DOJ sues California to end enforcement of emissions standards for trucks
The DOJ said it filed two complaints this week in federal courts against the California Air Resources Board on the state's enforcement of preempted emissions standards through its so-called "Clean Truck Partnership" with heavy-duty truck and engine manufacturers.
"These actions advance President Donald J. Trump's commitment to end the electric vehicle (EV) mandate, level the regulatory playing field, and promote consumer choice in motor vehicles," it said in a statement.
Earlier this week, four major truckmakers, including Daimler and Volvo, also sued the state to block it from enforcing the strict emissions standards Trump declared void in June.
Trump, a Republican, is trying to curb California's power under the federal Cean Air Act to set tighter pollution limits than federal law requires, and Democratic Governor Gavin Newsom's ability to promote electric vehicles to fight climate change.
"President Donald Trump and Congress have invalidated the Clean Air Act waivers that were the basis for California's actions. CARB must respect the democratic process and stop enforcing unlawful standards," said Adam Gustafson, the DOJ's acting assistant attorney general for the Environment and Natural Resources Division.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
26 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq notch weekly wins as slew of data muddies rate-cut path
US stocks were mixed on Friday as Wall Street tempered its rate-cut hopes amid economic data this week that showed higher-than-expected wholesale inflation and a rise in July retail sales. A meeting between President Trump and Russian President Vladimir Putin was also in focus as traders looked for clues on how the outcome could steer markets. The Dow Jones Industrial Average (^DJI) rose just above the flatline, trimming earlier gains to fall short of a record close. The benchmark S&P 500 (^GSPC) fell 0.3% and the tech-heavy Nasdaq Composite (^IXIC) lost 0.4% after President Trump said he would soon announce tariffs on semiconductor imports. US Census Bureau data released Friday morning showed retail sales rose 0.5% in July from the prior month. That was less than the 0.6% gain expected by economists but still viewed as a solid advance after a sharp pullback in consumer spending this spring. Meanwhile, US consumer sentiment deteriorated in August, falling for the first time in four months as inflation expectations jumped in the longer term. Stocks wobbled on Thursday, ending a two-day rally sparked by investor confidence that an interest rate cut in September was nearly certain. Doubts about a significant cut at the Fed's next policy meeting crept in after July's Producer Price Index (PPI) came in hotter than expected. Major Dow component UnitedHealth (UNH) stock soared on Friday after a regulatory filing showed Warren Buffett's Berkshire Hathaway (BRK-B, BRK-A) bought 5 million shares in the company. Intel (INTC) shares jumped Friday after a Bloomberg report said the Trump administration is considering taking a stake in the chipmaker, using funds from the US CHIPS Act. President Trump met with Intel's CEO on Monday after calling on him to resign the previous week. And Applied Materials (AMAT) stock sank nearly 14% after the chip equipment maker issued weak fourth quarter forecasts due to sluggish demand in China, fueling concerns over tariff-related risks. Stocks notch second week of wins as economic data casts doubts on Fed's next move Stocks closed the session mixed on Friday, but the major averages managed to notch a second straight week of gains. The benchmark S&P 500 (^GSPC) fell 0.3%, retreating from its record, while the tech-heavy Nasdaq Composite (^IXIC) also closed the session down 0.4%. The Dow Jones Industrial Average (^DJI) gained slightly as shares of UnitedHealth Group (UNH) surged. Rate cut uncertainty permeated the market over the past two sessions following Thursday's hotter-than-expected monthly producer price index (PPI) print. US consumer sentiment deteriorated in August, falling for the first time in four months. Meanwhile, retail sales jumped 0.5% in July, showing consumer spending had steadied following a dramatic drop earlier in the year. Trump and Putin greet each other in Alaska for start of summit on Ukraine President Trump and Russian President Vladimir Putin greeted each other in Alaska as a summit centered around the Ukraine war began. Trump wants Russia and Ukraine to end the war. Earlier this week the president said their would be 'severe consequences' if Moscow did not end the conflict following the summit. Investors are eying the meeting for clues on how the outcome could steer markets. Dow on pace for record close, S&P and Nasdaq set to notch weekly wins Stock were poised to close the session mixed, but the Dow Jones Industrial Average (^DJI) could notch its first record high of the year. The benchmark S&P 500 (^GSPC) traded below its record close, while the tech-heavy Nasdaq Composite (^IXIC) also fell below the flatline. All three major averages were on pace to end the week with gains. Among the S&P 500 sectors, Healthcare (XLV) stocks outperformed, along with Communications Services (XLC), and Consumer Discretionary (XLY). UBS: Put excess cash to work amid higher inflation UBS strategists say the US hasn't seen the last of rising inflation, following this week's hotter-than-expected PPI print, but investors should put their money to work as a Fed cut in September is still the likely outcome. 'We expect overall inflation to continue on a gradual upward trend as businesses pass along their higher costs, but we also believe slowing shelter inflation and pushback from increasingly stretched consumers should help offset some of the tariff impact on price pressures," Ulrike Hoffmann-Burchardi, global head of equities at UBS Global Wealth Management said in a note on Friday. Monthly retail sales jumped 0.5% in July, marking the second monthly gain in a row, as consumer spending steadied following a dramatic drop earlier in the year. Hoffmann-Burchardi noted the downside risks in the labor market are likely to outweigh inflation concerns, as economic activity slows further in the second half of the year. "We expect the Fed to bring its policy rate 100 basis points lower in the months to come, reducing returns on cash," she added. Why Goldman Sach says the 'Goldilocks' stock market may get hit Yahoo Finance's Francisco Velasquez reports: Read more here. UnitedHealth stock pops on Buffett's Berkshire share purchase UnitedHealth Group's (UNH) stock rallied on Friday following the revelation that Warren Buffett's Berkshire Hathaway (BRK-A, BRK-B) purchased 5 million shares last quarter. The more than 10% jump in shares of the healthcare insurance giant helped lift the Dow Jones Industrial Average (^DJI) into green territory, as the rest of the major averages dropped. UnitedHealth has suffered multiple setbacks in the past couple of years. With earnings misses piling on top of that, the stock has been under constant pressure and is down more than 45% year to date. Read more here. IPO market surges in August with companies 'striking while the iron is hot' The IPO market is on fire this summer, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Opendoor shares pops in wake of CEO exit amid meme-fueled stock surge Opendoor Technologies (OPEN) shares spiked as much as 10% in morning trading after the company announced the departure of its CEO Carrie Wheeler effective immediately. Opendoor said it is searching for a new CEO to lead the ibuyer in its next growth phase, just weeks after the stock skyrocketed in a meme-fueled rally. The board appointed Shrisha Radhakrishna, Opendoor's chief technology and product officer, as president and interim leader of the company. Shares of Opendoor have been on a wild ride over the past month, powered in part by Carvana (CVNA) turnaround spotter EMJ Capital and speculative investors on Reddit's wallstreetbets. EMJ Capital founder and president Eric Jackson wrote in mid-July that his firm was taking a long position in Opendoor, which was then trading under $1 per share. Jackson has been critical of Opendoor's top leadership, most recently following the company's latest quarterly results in early August, when the stock sank 20% following a disappointing earnings forecast. "The communication on the earnings call from the CEO and the CFO was really awful," Jackson told Yahoo Finance last week. "The management team didn't do anything to get this thing up from 51 cents to almost five bucks," he said. "It was basically all of us retailers who saw the value in this platform, supported it. We got not a word from management over these last few weeks. So I think she's got to go." Chip stocks fall as Trump says semiconductor tariffs coming as soon as next week Chip stocks dropped Friday after President Trump said he will set tariffs on semiconductors as soon as next week. "I'll be setting tariffs next week and the week after on steel and on, I would say, chips," Trump told reporters Friday while aboard Air Force One while traveling to Alaska to meet Russian President Vladimir Putin, Reuters reported. Nvidia (NVDA), AMD (AMD), and Broadcom (AVGO) fell more than 1%, while Micron (MU) dropped more than 3%. Trump said earlier this month that semiconductor companies building out their domestic manufacturing footprint — this includes the world's leading contract chip manufacturer, Taiwanese firm TSMC (TSM) — would be exempt from his planned 100% tariffs on chips. That commentary sent chip stocks up. But on Friday, he implied that the exemption may only be temporary. "I'm going to have a rate that is going to be lower at the beginning — that gives them a chance to come in and build — and very high after a certain period of time," he said. Consumer sentiment falls in August, marking first decline in 4 months US consumer sentiment deteriorated in August, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 from a reading of 61.7 in July. It was also less than the 62 reading expected by economists surveyed by Bloomberg. 'This deterioration largely stems from rising worries about inflation,' wrote Joanne Hsu, the director of the university's Surveys of Consumers. Consumer sentiment had improved in June and July after plummeting in the spring as Americans worried about the impacts of Trump's tariffs. In May, the index showed sentiment at its second-lowest level on record as consumers expressed concerns over long-term inflation, fueled by uncertainty surrounding Trump's trade policies. Sentiment improved in June as Trump dialed back some of his aggressive stances on tariffs. 'Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused,' Hsu said. 'However, consumers continue to expect both inflation and unemployment to deteriorate in the future.' Read more here. US stocks mixed at the open US stocks were mixed on Friday at the open as Wall Street tempered its hopes for the Fed to cut interest rates in September, as economic data this week showed higher than expected wholesale inflation and a rise in July retail sales. The Dow Jones Industrial Average (^DJI) rose around 0.5%, putting the index on track for its first record since December. The benchmark S&P 500 (^GSPC) rose less than 0.1%, and the tech-heavy Nasdaq Composite (^IXIC) fell below the flatline. Intel stock continues rise as Trump administration reportedly mulls taking stake in chipmaker Intel (INTC) stock spiked more than 7% Thursday and continued to climb 3% before the market open on Friday, following a report that the US government is considering taking a stake in the troubled chipmaker. Bloomberg reported that the Trump administration is in talks with Intel about the deal, which would help the company complete its Ohio factory expansion that had been put on hold. The report follows a meeting between President Trump and Intel CEO Lip-Bu Tan earlier this week, which came after the president called for the CEO's resignation due to his ties with China. "As Intel's prospects have dimmed, the idea of support (governmental or otherwise) has gained traction, understandable given the company, for better or worse, remains the only US-headquartered prospect for leading edge semiconductor chips and processes; it seems like Trump may have been persuaded to see the light," Bernstein analyst Stacy Rasgon wrote in a note to investors Friday. It's not the first time the Trump administration has allegedly floated ideas to prop up Intel. In February, a news report said the US was pitching proposals to its rival TSMC to help support its turnaround by establishing a joint venture with Intel. Read more here. Retail sales climb less than expected in July Retail sales rose 0.5% in July from the prior month, according to data from the US Census Bureau released Friday — marking the second monthly gain in a row, as consumer spending steadies following a dramatic drop in earlier in the year. Still, the jump was less than the 0.6% gain expected by economists surveyed by Bloomberg. Excluding auto and gas sales, retail sales were up 0.2%, also less than the 0.3% projected. An even narrower slice of retail sales called the 'control group' — a more precise measure of consumer spending that excludes certain sales such as those from office supply and tobacco stores — climbed 0.5%, ahead of the 0.4% expected. Retail sales rebounded in June, a sign that consumer spending habits were remaining resilient despite President Trump's tariffs. Read more here. Investors want rate cut 'validation,' but the Fed's dilemma won't go away Yahoo Finance's Hamza Shaban writes in today's Morning Brief: Read more here. Good morning. Here's what's happening today. Economic data: Retail sales (July); Export prices (July); Industrial production (July); University of Michigan consumer sentiment (August preliminary) Earnings: No notable earnings. Here are some of the biggest stories you may have missed overnight and early this morning: 'Striking while the iron is hot' Investors want rate cut 'validation,' but the Fed's dilemma remains Applied Materials' shares sink on weak China demand, tariff risks UnitedHealth jumps as Buffett's Berkshire buys 5M shares BofA's Hartnett sees profit-taking in stocks after Jackson Hole AI exacerbates tech divide with smaller stocks languishing A trader's guide to the Alaska talks between Trump and Putin China's economy slows in July on tariffs, weak property market Applied Materials' shares sink on weak China demand, tariff risks Shares in Applied Materials (AMAT) sank 14% before the bell on Friday after the chip equipment maker issued weak fourth-quarter forecasts on sluggish China demand, fueling concerns over tariff-related risks. Reuters reports: Read more here. UnitedHealth stock soars as Buffett's Berkshire buys 5M shares UnitedHealth Group stock rose 12% before the bell on Friday after Warren Buffett's Berkshire Hathaway (BRK-B, BRK-A) acquired 5 million shares in the company. A regulatory filing showed the purchase on Thursday. Reuters reports: Read more here. Stocks notch second week of wins as economic data casts doubts on Fed's next move Stocks closed the session mixed on Friday, but the major averages managed to notch a second straight week of gains. The benchmark S&P 500 (^GSPC) fell 0.3%, retreating from its record, while the tech-heavy Nasdaq Composite (^IXIC) also closed the session down 0.4%. The Dow Jones Industrial Average (^DJI) gained slightly as shares of UnitedHealth Group (UNH) surged. Rate cut uncertainty permeated the market over the past two sessions following Thursday's hotter-than-expected monthly producer price index (PPI) print. US consumer sentiment deteriorated in August, falling for the first time in four months. Meanwhile, retail sales jumped 0.5% in July, showing consumer spending had steadied following a dramatic drop earlier in the year. Stocks closed the session mixed on Friday, but the major averages managed to notch a second straight week of gains. The benchmark S&P 500 (^GSPC) fell 0.3%, retreating from its record, while the tech-heavy Nasdaq Composite (^IXIC) also closed the session down 0.4%. The Dow Jones Industrial Average (^DJI) gained slightly as shares of UnitedHealth Group (UNH) surged. Rate cut uncertainty permeated the market over the past two sessions following Thursday's hotter-than-expected monthly producer price index (PPI) print. US consumer sentiment deteriorated in August, falling for the first time in four months. Meanwhile, retail sales jumped 0.5% in July, showing consumer spending had steadied following a dramatic drop earlier in the year. Trump and Putin greet each other in Alaska for start of summit on Ukraine President Trump and Russian President Vladimir Putin greeted each other in Alaska as a summit centered around the Ukraine war began. Trump wants Russia and Ukraine to end the war. Earlier this week the president said their would be 'severe consequences' if Moscow did not end the conflict following the summit. Investors are eying the meeting for clues on how the outcome could steer markets. President Trump and Russian President Vladimir Putin greeted each other in Alaska as a summit centered around the Ukraine war began. Trump wants Russia and Ukraine to end the war. Earlier this week the president said their would be 'severe consequences' if Moscow did not end the conflict following the summit. Investors are eying the meeting for clues on how the outcome could steer markets. Dow on pace for record close, S&P and Nasdaq set to notch weekly wins Stock were poised to close the session mixed, but the Dow Jones Industrial Average (^DJI) could notch its first record high of the year. The benchmark S&P 500 (^GSPC) traded below its record close, while the tech-heavy Nasdaq Composite (^IXIC) also fell below the flatline. All three major averages were on pace to end the week with gains. Among the S&P 500 sectors, Healthcare (XLV) stocks outperformed, along with Communications Services (XLC), and Consumer Discretionary (XLY). Stock were poised to close the session mixed, but the Dow Jones Industrial Average (^DJI) could notch its first record high of the year. The benchmark S&P 500 (^GSPC) traded below its record close, while the tech-heavy Nasdaq Composite (^IXIC) also fell below the flatline. All three major averages were on pace to end the week with gains. Among the S&P 500 sectors, Healthcare (XLV) stocks outperformed, along with Communications Services (XLC), and Consumer Discretionary (XLY). UBS: Put excess cash to work amid higher inflation UBS strategists say the US hasn't seen the last of rising inflation, following this week's hotter-than-expected PPI print, but investors should put their money to work as a Fed cut in September is still the likely outcome. 'We expect overall inflation to continue on a gradual upward trend as businesses pass along their higher costs, but we also believe slowing shelter inflation and pushback from increasingly stretched consumers should help offset some of the tariff impact on price pressures," Ulrike Hoffmann-Burchardi, global head of equities at UBS Global Wealth Management said in a note on Friday. Monthly retail sales jumped 0.5% in July, marking the second monthly gain in a row, as consumer spending steadied following a dramatic drop earlier in the year. Hoffmann-Burchardi noted the downside risks in the labor market are likely to outweigh inflation concerns, as economic activity slows further in the second half of the year. "We expect the Fed to bring its policy rate 100 basis points lower in the months to come, reducing returns on cash," she added. UBS strategists say the US hasn't seen the last of rising inflation, following this week's hotter-than-expected PPI print, but investors should put their money to work as a Fed cut in September is still the likely outcome. 'We expect overall inflation to continue on a gradual upward trend as businesses pass along their higher costs, but we also believe slowing shelter inflation and pushback from increasingly stretched consumers should help offset some of the tariff impact on price pressures," Ulrike Hoffmann-Burchardi, global head of equities at UBS Global Wealth Management said in a note on Friday. Monthly retail sales jumped 0.5% in July, marking the second monthly gain in a row, as consumer spending steadied following a dramatic drop earlier in the year. Hoffmann-Burchardi noted the downside risks in the labor market are likely to outweigh inflation concerns, as economic activity slows further in the second half of the year. "We expect the Fed to bring its policy rate 100 basis points lower in the months to come, reducing returns on cash," she added. Why Goldman Sach says the 'Goldilocks' stock market may get hit Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Francisco Velasquez reports: Read more here. UnitedHealth stock pops on Buffett's Berkshire share purchase UnitedHealth Group's (UNH) stock rallied on Friday following the revelation that Warren Buffett's Berkshire Hathaway (BRK-A, BRK-B) purchased 5 million shares last quarter. The more than 10% jump in shares of the healthcare insurance giant helped lift the Dow Jones Industrial Average (^DJI) into green territory, as the rest of the major averages dropped. UnitedHealth has suffered multiple setbacks in the past couple of years. With earnings misses piling on top of that, the stock has been under constant pressure and is down more than 45% year to date. Read more here. UnitedHealth Group's (UNH) stock rallied on Friday following the revelation that Warren Buffett's Berkshire Hathaway (BRK-A, BRK-B) purchased 5 million shares last quarter. The more than 10% jump in shares of the healthcare insurance giant helped lift the Dow Jones Industrial Average (^DJI) into green territory, as the rest of the major averages dropped. UnitedHealth has suffered multiple setbacks in the past couple of years. With earnings misses piling on top of that, the stock has been under constant pressure and is down more than 45% year to date. Read more here. IPO market surges in August with companies 'striking while the iron is hot' The IPO market is on fire this summer, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. The IPO market is on fire this summer, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Opendoor shares pops in wake of CEO exit amid meme-fueled stock surge Opendoor Technologies (OPEN) shares spiked as much as 10% in morning trading after the company announced the departure of its CEO Carrie Wheeler effective immediately. Opendoor said it is searching for a new CEO to lead the ibuyer in its next growth phase, just weeks after the stock skyrocketed in a meme-fueled rally. The board appointed Shrisha Radhakrishna, Opendoor's chief technology and product officer, as president and interim leader of the company. Shares of Opendoor have been on a wild ride over the past month, powered in part by Carvana (CVNA) turnaround spotter EMJ Capital and speculative investors on Reddit's wallstreetbets. EMJ Capital founder and president Eric Jackson wrote in mid-July that his firm was taking a long position in Opendoor, which was then trading under $1 per share. Jackson has been critical of Opendoor's top leadership, most recently following the company's latest quarterly results in early August, when the stock sank 20% following a disappointing earnings forecast. "The communication on the earnings call from the CEO and the CFO was really awful," Jackson told Yahoo Finance last week. "The management team didn't do anything to get this thing up from 51 cents to almost five bucks," he said. "It was basically all of us retailers who saw the value in this platform, supported it. We got not a word from management over these last few weeks. So I think she's got to go." Opendoor Technologies (OPEN) shares spiked as much as 10% in morning trading after the company announced the departure of its CEO Carrie Wheeler effective immediately. Opendoor said it is searching for a new CEO to lead the ibuyer in its next growth phase, just weeks after the stock skyrocketed in a meme-fueled rally. The board appointed Shrisha Radhakrishna, Opendoor's chief technology and product officer, as president and interim leader of the company. Shares of Opendoor have been on a wild ride over the past month, powered in part by Carvana (CVNA) turnaround spotter EMJ Capital and speculative investors on Reddit's wallstreetbets. EMJ Capital founder and president Eric Jackson wrote in mid-July that his firm was taking a long position in Opendoor, which was then trading under $1 per share. Jackson has been critical of Opendoor's top leadership, most recently following the company's latest quarterly results in early August, when the stock sank 20% following a disappointing earnings forecast. "The communication on the earnings call from the CEO and the CFO was really awful," Jackson told Yahoo Finance last week. "The management team didn't do anything to get this thing up from 51 cents to almost five bucks," he said. "It was basically all of us retailers who saw the value in this platform, supported it. We got not a word from management over these last few weeks. So I think she's got to go." Chip stocks fall as Trump says semiconductor tariffs coming as soon as next week Chip stocks dropped Friday after President Trump said he will set tariffs on semiconductors as soon as next week. "I'll be setting tariffs next week and the week after on steel and on, I would say, chips," Trump told reporters Friday while aboard Air Force One while traveling to Alaska to meet Russian President Vladimir Putin, Reuters reported. Nvidia (NVDA), AMD (AMD), and Broadcom (AVGO) fell more than 1%, while Micron (MU) dropped more than 3%. Trump said earlier this month that semiconductor companies building out their domestic manufacturing footprint — this includes the world's leading contract chip manufacturer, Taiwanese firm TSMC (TSM) — would be exempt from his planned 100% tariffs on chips. That commentary sent chip stocks up. But on Friday, he implied that the exemption may only be temporary. "I'm going to have a rate that is going to be lower at the beginning — that gives them a chance to come in and build — and very high after a certain period of time," he said. Chip stocks dropped Friday after President Trump said he will set tariffs on semiconductors as soon as next week. "I'll be setting tariffs next week and the week after on steel and on, I would say, chips," Trump told reporters Friday while aboard Air Force One while traveling to Alaska to meet Russian President Vladimir Putin, Reuters reported. Nvidia (NVDA), AMD (AMD), and Broadcom (AVGO) fell more than 1%, while Micron (MU) dropped more than 3%. Trump said earlier this month that semiconductor companies building out their domestic manufacturing footprint — this includes the world's leading contract chip manufacturer, Taiwanese firm TSMC (TSM) — would be exempt from his planned 100% tariffs on chips. That commentary sent chip stocks up. But on Friday, he implied that the exemption may only be temporary. "I'm going to have a rate that is going to be lower at the beginning — that gives them a chance to come in and build — and very high after a certain period of time," he said. Consumer sentiment falls in August, marking first decline in 4 months US consumer sentiment deteriorated in August, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 from a reading of 61.7 in July. It was also less than the 62 reading expected by economists surveyed by Bloomberg. 'This deterioration largely stems from rising worries about inflation,' wrote Joanne Hsu, the director of the university's Surveys of Consumers. Consumer sentiment had improved in June and July after plummeting in the spring as Americans worried about the impacts of Trump's tariffs. In May, the index showed sentiment at its second-lowest level on record as consumers expressed concerns over long-term inflation, fueled by uncertainty surrounding Trump's trade policies. Sentiment improved in June as Trump dialed back some of his aggressive stances on tariffs. 'Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused,' Hsu said. 'However, consumers continue to expect both inflation and unemployment to deteriorate in the future.' Read more here. US consumer sentiment deteriorated in August, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 from a reading of 61.7 in July. It was also less than the 62 reading expected by economists surveyed by Bloomberg. 'This deterioration largely stems from rising worries about inflation,' wrote Joanne Hsu, the director of the university's Surveys of Consumers. Consumer sentiment had improved in June and July after plummeting in the spring as Americans worried about the impacts of Trump's tariffs. In May, the index showed sentiment at its second-lowest level on record as consumers expressed concerns over long-term inflation, fueled by uncertainty surrounding Trump's trade policies. Sentiment improved in June as Trump dialed back some of his aggressive stances on tariffs. 'Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused,' Hsu said. 'However, consumers continue to expect both inflation and unemployment to deteriorate in the future.' Read more here. US stocks mixed at the open US stocks were mixed on Friday at the open as Wall Street tempered its hopes for the Fed to cut interest rates in September, as economic data this week showed higher than expected wholesale inflation and a rise in July retail sales. The Dow Jones Industrial Average (^DJI) rose around 0.5%, putting the index on track for its first record since December. The benchmark S&P 500 (^GSPC) rose less than 0.1%, and the tech-heavy Nasdaq Composite (^IXIC) fell below the flatline. US stocks were mixed on Friday at the open as Wall Street tempered its hopes for the Fed to cut interest rates in September, as economic data this week showed higher than expected wholesale inflation and a rise in July retail sales. The Dow Jones Industrial Average (^DJI) rose around 0.5%, putting the index on track for its first record since December. The benchmark S&P 500 (^GSPC) rose less than 0.1%, and the tech-heavy Nasdaq Composite (^IXIC) fell below the flatline. Intel stock continues rise as Trump administration reportedly mulls taking stake in chipmaker Intel (INTC) stock spiked more than 7% Thursday and continued to climb 3% before the market open on Friday, following a report that the US government is considering taking a stake in the troubled chipmaker. Bloomberg reported that the Trump administration is in talks with Intel about the deal, which would help the company complete its Ohio factory expansion that had been put on hold. The report follows a meeting between President Trump and Intel CEO Lip-Bu Tan earlier this week, which came after the president called for the CEO's resignation due to his ties with China. "As Intel's prospects have dimmed, the idea of support (governmental or otherwise) has gained traction, understandable given the company, for better or worse, remains the only US-headquartered prospect for leading edge semiconductor chips and processes; it seems like Trump may have been persuaded to see the light," Bernstein analyst Stacy Rasgon wrote in a note to investors Friday. It's not the first time the Trump administration has allegedly floated ideas to prop up Intel. In February, a news report said the US was pitching proposals to its rival TSMC to help support its turnaround by establishing a joint venture with Intel. Read more here. Intel (INTC) stock spiked more than 7% Thursday and continued to climb 3% before the market open on Friday, following a report that the US government is considering taking a stake in the troubled chipmaker. Bloomberg reported that the Trump administration is in talks with Intel about the deal, which would help the company complete its Ohio factory expansion that had been put on hold. The report follows a meeting between President Trump and Intel CEO Lip-Bu Tan earlier this week, which came after the president called for the CEO's resignation due to his ties with China. "As Intel's prospects have dimmed, the idea of support (governmental or otherwise) has gained traction, understandable given the company, for better or worse, remains the only US-headquartered prospect for leading edge semiconductor chips and processes; it seems like Trump may have been persuaded to see the light," Bernstein analyst Stacy Rasgon wrote in a note to investors Friday. It's not the first time the Trump administration has allegedly floated ideas to prop up Intel. In February, a news report said the US was pitching proposals to its rival TSMC to help support its turnaround by establishing a joint venture with Intel. Read more here. Retail sales climb less than expected in July Retail sales rose 0.5% in July from the prior month, according to data from the US Census Bureau released Friday — marking the second monthly gain in a row, as consumer spending steadies following a dramatic drop in earlier in the year. Still, the jump was less than the 0.6% gain expected by economists surveyed by Bloomberg. Excluding auto and gas sales, retail sales were up 0.2%, also less than the 0.3% projected. An even narrower slice of retail sales called the 'control group' — a more precise measure of consumer spending that excludes certain sales such as those from office supply and tobacco stores — climbed 0.5%, ahead of the 0.4% expected. Retail sales rebounded in June, a sign that consumer spending habits were remaining resilient despite President Trump's tariffs. Read more here. Retail sales rose 0.5% in July from the prior month, according to data from the US Census Bureau released Friday — marking the second monthly gain in a row, as consumer spending steadies following a dramatic drop in earlier in the year. Still, the jump was less than the 0.6% gain expected by economists surveyed by Bloomberg. Excluding auto and gas sales, retail sales were up 0.2%, also less than the 0.3% projected. An even narrower slice of retail sales called the 'control group' — a more precise measure of consumer spending that excludes certain sales such as those from office supply and tobacco stores — climbed 0.5%, ahead of the 0.4% expected. Retail sales rebounded in June, a sign that consumer spending habits were remaining resilient despite President Trump's tariffs. Read more here. Investors want rate cut 'validation,' but the Fed's dilemma won't go away Yahoo Finance's Hamza Shaban writes in today's Morning Brief: Read more here. Yahoo Finance's Hamza Shaban writes in today's Morning Brief: Read more here. Good morning. Here's what's happening today. Economic data: Retail sales (July); Export prices (July); Industrial production (July); University of Michigan consumer sentiment (August preliminary) Earnings: No notable earnings. Here are some of the biggest stories you may have missed overnight and early this morning: 'Striking while the iron is hot' Investors want rate cut 'validation,' but the Fed's dilemma remains Applied Materials' shares sink on weak China demand, tariff risks UnitedHealth jumps as Buffett's Berkshire buys 5M shares BofA's Hartnett sees profit-taking in stocks after Jackson Hole AI exacerbates tech divide with smaller stocks languishing A trader's guide to the Alaska talks between Trump and Putin China's economy slows in July on tariffs, weak property market Economic data: Retail sales (July); Export prices (July); Industrial production (July); University of Michigan consumer sentiment (August preliminary) Earnings: No notable earnings. Here are some of the biggest stories you may have missed overnight and early this morning: 'Striking while the iron is hot' Investors want rate cut 'validation,' but the Fed's dilemma remains Applied Materials' shares sink on weak China demand, tariff risks UnitedHealth jumps as Buffett's Berkshire buys 5M shares BofA's Hartnett sees profit-taking in stocks after Jackson Hole AI exacerbates tech divide with smaller stocks languishing A trader's guide to the Alaska talks between Trump and Putin China's economy slows in July on tariffs, weak property market Applied Materials' shares sink on weak China demand, tariff risks Shares in Applied Materials (AMAT) sank 14% before the bell on Friday after the chip equipment maker issued weak fourth-quarter forecasts on sluggish China demand, fueling concerns over tariff-related risks. Reuters reports: Read more here. Shares in Applied Materials (AMAT) sank 14% before the bell on Friday after the chip equipment maker issued weak fourth-quarter forecasts on sluggish China demand, fueling concerns over tariff-related risks. Reuters reports: Read more here. UnitedHealth stock soars as Buffett's Berkshire buys 5M shares UnitedHealth Group stock rose 12% before the bell on Friday after Warren Buffett's Berkshire Hathaway (BRK-B, BRK-A) acquired 5 million shares in the company. A regulatory filing showed the purchase on Thursday. Reuters reports: Read more here. UnitedHealth Group stock rose 12% before the bell on Friday after Warren Buffett's Berkshire Hathaway (BRK-B, BRK-A) acquired 5 million shares in the company. A regulatory filing showed the purchase on Thursday. 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
26 minutes ago
- Yahoo
Who's in the meeting with Trump and Putin at the Alaska summit
The Alaskan summit between President Donald Trump and Russian President Vladimir Putin has turned into an expanded bilateral meeting, a White House official confirmed. The ongoing summit between the world leaders -- who have been known to previously meet without any other government officials or aides in the room, only interpreters -- was initially expected to be a one-on-one meeting. MORE: Trump-Putin meeting live updates But earlier Friday, as Trump arrived, it was announced he would be joined by Special Envoy for the Middle East Steve Witkoff and Secretary of State Marco Rubio, a White house official said. The U.S. side also included Joint Chiefs Chairman Dan Caine. Putin was to be joined by Russian Foreign Minister Sergey Lavrov and his foreign policy adviser Yuri Ushakov, a Kremlin spokesperson told Russian state media. The leaders have convened face-to-face Friday in Anchorage for a high-stakes summit as the U.S. seeks a ceasefire in the Russia-Ukraine war. For an expanded working lunch, the president was set to be joined by Rubio, Witkoff, Defense Secretary Pete Hegseth, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and White House chief of staff Susie Wiles, according to a White House official. MORE: Ahead of summit with Trump, a look at Putin's notable meetings with 5 US presidents The summit marks Putin's first visit to the U.S. in 10 years. One key party who will not be in attendance Friday at Joint Base Elmendorf-Richardson is Ukrainian President Volodymyr Zelenskyy. Trump said Thursday he hopes the summit will lead to a second meeting that would include Zelenskyy.
San Francisco Chronicle
27 minutes ago
- San Francisco Chronicle
Transgender runner Evie Parts sues NCAA and Swarthmore College for removal from track team
Long-distance runner Evie Parts sued the NCAA and Swarthmore College as well as members of its athletic department on the grounds they illegally removed her from the track team because she is a transgender athlete. Parts' lawsuit said the NCAA's ban on transgender athletes in women's sports did not have legal grounds because it's not a governmental organization and therefore does not have jurisdiction over Pennsylvania state law or the Title IX federal statute. She was removed from the team on Feb. 6, the day the NCAA issued its new policy on transgender athletes. Swarthmore men's and women's track coach Peter Carroll, athletic director Brad Koch and athletics officials Christina Epps-Chiazor and Valerie Gomez also were named in the lawsuit. According to the complaint, they sent Parts into 'such a depressive state that she engaged in self-harm and in one moment told a friend that she wanted to kill herself.' 'We stand by the allegations in the complaint,' said Susie Cirilli, an attorney who, with the law firm Spector, Gadon, Rosen and Vinci, represent Parts. 'As stated in the complaint, the NCAA is a private organization that issued a bigoted policy. Swarthmore College chose to follow that policy and disregard federal and state law.' The NCAA changed its participation policy for transgender athletes to limit competition in women's sports to athletes assigned female at birth. That change came a day after President Donald Trump signed an executive order intended to ban transgender athletes from girls' and women's sports. Pennsylvania's state Senate approved a bill by a 32-18 margin on May 6 to ban transgender athletes from competing in women's and girls' sports at the collegiate and K-12 levels. But the state's Democratic-controlled House of Representatives isn't expected to vote on the bill. Parts joined the Swarthmore track team in the fall 2020 before then taking off the following four winter and spring seasons. She went back to the Division III team in 2023 to compete in the indoor and outdoor track seasons and in cross country. When the NCAA issued its ban, the lawsuit states, Parts was told by Epps-Chiazor and Gomez that she could compete with the men's team or as an unattached athlete. She would only receive medical treatment, the complaint says, if she competed on the men's team. Also, according to the lawsuit, Carroll and his staff were not allowed to coach Parts, she could not travel with the team, was not allowed to receive per diem or food and had to pay her way into meets. Parts also couldn't wear a Swarthmore uniform. Swarthmore 'fully reinstated' Parts on April 11, the lawsuit says, and she competed on the women's team until graduating in May. Parts won the 10,000 meters in April at the Bill Butler Invitational. ___
