PPI fell -1.3% y/y, right on expectations and the steepest pace of decline in 9 months. Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at the July 24 policy meeting. US Stock Movers Weakness in managed health care stocks is weighing on the broader market today. Elevance Health (ELV) is down more than -5% to lead losers in the S&P 500 after Leerink Partners downgraded the stock to market perform from outperform. Also, Humana (HUM) is down more than -2% after it lost a lawsuit seeking to reverse cuts to its Medicare bonus payments. In addition, Molina Healthcare (MOH) is down more than -4%, and Centene (CNC) and CVS Health Corp (CVS) are down more than -1%. Netflix (NFLX) is down more than -5% to lead losers in the Nasdaq 100 after forecasting a full-year operating margin of 29.5%, below the consensus of 29.7%. American Express (AXP) is down more than -3% to lead losers in the Dow Jones Industrials after reporting Q2 total expenses of $12.90 billion, above the consensus of $12.73 billion. 3M Co (MMM) is down more than -3% after cutting its full-year organic sales estimate to +2% from a previous forecast of +2% to +3%. Sarepta Therapeutics (SRPT) is down more than -18% after it said another patient died from acute liver failure after receiving one of its experimental gene therapies for a muscle disease. Autoliv (ALV) is down more than -4% after reporting Q2 adjusted operating margin of 9.30%, below the consensus of 9.35%. Builders FirstSource (BLDR) is down more than -2% after Zelman & Associates downgraded the stock to underperform. Talen Energy (TLN) is up more than +22% after acquiring gas-fired power plants in Pennsylvania and Ohio for $3.5 billion. Invesco Ltd (IVZ) is up more than +11% to lead gainers in the S&P 500 after it filed a proxy statement with the SEC seeking to convert the Invesco QQQ Trust Series 1 into an open-ended fund from a unit investment trust. Interactive Brokers Group (IBKR) is up more than +6% after reporting Q2 total net interest income of $860 million, well above the consensus of $794.7 million. Regions Financial (RF) is up more than +4% after reporting Q2 net interest income of $1.27 billion, better than the consensus of $1.24 billion, and raising its full-year net interest income growth estimate to +3% to +5% from a previous estimate of +1% to +4%. Abbott Laboratories (ABT) is up more than +3% after Jefferies upgraded the stock to buy from hold with a price target of $145. Norfolk Southern (NSC) is up more than +3% on reports that Union Pacific is said to be exploring an acquisition of the company. Charles Schwab (SCHW) is up more than +2% after reporting Q2 net revenue of $5.85 billion, stronger than the consensus of $5.72 billion. Earnings Reports (7/18/2025) 3M Co (MMM), Ally Financial Inc (ALLY), American Express Co (AXP), Charles Schwab Corp/The (SCHW), Comerica Inc (CMA), Euronet Worldwide Inc (EEFT), Huntington Bancshares Inc/OH (HBAN), MarketAxess Holdings Inc (MKTX), Regions Financial Corp (RF), Schlumberger NV (SLB), Southern Copper Corp (SCCO), Truist Financial Corp (TFC). On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on 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
The Hill
29 minutes ago
- The Hill
House GOP campaign arm launches ad campaign tying NY, NJ Democrats to Mamdani
The National Republican Congressional Campaign is tying lawmakers in New York and New Jersey facing competitive reelection bids to Democratic New York City mayoral nominee Zohran Mamdani in a new paid digital advertising campaign unveiled Friday. The campaign targets New York Reps. Laura Gillen (D), Tom Suozzi (D) and Josh Riley (D), along with New Jersey Rep. Nellie Pou (D). The 30-second spots feature a picture of Mamdani and the lawmakers with the caption: 'Together we can raise taxes, defund the police, and build a socialist New York.' The NRCC did not specify the amount of money behind the effort, but described the buy as 'modest.' 'If Democrats had their way, Mamdani's pro-criminal, open-borders, anti-law enforcement, and antisemitic agenda would be the law of the land,' said the committee's spokeswoman Maureen O'Toole. The Democratic Congressional Campaign Committee (DCCC) hit back in their own statement on Friday. 'Laura Gillen, Tom Suozzi, and Josh Riley are laser focused on delivering real solutions for their constituents, and voters in their districts aren't buying these baseless and desperate attacks,' said DCCC spokesperson Riya Vashi. 'It's clear Republicans would rather talk about who the Mayor of New York City may be than answer for their own toxic agenda because they know that slashing health care and raising costs on working families to give tax breaks to billionaires isn't exactly a winning message.' The effort comes as Mamdani is set to meet with House Minority Leader Hakeem Jeffries (D-N.Y.) on Friday in Brooklyn. Jeffries and Senate Minority Leader Chuck Schumer (D-N.Y.) have not yet endorsed Mamdani. The Democratic nominee was in Washington on Wednesday for a closed-door breakfast hosted by progressive Rep. Alexandria Ocasio-Cortez (D-N.Y.). A number of House Democrats in attendance praised Mamdani following the event including Reps. Robert Garcia (D-Calif.) and Pramila Jayapal (D-Wash.). This is not the first time House Republicans have sought to tie their Democratic counterparts to New York City politics. Last year, Republicans worked to tie Democrats to corruption allegations against Mayor Eric Adams, who is running for reelection as an Independent. Democrats note they flipped three New York seats and reelected Ryan in the face of those attacks last year.
The Hill
29 minutes ago
- The Hill
LGBTQ+ mental health hotline shuts down
WASHINGTON (NEXSTAR) — The LGBTQ-specific part of the 988 Suicide & Crisis Lifeline shut down Thursday following a directive from the Trump administration, drawing bipartisan criticism from lawmakers and mental health advocates who warn the move endangers lives. The specialized LGBTQ+ line, launched in 2022, offered targeted support for individuals in crisis and had fielded more than 1.2 million calls, texts, and chats since its debut. 'There's more than a million of those moments where someone thought it would be better if they weren't here, and they had someone to call,' said Rep. Sharice Davids (D-Kan.). The Trump administration eliminated resources for diversity, equity and inclusion programs, including this crisis line. 'It's been very successful,' said Rep. Paul Tonko (D-N.Y.). 'And President Trump has determined to put politics ahead of care, ahead of saving lives.' According to the Trevor Project, about 40 percent of LGBTQ youth seriously considered suicide in the past year. Those with access to affirming mental health services like the 988 line were significantly less likely to attempt it. Even some Republicans, such as Rep. Mike Lawler (N.Y.), are urging the Department of Health and Human Services to restore the LGBTQ+ line. 'To me, this is about saving lives,' said Lawler. 'It is about preventing suicide. And it's something all of us as Americans should be unified on.' Lawmakers say the shutdown not only strips away critical mental health support but also sends a harmful message to vulnerable communities. 'Whether you are part of the LGBTQ community, whether someone in your family is or you have friends that are, every single one of us should be concerned about that,' Davids said. Lawmakers have sent a letter urging HHS Secretary Robert F. Kennedy Jr. to immediately reverse the shutdown. As of now, the agency has not announced any changes.
