OpenAI, Microsoft tell Senate ‘no one country can win AI'
The Trump administration walked back an Executive Order from former President Joe Biden that created rules around the development and deployment of AI. Since then, the government has stepped back from regulating the technology.
In a more than three-hour hearing at the Senate Committee on Commerce, Science and Transportation, executives like OpenAI CEO Sam Altman, AMD CEO Lisa Su, Coreweave co-founder and CEO Michael Intrator and Microsoft Vice Chair and President Brad Smith urged policymakers to ease the process of building infrastructure around AI development.
The executives told policymakers that speeding up permitting could make building new data centers, power plants to energize data centers and even chip fabricators crucial in shoring up the AI Tech Stack and keeping the country competitive against China. They also spoke about the need for more skilled workers like electricians, easing software talent immigration and encouraging 'AI diffusion' or the adoption of generative AI models in the U.S. and worldwide.
Altman, fresh from visiting the company's $500 billion Stargate project in Texas, told senators that the U.S. is leading the charge in AI, but it needs more infrastructure like power plants to fuel its next phase.
'I believe the next decade will be about abundant intelligence and abundant energy. Making sure that America leads in both of those, that we are able to usher in these dual revolutions that will change the world we live in incredibly positive ways is critical,' Altman said.
The hearing came as the Trump administration is determining how much influence the government will have in the AI space. Sen. Ted Cruz of Texas, chair of the committee, said he proposed creating an AI regulatory sandbox.
Microsoft's Smith said in his written testimony that American AI companies need to continue innovating because ' it is a race that no company or country can win by itself.'
Microsoft's Smith laid out the AI Tech Stack, which he said shows how important each segment of the sector is to innovation.
'We're all in this together. If the United States is gonna succeed in leading the world in AI, it requires infrastructure, it requires success at the platform level, it requires people who create applications,' Smith said.
He added, 'Innovation will go faster with more infrastructure, faster permitting and more electricians.'
AMD's Su reiterated that 'maintaining our lead actually requires excellence at every layer of the stack.'
'I think open ecosystems are really a cornerstone of U.S. leadership, and that allows ideas to come from everywhere and every part of the innovation sector,' Su said. 'It's reducing barriers to entry and strengthening security as well as creating a competitive marketplace for ideas.'
With AI models needing more and more GPUs for training, the need to improve the production of chips, build more data centers, and find ways to power them has become even more critical. The Chips and Science Act, a Biden-era law, was meant to jumpstart semiconductor production in the U.S., but making the needed chips to power the world's most powerful models locally is proving to be slow and expensive.
In recent months, companies like Cerebras have announced plans to build more data centers to help process model training and inference.
The Senate majority of Republican policymakers made it clear during the hearing that the Trump administration would prefer not to regulate AI development, preferring a more market-driven, hands-off approach. This administration has also pushed for more U.S.-focused growth, demanding businesses use American products and create more American jobs.
Read More Netflix announces next games, including a Mighty Quest title
However, the executives noted that for American AI to remain competitive, companies need access to international talent and, more importantly, clear export policies so models made in the U.S. can be attractive to other countries.
'We need faster adoption, what people refer to as AI diffusion. The ability to put AI to work across every part of the American economy to boost productivity, to boost economic growth, to enable people to innovate in their work,' Smith said. 'If America is gonna lead the world, we need to connect with the world. Our global leadership relies on our ability to serve the world with the right approach and on our ability to sustain the trust of the rest of the world.'
He added that removing quantitative caps for tier two countries is essential because these policies 'sent a message to 120 nations that couldn't count on us to provide the AI they want and need.'
Altman noted, 'There will be great chips and models trained around the world,' reiterating American companies' leading position in the space.
There's some good news in the area of AI diffusion because while the hearing was ongoing, the Commerce Department announced it was modifying rules from the Biden administration that limited which countries could receive chips made by American companies. The rule was set to take effect on May 15.
While the executives said government standards would be helpful, they decried any move to 'pre-approve' model releases, similar to the EU.
Generative AI occupies a liminal space in tech regulation. On the one hand, the comparative lack of rules has allowed companies like OpenAI to develop technology without much fear of repercussions. On the other hand, AI, like the internet and social media before it, touches people's lives professionally and personally.
Read More Gartner: Generative AI will be everywhere, so strategize now
In some ways, the executives veered away from how the Trump administration has positioned U.S. growth. The hearing showed that while AI companies want support from the government to speed up the process of expanding the AI infrastructure, they also need to be more open to the rest of the world. It requires talent from abroad. It needs to sell products and platforms to other countries.
Social media commentary varied, with some pointing out that executives, in particular Altman, had different opinions on regulation before.
2023 Sam Altman: Tells Congress a new agency should be created to require licenses for powerful AI models
2025 Sam Altman: Tells Congress requiring licenses for powerful AI models would be 'disastrous' — Tom Simonite (@tsimonite) May 8, 2025
AI execs used to beg for regulation. Not anymore. https://t.co/hcDfsJ2lCj — Daniel Patrick Forrester (@DPForrester) May 9, 2025
Others noted that other countries might see where their own AI policies have failed.
This is very long and partially boring. But if you work in a European country or in the EU, this should be a must-watch.
Senate hearing on AI with Sam Altman, CEO of AMD, Chairman Microsoft and founder of Coreweave.
One big recurring theme: 'How do we make sure the failures… — Jo Bhakdi (@JOBhakdi) May 8, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
4 minutes ago
- Yahoo
Workato Launches Action Board to Move AI from the Edge to the Core of the Enterprise
New Workato Action Board expands on Workato GO, enabling enterprises to track KPIs of AI Agents, take action, and drive outcomes PALO ALTO, Calif., August 19, 2025--(BUSINESS WIRE)--Workato®, the leader in agentic orchestration, announced Action Board at the company's World of Workato (WOW) 2025 conference. Action Board is a new capability in Workato GO where employees can engage with AI Agents, or Genies, track their key performance indicators in real-time, view open action items, dive into the processes the AI Agents are executing, and take action. Workato Action Board makes it easy to operationalize AI agents with confidence and control. While many companies experiment with AI at the edges of their business, few have the tools to manage agents at the operational core—where real business impact is made. Workato Action Board expands on Workato GO, the company's AI-powered super app, by giving functional teams, like IT, marketing, sales, customer service, finance, and HR, the ability to define KPIs for each Genie, engage with Genies to drill down into the results in real-time, take action, and more. It further surfaces all the activity from Genies that requires the employee to act on, like approvals. "With Action Board, we're giving enterprise teams the visibility and control to treat AI agents like employees and not experiments," said Bhaskar Roy, Chief of AI Products & Solutions Officer at Workato. "Unlike dashboards, Action Board not only provides a real-time view of how your Genies are tracking, understanding where things are stuck, but also enables you to engage with the Genies conversationally to act on them to drive outcomes." Every Genie appears as its widget with a defined role and job description, enabling tailored views by department, use case, or individual role. Teams can engage with agents, check on work in progress, and provide feedback—just as they would with any member of their team. It also comes with robust governance capabilities, such that only the right people see the right data they need to act on. It reflects how the most successful agent deployments happen—built by fusion teams where IT and business work together from the start. It enables leaders to: Prove impact fast by defining and tracking KPIs for each Genie. Engage with Genies to take action and drive outcomes. Keep teams aligned with customizable, role-based, actionable dashboards. Drive adoption and efficiency by monitoring output across departments. Protect sensitive data with role-based access controls. Launching as part of the WOW 2025 "Re(AI)lize Tomorrow," Action Board is one of several innovations showing how Workato is transforming enterprise AI from concept to production reality. It will be available in previews for eligible customers, with a global rollout planned in the coming quarters. Learn more at to see Action Board in work. About Workato Workato transforms technology complexity into business opportunity. As the leading agentic orchestration company, Workato empowers enterprises to connect and unify data, processes, applications, and experiences. Its AI-driven platform enables teams to navigate complex workflows in real-time, driving efficiency and agility. Trusted by more than 12,000 global customers, Workato empowers organizations of every size to unlock new value and lead in today's fast-changing world. Learn how Workato helps businesses of all sizes achieve more at Source: Workato View source version on Contacts Joseph HollisterCommunications 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
4 minutes ago
- Yahoo
Trump tariffs live updates: US keeps AA+ rating as tariffs aid fiscal outlook
The S&P Global Ratings affirmed the US's AA+ long-term credit rating with a stable outlook on Monday, saying tariff revenues will help offset the fiscal blow from President Trump's recent tax and spending bill. The agency's view comes despite Trump's sweeping tariffs, which have rattled markets and strained trade ties. Meanwhile, Brazil submitted its formal response to a US trade investigation, rejecting the allegations while challenging the probe's legitimacy. The investigation, launched in July under Section 301 of the 1974 Trade Act, will examine whether Brazil's digital trade and tariff policies unfairly harm US businesses, US Trade Representative Jamieson Greer said. Brazil's finance minister Fernando Haddad said the country has hit an impasse with the US over tariffs, adding that resolving the dispute will depend on Washington's willingness to engage. Earlier this month, Trump unveiled "reciprocal" tariffs on dozens of US trade partners (which you can see in the graphic below). The next negotiations to watch are Canada, Mexico, and China in the coming months. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. US adds 407 product categories to steel and aluminum tariffs list The list of products that are subject to tariffs continues to grow as the US Department of Commerce announces new additions. Reuters reports: Read more here. US copper firms hike prices even after Trump tariff reprieve Copper prices (HG=F) declined 1% on Tuesday, but analysts cautioned that consumers could still see higher costs for wire and cable as firms have more pricing power amid a new tariff environment. Bloomberg reports: Read more here. Trump widens metal tariffs to target baby gear and motorcycles President Trump surprised the logistics industry on Friday by expanding steel and aluminum tariffs to over 400 consumer goods, including motorcycles, baby products and tableware. US customs brokers and importers failed to get much notice and the changes took effect Monday, applying to goods already in transit. Bloomberg News reports: Read more here. Trump cracks down on Latin American countries with military action and tariffs In the next 36 hours President Trump will send three Aegis guided-missile destroyers to waters off Venezuela to address what Washington sees as a threat from drug cartels. The news, which was reported in Reuters, shows how the Trump administration are willing to use military force against Latin American drug cartels. Trump has placed pressure on Mexico to crack down on criminal organizations and end fentanyl trafficking. Another method that Trump is using is steep tariffs on goods. Bloomberg News reports: Read more here. Trump tariffs get seal of approval as S&P affirms credit rating S&P Global Ratings on Monday affirmed the US's AA+ long-term rating with a stable outlook, saying tariff revenues will help offset costs from President Trump's recent tax and spending bill. Bloomberg News reports: Read more here. Brazil challenges legitimacy of US trade probe, urges dialogue Brazil has rejected a US trade investigation launched in July under section 301 of the Trade Act of 1974, which seeks to determine whether its trade and tariff policies unfairly restrict American businesses. In a formal response submitted Monday, Brazil dismissed the allegations and challenged the legitimacy of the probe. Reuters reports: Read more here. Brazil deadlocked with US over 50% tariffs, finance minister says The Financial Times reports: Read more here. Nissan's Infiniti attempts 'product renaissance' to jump-start sales and blunt tariffs Nissan's (NSANY) Infiniti brand just unveiled its latest creation, the QX65 midsize crossover SUV, at Monterey Car Week. The launch is part of a product renaissance at the Japanese automaker, which has been plagued with other headaches, such as tariffs. Yahoo Finance's Pras Subramanian reports from Carmel, Calif., that the QX65 will be built in the US, which Infiniti's US head, Tiago Castro, said was 'very important' to increase its US footprint. While Japan has a preliminary deal in place for 15% tariffs, cars imported from Canada and Mexico still have a 25% auto sector tariff tacked on. Signing a tariff deal with Japan is immensely helpful, as the QX80 SUV that's in demand is built in Japan. 'The customers are reacting very well, and we need to deliver the vehicle' and not stop, Castro said. Read more here. Germany says written EU-US trade deal requires lower car duties Germany said on Monday the US must first implement the agreed lower tariffs on European-made cars before a broader trade deal can be finalized. Reuters reports: Read more here. Fewer fake firs, higher prices: China tariff delay does little to save the holidays The holiday season is fast approaching and US shoppers will now face fewer choices for fake Christmas trees and decorations. The price of these items has also gone up due to tariffs on Chinese imports as retailers scale back orders. Reuters reports: Read more here. China ramps up rare earth exports after fright for global buyers Bloomberg News reports: Read more here. EU push to protect digital rules holds up trade statement with US The EU is pushing back against US efforts to challenge its digital rules as both sides work to finalize a delayed trade statement, the FT reported. Disputes over "non-tariff barriers," which Washington says include the EU's Digital Services Act, have stalled the announcement. The statement was expected soon after European Commission president Ursula von der Leyen and President Trump unveiled a tariff deal in Scotland on July 27. EU officials said the US wants room for concession on the act, but Brussels has called the rules a red line. The FT reports: Read more here. US adviser Navarro says India's Russian crude buying must stop Reuters reports: Read more here. US trade partners still waiting on Trump to seal their 'deals' US trade partners that worked out exemptions to President Trump's tariffs — like the UK's deal to reduce tariffs on its steel to zero — are still waiting for the agreements to be finalized months later, Bloomberg reports, and are growing frustrated. Read more here. Candidates at Iowa State Fair hear from voters about Trump tariffs (Bloomberg) — Republican Representative Zach Nunn is making an Iowa State Fair video about President Donald Trump's tax law, shot on a John Deere tractor under the blazing August sun. In it, Nunn, one of the nation's most vulnerable incumbents, talks to constituent Sarah Curry about how the expanded child tax credit will help with the cost of one child's speech therapy. Nunn is also planning to use the state fair as the backdrop for more videos selling the bill's provisions temporarily cutting taxes on tips and overtime. Economic issues — namely, Trump's tax package and his tariff war with countries that buy much of Iowa's agricultural products — will be front and center in Nunn's race, and he's eager to get a jumpstart defining the issues. So, too, are Democrats, who see Iowa's two swing districts as must-wins in their push to take back the House majority. Democrat Jennifer Konfrst, who is working to unseat Nunn, said she approaches Iowans at the fair asking them what keeps them up at night and the answer is usually 'costs.' Read more here. Tariffs' impact on Walmart, other retailers' earnings about to come into focus Several major retailers will report earnings this week, which may give a first glimpse into how President Trump's tariffs have affected their bottom lines. The list includes Walmart (WMT), Target (TGT), Home Depot (HD), Lowe's Companies (LOW) TJ Maxx parent TJX Companies (TJX) and Ross Stores (ROST). The Trump administration has urged retailers not to raise prices for consumers to offset the tariffs' impact, with a particular focus on Walmart, The Street reminds us: Read more here. Trump's trade war not likely to cause recession, Moody's economist says Economist Justin Begley of Moody's Analytics tells USA Today that President Trump's economic policies won't cause a recession or stagflation, but will likely slow growth and push up inflation. The economy isn't in stagflation yet, Begley said, "but it's edging that way," he adds: Read more here. Commerce department applies 50% steel, aluminum tariffs to more products (Reuters) -The Trump administration widened the reach of its 50% tariffs on steel and aluminum imports by adding hundreds of derivative products to the list of goods subject to the levies. In a Federal Register notice late on Friday, the Commerce Department said the Bureau of Industry and Security was adding 407 product codes to the Harmonized Tariff Schedule of the United States that identify the goods to be hit with the additional duties on the steel and aluminum content of those products. The non-steel and non-aluminum content will be subject to the tariff rates President Donald Trump has imposed on the goods originating from specific countries, the notice said. The levies on the goods on the expanded list go into effect on August 18. Read more here. Consumers' inflation expectations rise amid Trump tariffs Inflation expectations rose from July to August, indicating that consumers remain uncertain about President Trump's trade policies. Year-ahead inflation expectations increased to 4.9% from 4.5% last month, according to the University of Michigan's survey of consumers. Long-run inflation expectations also rose to 3.9% in August from 3.4% in July. "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," Joanne Hsu, the university's Surveys of Consumers director, wrote. "However, consumers continue to expect both inflation and unemployment to deteriorate in the future." Consumer sentiment also deteriorated month over month, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 from 61.7 a month ago. Read more here. US import prices rebound in July on higher consumer goods costs US import prices rebounded in July in the latest sign that inflation is set to pick up because of tariffs. Reuters reports: Read more here. US adds 407 product categories to steel and aluminum tariffs list The list of products that are subject to tariffs continues to grow as the US Department of Commerce announces new additions. Reuters reports: Read more here. The list of products that are subject to tariffs continues to grow as the US Department of Commerce announces new additions. Reuters reports: Read more here. US copper firms hike prices even after Trump tariff reprieve Copper prices (HG=F) declined 1% on Tuesday, but analysts cautioned that consumers could still see higher costs for wire and cable as firms have more pricing power amid a new tariff environment. Bloomberg reports: Read more here. Copper prices (HG=F) declined 1% on Tuesday, but analysts cautioned that consumers could still see higher costs for wire and cable as firms have more pricing power amid a new tariff environment. Bloomberg reports: Read more here. Trump widens metal tariffs to target baby gear and motorcycles President Trump surprised the logistics industry on Friday by expanding steel and aluminum tariffs to over 400 consumer goods, including motorcycles, baby products and tableware. US customs brokers and importers failed to get much notice and the changes took effect Monday, applying to goods already in transit. Bloomberg News reports: Read more here. President Trump surprised the logistics industry on Friday by expanding steel and aluminum tariffs to over 400 consumer goods, including motorcycles, baby products and tableware. US customs brokers and importers failed to get much notice and the changes took effect Monday, applying to goods already in transit. Bloomberg News reports: Read more here. Trump cracks down on Latin American countries with military action and tariffs In the next 36 hours President Trump will send three Aegis guided-missile destroyers to waters off Venezuela to address what Washington sees as a threat from drug cartels. The news, which was reported in Reuters, shows how the Trump administration are willing to use military force against Latin American drug cartels. Trump has placed pressure on Mexico to crack down on criminal organizations and end fentanyl trafficking. Another method that Trump is using is steep tariffs on goods. Bloomberg News reports: Read more here. In the next 36 hours President Trump will send three Aegis guided-missile destroyers to waters off Venezuela to address what Washington sees as a threat from drug cartels. The news, which was reported in Reuters, shows how the Trump administration are willing to use military force against Latin American drug cartels. Trump has placed pressure on Mexico to crack down on criminal organizations and end fentanyl trafficking. Another method that Trump is using is steep tariffs on goods. Bloomberg News reports: Read more here. Trump tariffs get seal of approval as S&P affirms credit rating S&P Global Ratings on Monday affirmed the US's AA+ long-term rating with a stable outlook, saying tariff revenues will help offset costs from President Trump's recent tax and spending bill. Bloomberg News reports: Read more here. S&P Global Ratings on Monday affirmed the US's AA+ long-term rating with a stable outlook, saying tariff revenues will help offset costs from President Trump's recent tax and spending bill. Bloomberg News reports: Read more here. Brazil challenges legitimacy of US trade probe, urges dialogue Brazil has rejected a US trade investigation launched in July under section 301 of the Trade Act of 1974, which seeks to determine whether its trade and tariff policies unfairly restrict American businesses. In a formal response submitted Monday, Brazil dismissed the allegations and challenged the legitimacy of the probe. Reuters reports: Read more here. Brazil has rejected a US trade investigation launched in July under section 301 of the Trade Act of 1974, which seeks to determine whether its trade and tariff policies unfairly restrict American businesses. In a formal response submitted Monday, Brazil dismissed the allegations and challenged the legitimacy of the probe. Reuters reports: Read more here. Brazil deadlocked with US over 50% tariffs, finance minister says The Financial Times reports: Read more here. The Financial Times reports: Read more here. Nissan's Infiniti attempts 'product renaissance' to jump-start sales and blunt tariffs Nissan's (NSANY) Infiniti brand just unveiled its latest creation, the QX65 midsize crossover SUV, at Monterey Car Week. The launch is part of a product renaissance at the Japanese automaker, which has been plagued with other headaches, such as tariffs. Yahoo Finance's Pras Subramanian reports from Carmel, Calif., that the QX65 will be built in the US, which Infiniti's US head, Tiago Castro, said was 'very important' to increase its US footprint. While Japan has a preliminary deal in place for 15% tariffs, cars imported from Canada and Mexico still have a 25% auto sector tariff tacked on. Signing a tariff deal with Japan is immensely helpful, as the QX80 SUV that's in demand is built in Japan. 'The customers are reacting very well, and we need to deliver the vehicle' and not stop, Castro said. Read more here. Nissan's (NSANY) Infiniti brand just unveiled its latest creation, the QX65 midsize crossover SUV, at Monterey Car Week. The launch is part of a product renaissance at the Japanese automaker, which has been plagued with other headaches, such as tariffs. Yahoo Finance's Pras Subramanian reports from Carmel, Calif., that the QX65 will be built in the US, which Infiniti's US head, Tiago Castro, said was 'very important' to increase its US footprint. While Japan has a preliminary deal in place for 15% tariffs, cars imported from Canada and Mexico still have a 25% auto sector tariff tacked on. Signing a tariff deal with Japan is immensely helpful, as the QX80 SUV that's in demand is built in Japan. 'The customers are reacting very well, and we need to deliver the vehicle' and not stop, Castro said. Read more here. Germany says written EU-US trade deal requires lower car duties Germany said on Monday the US must first implement the agreed lower tariffs on European-made cars before a broader trade deal can be finalized. Reuters reports: Read more here. Germany said on Monday the US must first implement the agreed lower tariffs on European-made cars before a broader trade deal can be finalized. Reuters reports: Read more here. Fewer fake firs, higher prices: China tariff delay does little to save the holidays The holiday season is fast approaching and US shoppers will now face fewer choices for fake Christmas trees and decorations. The price of these items has also gone up due to tariffs on Chinese imports as retailers scale back orders. Reuters reports: Read more here. The holiday season is fast approaching and US shoppers will now face fewer choices for fake Christmas trees and decorations. The price of these items has also gone up due to tariffs on Chinese imports as retailers scale back orders. Reuters reports: Read more here. China ramps up rare earth exports after fright for global buyers Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. EU push to protect digital rules holds up trade statement with US The EU is pushing back against US efforts to challenge its digital rules as both sides work to finalize a delayed trade statement, the FT reported. Disputes over "non-tariff barriers," which Washington says include the EU's Digital Services Act, have stalled the announcement. The statement was expected soon after European Commission president Ursula von der Leyen and President Trump unveiled a tariff deal in Scotland on July 27. EU officials said the US wants room for concession on the act, but Brussels has called the rules a red line. The FT reports: Read more here. The EU is pushing back against US efforts to challenge its digital rules as both sides work to finalize a delayed trade statement, the FT reported. Disputes over "non-tariff barriers," which Washington says include the EU's Digital Services Act, have stalled the announcement. The statement was expected soon after European Commission president Ursula von der Leyen and President Trump unveiled a tariff deal in Scotland on July 27. EU officials said the US wants room for concession on the act, but Brussels has called the rules a red line. The FT reports: Read more here. US adviser Navarro says India's Russian crude buying must stop Reuters reports: Read more here. Reuters reports: Read more here. US trade partners still waiting on Trump to seal their 'deals' US trade partners that worked out exemptions to President Trump's tariffs — like the UK's deal to reduce tariffs on its steel to zero — are still waiting for the agreements to be finalized months later, Bloomberg reports, and are growing frustrated. Read more here. US trade partners that worked out exemptions to President Trump's tariffs — like the UK's deal to reduce tariffs on its steel to zero — are still waiting for the agreements to be finalized months later, Bloomberg reports, and are growing frustrated. Read more here. Candidates at Iowa State Fair hear from voters about Trump tariffs (Bloomberg) — Republican Representative Zach Nunn is making an Iowa State Fair video about President Donald Trump's tax law, shot on a John Deere tractor under the blazing August sun. In it, Nunn, one of the nation's most vulnerable incumbents, talks to constituent Sarah Curry about how the expanded child tax credit will help with the cost of one child's speech therapy. Nunn is also planning to use the state fair as the backdrop for more videos selling the bill's provisions temporarily cutting taxes on tips and overtime. Economic issues — namely, Trump's tax package and his tariff war with countries that buy much of Iowa's agricultural products — will be front and center in Nunn's race, and he's eager to get a jumpstart defining the issues. So, too, are Democrats, who see Iowa's two swing districts as must-wins in their push to take back the House majority. Democrat Jennifer Konfrst, who is working to unseat Nunn, said she approaches Iowans at the fair asking them what keeps them up at night and the answer is usually 'costs.' Read more here. (Bloomberg) — Republican Representative Zach Nunn is making an Iowa State Fair video about President Donald Trump's tax law, shot on a John Deere tractor under the blazing August sun. In it, Nunn, one of the nation's most vulnerable incumbents, talks to constituent Sarah Curry about how the expanded child tax credit will help with the cost of one child's speech therapy. Nunn is also planning to use the state fair as the backdrop for more videos selling the bill's provisions temporarily cutting taxes on tips and overtime. Economic issues — namely, Trump's tax package and his tariff war with countries that buy much of Iowa's agricultural products — will be front and center in Nunn's race, and he's eager to get a jumpstart defining the issues. So, too, are Democrats, who see Iowa's two swing districts as must-wins in their push to take back the House majority. Democrat Jennifer Konfrst, who is working to unseat Nunn, said she approaches Iowans at the fair asking them what keeps them up at night and the answer is usually 'costs.' Read more here. Tariffs' impact on Walmart, other retailers' earnings about to come into focus Several major retailers will report earnings this week, which may give a first glimpse into how President Trump's tariffs have affected their bottom lines. The list includes Walmart (WMT), Target (TGT), Home Depot (HD), Lowe's Companies (LOW) TJ Maxx parent TJX Companies (TJX) and Ross Stores (ROST). The Trump administration has urged retailers not to raise prices for consumers to offset the tariffs' impact, with a particular focus on Walmart, The Street reminds us: Read more here. Several major retailers will report earnings this week, which may give a first glimpse into how President Trump's tariffs have affected their bottom lines. The list includes Walmart (WMT), Target (TGT), Home Depot (HD), Lowe's Companies (LOW) TJ Maxx parent TJX Companies (TJX) and Ross Stores (ROST). The Trump administration has urged retailers not to raise prices for consumers to offset the tariffs' impact, with a particular focus on Walmart, The Street reminds us: Read more here. Trump's trade war not likely to cause recession, Moody's economist says Economist Justin Begley of Moody's Analytics tells USA Today that President Trump's economic policies won't cause a recession or stagflation, but will likely slow growth and push up inflation. The economy isn't in stagflation yet, Begley said, "but it's edging that way," he adds: Read more here. Economist Justin Begley of Moody's Analytics tells USA Today that President Trump's economic policies won't cause a recession or stagflation, but will likely slow growth and push up inflation. The economy isn't in stagflation yet, Begley said, "but it's edging that way," he adds: Read more here. Commerce department applies 50% steel, aluminum tariffs to more products (Reuters) -The Trump administration widened the reach of its 50% tariffs on steel and aluminum imports by adding hundreds of derivative products to the list of goods subject to the levies. In a Federal Register notice late on Friday, the Commerce Department said the Bureau of Industry and Security was adding 407 product codes to the Harmonized Tariff Schedule of the United States that identify the goods to be hit with the additional duties on the steel and aluminum content of those products. The non-steel and non-aluminum content will be subject to the tariff rates President Donald Trump has imposed on the goods originating from specific countries, the notice said. The levies on the goods on the expanded list go into effect on August 18. Read more here. (Reuters) -The Trump administration widened the reach of its 50% tariffs on steel and aluminum imports by adding hundreds of derivative products to the list of goods subject to the levies. In a Federal Register notice late on Friday, the Commerce Department said the Bureau of Industry and Security was adding 407 product codes to the Harmonized Tariff Schedule of the United States that identify the goods to be hit with the additional duties on the steel and aluminum content of those products. The non-steel and non-aluminum content will be subject to the tariff rates President Donald Trump has imposed on the goods originating from specific countries, the notice said. The levies on the goods on the expanded list go into effect on August 18. Read more here. Consumers' inflation expectations rise amid Trump tariffs Inflation expectations rose from July to August, indicating that consumers remain uncertain about President Trump's trade policies. Year-ahead inflation expectations increased to 4.9% from 4.5% last month, according to the University of Michigan's survey of consumers. Long-run inflation expectations also rose to 3.9% in August from 3.4% in July. "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," Joanne Hsu, the university's Surveys of Consumers director, wrote. "However, consumers continue to expect both inflation and unemployment to deteriorate in the future." Consumer sentiment also deteriorated month over month, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 from 61.7 a month ago. Read more here. Inflation expectations rose from July to August, indicating that consumers remain uncertain about President Trump's trade policies. Year-ahead inflation expectations increased to 4.9% from 4.5% last month, according to the University of Michigan's survey of consumers. Long-run inflation expectations also rose to 3.9% in August from 3.4% in July. "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," Joanne Hsu, the university's Surveys of Consumers director, wrote. "However, consumers continue to expect both inflation and unemployment to deteriorate in the future." Consumer sentiment also deteriorated month over month, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 from 61.7 a month ago. Read more here. US import prices rebound in July on higher consumer goods costs US import prices rebounded in July in the latest sign that inflation is set to pick up because of tariffs. Reuters reports: Read more here. US import prices rebounded in July in the latest sign that inflation is set to pick up because of tariffs. Reuters reports: Read more here.
Yahoo
4 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq mixed as Home Depot leads out big retail earnings
US stocks traded mixed on Tuesday as Home Depot (HD) led out this week's results from retail giants, and investors watched for signs of tariff-induced stress as Wall Street weighs the odds of interest rate cuts. The Dow Jones Industrial Average (^DJI) was just above the flat line, while the S&P 500 (^GSPC) fell about 0.4%. The tech-heavy Nasdaq Composite (^IXIC) declined over 1%, continuing a muted start to the week for the major gauges. A nearly 6% decline in Palantir (PLTR) and a more than 4% loss for AMD (AMD) led the losses in tech. A steady march of earnings reports from retail giants began with Home Depot's (HD) second quarter results before the bell, slightly missing Wall Street's estimates. But shares of the company jumped as Tuesday's report marked its return to consistent same-store sales growth in the US amid signs that a prolonged slump in the US housing market is starting to thaw. Target (TGT) will post its earnings results on Wednesday, followed by Walmart (WMT) on Thursday. Taken together, the group's results will provide insight into how companies and consumers are faring as Trump's tariffs kick in. Read more: The latest on Trump's tariffs In the tech world, Intel (INTC) stock got a boost after SoftBank said it will take a $2 billion stake in the chipmaker, which is in the middle of a turnaround bid. That lifeline followed a Bloomberg report that the Trump administration is looking to take a 10% stake in the struggling company. In the broader markets, investors are counting down to Friday, when Federal Reserve Chair Jerome Powell will deliver remarks at the Jackson Hole symposium in Wyoming. The event often signals the latest in central bank policymakers' views on interest rates, and Powell's speech could be his last as Fed chair. Clues as to what may come next at the Fed's September policy meeting will be in focus as stubborn inflation and a faltering job market make officials' next move a particularly tricky one. Meanwhile, President Trump continued to press for further Ukraine talks, reportedly asking Russian President Vladimir Putin to meet with Volodymyr Zelensky. European leaders rallied around the Ukrainian president at his meeting with Trump on Monday, but markets hit pause as uncertainty loomed over his country's fate. Big tech is dragging down the market on Tuesday Rotation is at the forefront of the market action on Tuesday. Eight of the eleven sectors in the S&P 500 are in the green led by Real Estate (XLRE), Consumer Staples (XLP) and Healthcare (XLV). Nearly 400 stocks in the benchmark index are higher on the day too. But the S&P 500 is down about 0.4% as the most loved sector of the bull market — large cap technology stocks — is lagging on Tuesday. That downside action is being led by a 2% decline in Nvidia (NVDA), an almost 6% decline in Palantir (PLTR) and over 3% losses for both AMD (AMD) and Netflix (NFLX). Rotating out of recent winners and into market laggards has been an emerging trend in August. Market strategist have pointed out that, for the long run, this could be the "healthiest path" higher for the benchmark index. But Tuesday's action is a reminder to index investors that given its weighting in the index, if Big Tech isn't the group leading the market higher the gains in the S&P 500 won't be as an aggressive up and to the right as they have been for the past two years. NorthWestern Energy stock jumps after news of merger with Black Hills NorthWestern Energy shares jumped nearly 6% Tuesday after announcing that it is merging with fellow utility company Black Hills to create a "premier regional regulated electric and natural gas utility company." The two companies will have a combined value of about $15.4 billion and serve over 2 million customers across eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. "Together, we will be better positioned to meet rising demand, accelerate investment in energy and grid infrastructure, and support customers and communities through a rapidly evolving energy landscape," said NorthWestern Energy President and CEO, Brian Bird. Black Hills stock rose a more modest 1% on the news. Crypto's bull run is just beginning. Here are 3 stocks to play. Yahoo Finance's Francisco Velasquez reports: Read the story here. White House cryptocurrency adviser Bo Hines joins Tether Tether, the world's largest stablecoin company, has appointed former White House cryptocurrency adviser Bo Hines, Yahoo Finance's David Hollerith reports. Hollerith writes: Read the full story here. Opendoor stock climbs as CEO search continues Opendoor Technologies (OPEN) stock rallied 6% at the market open before paring gains on Tuesday morning as the company continues its executive search following CEO Carrie Wheeler's departure, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Nexstar to acquire Tegna in $6.2 billion deal, creating largest US local TV station group Nexstar Media Group (NXST) is set to expand its dominance in US broadcasting with a $6.2 billion acquisition of Tegna Inc. (TGNA), a deal that will create the nation's largest local TV station group. The transaction, which includes Tegna's net debt and fees, is expected to close in the second half of 2026 pending regulatory approvals. The Wall Street Journal first reported earlier this month that Nexstar was in advanced talks to acquire Tegna. Shares of Nexstar jumped over 6% shortly after the opening bell on Tuesday, while Tegna shares rose around 4% on the news. According to the release, the combination will create a leading local media company with 265 full-power television stations in 44 states and Washington, D.C., covering 132 of the nation's 210 television markets and reaching about 80% of US TV households. The new entity will hold stations in nine of the top 10 designated market areas (DMAs) and 41 of the top 50. Nexstar Chairman and CEO Perry Sook said the merger reflects both companies' commitment to local broadcasting and builds on Nexstar's "record of growth" through acquisitions, which includes its 2019 purchase of Tribune Media and its majority stake in The CW network in 2022. Sook added that deregulatory initiatives from the Trump administration have created an opportunity for broadcasters "to expand reach, level the playing field, and compete more effectively with the Big Tech and legacy Big Media companies." The companies expect about $300 million in annual net synergies and project the transaction will be more than 40% accretive to Nexstar's free cash flow in the first 12 months post-closing. Citi analyst Jason Bazinet said the transaction adds about $25 per share of M&A value to Nexstar's outlook. He raised his price target on the stock to $218 from $186 as a result, while maintaining a Neutral rating. Stocks mixed at the open US stocks were mixed on Tuesday. The Dow Jones Industrial Average (^DJI) edged up 0.1%, while the S&P 500 (^GSPC) fell about 0.2%. The tech-heavy Nasdaq Composite (^IXIC) declined 0.4%, continuing Wall Street stocks' muted start to the week. Home Depot (HD) led out this week's results from retail giants, with its earnings report on Tuesday showing a return to consistent same-store sales growth in the US amid signs that the housing market could begin to recover. In the tech world, Intel (INTC) shares jumped after SoftBank said it's taking a $2 billion stake, and the Trump administration reportedly weighed taking its own stake worth up to 10% of the troubled chipmaker. Wall Street is looking ahead to Fed Chair Jerome Powell's highly anticipated speech in Jackson Hole on Friday, signaling the central bank's latest views on interest rates. Intel stock jumps 5% as SoftBank takes $2 billion stake in ailing chip company Yahoo Finance's Daniel Howley reports: Read more here. Viking Therapeutics stock plunges on high dropout rate in weight-loss pill trial Viking Therapeutics (VKTX) stock tumbled 35% in premarket trading after a phase 2 trial of its weight-loss pill showed a high patient dropout rate. The GLP-1 obesity treatment showed some promising results: Patients lost 12.2% of body weight after 13 weeks. However, 28% of patients dropped out of the trial before it was completed. Viking's oral obesity drug, VK2735, aims to compete with Eli Lilly's drug, orforglipron, which saw a 12% weight-loss rate after 72 weeks. Eli Lilly shares rose 1.5% in premarket trading. "Data look inferior to LLY on almost all metrics and the thing to consider here is that patients discontinued at such a high rate over 13-weeks vs. LLY in the mid 20% range — but over 72-weeks," Mizuho analyst Jared Holz wrote in a note. "A much longer trial, and [therefore] LLY looks far better head-to-head." Read more here. S&P affirms US credit rating US stock futures were muted after the S&P reiterated its credit rating for the US. The 10-year Treasury yield (^TNX) and 30-year yield (^TYX) fell by about 2 basis points to 4.32% and 4.92%, respectively. Bloomberg reports: Read more here. A suite of retail data is set to decode the resilient consumer American shoppers have kept the engine of the nation's GDP humming along. But it's worth pinpointing where all that resilience is coming from, as Yahoo Finance's Hamza Shaban lays out in today's Morning Brief. Read more here. Medtronic appoints 2 new board members after Elliott takes a stake Shares of medical device maker Medtronic (MDT) fell 3% premarket after the company announced it would add two new independent directors to its board. Veteran med-tech executives John Groetelaars and Bill Jellison were appointed, the company said. The change comes as activist investor Elliott Investment Management has become one of its largest shareholders. Additionally, the board formed two new committees, helmed by CEO Geoff Martha. The Growth Committee will evaluate M&A opportunities, R&D investments, and potential divestitures. The Operating Committee will focus on margin expansion and operational efficiency. Home Depot slightly misses Wall Street's mark in Q2 earnings, reiterates guidance Home Depot (HD) released its second-quarter earnings on Tuesday. The retailer's stock fell about 2% premarket before recovering. Yahoo Finance's senior reporter Brooke DiPalma looks at the latest from the home improvement retailer and how the US housing slump has impacted its bottom line. Read more here. Wall Street sees stock market rotation charting 'healthiest path' to new highs The stock market's record rally is showing early signs of broadening beyond Big Tech as investors rotate into lagging sectors, but strategists warn its durability hinges on earnings and Fed policy. Yahoo Finance's Allie Canal reports: Read more here. Premarket trending tickers: Palo Alto, Nu holdings and Intel Here's a look at some of the top stocks trending in premarket trading: Palo Alto Networks (PANW) shares rose 5% in premarket trading on Tuesday after the Santa Clara cybersecurity firm forecast fiscal 2026 revenue and profit above analysts' estimates, citing growing demand for its AI powered cybersecurity solutions. Digital banking group Nu holdings (NU) stock rose 2% before the bell after Morgan Stanley (MS) analyst Jorge Kuri reiterated a Buy rating on the company and set a price target of $18.00. Intel (INTC) stock rose premarket more than 6% after Softbank Group (9984.T) announced a $2 billion capital injection into the US chipmaker that is currently in the middle of a turnaround effort. Good morning. Here's what's happening today. Economic data: Housing starts (July); Building permits (July) Earnings: Home Depot (HD), XPeng (XPEV), Medtronic (MDT), Amer Sports (AS), Toll Brothers (TOL), La-Z-Boy (LZB) Here are some of the biggest stories you may have missed overnight and early this morning: Signs of a healthier path to new records emerge for stocks Nvidia is working on an H20-beating AI chip for China Trump tariffs get S&P seal of approval Why stocks are looking ripe for a regime shift Intel gets a $2 billion lifeline from SoftBank Trump pushes Putin-Zelensky meeting after talks with both Home Depot to report earnings as Wall Street eyes US sales growth Why Google just boosted its stake in a bitcoin miner Intel gets one new investor... for now With chatter today that the government is nearing taking a 10% stake in Intel, I guess I shouldn't be shocked that the bruised tech giant is hoping to gain some Street cred on its future product roadmap by tapping SoftBank and Masa for cash. Embattled Intel CEO Lip-Bu Tan also gains a Trump friend in Masa. SoftBank will invest $2 billion in Intel at $23 a share. 'Semiconductors are the foundation of every industry. For more than 50 years, Intel has been a trusted leader in innovation. This strategic investment reflects our belief that advanced semiconductor manufacturing and supply will further expand in the United States, with Intel playing a critical role," SoftBank chair and CEO Masayoshi Son said in a statement. Intel CEO Lip-Bu Tan added, "We are very pleased to deepen our relationship with SoftBank, a company that's at the forefront of so many areas of emerging technology and innovation and shares our commitment to advancing U.S. technology and manufacturing leadership. Masa and I have worked closely together for decades, and I appreciate the confidence he has placed in Intel with this investment.' It's still something to see this unfolding at Intel, which has billions in cash and is by no means in a financial death spiral. Given Masa's close ties to the Trump administration, I suspect the government stake announcement could come next. None of this is a good signal on Intel's turnaround, bottom line. A Trump administration spokesperson didn't return my request for comment. Big tech is dragging down the market on Tuesday Rotation is at the forefront of the market action on Tuesday. Eight of the eleven sectors in the S&P 500 are in the green led by Real Estate (XLRE), Consumer Staples (XLP) and Healthcare (XLV). Nearly 400 stocks in the benchmark index are higher on the day too. But the S&P 500 is down about 0.4% as the most loved sector of the bull market — large cap technology stocks — is lagging on Tuesday. That downside action is being led by a 2% decline in Nvidia (NVDA), an almost 6% decline in Palantir (PLTR) and over 3% losses for both AMD (AMD) and Netflix (NFLX). Rotating out of recent winners and into market laggards has been an emerging trend in August. Market strategist have pointed out that, for the long run, this could be the "healthiest path" higher for the benchmark index. But Tuesday's action is a reminder to index investors that given its weighting in the index, if Big Tech isn't the group leading the market higher the gains in the S&P 500 won't be as an aggressive up and to the right as they have been for the past two years. Rotation is at the forefront of the market action on Tuesday. Eight of the eleven sectors in the S&P 500 are in the green led by Real Estate (XLRE), Consumer Staples (XLP) and Healthcare (XLV). Nearly 400 stocks in the benchmark index are higher on the day too. But the S&P 500 is down about 0.4% as the most loved sector of the bull market — large cap technology stocks — is lagging on Tuesday. That downside action is being led by a 2% decline in Nvidia (NVDA), an almost 6% decline in Palantir (PLTR) and over 3% losses for both AMD (AMD) and Netflix (NFLX). Rotating out of recent winners and into market laggards has been an emerging trend in August. Market strategist have pointed out that, for the long run, this could be the "healthiest path" higher for the benchmark index. But Tuesday's action is a reminder to index investors that given its weighting in the index, if Big Tech isn't the group leading the market higher the gains in the S&P 500 won't be as an aggressive up and to the right as they have been for the past two years. NorthWestern Energy stock jumps after news of merger with Black Hills NorthWestern Energy shares jumped nearly 6% Tuesday after announcing that it is merging with fellow utility company Black Hills to create a "premier regional regulated electric and natural gas utility company." The two companies will have a combined value of about $15.4 billion and serve over 2 million customers across eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. "Together, we will be better positioned to meet rising demand, accelerate investment in energy and grid infrastructure, and support customers and communities through a rapidly evolving energy landscape," said NorthWestern Energy President and CEO, Brian Bird. Black Hills stock rose a more modest 1% on the news. NorthWestern Energy shares jumped nearly 6% Tuesday after announcing that it is merging with fellow utility company Black Hills to create a "premier regional regulated electric and natural gas utility company." The two companies will have a combined value of about $15.4 billion and serve over 2 million customers across eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. "Together, we will be better positioned to meet rising demand, accelerate investment in energy and grid infrastructure, and support customers and communities through a rapidly evolving energy landscape," said NorthWestern Energy President and CEO, Brian Bird. Black Hills stock rose a more modest 1% on the news. Crypto's bull run is just beginning. Here are 3 stocks to play. Yahoo Finance's Francisco Velasquez reports: Read the story here. Yahoo Finance's Francisco Velasquez reports: Read the story here. White House cryptocurrency adviser Bo Hines joins Tether Tether, the world's largest stablecoin company, has appointed former White House cryptocurrency adviser Bo Hines, Yahoo Finance's David Hollerith reports. Hollerith writes: Read the full story here. Tether, the world's largest stablecoin company, has appointed former White House cryptocurrency adviser Bo Hines, Yahoo Finance's David Hollerith reports. Hollerith writes: Read the full story here. Opendoor stock climbs as CEO search continues Opendoor Technologies (OPEN) stock rallied 6% at the market open before paring gains on Tuesday morning as the company continues its executive search following CEO Carrie Wheeler's departure, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Opendoor Technologies (OPEN) stock rallied 6% at the market open before paring gains on Tuesday morning as the company continues its executive search following CEO Carrie Wheeler's departure, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Nexstar to acquire Tegna in $6.2 billion deal, creating largest US local TV station group Nexstar Media Group (NXST) is set to expand its dominance in US broadcasting with a $6.2 billion acquisition of Tegna Inc. (TGNA), a deal that will create the nation's largest local TV station group. The transaction, which includes Tegna's net debt and fees, is expected to close in the second half of 2026 pending regulatory approvals. The Wall Street Journal first reported earlier this month that Nexstar was in advanced talks to acquire Tegna. Shares of Nexstar jumped over 6% shortly after the opening bell on Tuesday, while Tegna shares rose around 4% on the news. According to the release, the combination will create a leading local media company with 265 full-power television stations in 44 states and Washington, D.C., covering 132 of the nation's 210 television markets and reaching about 80% of US TV households. The new entity will hold stations in nine of the top 10 designated market areas (DMAs) and 41 of the top 50. Nexstar Chairman and CEO Perry Sook said the merger reflects both companies' commitment to local broadcasting and builds on Nexstar's "record of growth" through acquisitions, which includes its 2019 purchase of Tribune Media and its majority stake in The CW network in 2022. Sook added that deregulatory initiatives from the Trump administration have created an opportunity for broadcasters "to expand reach, level the playing field, and compete more effectively with the Big Tech and legacy Big Media companies." The companies expect about $300 million in annual net synergies and project the transaction will be more than 40% accretive to Nexstar's free cash flow in the first 12 months post-closing. Citi analyst Jason Bazinet said the transaction adds about $25 per share of M&A value to Nexstar's outlook. He raised his price target on the stock to $218 from $186 as a result, while maintaining a Neutral rating. Nexstar Media Group (NXST) is set to expand its dominance in US broadcasting with a $6.2 billion acquisition of Tegna Inc. (TGNA), a deal that will create the nation's largest local TV station group. The transaction, which includes Tegna's net debt and fees, is expected to close in the second half of 2026 pending regulatory approvals. The Wall Street Journal first reported earlier this month that Nexstar was in advanced talks to acquire Tegna. Shares of Nexstar jumped over 6% shortly after the opening bell on Tuesday, while Tegna shares rose around 4% on the news. According to the release, the combination will create a leading local media company with 265 full-power television stations in 44 states and Washington, D.C., covering 132 of the nation's 210 television markets and reaching about 80% of US TV households. The new entity will hold stations in nine of the top 10 designated market areas (DMAs) and 41 of the top 50. Nexstar Chairman and CEO Perry Sook said the merger reflects both companies' commitment to local broadcasting and builds on Nexstar's "record of growth" through acquisitions, which includes its 2019 purchase of Tribune Media and its majority stake in The CW network in 2022. Sook added that deregulatory initiatives from the Trump administration have created an opportunity for broadcasters "to expand reach, level the playing field, and compete more effectively with the Big Tech and legacy Big Media companies." The companies expect about $300 million in annual net synergies and project the transaction will be more than 40% accretive to Nexstar's free cash flow in the first 12 months post-closing. Citi analyst Jason Bazinet said the transaction adds about $25 per share of M&A value to Nexstar's outlook. He raised his price target on the stock to $218 from $186 as a result, while maintaining a Neutral rating. Stocks mixed at the open US stocks were mixed on Tuesday. The Dow Jones Industrial Average (^DJI) edged up 0.1%, while the S&P 500 (^GSPC) fell about 0.2%. The tech-heavy Nasdaq Composite (^IXIC) declined 0.4%, continuing Wall Street stocks' muted start to the week. Home Depot (HD) led out this week's results from retail giants, with its earnings report on Tuesday showing a return to consistent same-store sales growth in the US amid signs that the housing market could begin to recover. In the tech world, Intel (INTC) shares jumped after SoftBank said it's taking a $2 billion stake, and the Trump administration reportedly weighed taking its own stake worth up to 10% of the troubled chipmaker. Wall Street is looking ahead to Fed Chair Jerome Powell's highly anticipated speech in Jackson Hole on Friday, signaling the central bank's latest views on interest rates. US stocks were mixed on Tuesday. The Dow Jones Industrial Average (^DJI) edged up 0.1%, while the S&P 500 (^GSPC) fell about 0.2%. The tech-heavy Nasdaq Composite (^IXIC) declined 0.4%, continuing Wall Street stocks' muted start to the week. Home Depot (HD) led out this week's results from retail giants, with its earnings report on Tuesday showing a return to consistent same-store sales growth in the US amid signs that the housing market could begin to recover. In the tech world, Intel (INTC) shares jumped after SoftBank said it's taking a $2 billion stake, and the Trump administration reportedly weighed taking its own stake worth up to 10% of the troubled chipmaker. Wall Street is looking ahead to Fed Chair Jerome Powell's highly anticipated speech in Jackson Hole on Friday, signaling the central bank's latest views on interest rates. Intel stock jumps 5% as SoftBank takes $2 billion stake in ailing chip company Yahoo Finance's Daniel Howley reports: Read more here. Yahoo Finance's Daniel Howley reports: Read more here. Viking Therapeutics stock plunges on high dropout rate in weight-loss pill trial Viking Therapeutics (VKTX) stock tumbled 35% in premarket trading after a phase 2 trial of its weight-loss pill showed a high patient dropout rate. The GLP-1 obesity treatment showed some promising results: Patients lost 12.2% of body weight after 13 weeks. However, 28% of patients dropped out of the trial before it was completed. Viking's oral obesity drug, VK2735, aims to compete with Eli Lilly's drug, orforglipron, which saw a 12% weight-loss rate after 72 weeks. Eli Lilly shares rose 1.5% in premarket trading. "Data look inferior to LLY on almost all metrics and the thing to consider here is that patients discontinued at such a high rate over 13-weeks vs. LLY in the mid 20% range — but over 72-weeks," Mizuho analyst Jared Holz wrote in a note. "A much longer trial, and [therefore] LLY looks far better head-to-head." Read more here. Viking Therapeutics (VKTX) stock tumbled 35% in premarket trading after a phase 2 trial of its weight-loss pill showed a high patient dropout rate. The GLP-1 obesity treatment showed some promising results: Patients lost 12.2% of body weight after 13 weeks. However, 28% of patients dropped out of the trial before it was completed. Viking's oral obesity drug, VK2735, aims to compete with Eli Lilly's drug, orforglipron, which saw a 12% weight-loss rate after 72 weeks. Eli Lilly shares rose 1.5% in premarket trading. "Data look inferior to LLY on almost all metrics and the thing to consider here is that patients discontinued at such a high rate over 13-weeks vs. LLY in the mid 20% range — but over 72-weeks," Mizuho analyst Jared Holz wrote in a note. "A much longer trial, and [therefore] LLY looks far better head-to-head." Read more here. S&P affirms US credit rating US stock futures were muted after the S&P reiterated its credit rating for the US. The 10-year Treasury yield (^TNX) and 30-year yield (^TYX) fell by about 2 basis points to 4.32% and 4.92%, respectively. Bloomberg reports: Read more here. US stock futures were muted after the S&P reiterated its credit rating for the US. The 10-year Treasury yield (^TNX) and 30-year yield (^TYX) fell by about 2 basis points to 4.32% and 4.92%, respectively. Bloomberg reports: Read more here. A suite of retail data is set to decode the resilient consumer American shoppers have kept the engine of the nation's GDP humming along. But it's worth pinpointing where all that resilience is coming from, as Yahoo Finance's Hamza Shaban lays out in today's Morning Brief. Read more here. American shoppers have kept the engine of the nation's GDP humming along. But it's worth pinpointing where all that resilience is coming from, as Yahoo Finance's Hamza Shaban lays out in today's Morning Brief. Read more here. Medtronic appoints 2 new board members after Elliott takes a stake Shares of medical device maker Medtronic (MDT) fell 3% premarket after the company announced it would add two new independent directors to its board. Veteran med-tech executives John Groetelaars and Bill Jellison were appointed, the company said. The change comes as activist investor Elliott Investment Management has become one of its largest shareholders. Additionally, the board formed two new committees, helmed by CEO Geoff Martha. The Growth Committee will evaluate M&A opportunities, R&D investments, and potential divestitures. The Operating Committee will focus on margin expansion and operational efficiency. Shares of medical device maker Medtronic (MDT) fell 3% premarket after the company announced it would add two new independent directors to its board. Veteran med-tech executives John Groetelaars and Bill Jellison were appointed, the company said. The change comes as activist investor Elliott Investment Management has become one of its largest shareholders. Additionally, the board formed two new committees, helmed by CEO Geoff Martha. The Growth Committee will evaluate M&A opportunities, R&D investments, and potential divestitures. The Operating Committee will focus on margin expansion and operational efficiency. Home Depot slightly misses Wall Street's mark in Q2 earnings, reiterates guidance Home Depot (HD) released its second-quarter earnings on Tuesday. The retailer's stock fell about 2% premarket before recovering. Yahoo Finance's senior reporter Brooke DiPalma looks at the latest from the home improvement retailer and how the US housing slump has impacted its bottom line. Read more here. Home Depot (HD) released its second-quarter earnings on Tuesday. The retailer's stock fell about 2% premarket before recovering. Yahoo Finance's senior reporter Brooke DiPalma looks at the latest from the home improvement retailer and how the US housing slump has impacted its bottom line. Read more here. Wall Street sees stock market rotation charting 'healthiest path' to new highs The stock market's record rally is showing early signs of broadening beyond Big Tech as investors rotate into lagging sectors, but strategists warn its durability hinges on earnings and Fed policy. Yahoo Finance's Allie Canal reports: Read more here. The stock market's record rally is showing early signs of broadening beyond Big Tech as investors rotate into lagging sectors, but strategists warn its durability hinges on earnings and Fed policy. Yahoo Finance's Allie Canal reports: Read more here. Premarket trending tickers: Palo Alto, Nu holdings and Intel Here's a look at some of the top stocks trending in premarket trading: Palo Alto Networks (PANW) shares rose 5% in premarket trading on Tuesday after the Santa Clara cybersecurity firm forecast fiscal 2026 revenue and profit above analysts' estimates, citing growing demand for its AI powered cybersecurity solutions. Digital banking group Nu holdings (NU) stock rose 2% before the bell after Morgan Stanley (MS) analyst Jorge Kuri reiterated a Buy rating on the company and set a price target of $18.00. Intel (INTC) stock rose premarket more than 6% after Softbank Group (9984.T) announced a $2 billion capital injection into the US chipmaker that is currently in the middle of a turnaround effort. Here's a look at some of the top stocks trending in premarket trading: Palo Alto Networks (PANW) shares rose 5% in premarket trading on Tuesday after the Santa Clara cybersecurity firm forecast fiscal 2026 revenue and profit above analysts' estimates, citing growing demand for its AI powered cybersecurity solutions. Digital banking group Nu holdings (NU) stock rose 2% before the bell after Morgan Stanley (MS) analyst Jorge Kuri reiterated a Buy rating on the company and set a price target of $18.00. Intel (INTC) stock rose premarket more than 6% after Softbank Group (9984.T) announced a $2 billion capital injection into the US chipmaker that is currently in the middle of a turnaround effort. Good morning. Here's what's happening today. Economic data: Housing starts (July); Building permits (July) Earnings: Home Depot (HD), XPeng (XPEV), Medtronic (MDT), Amer Sports (AS), Toll Brothers (TOL), La-Z-Boy (LZB) Here are some of the biggest stories you may have missed overnight and early this morning: Signs of a healthier path to new records emerge for stocks Nvidia is working on an H20-beating AI chip for China Trump tariffs get S&P seal of approval Why stocks are looking ripe for a regime shift Intel gets a $2 billion lifeline from SoftBank Trump pushes Putin-Zelensky meeting after talks with both Home Depot to report earnings as Wall Street eyes US sales growth Why Google just boosted its stake in a bitcoin miner Economic data: Housing starts (July); Building permits (July) Earnings: Home Depot (HD), XPeng (XPEV), Medtronic (MDT), Amer Sports (AS), Toll Brothers (TOL), La-Z-Boy (LZB) Here are some of the biggest stories you may have missed overnight and early this morning: Signs of a healthier path to new records emerge for stocks Nvidia is working on an H20-beating AI chip for China Trump tariffs get S&P seal of approval Why stocks are looking ripe for a regime shift Intel gets a $2 billion lifeline from SoftBank Trump pushes Putin-Zelensky meeting after talks with both Home Depot to report earnings as Wall Street eyes US sales growth Why Google just boosted its stake in a bitcoin miner Intel gets one new investor... for now With chatter today that the government is nearing taking a 10% stake in Intel, I guess I shouldn't be shocked that the bruised tech giant is hoping to gain some Street cred on its future product roadmap by tapping SoftBank and Masa for cash. Embattled Intel CEO Lip-Bu Tan also gains a Trump friend in Masa. SoftBank will invest $2 billion in Intel at $23 a share. 'Semiconductors are the foundation of every industry. For more than 50 years, Intel has been a trusted leader in innovation. This strategic investment reflects our belief that advanced semiconductor manufacturing and supply will further expand in the United States, with Intel playing a critical role," SoftBank chair and CEO Masayoshi Son said in a statement. Intel CEO Lip-Bu Tan added, "We are very pleased to deepen our relationship with SoftBank, a company that's at the forefront of so many areas of emerging technology and innovation and shares our commitment to advancing U.S. technology and manufacturing leadership. Masa and I have worked closely together for decades, and I appreciate the confidence he has placed in Intel with this investment.' It's still something to see this unfolding at Intel, which has billions in cash and is by no means in a financial death spiral. Given Masa's close ties to the Trump administration, I suspect the government stake announcement could come next. None of this is a good signal on Intel's turnaround, bottom line. A Trump administration spokesperson didn't return my request for comment. With chatter today that the government is nearing taking a 10% stake in Intel, I guess I shouldn't be shocked that the bruised tech giant is hoping to gain some Street cred on its future product roadmap by tapping SoftBank and Masa for cash. Embattled Intel CEO Lip-Bu Tan also gains a Trump friend in Masa. SoftBank will invest $2 billion in Intel at $23 a share. 'Semiconductors are the foundation of every industry. For more than 50 years, Intel has been a trusted leader in innovation. This strategic investment reflects our belief that advanced semiconductor manufacturing and supply will further expand in the United States, with Intel playing a critical role," SoftBank chair and CEO Masayoshi Son said in a statement. Intel CEO Lip-Bu Tan added, "We are very pleased to deepen our relationship with SoftBank, a company that's at the forefront of so many areas of emerging technology and innovation and shares our commitment to advancing U.S. technology and manufacturing leadership. Masa and I have worked closely together for decades, and I appreciate the confidence he has placed in Intel with this investment.' It's still something to see this unfolding at Intel, which has billions in cash and is by no means in a financial death spiral. Given Masa's close ties to the Trump administration, I suspect the government stake announcement could come next. None of this is a good signal on Intel's turnaround, bottom line. A Trump administration spokesperson didn't return my request for comment. 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
