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Evening Report — Moment of truth for House GOP budget proposal

Evening Report — Moment of truth for House GOP budget proposal

The Hill25-02-2025
TRUMP FIRST 100 DAYS
House GOP budget resolution teeters on the brink
SPEAKER MIKE JOHNSON (R-La.) and House GOP leaders are scrambling to secure support for their budget resolution to implement President Trump 's agenda, but the math looks grim at the moment.
At least four Republicans have said they plan to vote against the measure.
Johnson can only afford to lose one Republican if all Democrats vote against it, as expected.
The vote is tentatively scheduled for 6 p.m. ET tonight after advancing along a party-line vote earlier in the day.
Johnson and his GOP leadership team are feverishly whipping votes, but a postponement could be in the works if the support isn't there.
'There may be a vote tonight, may not be,' Johnson said. 'Stay tuned.'
Democratic absences could potentially push the GOP budget proposal to a narrow victory. Four Democrats were missing from this morning's votes. If that holds, Johnson could potentially survive three GOP defections.
Early in the process, it appeared Republican moderates concerned about potential cuts to Medicaid could sink the resolution.
But GOP leaders emphasized that they believe they can find adequate Medicaid savings in the final bill without cutting payments.
Now, it's the GOP fiscal hawks that are staging a minor revolt.
Reps. Thomas Massie (R-Ky.), Victoria Spartz (R-Ind.), Warren Davidson (R-Ohio) and Tim Burchett (R-Tenn.) said they plan to vote against the measure because it doesn't do enough to address the deficit.
'If the Republican budget passes, the deficit gets worse, not better,' Massie posted on X.
A TOUGH SPOT FOR JOHNSON
Johnson is in a bit of a bind.
He can't slash Medicaid, a primary driver of government spending, for risk of losing GOP moderates.
A new poll found 71 percent of Trump voters oppose Medicaid cuts. Trump has previously vowed not to touch Social Security, Medicaid or Medicare payments.
However, the current proposed spending cuts aren't enough to satisfy GOP fiscal hawks.
Trump has endorsed Johnson's 'big, beautiful bill,' which includes all of his policy priorities, including tax cuts and border security funding.
The Senate last week passed its own budget resolution with relative ease, breaking the tax cuts and spending initiatives into separate bills.
'The longer we go, the more likely that is,' Cole said.
💡 Perspectives:
• Chris Stirewalt: Will the working-class GOP really cut health insurance?
• The Liberal Patriot: How should Dems respond to Trump's early actions?
• The Wall Street Journal: Trump sweeps out Biden's officers.
• Salon: Can Trump actually ban DEI? The confusion is the point.
• City Journal: How left-wing activism corrupted America's schools.
Read more:
• Democrats warn of 'largest Medicaid cut in American history.'
• Dems see GOP's Tillis as vulnerable after Hegseth, Gabbard votes.
• Student loan borrowers face abrupt 180 amid GOP budget plans.
CATCH UP QUICK
A federal judge indefinitely blocked the Trump administration's freeze of federal funding, dealing a blow to President Trump's sweeping efforts to realign government spending with his agenda.
The White House will take over which outlets are allowed into the press pool covering the president, taking control from the White House Correspondents Association amid a feud over the 'Gulf of America' with The Associated Press.
Republicans are pushing new FBI Director Kash Patel to release records related to sex offender Jeffrey Epstein. Attorney General Pam Bondi said last week the file is sitting on her desk for review.
The White House disclosed the name of the Department of Government Efficiency (DOGE) administrator: Amy Gleason.
Ukrainian President Volodymyr Zelensky is expected to visit the White House on Friday, Trump told reporters Tuesday.
NEWS THIS AFTERNOON
Musk deadline comes and goes amid confusion, pushback
Elon Musk's deadline for federal workers to prove their worth over email or lose their jobs has passed, although the ramifications are still unclear.
The Trump administration appeared to backtrack on Musk's order, with the Office of Personnel Management telling government workers their participation was 'voluntary.'
However, hours before the midnight deadline Musk declared for a second time that failure to respond to his email would lead to termination.
Several federal agencies, including newly confirmed FBI Director Kash Patel, instructed their employees to disregard Musk's demand.
Musk will attend Trump's first Cabinet meeting Wednesday, along with several agency heads that told their employees to ignore the order.
White House press secretary Karoline Leavitt defended Musk's email, saying that more than 1 million people had chosen to respond to 'this very simple task.'
However, she said the agency heads would ultimately decide what's best for their employees.
'The agency heads will determine the best practices for their employees at their specific agencies,' Leavitt said.
Republican senators are fed up, expressing frustration both with Musk's chaotic process and his lack of empathy for government workers.
A sampling:
'I think that any process you undergo where you're trying to find efficiencies, if that involves reductions in force, it needs to be done in a respectful way, obviously respectful of the people involved,' said Senate Majority Leader John Thune (R-S.D.).
'I don't think it was handled very well in terms of the surprise element of it or what the point of it was,' said Sen. Shelley Moore Capito (R-W.Va.).
Here's the latest on the Department of Government Efficiency (DOGE):
• More than 20 staffers in an office overtaken by DOGE have resigned.
• The Department of Veterans Affairs fired another 1,400 employees, adding to the more than 1,000 workers who were axed earlier this month.
• The bank accounts of nonprofits administering a $20 billion climate program have been frozen as the Trump administration scrutinizes the program.
• The Office of the Special Counsel determined that six probationary employees were improperly terminated and asked an employment body to intervene. That move could impact thousands of recently fired employees.
💡 Perspectives:
• The Washington Post: Deficit-funded stimulus checks? No thanks.
• The Hill: Moving fast and breaking things doesn't work in government.
• The Hill: Bring down the DOGE hammer on the Pentagon.
Washington roundup: Border crossings hit 15-year low
The Trump administration is boasting about hitting a 15-year low in border crossings, with Homeland Security Secretary Kristi Noem saying there were only 200 encounters over the weekend.
New York City Mayor Eric Adams (D) is closing the Roosevelt Hotel migrant center, which had been used to process refugees and asylum seekers in New York City.
White House press secretary Karoline Leavitt cited an Associated Press report Tuesday detailing a 'reverse migration effect,' in which migrants that made the dangerous trek to the U.S. border turn around and go home.
However, the Trump administration suffered several setbacks in the courts.
A federal judge blocked the administration from suspending the U.S. refugee program, which was enacted on Trump's first day in office.
And another federal judge blocked the Trump administration from conducting immigration raids at Quaker, Baptist and Sikh places of worship.
Senate Democrats are also challenging the Trump administration's transfer of migrants to detention centers in Guantánamo Bay, Cuba.
• After a month delay, President Trump says tariffs on two of America's largest trade partners are 'on time' and 'on schedule.'
Trump says he'll slap a 25 percent levy on goods coming from Canada and Mexico beginning March 4, unless those countries make further concessions to satisfy the president's demands on trade and border security.
There are also questions about the status of a U.S.-China trade rule Trump canceled and then reinstated earlier this month. The rule provoked confusion around package deliveries from China and an outcry from businesses.
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Stock market today: Nasdaq hits fresh record, S&P 500, Dow rise as Wall Street closes winning week on high note
Stock market today: Nasdaq hits fresh record, S&P 500, Dow rise as Wall Street closes winning week on high note

Yahoo

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  • Yahoo

Stock market today: Nasdaq hits fresh record, S&P 500, Dow rise as Wall Street closes winning week on high note

US stocks closed out the week on a high note as Wall Street assessed President Trump's nomination of Stephen Miran to the Federal Reserve Board of Governors and took in his new regime of sweeping tariffs. The Dow Jones Industrial Average (^DJI) rose 0.5%, and the benchmark S&P 500 (^GSPC) gained 0.8%, just a stone's throw away from all-time highs. The tech-heavy Nasdaq Composite (^IXIC) climbed nearly 1% to set its second record close in a row. All three major averages posted gains for the week. Gold futures (GC=F) in New York retreated from record highs on Friday after the White House said it would soon issue an executive order "clarifying misinformation about the tariffing of gold bars" on the heels of reports indicating they were not exempt from tariffs on Swiss imports. Stocks were mixed on Thursday as Trump's deadline for countries to strike tariff deals expired, setting in motion higher duties on dozens of countries worldwide. The indexes trimmed earlier losses following Trump's nomination of Stephen Miran, current chairman of the Council of Economic Advisors, to serve on the Fed board. Read more: The latest on Trump's tariffs Miran's nomination must pass Senate approval, and it's unclear how long that might take with lawmakers on August recess. Trump's decision on Miran also underscored his search for the next Fed chair. He has talked up the "two Kevins" — current economic adviser Hassett and former Fed governor Warsh — and a report on Thursday said current governor Christopher Waller is seen as the favorite by Trump's team. Amid the jockeying, about 90% of bets are on the Fed cutting rates in September after last week's disappointing labor data. Next Tuesday, investors will scour the monthly inflation report for clues on the central bank's next policy move. Nasdaq reaches fresh record as Dow, S&P 500 climb to close out winning week for stocks US stocks rose on Friday, with the Nasdaq Composite (^IXIC) notching a fresh record close as investors looked past tariffs which kicked in this week. Moreover, optimism over looser monetary policy grew after President Trump's nomination of Stephen Miran to the Federal Reserve. The benchmark S&P 500 (^GSPC) gained 0.8%, coming just short of a record close. The Nasdaq Composite (^IXIC) led the gains, climbing nearly 1% to notch and all-time high close for a second day in a row. The Dow Jones Industrial Average (^DJI) rose 0.5%. All three major averages closed out the week with gains. Next week, investors will assess a fresh inflation print in the lead up to the Federal Reserve's Jackson Hole symposium later in August. Optimism over a Fed rate cut in September has grown since last week's poor labor market data release. President Trump's nomination of Miran to serve as a Fed board governor has also fueled speculation that the central bank will be less restrictive in its monetary policy. Trump says US court ruling against tariff authority 'would be 1929 all over again' Yahoo Finance's Alexis Keenan reports: Read more here. 3 things you need to know about Trump's nominee for the Fed Yahoo Finance's Jen Schonberger reports: Gold prices trim gains after White House says it will issue executive order clarifying tariffs on precious metal Gold prices trimmed gains on Friday after the White House said it will issue an executive order to clarify its position on the precious metal and tariffs. Gold (GC=F) futures in New York retreated from their intraday record levels to trade near $3,459 per ounce, after hitting $4,490 earlier in the session. 'The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products,' a White House official told Yahoo Finance. The precious metal hit a record on the Comex exchange after the Financial Times reported that one-kilogram and 100-ounce bars of gold are indeed subject to 39% reciprocal tariffs on Switzerland recently announced by the Trump administration. Trump says Fannie and Freddie will go public by end of year and raise $30 billion: Report Yahoo Finance's David Hollerith reports: Read more here. AI chips startup CEO: Intel has to fix systemic issues to get back on track Yahoo Finance's Francisco Velasquez reports: Read more here. Gold futures in New York surge as tariff confusion sweeps precious metal market Gold (GC=F) futures in New York hit intraday record highs on Friday amid reports that imports of Swiss gold bars would not be exempt from tariffs. The precious metal hit $4,490 per ounce on the Comex exchange in New York after the Financial Times reported that one-kilogram and 100-ounce bars of gold are indeed subject to 39% reciprocal tariffs on Switzerland recently announced by the Trump administration. "The move is significant because 1-kilo and 100-ounce gold bars form the backbone of much of the gold trading activity in the United States," Ryan McIntyre, senior managing partner at investment manager Sprott, told Yahoo Finance. McIntyre highlighted contracts on the Comex with physical delivery requirements are based in large part on bars, noting "the introduction of tariffs will likely inject additional uncertainty into that market." Read more here. The Trade Desk stock crashes, falls 38% as growth slows, company replaces CFO Yahoo Finance's Jake Conley reports: Read more here. Trump's tariffs are pummeling top automakers. The hit is $11.7 billion — and climbing The auto sector is taking President Trump's tariffs on the chin, Yahoo Finance's Pras Subramanian reports. Subramanian writes: Read the full story here. Altcoins rally after Ripple's stablecoin acquisition, Chainlink's reserve launch Altcoins were rallying early Friday following news that Ripple ( would buy a stablecoin payments platform and Chainlink will launch a funded reserve for its own tokens, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Trade Desk tumbles after CEO warns of tariff impact on large brand advertisers Trade Desk (TTD) stock fell by more than a third during premarket trading on Friday after CEO Jeff Green warned that tariff uncertainty began to weigh on some leading global advertisers. If losses hold, the decline in Trade Desk stock would wipe out more than $12 billion from the company's market capitalization. The stock was off by 38% just after the opening bell. The Trade Desk, which specializes in helping advertisers buy and optimize digital ad campaigns, has concentrated on large global advertisers, making them more vulnerable to tariff uncertainty. "The impact of tariffs and related policies on these [large] businesses are very real," Green said on the earnings call. "Most others rely heavily on SMBs, and our platform is largely concentrated on the large global advertisers. So we see the effects that are directly impacting them." "I would argue that this is a short-term negative," he added, noting that the company's focus on large companies "is almost always a positive, but just in this moment, it's negative because of how uniquely they're being affected by the tariffs and related policies." The Trade Desk's second quarter earnings of $0.18 per share were in line with analyst estimates. Revenue of $694 million beat analyst estimates of $686 million, according to S&P Global Market Intelligence. The company expects third quarter revenue of at least $717 million, roughly in line with estimates. Read more here. Stocks rise at the open US stocks moved higher at the open on Friday as investors continued to digest President Trump's sweeping tariffs and absorbed his nomination of Stephen Miran to the Federal Reserve Board of Governors. The Dow Jones Industrial Average (^DJI) rose 0.3%, while those on the benchmark S&P 500 (^GSPC) gained 0.35%. The tech-heavy Nasdaq Composite (^IXIC) also gained nearly 0.4%. Gold rises after US Customs determines the metal is subject to Trump's tariffs Gold (GC=F) prices rose 0.85% on Friday to $3,483 per ounce as the industry learned that gold bars are not exempt from President Trump's latest across-the-board tariffs, which went into effect Thursday, as previously thought. Bloomberg reports: Read more here. SoundHound stock soars on record revenue fueled by AI, automation demand SoundHound AI (SOUN) reported record revenue in its second quarter results, as its expansion into new verticals, such as restaurants and hospitals, helped fuel 217% year-over-year revenue growth. The stock rocketed 2% higher in premarket trading on Friday. SoundHound develops artificial intelligence solutions that businesses use for automation and to create conversational experiences for their customers. In Q2, SoundHound reported strong growth in its automation, automotive, and enterprise AI for customer service verticals. The company posted a GAAP loss of $0.19 per share on $42.7 million in revenue. Last year, SoundHound reported a loss of $0.11 per share and revenue of $13 million. SoundHound also raised its 2025 revenue outlook to $160 million to $178 million, up from its previous forecast of $157 million to $177 million. "The investments we are making are already showing high returns," SoundHound CFO Nitesh Sharan said on the company's earnings call. Sharan noted that the company sees a path to profitability "in the near-term horizon. Listen to the earnings call here. Good morning. Here's what's happening today. Economic calendar: No notable releases. Earnings: Canopy Growth (CGC), fuboTV (FUBO), Wendy's (WEN) Here are some of the biggest stories you may have missed overnight and early this morning: Apple is back on Trump's good side. The cost? $600 billion. Not everyone on Wall Street is still convinced a cut is coming Trump's tariffs hit automakers with $11.7B blow — and rising Tesla disbands Dojo supercomputer team in blow to AI effort US sparks fresh turmoil in gold with surprise tariff Firefly stock loses altitude after sizzling stock market debut TSMC's July sales grow 26% on sustained demand for AI chips Under Armour forecasts downbeat quarterly sales, shares drop Intel CEO dogged by decades of China chip bets, board work China defends buying Russian oil after Trump's tariff threat SoftBank buys Foxconn's Ohio plant to jumpstart Stargate AI push Tesla CEO Elon Musk disbands Dojo supercomputer team Tesla (TSLA) stock fell 0.2% in premarket trading following news that CEO Elon Musk is shutting down the company's Dojo team, its multibillion-dollar supercomputer unit that was viewed as central to the company's AI efforts. Bloomberg reports that Peter Bannon, who was heading up Dojo, is leaving Tesla. Dojo also lost about 20 workers recently to DensityAI, a stealth startup created by ex-Tesla executives. The remaining Dojo employees are being reassigned to other compute projects within Tesla. Musk previously called Dojo "a long shot," but one worth taking. Now, Tesla plans to rely on partners like Nvidia (NVDA) and Advanced Micro Devices (AMD) for training its AI models and machine learning that go into electric vehicles' Full Self-Driving software and Optimus robots. Tesla also announced a $16.5 billion deal last month with Samsung to secure AI chips through 2033. Read more here. Under Armour forecasts downbeat quarterly sales, shares drop Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. New York gold futures spike over spot price after tariff shock Gold futures (GC=F) in New York rose above London prices after the FT reported that the US now plans to put tariffs on 1kg gold bar imports. Bloomberg News reports: Read more here. Oil heads for worst run since 2021 as traders discount US curbs Oil is heading for its longest losing run since 2021, as markets digested the US efforts to try and end the war in Ukraine and whether this would not impact overall supplies, alongside Trump's tariffs on India due to its purchase of Russian crude oil. Bloomberg News reports: Read more here. Nasdaq reaches fresh record as Dow, S&P 500 climb to close out winning week for stocks US stocks rose on Friday, with the Nasdaq Composite (^IXIC) notching a fresh record close as investors looked past tariffs which kicked in this week. Moreover, optimism over looser monetary policy grew after President Trump's nomination of Stephen Miran to the Federal Reserve. The benchmark S&P 500 (^GSPC) gained 0.8%, coming just short of a record close. The Nasdaq Composite (^IXIC) led the gains, climbing nearly 1% to notch and all-time high close for a second day in a row. The Dow Jones Industrial Average (^DJI) rose 0.5%. All three major averages closed out the week with gains. Next week, investors will assess a fresh inflation print in the lead up to the Federal Reserve's Jackson Hole symposium later in August. Optimism over a Fed rate cut in September has grown since last week's poor labor market data release. President Trump's nomination of Miran to serve as a Fed board governor has also fueled speculation that the central bank will be less restrictive in its monetary policy. US stocks rose on Friday, with the Nasdaq Composite (^IXIC) notching a fresh record close as investors looked past tariffs which kicked in this week. Moreover, optimism over looser monetary policy grew after President Trump's nomination of Stephen Miran to the Federal Reserve. The benchmark S&P 500 (^GSPC) gained 0.8%, coming just short of a record close. The Nasdaq Composite (^IXIC) led the gains, climbing nearly 1% to notch and all-time high close for a second day in a row. The Dow Jones Industrial Average (^DJI) rose 0.5%. All three major averages closed out the week with gains. Next week, investors will assess a fresh inflation print in the lead up to the Federal Reserve's Jackson Hole symposium later in August. Optimism over a Fed rate cut in September has grown since last week's poor labor market data release. President Trump's nomination of Miran to serve as a Fed board governor has also fueled speculation that the central bank will be less restrictive in its monetary policy. Trump says US court ruling against tariff authority 'would be 1929 all over again' Yahoo Finance's Alexis Keenan reports: Read more here. Yahoo Finance's Alexis Keenan reports: Read more here. 3 things you need to know about Trump's nominee for the Fed Yahoo Finance's Jen Schonberger reports: Yahoo Finance's Jen Schonberger reports: Gold prices trim gains after White House says it will issue executive order clarifying tariffs on precious metal Gold prices trimmed gains on Friday after the White House said it will issue an executive order to clarify its position on the precious metal and tariffs. Gold (GC=F) futures in New York retreated from their intraday record levels to trade near $3,459 per ounce, after hitting $4,490 earlier in the session. 'The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products,' a White House official told Yahoo Finance. The precious metal hit a record on the Comex exchange after the Financial Times reported that one-kilogram and 100-ounce bars of gold are indeed subject to 39% reciprocal tariffs on Switzerland recently announced by the Trump administration. Gold prices trimmed gains on Friday after the White House said it will issue an executive order to clarify its position on the precious metal and tariffs. Gold (GC=F) futures in New York retreated from their intraday record levels to trade near $3,459 per ounce, after hitting $4,490 earlier in the session. 'The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products,' a White House official told Yahoo Finance. The precious metal hit a record on the Comex exchange after the Financial Times reported that one-kilogram and 100-ounce bars of gold are indeed subject to 39% reciprocal tariffs on Switzerland recently announced by the Trump administration. Trump says Fannie and Freddie will go public by end of year and raise $30 billion: Report Yahoo Finance's David Hollerith reports: Read more here. Yahoo Finance's David Hollerith reports: Read more here. AI chips startup CEO: Intel has to fix systemic issues to get back on track Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Francisco Velasquez reports: Read more here. Gold futures in New York surge as tariff confusion sweeps precious metal market Gold (GC=F) futures in New York hit intraday record highs on Friday amid reports that imports of Swiss gold bars would not be exempt from tariffs. The precious metal hit $4,490 per ounce on the Comex exchange in New York after the Financial Times reported that one-kilogram and 100-ounce bars of gold are indeed subject to 39% reciprocal tariffs on Switzerland recently announced by the Trump administration. "The move is significant because 1-kilo and 100-ounce gold bars form the backbone of much of the gold trading activity in the United States," Ryan McIntyre, senior managing partner at investment manager Sprott, told Yahoo Finance. McIntyre highlighted contracts on the Comex with physical delivery requirements are based in large part on bars, noting "the introduction of tariffs will likely inject additional uncertainty into that market." Read more here. Gold (GC=F) futures in New York hit intraday record highs on Friday amid reports that imports of Swiss gold bars would not be exempt from tariffs. The precious metal hit $4,490 per ounce on the Comex exchange in New York after the Financial Times reported that one-kilogram and 100-ounce bars of gold are indeed subject to 39% reciprocal tariffs on Switzerland recently announced by the Trump administration. "The move is significant because 1-kilo and 100-ounce gold bars form the backbone of much of the gold trading activity in the United States," Ryan McIntyre, senior managing partner at investment manager Sprott, told Yahoo Finance. McIntyre highlighted contracts on the Comex with physical delivery requirements are based in large part on bars, noting "the introduction of tariffs will likely inject additional uncertainty into that market." Read more here. The Trade Desk stock crashes, falls 38% as growth slows, company replaces CFO Yahoo Finance's Jake Conley reports: Read more here. Yahoo Finance's Jake Conley reports: Read more here. Trump's tariffs are pummeling top automakers. The hit is $11.7 billion — and climbing The auto sector is taking President Trump's tariffs on the chin, Yahoo Finance's Pras Subramanian reports. Subramanian writes: Read the full story here. The auto sector is taking President Trump's tariffs on the chin, Yahoo Finance's Pras Subramanian reports. Subramanian writes: Read the full story here. Altcoins rally after Ripple's stablecoin acquisition, Chainlink's reserve launch Altcoins were rallying early Friday following news that Ripple ( would buy a stablecoin payments platform and Chainlink will launch a funded reserve for its own tokens, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Altcoins were rallying early Friday following news that Ripple ( would buy a stablecoin payments platform and Chainlink will launch a funded reserve for its own tokens, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Trade Desk tumbles after CEO warns of tariff impact on large brand advertisers Trade Desk (TTD) stock fell by more than a third during premarket trading on Friday after CEO Jeff Green warned that tariff uncertainty began to weigh on some leading global advertisers. If losses hold, the decline in Trade Desk stock would wipe out more than $12 billion from the company's market capitalization. The stock was off by 38% just after the opening bell. The Trade Desk, which specializes in helping advertisers buy and optimize digital ad campaigns, has concentrated on large global advertisers, making them more vulnerable to tariff uncertainty. "The impact of tariffs and related policies on these [large] businesses are very real," Green said on the earnings call. "Most others rely heavily on SMBs, and our platform is largely concentrated on the large global advertisers. So we see the effects that are directly impacting them." "I would argue that this is a short-term negative," he added, noting that the company's focus on large companies "is almost always a positive, but just in this moment, it's negative because of how uniquely they're being affected by the tariffs and related policies." The Trade Desk's second quarter earnings of $0.18 per share were in line with analyst estimates. Revenue of $694 million beat analyst estimates of $686 million, according to S&P Global Market Intelligence. The company expects third quarter revenue of at least $717 million, roughly in line with estimates. Read more here. Trade Desk (TTD) stock fell by more than a third during premarket trading on Friday after CEO Jeff Green warned that tariff uncertainty began to weigh on some leading global advertisers. If losses hold, the decline in Trade Desk stock would wipe out more than $12 billion from the company's market capitalization. The stock was off by 38% just after the opening bell. The Trade Desk, which specializes in helping advertisers buy and optimize digital ad campaigns, has concentrated on large global advertisers, making them more vulnerable to tariff uncertainty. "The impact of tariffs and related policies on these [large] businesses are very real," Green said on the earnings call. "Most others rely heavily on SMBs, and our platform is largely concentrated on the large global advertisers. So we see the effects that are directly impacting them." "I would argue that this is a short-term negative," he added, noting that the company's focus on large companies "is almost always a positive, but just in this moment, it's negative because of how uniquely they're being affected by the tariffs and related policies." The Trade Desk's second quarter earnings of $0.18 per share were in line with analyst estimates. Revenue of $694 million beat analyst estimates of $686 million, according to S&P Global Market Intelligence. The company expects third quarter revenue of at least $717 million, roughly in line with estimates. Read more here. Stocks rise at the open US stocks moved higher at the open on Friday as investors continued to digest President Trump's sweeping tariffs and absorbed his nomination of Stephen Miran to the Federal Reserve Board of Governors. The Dow Jones Industrial Average (^DJI) rose 0.3%, while those on the benchmark S&P 500 (^GSPC) gained 0.35%. The tech-heavy Nasdaq Composite (^IXIC) also gained nearly 0.4%. US stocks moved higher at the open on Friday as investors continued to digest President Trump's sweeping tariffs and absorbed his nomination of Stephen Miran to the Federal Reserve Board of Governors. The Dow Jones Industrial Average (^DJI) rose 0.3%, while those on the benchmark S&P 500 (^GSPC) gained 0.35%. The tech-heavy Nasdaq Composite (^IXIC) also gained nearly 0.4%. Gold rises after US Customs determines the metal is subject to Trump's tariffs Gold (GC=F) prices rose 0.85% on Friday to $3,483 per ounce as the industry learned that gold bars are not exempt from President Trump's latest across-the-board tariffs, which went into effect Thursday, as previously thought. Bloomberg reports: Read more here. Gold (GC=F) prices rose 0.85% on Friday to $3,483 per ounce as the industry learned that gold bars are not exempt from President Trump's latest across-the-board tariffs, which went into effect Thursday, as previously thought. Bloomberg reports: Read more here. SoundHound stock soars on record revenue fueled by AI, automation demand SoundHound AI (SOUN) reported record revenue in its second quarter results, as its expansion into new verticals, such as restaurants and hospitals, helped fuel 217% year-over-year revenue growth. The stock rocketed 2% higher in premarket trading on Friday. SoundHound develops artificial intelligence solutions that businesses use for automation and to create conversational experiences for their customers. In Q2, SoundHound reported strong growth in its automation, automotive, and enterprise AI for customer service verticals. The company posted a GAAP loss of $0.19 per share on $42.7 million in revenue. Last year, SoundHound reported a loss of $0.11 per share and revenue of $13 million. SoundHound also raised its 2025 revenue outlook to $160 million to $178 million, up from its previous forecast of $157 million to $177 million. "The investments we are making are already showing high returns," SoundHound CFO Nitesh Sharan said on the company's earnings call. Sharan noted that the company sees a path to profitability "in the near-term horizon. Listen to the earnings call here. SoundHound AI (SOUN) reported record revenue in its second quarter results, as its expansion into new verticals, such as restaurants and hospitals, helped fuel 217% year-over-year revenue growth. The stock rocketed 2% higher in premarket trading on Friday. SoundHound develops artificial intelligence solutions that businesses use for automation and to create conversational experiences for their customers. In Q2, SoundHound reported strong growth in its automation, automotive, and enterprise AI for customer service verticals. The company posted a GAAP loss of $0.19 per share on $42.7 million in revenue. Last year, SoundHound reported a loss of $0.11 per share and revenue of $13 million. SoundHound also raised its 2025 revenue outlook to $160 million to $178 million, up from its previous forecast of $157 million to $177 million. "The investments we are making are already showing high returns," SoundHound CFO Nitesh Sharan said on the company's earnings call. Sharan noted that the company sees a path to profitability "in the near-term horizon. Listen to the earnings call here. Good morning. Here's what's happening today. Economic calendar: No notable releases. Earnings: Canopy Growth (CGC), fuboTV (FUBO), Wendy's (WEN) Here are some of the biggest stories you may have missed overnight and early this morning: Apple is back on Trump's good side. The cost? $600 billion. Not everyone on Wall Street is still convinced a cut is coming Trump's tariffs hit automakers with $11.7B blow — and rising Tesla disbands Dojo supercomputer team in blow to AI effort US sparks fresh turmoil in gold with surprise tariff Firefly stock loses altitude after sizzling stock market debut TSMC's July sales grow 26% on sustained demand for AI chips Under Armour forecasts downbeat quarterly sales, shares drop Intel CEO dogged by decades of China chip bets, board work China defends buying Russian oil after Trump's tariff threat SoftBank buys Foxconn's Ohio plant to jumpstart Stargate AI push Economic calendar: No notable releases. Earnings: Canopy Growth (CGC), fuboTV (FUBO), Wendy's (WEN) Here are some of the biggest stories you may have missed overnight and early this morning: Apple is back on Trump's good side. The cost? $600 billion. Not everyone on Wall Street is still convinced a cut is coming Trump's tariffs hit automakers with $11.7B blow — and rising Tesla disbands Dojo supercomputer team in blow to AI effort US sparks fresh turmoil in gold with surprise tariff Firefly stock loses altitude after sizzling stock market debut TSMC's July sales grow 26% on sustained demand for AI chips Under Armour forecasts downbeat quarterly sales, shares drop Intel CEO dogged by decades of China chip bets, board work China defends buying Russian oil after Trump's tariff threat SoftBank buys Foxconn's Ohio plant to jumpstart Stargate AI push Tesla CEO Elon Musk disbands Dojo supercomputer team Tesla (TSLA) stock fell 0.2% in premarket trading following news that CEO Elon Musk is shutting down the company's Dojo team, its multibillion-dollar supercomputer unit that was viewed as central to the company's AI efforts. Bloomberg reports that Peter Bannon, who was heading up Dojo, is leaving Tesla. Dojo also lost about 20 workers recently to DensityAI, a stealth startup created by ex-Tesla executives. The remaining Dojo employees are being reassigned to other compute projects within Tesla. Musk previously called Dojo "a long shot," but one worth taking. Now, Tesla plans to rely on partners like Nvidia (NVDA) and Advanced Micro Devices (AMD) for training its AI models and machine learning that go into electric vehicles' Full Self-Driving software and Optimus robots. Tesla also announced a $16.5 billion deal last month with Samsung to secure AI chips through 2033. Read more here. Tesla (TSLA) stock fell 0.2% in premarket trading following news that CEO Elon Musk is shutting down the company's Dojo team, its multibillion-dollar supercomputer unit that was viewed as central to the company's AI efforts. Bloomberg reports that Peter Bannon, who was heading up Dojo, is leaving Tesla. Dojo also lost about 20 workers recently to DensityAI, a stealth startup created by ex-Tesla executives. The remaining Dojo employees are being reassigned to other compute projects within Tesla. Musk previously called Dojo "a long shot," but one worth taking. Now, Tesla plans to rely on partners like Nvidia (NVDA) and Advanced Micro Devices (AMD) for training its AI models and machine learning that go into electric vehicles' Full Self-Driving software and Optimus robots. Tesla also announced a $16.5 billion deal last month with Samsung to secure AI chips through 2033. Read more here. Under Armour forecasts downbeat quarterly sales, shares drop Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. New York gold futures spike over spot price after tariff shock Gold futures (GC=F) in New York rose above London prices after the FT reported that the US now plans to put tariffs on 1kg gold bar imports. Bloomberg News reports: Read more here. Gold futures (GC=F) in New York rose above London prices after the FT reported that the US now plans to put tariffs on 1kg gold bar imports. Bloomberg News reports: Read more here. Oil heads for worst run since 2021 as traders discount US curbs Oil is heading for its longest losing run since 2021, as markets digested the US efforts to try and end the war in Ukraine and whether this would not impact overall supplies, alongside Trump's tariffs on India due to its purchase of Russian crude oil. Bloomberg News reports: Read more here. Oil is heading for its longest losing run since 2021, as markets digested the US efforts to try and end the war in Ukraine and whether this would not impact overall supplies, alongside Trump's tariffs on India due to its purchase of Russian crude oil. Bloomberg News reports: Read more here.

Texas redistricting fight goes national as GOP, Dems prepare for more battles over future House maps
Texas redistricting fight goes national as GOP, Dems prepare for more battles over future House maps

Yahoo

time2 minutes ago

  • Yahoo

Texas redistricting fight goes national as GOP, Dems prepare for more battles over future House maps

The battle over redistricting in Texas has been one of the biggest stories in politics over the past week. Republicans in the Lone Star State are hoping to approve new congressional maps that could secure the GOP five additional seats in the House of Representatives if they're in place in time for the 2026 midterms. That plan is stalled at the moment, however, because dozens of Democrats have fled the state in order to prevent the legislature from having enough representatives present to consider the proposal. Texas Gov. Greg Abbott has threatened to have the absent Democrats arrested or remove them from office, but so far, they have remained committed to staying away. The partisan battle over redistricting that started in Texas has quickly spread across the country. Republicans are eyeing other red states where they might be able to collect a few additional seats with new maps. Blue-state Democrats have promised to counterbalance any gains the GOP makes by redrawing the lines in their own states. Here's a breakdown of where things stand in states other than Texas that are considering redistricting and what it might mean if those plans become a reality. Republican targets Ohio Potential swing: Two or three more seats for Republicans Where things stand: Unlike most states, Ohio is obligated to redraw its congressional districts because of unique laws in the state. Republicans already hold 10 of the state's 15 seats in the House, but the experts say they could pick up at least two more by targeting Democratic districts in Akron and Toledo. Some Republicans reportedly have eyes on a third seat in Cincinnati, but state laws could make that a trickier task, according to the Columbus Dispatch. Ohio has until Nov. 30 to approve its new map if it's going to be in use for the 2026 midterms, but there are important procedural deadlines before then that could limit how dramatically the GOP is able to redraw the state's congressional lines. Missouri Potential swing: One additional seat for Republicans Where things stand: Though they haven't officially started the process yet, Republicans in Missouri appear open to redrawing the state's congressional maps. Currently, the GOP holds six of the eight seats in the state. Only one of the remaining districts, centered in Kansas City, seems to be in play. The other Democrat-led district covers St. Louis, an overwhelmingly blue city that would be very difficult to break up into multiple districts because of protections in the Voting Rights Act. Indiana Potential swing: One or two more seats to Republicans Where things stand: Vice President JD Vance traveled to Indianapolis on Thursday to urge Republican Gov. Mike Braun and state legislative leaders to move forward with redistricting. Braun has not publicly committed to redrawing the state's district lines, telling reporters only that he and other GOP leaders had listened to Vance's pitch. Even if Republicans do get fully on board, there's only so much that the GOP can gain in the Hoosier State. They already control seven of the state's nine congressional districts. Both of the remaining districts have a dense Democratic voter base. One of them, which includes a number of Chicago suburbs, could be made more favorable to Republicans with some changes to district lines around the edges, experts told CNN. Flipping the other one would be a much harder task. Incumbent Democrat Andre Carson won that seat, which includes most of Indianapolis, by 40 points in last year's elections. Florida Potential swing: Three additional seats for Republicans Where things stand: The GOP speaker of Florida's House of Representatives announced Thursday that he's forming a select committee to look into redrawing the state's congressional districts with the backing of Republican Gov. Ron DeSantis. Republicans hold 20 of Florida's 28 congressional seats, in part because of a map DeSantis signed into law three years ago that flipped four blue seats to red. Republicans are reportedly eyeing three districts in South Florida, a region that has been steadily shifting toward the GOP in recent years, as their primary targets for increasing their representation in Congress. State laws could complicate their efforts, though. An amendment added to the Florida Constitution in 2010 prohibits lawmakers from drawing districts for partisan gain or in a way that deliberately diminishes the voting power of minorities. Democrat targets California Potential swing: Up to five additional seats for Democrats Where things stand: California Gov. Gavin Newsom has pledged to 'fight fire with fire' and push to redraw his state's maps if Texas goes through with its redistricting plan. Democrats currently hold 43 of California's 52 congressional seats. Newsom shared a map on social media that theoretically could turn the entire state blue, but reports suggest that a draft plan under consideration by state lawmakers would match Texas Republicans by flipping five seats to their favor. Under current law, California's congressional map is drawn by a nonpartisan independent committee. Voters would have to approve any proposal to give that power back to the state Legislature. Newsom has said he's willing to call a special election to put the issue on the ballot, but only if Texas passes its new map first. New York Potential swing: Unclear Where things stand: New York Gov. Kathy Hochul has been equally adamant that her state should redraw its maps to counter the GOP's moves in Texas and elsewhere. Democrats currently hold 19 of the state's 26 congressional seats. Though analysts say there are ways Democrats could manipulate the map in their favor, so far it's uncertain how they might do that or how many seats they'd attempt to flip. Like California, Hochul's state's districts are drawn by an independent commission. But New York's laws would require a much lengthier process to give that ability back to lawmakers, making it highly unlikely that the new maps would be in place in time for next year's midterms. Illinois Potential swing: Unclear Where things stand: Illinois Gov. J.B. Pritzker has been one of the most prominent faces in the Texas redistricting battle because of his support for Democrats in their effort to block Republicans from approving their new map. Pritzker has said that redistricting in his own state is 'on the table.' Unlike in California and New York, lawmakers in Illinois do have the power to redraw maps on their own. But the GOP only holds three of the state's 17 congressional seats under current district lines, which are among the most heavily gerrymandered in the country, according to rankings by 538. That could make it hard for Democrats to draw up maps that gain them any additional seats. Maryland Potential swing: One additional seat for Democrats Where things stand: The Democratic leader of Maryland's House of Delegates has proposed a bill that would trigger new maps if any other state redistricts outside of the normal 10-year cycle. The problem for Democrats, though, is that they already hold seven of Maryland's eight congressional seats. Turning that lone red district blue could be difficult because any new map would have to navigate around Chesapeake Bay to connect Democratic areas in the west to the Republican-dense areas in the east.

Billy Long Out As IRS Commissioner Just Weeks After He Was Sworn In
Billy Long Out As IRS Commissioner Just Weeks After He Was Sworn In

Forbes

time3 minutes ago

  • Forbes

Billy Long Out As IRS Commissioner Just Weeks After He Was Sworn In

WASHINGTON, DC - MAY 20: Former Rep. Billy Long (R-MO) speaks during a Senate Finance Committee nomination hearing on Capitol Hill on May 20, 2025 in Washington, DC. (Photo by) Getty Images Just over a month after he was sworn in, Billy Long is now out as IRS Commissioner. The move, which was reported earlier by the New York Times, has not been officially confirmed by the IRS. President Donald Trump announced Long's nomination in December of 2024, even though Danny Werfel was then serving a term as IRS Commissioner that would normally run until late in 2027. Long was sworn in on June 16, 2025. Werfel subsequently announced his resignation, effective January 20, 2025. Since Long had not yet been confirmed at that time, Werfel was replaced by Doug O'Donnell, who had served as Acting Commissioner following Werfel's departure. O'Donnell left his position on February 28, 2025, and was replaced by then IRS Chief Operating Officer Melanie Krause. Krause announced her departure in April 2025, following the tax agency's agreement to share immigrant tax data with Immigration and Customs Enforcement (ICE). Gary Shapley served as Acting Commissioner for just two days after Krause's departure before being replaced by Michael Faulkender on April 18, 2025—he was in that position until Long stepped in. Long was the sixth person to stand in as head of the IRS since the beginning of the year. He will be replaced by Scott Bessent, who will serve as Acting Commissioner at the same time he serves as the Secretary of the Treasury. Long was considered an unusual (and controversial—keep reading) choice for the position. He does not have any formal training in tax, law, or accounting, does not have a college degree, and never served in Congress on a tax writing committee. He dropped out of the University of Missouri before returning to school—this time, to an auction training program at the Missouri Auction School. He was told, he explained to Auctioneer Magazine, that it was the "Harvard of auctioneering schools.' There, he earned his Certified Auctioneer designation. Once he made the career switch to auctioneering, Long says he averaged about 200 auctions per year for 20 years. Today, he is in the National Auction Association Hall of Fame. Before heading to D.C., Long was also a real estate broker and a radio talk show host. Long served as a U.S. representative for Missouri's 7th Congressional district from 2011 to 2023. He subsequently ran for the U.S. Senate in 2022 but lost in the Republican primary. While in the House, Long served on the Committee on Energy and Commerce, the Committee on Transportation and Infrastructure, the Committee on Homeland Security, and the Republican Steering Committee. He did not serve on any tax or finance committees. However, he was awarded the "Tax Fighter Award" by the National Tax Limitation Committee (the organization appears to no longer exist—its former website now points to a Thai gambling site). In 2011, Long sponsored the Tax Code Termination Act, which sought to eliminate the tax code and replace it with a flat tax (the amount and terms are not laid out in the bill, but would not have eliminated payroll taxes)—the bill was officially introduced with the title 'To terminate the Internal Revenue Code of 1986.' In 2011, 2013, 2015, and 2017, Long co-sponsored bills to repeal the income tax and other taxes, abolish the IRS, and enact a national sales tax to be administered primarily by the states. That theme largely repeated itself in 2023, when Long co-sponsored legislation that would have replaced most federal taxes, including payroll and estate taxes, with a 30% tax on the cost of the goods or services purchased (a consumption tax)—the legislation would have also eliminated the IRS. Separately, Long also co-sponsored legislation to repeal the estate tax on dozens of occasions. Despite those earlier moves, Long told the Senate Finance Committee in May of 2025, 'My unique life experience has shaped my understanding of how the government operates and the importance of fairness and integrity. I intend to use these experiences to bring transformational change to the IRS.' Contentious Confirmation Long was confirmed, 53-44, along party lines, with all Republicans in the Senate voting yes—all of the no votes came from Democrats. During his confirmation hearing, Democrats raised concerns about his ties to companies that promoted controversial tax credits, including a nonexistent 'tribal tax credit and the employee retention tax credit (ERC). Senator Ron Wyden (D-Ore.), the Ranking Member of the U.S. Senate Committee on Finance, pulled no punches at Long's May 20 confirmation hearing, saying, 'Congressman Long's experience with tax issues came after he left Congress, when he dove headlong into the tax scam industry.' Democrats also expressed concern that Long might allow political interference from the White House at the tax agency, an issue that has been in the spotlight more since Trump threatened to revoke Harvard University's tax-exempt status. Long has reposted social media posts critical of Harvard, Columbia, and other tax-exempt organizations. When questioned about the issue by Sen. Elizabeth Warren (D-Mass.), Long initially suggested that he would seek legal advice to determine whether it would be appropriate for the president to direct the IRS to conduct an investigation or audit. Long replied, 'I'm gonna follow the law, and if that's the law, yes.' Warren confirmed that it was the law, reading aloud part of the statute (Section 7217), which she had sent to him in advance. Early Controversy Long, who had been touring the U.S. to meet IRS employees, raised eyebrows last month when he suggested that the tax season would be late to open in 2026. He told a crowd at the 2025 Tax Summit of the National Association of Enrolled Agents (NAEA) in Salt Lake City, that the 2026 filing season should start around Presidents Day (February 16). Long explained that he wanted to open the season earlier, but said that the agency needed more time. The IRS quickly walked that back, issuing a statement to the NAEA that, 'IRS Commissioner Billy Long is in his second week of a 'boots on the ground' tour of IRS facilities with visits last week in Georgia and this week in Utah. Billy cares about two groups of people: his employee-partners and taxpayers. He is gathering information on what enhancements can be made to provide an exceptional taxpayer experience for the American people. The IRS looks forward to another successful tax filing season next year, and we will announce the timing of its opening in the regular course." Next Steps Long is expected to be nominated for an ambassadorship. Neither the IRS nor Treasury immediately responded to a request for comment. Forbes Former Congressman Billy Long Sworn In As New IRS Commissioner By Kelly Phillips Erb Forbes Rotating Doors At The IRS As (Another) New Acting Commissioner Takes Over By Kelly Phillips Erb Forbes Trump Picks Former Representative Billy Long As Next IRS Commissioner By Kelly Phillips Erb

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