Stock Movers: GM, 23andMe, Gamestop
On this episode of Stock Movers: - Ford (F) is lower today following President Trump's announcement on auto tariffs. Trump signed a proclamation to implement a 25% tariff on auto imports, aiming to bring more manufacturing jobs to the US. - 23andMe Holding Co. (ME) shares jump as much as 147% intraday Thursday, a record, after a judge ruled that the genetic testing company can try to sell information about customer data amid its bankruptcy. - Gamestop (GME) shares drop as much as 12%, the biggest intraday drop since Sept. 11, after the video-game retailer announced that it intends to offer $1.3 billion aggregate principal amount convertible senior notes due in 2030. A Wedbush analyst said he expects the offering to 'fall flat.'
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Business Insider
25 minutes ago
- Business Insider
Trump's former Commerce Secretary, Wilbur Ross, says the US-China deal is still far from comprehensive
President Donald Trump's former Secretary of Commerce doesn't think the trade deal between the US and China is close to being "done." "It looks as though they made a fairly modest deal, mostly focusing on export controls on both the US side and the China side," Wilbur Ross, who was part of the first Trump administration, told Business Insider. "So it's far from a comprehensive deal." On Wednesday morning, Trump said on Truth Social that the deal with China is now "done." "It seems more or less to be reiterating the deal they thought they had set a few weeks ago," Ross said of the deal. China and the US reached a trade framework agreement on Tuesday, after their respective negotiation teams held two-day talks in London. The current Secretary of Commerce, Howard Lutnick, is part of the US trade talk team. "Full magnets, and any necessary rare earths, will be supplied, up front, by China," Trump added in all caps in the post. "Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!)." Ross said that the deal has not addressed many important issues, including intellectual property, so it may be too soon to call this a victory. "The Chinese side has been very careful to say it still needs to be approved by President Xi," said Ross. "When we negotiated with the China side last time, it wasn't unusual for the trade negotiators to agree to something, and then they would go back to Xi, and he would not go along with it." This year in duties on imports from China reached up to 245% on some goods. On May 14, many of the tariffs on China were reduced to 30% for 90 days, with a deadline of August 12. A 10% baseline tariff is still in place on the rest of the world, while additional higher tariffs on 75 countries have been paused until July 9. Ross said that it would be important to complete at least a few deals with key trading partners before the tariff pause on 75 countries expires. "I think that will help clear the air for the stock market because it'll start to show a direction and that there is a way to get all these things resolved," he said. "It's very important from a bond market point of view and from an equity market point of view."
USA Today
27 minutes ago
- USA Today
Costco announces earlier shopping hours for executive members, more benefits
Costco announces earlier shopping hours for executive members, more benefits Show Caption Hide Caption The companies standing up to Trump on DEI Companies like Costco and Levi's are rejecting the White House's position on diversity, equity and inclusion. Costco has announced the rollout of new benefits for executive members, set to go into effect at the end of the month. The retail warehouse giant told members on June 11 in an email, and confirmed to USA TODAY, that its locations will open at 9 a.m. exclusively for its upper-level members starting June 30. The company also said its warehouses will remain open an extra hour on Saturdays for all members, closing at 7 p.m. Costco revealed that executive members will receive a monthly $10 credit for orders of $150 placed through the company's "Same-Day" service or Instacart. The company did not provide further comment on the new benefits when contacted by USA TODAY on June 11. Costco's early executive membership shopping hours Monday – Friday: 9 a.m. – 10 a.m. Saturday: 9 a.m. – 9:30 a.m. Sunday: 9 a.m. – 10 a.m. Costco executive membership benefits Costco Executive Members already receive the benefits of Gold Star membership, including: warehouse access, Costco fuel access and a free household card. Executive Members also receive an annual 2% reward on qualified purchases, as well as discounts on Costco services. The membership costs $130 per year.
Yahoo
27 minutes ago
- Yahoo
Trump's first term shows why markets are cautious on the China trade deal
The stock market was largely unmoved by the trade agreement the US struck with China. Market pros say investors expect the trade war to unfold much as it did during Trump's first term. The US and China made scant progress on key issues in their 2018-2019 trade dispute. The stock market has been encouraged by easing tensions between the US and China in recent weeks, but investors were largely unmoved by the announcement of a trade deal between the superpowers on Tuesday. US stock futures failed to climb on news of the deal late Tuesday evening. While markets are edging higher on Wednesday, that's largely because the consumer price index report for May showed inflation was tamer than expected at 2.4% year-over-year. Here's where major indexes stood at 10:20 a.m. ET: S&P 500: 6,055.26, up 0.28% Dow Jones Industrial Average: 42,997.65, up 0.31% (+130.78 points) Nasdaq Composite: 19,788.36, up 0.37% On the trade front, observers say it's looking more likely that the trade war will shake out like it did during President Donald Trump's first term, with talk of constructive deals even as tensions remain elevated. Simply put, investors see a long and winding path ahead, and knee-jerk reactions to trade announcements have largely subsided since the chaos of "Liberation Day" in April. The framework agreement announced on Tuesday outlines how the two nations will continue trade talks. Importantly, it involves China allowing exports of rare earth minerals, while the US eases up on restrictions for exports of advanced tech to China, like semiconductors. This embedded content is not available in your region. The reaction is far more muted than how the market reacted last month, when stocks popped after the US struck a rough framework deal with China that lowered tariffs between the nations for 90 days. Art Hogan, the chief market strategist at B. Riley Wealth, told Business Insider that markets are reacting to trade talks similarly to when the US-China trade war first kicked off in 2018. He pointed to regular pullbacks in stocks during Trump's first term as traders digested the lack of progress in US-China negotiations. "We still have that muscle memory from Trump 1.0, that dealing with China is difficult and there's a multitude of issues," Hogan said. "I don't think we're going to solve this in short order and likely never solve it in the longer term." He added that markets are likely waiting for a more positive catalyst, pointing to more than 100 nations that have yet to strike a trade deal with the US. Peter Berezin, the chief global strategist at BCA Research, said the framework made only small progress on negotiations with China. "I would say that the 'deal' in London simply restores things to how they were right after Geneva," he told BI in an email. He added that he expected tariffs on China to remain high "for the foreseeable future." Strategists at Deutsche Bank also said that tariff talks appear to mirror the 2018-2019 period, when the US and China didn't make much headway in resolving key issues. Back then, the US said that China had unfair trade practices related to industries like agriculture and manufacturing. It also said China had unfairly transferred technology and stolen intellectual property from the US. Deutsche Bank pointed out that the agreement announced Tuesday skipped over fentanyl-related tariffs that Trump implemented against China earlier this year. "So while the mood music has stayed positive, investors may be wary of the pattern that emerged during the previous US-China trade talks in 2018-19," strategists wrote. "So there's perhaps a little disappointment this morning that we haven't yet got a bigger announcement." The agreement also appeared to lack detail that markets were looking for, David Morrison, a senior market analyst at Trade Nation, wrote in a note. "The big question is what kind of trade deals can the US negotiate that will be good enough to get the indices to fresh records?" he said. US stocks have whipsawed this year amid the turmoil surrounding tariffs and incremental news of trade agreements between the US and other countries. Indexes have erased their steep losses since the April 2 tariff announcements, with major averages now positive year-to-date. Read the original article on Business Insider
