
Are Respectability Politics Over? - The Assignment with Audie Cornish - Podcast on CNN Podcasts
00:00:01
I'm Audie Cornish, and this is The Assignment. At this point, it's clear Democrats are taking a different approach in the age of Trump 2.0.
Jolanda Jones
00:00:09
I'm a lawyer. A part of my practice is criminal defense work. There is no felony in the Texas Penal Code for what he says. So respectfully, he's making up some shit.
Audie Cornish
00:00:21
This is Jolanda Jones. She's a Texas state rep and is among that group of Democrats who fled their legislative session to shut down votes on new Republican redistricting maps. And he has no
Jolanda Jones
00:00:33
legal mechanism, and if he did, subpoenas from Texas don't work in New York, so he gonna come get us how? Subpoenas in Texas don't work in Chicago, he's gonna come and get us, how?
Audie Cornish
00:00:43
Jones is also running for Congress, and with her blonde, short afro, hoop earrings, and the mantra, authentic and unafraid, she's the opposite of, say, a Kamala Harris. Similarly, Texas Democrat Jasmine Crockett got the National Magazine profile treatment. You may already be familiar with her more viral work.
Jasmine Crockett
00:01:05
'If someone on this committee then starts talking about somebody's bleach-blonde, bad-built, butch body, that would not be engaging in personalities, correct? A what now?
Speaker 4
00:01:16
If you could tell Donald Trump anything tonight, what would you tell him?
Jasmine Crockett
00:01:22
I would tell him to grow a spine and stop being Putin's hoe.
Audie Cornish
00:01:29
'The Atlantic called Crockett a Democrat for the Trump age, embracing a coarser style of politics already all the rage in the GOP. So how, why did the multicultural generation of politicians that followed Barack Obama dump respectability politics and embrace the fighting words of Donald Trump? Stay with us. The politics of respectability are not, well, respected these days. It originated in post-Civil War and World War II racial uplift movements. The idea was that pristine presentation and education and good breeding would help black people be seen first as human and, later, worthy of civil rights. Today, young people brush it off as a kind of pull-up-your-pants scolding from political elders. The shift from respectability politics to the politics of dark, woke clapbacks is usually the kind of thing I would be asked on TV as the only black person on an all-white panel.
Jasmine Wright
00:02:37
Now there's two.
Audie Cornish
00:02:39
Now there are two. This is Melik Abdul. He's a Republican political analyst. And journalist, Jasmine Wright. She works for the NOTUS newsletter here in Washington. She covered Kamala Harris in both the 2020 and 2024 campaigns. And she's young, like young enough that she actually couldn't vote when Barack Obama ran for president in 08. Melik Abdul was old enough to vote for Obama, which he did twice. But in 2016, he left the Democratic Party and voted for Trump. Which he's done three times now. Notice that I situated both in relation to Barack Obama, because I don't know, it just seems like any conversation about modern respectability politics starts with him. One of the things people forget is that when the Obama family came out, was presented to America, there was a conversation about the presentation themselves, who they were. And I remember the New Yorker cover, which was supposed to be satire
Melik Abdul
00:03:39
The gun.
Audie Cornish
00:03:40
Where it showed the couple in the White House where Obama was depicted as kind of Osama, like in Muslim garb. And Michelle Obama was depicted as having an afro and black panther gear, which is like the furthest possible thing from this woman who went on to tell us when they go low, you go high, I think. So the reason why I set the table with that is even at the time of Obama, There was this conversation about like. What would make you acceptable? What would make not threatening as black people in public? And we were all like reckoning with that in real time.
Melik Abdul
00:04:21
And reckoning with that in real time is a very good way to describe it. And when I say I still consider myself the founder and forever CEO of the Obama nation, like how much I went hard for Barack Obama just cannot be described in words. And I remember when he had to talk about race.
Audie Cornish
00:04:42
He had to get a formal speech about it, yeah.
Melik Abdul
00:04:43
Yeah. Yeah. And it was related. I think that was around the Jeremiah Wright time. And we remember the comments that Jeremiah Wright made.
Jeremiah Wright
00:04:51
No, not God bless America, God damn America. The Bible for killing innocent people. God damn America for treating our citizens as less than human beings.
Barack Obama
00:05:03
I made it clear at the time that I strongly condemned his comments. But because Reverend Wright was on the verge of retirement, and because of my strong links to the Trinity faith community, where I married my wife and where my daughters were baptized, I didn't think it was appropriate to leave the church.
Melik Abdul
00:05:18
And even me, as a huge Barack Obama supporter, I was saying to myself, whoa, whoa. What is, what are we doing here? But this was one of the things that he had to do.
Jasmine Wright
00:05:28
Yeah, but I feel like black people were like, hmm, we'll accept that. Yeah, I mean, the community was like, this has to happen so that he could be president. So we're fine with this. You know, I think that at the same time that you can assign Obama blame for saying that I think the community largely accepted that and moved on because that was the price of him ascending to power and him marking this new chapter. For black people in this country. So I think a lot of the things that, yes, he did do, but the community also let him get away with it.
Audie Cornish
00:06:04
One of the things about the Jeremiah Wright incident is obviously there was like bigotry there, people were talking about et cetera. I think the other thing was the undercurrent of anger that Obama, who later it became a joke about his disposition, was distancing himself from the angry black man trope. Whatever the heck Jeremiah Wright was saying, that was not a figure that was going to be acceptable. In the world of respectability politics in which you are trying to cross over, you're trying to appeal, you are trying to show you are different and not a threat. And it's weird to be looking back at that now in a moment where you have more and more name calling, like vicious commentary, like the kind of tough language that we were all like, oh, how dare you, you know, at that time. Seems like a typical day on social media now.
Melik Abdul
00:07:01
'Oh, absolutely now. And with Jeremiah Wright, it was part of a sermon where he was talking about us bombing Hiroshima, and he talked about a lot of the things that America was doing. And in that he said, God damn that America. And he was talking about America that had done all of those things. It was interpreted in a much different way. And I agree, Jasmine is right. That was part of the protection that we gave Barack Obama. Jeremiah Wright, bro, you're messing it up for Barack Obama, so we just went along with that. And by the time you got to Kamala, and I think that Kamala Harris and Cory Booker are polar opposite from Barack Obama because I was a believer of Barack Obama like I believed him. And with Kamala-Harris, I understand that there is a. Woman component to that, but also a black woman component to that. So she is very buttoned up because that was the standard. And I would say not just for black women, but for women in politics in general, when you come here to Washington, DC, you are buttoned-up. And even though you may be progressive in your voting, you are very conservative in how you present yourself. And that was out of necessity. I don't think that same necessity is there now, which is how we get to a Jasmine Crockett. She not caring about, you know, toeing any type of respectability line. The thing is whether or not it actually works for her, I'm not convinced.
Audie Cornish
00:08:27
Right. And Jasmine Crockett, of course, is the sophomore congresswoman from Texas. And she's one of the reasons why I wanted to have this conversation, because there was this big profile of her in the Atlantic where they talked about her being a Democrat for the Trump age. But some of the things they were pointing out is that in a way, she reached national prominence because, like, she's really also good at insulting Republicans and insulting Trump. And some of those things have come back to bite her. Famously, she called Marjorie Taylor Green, she accused her of having a bleach blonde bad built butch body. Say that six times. But if you can't, I think they sold them as t shirts. She's called Trump, Putin's hoe, a dictator, a wannabe Hitler, and even said that she's called them so many things she's running low on inventive insults. What she's also said is like, in a way she argued that she's speaking the language of the moment, that she is. Punching through in this very crowded marketplace of the attention economy. And I thought, oh, I can't imagine Kamala Harris doing any of this.
Jasmine Wright
00:09:39
Yeah, I mean, I think just to go back to the Colbert interview, right?
Kamala Harris
00:09:44
Recently, I made the decision that I just, for now, I don't wanna go back in the system. I think it's broken.
Jasmine Wright
00:09:52
That is the version of Kamala Harris that we saw in 2024. And you're right, I think in this economy, even though it's only been, you know, eight or nine months, I think we have moved past that. And the country has moved past that in part dragged by Donald Trump. I don't think it's just,
Audie Cornish
00:10:05
And we say attention economy, we should say specifically, like that ability to command attention and earned media that Trump pretty much blew everyone out of the water when he came out of scene in doing that.
Jasmine Wright
00:10:17
Exactly. And I don't think it's just black people that have moved further away from respectability politics. I think it is actually all people involved in this political moment, in part because that language that they used just two years ago doesn't work anymore. I don t even know if Tim Walz calling Republicans weird would work in this moment right now because it is not fiery enough. I think that the Vice President, you know, she has consistently been careful, she has consistently wanted to use language that at times feels crowdsourced, maybe because it is, but because it offends the least, but says the most for her. I think that she has constantly had this pressure on her shoulders about what it is to be the first black woman in various positions that she's had, and it has caused her to, in some ways, second guess, a lot of what you would want to say in the public arena. And for a lot of people, that feels inauthentic, that feels not candid enough for what they want from her. I remember somebody telling me once that when she is speaking, you know, at a panel or in these speeches, and it feels like she's wandering through her thoughts, what some people now call word salads, it's because she is literally choosing the right words to say in her brain at the same time that she is speaking. And so this is somebody who believes in this idea so deeply that your words matter and that any inaccuracy in your words is telegraphed to the most amount of people in the worst way possible. I don't think that many other people right now have those same careful considerations about what they're saying.
Audie Cornish
00:12:05
To your point earlier, it's not just a black politics thing. But in a way, that's why I wanted to talk about it because it has finally reached black politicians. So for a long time, we've seen the dirt bag left, which is where people are being like, ironic, I'm not really racist, I'm just saying this thing. Like it's part of a kind of a white movement in progressive circles. And then this year I was reading about dark woke, right? Which was the idea of like, for a Democratic party that had spent all its time, kind of what people would say, policing language around racial and gender politics. Now they were like, you know, we are gonna insult people too. We're gonna have fun too. We know how to have a laugh, we're not scold. I was reading this New York Times story about it and my favorite quote is this one where this former kind of digital director for the Wisconsin Democratic Party says, Republicans have essentially put Democrats in a respectability prison. And that an extreme imbalance in strategy that allows Republicans to say stuff that really grabs voters' attention, and we're stuck saying boring pablum.
Melik Abdul
00:13:14
Yeah, you know, I'll say that social media is a just a cesspool like Twitter. It's just a
Audie Cornish
00:13:21
Great review. Yeah.
Melik Abdul
00:13:22
It has become financially profitable and it also gets you social media capital to be just as nasty as you want to be. And in this era of Donald Trump, and I use myself as a Black Republican, being moderate won't get you booked many places. That's why I mentioned I've been doing this for years. And so it doesn't matter how many times I've be critical of Donald Trump, which is often, or support Donald Trump. At the end of the day, there's nothing sexy about it. So the easiest thing that you had to do, whether you came from the Democratic Party or you just found Donald Trump in your politics is throw on a MAGA hat and you're gonna get booked on social media. Particularly I'm talking about conservative outlets like Fox News and others. Like I couldn't get on Fox News if I wanted to simply because I am not critical enough of Donald Trump and then I'm not supportive enough of Trump for them. So in this space, people want drama, they want nastiness and those are the things and you see and that's what Jasmine Crockett is playing to.
Audie Cornish
00:14:31
Sorry Melik, but can I ask something that I've often wondered? People used to joke when Trump came around that like, oh boy, like you could not have a black candidate with three baby mamas and a trail of bankruptcies. Like respectability politics meant a bunch of people who have Donald Trump's same exact resume, persona and attitude are just completely like precluded from politics. Like you're not an option behaving this way.
Melik Abdul
00:15:00
No, and that's totally right. And even looking back, I do say, you know, some of the things that I said, well, Barack Obama couldn't do that. But at the same time, I say, well, Barack Obama didn't try to do it. You know, he did.
Audie Cornish
00:15:12
Could he have?
Melik Abdul
00:15:13
He he did get some pushback. I remember.
00:15:15
No, I don't think he could have. No, no, I feel like all he did was sort of like play basketball and was like hey brother and like give dap around but like There's only so far he could go
Melik Abdul
00:15:27
Yeah, we saw what Barack Obama did when it came to Henry Louis Gates. He got pushed back for telling the truth about a police officer acting stupidly. That's just what happened when you're arrested in the front door of your own home. We saw it again, which when he said that my my son could look like Trayvon Martin. If you listen, even to this day, the number of people who say that Barack Obama divided the country because he was all about race when he told the truth. So yeah, there are many things that Barack Obama would have gotten pushback, but I say this as somebody, you know, on the other side now, I also know that he didn't try. Like with Jasmine Crockett, she goes all in. Now we can say that she shouldn't be doing it. It's not an appropriate thing for her to do. But she's not concerned about how people view her because she's really speaking in this moment. And maybe what it is is that Barack Obama was the president who happens to be black, But I just think that things are much different now. But I don't think if another black candidate runs for office that they would be so restricted or they would restrict themselves in the same way.
Audie Cornish
00:16:32
Let me let Jasmine jump in. I saw your finger up Jasmine, which is
Jasmine Wright
00:16:35
'I think you can say that, but even now, I mean, Jasmine Crockett is continuously being called ghetto by both the right and sometimes the left being called hood. They view her as inauthentic because at one point maybe she talked with a little bit more respectability politics a few years ago than she is now. And so people are calling her out for potentially putting on errors. And so I think that there's a question to ask, and maybe this is not necessarily about black women, but it is about women in general, you know, or about both. But, you know, if you don't like the careful consideration that Kamala Harris displays, but you also don't, like the rambunctious, outwardly antagonistic, insulting appearance and all that kind of stuff that Jasmine Crockett displays, then where is the middle? What do people like? I think that Jasmine Crockett is is being rung through the ringer right now, and I'm not saying that that's good or bad, I'm just saying that people are consistently, Republicans are consistently even some Democrats behind the scenes are consistently ragging on her for this type of personality that she is putting forward saying, yes, that messages - this what somebody said in the Atlantic - yes, that messages well to some part of our base, but it's not for other parts of our base. And so I think that there is consistently this compartmentalizing of black women in the political spectrum. And it comes from both sides, both a Kamala Harris and a Jasmine Crockett. And so I think that maybe the answer is that the country doesn't know what type of black women they want.
Audie Cornish
00:18:10
I'm talking with reporter Jasmine Wright and political analyst Melik Abdul. We'll be right back. To your point about people talking about her, I guess I'll call it code switching, like the woman has, you know, a JD in like three states and the federal government. She was in the Texas legislature. You know, at a certain point, she played whatever game it's very clear to be in these spaces, it's Texas for God's sakes.
Jasmine Wright
00:18:42
And it doesn't necessarily fit into the boxes in which people believe that they should. I mean, I think that this is, I think you can call it code switching. I feel like there's probably a term that's like more aggressive about the way that she's going about it. But I think people have a lot of thoughts about Jasmine Crockett, and I don't think that they're necessarily positive. She obviously lost oversight. It's not just because of her personality. It could be because of experience and other things. But part of it is because of personality. And so I don't think that
Audie Cornish
00:19:08
Being on a key committee, you mean, right? And I think she pointed out, look, Marjorie Taylor Greene, they put her out there. They're not like, oh, you're too much, go away.
Jasmine Wright
00:19:18
Go away. She made a great point that Marjorie Taylor Greene acts a certain way and nobody, she said, in the Republican caucus actually likes Marjori Taylor Greene, these are her words. But she said they recognize her importance in the republican conversation and the republican movement. And so they put her on a bunch of important house committees. Democrats have not done the same for Jasmine Crockett, who I think she's basically saying that she fulfills the same. We have two examples from very two different sides of the pendulum here and neither are completely accepted in this new political moment that we have. And so my question is, what version of a black woman do politicians want to see? Because I don't think that it is either of these two right now.
Melik Abdul
00:20:08
Yeah, so I'll say I think that Jasmine Crockett, so MTG appeals to a certain
Audie Cornish
00:20:14
Well, no, no. Hold on a second. Can you answer that question that we're hearing here? Because a lot of black men have voted for Trump, right? Like a lot of black men disliked Kamala Harris for a variety of reasons related to policy. But there's also this right here. It's also this thing where like I, too, don't know what would be the version that would be acceptable even to black men in my cohort.
Melik Abdul
00:20:44
Yeah, so if you think of, you know, I don't know the perfect answer to that, and a lot of that may be having to do with the fact that we haven't seen it. We could have talked about the person who would have become the first black president, but we wouldn't have probably assumed that that would be Barack Obama, just because you know different backgrounds. So I don't know when it comes to black women, because I haven't see it yet.
Audie Cornish
00:21:08
Yeah, but there's so many black women lawmakers out there, like, that's not...
Jasmine Wright
00:21:11
I disagree with this idea that we wouldn't know that Barack Obama would be the version of the first black president. I mean, if you just look at his credentials, if you look at this personality, that is a version of a black person who could be the first black president. He's so amiable. He is so willing to take on what people perceive as racist comments and flip them in kind. He so quick on his feet. He's so gregarious. I just don't know if that is, sure, we did.
Audie Cornish
00:21:39
Yeah, that was not a resume anyone looked at and said, this person doesn't want to be president, right? Like he immediately wrote a book in the Senate, like.
Jasmine Wright
00:21:47
He was in the Senate for four years talking so whimsically about what the nation could be under the correct president or presidential rule. So I don't know if I actually buy that, that we couldn't see that this is a person that could be our first black president.
Melik Abdul
00:22:00
No, and what I'll say to that is that it wasn't until we saw him at the DNC convention, I think it was in 2004, that we saw a different representation of what a national Black politician would look like. Prior to that, it was those who were vested in the civil rights. Al Sharpton, Jesse Jackson, those were like the archetypes. Until we saw Barack Obama, it's like, oh, wow. And that's why I mentioned Kamala. There are a number of Black politicians, black women, of course, who are out there. I think that the biggest problem for Kamala Harris is that she's not politically agile. And because she's not, she looks uncomfortable in these spaces. So where a Hillary Clinton or a Jasmine Crockett or any of these other women are able to pivot just on a dime. You throw them something, they're gonna throw something back at you. Kamala, Harris, where she's very thoughtful. And I think because Kamala Harris is not a natural.
Audie Cornish
00:22:59
Yeah, retail politician. Retail, yeah.
Melik Abdul
00:23:01
Retail. Yeah, a retail politician. That's what we see. And then unfortunately, she's judged, you know, by that.
Audie Cornish
00:23:09
I had a few, like, moments because I have one foot in Gen X and sort of one foot in millennial and I was thinking about, you know, W.E.B. Du Bois and double consciousness and this idea that for a time you were conscious of how you were seen as a Black person. I see myself, I also know how other people are perceiving me and I have to modulate, curate. Try and align those things. Like our way of, at times, trying to make sure that what we are saying is being heard the way we are actually fricking saying it. And for her, that that is compounded in the national spot.
Jasmine Wright
00:23:51
Yeah. I mean, it's like extrapolated to the millionth degree. I think somebody who has spent so much time watching her, covering her for, you know, six years, to your point of like not being politically agile. Yes, I agree. I think that Hillary Clinton, while she was a little bit, you know, maybe more specific on certain substantive, particularly when we're talking about foreign policy, maybe even on the economy, there were still consistent critiques. That she was a different person in private, that she a much more comfortable person in the private, and that what she was trying to display to the public never actually got there. I think that the former vice president is the same way. I have spent a lot of time with her.
Audie Cornish
00:24:33
Kamala Harris would have been the perfect candidate for 1996 in terms of black candidates, right? Like a law and order black Democrat, totally quaffed, the smooth hair, like it was for that age. We are now in a different age and generationally, particularly on the left, but I would argue also on the right, people want something different because they have spent years watching social media. So you kind of want your politicians to be able to do it too. It's like the generational version of, to bring back George W. Bush, like would you want to have a beer with this person? Some of it is like, do you speak the language of the internet? Like, do you know how to clap back? If we're in this moment of dark woke, if we're this moment matching Trump's energy, then respectability politics has no place in this, right? And I reached out to a Democratic strategist, a black Democratic strategists to be like, hey, this is a story, would you want to be in it? And they basically were like, sorry, I'm the wrong person. I wish there was more respectability politics. I don't want to deal with these people. Talking about kind of young Democratic activists, like most sane people, who wants to be called names? Yeah. And I was like, I think people Are afraid of the youngs a little bit
Jasmine Wright
00:25:59
I mean, the youth are snappy, they're going to get you. And I just say, you know, all this last thing about the vice president, but Kamala is somebody who can snap back as somebody who has been in private. She has snapped back on me multiple times, but I think it's just a fear of being perceived a certain way and part of being perceive to black, maybe. But yes, I think that there's a generational shift and I think what it requires of somebody the vice president's generation or somebody who maybe thinks like the vice president is this idea of radical honesty, like what people, particularly young people want as someone that can be transparently honest about what is happening in society and being able to relate that back to them in a way that is plain smoke spoken and in a way that feels authentic and candid. And I don't think that those three things are what people necessarily think about with somebody like. Vice President Harris, but it is something that people think about with Jasmine Crockett, even if it's not put in the most polished box. So I don't know if I have an idea of like who would be the best version of somebody who could fill what is not necessarily respectability politics, but maybe like the new evolution of it, which is being honest, being open, but also, you know, not taking crap from somebody. I don't know who that is, but I think that that's what people want.
Audie Cornish
00:27:20
Maybe it's Republicans. I mean, Melik, when I think about the irony, when I look at the Republican side of the leisure, is that some of the, like, really fascinating young Black politicians out there, especially in Congress, they feel more like Obamas than Crockett's.
Melik Abdul
00:27:37
'I think that that is just the more moderate to the extent it exists nowadays in the party. I think it's people who are much more moderate. We will never have another Donald Trump. You've seen many people try to be Trump-like and go on to lose over and over again.
Audie Cornish
00:27:53
But why are they picking that model if you're in an era where Trump has built a coalition that does include more black and brown men, Why still present yourself in the model of the Obama era? Like why isn't there a version that is closer to what people are experiencing
Melik Abdul
00:28:10
Yeah. So I wouldn't say the it's more of an Obama era or even respectability politics. I think this is just different politicians. Like Donald Trump is such a, and I keep going back to being a once in a lifetime, we'll never see someone as a, as combative, nasty when he wants to be as Donald Trump.
Audie Cornish
00:28:30
But I don't think we're gonna be in a more moderate politic. I mean, not to be cynical as a reporter, but it just feels like that is over. I think I was reading a profile of Eric Adams and one of his like very key advisors. And she was quoted as saying like, when they go low, you dig for oil. And I was like, You know, it's done. It's done, like people are not playing the nice game anymore. And often when I hear the phrase respectability politics, it's from younger people as an insult. It is a little bit like, ugh.
Jasmine Wright
00:29:14
It's basically them saying that people aren't being transparent. They can't really say what they want to say. Their delivery is boring, and it's basically untethered to the reality that they exist in now. It doesn't shape young people's lives in the way that it shaped people's life generations before us. They no longer feel tethered the idea that what they say has to be crowdsourced for approval, and they've also grown up in the age of Trump. Where they've seen one politician continuously be successful, also not adhering to this idea of respectability politics.
Audie Cornish
00:29:50
'I mean, and also, I guess it's like no matter what you do, what's said of you will be the same, right? So one of the things about respectability politics, yeah, like it has its roots and sort of black feminism, 1800s, but the idea was like racial uplift. And if you behave a certain way, social codes that you adhere to, and to be clear, this came from black women in particular, when people look at the history of it. This was key to being seen as human. This was key, to navigating public space. This was the key to navigating politics when you're demanding the right to vote. Later on, during the civil rights period, if someone turns a dog on a person in a tie, the person who looks unhinged is the cop who turns the dog on the protester, right? Not the protestor. It was always trying to show dignity, even in extreme circumstances. And it feels like- for a younger generation that has not grown up with any of that concern. As you said, they've kind of grown up in the era of like, well, no matter what you look like or what you do, you could still be harmed in a police stop. You could still called low IQ by the president of the United States. Like, it doesn't matter. And as a result, they seem a little more nihilistic about that racial uplift ideology.
Jasmine Wright
00:31:12
I mean, but I think that's also coupled with young people growing up in a time where we have high inflation and where access to college has been basically upended by this idea that you're going to just be saddled with student loans, no matter what you do, where you go for the rest of your life. That young people haven't been able to really purchase housing at a consistent rate since 2007. I mean I think then it's all coupled together with their economic reality. That nihilism is being fueled by the fact that they feel that their options are really dwindling and that they can no longer have the lives, the same lives that their parents had. So what do I care if I curse in public? And I think that one thing that if we look at the policy effect of respectability politics, it's that so often what people are looking for is just a straight and honest answer. And at times respectability, politics inhibits. You're not able to say the straight and honest answer. But any time that you talk about young people, you can never divorce this economic reality that they're living in, which is so much more different than what the grandparents have.
Audie Cornish
00:32:19
Because you can't reach that Obama level in a way. Because it involves a house, a wife, a college degree. Yeah, exactly. Well, I think when it comes to whatever black and brown candidate that might come along, I also think what they won't need is an anger translator. If anyone remembers that joke from Key and Peele where the comedian is standing behind Obama being his real self, right? Like, I think. Whoever comes next in this generation of politicians, black and brown politicians, maybe they won't need that translator. Maybe they will get to be one person themselves. Yeah, I agree. Jasmine Wright and Melik Abdul, you can catch Jasmine's White House reporting at notice.org. It's a nonprofit, nonpartisan organization that's part of the Allbritton Journalism Institute. And Melik Abdul is a GOP strategist. I wanna thank you both for coming on the show today and I wanna think you all for listening. See you next week.
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US stocks trimmed losses on Thursday as President Trump's sweeping tariffs hit dozens of US trade partners after his self-imposed deadline for countries to strike deals expired. Meanwhile, Trump also previewed coming chip tariffs, suggesting a carveout could benefit Big Tech companies. The tech-heavy Nasdaq Composite (^IXIC) rose 0.2%, while the S&P 500 (^GSPC) dropped 0.2%. The Dow Jones Industrial Average (^DJI) also reversed course to trade down 0.5%. On Thursday afternoon Trump announced Stephen Miran, the current chairman of the Council of Economic Advisors will serve on the Federal Reserve Board of Governors until Jan 31, 2026, after Adriana Kugler resigned last Friday. Trump's deadline for trade deals landed at 12:01 a.m. ET on Thursday. Imports from nearly 200 countries now face duties ranging from 10% to 50%, and the overall average effective tariff rate is projected to jump to 18.6%, according to the Yale Budget Lab, the highest since 1933. Read more: The latest on Trump's tariffs Meanwhile, Apple (AAPL) shares climbed Thursday as Trump and CEO Tim Cook announced the company would make a $100 billion investment in the US. As part of the deal, Apple will manufacture the cover glasses for iPhones and Apple Watches in Kentucky. At the same time, Trump's comments that he'd exempt some companies from his plans to place 100% duties on semiconductors gave tech stocks an overall boost for a second consecutive day. Nvidia (NVDA) stock rose around 0.7%. Stocks pared gains in the early morning session after Bloomberg reported Federal Reserve Governor Christopher Waller is "emerging as a top candidate" to serve as the central bank's next chair. Trump is expected to announce a replacement for departing Fed governor Adriana Kugler in the coming days. Meanwhile, another wave of earnings flooded in Thursday morning. The reports featured a tariff warning from Toyota (TM), which said in its first quarter results that the impact of US tariffs will be some $9.5 billion. Among other notable corporate giants to report, Eli Lilly's (LLY) disappointing results of its much-awaited oral GLP-1 pill trial sent the stock down 14% despite posting better-than-expected earnings for the second quarter. Also on Thursday, 1.974 million continuing claims for unemployment benefits were filed, reaching their highest level since November 2021. The state of the labor market is in high focus following a disappointing July jobs report and downbeat revisions to the May and June jobs reports. Trump chooses Stephen Miran to serve on Federal Reserve Board President Trump announced Dr. Stephen Miran, the current chairman of the Council of economic Advisors to serve on the Federal Reserve Board of Governors, after Adriana Kugler resigned last Friday. "It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026," Trump wrote on Truth Social. "In the meantime, we will continue to search for a permanent replacement. Stephen has a Ph.D. in Economics from Harvard University, and served with distinction in my First Administration. He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job. Congratulations Stephen!" Duolingo stock soars after earnings, forfeits roughly half its gains after OpenAI GPT-5 demo Yahoo Finance's Jake Conley reports: Read more here. Gold climbs on trade tensions, hopes of Fed rate cut Gold (GC=F) futures climbed on Thursday as tariffs on imports from nearly 200 countries rolled out, and investor optimism over potential Fed rate cuts in September grew. The precious metal rose 0.6% to trade above $3,454 per ounce. Inflows into gold ETFS and central bank purchases have fueled gold purchases over the past year. Year to date, gold is up about 32%. The prospects of lower interest rates from the Federal Reserve amid a weakening job market have fueled purchases of the precious metal. Meanwhile, President Trump's tariff deadline landed on Thursday, and tariffs on imports from a variety of countries now face duties ranging from 10% to 50%. The overall average effective tariff rate is projected to jump to 18.6% this year, according to the Yale Budget Lab, the highest since 1933. Shareholder warns Apple's $100 billion investment is more optics than impact Yahoo Finance's Francisco Velasquez reports: Read more here. Firefly opens at $70 per share, 56% above IPO price of $45 Shares of Firefly Aerospace — trading under the ticker symbol FLY — opened at $70 per share on Thursday, about 56% above their IPO prices of $45. Brian Sozzi reports: Read more here. Mortgage rates dip near 2025 lows after weak jobs data Yahoo Finance's Shi Bradley and Claire Boston report: Read more here. Waller emerges as Fed chair favorite, Bloomberg says Stocks pared gains in the early morning session after Bloomberg reported Federal Reserve Governor Christopher Waller is "emerging as a top candidate" to serve as the central bank's next chair. Bloomberg reports: Read more here. Toyota slashes 2025 profit guidance, warns of $9.5B tariff hit Toyota (TM), the world's largest automaker, is the latest to warn about the effects of President Trump's tariffs. Yahoo Finance's Pras Subramanian writes: Read the full story here. Bitcoin, crypto stocks rally ahead of Trump order opening 401(k) plans to alternative assets Major cryptocurrencies and crypto-related stocks were rallying early Thursday ahead of President Trump's expected signing of an executive order that would allow alternative assets like cryptocurrencies and private equity into the retirement accounts of millions of Americans, Yahoo Finance's Jake Conley reports. Bitcoin (BTC-USD) rose nearly 2%, while ether (ETH-USD) and XRP (XRP-USD) were both up around 4%. Shares of Coinbase (COIN), the largest publicly traded crypto exchange, rose 3.4%. Robinhood (HOOD) and Strategy (MSTR) climbed over 4% and 2.6%, respectively. Read the full story here. Chip stocks surge as Trump points to tariff exemptions for chipmakers Chip stocks climbed on Thursday after President Trump said he'll exempt companies from his planned 100% semiconductor tariffs if they are making or beginning to make their chips in the US. Nvidia (NVDA) rose more than 2%, while Broadcom (AVGO) jumped 1.7% and Micron (MU) rose 3.4%. Most advanced chips are produced by contract chip manufacturer TSMC (TSM) in Taiwan, but the company has been building out its capacity in Arizona, exempting it from Trump's tariffs. The company's US-listed shares soared nearly 7% Thursday morning, hitting a record high. So far, Nvidia has committed to producing $500 billion of AI infrastructure in the US. Micron made a similar $200 billion commitment. Stocks move higher at the open US stocks rose at the open on Thursday as President Trump hinted at a carveout for coming tariffs on semiconductors, boosting tech for a second day, just as his tariffs hit dozens of US trading partners. The tech-heavy Nasdaq Composite (^IXIC) rose 0.8%. The Dow Jones Industrial Average (^DJI) gained 0.6%, while the S&P 500 (^GSPC) was up 0.5%. Stocks to watch: Apple, Eli Lilly, Taiwan Semiconductor, Fortinet Here's a look at some top trending tickers on Thursday ahead of the opening bell: Read more live coverage of corporate earnings here. Continuing claims for unemployment benefits hit highest since November 2021 Americans filing for unemployment insurance on an ongoing basis reached the highest level since November 2021 at the end of July. In the week ending July 26, 1.974 million continuing claims were filed, up from 1.936 million the week prior and the highest level seen since November 2021, according to data from the Department of Labor released Thursday morning. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Meanwhile, weekly filings for unemployment benefits moved higher to 226,000 in the week ending Aug. 2, up from 221,000 the week prior. Read more: What are jobless claims, and why do they matter? Intel stock dips as Trump calls for CEO resignation President Trump on Thursday morning called for the resignation of Intel's (INTC) CEO Lip‑Bu Tan, who has been at the job since March, saying the executive is "highly conflicted" and should leave his post immediately. 'The CEO of INTEL is highly conflicted and must resign immediately. There is no other solution to this problem. Thank you for your attention to this problem!' wrote Trump on social media. On Wednesday, Reuters reported that US Republican Sen. Tom Cotton sent a letter to the company's board raising questions about Tan's ties to Chinese firms and a recent criminal case involving his former company, Cadence Design (CDNS.O). Intel stock was down as much as 3% in premarket trading. Eli Lilly stock falls despite earnings beat as oral GLP-1 pill results disappoint Eli Lilly (LLY) stock fell 7% in premarket trading. Although the company's second quarter earnings topped expectations, the results of a late-stage trial of its highly anticipated oral GLP-1 pill disappointed. For the quarter, Eli Lilly reported $15.56 billion in revenue, beating Wall Street estimates of $14.69 billion. Earnings per share came in at $6.31, compared to Street expectations of $5.56. Much of the $10.81 billion in US revenue was driven by strong sales of weight-loss drugs, Mounjaro and Zepbound, which increased 46% in volume, though prices fell 8%. Yahoo Finance's Anjalee Khemlani reports: Read more here. Good morning. Here's what's happening today. Economic data: Initial jobless claims (week ending Aug. 2); Nonfarm productivity (second quarter preliminary); Unit labor costs (second quarter preliminary) Earnings: Block (XYZ), Celsius (CELH), ConocoPhillips (COP), Eli Lilly (LLY), Sony (SONY), SoundHound (SOUN), Pinterest (PINS), Take-Two Interactive (TTWO), Twilio (TWLO), The Trade Desk (TTD), Vistra Energy (VST) Here are some of the biggest stories you may have missed overnight and early this morning: Investors are 'agitated' by less than perfect earnings Shopify's strong quarter shows consumers are ignoring tariffs Eli Lilly stock falls on GLP-1 pill trial results Trump's tariffs hit dozens of countries as trade deadline expires Trump to sign order easing path for private assets in 401(k)s Apple leads surge in global tech shares after Trump tariff relief Trump boasts billions of dollars flowing into US from tariffs Warner Bros revenue surges on streaming expansion, box-office hits Trump floats possible tariffs on China for buying Russia oil\ TSMC shares surge as Taiwan says firm exempt from Trump tariffs Keep an eye on Firefly IPO Not too far removed from Figma's (FIG) huge IPO, Firefly will come to market at the Nasdaq later on today. The IPO was upsized, and it's likely it will come out of the block strong when it opens. I am not in love with the company's financials, but it has a host of key deals in place and its technology has proven to work (see trips to moon). And it has a SpaceX ( like story to tell at a hot time for markets. Perfectly timed debut. I am live with Firefly CEO Jason Kim around 11am ET today from the Nasdaq. Tune into Yahoo Finance! SoftBank swings to profit on vision fund gains ahead of AI push Softbank's (SFTBF, 9984.T, SFTBY) Tokyo shares closed 1% up on Thursday after reporting a bigger profit than expected in the June quarter. Bloomberg News reports: Read more here. Apple gains after announcing $100B US investment Apple stock rose 3% before the bell on Thursday. Yahoo Finance's technology editor Daniel Howley and Washington correspondent Ben Werschkul outline the latest developments from the Apple investment announcement on Wednesday. Read more here. Sony stock rises as in-demand games and music help allay Trump tariff fears Bloomberg News reports: Read more here. Trump chooses Stephen Miran to serve on Federal Reserve Board President Trump announced Dr. Stephen Miran, the current chairman of the Council of economic Advisors to serve on the Federal Reserve Board of Governors, after Adriana Kugler resigned last Friday. "It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026," Trump wrote on Truth Social. "In the meantime, we will continue to search for a permanent replacement. Stephen has a Ph.D. in Economics from Harvard University, and served with distinction in my First Administration. He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job. Congratulations Stephen!" President Trump announced Dr. Stephen Miran, the current chairman of the Council of economic Advisors to serve on the Federal Reserve Board of Governors, after Adriana Kugler resigned last Friday. "It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026," Trump wrote on Truth Social. "In the meantime, we will continue to search for a permanent replacement. Stephen has a Ph.D. in Economics from Harvard University, and served with distinction in my First Administration. He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job. Congratulations Stephen!" Duolingo stock soars after earnings, forfeits roughly half its gains after OpenAI GPT-5 demo Yahoo Finance's Jake Conley reports: Read more here. Yahoo Finance's Jake Conley reports: Read more here. Gold climbs on trade tensions, hopes of Fed rate cut Gold (GC=F) futures climbed on Thursday as tariffs on imports from nearly 200 countries rolled out, and investor optimism over potential Fed rate cuts in September grew. The precious metal rose 0.6% to trade above $3,454 per ounce. Inflows into gold ETFS and central bank purchases have fueled gold purchases over the past year. Year to date, gold is up about 32%. The prospects of lower interest rates from the Federal Reserve amid a weakening job market have fueled purchases of the precious metal. Meanwhile, President Trump's tariff deadline landed on Thursday, and tariffs on imports from a variety of countries now face duties ranging from 10% to 50%. The overall average effective tariff rate is projected to jump to 18.6% this year, according to the Yale Budget Lab, the highest since 1933. Gold (GC=F) futures climbed on Thursday as tariffs on imports from nearly 200 countries rolled out, and investor optimism over potential Fed rate cuts in September grew. The precious metal rose 0.6% to trade above $3,454 per ounce. Inflows into gold ETFS and central bank purchases have fueled gold purchases over the past year. Year to date, gold is up about 32%. The prospects of lower interest rates from the Federal Reserve amid a weakening job market have fueled purchases of the precious metal. Meanwhile, President Trump's tariff deadline landed on Thursday, and tariffs on imports from a variety of countries now face duties ranging from 10% to 50%. The overall average effective tariff rate is projected to jump to 18.6% this year, according to the Yale Budget Lab, the highest since 1933. Shareholder warns Apple's $100 billion investment is more optics than impact Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Francisco Velasquez reports: Read more here. Firefly opens at $70 per share, 56% above IPO price of $45 Shares of Firefly Aerospace — trading under the ticker symbol FLY — opened at $70 per share on Thursday, about 56% above their IPO prices of $45. Brian Sozzi reports: Read more here. Shares of Firefly Aerospace — trading under the ticker symbol FLY — opened at $70 per share on Thursday, about 56% above their IPO prices of $45. Brian Sozzi reports: Read more here. Mortgage rates dip near 2025 lows after weak jobs data Yahoo Finance's Shi Bradley and Claire Boston report: Read more here. Yahoo Finance's Shi Bradley and Claire Boston report: Read more here. Waller emerges as Fed chair favorite, Bloomberg says Stocks pared gains in the early morning session after Bloomberg reported Federal Reserve Governor Christopher Waller is "emerging as a top candidate" to serve as the central bank's next chair. Bloomberg reports: Read more here. Stocks pared gains in the early morning session after Bloomberg reported Federal Reserve Governor Christopher Waller is "emerging as a top candidate" to serve as the central bank's next chair. Bloomberg reports: Read more here. Toyota slashes 2025 profit guidance, warns of $9.5B tariff hit Toyota (TM), the world's largest automaker, is the latest to warn about the effects of President Trump's tariffs. Yahoo Finance's Pras Subramanian writes: Read the full story here. Toyota (TM), the world's largest automaker, is the latest to warn about the effects of President Trump's tariffs. Yahoo Finance's Pras Subramanian writes: Read the full story here. Bitcoin, crypto stocks rally ahead of Trump order opening 401(k) plans to alternative assets Major cryptocurrencies and crypto-related stocks were rallying early Thursday ahead of President Trump's expected signing of an executive order that would allow alternative assets like cryptocurrencies and private equity into the retirement accounts of millions of Americans, Yahoo Finance's Jake Conley reports. Bitcoin (BTC-USD) rose nearly 2%, while ether (ETH-USD) and XRP (XRP-USD) were both up around 4%. Shares of Coinbase (COIN), the largest publicly traded crypto exchange, rose 3.4%. Robinhood (HOOD) and Strategy (MSTR) climbed over 4% and 2.6%, respectively. Read the full story here. Major cryptocurrencies and crypto-related stocks were rallying early Thursday ahead of President Trump's expected signing of an executive order that would allow alternative assets like cryptocurrencies and private equity into the retirement accounts of millions of Americans, Yahoo Finance's Jake Conley reports. Bitcoin (BTC-USD) rose nearly 2%, while ether (ETH-USD) and XRP (XRP-USD) were both up around 4%. Shares of Coinbase (COIN), the largest publicly traded crypto exchange, rose 3.4%. Robinhood (HOOD) and Strategy (MSTR) climbed over 4% and 2.6%, respectively. Read the full story here. Chip stocks surge as Trump points to tariff exemptions for chipmakers Chip stocks climbed on Thursday after President Trump said he'll exempt companies from his planned 100% semiconductor tariffs if they are making or beginning to make their chips in the US. Nvidia (NVDA) rose more than 2%, while Broadcom (AVGO) jumped 1.7% and Micron (MU) rose 3.4%. Most advanced chips are produced by contract chip manufacturer TSMC (TSM) in Taiwan, but the company has been building out its capacity in Arizona, exempting it from Trump's tariffs. The company's US-listed shares soared nearly 7% Thursday morning, hitting a record high. So far, Nvidia has committed to producing $500 billion of AI infrastructure in the US. Micron made a similar $200 billion commitment. Chip stocks climbed on Thursday after President Trump said he'll exempt companies from his planned 100% semiconductor tariffs if they are making or beginning to make their chips in the US. Nvidia (NVDA) rose more than 2%, while Broadcom (AVGO) jumped 1.7% and Micron (MU) rose 3.4%. Most advanced chips are produced by contract chip manufacturer TSMC (TSM) in Taiwan, but the company has been building out its capacity in Arizona, exempting it from Trump's tariffs. The company's US-listed shares soared nearly 7% Thursday morning, hitting a record high. So far, Nvidia has committed to producing $500 billion of AI infrastructure in the US. Micron made a similar $200 billion commitment. Stocks move higher at the open US stocks rose at the open on Thursday as President Trump hinted at a carveout for coming tariffs on semiconductors, boosting tech for a second day, just as his tariffs hit dozens of US trading partners. The tech-heavy Nasdaq Composite (^IXIC) rose 0.8%. The Dow Jones Industrial Average (^DJI) gained 0.6%, while the S&P 500 (^GSPC) was up 0.5%. US stocks rose at the open on Thursday as President Trump hinted at a carveout for coming tariffs on semiconductors, boosting tech for a second day, just as his tariffs hit dozens of US trading partners. The tech-heavy Nasdaq Composite (^IXIC) rose 0.8%. The Dow Jones Industrial Average (^DJI) gained 0.6%, while the S&P 500 (^GSPC) was up 0.5%. Stocks to watch: Apple, Eli Lilly, Taiwan Semiconductor, Fortinet Here's a look at some top trending tickers on Thursday ahead of the opening bell: Read more live coverage of corporate earnings here. Here's a look at some top trending tickers on Thursday ahead of the opening bell: Read more live coverage of corporate earnings here. Continuing claims for unemployment benefits hit highest since November 2021 Americans filing for unemployment insurance on an ongoing basis reached the highest level since November 2021 at the end of July. In the week ending July 26, 1.974 million continuing claims were filed, up from 1.936 million the week prior and the highest level seen since November 2021, according to data from the Department of Labor released Thursday morning. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Meanwhile, weekly filings for unemployment benefits moved higher to 226,000 in the week ending Aug. 2, up from 221,000 the week prior. Read more: What are jobless claims, and why do they matter? Americans filing for unemployment insurance on an ongoing basis reached the highest level since November 2021 at the end of July. In the week ending July 26, 1.974 million continuing claims were filed, up from 1.936 million the week prior and the highest level seen since November 2021, according to data from the Department of Labor released Thursday morning. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Meanwhile, weekly filings for unemployment benefits moved higher to 226,000 in the week ending Aug. 2, up from 221,000 the week prior. Read more: What are jobless claims, and why do they matter? Intel stock dips as Trump calls for CEO resignation President Trump on Thursday morning called for the resignation of Intel's (INTC) CEO Lip‑Bu Tan, who has been at the job since March, saying the executive is "highly conflicted" and should leave his post immediately. 'The CEO of INTEL is highly conflicted and must resign immediately. There is no other solution to this problem. Thank you for your attention to this problem!' wrote Trump on social media. On Wednesday, Reuters reported that US Republican Sen. Tom Cotton sent a letter to the company's board raising questions about Tan's ties to Chinese firms and a recent criminal case involving his former company, Cadence Design (CDNS.O). Intel stock was down as much as 3% in premarket trading. President Trump on Thursday morning called for the resignation of Intel's (INTC) CEO Lip‑Bu Tan, who has been at the job since March, saying the executive is "highly conflicted" and should leave his post immediately. 'The CEO of INTEL is highly conflicted and must resign immediately. There is no other solution to this problem. Thank you for your attention to this problem!' wrote Trump on social media. On Wednesday, Reuters reported that US Republican Sen. Tom Cotton sent a letter to the company's board raising questions about Tan's ties to Chinese firms and a recent criminal case involving his former company, Cadence Design (CDNS.O). Intel stock was down as much as 3% in premarket trading. Eli Lilly stock falls despite earnings beat as oral GLP-1 pill results disappoint Eli Lilly (LLY) stock fell 7% in premarket trading. Although the company's second quarter earnings topped expectations, the results of a late-stage trial of its highly anticipated oral GLP-1 pill disappointed. For the quarter, Eli Lilly reported $15.56 billion in revenue, beating Wall Street estimates of $14.69 billion. Earnings per share came in at $6.31, compared to Street expectations of $5.56. Much of the $10.81 billion in US revenue was driven by strong sales of weight-loss drugs, Mounjaro and Zepbound, which increased 46% in volume, though prices fell 8%. Yahoo Finance's Anjalee Khemlani reports: Read more here. Eli Lilly (LLY) stock fell 7% in premarket trading. Although the company's second quarter earnings topped expectations, the results of a late-stage trial of its highly anticipated oral GLP-1 pill disappointed. For the quarter, Eli Lilly reported $15.56 billion in revenue, beating Wall Street estimates of $14.69 billion. Earnings per share came in at $6.31, compared to Street expectations of $5.56. Much of the $10.81 billion in US revenue was driven by strong sales of weight-loss drugs, Mounjaro and Zepbound, which increased 46% in volume, though prices fell 8%. Yahoo Finance's Anjalee Khemlani reports: Read more here. Good morning. Here's what's happening today. Economic data: Initial jobless claims (week ending Aug. 2); Nonfarm productivity (second quarter preliminary); Unit labor costs (second quarter preliminary) Earnings: Block (XYZ), Celsius (CELH), ConocoPhillips (COP), Eli Lilly (LLY), Sony (SONY), SoundHound (SOUN), Pinterest (PINS), Take-Two Interactive (TTWO), Twilio (TWLO), The Trade Desk (TTD), Vistra Energy (VST) Here are some of the biggest stories you may have missed overnight and early this morning: Investors are 'agitated' by less than perfect earnings Shopify's strong quarter shows consumers are ignoring tariffs Eli Lilly stock falls on GLP-1 pill trial results Trump's tariffs hit dozens of countries as trade deadline expires Trump to sign order easing path for private assets in 401(k)s Apple leads surge in global tech shares after Trump tariff relief Trump boasts billions of dollars flowing into US from tariffs Warner Bros revenue surges on streaming expansion, box-office hits Trump floats possible tariffs on China for buying Russia oil\ TSMC shares surge as Taiwan says firm exempt from Trump tariffs Economic data: Initial jobless claims (week ending Aug. 2); Nonfarm productivity (second quarter preliminary); Unit labor costs (second quarter preliminary) Earnings: Block (XYZ), Celsius (CELH), ConocoPhillips (COP), Eli Lilly (LLY), Sony (SONY), SoundHound (SOUN), Pinterest (PINS), Take-Two Interactive (TTWO), Twilio (TWLO), The Trade Desk (TTD), Vistra Energy (VST) Here are some of the biggest stories you may have missed overnight and early this morning: Investors are 'agitated' by less than perfect earnings Shopify's strong quarter shows consumers are ignoring tariffs Eli Lilly stock falls on GLP-1 pill trial results Trump's tariffs hit dozens of countries as trade deadline expires Trump to sign order easing path for private assets in 401(k)s Apple leads surge in global tech shares after Trump tariff relief Trump boasts billions of dollars flowing into US from tariffs Warner Bros revenue surges on streaming expansion, box-office hits Trump floats possible tariffs on China for buying Russia oil\ TSMC shares surge as Taiwan says firm exempt from Trump tariffs Keep an eye on Firefly IPO Not too far removed from Figma's (FIG) huge IPO, Firefly will come to market at the Nasdaq later on today. The IPO was upsized, and it's likely it will come out of the block strong when it opens. I am not in love with the company's financials, but it has a host of key deals in place and its technology has proven to work (see trips to moon). And it has a SpaceX ( like story to tell at a hot time for markets. Perfectly timed debut. I am live with Firefly CEO Jason Kim around 11am ET today from the Nasdaq. Tune into Yahoo Finance! Not too far removed from Figma's (FIG) huge IPO, Firefly will come to market at the Nasdaq later on today. The IPO was upsized, and it's likely it will come out of the block strong when it opens. I am not in love with the company's financials, but it has a host of key deals in place and its technology has proven to work (see trips to moon). And it has a SpaceX ( like story to tell at a hot time for markets. Perfectly timed debut. I am live with Firefly CEO Jason Kim around 11am ET today from the Nasdaq. Tune into Yahoo Finance! SoftBank swings to profit on vision fund gains ahead of AI push Softbank's (SFTBF, 9984.T, SFTBY) Tokyo shares closed 1% up on Thursday after reporting a bigger profit than expected in the June quarter. Bloomberg News reports: Read more here. Softbank's (SFTBF, 9984.T, SFTBY) Tokyo shares closed 1% up on Thursday after reporting a bigger profit than expected in the June quarter. Bloomberg News reports: Read more here. Apple gains after announcing $100B US investment Apple stock rose 3% before the bell on Thursday. Yahoo Finance's technology editor Daniel Howley and Washington correspondent Ben Werschkul outline the latest developments from the Apple investment announcement on Wednesday. Read more here. Apple stock rose 3% before the bell on Thursday. Yahoo Finance's technology editor Daniel Howley and Washington correspondent Ben Werschkul outline the latest developments from the Apple investment announcement on Wednesday. Read more here. Sony stock rises as in-demand games and music help allay Trump tariff fears Bloomberg News reports: Read more here. Bloomberg News 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
17 minutes ago
- Yahoo
Trump's tariffs are now in place. Alcohol, a cup of joe, and Toyotas are about to cost a whole lot more
President Donald Trump's global tariffs, ranging from 10 to 50 percent, took effect on Thursday, igniting fear among consumers, companies, and investors about potential price hikes. Everyday items ranging from coffee to Toyotas, home furnishings to Gap jeans, are expected to become more expensive as companies adjust their prices to counteract the impact of tariffs. While the president has asked companies to absorb the cost of tariffs, many cannot forever. Even luxury items such as Range Rovers, French wines, or Rolex watches are likely to raise prices as they face 10 percent, 15 percent, and 39 percent tariffs, respectively, from the president. While Trump wants tariffs to promote domestic production and purchasing, Americans will most likely bear the cost. Economic experts agree that sweeping tariffs on goods from countries could lead to supply chain issues, price spikes, or even inflation. Here are some of the goods expected to cost more. Alcohol Consumers of French, Italian, or Spanish wines, Scotch whiskey, and aperitifs such as Aperol, can expect to see the price of their favorite alcoholic beverage rise due to the 15 percent tariff on the European Union. The E.U. is a major exporter of wines and spirits to the U.S. In 2024 alone, the E.U. accounted for $3.4 billion worth of imported spirits. Despite pleas from the beverage industry, the president's trade deal did not create exemptions for alcohol, which will likely drive up the price of imported wine or liquor – either in stores or restaurants. 'Without productive negotiations reducing reciprocal tariffs on wine and spirits, American wine retailers anticipate a significant decline in sales on top of the already difficult market, as well as significant job losses and subsequent business closures,' Tom Wark, the executive director of the Association of Wine Retailers, said. A letter to the president from the Toast Not Tariffs Coalition, a group of 57 associations representing the U.S. alcohol industry and related industries, said tariffs on the E.U. could result in 25,000 American job losses, and nearly $2 billion in lost sales. Diageo, the maker of Guinness, Bailey's, Johnnie Walker, and more, said the company expects to see a $200 million slump as a result of the tariffs. Cars and car parts Already, consumers have seen cars and car parts become more expensive over the last few months as a result of Trump's tariffs because the U.S. relies heavily on its trading partners for auto parts. Cox Automotive, an industry service and technology provider, expects the sticker price of vehicles to rise anywhere from four-to-eight percent by the end of the year. That means the average car price would be above $50,000. While the president struck several deals with countries, many of them still make imported vehicles more expensive. Imported cars from the U.K., such as Range Rovers, are subject to a 10 percent tariff. Japan, which sells more cars to the U.S. than any other country, is facing a 15 percent tariff rate, which is expected to cause major disruption. Toyota said on August 7 it expects a $9.5 billion profit loss for the year. "It's honestly very difficult for us to predict what will happen regarding the market environment," Takanori Azuma, Toyota's head of finance, said. But given that many car parts are imported from Japan, the tariffs are likely to hurt U.S. carmakers as well. General Motors projects a $4 billion loss, Stellantis, the maker of Jeeps, said it anticipates tariffs will add $1.7 billion in expenses, and Ford, which builds more cars in the U.S. than any of its rivals, said it expects tariffs to cause a $2 billion loss this year. Clothing Clothing is expected to see one of the most significant price increases since the U.S. is the largest single importer of apparel, and much of it comes from countries in Asia. 'The 2025 tariffs disproportionately affect clothing and textiles, with consumers facing 40% higher shoe prices and 38% higher apparel prices in the short-run,' the Budget Lab at Yale, a nonpartisan policy research center, said in a recent analysis. Shoes and apparel could remain 19 percent and 17 percent higher, respectively, in the long run, the report added. Vietnam, one of the largest exporters of appear to the U.S., has agreed to a 20 percent tariff. Brands such as Nike, Adidas, Zara, and Gap manufacture much of their clothing in Vietnam. While many can absorb some of those costs, even raising prices 10 percent would make a $65 pair of shoes $71.50, without tax. Bjorn Gulden, the CEO of Adidas, said the tariffs 'will directly increase the cost of our products for the U.S.' Other countries that are high producers of clothing face significant tariffs as well. Bangladesh has a 20 percent tariff, while Indonesia and Cambodia both face a 19 percent tariff. India, also a large producer of apparel, faces a steep tariff of 25 percent and Trump has threatened to increase that to 50 percent by the end of August if the country does not stop importing Russian oil. While the U.S. also imports a large portion of clothing from China, which is still negotiating a trade deal, Trump's decision to get rid of the de minimis exemption will make it more costly for consumers to purchase cheap clothing from stores like Shein or Temu. Coffee The U.S. relies heavily on Brazil to import coffee for the 165 million people who need their daily caffeine fix, but Trump's 50 percent tariff threatens the long-term availability and price of the drink. "When people go to their local coffee shop, whether it's Starbucks or something else, by and large they will likely be buying some form of Brazilian coffee," Monica de Bolle, senior fellow at the Peterson Institute for International Economics, told NPR. "A 50 percent tariff will kill that market." Household products: appliances, cookware, furniture Everyday household items made with steel or aluminum, such as cookware, appliances, furniture, and more, are likely going to be impacted by Trump's steep 50 percent industry tariffs. The U.S. relies heavily on its trading partners, particularly Canada and Mexico, for steel and aluminium imports. Nearly half of the aluminum used in the U.S. is imported, while less than a quarter of steel is imported. But that doesn't mean consumers won't see price increases. One small business, Heritage Steel, a family-owned cookware manufacturer in Tennessee, told NBC News that they recently received a tariff bill of $75,000 on an order of handles – and they're anticipating higher bills in the future. Since the U.S. does not have many specialized steel manufacturers, Heritage Steel imports approximately 75 percent of its raw material. Unlike other cookware manufacturers, they only import raw material and create their products in the U.S. Danny Henn, the vice president of operations for Hertiage Steel, told NBC News that the company wants to keep its products moderately priced, but at the same time, cannot absorb the new price of steel. They've raised their prices approximately 15 percent to make up for it. 'We're happy and proud to be a provider of really high-quality cookware, but one that's more affordably priced than some of the others on the market,' Henn said. 'We want to continue to offer the best price we can, given our constraints.' Watches Although imported watches are not an everyday essential, luxury wristwatches made in Switzerland are likely to see significant price increases thanks to the 39 percent tariff imposed on the country on Thursday. That means Americans looking to purchase a watch from recognizable brands such as Rolex, Breitling, Patek Philippe, Omega, or TAG Heuer may have to pay significantly more. An analysis of the impact, conducted by Bob's Watches, a secondhand watch retailer, found that a $9,900 stainless steel Breitling could rise to $11,080. 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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Analysis-Investors game out market reaction to Fed chair replacement favorites
By Saqib Iqbal Ahmed NEW YORK (Reuters) -As President Trump narrows his shortlist for the next Federal Reserve chair, investors and strategists are closely analyzing the range of possible market reactions to each potential nominee poised to replace Jerome Powell when his term is over. Reactions may include a positive move if current Fed Governor Christopher Waller is picked, signaling continuity of leadership, to a possible negative response if the nominee to replace Powell is viewed as aligned with Trump, a situation that could call into question the independence of the central bank from the White House. While Trump has for months flirted with ousting Powell, the unexpected announcement last week of Governor Adriana Kugler's exit from the board has brought fresh attention to the composition and leadership of the monetary policy-making body. Earlier in the week, Trump indicated he had a short list of four possible replacements for Powell, including economic adviser Kevin Hassett and former Fed governor and Trump supporter Kevin Warsh, and two other people. On Wednesday, Trump said he would likely nominate a candidate from a short list of three, to serve the remaining months of Kugler's term, leaving the choice of a permanent replacement for a later date. Bloomberg News on Thursday reported current Fed Governor Christopher Waller is a top candidate for Fed chair within the Trump team, citing sources. "After months of extensive telegraphing from the White House, investors have come to expect the next chair to be a Trump loyalist with an avowed dovish bias," said Karl Schamotta, chief market strategist, at Corpay in Toronto. Online betting markets Polymarket and Kalshi on Thursday showed Waller, Hassett and Warsh among those most likely to replace Powell. Broadly, the independence of the Fed remains the key issue for most investors and market reactions could vary depending on how closely prospective candidates to replace Powell are perceived to be aligned with Trump. "President Trump will continue to nominate the most competent and experienced individuals to deliver on his pledge to Make America Wealthy Again. Unless it comes from President Trump himself, however, any discussion about personnel decisions should be regarded as pure speculation," White House Spokesperson Kush Desai, said. CONTINUITY SOUGHT Markets were likely to react most favorably should Trump nominate Waller to Powell's job, several investors said. Waller, an advocate for an immediate interest rate cut, said last month he would accept the job as head of the U.S. central bank if asked by Trump. In a statement following his dissenting vote against the Federal Open Market Committee's decision to hold rates steady in July, Waller said the Fed's 'wait-and-see approach' to monetary policy was "overly cautious." "Waller would probably represent the most continuity with the current style of Fed management," Steven Englander, head of global G10 FX research at Standard Chartered. Guy LeBas, chief fixed income strategist at asset manager Janney Capital Management, said, while there isn't a strong market opinion of policy differences under a Waller and Warsh pick, Waller has been flexible and fast-moving in his time at the Fed and has largely defied any hawkish or dovish bias. As such, should Trump seek to name him chair it would likely elicit a positive response from markets, said Mark Malek, chief investment officer of Siebert Financial. The Federal Reserve declined to comment. TRUMP ALIGNED A potentially more negative reaction may come should the nominee to replace Powell be viewed as a Trump ally. "The more the candidate is seen as being aligned with the White House, the more detrimental it is going to be to U.S. assets in general," Felix Vezina-Poirier, strategist for BCA Research, said. That means a Hassett nomination could spur a negative reaction with longer-term yields rising and the dollar selling off, analysts said. With Hassett viewed as very closely aligned with The White House, his nomination would not bode well for the independence of the Fed, some analysts said. A request for comment was sent to Hassett via the White House, but he did not respond immediately. Warsh might also prompt some market worry, investors and analysts said. Warsh, currently a visiting fellow at Stanford University's Hoover Institution, was a Fed governor from February 2006 to April 2011, leaving about a year before Powell became a governor. During his tenure at the Fed, Warsh was frequently an advocate for tighter, not easier, monetary policy and criticized the Fed's expansionary balance sheet policy. "With a long history of taking overtly-political views on policy — especially in the opinion pages — former governor Kevin Warsh is more of a wild card," Corpay's Schamotta said. "Although investors might welcome his recent Damascene conversion to lowering rates, it comes after years of criticising the Fed for keeping policy too loose, and has been paired with a commitment to reducing the central bank's balance sheet more quickly—something that could push borrowing costs higher for an already-stretched government," he said. Warsh did not immediately respond to a request for comment. Still, the biggest knock for markets could come if Trump were to nominate a candidate who is viewed as lacking Federal Reserve or economic experience. Such a move would also raise questions about Fed independence, investors said. "The more significant question is whether any of these Fed candidates would be more or less "captured" by fiscal interests from the White House," LeBas said. 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