TikTok Ban Delayed Again: What It Means for Travel Brands
At this point, it's unclear who might buy the app's U.S. operations, but Trump's press secretary has said the President does not want the app to go dark.
U.S. President Donald Trump has signed an executive order extending the deadline for TikTok's sale in the U.S. for another 90 days. It's the third time this year the President has given the social media giant a reprieve.
The new deadline for the sale is September 17, Trump said in a post on Truth Social.
In a statement, TikTok said it was "grateful for President Trump's leadership and support" in keeping the app onl
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Associated Press
28 minutes ago
- Associated Press
California argues in court against Trump's National Guard deployment
SAN FRANCISCO (AP) — California's challenge of the Trump administration's military deployment on the streets of Los Angeles returned to a federal courtroom in San Francisco on Friday after an appeals court handed President Donald Trump a key procedural win in the case. The hearing comes a day after the 9th Circuit appellate panel allowed the president to keep control of National Guard troops he deployed in response to protests over immigration raids. The appellate decision halted a temporary restraining order from U.S. District Judge Charles Breyer, who found Trump acted illegally when he activated the soldiers over opposition from California Gov. Gavin Newsom. Despite the appellate setback, California's attorneys are expected to ask Breyer on Friday for a preliminary injunction returning control of the troops in Los Angeles, where protests have calmed down in recent days, to Newsom. Trump, a Republican, argued that the troops have been necessary to restore order. Newsom, a Democrat, said their presence on the streets of a U.S. city inflamed tensions, usurped local authority and wasted resources. The demonstrations have appeared to be winding down, although dozens of protesters showed up Thursday at Dodger Stadium, where a group of federal agents in SUVs and cargo vans had gathered with their faces covered a parking lot. The Los Angeles Dodgers organization asked them to leave, and they did. On Tuesday, Los Angeles Mayor Karen Bass lifted a curfew in downtown Los Angeles that was first imposed in response to vandalism and clashes with police after crowds gathered in opposition to agents taking migrants into detention. Breyer found that Trump had overstepped his legal authority, which he said allows presidents to control state National Guard troops only during times of 'rebellion or danger of a rebellion.' 'The protests in Los Angeles fall far short of 'rebellion,'' wrote Breyer, a Watergate prosecutor who was appointed by President Bill Clinton and his brother to retired Supreme Court Justice Stephen Breyer. The Trump administration argued that courts can't second-guess the president's decisions. The appellate panel ruled otherwise, saying presidents don't have unfettered power to seize control of a state's guard, but said that by citing violent acts by protesters in this case, the Trump administration had presented enough evidence to show it had a defensible rationale for federalizing the troops. For now, the California National Guard will stay in federal hands as the lawsuit proceeds. It's the first deployment by a president of a state National Guard without the governor's permission since troops were sent to protect Civil Rights Movement marchers in 1965. Trump celebrated the appellate ruling in a social media post, calling it a 'BIG WIN' and hinting at more potential deployments. 'All over the United States, if our Cities, and our people, need protection, we are the ones to give it to them should State and Local Police be unable, for whatever reason, to get the job done,' Trump wrote. Newsom, for his part, has also warned that California won't be the last state to see troops in the streets if Trump gets his way. 'The President is not a king and is not above the law. We will press forward with our challenge to President Trump's authoritarian use of U.S. military soldiers against citizens,' Newsom said. Meanwhile, Vice President JD Vance was traveling to Los Angeles on Friday to meet with U.S. Marines who also have been deployed to protect federal buildings, his office announced.
CBS News
28 minutes ago
- CBS News
Murkowski says she has been "pretty clear" about her concerns with Trump's "big, beautiful bill"
Republican Sen. Lisa Murkowski says she has been "pretty clear" about her concerns over potential cuts President Trump's so-called "big, beautiful bill" would make to Medicaid and food benefits for her constituents in Alaska. In an interview for "CBS Sunday Morning," Murkowski told CBS News senior correspondent Norah O'Donnell that she hasn't given any absolute deal-breakers in the Senate legislation — but she's voiced her reservations about the Medicaid proposals. "I have not given anybody in the administration an absolute, this is my red line, right?" Because I think it's important that every step of the way, I communicate where my concerns are," Murkowski told O'Donnell in the interview airing this weekend. The reconciliation bill — or "one big, beautiful bill," as Mr. Trump and Republicans in Congress have dubbed it — has passed the House, but remains up for debate in the Senate, where some Republicans are pushing for deeper cuts to Medicaid than the House-passed version allows. Medicaid is the entitlement program that offers government-backed health care for both low-income Americans and those with disabilities, with the federal government and states splitting the costs. While the House version adds a new work requirement to Medicaid for childless adults, the Senate wants work requirements to expand to parents of older children. The Supplemental Nutrition Assistance Program, or SNAP, provides food benefits to the poorest Americans, and some Senate Republicans are hoping to place more requirements on states. "So I've been pretty clear that when it comes to Medicaid, those cuts that would harm Alaskan beneficiaries, that's not something that I can take home, right? We have some of the highest health care costs in the country. We have 40% of Alaska's kids that are on Medicaid. I want to try to do what we can to address certain aspects of our entitlement spending. We've got to do that. But doing it with the most vulnerable bearing the brunt of that is not the answer," she said. Senate Majority Leader John Thune, a Republican from North Dakota, wants the reconciliation bill to pass by the July 4 holiday, but that deadline is quickly approaching. Watch more of the interview with Sen. Lisa Murkowski on "CBS Sunday Morning" on Sunday, June 22.
Yahoo
28 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq fall with focus on Trump Iran decision, Fed rate cuts, China chip tensions
US stocks turned lower on Friday as investors navigated a flurry of developments across multiple fronts. The Dow Jones Industrial Average (^DJI) gave up gains to fall below the flatline. The S&P 500 (^GSPC) erased early morning gains to fall 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) fell 0.7%. A Fed governor floated the possibility of interest rate cuts by July, and President Trump put off a decision on whether he would authorize a US strike in Iran. Meanwhile, chip stocks took a hit after a Wall Street Journal report indicated the US wants to revoke waivers from top global semiconductor manufacturers used for accessing American technology in China. Nvidia (NVDA) fell around 1.1%. Trump has introduced a self-imposed two-week time limit on deciding whether to enter the Middle East conflict, via a message relayed on Thursday by the White House press secretary. While the move added another layer of uncertainty to an already cautious market, it also opened a window for diplomacy to persuade Iran to negotiate — an idea its president rejected strongly on Friday. Eyes are now on European efforts to get Iran back to the table and avert further escalation in tensions. Foreign ministers from France, the UK, and Germany are holding talks in Geneva with their Iranian counterpart. Meanwhile, Fed governor Chris Waller on Friday floated the possibility of rate cuts in July, arguing recent inflation data has been tame even amid the introduction of Trump's tariffs.. The central bank held interest rates steady this week, and Federal Reserve Chair Jerome Powell reiterated that policymakers are not rushing to ease, leading to a fresh attack from Trump. Waller's comments led to a slight uptick in bets on a July cut, though most traders are betting on the next cut coming in September, according to CME Group. Read more: The latest on Trump's tariffs The Dow Jones Industrial Average (DJI) gave up session gains to fall below the flatline. The broad-based S&P 500 (GSPC) and the tech-heavy Nasdaq Composite (IXIC) were also down. All three major averages were on pace to end the week in red territory on Friday as Israel and Iran entered their second week of fighting. Chip stocks were under pressure on Friday after a Wall Street Journal report indicated the US aims to rescind waivers that allow top global semiconductor makers to access American technology at their Chinese plants. Yahoo Finance's David Hollerith reports: Read more here. Oil was on track to close out its third week of gains as investors awaited President Trump's decision on whether the US would directly intervene in the Israel-Iran conflict. West Texas Intermediate futures (CL=F) traded just below $75 per barrel, and Brent crude (BZ=F), the international benchmark, hovered near $76. WTI and Brent were up nearly 3% for the week after volatile sessions following the outbreak of the Israel-Iran conflict last Friday. Wall Street analysts have remained cautious on the recent rally. On Friday, Citi said its researchers "see a lower risk of material energy flow disruptions from the conflict." "Affecting the oil supply is not to the benefit of Iran or the US. In the event Iran's 1.1 mbpd of oil exports are disrupted, the team estimates Brent prices could be $75–78/bbl — limited upside from current prices," wrote the analysts. Semiconductor stocks took a hit on Friday after a Wall Street Journal report indicated a top US official told top global semiconductor manufacturers he wants to rescind waivers used to access American technology in China. The move would once again inflame US-China trade tensions. Applied Materials (AMAT) and Lam Research (LRCX) both fell roughly 4%. Taiwan Semiconductor Manufacturing Company (TSM) and Broadcom (AVGO) also declined. Circle's (CRCL) massive rally shows no signs of cooling. The stablecoin issuer soared as much as 15% in early trading on Friday, extending its stunning post-IPO surge as Wall Street bets big on crypto's next major disruptor. "Circle as a top-tier crypto 'disruptor' with a sizeable future opportunity," Seaport Research Partners analyst Jeff Cantwell wrote on Friday. "On the back of an improving regulatory climate, we expect adoption globally of stablecoins such as USDC," he added. Cantwell initiated the stock with a Buy rating and a price target of $235 a share from Seaport Research Partners. During mid-morning trading on Friday, Circle stock hovered near $228. The move follows a surge of about 30% on Wednesday following the Senate's passage of the GENIUS Act, legislation that provides a federal framework for stablecoins, which are digital tokens backed by assets, such as the US dollar. US stocks rose on Friday following dovish comments from Fed Governor Chris Waller. Investors also digested President Trump's two-week deadline for deciding whether the US will directly get involved in the Israel-Iran conflict. The Dow Jones Industrial Average (^DJI) rose 0.3% while the broad-based S&P 500 (^GSPC) gained roughly 0.4%. The tech-heavy Nasdaq Composite (^IXIC) rose 0.4%. Oil prices fell after the White House said Trump would make his decision within two weeks, leaving room for diplomacy. Still, crude futures were on pace for a third week of gains. Dovish comments also sent stocks higher after Fed governor Chris Waller on CNBC's Squawk Box suggested that the Federal Reserve could move to lower interest rates in July. Waller said that any inflation from tariffs may be short-lived. US stock futures edged higher ahead of the opening bell, with contracts on the Dow Jones Industrial Average futures (YM=F) and S&P 500 (ES=F) rising roughly 0.3%, and those on the tech-heavy Nasdaq 100 (NQ=F) adding 0.4%. The move higher followed dovish comments from Fed governor Chris Waller on CNBC's Squawk Box, suggesting that the Federal Reserve could move to lower interest rates in July. Waller argued that any inflation from tariffs may be short-lived. "Any tariff inflation ... I don't think is going to be that big, and we should just look through it in terms of setting policy," Waller said. "The data the last few months has been showing that trend inflation is looking pretty good ... We could do this as early as July." Read more here. Yahoo Finance's Brooke DiPalma reports: Read more here. A recent memo from Amazon (AMZN) CEO Andy Jassy revived concerns about the scope of change to the labor market from artificial intelligence. While employers see growth and productivity, employees are worried about massive displacement in their jobs. And now, it's something the Federal Reserve is watching closely too: Hamza Shaban writes in today's Morning Brief: Read more here. Accenture (ACN) stock is down more than 4% after the global consultancy company reported new bookings decreased 6% to $19.7 billion in the quarter. Earnings topped estimates, with revenue coming in at $17.7 billion for the quarter, compared with analysts' average estimate of $17.30 billion, according to data compiled by LSEG. Reuters reports: Read more here. CarMax (KMX) stock climbed 11% in premarket trading after the used car dealer's first quarter earnings and revenue beat Wall Street expectations. CarMax sold 379,727 cars in the first quarter, a 5.8% increase from the same period last year. The company also reported earnings per share of $1.38, and revenue rose 6.1% to $7.55 billion, topping estimates. CarMax CEO Bill Nash said that its omnichannel buying and selling experience "is a key differentiator in a very large and fragmented market that positions us to continue to drive sales, gain market share, and deliver significant year-over-year earnings growth for years to come.' Bloomberg reports: Read more here. Here are some top stocks trending on Yahoo Finance in premarket trading: Tesla (TSLA) stock rose over 1% before the bell following reports that the EV maker had signed a $557 million energy storage station deal. This deal was announced two days before Elon Musk's expected launch of its robotaxi. Semiconductor maker, Wolfspeed's (WOLF) stock fell 4% premarket after reports emerged on Thursday it would be taken over by creditors inculding Apollo Global Management. The chipmaker has been struggling recently and the new proposal would put them into bankruptcy. GMS (GMS) stock was up 23% after the Wall Street Journal (WSJ) reported that Home Depot (HD) the home-improvement giant, has made an offer to acquire GMS, a building-products distribution company, citing people familiar with the matter. The WSJ did not specify a price. Economic data: Leading index (May); Philadelphia Fed Business Outlook (June) Earnings: Accenture (ACN), CarMax (KMX), Darden Restaurants (DRI), Kroger (KR) Here are some of the biggest stories you may have missed yesterday, overnight and early this morning: The Fed is also in 'wait and see' mode about AI taking jobs The Trump phone probably won't be built in the US Investors look past 'blah' Fed meeting Tesla signs deal for first China battery storage station: Report Trump to decide on Iran strike within two weeks Dealmaking in 2025: AI to the rescue Tariff talks with Canada, EU take focus as deadlines loom A $20B clock is ticking for OpenAI as Microsoft talks sour Trump blasts Powell again, calls for effectively 10 Fed rate cuts China's rare earth magnet shipments halve in May due to export curbs Why the US housing market is so stuck Shares of Pop Mart ( PMRTY) slid in Hong Kong after a call for stricter regulation of blind-box and trading cards in Chinese state media. That fueled concerns about prospects for the maker of furry Labubu elf dolls, whose explosive popularity has helped lift Beijing-based Pop Mart's market cap to around $40 billion — twice that of Hasbro (HAS) and Mattel (MAT) combined. Bloomberg reports: Read more here. Oil prices look set to end this week with gains for the third consecutive week in a row. Extreme tensions in the Middle East have put consistent upwards pressure on the commodity, with the recent eruption into outright violence leaving investors looking at supply chains and production facilities with concern. Reuters reports: ` Read more here. The Dow Jones Industrial Average (DJI) gave up session gains to fall below the flatline. The broad-based S&P 500 (GSPC) and the tech-heavy Nasdaq Composite (IXIC) were also down. All three major averages were on pace to end the week in red territory on Friday as Israel and Iran entered their second week of fighting. Chip stocks were under pressure on Friday after a Wall Street Journal report indicated the US aims to rescind waivers that allow top global semiconductor makers to access American technology at their Chinese plants. Yahoo Finance's David Hollerith reports: Read more here. Oil was on track to close out its third week of gains as investors awaited President Trump's decision on whether the US would directly intervene in the Israel-Iran conflict. West Texas Intermediate futures (CL=F) traded just below $75 per barrel, and Brent crude (BZ=F), the international benchmark, hovered near $76. WTI and Brent were up nearly 3% for the week after volatile sessions following the outbreak of the Israel-Iran conflict last Friday. Wall Street analysts have remained cautious on the recent rally. On Friday, Citi said its researchers "see a lower risk of material energy flow disruptions from the conflict." "Affecting the oil supply is not to the benefit of Iran or the US. In the event Iran's 1.1 mbpd of oil exports are disrupted, the team estimates Brent prices could be $75–78/bbl — limited upside from current prices," wrote the analysts. Semiconductor stocks took a hit on Friday after a Wall Street Journal report indicated a top US official told top global semiconductor manufacturers he wants to rescind waivers used to access American technology in China. The move would once again inflame US-China trade tensions. Applied Materials (AMAT) and Lam Research (LRCX) both fell roughly 4%. Taiwan Semiconductor Manufacturing Company (TSM) and Broadcom (AVGO) also declined. Circle's (CRCL) massive rally shows no signs of cooling. The stablecoin issuer soared as much as 15% in early trading on Friday, extending its stunning post-IPO surge as Wall Street bets big on crypto's next major disruptor. "Circle as a top-tier crypto 'disruptor' with a sizeable future opportunity," Seaport Research Partners analyst Jeff Cantwell wrote on Friday. "On the back of an improving regulatory climate, we expect adoption globally of stablecoins such as USDC," he added. Cantwell initiated the stock with a Buy rating and a price target of $235 a share from Seaport Research Partners. During mid-morning trading on Friday, Circle stock hovered near $228. The move follows a surge of about 30% on Wednesday following the Senate's passage of the GENIUS Act, legislation that provides a federal framework for stablecoins, which are digital tokens backed by assets, such as the US dollar. US stocks rose on Friday following dovish comments from Fed Governor Chris Waller. Investors also digested President Trump's two-week deadline for deciding whether the US will directly get involved in the Israel-Iran conflict. The Dow Jones Industrial Average (^DJI) rose 0.3% while the broad-based S&P 500 (^GSPC) gained roughly 0.4%. The tech-heavy Nasdaq Composite (^IXIC) rose 0.4%. Oil prices fell after the White House said Trump would make his decision within two weeks, leaving room for diplomacy. Still, crude futures were on pace for a third week of gains. Dovish comments also sent stocks higher after Fed governor Chris Waller on CNBC's Squawk Box suggested that the Federal Reserve could move to lower interest rates in July. Waller said that any inflation from tariffs may be short-lived. US stock futures edged higher ahead of the opening bell, with contracts on the Dow Jones Industrial Average futures (YM=F) and S&P 500 (ES=F) rising roughly 0.3%, and those on the tech-heavy Nasdaq 100 (NQ=F) adding 0.4%. The move higher followed dovish comments from Fed governor Chris Waller on CNBC's Squawk Box, suggesting that the Federal Reserve could move to lower interest rates in July. Waller argued that any inflation from tariffs may be short-lived. "Any tariff inflation ... I don't think is going to be that big, and we should just look through it in terms of setting policy," Waller said. "The data the last few months has been showing that trend inflation is looking pretty good ... We could do this as early as July." Read more here. Yahoo Finance's Brooke DiPalma reports: Read more here. A recent memo from Amazon (AMZN) CEO Andy Jassy revived concerns about the scope of change to the labor market from artificial intelligence. While employers see growth and productivity, employees are worried about massive displacement in their jobs. And now, it's something the Federal Reserve is watching closely too: Hamza Shaban writes in today's Morning Brief: Read more here. Accenture (ACN) stock is down more than 4% after the global consultancy company reported new bookings decreased 6% to $19.7 billion in the quarter. Earnings topped estimates, with revenue coming in at $17.7 billion for the quarter, compared with analysts' average estimate of $17.30 billion, according to data compiled by LSEG. Reuters reports: Read more here. CarMax (KMX) stock climbed 11% in premarket trading after the used car dealer's first quarter earnings and revenue beat Wall Street expectations. CarMax sold 379,727 cars in the first quarter, a 5.8% increase from the same period last year. The company also reported earnings per share of $1.38, and revenue rose 6.1% to $7.55 billion, topping estimates. CarMax CEO Bill Nash said that its omnichannel buying and selling experience "is a key differentiator in a very large and fragmented market that positions us to continue to drive sales, gain market share, and deliver significant year-over-year earnings growth for years to come.' Bloomberg reports: Read more here. Here are some top stocks trending on Yahoo Finance in premarket trading: Tesla (TSLA) stock rose over 1% before the bell following reports that the EV maker had signed a $557 million energy storage station deal. This deal was announced two days before Elon Musk's expected launch of its robotaxi. Semiconductor maker, Wolfspeed's (WOLF) stock fell 4% premarket after reports emerged on Thursday it would be taken over by creditors inculding Apollo Global Management. The chipmaker has been struggling recently and the new proposal would put them into bankruptcy. GMS (GMS) stock was up 23% after the Wall Street Journal (WSJ) reported that Home Depot (HD) the home-improvement giant, has made an offer to acquire GMS, a building-products distribution company, citing people familiar with the matter. The WSJ did not specify a price. Economic data: Leading index (May); Philadelphia Fed Business Outlook (June) Earnings: Accenture (ACN), CarMax (KMX), Darden Restaurants (DRI), Kroger (KR) Here are some of the biggest stories you may have missed yesterday, overnight and early this morning: The Fed is also in 'wait and see' mode about AI taking jobs The Trump phone probably won't be built in the US Investors look past 'blah' Fed meeting Tesla signs deal for first China battery storage station: Report Trump to decide on Iran strike within two weeks Dealmaking in 2025: AI to the rescue Tariff talks with Canada, EU take focus as deadlines loom A $20B clock is ticking for OpenAI as Microsoft talks sour Trump blasts Powell again, calls for effectively 10 Fed rate cuts China's rare earth magnet shipments halve in May due to export curbs Why the US housing market is so stuck Shares of Pop Mart ( PMRTY) slid in Hong Kong after a call for stricter regulation of blind-box and trading cards in Chinese state media. That fueled concerns about prospects for the maker of furry Labubu elf dolls, whose explosive popularity has helped lift Beijing-based Pop Mart's market cap to around $40 billion — twice that of Hasbro (HAS) and Mattel (MAT) combined. Bloomberg reports: Read more here. Oil prices look set to end this week with gains for the third consecutive week in a row. Extreme tensions in the Middle East have put consistent upwards pressure on the commodity, with the recent eruption into outright violence leaving investors looking at supply chains and production facilities with concern. Reuters reports: ` Read more here. 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
