Elon Musk says he's sleeping in his DOGE office in DC, report says
The DOGE office is housed inside the Eisenhower Executive Office Building, roughly four minutes from the West Wing on foot. According to Wired, Musk told friends at a black tie event last week that he'd been invited to sleep in the Lincoln Bedroom inside the White House itself.
The Tesla and SpaceX founder has become especially close to President Trump since spending more than $250 million to help get the Republican leader get reelected. Musk's net worth jumped 77% after Trump won the presidency for a second time, according to Bloomberg. He's believed to be worth $400 billion, making Musk by far the world's richest person.
Prior to Trump's inauguration last week, Musk had reportedly been taking up residency in a $2,000-a-day cottage at Trump's Mar-a-Lago estate before following his 'First Buddy' to the nation's capital. It's unclear who picked up that tab.
While Musk could surely afford his own apartment in Washington, the 53-year-old entrepreneur has a history of sleeping where he works. He said in a 2002 interview that he spent three years sleeping either on a rooftop sofa or under his desk so his Tesla factory employees could be sure to see him every time they came to work.
'They knew I was there and that made a huge difference, and then they gave it their all,' he said, saying it was important to him that his employees didn't think he was 'off somewhere having a good time, drinking Mai Tais on a tropical island.'
According to Musk his workplace was his 'primary residence' during that period.
Musk and tech entrepreneur Vivek Ramaswamy were tapped in November to co-lead DOGE as an unofficial agency designed to slash government spending. However, Ramaswamy left DOGE earlier this month and now hopes to run for governor of Ohio.
The idea of DOGE was mocked from the start by critics including Massachusetts Sen. Elizabeth Warren, who joked on X that forming a new agency headed by 'two people to do the work of one person' seemed 'REALLY' efficient.
Musk countered by claiming neither he nor Ramaswamy would be paid for their work.
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15 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq waver as Trump-EU trade deal kicks off huge week
US stocks wavered on Monday after the US and European Union struck a trade pact to lead off a packed week of Big Tech earnings, a Federal Reserve meeting, inflation data, the July jobs report, and President Trump's Aug. 1 deadline to lock in key trade deals. The S&P 500 (^GSPC) hovered near the flatline while the tech-heavy Nasdaq Composite (^IXIC) put on about 0.1% after both indexes closed out Friday at fresh record highs. The Dow Jones Industrial Average (^DJI) slipped below the flatline. The US and EU have agreed to the outlines of a deal setting tariffs on Europe's goods at a baseline 15%, compared with the 30% threatened. Trump called the pact 'the biggest of them all,' while EU head Ursula von der Leyen said that "15% is not to be underestimated, but it is the best we could get." An initial boost to market sentiment faded in as investors digested the conflicting details in the US-EU deal framework. But stocks are still on track to resume a rally that saw the S&P 500 (^GSPC) notch its fifth all-time high in a row on Friday. Read more: The latest on Trump's tariffs At the same time, hopes are rising for US-China talks in Stockholm on Monday, which could reportedly extend the existing tariff truce by three months beyond its current Aug. 12 deadline. Investor eyes are now turning to a jam-packed week on Wall Street. Heavyweight earnings highlight the most intense stretch of the season, with more than 150 S&P 500 companies set to report. Meta Platforms (META) and Microsoft (MSFT) lead off Wednesday, followed by Amazon (AMZN) and Apple (AAPL) on Thursday. Read more: Full earnings coverage in our live blog Beyond earnings, the Fed begins its two-day policy meeting on Tuesday, with an interest-rate decision expected Wednesday. While the central bank is expected to keep rates at 4.25%-4.50%, the watch is on for signs that policymakers are warming to a rate cut in September. It all comes alongside Trump's general pressure on the central bank and Chair Jerome Powell. On the data front, inflation and labor will be in the spotlight. The July reading of the personal consumption expenditures (PCE) index, the Fed's preferred inflation gauge, is forecast to show a modest monthly and annual uptick on its release on Thursday. Also on deck: a flurry of jobs data, with Friday's crucial jobs report the highlight. Coinbase falls amid analyst downgrade ahead of Q2 earnings Shares of crypto exchange platform Coinbase (COIN) fell 3.6% Monday as Monness Crespi Hardt analyst Gus Galá downgraded the stock to Neutral from his prior Buy rating, citing lower crypto trading volumes in the second quarter of 2025. Galá wrote that crypto exchange volumes tracked by his firm were down 2% in the quarter from the prior year. That's in contrast to the 16% year over year increase in trading volumes in the first quarter. He estimated trading volumes on Coinbase, which garners revenue by charging fees for trades on its platform, grew 6% in the second quarter, higher than Wall Street's estimate of 19%. Galá said Coinbase reporting trading volumes below expectations during its second quarter results set for Thursday could "cast a negative shadow on shares." Chip stocks rise amid trade war relief, Samsung-Tesla deal Chip stocks climbed Monday after the US and EU reached a trade agreement and a report said China and the US would likely extend their tariff truce by an additional three months. Nvidia (NVDA) rose nearly 1%, while rival AI chipmaker Advanced Micro Devices (AMD) climbed more than 4%. British chip designer Arm (ARM) and Dutch chipmaking machine producer ASML (ASML) gained 1.1% and 2.8%, respectively. Server maker Super Micro Computer (SMCI) spiked over 6%. Also on Monday, Samsung ( reached a $16.5 billion deal to supply Tesla (TSLA) with AI chips. Strategy stock inches higher with earnings ahead Strategy (MSTR) stock rose nearly 1% Monday, with the software firm turned crypto giant set to report quarterly earnings results Thursday after the market close. The stock's climb also comes as Strategy reported in a filing to the US Securities and Exchange Commission Monday that it made no bitcoin purchases last week. That's after the firm — the world's largest corporate holder of bitcoin — earlier this month reported buying 10,445 bitcoins for over $1 billion. Strategy has spent $43.6 billion to purchase more than 607,000 bitcoins since 2020, when it adopted its crypto strategy. Shares have risen roughly 3,400% over the past five years. Critics have argued that the company is overvalued because it trades at a premium to its underlying asset (bitcoin). Last week, Strategy also said it expects to raise roughly $2.5 billion by issuing preferred stock expected to trade on the Nasdaq under the ticker STRC. US LNG companies pop after EU pledges $750 billion in energy buys Liquified natural gas (LNG) stocks led gains for US energy names on the heels of the US-European Union trade deal. The EU promised to make $750 billion in purchases of US fuel — covering oil, nuclear, and LNG energy — under the transatlantic trade framework agreed at the weekend. LNG exporters should get a boost from the strategic purchases, analysts believe, as demand from Europe expands. Shares of the biggest US LNG exporter Cheniere Energy (LNG) rose about 3% in early regular trading on Monday, but was losing steam after popping in premarket. LNG terminal developer NextDecade (NEXT) traded about 1% higher, while Gulf Coast supplier Venture Global (VG) was up about 3% at last check. Oilprice reports: Read more here. Wall Street bull calls for 11% rally in S&P 500 to end 2025 as trade 'uncertainty' subsides The high-water mark for Wall Street's S&P 500 (^GSPC) targets has moved up amid the market rally, Yahoo Finance's Josh Schafer reports. Schafer writes: Read the full story here. Stocks nudge higher at the open Stocks moved mostly higher Monday at the open as investors digested the US-EU trade deal and anticipated a major week of economic data, earnings results, and a Fed meeting. The S&P 500 (^GSPC) rose about 0.2%, while the Nasdaq Composite (^IXIC) gained around 0.4%, with quarterly reports on deck this week from Meta (META), Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN). The Dow Jones Industrial Average (^DJI) floated below the flat line, with stocks reversing earlier premarket gains. Nike stock pops after JPMorgan upgrade Nike stock (NKE) jumped 4% in premarket trading Monday after JPMorgan upgraded shares from Neutral to Outperform. JPMorgan analyst Matthew Boss raised his price target on the stock to $93 from $64 previously, writing that he sees revenue growth reaccelerating in the second half of 2026 and 2027. Year to date, Nike stock is up less than 1%, versus an 8% gain for the S&P 500 (^GSPC). Trump looms large over a Fed likely to again defy his call for cuts President Trump and others in the White House have hammered Jerome Powell for months over the Federal Reserve Chair's wait-and-see stance on easing interest rates. That means Trump should loom large over the Fed's policy meeting this week, even if policymakers do what the market expects and keep rates unchanged. Yahoo Finance's Jennifer Schonberger reports: Read more here. Health insurance companies have a problem As Americans use their health insurance more and the cost of care increases, insurance companies have seen their financial results come under pressure. Yahoo Finance's Jake Conley reports: Read more here. Dollar strengthens, euro slips on trade deal The US dollar index ( rose 0.6% on Monday following news that the United States and European Union struck a trade deal. The euro (EURUSD=X) slipped 0.7% against the dollar at $1.16. While the framework's added clarity brought some relief to the trading partners, the deal was seen as more mixed in Europe, which was angling for free trade. Under the deal, European goods bound for the US will face a 15% tariff, and the EU will spend $600 billion on US investments, though some details remain unclear. Together, the US and EU account for about a third of all global trade. How ethereum rose to become a mainstream cryptocurrency The Ether Machine is preparing to go public after raising the equivalent of $1.5 billion, with its promise of offering the public a new way to access cryptocurrency yields. It's the latest sign of ethereum's move out of bitcoin's shadow and into mainstream adoption. Yahoo Finance's Nina Moothedath reports: Here's what to know about ethereum and what sets it apart from other blockchains. ASML's stock is in focus after US/EU trade deal Semiconductor play ASML (ASML, getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares were up nearly 5% at one point in premarket trading. (I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that.) Here's what JP Morgan had to say this morning: Good morning. Here's what's happening today. Economic data: Dallas Fed manufacturing activity (July) Earnings: Tilray (TLRY), Waste Management (WM), Whirlpool (WHR) Here are some of the biggest stories you may have missed overnight and early this morning: Fed meeting, July jobs report and Big Tech earnings: Week ahead Health insurers have a problem that's squeezing their earnings Musk hails $16.5B Samsung deal to make Tesla's AI chips Trump looms large over defiant Fed's meeting this week Eyes on US-China talks after EU strikes 15% tariff deal Oppenheimer lifts S&P 500 target to call third year of 20% gains US LNG producers soar as EU agrees $250B in annual purchases Japan: Only 2% of $550 billion US fund will be investment Fed meeting, jobs report, Big Tech earnings — and Trump's deadline: What to watch this week The impact of President Trump's policies on the economy is about to get a lot clearer. Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters: Read more here. Trending tickers: Nike, Samsung Electronics and US liquefied natural gas stocks Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Samsung to make AI chips for Tesla under $16.5 billion deal Samsung Electronics ( SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip. The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Oil rises with EU-US trade deal locked in Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. European stock futures rise on US-EU trade deal announcement Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg reports: Read more here. Coinbase falls amid analyst downgrade ahead of Q2 earnings Shares of crypto exchange platform Coinbase (COIN) fell 3.6% Monday as Monness Crespi Hardt analyst Gus Galá downgraded the stock to Neutral from his prior Buy rating, citing lower crypto trading volumes in the second quarter of 2025. Galá wrote that crypto exchange volumes tracked by his firm were down 2% in the quarter from the prior year. That's in contrast to the 16% year over year increase in trading volumes in the first quarter. He estimated trading volumes on Coinbase, which garners revenue by charging fees for trades on its platform, grew 6% in the second quarter, higher than Wall Street's estimate of 19%. Galá said Coinbase reporting trading volumes below expectations during its second quarter results set for Thursday could "cast a negative shadow on shares." Shares of crypto exchange platform Coinbase (COIN) fell 3.6% Monday as Monness Crespi Hardt analyst Gus Galá downgraded the stock to Neutral from his prior Buy rating, citing lower crypto trading volumes in the second quarter of 2025. Galá wrote that crypto exchange volumes tracked by his firm were down 2% in the quarter from the prior year. That's in contrast to the 16% year over year increase in trading volumes in the first quarter. He estimated trading volumes on Coinbase, which garners revenue by charging fees for trades on its platform, grew 6% in the second quarter, higher than Wall Street's estimate of 19%. Galá said Coinbase reporting trading volumes below expectations during its second quarter results set for Thursday could "cast a negative shadow on shares." Chip stocks rise amid trade war relief, Samsung-Tesla deal Chip stocks climbed Monday after the US and EU reached a trade agreement and a report said China and the US would likely extend their tariff truce by an additional three months. Nvidia (NVDA) rose nearly 1%, while rival AI chipmaker Advanced Micro Devices (AMD) climbed more than 4%. British chip designer Arm (ARM) and Dutch chipmaking machine producer ASML (ASML) gained 1.1% and 2.8%, respectively. Server maker Super Micro Computer (SMCI) spiked over 6%. Also on Monday, Samsung ( reached a $16.5 billion deal to supply Tesla (TSLA) with AI chips. Chip stocks climbed Monday after the US and EU reached a trade agreement and a report said China and the US would likely extend their tariff truce by an additional three months. Nvidia (NVDA) rose nearly 1%, while rival AI chipmaker Advanced Micro Devices (AMD) climbed more than 4%. British chip designer Arm (ARM) and Dutch chipmaking machine producer ASML (ASML) gained 1.1% and 2.8%, respectively. Server maker Super Micro Computer (SMCI) spiked over 6%. Also on Monday, Samsung ( reached a $16.5 billion deal to supply Tesla (TSLA) with AI chips. Strategy stock inches higher with earnings ahead Strategy (MSTR) stock rose nearly 1% Monday, with the software firm turned crypto giant set to report quarterly earnings results Thursday after the market close. The stock's climb also comes as Strategy reported in a filing to the US Securities and Exchange Commission Monday that it made no bitcoin purchases last week. That's after the firm — the world's largest corporate holder of bitcoin — earlier this month reported buying 10,445 bitcoins for over $1 billion. Strategy has spent $43.6 billion to purchase more than 607,000 bitcoins since 2020, when it adopted its crypto strategy. Shares have risen roughly 3,400% over the past five years. Critics have argued that the company is overvalued because it trades at a premium to its underlying asset (bitcoin). Last week, Strategy also said it expects to raise roughly $2.5 billion by issuing preferred stock expected to trade on the Nasdaq under the ticker STRC. Strategy (MSTR) stock rose nearly 1% Monday, with the software firm turned crypto giant set to report quarterly earnings results Thursday after the market close. The stock's climb also comes as Strategy reported in a filing to the US Securities and Exchange Commission Monday that it made no bitcoin purchases last week. That's after the firm — the world's largest corporate holder of bitcoin — earlier this month reported buying 10,445 bitcoins for over $1 billion. Strategy has spent $43.6 billion to purchase more than 607,000 bitcoins since 2020, when it adopted its crypto strategy. Shares have risen roughly 3,400% over the past five years. Critics have argued that the company is overvalued because it trades at a premium to its underlying asset (bitcoin). Last week, Strategy also said it expects to raise roughly $2.5 billion by issuing preferred stock expected to trade on the Nasdaq under the ticker STRC. US LNG companies pop after EU pledges $750 billion in energy buys Liquified natural gas (LNG) stocks led gains for US energy names on the heels of the US-European Union trade deal. The EU promised to make $750 billion in purchases of US fuel — covering oil, nuclear, and LNG energy — under the transatlantic trade framework agreed at the weekend. LNG exporters should get a boost from the strategic purchases, analysts believe, as demand from Europe expands. Shares of the biggest US LNG exporter Cheniere Energy (LNG) rose about 3% in early regular trading on Monday, but was losing steam after popping in premarket. LNG terminal developer NextDecade (NEXT) traded about 1% higher, while Gulf Coast supplier Venture Global (VG) was up about 3% at last check. Oilprice reports: Read more here. Liquified natural gas (LNG) stocks led gains for US energy names on the heels of the US-European Union trade deal. The EU promised to make $750 billion in purchases of US fuel — covering oil, nuclear, and LNG energy — under the transatlantic trade framework agreed at the weekend. LNG exporters should get a boost from the strategic purchases, analysts believe, as demand from Europe expands. Shares of the biggest US LNG exporter Cheniere Energy (LNG) rose about 3% in early regular trading on Monday, but was losing steam after popping in premarket. LNG terminal developer NextDecade (NEXT) traded about 1% higher, while Gulf Coast supplier Venture Global (VG) was up about 3% at last check. Oilprice reports: Read more here. Wall Street bull calls for 11% rally in S&P 500 to end 2025 as trade 'uncertainty' subsides The high-water mark for Wall Street's S&P 500 (^GSPC) targets has moved up amid the market rally, Yahoo Finance's Josh Schafer reports. Schafer writes: Read the full story here. The high-water mark for Wall Street's S&P 500 (^GSPC) targets has moved up amid the market rally, Yahoo Finance's Josh Schafer reports. Schafer writes: Read the full story here. Stocks nudge higher at the open Stocks moved mostly higher Monday at the open as investors digested the US-EU trade deal and anticipated a major week of economic data, earnings results, and a Fed meeting. The S&P 500 (^GSPC) rose about 0.2%, while the Nasdaq Composite (^IXIC) gained around 0.4%, with quarterly reports on deck this week from Meta (META), Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN). The Dow Jones Industrial Average (^DJI) floated below the flat line, with stocks reversing earlier premarket gains. Stocks moved mostly higher Monday at the open as investors digested the US-EU trade deal and anticipated a major week of economic data, earnings results, and a Fed meeting. The S&P 500 (^GSPC) rose about 0.2%, while the Nasdaq Composite (^IXIC) gained around 0.4%, with quarterly reports on deck this week from Meta (META), Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN). The Dow Jones Industrial Average (^DJI) floated below the flat line, with stocks reversing earlier premarket gains. Nike stock pops after JPMorgan upgrade Nike stock (NKE) jumped 4% in premarket trading Monday after JPMorgan upgraded shares from Neutral to Outperform. JPMorgan analyst Matthew Boss raised his price target on the stock to $93 from $64 previously, writing that he sees revenue growth reaccelerating in the second half of 2026 and 2027. Year to date, Nike stock is up less than 1%, versus an 8% gain for the S&P 500 (^GSPC). Nike stock (NKE) jumped 4% in premarket trading Monday after JPMorgan upgraded shares from Neutral to Outperform. JPMorgan analyst Matthew Boss raised his price target on the stock to $93 from $64 previously, writing that he sees revenue growth reaccelerating in the second half of 2026 and 2027. Year to date, Nike stock is up less than 1%, versus an 8% gain for the S&P 500 (^GSPC). Trump looms large over a Fed likely to again defy his call for cuts President Trump and others in the White House have hammered Jerome Powell for months over the Federal Reserve Chair's wait-and-see stance on easing interest rates. That means Trump should loom large over the Fed's policy meeting this week, even if policymakers do what the market expects and keep rates unchanged. Yahoo Finance's Jennifer Schonberger reports: Read more here. President Trump and others in the White House have hammered Jerome Powell for months over the Federal Reserve Chair's wait-and-see stance on easing interest rates. That means Trump should loom large over the Fed's policy meeting this week, even if policymakers do what the market expects and keep rates unchanged. Yahoo Finance's Jennifer Schonberger reports: Read more here. Health insurance companies have a problem As Americans use their health insurance more and the cost of care increases, insurance companies have seen their financial results come under pressure. Yahoo Finance's Jake Conley reports: Read more here. As Americans use their health insurance more and the cost of care increases, insurance companies have seen their financial results come under pressure. Yahoo Finance's Jake Conley reports: Read more here. Dollar strengthens, euro slips on trade deal The US dollar index ( rose 0.6% on Monday following news that the United States and European Union struck a trade deal. The euro (EURUSD=X) slipped 0.7% against the dollar at $1.16. While the framework's added clarity brought some relief to the trading partners, the deal was seen as more mixed in Europe, which was angling for free trade. Under the deal, European goods bound for the US will face a 15% tariff, and the EU will spend $600 billion on US investments, though some details remain unclear. Together, the US and EU account for about a third of all global trade. The US dollar index ( rose 0.6% on Monday following news that the United States and European Union struck a trade deal. The euro (EURUSD=X) slipped 0.7% against the dollar at $1.16. While the framework's added clarity brought some relief to the trading partners, the deal was seen as more mixed in Europe, which was angling for free trade. Under the deal, European goods bound for the US will face a 15% tariff, and the EU will spend $600 billion on US investments, though some details remain unclear. Together, the US and EU account for about a third of all global trade. How ethereum rose to become a mainstream cryptocurrency The Ether Machine is preparing to go public after raising the equivalent of $1.5 billion, with its promise of offering the public a new way to access cryptocurrency yields. It's the latest sign of ethereum's move out of bitcoin's shadow and into mainstream adoption. Yahoo Finance's Nina Moothedath reports: Here's what to know about ethereum and what sets it apart from other blockchains. The Ether Machine is preparing to go public after raising the equivalent of $1.5 billion, with its promise of offering the public a new way to access cryptocurrency yields. It's the latest sign of ethereum's move out of bitcoin's shadow and into mainstream adoption. Yahoo Finance's Nina Moothedath reports: Here's what to know about ethereum and what sets it apart from other blockchains. ASML's stock is in focus after US/EU trade deal Semiconductor play ASML (ASML, getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares were up nearly 5% at one point in premarket trading. (I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that.) Here's what JP Morgan had to say this morning: Semiconductor play ASML (ASML, getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares were up nearly 5% at one point in premarket trading. (I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that.) Here's what JP Morgan had to say this morning: Good morning. Here's what's happening today. Economic data: Dallas Fed manufacturing activity (July) Earnings: Tilray (TLRY), Waste Management (WM), Whirlpool (WHR) Here are some of the biggest stories you may have missed overnight and early this morning: Fed meeting, July jobs report and Big Tech earnings: Week ahead Health insurers have a problem that's squeezing their earnings Musk hails $16.5B Samsung deal to make Tesla's AI chips Trump looms large over defiant Fed's meeting this week Eyes on US-China talks after EU strikes 15% tariff deal Oppenheimer lifts S&P 500 target to call third year of 20% gains US LNG producers soar as EU agrees $250B in annual purchases Japan: Only 2% of $550 billion US fund will be investment Economic data: Dallas Fed manufacturing activity (July) Earnings: Tilray (TLRY), Waste Management (WM), Whirlpool (WHR) Here are some of the biggest stories you may have missed overnight and early this morning: Fed meeting, July jobs report and Big Tech earnings: Week ahead Health insurers have a problem that's squeezing their earnings Musk hails $16.5B Samsung deal to make Tesla's AI chips Trump looms large over defiant Fed's meeting this week Eyes on US-China talks after EU strikes 15% tariff deal Oppenheimer lifts S&P 500 target to call third year of 20% gains US LNG producers soar as EU agrees $250B in annual purchases Japan: Only 2% of $550 billion US fund will be investment Fed meeting, jobs report, Big Tech earnings — and Trump's deadline: What to watch this week The impact of President Trump's policies on the economy is about to get a lot clearer. Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters: Read more here. The impact of President Trump's policies on the economy is about to get a lot clearer. Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters: Read more here. Trending tickers: Nike, Samsung Electronics and US liquefied natural gas stocks Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Samsung to make AI chips for Tesla under $16.5 billion deal Samsung Electronics ( SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip. The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Samsung Electronics ( SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip. The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Oil rises with EU-US trade deal locked in Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. European stock futures rise on US-EU trade deal announcement Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg reports: Read more here. Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg 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
15 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq mixed as Trump-EU trade deal kicks off huge week
US stocks pointed mostly higher on Monday after the US and European Union struck a trade pact to lead off a packed week of Big Tech earnings, a Federal Reserve meeting, inflation data, the July jobs report, and President Trump's Aug. 1 deadline to lock in key trade deals. The S&P 500 (^GSPC) hovered near the flatline while the tech-heavy Nasdaq Composite (^IXIC) put on about 0.1% after both indexes closed out Friday at fresh record highs. The Dow Jones Industrial Average (^DJI) slipped below the flatline. The US and EU have agreed to the outlines of a deal setting tariffs on Europe's goods at a baseline 15%, compared with the 30% threatened. Trump called the pact 'the biggest of them all,' while EU head Ursula von der Leyen said that "15% is not to be underestimated, but it is the best we could get." An initial boost to market sentiment faded in as investors digested the conflicting details in the US-EU deal framework. But stocks are still on track to resume a rally that saw the S&P 500 (^GSPC) notch its fifth all-time high in a row on Friday. Read more: The latest on Trump's tariffs At the same time, hopes are rising for US-China talks in Stockholm on Monday, which could reportedly extend the existing tariff truce by three months beyond its current Aug. 12 deadline. Investor eyes are now turning to a jam-packed week on Wall Street. Heavyweight earnings highlight the most intense stretch of the season, with more than 150 S&P 500 companies set to report. Meta Platforms (META) and Microsoft (MSFT) lead off Wednesday, followed by Amazon (AMZN) and Apple (AAPL) on Thursday. Read more: Full earnings coverage in our live blog Beyond earnings, the Fed begins its two-day policy meeting on Tuesday, with an interest-rate decision expected Wednesday. While the central bank is expected to keep rates at 4.25%-4.50%, the watch is on for signs that policymakers are warming to a rate cut in September. It all comes alongside Trump's general pressure on the central bank and Chair Jerome Powell. On the data front, inflation and labor will be in the spotlight. The July reading of the personal consumption expenditures (PCE) index, the Fed's preferred inflation gauge, is forecast to show a modest monthly and annual uptick on its release on Thursday. Also on deck: a flurry of jobs data, with Friday's crucial jobs report the highlight. Coinbase falls amid analyst downgrade ahead of Q2 earnings Shares of crypto exchange platform Coinbase (COIN) fell 3.6% Monday as Monness Crespi Hardt analyst Gus Galá downgraded the stock to Neutral from his prior Buy rating, citing lower crypto trading volumes in the second quarter of 2025. Galá wrote that crypto exchange volumes tracked by his firm were down 2% in the quarter from the prior year. That's in contrast to the 16% year over year increase in trading volumes in the first quarter. He estimated trading volumes on Coinbase, which garners revenue by charging fees for trades on its platform, grew 6% in the second quarter, higher than Wall Street's estimate of 19%. Galá said Coinbase reporting trading volumes below expectations during its second quarter results set for Thursday could "cast a negative shadow on shares." Chip stocks rise amid trade war relief, Samsung-Tesla deal Chip stocks climbed Monday after the US and EU reached a trade agreement and a report said China and the US would likely extend their tariff truce by an additional three months. Nvidia (NVDA) rose nearly 1%, while rival AI chipmaker Advanced Micro Devices (AMD) climbed more than 4%. British chip designer Arm (ARM) and Dutch chipmaking machine producer ASML (ASML) gained 1.1% and 2.8%, respectively. Server maker Super Micro Computer (SMCI) spiked over 6%. Also on Monday, Samsung ( reached a $16.5 billion deal to supply Tesla (TSLA) with AI chips. Strategy stock inches higher with earnings ahead Strategy (MSTR) stock rose nearly 1% Monday, with the software firm turned crypto giant set to report quarterly earnings results Thursday after the market close. The stock's climb also comes as Strategy reported in a filing to the US Securities and Exchange Commission Monday that it made no bitcoin purchases last week. That's after the firm — the world's largest corporate holder of bitcoin — earlier this month reported buying 10,445 bitcoins for over $1 billion. Strategy has spent $43.6 billion to purchase more than 607,000 bitcoins since 2020, when it adopted its crypto strategy. Shares have risen roughly 3,400% over the past five years. Critics have argued that the company is overvalued because it trades at a premium to its underlying asset (bitcoin). Last week, Strategy also said it expects to raise roughly $2.5 billion by issuing preferred stock expected to trade on the Nasdaq under the ticker STRC. US LNG companies pop after EU pledges $750 billion in energy buys Liquified natural gas (LNG) stocks led gains for US energy names on the heels of the US-European Union trade deal. The EU promised to make $750 billion in purchases of US fuel — covering oil, nuclear, and LNG energy — under the transatlantic trade framework agreed at the weekend. LNG exporters should get a boost from the strategic purchases, analysts believe, as demand from Europe expands. Shares of the biggest US LNG exporter Cheniere Energy (LNG) rose about 3% in early regular trading on Monday, but was losing steam after popping in premarket. LNG terminal developer NextDecade (NEXT) traded about 1% higher, while Gulf Coast supplier Venture Global (VG) was up about 3% at last check. Oilprice reports: Read more here. Wall Street bull calls for 11% rally in S&P 500 to end 2025 as trade 'uncertainty' subsides The high-water mark for Wall Street's S&P 500 (^GSPC) targets has moved up amid the market rally, Yahoo Finance's Josh Schafer reports. Schafer writes: Read the full story here. Stocks nudge higher at the open Stocks moved mostly higher Monday at the open as investors digested the US-EU trade deal and anticipated a major week of economic data, earnings results, and a Fed meeting. The S&P 500 (^GSPC) rose about 0.2%, while the Nasdaq Composite (^IXIC) gained around 0.4%, with quarterly reports on deck this week from Meta (META), Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN). The Dow Jones Industrial Average (^DJI) floated below the flat line, with stocks reversing earlier premarket gains. Nike stock pops after JPMorgan upgrade Nike stock (NKE) jumped 4% in premarket trading Monday after JPMorgan upgraded shares from Neutral to Outperform. JPMorgan analyst Matthew Boss raised his price target on the stock to $93 from $64 previously, writing that he sees revenue growth reaccelerating in the second half of 2026 and 2027. Year to date, Nike stock is up less than 1%, versus an 8% gain for the S&P 500 (^GSPC). Trump looms large over a Fed likely to again defy his call for cuts President Trump and others in the White House have hammered Jerome Powell for months over the Federal Reserve Chair's wait-and-see stance on easing interest rates. That means Trump should loom large over the Fed's policy meeting this week, even if policymakers do what the market expects and keep rates unchanged. Yahoo Finance's Jennifer Schonberger reports: Read more here. Health insurance companies have a problem As Americans use their health insurance more and the cost of care increases, insurance companies have seen their financial results come under pressure. Yahoo Finance's Jake Conley reports: Read more here. Dollar strengthens, euro slips on trade deal The US dollar index ( rose 0.6% on Monday following news that the United States and European Union struck a trade deal. The euro (EURUSD=X) slipped 0.7% against the dollar at $1.16. While the framework's added clarity brought some relief to the trading partners, the deal was seen as more mixed in Europe, which was angling for free trade. Under the deal, European goods bound for the US will face a 15% tariff, and the EU will spend $600 billion on US investments, though some details remain unclear. Together, the US and EU account for about a third of all global trade. How ethereum rose to become a mainstream cryptocurrency The Ether Machine is preparing to go public after raising the equivalent of $1.5 billion, with its promise of offering the public a new way to access cryptocurrency yields. It's the latest sign of ethereum's move out of bitcoin's shadow and into mainstream adoption. Yahoo Finance's Nina Moothedath reports: Here's what to know about ethereum and what sets it apart from other blockchains. ASML's stock is in focus after US/EU trade deal Semiconductor play ASML (ASML, getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares were up nearly 5% at one point in premarket trading. (I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that.) Here's what JP Morgan had to say this morning: Good morning. Here's what's happening today. Economic data: Dallas Fed manufacturing activity (July) Earnings: Tilray (TLRY), Waste Management (WM), Whirlpool (WHR) Here are some of the biggest stories you may have missed overnight and early this morning: Fed meeting, July jobs report and Big Tech earnings: Week ahead Health insurers have a problem that's squeezing their earnings Musk hails $16.5B Samsung deal to make Tesla's AI chips Trump looms large over defiant Fed's meeting this week Eyes on US-China talks after EU strikes 15% tariff deal Oppenheimer lifts S&P 500 target to call third year of 20% gains US LNG producers soar as EU agrees $250B in annual purchases Japan: Only 2% of $550 billion US fund will be investment Fed meeting, jobs report, Big Tech earnings — and Trump's deadline: What to watch this week The impact of President Trump's policies on the economy is about to get a lot clearer. Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters: Read more here. Trending tickers: Nike, Samsung Electronics and US liquefied natural gas stocks Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Samsung to make AI chips for Tesla under $16.5 billion deal Samsung Electronics ( SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip. The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Oil rises with EU-US trade deal locked in Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. European stock futures rise on US-EU trade deal announcement Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg reports: Read more here. Coinbase falls amid analyst downgrade ahead of Q2 earnings Shares of crypto exchange platform Coinbase (COIN) fell 3.6% Monday as Monness Crespi Hardt analyst Gus Galá downgraded the stock to Neutral from his prior Buy rating, citing lower crypto trading volumes in the second quarter of 2025. Galá wrote that crypto exchange volumes tracked by his firm were down 2% in the quarter from the prior year. That's in contrast to the 16% year over year increase in trading volumes in the first quarter. He estimated trading volumes on Coinbase, which garners revenue by charging fees for trades on its platform, grew 6% in the second quarter, higher than Wall Street's estimate of 19%. Galá said Coinbase reporting trading volumes below expectations during its second quarter results set for Thursday could "cast a negative shadow on shares." Shares of crypto exchange platform Coinbase (COIN) fell 3.6% Monday as Monness Crespi Hardt analyst Gus Galá downgraded the stock to Neutral from his prior Buy rating, citing lower crypto trading volumes in the second quarter of 2025. Galá wrote that crypto exchange volumes tracked by his firm were down 2% in the quarter from the prior year. That's in contrast to the 16% year over year increase in trading volumes in the first quarter. He estimated trading volumes on Coinbase, which garners revenue by charging fees for trades on its platform, grew 6% in the second quarter, higher than Wall Street's estimate of 19%. Galá said Coinbase reporting trading volumes below expectations during its second quarter results set for Thursday could "cast a negative shadow on shares." Chip stocks rise amid trade war relief, Samsung-Tesla deal Chip stocks climbed Monday after the US and EU reached a trade agreement and a report said China and the US would likely extend their tariff truce by an additional three months. Nvidia (NVDA) rose nearly 1%, while rival AI chipmaker Advanced Micro Devices (AMD) climbed more than 4%. British chip designer Arm (ARM) and Dutch chipmaking machine producer ASML (ASML) gained 1.1% and 2.8%, respectively. Server maker Super Micro Computer (SMCI) spiked over 6%. Also on Monday, Samsung ( reached a $16.5 billion deal to supply Tesla (TSLA) with AI chips. Chip stocks climbed Monday after the US and EU reached a trade agreement and a report said China and the US would likely extend their tariff truce by an additional three months. Nvidia (NVDA) rose nearly 1%, while rival AI chipmaker Advanced Micro Devices (AMD) climbed more than 4%. British chip designer Arm (ARM) and Dutch chipmaking machine producer ASML (ASML) gained 1.1% and 2.8%, respectively. Server maker Super Micro Computer (SMCI) spiked over 6%. Also on Monday, Samsung ( reached a $16.5 billion deal to supply Tesla (TSLA) with AI chips. Strategy stock inches higher with earnings ahead Strategy (MSTR) stock rose nearly 1% Monday, with the software firm turned crypto giant set to report quarterly earnings results Thursday after the market close. The stock's climb also comes as Strategy reported in a filing to the US Securities and Exchange Commission Monday that it made no bitcoin purchases last week. That's after the firm — the world's largest corporate holder of bitcoin — earlier this month reported buying 10,445 bitcoins for over $1 billion. Strategy has spent $43.6 billion to purchase more than 607,000 bitcoins since 2020, when it adopted its crypto strategy. Shares have risen roughly 3,400% over the past five years. Critics have argued that the company is overvalued because it trades at a premium to its underlying asset (bitcoin). Last week, Strategy also said it expects to raise roughly $2.5 billion by issuing preferred stock expected to trade on the Nasdaq under the ticker STRC. Strategy (MSTR) stock rose nearly 1% Monday, with the software firm turned crypto giant set to report quarterly earnings results Thursday after the market close. The stock's climb also comes as Strategy reported in a filing to the US Securities and Exchange Commission Monday that it made no bitcoin purchases last week. That's after the firm — the world's largest corporate holder of bitcoin — earlier this month reported buying 10,445 bitcoins for over $1 billion. Strategy has spent $43.6 billion to purchase more than 607,000 bitcoins since 2020, when it adopted its crypto strategy. Shares have risen roughly 3,400% over the past five years. Critics have argued that the company is overvalued because it trades at a premium to its underlying asset (bitcoin). Last week, Strategy also said it expects to raise roughly $2.5 billion by issuing preferred stock expected to trade on the Nasdaq under the ticker STRC. US LNG companies pop after EU pledges $750 billion in energy buys Liquified natural gas (LNG) stocks led gains for US energy names on the heels of the US-European Union trade deal. The EU promised to make $750 billion in purchases of US fuel — covering oil, nuclear, and LNG energy — under the transatlantic trade framework agreed at the weekend. LNG exporters should get a boost from the strategic purchases, analysts believe, as demand from Europe expands. Shares of the biggest US LNG exporter Cheniere Energy (LNG) rose about 3% in early regular trading on Monday, but was losing steam after popping in premarket. LNG terminal developer NextDecade (NEXT) traded about 1% higher, while Gulf Coast supplier Venture Global (VG) was up about 3% at last check. Oilprice reports: Read more here. Liquified natural gas (LNG) stocks led gains for US energy names on the heels of the US-European Union trade deal. The EU promised to make $750 billion in purchases of US fuel — covering oil, nuclear, and LNG energy — under the transatlantic trade framework agreed at the weekend. LNG exporters should get a boost from the strategic purchases, analysts believe, as demand from Europe expands. Shares of the biggest US LNG exporter Cheniere Energy (LNG) rose about 3% in early regular trading on Monday, but was losing steam after popping in premarket. LNG terminal developer NextDecade (NEXT) traded about 1% higher, while Gulf Coast supplier Venture Global (VG) was up about 3% at last check. Oilprice reports: Read more here. Wall Street bull calls for 11% rally in S&P 500 to end 2025 as trade 'uncertainty' subsides The high-water mark for Wall Street's S&P 500 (^GSPC) targets has moved up amid the market rally, Yahoo Finance's Josh Schafer reports. Schafer writes: Read the full story here. The high-water mark for Wall Street's S&P 500 (^GSPC) targets has moved up amid the market rally, Yahoo Finance's Josh Schafer reports. Schafer writes: Read the full story here. Stocks nudge higher at the open Stocks moved mostly higher Monday at the open as investors digested the US-EU trade deal and anticipated a major week of economic data, earnings results, and a Fed meeting. The S&P 500 (^GSPC) rose about 0.2%, while the Nasdaq Composite (^IXIC) gained around 0.4%, with quarterly reports on deck this week from Meta (META), Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN). The Dow Jones Industrial Average (^DJI) floated below the flat line, with stocks reversing earlier premarket gains. Stocks moved mostly higher Monday at the open as investors digested the US-EU trade deal and anticipated a major week of economic data, earnings results, and a Fed meeting. The S&P 500 (^GSPC) rose about 0.2%, while the Nasdaq Composite (^IXIC) gained around 0.4%, with quarterly reports on deck this week from Meta (META), Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN). The Dow Jones Industrial Average (^DJI) floated below the flat line, with stocks reversing earlier premarket gains. Nike stock pops after JPMorgan upgrade Nike stock (NKE) jumped 4% in premarket trading Monday after JPMorgan upgraded shares from Neutral to Outperform. JPMorgan analyst Matthew Boss raised his price target on the stock to $93 from $64 previously, writing that he sees revenue growth reaccelerating in the second half of 2026 and 2027. Year to date, Nike stock is up less than 1%, versus an 8% gain for the S&P 500 (^GSPC). Nike stock (NKE) jumped 4% in premarket trading Monday after JPMorgan upgraded shares from Neutral to Outperform. JPMorgan analyst Matthew Boss raised his price target on the stock to $93 from $64 previously, writing that he sees revenue growth reaccelerating in the second half of 2026 and 2027. Year to date, Nike stock is up less than 1%, versus an 8% gain for the S&P 500 (^GSPC). Trump looms large over a Fed likely to again defy his call for cuts President Trump and others in the White House have hammered Jerome Powell for months over the Federal Reserve Chair's wait-and-see stance on easing interest rates. That means Trump should loom large over the Fed's policy meeting this week, even if policymakers do what the market expects and keep rates unchanged. Yahoo Finance's Jennifer Schonberger reports: Read more here. President Trump and others in the White House have hammered Jerome Powell for months over the Federal Reserve Chair's wait-and-see stance on easing interest rates. That means Trump should loom large over the Fed's policy meeting this week, even if policymakers do what the market expects and keep rates unchanged. Yahoo Finance's Jennifer Schonberger reports: Read more here. Health insurance companies have a problem As Americans use their health insurance more and the cost of care increases, insurance companies have seen their financial results come under pressure. Yahoo Finance's Jake Conley reports: Read more here. As Americans use their health insurance more and the cost of care increases, insurance companies have seen their financial results come under pressure. Yahoo Finance's Jake Conley reports: Read more here. Dollar strengthens, euro slips on trade deal The US dollar index ( rose 0.6% on Monday following news that the United States and European Union struck a trade deal. The euro (EURUSD=X) slipped 0.7% against the dollar at $1.16. While the framework's added clarity brought some relief to the trading partners, the deal was seen as more mixed in Europe, which was angling for free trade. Under the deal, European goods bound for the US will face a 15% tariff, and the EU will spend $600 billion on US investments, though some details remain unclear. Together, the US and EU account for about a third of all global trade. The US dollar index ( rose 0.6% on Monday following news that the United States and European Union struck a trade deal. The euro (EURUSD=X) slipped 0.7% against the dollar at $1.16. While the framework's added clarity brought some relief to the trading partners, the deal was seen as more mixed in Europe, which was angling for free trade. Under the deal, European goods bound for the US will face a 15% tariff, and the EU will spend $600 billion on US investments, though some details remain unclear. Together, the US and EU account for about a third of all global trade. How ethereum rose to become a mainstream cryptocurrency The Ether Machine is preparing to go public after raising the equivalent of $1.5 billion, with its promise of offering the public a new way to access cryptocurrency yields. It's the latest sign of ethereum's move out of bitcoin's shadow and into mainstream adoption. Yahoo Finance's Nina Moothedath reports: Here's what to know about ethereum and what sets it apart from other blockchains. The Ether Machine is preparing to go public after raising the equivalent of $1.5 billion, with its promise of offering the public a new way to access cryptocurrency yields. It's the latest sign of ethereum's move out of bitcoin's shadow and into mainstream adoption. Yahoo Finance's Nina Moothedath reports: Here's what to know about ethereum and what sets it apart from other blockchains. ASML's stock is in focus after US/EU trade deal Semiconductor play ASML (ASML, getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares were up nearly 5% at one point in premarket trading. (I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that.) Here's what JP Morgan had to say this morning: Semiconductor play ASML (ASML, getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares were up nearly 5% at one point in premarket trading. (I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that.) Here's what JP Morgan had to say this morning: Good morning. Here's what's happening today. Economic data: Dallas Fed manufacturing activity (July) Earnings: Tilray (TLRY), Waste Management (WM), Whirlpool (WHR) Here are some of the biggest stories you may have missed overnight and early this morning: Fed meeting, July jobs report and Big Tech earnings: Week ahead Health insurers have a problem that's squeezing their earnings Musk hails $16.5B Samsung deal to make Tesla's AI chips Trump looms large over defiant Fed's meeting this week Eyes on US-China talks after EU strikes 15% tariff deal Oppenheimer lifts S&P 500 target to call third year of 20% gains US LNG producers soar as EU agrees $250B in annual purchases Japan: Only 2% of $550 billion US fund will be investment Economic data: Dallas Fed manufacturing activity (July) Earnings: Tilray (TLRY), Waste Management (WM), Whirlpool (WHR) Here are some of the biggest stories you may have missed overnight and early this morning: Fed meeting, July jobs report and Big Tech earnings: Week ahead Health insurers have a problem that's squeezing their earnings Musk hails $16.5B Samsung deal to make Tesla's AI chips Trump looms large over defiant Fed's meeting this week Eyes on US-China talks after EU strikes 15% tariff deal Oppenheimer lifts S&P 500 target to call third year of 20% gains US LNG producers soar as EU agrees $250B in annual purchases Japan: Only 2% of $550 billion US fund will be investment Fed meeting, jobs report, Big Tech earnings — and Trump's deadline: What to watch this week The impact of President Trump's policies on the economy is about to get a lot clearer. Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters: Read more here. The impact of President Trump's policies on the economy is about to get a lot clearer. Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters: Read more here. Trending tickers: Nike, Samsung Electronics and US liquefied natural gas stocks Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Samsung to make AI chips for Tesla under $16.5 billion deal Samsung Electronics ( SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip. The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Samsung Electronics ( SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip. The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Oil rises with EU-US trade deal locked in Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. European stock futures rise on US-EU trade deal announcement Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg reports: Read more here. Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg 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
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TechCrunch Mobility: Tesla vs GM: A tale of two earnings
Welcome back to TechCrunch Mobility, your central hub for news and insights on the future of transportation. Sign up here for free — just click TechCrunch Mobility! The poll results are in (from last week's edition) and it's clear what you want: Analysis with a capital A. You also want scoops, a bit of a news roundup, and deals, but far and away you're looking for analysis. I've always sprinkled my thoughts and insights throughout the newsletter, but over the next few weeks and months you'll see me push further into analysis. On that note, earnings season is upon us and two stood out to me: GM and Tesla. Both companies are facing pressure from tariffs. And while GM also sells gas-powered vehicles, both are trying to sell EVs in a market that has seen growth slow while facing a future without EV incentives. How GM and Tesla plan to navigate this (or at least what they're signaling) is quite different. GM, which saw tariffs take a $1 billion bite out of its Q2 line, still sees EVs as its 'north star.' And while GM certainly trails Tesla in EV sales today, it has a bigger mix of EV models to attract customers — more than a dozen in all. And Chevrolet is now the No. 2 EV brand in the U.S. And while GM did tout $4 billion of deferred revenue from its advanced driver-assistance system Super Cruise, along with OnStar and other software services that will be recognized over time, the big theme of the call was 'flexibility.' Chair and CEO Mary Barra and CFO Paul Jacobson said the word 'flexibility' nine times during the Q2 earnings call. What they mean by flexibility is setting up factories where they can easily assemble EVs and ICE vehicles — and change up the mix based on demand. Meanwhile, Tesla is betting heavily on the 'future,' and for CEO Elon Musk that means autonomy and AI, or as he sometimes calls it, 'real-world AI.' The vast majority (about 74%) of Tesla's revenue still comes from selling cars, although Q2 results show a 16% year-over-year decline in automotive revenue. But if you listened to the Q2 call, it's clear that Elon Musk isn't interested in Tesla being a car company. (He even admitted that the highly anticipated breakthrough cheaper model Tesla is working on is really just a stripped down version of the Model Y.) Musk wants to make and sell Optimus robots and deploy autonomous vehicles. The problem is that today these products — or future products — are not generating profits, let alone revenue. Yes, Tesla does bring in revenue from its advanced driver-assistance system known as supervised Full Self-Driving. (This is not an autonomous vehicle and requires human driver engagement.) And yes, the company is charging for robotaxi rides in South Austin, but it is not at scale, nor is it profitable. Musk acknowledged there would be some rough quarters ahead, but he still believes that ultimately this will be where the bulk of Tesla profits come from. I think that this transition is going to take far longer than Musk has publicly shared. (Just today, The Information reported the company is far behind on its Optimus robot production goal.) And it seems the company is feeling the pressure to act. For instance, Tesla is reportedly bringing a limited version of its robotaxi service to San Francisco this weekend even though it technically doesn't have the required permits. (What do you think Tesla's workaround will be?) Meanwhile, Tesla is under regulatory and legal pressures that could further undermine its effort to reboot sales and even threaten his future plans around FSD. A little bird Got a tip for us? Email Kirsten Korosec at or my Signal at kkorosec.07, Sean O'Kane at or Rebecca Bellan at Deals! Just a smattering of deals this week! Bosch Ventures led a $21 million Series B investment in 4screen, a Munich-based company that connects automakers, brands, and drivers through native vehicle displays. Blockskye, a corporate travel infrastructure company, raised $15.8 million in a round led by Blockchange. United Airlines Ventures, Lightspeed Faction, Lasagna, Litquidity Ventures, Longbrook Ventures, KSV Global, and TFJ Capital also participated. Startup Glīd Technologies raised $3.1 million in a pre-seed funding round led by Outlander VC, with participation from Draper U Ventures, Antler, The Veteran Fund, M1C, and angel investors. Los Angeles-based Nevoya came out of stealth last year with the ambitious goal of breaking the EV truck adoption logjam. Nevoya made enough progress on its goal to attract investors — and a $9.3 million seed round led by Lowercarbon. Floating Point and LMNT Ventures also joined, along with existing investors Third Sphere, Stepchange, and Never Lift. Qasar Younis, the founder and CEO of buzzy self-driving AI company Applied Intuition, also invested. Rune Technologies, a startup that wants to tackle AI-enabled software for military logistics, raised a $24 million Series A round led by Human Capital with participation from Pax VC, Washington Harbour Partners, a16z, Point72 Ventures, XYZ Venture Capital, and Forward Deployed VC. Swift Navigation, which has developed centimeter-accurate positioning for vehicle autonomy, robotics, and logistics, raised $50 million in a Series E financing round led by Crosslink Capital. Existing investors NEA, Eclipse Ventures, EPIQ Capital Group, First Round Capital, TELUS Global Ventures, and Potentum Partners, along with new investors Niterra Ventures, AlTi Tiedemann Global, GRIDS Capital, Essentia Ventures, Shea Ventures, and EnerTech Capital also participated. Notable reads and other tidbits Autonomous vehicles Lyft will add autonomous shuttles made by Austrian manufacturer Benteler Group to its network in late 2026. The shuttles will be deployed in partnership with U.S. cities and airports. Electric vehicles Lucid Air owners will be able to charge their luxury EVs at thousands of Tesla Supercharger stations in North America starting July 31, nearly two years since the automakers reached an agreement. But there is a notable caveat: Lucid Air vehicles won't be able to charge as fast as Tesla vehicles. Gig economy Uber is bringing its women preferences feature, which lets female drivers and riders match with each other, to the United States. The feature will first roll out in Detroit, Los Angeles, and San Francisco. Last but not least One more note on Tesla. By the time this newsletter reaches your inbox, we won't have an answer, but an important Department General Services hearing has been held all week in California. At stake: Tesla's ability to sell cars in California. The TL;DR: The California Department of Motor Vehicles is arguing that Tesla should lose its license to sell vehicles in the state over false advertising claims on its branded Autopilot and Full Self-Driving advanced driver-assistance systems. Sign in to access your portfolio
