Chipmakers Lead Tech Stock Rout as Trump Curbs Chips to China
Technology stocks led losses Wednesday morning after Nvidia Corp. and Advanced Micro Devices Inc. said President Donald Trump's administration has curbed the export of its chips to China, while ASML Holding NV offered a disappointing earnings report.
The S&P 500 Index slid 1.43%, while the Nasdaq 100 Index dropped 2.21%. Nvidia sank as much as 7% after warning it will report around $5.5 billion in related charges during the fiscal first quarter, with AMD down 6.01% as it expects to take a charge of as much as $800 million. ASML plummeted 6.09%. The Philadelphia Stock Exchange Semiconductor Index fell 4.02%.
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Indianapolis Star
31 minutes ago
- Indianapolis Star
What is a vote-a-rama? Senate vote marathon ahead of Trump legislative package
An exhaustive series of Senate votes are about to begin around President Donald Trump's major tax, spending and policy legislative package − a marathon known in Washington parlance as a "vote-a-rama." It'll be time-consuming political theater centering around scores of amendments aimed at tweaking key parts of a measure that Trump has said is his signature piece of second-term legislation that he wants to sign into law by a self-imposed July 4 deadline. Few if any of the amendments are expected to win enough support to add or remove provisions from the bill. But it is still a rare occasion when senators can get votes on nearly any subject before the final vote to approve the entire legislative package. Here's what you need to know about a vote-a-rama. A vote-a-rama is a legislative event that was born out of the Congressional Budget Act of 1974, according to the Senate's website. Following a debate on a budget resolution or reconciliation bill, senators can introduce an unlimited number of amendments with each receiving a vote. Republicans on June 28 offered up different interpretations on the importance of the amendment process, with Sen. Susan Collins, R-Maine, signaling she too had things she'd seek to revise that will go a long way toward helping her support the package. "There's some very good changes that have been made in the latest version, but I want to see further changes,' Collins said. Collins' GOP colleague, Sen. Brian Moreno of Ohio, painted a different and more partisan picture on the amendment slog ahead. 'I want everybody watching this to remember this as you listen to probably what's going to be 30-plus hours of complete nonsense from the other side," the freshman Republican said on the floor. The Senate previously defined a vote-a-rama as a piece of legislation voted on 15 times or more in a day. Daniel S. Holt, Associate Historian for the U.S. Senate Historical Office, told USA TODAY in an email that the change was made to align the chamber's definition with its connections to budget bills. "While the term is completely colloquial and has no firm definition in any official manner, we thought this was more in-line with the historical use of the term," Holt said. The Senate credits the first vote-a-rama to votes on a budget resolution taken on May 12, 1980. The chamber's website states that staff had been using the term as early as 1992. When Republican Whip Trent Lott of Mississippi was quoted by United Press International in 1996 using the phrase to refer to the event, it stuck. The Senate counts 45 vote-a-ramas. The vote-a-rama held on March 13, 2008, holds the current record for most amendments voted on: 44. Votes in a vote-a-rama work differently than during regular Senate order. Senate rules preclude debate on an amendment during the marathon of votes, though they can be waived to allow an opponent and a supporter of an amendment to speak for 30 seconds – according to former Senate aide Keith Hennessey. Votes are taken consecutively, and senators agree to shorten the window for votes from 15 minutes to 10 minutes, according to Hennessey. Senate rules prohibit food on the floor. But the good news is they do not have to remain on the floor for the entirety of the proceedings. One quirk in precedent allows for members to drink milk while in the chamber. On January 24, 1966, then Sen. Everett Dirksen, R-Illinois, asked the presiding officer if a page could go to a restaurant and return with a glass of milk while debating a bill to repeal a portion of the Taft-Hartly Act. The Congressional record from the day shows the presiding officer saying that there was nothing in the rules prohibiting it.
UPI
34 minutes ago
- UPI
Trump reveals group of 'wealthy people' wants to buy TikTok in U.S.
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Bloomberg
37 minutes ago
- Bloomberg
Trade Talks Make Progress in Countdown to US Deadline
Good morning. Trade talks gather pace as Donald Trump's tariff deadline nears. Oil traders are catching their breath. And these robots are really bad at soccer. Listen to the day's top stories.
