
Trump Administration Live Updates: President to Host Qatar's Prime Minister Amid Gaza Talks
The Senate on Tuesday voted to take up legislation to claw back $9 billion for foreign aid and public broadcasting, signaling that the Republican-led Congress is poised to acquiesce to President Trump in a simmering battle with the White House over spending powers.
The 51-to-50 vote came after Republican leaders agreed to a handful of concessions to win the votes of holdouts who were uneasy with the proposed rescissions. G.O.P. leaders said on Tuesday they would strip out a $400 million cut that Mr. Trump requested to the President's Emergency Plan for AIDS Relief, known as PEPFAR, a move that the White House signaled it would not contest.
Even then, some Republican senators refused to support a move that they said would relinquish their constitutional power over federal spending, forcing their leaders to summon Vice President JD Vance to the Capitol to break a tie and ram the legislation through a pair of procedural votes.
'We're lawmakers; we should be legislating,' Senator Lisa Murkowski of Alaska said in a speech on the Senate floor on Tuesday night announcing her opposition to the package. 'What we're getting now is a direction from the White House and being told, 'This is the priority. We want you to execute on it. We'll be back with you with another round.' I don't accept that.'
She was joined by two other Republicans in siding with Democrats in opposition to advancing the measure: Senators Susan Collins of Maine, the chairwoman of the Appropriations Committee, and Mitch McConnell of Kentucky.
Senate Republicans are hoping to approve the package as early as Wednesday. That would send it back to the House, which passed the bill last month but would still need to give it final approval by Friday for the cuts to be enacted.
The push to rescind $9 billion in federal funding is part of a broader fight playing out between the White House and Congress as top Trump administration officials, led by Russell T. Vought, the director of the Office of Management and Budget, are moving aggressively and unilaterally to expand the executive branch's control over federal spending, a power the Constitution gives to the legislative branch.
In this case, the administration went through a formal process by submitting what is known as a rescissions bill, requesting that Congress go along with its efforts to cancel funds. Such measures are rare and rarely succeed, given how tightly Congress has historically guarded its power over federal spending; the last time one did was more than 25 years ago under President Bill Clinton.
But Republicans have shown extraordinary deference to Mr. Trump since he took office in January, and the bill's momentum reflects their willingness to bow to his wishes even when it comes to programs that have historically drawn broad support. The measure would codify moves the administration has in some cases already taken unilaterally to slash federal spending and rein in the size of the government.
The bulk of the funds targeted — about $8 billion — is for foreign assistance programs. The remaining $1.1 billion is for the Corporation for Public Broadcasting, which funds NPR and PBS.
The request has infuriated Democrats, who have accused Republicans of reneging on the bipartisan spending deal they wrote and approved.
'If there's a discrete pot of funding that is not being spent well, if there are cuts that makes sense to include, if there are things that need to be updated, things that need to be reformed, let's have a conversation about what makes sense to rescind and improve as we write those bills in committee,' said Senator Patty Murray of Washington, the top Democrat on the Appropriations Committee.
A number of Republicans were also plainly unhappy with the request.
It moved forward over the objections of Ms. Collins, who voted on Tuesday against moving it out of her own committee. She had pressed Mr. Vought for details on the measure at a hearing this month, arguing that the request his office submitted to Congress was overly broad.
'The rescissions package has a big problem — nobody really knows what program reductions are in it,' Ms. Collins said in a statement on Tuesday. 'That isn't because we haven't had time to review the bill. Instead, the problem is that O.M.B. has never provided the details that would normally be part of this process.'
She said she recognized 'the need to reduce excessive spending' and had backed rescissions initiated by Congress.
'But to carry out our constitutional responsibility, we should know exactly what programs are affected and the consequences of rescissions,' Ms. Collins said.
And even some Republicans who voted to advance the package said they were not thrilled with the precedent they were setting.
'It concerns me as perhaps approaching a disregard for the constitutional responsibilities of the legislative branch under Article 1,' Senator Roger Wicker of Mississippi, the chairman of the Armed Services Committee, said. 'This Congress will not be allowed to choose those specific cuts. That will be done by somebody in the Office of Management and Budget in the White House and in this situation, it will amount to the House and Senate basically saying, 'We cede that decision voluntarily to the executive branch.''
Still, Senate Republicans on Tuesday appeared ready to fulfill the rest of the White House's rollback request, which has largely already been enacted by executive order and the Department of Government Efficiency. The bill requires only a simple majority vote to pass.
Many Republicans initially balked at slashing $1.1 billion for the Corporation for Public Broadcasting, which funds more than 1,500 public television and radio stations across the country, including NPR and PBS stations.
If the package is enacted, the federal funding for public media will dry up beginning in October. NPR and PBS would survive — they get a small percentage of their funding from the federal government — but the cuts would force many local stations to sharply reduce their programming and operations. Many public broadcasters receive more than 50 percent of their budgets from the Corporation for Public Broadcasting.
'I'm a supporter of the Corporation for Public Broadcasting,' Senator Lisa Murkowski, Republican of Alaska, said last month, adding that she was going to try to make sure the funding continued to flow. 'It's a lifeline for many of my small, rural communities.'
But last week, Mr. Trump urged lawmakers to support the cuts, and threatened to withhold his support for any Republican who opposed the proposal. White House officials, including Mr. Vought, have made clear that they intend to send Congress additional requests to rescind funds.
Senator Mike Rounds of South Dakota, who had previously expressed deep qualms with the request, said he would support the package after being assured by top Trump administration officials that they would steer unspent funds 'to continue grants to tribal radio stations without interruption' for next year.
'Some of them are 80 to 85 percent funded by this program,' Mr. Rounds said. 'They wouldn't have survived without this. But they provide emergency services information for some of the most rural parts of our country in some of the poorest counties in the United States.'
Benjamin Mullin and Megan Mineiro contributed reporting.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
19 minutes ago
- Yahoo
Stock market today: S&P 500, Nasdaq on pace for new records as earnings roll in
US stocks were on pace to notch new record highs on Thursday as Wall Street filtered through a fresh wave of earnings while keeping an eye on President Trump's campaign to push out Federal Reserve Chair Jerome Powell. The Dow Jones Industrial Average (^DJI) rose 0.4% while the S&P 500 (^GSPC) also gained about 0.5%. The tech-heavy Nasdaq Composite (^IXIC) climbed 0.8% on the heels of another record-setting session for tech stocks. The S&P 500 and Nasdaq were poised to close at fresh all-time highs as investors navigate a plethora of catalysts, including earnings, economic data, Trump's tariffs, and the president's displeasure with the Fed's stance on interest rates. Retail sales rebounded in June, an indication that Trump's tariffs are not significantly impacting consumer spending habits yet. The reading serves as another snapshot of the health of the US consumer, who big banks so far this earnings season say seem to be doing just "fine." Also out Thursday morning, data from the Department of Labor showed 221,000 initial jobless claims were filed in the week ending July 12. After picking up in May, weekly filings for unemployment claims are now at their lowest level in three months. In earnings, TSMC (TSM) posted a record quarterly profit early on Thursday, citing stronger and stronger AI demand. The Nvidia supplier's shares popped as its results boosted other chipmaker stocks. Meanwhile, PepsiCo (PEP) reported a surprise rise in revenue and lowered its forecast drop in 2025 profit. Read more: Full earnings coverage in our live blog But Netflix (NFLX) is the highlight of Thursday's docket, as it kicks off this season's Big Tech earnings reports with results due after the bell. The streaming giant's shares are on a tear so far this year. On the back burner for now are Trump's renewed threats to attempt to fire Powell, which sparked a stock sell-off at one point on Wednesday. While the president said he was "not planning" to do so, he has spent months excoriating Powell and the Fed's lack of appetite for interest rate cuts. Investor bets suggest Trump is likely to remain disappointed after the central bank's meeting in two weeks, as nearly 100% of traders expect a rate hold amid mixed signals on inflation. Meanwhile, the dollar (DX=F) continued to climb out of the trough it fell into as the prospect of Powell's removal rattled markets. Read more: The latest on Trump's tariffs Crypto watchers eye possible vote on legislation in House Crypto investors were watching developments in Congress on Thursday as lawmakers debated key bills, including legislation that would create guardrails surrounding stablecoins, tokens backed by assets such as the US dollar. Shares of stablecoin issuer Circle (CRCL) rose during the session as the Genius Act was likely to be voted on during the afternoon session. Meanwhile, the Clarity Act, a regulatory framework for payment stablecoins and digital assets, was also up for debate. "This is a moment in time when the stars are aligned to pass these bills," said Pat Daugherty of Foley & Lardner, who contributed draft comments on early versions of the Genius and Clarity bills. Meanwhile bitcoin (BTC-USD), which touched all-time highs this week on increased inflows into spot ETFS and bullish momentum as the House debated crypto legislation, was little changed on Thursday. The token hovered above $118,500 per token. Mortgage rates move higher again Yahoo Finance's Shi Bradley reports: Read more here. The next Fed chair's dilemma: Maintain Fed independence while pleasing Trump Yahoo Finance's Jennifer Schonberger reports: Read more here. What the China export easing means for Nvidia, AMD, and other chips stocks Yahoo Finance's Francisco Velasquez reports: Read more here. Carlyle co-founder Rubenstein on Fed's Powell: He's done a very good job Yahoo Finance's Brian Sozzi reports: Read more here. Wall Street is coming to the Fed's defense Yahoo Finance's David Hollerith reports: Read more here. Lucid shares jump 30% on Uber deal Yahoo Finance's Pras Subramanian reports: Read more here. Jobless claims fall for 5th straight week Data from the Department of Labor out Thursday morning showed Americans filed 221,000 initial jobless claims in the week ending July 12. It marked the fifth straight week that applications for US unemployment benefits fell. After picking up in May, weekly filings for unemployment claims are now at their lowest level in three months. Read more: What are jobless claims, and why do they matter? Continuing claims, or the total number of Americans collecting unemployment benefits, ticked up slightly to 1.96 million for the week ending July 5. The job market has continued to show resilience despite uncertainty fueled by President Trump's trade policies. In June, the US surprisingly added 147,000 jobs, more than the 106,000 expected by economists, while the unemployment rate ticked down to 4.1%. Investors have maintained their bets on Federal Reserve interest-rate cuts. As of Thursday morning, traders were pricing in a 54% chance the central bank cuts interest rates by its September meeting, down from a roughly 70% chance seen just last week, according to the CME FedWatch Tool. Stocks open mostly flat as investors digest June retail sales, earnings reports Stocks were little changed at the market open as investors digested a better-than-expected increase in June retail sales and a wave of corporate earnings reports. The Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) traded flat, while the Nasdaq Composite (^IXIC) inched up slightly, by about 0.1%. On the earnings front, Taiwan Semiconductor Manufacturing Company (TSM) posted a record quarterly profit, sending the stock 3% higher in early trading. PepsiCo (PEP) shares gained more than 6% after the beverage maker reported better-than-expected quarterly results. Trending tickers in premarket trading: TSMC, Opendoor, Pepsi, GE Aerospace, Netflix Here are some of the most notable movers in premarket trading as more second quarter earnings roll in: Check out more trending tickers here. Retail sales rise more than expected in June Yahoo Finance's Josh Schafer reports: Read more here. Pepsi stock rises on better-than-expected earnings PepsiCo (PEP) stock rose 2% after the company reported better-than-expected quarterly results. Pepsi still expects a drop in annual profit, though not as severe as it expected previously. It sees its full-year core earnings per share falling 1.5% instead of the 3% previously forecast. The Gatorade and Lay's maker benefited from favorable foreign exchange rates and greater demand for energy drinks and healthier soda brands, like its prebiotic soda brand Poppi. For the quarter, Pepsi's adjusted earnings per share were $2.12 on revenue of $22.7 billion. Read more here or listen to Pepsi's earnings call live on its stock ticker page. TSMC stock pops 3% on record quarterly earnings Taiwan Semiconductor Manufacturing Company (TSM) posted a record quarterly profit on Thursday, sending the stock 3% higher in premarket trading. The company reported net profit of 398.3 billion new Taiwan dollars ($13.5 billion), an increase of more than 60% year over year. TSMC, which is Nvidia's (NVDA) primary chip manufacturer, said that artificial intelligence demand was growing and raised its sales outlook for the third quarter and full year. In a policy reversal, Nvidia has been allowed to resume sales of its H20 chip in China, which could help it recoup as much as $15 billion in revenue. Nvidia shares were up half a percent on Thursday morning. "China is a big market, and my customer can continue to supply the chip to the big market," TSMC CEO C.C. Wei said at a press conference. "It's very positive news for them, and in return, it's very positive news for TSMC." While TSMC has not seen changes in customers' behavior so far, it cautioned that tariffs could affect income in the fourth quarter. Netflix earnings on deck: What Wall Street is watching Netflix (NFLX) is set to report second quarter earnings after the bell on Thursday. Shares have soared about 40% since the start of the year, with the stock's valuation a top debate on Wall Street as the streamer doubles down on live events and sports content. Yahoo Finance's Allie Canal reports on what to expect: Read more here. United Airlines stock slides in wake of fresh profit guidance United Airlines shares fell in premarket after the US carrier reset its full-year profit outlook, saying travel demand has picked up thanks to an easing in economic and geopolitical uncertainty. The airline now expects to post adjusted profit of $9 to $11 a share for 2025, compared with Wall Street expectations for $10.04 a share. "United saw a positive shift in demand beginning in early July, and, like 2024, anticipates another inflection in industry supply in mid-August," United CEO Scott Kirby said in a company statement. "The world is less uncertain today than it was during the first six months of 2025 and that gives us confidence about a strong finish to the year," he added. But United's revised guidance still undershot the range of $11.50 to $13.50 a share that it laid out at the start of the year. In April, the company issued two sets of profit outlooks based on whether the US fell into recession, with a range of $7 to $9 a share in the worse scenario. At the same time, it flagged it still might meet its higher target. Profit in the second quarter beat estimates, but its revenue growth fell short. Read more on United's earnings here, from Reuters. TSMC profits soar over 60% in Q2, notching all time high Taiwan Semiconductor Manufacturing Co. (TSM), the global leader in contract chip production, delivered a blockbuster second quarter. It reported net profit of T$398.3 billion ($13.53 billion), a 60.7% year-over-year surge that shattered analyst expectations and marked an all-time high for the company. TSMC's robust momentum comes as tech giants like Apple (AAPL) and Nvidia (NVDA) ramp up chip orders to support AI advancements and next-gen devices. Shares in the chip giant closed at $237.56 on Thursday, up 0.3%, before jumping more than 5.6% in overnight trading, pushing past $250 before steadying. Oil prices bounce back from early week losses Oil prices rose overnight Wednesday despite recent fears of oversupply by OPEC+ producers. Reuters reports: Read more here. Crypto watchers eye possible vote on legislation in House Crypto investors were watching developments in Congress on Thursday as lawmakers debated key bills, including legislation that would create guardrails surrounding stablecoins, tokens backed by assets such as the US dollar. Shares of stablecoin issuer Circle (CRCL) rose during the session as the Genius Act was likely to be voted on during the afternoon session. Meanwhile, the Clarity Act, a regulatory framework for payment stablecoins and digital assets, was also up for debate. "This is a moment in time when the stars are aligned to pass these bills," said Pat Daugherty of Foley & Lardner, who contributed draft comments on early versions of the Genius and Clarity bills. Meanwhile bitcoin (BTC-USD), which touched all-time highs this week on increased inflows into spot ETFS and bullish momentum as the House debated crypto legislation, was little changed on Thursday. The token hovered above $118,500 per token. Crypto investors were watching developments in Congress on Thursday as lawmakers debated key bills, including legislation that would create guardrails surrounding stablecoins, tokens backed by assets such as the US dollar. Shares of stablecoin issuer Circle (CRCL) rose during the session as the Genius Act was likely to be voted on during the afternoon session. Meanwhile, the Clarity Act, a regulatory framework for payment stablecoins and digital assets, was also up for debate. "This is a moment in time when the stars are aligned to pass these bills," said Pat Daugherty of Foley & Lardner, who contributed draft comments on early versions of the Genius and Clarity bills. Meanwhile bitcoin (BTC-USD), which touched all-time highs this week on increased inflows into spot ETFS and bullish momentum as the House debated crypto legislation, was little changed on Thursday. The token hovered above $118,500 per token. Mortgage rates move higher again Yahoo Finance's Shi Bradley reports: Read more here. Yahoo Finance's Shi Bradley reports: Read more here. The next Fed chair's dilemma: Maintain Fed independence while pleasing Trump Yahoo Finance's Jennifer Schonberger reports: Read more here. Yahoo Finance's Jennifer Schonberger reports: Read more here. What the China export easing means for Nvidia, AMD, and other chips stocks Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Francisco Velasquez reports: Read more here. Carlyle co-founder Rubenstein on Fed's Powell: He's done a very good job Yahoo Finance's Brian Sozzi reports: Read more here. Yahoo Finance's Brian Sozzi reports: Read more here. Wall Street is coming to the Fed's defense Yahoo Finance's David Hollerith reports: Read more here. Yahoo Finance's David Hollerith reports: Read more here. Lucid shares jump 30% on Uber deal Yahoo Finance's Pras Subramanian reports: Read more here. Yahoo Finance's Pras Subramanian reports: Read more here. Jobless claims fall for 5th straight week Data from the Department of Labor out Thursday morning showed Americans filed 221,000 initial jobless claims in the week ending July 12. It marked the fifth straight week that applications for US unemployment benefits fell. After picking up in May, weekly filings for unemployment claims are now at their lowest level in three months. Read more: What are jobless claims, and why do they matter? Continuing claims, or the total number of Americans collecting unemployment benefits, ticked up slightly to 1.96 million for the week ending July 5. The job market has continued to show resilience despite uncertainty fueled by President Trump's trade policies. In June, the US surprisingly added 147,000 jobs, more than the 106,000 expected by economists, while the unemployment rate ticked down to 4.1%. Investors have maintained their bets on Federal Reserve interest-rate cuts. As of Thursday morning, traders were pricing in a 54% chance the central bank cuts interest rates by its September meeting, down from a roughly 70% chance seen just last week, according to the CME FedWatch Tool. Data from the Department of Labor out Thursday morning showed Americans filed 221,000 initial jobless claims in the week ending July 12. It marked the fifth straight week that applications for US unemployment benefits fell. After picking up in May, weekly filings for unemployment claims are now at their lowest level in three months. Read more: What are jobless claims, and why do they matter? Continuing claims, or the total number of Americans collecting unemployment benefits, ticked up slightly to 1.96 million for the week ending July 5. The job market has continued to show resilience despite uncertainty fueled by President Trump's trade policies. In June, the US surprisingly added 147,000 jobs, more than the 106,000 expected by economists, while the unemployment rate ticked down to 4.1%. Investors have maintained their bets on Federal Reserve interest-rate cuts. As of Thursday morning, traders were pricing in a 54% chance the central bank cuts interest rates by its September meeting, down from a roughly 70% chance seen just last week, according to the CME FedWatch Tool. Stocks open mostly flat as investors digest June retail sales, earnings reports Stocks were little changed at the market open as investors digested a better-than-expected increase in June retail sales and a wave of corporate earnings reports. The Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) traded flat, while the Nasdaq Composite (^IXIC) inched up slightly, by about 0.1%. On the earnings front, Taiwan Semiconductor Manufacturing Company (TSM) posted a record quarterly profit, sending the stock 3% higher in early trading. PepsiCo (PEP) shares gained more than 6% after the beverage maker reported better-than-expected quarterly results. Stocks were little changed at the market open as investors digested a better-than-expected increase in June retail sales and a wave of corporate earnings reports. The Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) traded flat, while the Nasdaq Composite (^IXIC) inched up slightly, by about 0.1%. On the earnings front, Taiwan Semiconductor Manufacturing Company (TSM) posted a record quarterly profit, sending the stock 3% higher in early trading. PepsiCo (PEP) shares gained more than 6% after the beverage maker reported better-than-expected quarterly results. Trending tickers in premarket trading: TSMC, Opendoor, Pepsi, GE Aerospace, Netflix Here are some of the most notable movers in premarket trading as more second quarter earnings roll in: Check out more trending tickers here. Here are some of the most notable movers in premarket trading as more second quarter earnings roll in: Check out more trending tickers here. Retail sales rise more than expected in June Yahoo Finance's Josh Schafer reports: Read more here. Yahoo Finance's Josh Schafer reports: Read more here. Pepsi stock rises on better-than-expected earnings PepsiCo (PEP) stock rose 2% after the company reported better-than-expected quarterly results. Pepsi still expects a drop in annual profit, though not as severe as it expected previously. It sees its full-year core earnings per share falling 1.5% instead of the 3% previously forecast. The Gatorade and Lay's maker benefited from favorable foreign exchange rates and greater demand for energy drinks and healthier soda brands, like its prebiotic soda brand Poppi. For the quarter, Pepsi's adjusted earnings per share were $2.12 on revenue of $22.7 billion. Read more here or listen to Pepsi's earnings call live on its stock ticker page. PepsiCo (PEP) stock rose 2% after the company reported better-than-expected quarterly results. Pepsi still expects a drop in annual profit, though not as severe as it expected previously. It sees its full-year core earnings per share falling 1.5% instead of the 3% previously forecast. The Gatorade and Lay's maker benefited from favorable foreign exchange rates and greater demand for energy drinks and healthier soda brands, like its prebiotic soda brand Poppi. For the quarter, Pepsi's adjusted earnings per share were $2.12 on revenue of $22.7 billion. Read more here or listen to Pepsi's earnings call live on its stock ticker page. TSMC stock pops 3% on record quarterly earnings Taiwan Semiconductor Manufacturing Company (TSM) posted a record quarterly profit on Thursday, sending the stock 3% higher in premarket trading. The company reported net profit of 398.3 billion new Taiwan dollars ($13.5 billion), an increase of more than 60% year over year. TSMC, which is Nvidia's (NVDA) primary chip manufacturer, said that artificial intelligence demand was growing and raised its sales outlook for the third quarter and full year. In a policy reversal, Nvidia has been allowed to resume sales of its H20 chip in China, which could help it recoup as much as $15 billion in revenue. Nvidia shares were up half a percent on Thursday morning. "China is a big market, and my customer can continue to supply the chip to the big market," TSMC CEO C.C. Wei said at a press conference. "It's very positive news for them, and in return, it's very positive news for TSMC." While TSMC has not seen changes in customers' behavior so far, it cautioned that tariffs could affect income in the fourth quarter. Taiwan Semiconductor Manufacturing Company (TSM) posted a record quarterly profit on Thursday, sending the stock 3% higher in premarket trading. The company reported net profit of 398.3 billion new Taiwan dollars ($13.5 billion), an increase of more than 60% year over year. TSMC, which is Nvidia's (NVDA) primary chip manufacturer, said that artificial intelligence demand was growing and raised its sales outlook for the third quarter and full year. In a policy reversal, Nvidia has been allowed to resume sales of its H20 chip in China, which could help it recoup as much as $15 billion in revenue. Nvidia shares were up half a percent on Thursday morning. "China is a big market, and my customer can continue to supply the chip to the big market," TSMC CEO C.C. Wei said at a press conference. "It's very positive news for them, and in return, it's very positive news for TSMC." While TSMC has not seen changes in customers' behavior so far, it cautioned that tariffs could affect income in the fourth quarter. Netflix earnings on deck: What Wall Street is watching Netflix (NFLX) is set to report second quarter earnings after the bell on Thursday. Shares have soared about 40% since the start of the year, with the stock's valuation a top debate on Wall Street as the streamer doubles down on live events and sports content. Yahoo Finance's Allie Canal reports on what to expect: Read more here. Netflix (NFLX) is set to report second quarter earnings after the bell on Thursday. Shares have soared about 40% since the start of the year, with the stock's valuation a top debate on Wall Street as the streamer doubles down on live events and sports content. Yahoo Finance's Allie Canal reports on what to expect: Read more here. United Airlines stock slides in wake of fresh profit guidance United Airlines shares fell in premarket after the US carrier reset its full-year profit outlook, saying travel demand has picked up thanks to an easing in economic and geopolitical uncertainty. The airline now expects to post adjusted profit of $9 to $11 a share for 2025, compared with Wall Street expectations for $10.04 a share. "United saw a positive shift in demand beginning in early July, and, like 2024, anticipates another inflection in industry supply in mid-August," United CEO Scott Kirby said in a company statement. "The world is less uncertain today than it was during the first six months of 2025 and that gives us confidence about a strong finish to the year," he added. But United's revised guidance still undershot the range of $11.50 to $13.50 a share that it laid out at the start of the year. In April, the company issued two sets of profit outlooks based on whether the US fell into recession, with a range of $7 to $9 a share in the worse scenario. At the same time, it flagged it still might meet its higher target. Profit in the second quarter beat estimates, but its revenue growth fell short. Read more on United's earnings here, from Reuters. United Airlines shares fell in premarket after the US carrier reset its full-year profit outlook, saying travel demand has picked up thanks to an easing in economic and geopolitical uncertainty. The airline now expects to post adjusted profit of $9 to $11 a share for 2025, compared with Wall Street expectations for $10.04 a share. "United saw a positive shift in demand beginning in early July, and, like 2024, anticipates another inflection in industry supply in mid-August," United CEO Scott Kirby said in a company statement. "The world is less uncertain today than it was during the first six months of 2025 and that gives us confidence about a strong finish to the year," he added. But United's revised guidance still undershot the range of $11.50 to $13.50 a share that it laid out at the start of the year. In April, the company issued two sets of profit outlooks based on whether the US fell into recession, with a range of $7 to $9 a share in the worse scenario. At the same time, it flagged it still might meet its higher target. Profit in the second quarter beat estimates, but its revenue growth fell short. Read more on United's earnings here, from Reuters. TSMC profits soar over 60% in Q2, notching all time high Taiwan Semiconductor Manufacturing Co. (TSM), the global leader in contract chip production, delivered a blockbuster second quarter. It reported net profit of T$398.3 billion ($13.53 billion), a 60.7% year-over-year surge that shattered analyst expectations and marked an all-time high for the company. TSMC's robust momentum comes as tech giants like Apple (AAPL) and Nvidia (NVDA) ramp up chip orders to support AI advancements and next-gen devices. Shares in the chip giant closed at $237.56 on Thursday, up 0.3%, before jumping more than 5.6% in overnight trading, pushing past $250 before steadying. Taiwan Semiconductor Manufacturing Co. (TSM), the global leader in contract chip production, delivered a blockbuster second quarter. It reported net profit of T$398.3 billion ($13.53 billion), a 60.7% year-over-year surge that shattered analyst expectations and marked an all-time high for the company. TSMC's robust momentum comes as tech giants like Apple (AAPL) and Nvidia (NVDA) ramp up chip orders to support AI advancements and next-gen devices. Shares in the chip giant closed at $237.56 on Thursday, up 0.3%, before jumping more than 5.6% in overnight trading, pushing past $250 before steadying. Oil prices bounce back from early week losses Oil prices rose overnight Wednesday despite recent fears of oversupply by OPEC+ producers. Reuters reports: Read more here. Oil prices rose overnight Wednesday despite recent fears of oversupply by OPEC+ producers. 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
Yahoo
19 minutes ago
- Yahoo
Stock market today: S&P 500, Nasdaq aim for records after strong retail sales as earnings roll in
US stocks were on pace to notch new record highs on Thursday as Wall Street filtered through a fresh wave of earnings while keeping an eye on President Trump's campaign to push out Federal Reserve Chair Jerome Powell. The Dow Jones Industrial Average (^DJI) rose 0.4%, while the S&P 500 (^GSPC) gained about 0.5%. The tech-heavy Nasdaq Composite (^IXIC) climbed 0.8% on the heels of another record-setting session for tech stocks. The S&P 500 and Nasdaq were poised to close at fresh all-time highs as investors navigate a plethora of catalysts, including earnings, economic data, Trump's tariffs, and the president's displeasure with the Fed's stance on interest rates. Retail sales rebounded in June, an indication that Trump's tariffs are not significantly impacting consumer spending habits yet. The reading serves as another snapshot of the health of the US consumer, who big banks so far this earnings season say seem to be doing just "fine." Also out Thursday morning, data from the Department of Labor showed 221,000 initial jobless claims were filed in the week ending July 12. After picking up in May, weekly filings for unemployment claims are now at their lowest level in three months. In earnings, TSMC (TSM) posted a record quarterly profit early on Thursday, citing stronger and stronger AI demand. The Nvidia supplier's shares popped as its results boosted other chipmaker stocks. Meanwhile, PepsiCo (PEP) reported a surprise rise in revenue and lowered its forecast drop in 2025 profit. Read more: Full earnings coverage in our live blog Netflix (NFLX) is the highlight of Thursday's docket, as it kicks off this season's Big Tech earnings reports with results due after the bell. The streaming giant's shares are on a tear so far this year. On the back burner for now are Trump's renewed threats to attempt to fire Powell, which sparked a stock sell-off at one point on Wednesday. While the president said he was "not planning" to do so, he has spent months excoriating Powell and the Fed's lack of appetite for interest rate cuts. Investor bets suggest Trump is likely to remain disappointed after the central bank's meeting in two weeks, as nearly 100% of traders expect a rate hold amid mixed signals on inflation. Read more: The latest on Trump's tariffs Crypto watchers eye possible vote on legislation in House Crypto investors were watching developments in Congress on Thursday as lawmakers debated key bills, including legislation that would create guardrails surrounding stablecoins, tokens backed by assets such as the US dollar. Shares of stablecoin issuer Circle (CRCL) rose during the session as the Genius Act was likely to be voted on during the afternoon session. Meanwhile, the Clarity Act, a regulatory framework for payment stablecoins and digital assets, was also up for debate. "This is a moment in time when the stars are aligned to pass these bills," said Pat Daugherty, partner at Foley & Lardner, who has commented to congressional staff and lawmakers on drafts of the legislation. Meanwhile bitcoin (BTC-USD), which touched all-time highs this week on increased inflows into spot ETFS and bullish momentum as the House debated crypto legislation, was little changed on Thursday. The token hovered above $118,500 per token. Mortgage rates move higher again Yahoo Finance's Shi Bradley reports: Read more here. The next Fed chair's dilemma: Maintain Fed independence while pleasing Trump Yahoo Finance's Jennifer Schonberger reports: Read more here. What the China export easing means for Nvidia, AMD, and other chips stocks Yahoo Finance's Francisco Velasquez reports: Read more here. Carlyle co-founder Rubenstein on Fed's Powell: He's done a very good job Yahoo Finance's Brian Sozzi reports: Read more here. Wall Street is coming to the Fed's defense Yahoo Finance's David Hollerith reports: Read more here. Lucid shares jump 30% on Uber deal Yahoo Finance's Pras Subramanian reports: Read more here. Jobless claims fall for 5th straight week Data from the Department of Labor out Thursday morning showed Americans filed 221,000 initial jobless claims in the week ending July 12. It marked the fifth straight week that applications for US unemployment benefits fell. After picking up in May, weekly filings for unemployment claims are now at their lowest level in three months. Read more: What are jobless claims, and why do they matter? Continuing claims, or the total number of Americans collecting unemployment benefits, ticked up slightly to 1.96 million for the week ending July 5. The job market has continued to show resilience despite uncertainty fueled by President Trump's trade policies. In June, the US surprisingly added 147,000 jobs, more than the 106,000 expected by economists, while the unemployment rate ticked down to 4.1%. Investors have maintained their bets on Federal Reserve interest-rate cuts. As of Thursday morning, traders were pricing in a 54% chance the central bank cuts interest rates by its September meeting, down from a roughly 70% chance seen just last week, according to the CME FedWatch Tool. Stocks open mostly flat as investors digest June retail sales, earnings reports Stocks were little changed at the market open as investors digested a better-than-expected increase in June retail sales and a wave of corporate earnings reports. The Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) traded flat, while the Nasdaq Composite (^IXIC) inched up slightly, by about 0.1%. On the earnings front, Taiwan Semiconductor Manufacturing Company (TSM) posted a record quarterly profit, sending the stock 3% higher in early trading. PepsiCo (PEP) shares gained more than 6% after the beverage maker reported better-than-expected quarterly results. Trending tickers in premarket trading: TSMC, Opendoor, Pepsi, GE Aerospace, Netflix Here are some of the most notable movers in premarket trading as more second quarter earnings roll in: Check out more trending tickers here. Retail sales rise more than expected in June Yahoo Finance's Josh Schafer reports: Read more here. Pepsi stock rises on better-than-expected earnings PepsiCo (PEP) stock rose 2% after the company reported better-than-expected quarterly results. Pepsi still expects a drop in annual profit, though not as severe as it expected previously. It sees its full-year core earnings per share falling 1.5% instead of the 3% previously forecast. The Gatorade and Lay's maker benefited from favorable foreign exchange rates and greater demand for energy drinks and healthier soda brands, like its prebiotic soda brand Poppi. For the quarter, Pepsi's adjusted earnings per share were $2.12 on revenue of $22.7 billion. Read more here or listen to Pepsi's earnings call live on its stock ticker page. TSMC stock pops 3% on record quarterly earnings Taiwan Semiconductor Manufacturing Company (TSM) posted a record quarterly profit on Thursday, sending the stock 3% higher in premarket trading. The company reported net profit of 398.3 billion new Taiwan dollars ($13.5 billion), an increase of more than 60% year over year. TSMC, which is Nvidia's (NVDA) primary chip manufacturer, said that artificial intelligence demand was growing and raised its sales outlook for the third quarter and full year. In a policy reversal, Nvidia has been allowed to resume sales of its H20 chip in China, which could help it recoup as much as $15 billion in revenue. Nvidia shares were up half a percent on Thursday morning. "China is a big market, and my customer can continue to supply the chip to the big market," TSMC CEO C.C. Wei said at a press conference. "It's very positive news for them, and in return, it's very positive news for TSMC." While TSMC has not seen changes in customers' behavior so far, it cautioned that tariffs could affect income in the fourth quarter. Netflix earnings on deck: What Wall Street is watching Netflix (NFLX) is set to report second quarter earnings after the bell on Thursday. Shares have soared about 40% since the start of the year, with the stock's valuation a top debate on Wall Street as the streamer doubles down on live events and sports content. Yahoo Finance's Allie Canal reports on what to expect: Read more here. United Airlines stock slides in wake of fresh profit guidance United Airlines shares fell in premarket after the US carrier reset its full-year profit outlook, saying travel demand has picked up thanks to an easing in economic and geopolitical uncertainty. The airline now expects to post adjusted profit of $9 to $11 a share for 2025, compared with Wall Street expectations for $10.04 a share. "United saw a positive shift in demand beginning in early July, and, like 2024, anticipates another inflection in industry supply in mid-August," United CEO Scott Kirby said in a company statement. "The world is less uncertain today than it was during the first six months of 2025 and that gives us confidence about a strong finish to the year," he added. But United's revised guidance still undershot the range of $11.50 to $13.50 a share that it laid out at the start of the year. In April, the company issued two sets of profit outlooks based on whether the US fell into recession, with a range of $7 to $9 a share in the worse scenario. At the same time, it flagged it still might meet its higher target. Profit in the second quarter beat estimates, but its revenue growth fell short. Read more on United's earnings here, from Reuters. TSMC profits soar over 60% in Q2, notching all time high Taiwan Semiconductor Manufacturing Co. (TSM), the global leader in contract chip production, delivered a blockbuster second quarter. It reported net profit of T$398.3 billion ($13.53 billion), a 60.7% year-over-year surge that shattered analyst expectations and marked an all-time high for the company. TSMC's robust momentum comes as tech giants like Apple (AAPL) and Nvidia (NVDA) ramp up chip orders to support AI advancements and next-gen devices. Shares in the chip giant closed at $237.56 on Thursday, up 0.3%, before jumping more than 5.6% in overnight trading, pushing past $250 before steadying. Oil prices bounce back from early week losses Oil prices rose overnight Wednesday despite recent fears of oversupply by OPEC+ producers. Reuters reports: Read more here. Crypto watchers eye possible vote on legislation in House Crypto investors were watching developments in Congress on Thursday as lawmakers debated key bills, including legislation that would create guardrails surrounding stablecoins, tokens backed by assets such as the US dollar. Shares of stablecoin issuer Circle (CRCL) rose during the session as the Genius Act was likely to be voted on during the afternoon session. Meanwhile, the Clarity Act, a regulatory framework for payment stablecoins and digital assets, was also up for debate. "This is a moment in time when the stars are aligned to pass these bills," said Pat Daugherty, partner at Foley & Lardner, who has commented to congressional staff and lawmakers on drafts of the legislation. Meanwhile bitcoin (BTC-USD), which touched all-time highs this week on increased inflows into spot ETFS and bullish momentum as the House debated crypto legislation, was little changed on Thursday. The token hovered above $118,500 per token. Crypto investors were watching developments in Congress on Thursday as lawmakers debated key bills, including legislation that would create guardrails surrounding stablecoins, tokens backed by assets such as the US dollar. Shares of stablecoin issuer Circle (CRCL) rose during the session as the Genius Act was likely to be voted on during the afternoon session. Meanwhile, the Clarity Act, a regulatory framework for payment stablecoins and digital assets, was also up for debate. "This is a moment in time when the stars are aligned to pass these bills," said Pat Daugherty, partner at Foley & Lardner, who has commented to congressional staff and lawmakers on drafts of the legislation. Meanwhile bitcoin (BTC-USD), which touched all-time highs this week on increased inflows into spot ETFS and bullish momentum as the House debated crypto legislation, was little changed on Thursday. The token hovered above $118,500 per token. Mortgage rates move higher again Yahoo Finance's Shi Bradley reports: Read more here. Yahoo Finance's Shi Bradley reports: Read more here. The next Fed chair's dilemma: Maintain Fed independence while pleasing Trump Yahoo Finance's Jennifer Schonberger reports: Read more here. Yahoo Finance's Jennifer Schonberger reports: Read more here. What the China export easing means for Nvidia, AMD, and other chips stocks Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Francisco Velasquez reports: Read more here. Carlyle co-founder Rubenstein on Fed's Powell: He's done a very good job Yahoo Finance's Brian Sozzi reports: Read more here. Yahoo Finance's Brian Sozzi reports: Read more here. Wall Street is coming to the Fed's defense Yahoo Finance's David Hollerith reports: Read more here. Yahoo Finance's David Hollerith reports: Read more here. Lucid shares jump 30% on Uber deal Yahoo Finance's Pras Subramanian reports: Read more here. Yahoo Finance's Pras Subramanian reports: Read more here. Jobless claims fall for 5th straight week Data from the Department of Labor out Thursday morning showed Americans filed 221,000 initial jobless claims in the week ending July 12. It marked the fifth straight week that applications for US unemployment benefits fell. After picking up in May, weekly filings for unemployment claims are now at their lowest level in three months. Read more: What are jobless claims, and why do they matter? Continuing claims, or the total number of Americans collecting unemployment benefits, ticked up slightly to 1.96 million for the week ending July 5. The job market has continued to show resilience despite uncertainty fueled by President Trump's trade policies. In June, the US surprisingly added 147,000 jobs, more than the 106,000 expected by economists, while the unemployment rate ticked down to 4.1%. Investors have maintained their bets on Federal Reserve interest-rate cuts. As of Thursday morning, traders were pricing in a 54% chance the central bank cuts interest rates by its September meeting, down from a roughly 70% chance seen just last week, according to the CME FedWatch Tool. Data from the Department of Labor out Thursday morning showed Americans filed 221,000 initial jobless claims in the week ending July 12. It marked the fifth straight week that applications for US unemployment benefits fell. After picking up in May, weekly filings for unemployment claims are now at their lowest level in three months. Read more: What are jobless claims, and why do they matter? Continuing claims, or the total number of Americans collecting unemployment benefits, ticked up slightly to 1.96 million for the week ending July 5. The job market has continued to show resilience despite uncertainty fueled by President Trump's trade policies. In June, the US surprisingly added 147,000 jobs, more than the 106,000 expected by economists, while the unemployment rate ticked down to 4.1%. Investors have maintained their bets on Federal Reserve interest-rate cuts. As of Thursday morning, traders were pricing in a 54% chance the central bank cuts interest rates by its September meeting, down from a roughly 70% chance seen just last week, according to the CME FedWatch Tool. Stocks open mostly flat as investors digest June retail sales, earnings reports Stocks were little changed at the market open as investors digested a better-than-expected increase in June retail sales and a wave of corporate earnings reports. The Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) traded flat, while the Nasdaq Composite (^IXIC) inched up slightly, by about 0.1%. On the earnings front, Taiwan Semiconductor Manufacturing Company (TSM) posted a record quarterly profit, sending the stock 3% higher in early trading. PepsiCo (PEP) shares gained more than 6% after the beverage maker reported better-than-expected quarterly results. Stocks were little changed at the market open as investors digested a better-than-expected increase in June retail sales and a wave of corporate earnings reports. The Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) traded flat, while the Nasdaq Composite (^IXIC) inched up slightly, by about 0.1%. On the earnings front, Taiwan Semiconductor Manufacturing Company (TSM) posted a record quarterly profit, sending the stock 3% higher in early trading. PepsiCo (PEP) shares gained more than 6% after the beverage maker reported better-than-expected quarterly results. Trending tickers in premarket trading: TSMC, Opendoor, Pepsi, GE Aerospace, Netflix Here are some of the most notable movers in premarket trading as more second quarter earnings roll in: Check out more trending tickers here. Here are some of the most notable movers in premarket trading as more second quarter earnings roll in: Check out more trending tickers here. Retail sales rise more than expected in June Yahoo Finance's Josh Schafer reports: Read more here. Yahoo Finance's Josh Schafer reports: Read more here. Pepsi stock rises on better-than-expected earnings PepsiCo (PEP) stock rose 2% after the company reported better-than-expected quarterly results. Pepsi still expects a drop in annual profit, though not as severe as it expected previously. It sees its full-year core earnings per share falling 1.5% instead of the 3% previously forecast. The Gatorade and Lay's maker benefited from favorable foreign exchange rates and greater demand for energy drinks and healthier soda brands, like its prebiotic soda brand Poppi. For the quarter, Pepsi's adjusted earnings per share were $2.12 on revenue of $22.7 billion. Read more here or listen to Pepsi's earnings call live on its stock ticker page. PepsiCo (PEP) stock rose 2% after the company reported better-than-expected quarterly results. Pepsi still expects a drop in annual profit, though not as severe as it expected previously. It sees its full-year core earnings per share falling 1.5% instead of the 3% previously forecast. The Gatorade and Lay's maker benefited from favorable foreign exchange rates and greater demand for energy drinks and healthier soda brands, like its prebiotic soda brand Poppi. For the quarter, Pepsi's adjusted earnings per share were $2.12 on revenue of $22.7 billion. Read more here or listen to Pepsi's earnings call live on its stock ticker page. TSMC stock pops 3% on record quarterly earnings Taiwan Semiconductor Manufacturing Company (TSM) posted a record quarterly profit on Thursday, sending the stock 3% higher in premarket trading. The company reported net profit of 398.3 billion new Taiwan dollars ($13.5 billion), an increase of more than 60% year over year. TSMC, which is Nvidia's (NVDA) primary chip manufacturer, said that artificial intelligence demand was growing and raised its sales outlook for the third quarter and full year. In a policy reversal, Nvidia has been allowed to resume sales of its H20 chip in China, which could help it recoup as much as $15 billion in revenue. Nvidia shares were up half a percent on Thursday morning. "China is a big market, and my customer can continue to supply the chip to the big market," TSMC CEO C.C. Wei said at a press conference. "It's very positive news for them, and in return, it's very positive news for TSMC." While TSMC has not seen changes in customers' behavior so far, it cautioned that tariffs could affect income in the fourth quarter. Taiwan Semiconductor Manufacturing Company (TSM) posted a record quarterly profit on Thursday, sending the stock 3% higher in premarket trading. The company reported net profit of 398.3 billion new Taiwan dollars ($13.5 billion), an increase of more than 60% year over year. TSMC, which is Nvidia's (NVDA) primary chip manufacturer, said that artificial intelligence demand was growing and raised its sales outlook for the third quarter and full year. In a policy reversal, Nvidia has been allowed to resume sales of its H20 chip in China, which could help it recoup as much as $15 billion in revenue. Nvidia shares were up half a percent on Thursday morning. "China is a big market, and my customer can continue to supply the chip to the big market," TSMC CEO C.C. Wei said at a press conference. "It's very positive news for them, and in return, it's very positive news for TSMC." While TSMC has not seen changes in customers' behavior so far, it cautioned that tariffs could affect income in the fourth quarter. Netflix earnings on deck: What Wall Street is watching Netflix (NFLX) is set to report second quarter earnings after the bell on Thursday. Shares have soared about 40% since the start of the year, with the stock's valuation a top debate on Wall Street as the streamer doubles down on live events and sports content. Yahoo Finance's Allie Canal reports on what to expect: Read more here. Netflix (NFLX) is set to report second quarter earnings after the bell on Thursday. Shares have soared about 40% since the start of the year, with the stock's valuation a top debate on Wall Street as the streamer doubles down on live events and sports content. Yahoo Finance's Allie Canal reports on what to expect: Read more here. United Airlines stock slides in wake of fresh profit guidance United Airlines shares fell in premarket after the US carrier reset its full-year profit outlook, saying travel demand has picked up thanks to an easing in economic and geopolitical uncertainty. The airline now expects to post adjusted profit of $9 to $11 a share for 2025, compared with Wall Street expectations for $10.04 a share. "United saw a positive shift in demand beginning in early July, and, like 2024, anticipates another inflection in industry supply in mid-August," United CEO Scott Kirby said in a company statement. "The world is less uncertain today than it was during the first six months of 2025 and that gives us confidence about a strong finish to the year," he added. But United's revised guidance still undershot the range of $11.50 to $13.50 a share that it laid out at the start of the year. In April, the company issued two sets of profit outlooks based on whether the US fell into recession, with a range of $7 to $9 a share in the worse scenario. At the same time, it flagged it still might meet its higher target. Profit in the second quarter beat estimates, but its revenue growth fell short. Read more on United's earnings here, from Reuters. United Airlines shares fell in premarket after the US carrier reset its full-year profit outlook, saying travel demand has picked up thanks to an easing in economic and geopolitical uncertainty. The airline now expects to post adjusted profit of $9 to $11 a share for 2025, compared with Wall Street expectations for $10.04 a share. "United saw a positive shift in demand beginning in early July, and, like 2024, anticipates another inflection in industry supply in mid-August," United CEO Scott Kirby said in a company statement. "The world is less uncertain today than it was during the first six months of 2025 and that gives us confidence about a strong finish to the year," he added. But United's revised guidance still undershot the range of $11.50 to $13.50 a share that it laid out at the start of the year. In April, the company issued two sets of profit outlooks based on whether the US fell into recession, with a range of $7 to $9 a share in the worse scenario. At the same time, it flagged it still might meet its higher target. Profit in the second quarter beat estimates, but its revenue growth fell short. Read more on United's earnings here, from Reuters. TSMC profits soar over 60% in Q2, notching all time high Taiwan Semiconductor Manufacturing Co. (TSM), the global leader in contract chip production, delivered a blockbuster second quarter. It reported net profit of T$398.3 billion ($13.53 billion), a 60.7% year-over-year surge that shattered analyst expectations and marked an all-time high for the company. TSMC's robust momentum comes as tech giants like Apple (AAPL) and Nvidia (NVDA) ramp up chip orders to support AI advancements and next-gen devices. Shares in the chip giant closed at $237.56 on Thursday, up 0.3%, before jumping more than 5.6% in overnight trading, pushing past $250 before steadying. Taiwan Semiconductor Manufacturing Co. (TSM), the global leader in contract chip production, delivered a blockbuster second quarter. It reported net profit of T$398.3 billion ($13.53 billion), a 60.7% year-over-year surge that shattered analyst expectations and marked an all-time high for the company. TSMC's robust momentum comes as tech giants like Apple (AAPL) and Nvidia (NVDA) ramp up chip orders to support AI advancements and next-gen devices. Shares in the chip giant closed at $237.56 on Thursday, up 0.3%, before jumping more than 5.6% in overnight trading, pushing past $250 before steadying. Oil prices bounce back from early week losses Oil prices rose overnight Wednesday despite recent fears of oversupply by OPEC+ producers. Reuters reports: Read more here. Oil prices rose overnight Wednesday despite recent fears of oversupply by OPEC+ producers. 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


Buzz Feed
20 minutes ago
- Buzz Feed
Stephen Colbert Blasts Trump's Lies About His Uncle John Trump
Late Show host Stephen Colbert on Wednesday said President Donald Trump 's event a day earlier 'went off the rails pretty darn quick.' Trump was supposed to discuss new investments in artificial intelligence and energy, but then derailed himself with a long, strange ramble about his uncle, John Trump, who was a professor at MIT. The president boasted that his uncle was 'one of the great professors, 51 years, whatever, longest-serving professor in the history of MIT, three degrees in nuclear, chemical, and math.' 'Brace yourself,' Colbert warned his audience after playing the clip. 'None of that was true.' Trump's uncle was not the longest-serving professor at MIT. His undergraduate and doctorate degrees were in electrical engineering and he had a master's degree in physics — not 'nuclear, chemical, and math.' Trump also said his uncle taught Ted Kaczynski, the 'Unabomber' terrorist who killed people via mail bombs. The president told a whole story about asking his uncle what kind of student Kaczynski was. His uncle, Trump claimed, told him that the future Unabomber was 'seriously good' and would correct the other students' work. Kaczynski went to Harvard, not MIT. 'Even more insane,' Colbert said, Trump's uncle died more than a decade before Kaczynski was identified as the person sending explosives and arrested. 'So why on Earth would Trump have asked his uncle about him?' Colbert wondered, then broke out his impression of the president to envision how it might have happened. 'Hey, Uncle John, Uncle Professor Dr. John Trump, professor, sir, uncle. You know that random guy who isn't famous at all and lives in the woods and machines his own screws?' Colbert asked in his Trump voice. 'What was it like when you didn't teach him?' CBS / Via