CNBC Daily Open: A flat PPI doesn't mean the U.S. is unscathed from tariffs
The U.S. producer price index in June was flat, meaning that wholesale prices remained stagnant from May to June. This might suggest that U.S. President Donald Trump's tariffs are hitting the economy less than feared, in contrast to what the uptick in June's consumer price index suggested.
But actually, the PPI measures prices at the level of the manufacturer — which is located in America. In other words, the index "does not include imports, because imports are by definition not produced by domestic firms," according to the U.S. Bureau of Labor Statistics.
By contrast, the CPI considers all goods and services that the consumer purchases, regardless of their country of origin. As the BLS elaborates, "imports compose a substantial portion of the CPI especially within the apparel and new-cars component." While new vehicle prices fell 0.3% in June, those of apparel rose 0.4%, suggesting that the effects of tariffs are starting to show in some components of the CPI.
But actually, we might not know the full effect of the tariffs until after Aug. 1 when the updated ones kick in — provided Trump keeps to the deadline this time.
Couche-Tard withdraws bid to acquire Seven & i. The Canadian convenience store operator cited a "persistent lack of good faith engagement" in its decision to shelve its $47 billion bid for the Japanese company. Shares of Seven & i fell as much as 9% Thursday.
U.S. stocks rise in a rocky day of trading. Major U.S. indexes fell Wednesday on Trump's reported plans to fire Fed Chair Jerome Powell, but rebounded sharply after he denied them. Asia-Pacific markets mostly rose Thursday.
Crypto bills finally pass in Congress. A group of "no" voters flipped to yesses, allowing the U.S. chamber to approve the rules of debate for legislation that involves the regulation of cryptocurrency. With fierce opposition, however, the bills' futures are uncertain.
TSMC's second-quarter profit surged nearly 61%. Sustained strong demand for artificial intelligence chips helped the Taiwanese chip manufacturer to beat revenue and net income estimates. But U.S. tariffs on Taiwan pose a headwind to the firm.
[PRO] Ether is starting to outperform bitcoin. Since its April low, ether has shot up over 130%, more than two times the 60% jump in bitcoin over the same period. ETH has also broken out of a technical pattern, implying it could have a double-digit upside.
Meta and Google are laying a web of globe-spanning subsea cables. We found out what's involved
U.S. hyperscalers Meta and Alphabet's Google are rolling out a fast-growing web of transcontinental subsea cables, looking to keep pace with ever-increasing bandwidth demand and artificial intelligence workloads.
Researchers at the U.K.'s Oxford Internet Institute said Meta and Google's rollout of large-scale subsea cables underscores the fact that Big Tech firms "are now large enough to have a business case for individually financing something that previously required a consortium to make economic sense."
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Yahoo
17 minutes ago
- Yahoo
FTSE 100 LIVE: Markets calm as EU readies plan for no-deal trade scenario with US
The FTSE 100 (^FTSE) and European stocks were tepid on Monday morning, making small moves as the EU prepares a plan for a potential no-deal scenario in trade negotiations with the US. Leaders are set to meet early this week, according to a Bloomberg report, in order to formulate a plan ahead of the 1 August deadline set by president Donald Trump. As it stands, the US plans to implement tariffs on EU imports at 10% or higher, with fewer exemptions than once offered on the table, according to Bloomberg. Medical supplies, aviation and manufacturing equipment are among the items being haggled over. Negotiations are set to continue over the next fortnight. In previous weeks, the EU prepared a list of items imported from the US that it was prepared to slap higher levies on in order to strengthen its stance, while the US sent a letter saying the bloc would face a 30% tariff after the 1 August deadline, among other stipulations. London's premier index rose around 0.1% in early such as Antofagasta (ANTO.L), Anglo American (AAL.L) and Glencore (GLEN.L) led the index higher. Over in Germany, the DAX (^GDAXI) was flat. The CAC 40 (^FCHI) in Paris fell below the flatline. The pan-European STOXX 600 (^STOXX) also lacked direction, hovering slightly higher. Here's the US stock futures chart US stock futures higher as earnings season continues Our US team writes: US stock futures rose early Monday morning, as markets entered a critical week defined by megacap earnings and continued risk around President Trump's looming tariffs. S&P 500 (ES=F) futures climbed 0.2%, contracts on the Nasdaq 100 (NQ=F) gained 0.3%, while Dow Jones Industrial Average futures (YM=F) inched up 0.1%, reflecting a cautious tone after last week's record-setting rally in growth names. The Nasdaq advanced 1.5% last week, while the S&P 500 added 0.6%. The Dow lagged, finishing slightly negative. Investor focus is dominated by two topics for the upcoming week: policy clarity on trade and earnings from tech heavyweights. On Sunday, Commerce Secretary Howard Lutnick reaffirmed the White House's August 1 deadline for new tariffs, calling it a "hard stop" for compliance — before saying that he's looking at continued conversation beyond that date. Read more on Yahoo Finance Average UK house price down £5,000 The average price of a UK property coming to the market in July dropped by 1.2% to £373,709 in the largest monthly price drop at this time of year recorded in over 20 years of data, as new sellers lower their price expectations, according to Rightmove (RMV.L). According to the property site, this month's price drop of £4,531 comes as sellers lower expectations to catch buyers' attention amid a high supply of homes for sale. London, the country's largest regional market, leads the charge in price reductions with an overall drop of 1.5%, driven largely by Inner London, where prices fell by 2.1%. This market shift comes as sellers in the capital react to external factors, including changes to stamp duty and tax rules, while also trying to compete for the growing pool of potential buyers. Despite the price reductions, buyers are still active, with the number of sales agreed up 5% compared to this time last year. Furthermore, inquiries from potential buyers are 6% higher than in 2023, indicating continued demand. At the same time, affordability is improving for many buyers, helped by lower mortgage rates and rising wages. Read more on Yahoo Finance UK Good morning! Hello from London. Lucy Harley-McKeown here, gearing up to bring you the latest markets and economics headlines. This morning we have an update on UK house prices and also a trading statement from budget carrier Ryanair ( Trade tensions between the EU and US are also hotting up, so we'll be watching that, too. Let's get to it. Here's the US stock futures chart US stock futures higher as earnings season continues Our US team writes: US stock futures rose early Monday morning, as markets entered a critical week defined by megacap earnings and continued risk around President Trump's looming tariffs. S&P 500 (ES=F) futures climbed 0.2%, contracts on the Nasdaq 100 (NQ=F) gained 0.3%, while Dow Jones Industrial Average futures (YM=F) inched up 0.1%, reflecting a cautious tone after last week's record-setting rally in growth names. The Nasdaq advanced 1.5% last week, while the S&P 500 added 0.6%. The Dow lagged, finishing slightly negative. Investor focus is dominated by two topics for the upcoming week: policy clarity on trade and earnings from tech heavyweights. On Sunday, Commerce Secretary Howard Lutnick reaffirmed the White House's August 1 deadline for new tariffs, calling it a "hard stop" for compliance — before saying that he's looking at continued conversation beyond that date. Read more on Yahoo Finance Our US team writes: US stock futures rose early Monday morning, as markets entered a critical week defined by megacap earnings and continued risk around President Trump's looming tariffs. S&P 500 (ES=F) futures climbed 0.2%, contracts on the Nasdaq 100 (NQ=F) gained 0.3%, while Dow Jones Industrial Average futures (YM=F) inched up 0.1%, reflecting a cautious tone after last week's record-setting rally in growth names. The Nasdaq advanced 1.5% last week, while the S&P 500 added 0.6%. The Dow lagged, finishing slightly negative. Investor focus is dominated by two topics for the upcoming week: policy clarity on trade and earnings from tech heavyweights. On Sunday, Commerce Secretary Howard Lutnick reaffirmed the White House's August 1 deadline for new tariffs, calling it a "hard stop" for compliance — before saying that he's looking at continued conversation beyond that date. Read more on Yahoo Finance Average UK house price down £5,000 The average price of a UK property coming to the market in July dropped by 1.2% to £373,709 in the largest monthly price drop at this time of year recorded in over 20 years of data, as new sellers lower their price expectations, according to Rightmove (RMV.L). According to the property site, this month's price drop of £4,531 comes as sellers lower expectations to catch buyers' attention amid a high supply of homes for sale. London, the country's largest regional market, leads the charge in price reductions with an overall drop of 1.5%, driven largely by Inner London, where prices fell by 2.1%. This market shift comes as sellers in the capital react to external factors, including changes to stamp duty and tax rules, while also trying to compete for the growing pool of potential buyers. Despite the price reductions, buyers are still active, with the number of sales agreed up 5% compared to this time last year. Furthermore, inquiries from potential buyers are 6% higher than in 2023, indicating continued demand. At the same time, affordability is improving for many buyers, helped by lower mortgage rates and rising wages. Read more on Yahoo Finance UK The average price of a UK property coming to the market in July dropped by 1.2% to £373,709 in the largest monthly price drop at this time of year recorded in over 20 years of data, as new sellers lower their price expectations, according to Rightmove (RMV.L). According to the property site, this month's price drop of £4,531 comes as sellers lower expectations to catch buyers' attention amid a high supply of homes for sale. London, the country's largest regional market, leads the charge in price reductions with an overall drop of 1.5%, driven largely by Inner London, where prices fell by 2.1%. This market shift comes as sellers in the capital react to external factors, including changes to stamp duty and tax rules, while also trying to compete for the growing pool of potential buyers. Despite the price reductions, buyers are still active, with the number of sales agreed up 5% compared to this time last year. Furthermore, inquiries from potential buyers are 6% higher than in 2023, indicating continued demand. At the same time, affordability is improving for many buyers, helped by lower mortgage rates and rising wages. Read more on Yahoo Finance UK Good morning! Hello from London. Lucy Harley-McKeown here, gearing up to bring you the latest markets and economics headlines. This morning we have an update on UK house prices and also a trading statement from budget carrier Ryanair ( Trade tensions between the EU and US are also hotting up, so we'll be watching that, too. Let's get to it. Hello from London. Lucy Harley-McKeown here, gearing up to bring you the latest markets and economics headlines. This morning we have an update on UK house prices and also a trading statement from budget carrier Ryanair ( Trade tensions between the EU and US are also hotting up, so we'll be watching that, too. Let's get to it. 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
17 minutes ago
- Yahoo
Trump Threatens Washington Commanders' RFK Stadium Deal Over Team Name
A Washington Commanders jersey displaying President Donald Trump's name sits in the Oval Office of the White House on May 5, 2025, as Trump announced Washington, D.C., would host the 2027 NFL Draft. Credit - Jim Lo Scalzo—EPA/Bloomberg/Getty Images 'Our country has far bigger problems! FOCUS on them, not nonsense,' Donald Trump tweeted in 2013. Then-President Barack Obama, Trump said, 'should not be telling' Washington, D.C.'s NFL team 'to change their name.' But now, there is a need to focus on the nonsense, it seems. As President Trump continues to try to turn attention away from scrutinizing his relationship with the late alleged sex trafficker Jeffrey Epstein, he posted twice on his Truth Social platform on Sunday about the name of the football franchise in the nation's capital as well as that of the MLB team in Cleveland, Ohio. 'The Washington 'Whatever's' should IMMEDIATELY change their name back to the Washington Redskins Football Team,' he posted. 'There is a big clamoring for this. Likewise, the Cleveland Indians, one of the six original baseball teams, with a storied past. Our great Indian people, in massive numbers, want this to happen. Their heritage and prestige is systematically being taken away from them. Times are different now than they were three or four years ago. We are a Country of passion and common sense. OWNERS, GET IT DONE!!!' In a follow-up, Trump added: 'I may put a restriction on them that if they don't change the name back to the original 'Washington Redskins,' and get rid of the ridiculous moniker, 'Washington Commanders,' I won't make a deal for them to build a Stadium in Washington. The Team would be much more valuable, and the Deal would be more exciting for everyone. Cleveland should do the same with the Cleveland Indians. The Owner of the Cleveland Baseball Team, Matt Dolan, who is very political, has lost three Elections in a row because of that ridiculous name change. What he doesn't understand is that if he changed the name back to the Cleveland Indians, he might actually win an Election. Indians are being treated very unfairly. MAKE INDIANS GREAT AGAIN (MIGA)!' (Dolan, a Republican who served five years in the Ohio House of Representatives and eight years in the state senate and whose father purchased the Cleveland baseball team in 2000, ran unsuccessfully for U.S. Senate in 2022 and 2024.) Amid widespread concern about social injustices across the U.S. in 2020, both the Washington Redskins and Cleveland Indians decided to change their controversial names out of respect for Native Americans. Washington became the Washington Football Team that year, and in 2022 adopted the name the Washington Commanders, while the Cleveland Indians transitioned to its current name, the Cleveland Guardians, in 2021. Read More: A Linguist's Analysis of the Redskins Defense Trump was never a fan of the name changes, tweeting in 2020: 'They name teams out of STRENGTH, not weakness, but now the Washington Redskins & Cleveland Indians, two fabled sports franchises, look like they are going to be changing their names in order to be politically correct. Indians, like Elizabeth Warren, must be very angry right now!' (Sen. Warren, a Massachusetts Democrat, has been mocked by Trump and other Republicans for her claims of Cherokee ancestry.) Trump's urging of the sports organizations to reverse their rebrandings comes as his second-term Administration has targeted diversity, equity, and inclusion initiatives in both the public and private sector. Speaking to reporters Sunday, Guardians' president of baseball operations Chris Antonetti said, 'We understand there are different perspectives on the decision we made a few years ago but obviously it's a decision we made. We've got the opportunity to build a brand as the Guardians over the last 4 years and are excited about the future.' The Commanders did not immediately issue a statement, but earlier this year, controlling owner Josh Harris said his team had no plans to change its name again. 'In this building, the name Commanders means something,' Harris said during a February press conference. 'It's about players who love football, are great at football, hit hard, mentally tough, great teammates.' It's unclear whether Trump has the authority to upend a deal that the Commanders and D.C. Mayor Muriel Bowser announced in April to return the team in 2030 to its former home at the capital's Robert F. Kennedy Memorial Stadium after having moved to Landover, Md., in 1997. Amid years of discussions about redeveloping the storied-but-defunct sports and events campus, Trump's predecessor, Joe Biden, signed into law in January a bill that transferred the land of the RFK Stadium from federal to local control for the next 99 years. Still, earlier this month, as some members of the D.C. Council expressed skepticism about the timeline and financing of the mayor's deal with the Commanders, Trump suggested he could intervene if the council doesn't approve it. 'It's a very important piece of property. It's a great piece of property,' Trump said, referring to the RFK Stadium site, 'You know, ultimately we control that. The federal government ultimately controls it, so we'll see what happens.' Contact us at letters@
USA Today
18 minutes ago
- USA Today
Trump is racking up GOP wins no one else could. What do Never Trumpers say now?
For all the hand-wringing over Donald Trump in the past decade, I think his detractors on the right need to take a moment and consider what this president has accomplished. He'll destroy the Republican Party. He'll end democracy. He's not a conservative. He's a bad guy who can't be trusted. For all the hand-wringing over Donald Trump in the past decade, I think his detractors on the right need to take a moment and consider what this president has accomplished. He's racking up huge conservative wins that no other Republican president in modern history has come close to matching. What others only talked about, Trump is doing. I'll walk you through some of the biggest wins. Trump assassination attempt: Trump almost died a year ago. That moment changed the direction of America. | Opinion Taxpayers are now free from funding liberal NPR. Hallelujah. I've advocated for ending taxpayer funding of NPR and PBS for years. So it came as welcome news that Congress last week finally rescinded funding for these progressive outlets. From the start of his second term, Trump made it clear this was a priority for him. And he worked with the slim GOP majority in Congress to make it happen. House Republicans made it official on July 18, voting to axe about $1 billion in federal funding for the Corporation for Public Broadcasting, which allocates the funds to stations across the country. 'This vote is an unwarranted dismantling of beloved local civic institutions, and an act of Congress that disregards the public will,' Katherine Maher, president and CEO of NPR, complained. Here's the thing. If the stations are so beloved by their local communities, then local residents and businesses are more than welcome to donate to the cause. NPR has a right to exist. That doesn't mean it has a right to my tax dollars. | Opinion But there is not a First Amendment requirement for the government (taxpayers) to fund any specific outlet – especially one that so glaringly ignores the perspectives of half the country. This has been a purported Republican goal for years, but squishy conservatives facing reelection didn't want to be the ones to pull the plug on Big Bird. In fact, according to PBS, every Republican administration (save for Gerald Ford) has sought to cut funding for CPB since its inception in 1967. Only Trump succeeded. Finally! Penn will erase trans athlete's records. But are they just biding time? | Opinion Trump is dismantling the Education Department, like Reagan wanted to do As he promised, Trump is also working to dismantle the U.S. Department of Education, a behemoth of bureaucracy that has done nothing to improve education in the country. Last week, the U.S. Supreme Court greenlighted his efforts to slash the department's workforce in half, an action that began in March with an executive order. Trump celebrated the victory on social media, saying his administration can follow through with his goal of giving 'the Power back to the PEOPLE' in regard to education. Betsy DeVos, who served as education secretary during Trump's first term, has told me that she is 100% on board with closing the Education Department and empowering the states, which should be the level of government that oversees public schools. Much of the work the department does could easily transfer to other branches of government, as it was done before the Education Department's creation in 1979 under Democratic President Jimmy Carter. Since that time, Republicans have regularly advocated for doing away with the department. Opinion alerts: Get columns from your favorite columnists + expert analysis on top issues, delivered straight to your device through the USA TODAY app. Don't have the app? Download it for free from your app store. President Ronald Reagan, the darling of conservatives, talked about doing this in the 1980s, although he didn't follow through. In 1996, the Republican Party platform included abolishing the department and ending 'federal meddling in our schools' and promoting school choice. Yet, it took Trump to get the job done. He's also taken a strong lead in expanding education options for families. The 'big, beautiful bill' he just signed into law creates the first federal private school choice tax credit program. Education system is failing: Trump trusts parents to know what's best for their kids. What a concept! | Opinion As the American Enterprise Institute's Nat Malkus told CNN, 'Trump's big changes in education are the federal retreat many conservatives have long called for, with some new attacks added in for good measure.' And don't forget about Roe v. Wade Last but not least, Trump is the one to thank for the overturning of Roe v. Wade in 2022. Since 1973, when the Supreme Court fashioned a constitutional 'right' to abortion, conservatives had fought hard to overturn it. During his first term, Trump had the exceptional opportunity to appoint three Supreme Court justices, which effectively sealed the court's conservative majority for years to come. His excellent choices of Neil Gorsuch, Brett Kavanaugh and Amy Coney Barrett paved the way for the groundbreaking decision that gave abortion regulation back to the states, where it belongs. The Never Trumpers have told us Trump is bad news for the Republican Party. Those of us who line up on the right can't look at these significant conservative wins, however, and not be thoroughly impressed. Ingrid Jacques is a columnist at USA TODAY. Contact her at ijacques@ or on X, formerly Twitter: @Ingrid_Jacques You can read diverse opinions from our USA TODAY columnists and other writers on the Opinion front page, on X, formerly Twitter, @usatodayopinion and in our Opinion newsletter.
