U.S. Aims to Keep Chinese Navy Guessing With New Missile System
As China dominates swaths of the Pacific, the U.S. is looking for ways to push back. The Nmesis is a key part of that.
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Yahoo
37 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq wobble as Trump's Xi talk, Musk feud take focus
US stocks wiped out gains on Thursday after President Trump confirmed a phone conversation between himself and China's Xi Jinping, lifting investor optimism that a strained US-China relationship could be thawing. Trump's spat with Tesla (TSLA) CEO Elon Musk also burst into the open Thursday after days of Musk-led criticism of his giant tax-and-spending bill working its way through Congress. The Dow Jones Industrial Average (^DJI) was little changed after the blue-chip index snapped a four-day win streak on Wednesday. The S&P 500 (^GSPC) lost 0.1%, and the tech-heavy Nasdaq Composite (^IXIC) was down 0.3%. Trump confirmed a phone call with China's Xi after Chinese state media said the two leaders spoke on Thursday at Trump's request. "The call lasted approximately one and a half hours, and resulted in a very positive conclusion for both Countries," Trump wrote on social media on Thursday morning. "Our respective teams will be meeting shortly at a location to be determined." Meanwhile, Tesla shares sank more than 8% as the spat between Musk and Trump boiled over. Trump finally responded to days of public criticism from Musk over his giant tax-and-spending bill working its way through Congress, saying he was "disappointed" in Musk. The Tesla CEO, in turn, blasted what he called Trump's so-called "ingratitude" for Musk's political help. Read more: The latest on Trump's tariffs Department of Labor data out Thursday showed weekly claims for unemployment benefits hit their highest level in eight months during the final full week of May. Meanwhile, the tally of continuing claims continued to hover near the highest level in nearly four years, as the US labor market continues to show signs of slowing. Investors now await Friday's release of the closely watched May jobs report, which economists say will offer the "first real look at how the labor market is faring under a rapidly changing trade environment." In other corporate news, stablecoin firm Circle (CRCL) saw its shares explode higher in its market debut. Yahoo Finance's Pras Subramanian reports: Tesla (TSLA) stock slumped again on Thursday as the very public fallout between its CEO Elon Musk and President Trump escalated. "I'm very disappointed, because Elon knew the inner workings of this bill better than almost anybody sitting here, better than you people," Trump said to reporters in the Oval Office on Thursday. "All of a sudden he had a problem, and he only developed the problem when he found out that we're going to have to have to cut the EV mandate." "Elon and I had a great relationship. I don't know if we will anymore. I was surprised," Trump added. Musk posted on X, the social media platform he owns, in apparent response to Trump's comments: "Whatever." Tesla stock fell to session lows on Thursday afternoon as Musk reacted in real-time to Trump's comments, falling as much as 9%. Read more here. Stablecoin issue Circle Internet Group (CRCL) shares are soaring just after the company began trading at $69. The stock quickly hit $92 after several trading halts. Shares are now up more than 200% from the companies IPO price of $31 per share. The S&P 500 (^GSPC) came close to touching 6,000 on Thursday, its highest level since February. The broad-based index touched a session high of 5,999.70 after President Trump said he had a "very good phone call" with his Chinese counterpart, Xi Jinping, about trade. Stocks have roared back roughly 20%, or more than 1,000 points, from their April lows after President Trump's "Liberation Day" tariff policy reveal. The president has since rolled back the broad-based reciprocal tariff plan he unveiled on April 2, announcing a 90-day pause on many countries, a framework deal with the UK, and a temporary trade truce with China. Yahoo Finance's Jen Schonberger reports: Read more here. Trump Media and Technology (DJT) took a key step toward launching a publicly traded crypto investment product Thursday morning. The newly formed Truth Social Bitcoin ETF business trust filed its S-1 with the US Securities and Exchange Commission to register the new exchange-traded fund licensing Trump Media's social media brand. The ETF will trade on the NYSE Arca. Thursday's filing is a significant step for Trump Media's move into the cryptocurrency space. Shares of DJT were down just over 1% late Thursday morning. Read the full story here. President Trump posted on social media that he had a 'very good phone call' with Chinese leader Xi Jinping over trade. "I just concluded a very good phone call with President Xi, of China, discussing some of the intricacies of our recently made, and agreed to, Trade Deal," Trump wrote on Truth Social on Thursday morning. "The call lasted approximately one and a half hours, and resulted in a very positive conclusion for both Countries," he added. Trump said each country's respective teams will be meeting shortly at a location to be determined. The president also said there "should no longer be any questions respecting the complexity of Rare Earth products." The issue of rare earth minerals, crucial components for manufacturing, has come to the forefront in recent weeks as China has made moves to restrict their exports to the US, in retaliation against US trade policy. This week, a group representing US auto suppliers called on Wednesday warned that the issue could quickly disrupt auto parts production Read more here. Tesla (TSLA) stock fell more than 5% on Thursday, extending declines from the previous session following an increasingly public policy blowout between President Trump and Tesla CEO Elon Musk "Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL," Musk posted on X on Wednesday. Musk added, "If the massive deficit spending continues, there will only be money for interest payments and nothing else!" EV tax credits could also be at risk after a report from Bloomberg suggests that Musk's new tack to destroy the bill comes after his lobbying to save the tax credits was unsuccessful. Amazon (AMZN) stock gained as much as 2% on Thursday morning after Chinese state media said President Trump and Chinese leader Xi Jinping spoke on Thursday, at the request of the US president. Amazon, which sells many products sourced in China, rose following the announcement. US stocks opened higher on Thursday after Chinese media reported a conversation between President Trump and Chinese leader Xi. This raised investor hopes that the two countries could be coming closer to a lasting trade agreement. The Dow Jones Industrial Average (^DJI) was little changed, while the S&P 500 (^GSPC) rose slightly. The tech-heavy Nasdaq Composite (^IXIC) also gained 0.2%. Chinese state media said Trump and Chinese leader Xi Jinping spoke on Thursday at the US president's request. Tesla (TSLA) stock slumped more than 3% in premarket trading as CEO Elon Musk continued his public feud with policymakers over President Trump's tax and spending bill. "Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL," Musk posted on X on Wednesday. Some have speculated that these outbursts may in part have to do with Musk's concern that Congress will do away with the federal EV tax credit, which helped the company by making its cars more affordable to consumers. Though Musk has also downplayed Tesla's reliance on the tax credit in the past. Yahoo Finance's Pras Subramanian reports: Read more here. Weekly claims for unemployment benefits hit their highest level in more than seven months during the final full week of May while the number of Americans filing for unemployment insurance on an ongoing basis continued to hover near its highest level in nearly four years as the US labor market continues to show signs of slowing. Data from the Department of Labor released Thursday morning showed 247,000 initial jobless claims were filed in the week ending May 231, up from 239,000 the week prior and above economists' expectations for 235,000. Meanwhile, 1.904 million continuing claims were filed, down slightly from 1.907 million the week prior and near the highest level seen since November 2021. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Silver surged to its highest level since February 2012, rising about 4% to above $36 an ounce on Thursday morning. Gold also rose 0.5% as demand for the metals remained strong. Bloomberg reports: Read more here. As millions of people flooded into the stock market over the past few years, understanding of the things that move markets seems to have made noticeable progress. Not, however, for bonds, notes Yahoo Finance's Hamza Shaban: Read more here in today's Morning Brief. Earnings: Broadcom (AVGO), DocuSign (DOCU), Lululemon (LULU), Cracker Barrel (CBRL), Duluth Trading (DLTH), Land's End (LE), Petco (WOOF), Rubrik (RBRK), Victoria's Secret (VSCO) Economic data: Initial jobless claims (week ending May 31); Continuing claims (week ending May 24); Challenger job cuts (May); Nonfarm productivity (first quarter final); Unit labor costs (first quarter final) Here are some of the biggest stories you may have missed overnight and early this morning: Bonds are 'boring' — but they're critical to focus on right now US plans wider China tech curbs targeting subsidiaries 401(k) savings rate hit a record in first quarter: Fidelity US business optimism slumps in 'clear pivot' from Trump election Tesla: Musk may be changing his tune on EV tax credits Trump tariffs: China's rare-earth broadside hits its target Tide maker Procter & Gamble is slashing 7,000 jobs Amazon tests humanoid robots to replace delivery workers: Report Procter & Gamble (PG) said Thursday it will cut 7,000 jobs — or around 6% of its global workforce — as it grapples with rising tariff-related costs and shifts in demand from penny-watching shoppers. The consumer products giant's two-year restructuring plan also calls for the dropping of certain product categories and brands, Reuters reported. Shares in P&G were little changed in premarket trading as investors assessed the news from the world's largest consumer goods company. Yahoo Finance's Brian Sozzi reports: Read more here. Here are some top stocks trending on Yahoo Finance in premarket trading: Tesla (TSLA) stock fell over 1% in premarket trading on Thursday following CEO Elon Musk's latest attack on President Trump's tax bill. Musk said: "Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL," Musk posted on X. PVH Corp (PVH), the owner of designer brand Calvin Klein, stock dropped 8% before the bell after cutting its profit outlook for the year, citing weakness in the US, China and tariffs. Zac Coughlin, Chief Financial Officer, said, 'We are reaffirming our revenue guidance for the year but are decreasing our outlook for profitability and earnings per share to reflect that backdrop and the current performance of our business." Robinhood (HOOD) stock rose 1% following Bank of America (BAC) saying the online brokerage is a "prime candidate" to enter the S&P 500 Index in the rebalancing set to be announced Friday. Broadcom (AVGO) stock rose 1.4% in premarket trading ahead of second-quarter earnings report, due for release later today. Optimism in the current state of the US economy and of US businesses has seen a rapid decline throughout 2025. After a sharp peak following President Trump's reelection, hope for a stable economy has been in free fall, dropping 40% in less than six months. Bloomberg reports: Read more here. Yahoo Finance's Pras Subramanian reports: Tesla (TSLA) stock slumped again on Thursday as the very public fallout between its CEO Elon Musk and President Trump escalated. "I'm very disappointed, because Elon knew the inner workings of this bill better than almost anybody sitting here, better than you people," Trump said to reporters in the Oval Office on Thursday. "All of a sudden he had a problem, and he only developed the problem when he found out that we're going to have to have to cut the EV mandate." "Elon and I had a great relationship. I don't know if we will anymore. I was surprised," Trump added. Musk posted on X, the social media platform he owns, in apparent response to Trump's comments: "Whatever." Tesla stock fell to session lows on Thursday afternoon as Musk reacted in real-time to Trump's comments, falling as much as 9%. Read more here. Stablecoin issue Circle Internet Group (CRCL) shares are soaring just after the company began trading at $69. The stock quickly hit $92 after several trading halts. Shares are now up more than 200% from the companies IPO price of $31 per share. The S&P 500 (^GSPC) came close to touching 6,000 on Thursday, its highest level since February. The broad-based index touched a session high of 5,999.70 after President Trump said he had a "very good phone call" with his Chinese counterpart, Xi Jinping, about trade. Stocks have roared back roughly 20%, or more than 1,000 points, from their April lows after President Trump's "Liberation Day" tariff policy reveal. The president has since rolled back the broad-based reciprocal tariff plan he unveiled on April 2, announcing a 90-day pause on many countries, a framework deal with the UK, and a temporary trade truce with China. Yahoo Finance's Jen Schonberger reports: Read more here. Trump Media and Technology (DJT) took a key step toward launching a publicly traded crypto investment product Thursday morning. The newly formed Truth Social Bitcoin ETF business trust filed its S-1 with the US Securities and Exchange Commission to register the new exchange-traded fund licensing Trump Media's social media brand. The ETF will trade on the NYSE Arca. Thursday's filing is a significant step for Trump Media's move into the cryptocurrency space. Shares of DJT were down just over 1% late Thursday morning. Read the full story here. President Trump posted on social media that he had a 'very good phone call' with Chinese leader Xi Jinping over trade. "I just concluded a very good phone call with President Xi, of China, discussing some of the intricacies of our recently made, and agreed to, Trade Deal," Trump wrote on Truth Social on Thursday morning. "The call lasted approximately one and a half hours, and resulted in a very positive conclusion for both Countries," he added. Trump said each country's respective teams will be meeting shortly at a location to be determined. The president also said there "should no longer be any questions respecting the complexity of Rare Earth products." The issue of rare earth minerals, crucial components for manufacturing, has come to the forefront in recent weeks as China has made moves to restrict their exports to the US, in retaliation against US trade policy. This week, a group representing US auto suppliers called on Wednesday warned that the issue could quickly disrupt auto parts production Read more here. Tesla (TSLA) stock fell more than 5% on Thursday, extending declines from the previous session following an increasingly public policy blowout between President Trump and Tesla CEO Elon Musk "Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL," Musk posted on X on Wednesday. Musk added, "If the massive deficit spending continues, there will only be money for interest payments and nothing else!" EV tax credits could also be at risk after a report from Bloomberg suggests that Musk's new tack to destroy the bill comes after his lobbying to save the tax credits was unsuccessful. Amazon (AMZN) stock gained as much as 2% on Thursday morning after Chinese state media said President Trump and Chinese leader Xi Jinping spoke on Thursday, at the request of the US president. Amazon, which sells many products sourced in China, rose following the announcement. US stocks opened higher on Thursday after Chinese media reported a conversation between President Trump and Chinese leader Xi. This raised investor hopes that the two countries could be coming closer to a lasting trade agreement. The Dow Jones Industrial Average (^DJI) was little changed, while the S&P 500 (^GSPC) rose slightly. The tech-heavy Nasdaq Composite (^IXIC) also gained 0.2%. Chinese state media said Trump and Chinese leader Xi Jinping spoke on Thursday at the US president's request. Tesla (TSLA) stock slumped more than 3% in premarket trading as CEO Elon Musk continued his public feud with policymakers over President Trump's tax and spending bill. "Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL," Musk posted on X on Wednesday. Some have speculated that these outbursts may in part have to do with Musk's concern that Congress will do away with the federal EV tax credit, which helped the company by making its cars more affordable to consumers. Though Musk has also downplayed Tesla's reliance on the tax credit in the past. Yahoo Finance's Pras Subramanian reports: Read more here. Weekly claims for unemployment benefits hit their highest level in more than seven months during the final full week of May while the number of Americans filing for unemployment insurance on an ongoing basis continued to hover near its highest level in nearly four years as the US labor market continues to show signs of slowing. Data from the Department of Labor released Thursday morning showed 247,000 initial jobless claims were filed in the week ending May 231, up from 239,000 the week prior and above economists' expectations for 235,000. Meanwhile, 1.904 million continuing claims were filed, down slightly from 1.907 million the week prior and near the highest level seen since November 2021. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Silver surged to its highest level since February 2012, rising about 4% to above $36 an ounce on Thursday morning. Gold also rose 0.5% as demand for the metals remained strong. Bloomberg reports: Read more here. As millions of people flooded into the stock market over the past few years, understanding of the things that move markets seems to have made noticeable progress. Not, however, for bonds, notes Yahoo Finance's Hamza Shaban: Read more here in today's Morning Brief. Earnings: Broadcom (AVGO), DocuSign (DOCU), Lululemon (LULU), Cracker Barrel (CBRL), Duluth Trading (DLTH), Land's End (LE), Petco (WOOF), Rubrik (RBRK), Victoria's Secret (VSCO) Economic data: Initial jobless claims (week ending May 31); Continuing claims (week ending May 24); Challenger job cuts (May); Nonfarm productivity (first quarter final); Unit labor costs (first quarter final) Here are some of the biggest stories you may have missed overnight and early this morning: Bonds are 'boring' — but they're critical to focus on right now US plans wider China tech curbs targeting subsidiaries 401(k) savings rate hit a record in first quarter: Fidelity US business optimism slumps in 'clear pivot' from Trump election Tesla: Musk may be changing his tune on EV tax credits Trump tariffs: China's rare-earth broadside hits its target Tide maker Procter & Gamble is slashing 7,000 jobs Amazon tests humanoid robots to replace delivery workers: Report Procter & Gamble (PG) said Thursday it will cut 7,000 jobs — or around 6% of its global workforce — as it grapples with rising tariff-related costs and shifts in demand from penny-watching shoppers. The consumer products giant's two-year restructuring plan also calls for the dropping of certain product categories and brands, Reuters reported. Shares in P&G were little changed in premarket trading as investors assessed the news from the world's largest consumer goods company. Yahoo Finance's Brian Sozzi reports: Read more here. Here are some top stocks trending on Yahoo Finance in premarket trading: Tesla (TSLA) stock fell over 1% in premarket trading on Thursday following CEO Elon Musk's latest attack on President Trump's tax bill. Musk said: "Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL," Musk posted on X. PVH Corp (PVH), the owner of designer brand Calvin Klein, stock dropped 8% before the bell after cutting its profit outlook for the year, citing weakness in the US, China and tariffs. Zac Coughlin, Chief Financial Officer, said, 'We are reaffirming our revenue guidance for the year but are decreasing our outlook for profitability and earnings per share to reflect that backdrop and the current performance of our business." Robinhood (HOOD) stock rose 1% following Bank of America (BAC) saying the online brokerage is a "prime candidate" to enter the S&P 500 Index in the rebalancing set to be announced Friday. Broadcom (AVGO) stock rose 1.4% in premarket trading ahead of second-quarter earnings report, due for release later today. Optimism in the current state of the US economy and of US businesses has seen a rapid decline throughout 2025. After a sharp peak following President Trump's reelection, hope for a stable economy has been in free fall, dropping 40% in less than six months. Bloomberg reports: Read more here.
Forbes
an hour ago
- Forbes
The Great Education Earthquake: Building On New Ground
Napier before the earthquake. At 10:47 AM on February 3, 1931, the earth shook violently beneath Napier, New Zealand. Two and a half minutes later, most of the town lay in ruins, consumed first by earthquake and then by fire. Earthquakes don't always create new land. But this one did. By the next morning, as the aftershocks abated and the sea receded, the Napier coastline had gained about 50 square miles of new land. When I visited Napier earlier this year, I saw a thriving city and one of the world's finest examples of Art Deco architecture---a testament to what can rise from rubble when a community comes together to rebuild with vision instead of nostalgia. American higher education is having a Napier moment. The ground beneath our universities has been shaken by an administration that views universities not as engines of progress but as bastions of liberal indoctrination to be dissed, defunded, and discredited. The chaotic rush to eliminate the Department of Education, slash federal research funding, terrorize immigrants and international students, cut Pell grants, and weaponize accreditation represents an existential threat to every college and university. We're already seeing the first signs of academic brain drain, as American researchers depart for universities in Europe, Asia, and Canada, taking their expertise and graduate students with them. History offers sobering parallels: when authoritarian regimes attack intellectual freedom, scientific leadership migrates to more welcoming shores. The temptation is to blame Trump and only Trump. But public trust in higher education has been declining for decades. This is no media myth but a tale of institutional failure to innovate. Just 36% of Americans now express confidence in universities, down from 57% two decades ago. Except in the most competitive colleges -- which reject almost everybody's children --- graduation rates have been stagnant. Of the students who complete their degrees, too many leave college with crushing debt and questionable job prospects. And now we are beginning to feel the pre-shocks of artificial intelligence on jobs, especially for new college graduates ---another powerful force that will reshape how we create, validate, and transmit knowledge. "If only the federal government would leave us alone...." is an all too common refrain on college campuses. But that's precisely the wrong response. This isn't a temporary crisis to be managed, but one that calls for a fundamental restructuring of higher education. The old model of four years on campus, large lecture halls, and credentialing monopolies was already in decline. We can either cling to the wreckage or start building. Finding Opportunity in Crisis The earthquake in higher education isn't over. Political pressures will continue to intensify. Demographics will shift. AI will disrupt traditional instruction and the workforce. However, the new land is fertile. The climate for innovation has never been better or more important. The question is whether we have the vision and courage to plant something worthy in the ground that has been created by the earthquake. Napier's citizens didn't rebuild their town exactly as it was---they created something beautiful and enduring that honored their past while preparing for their future. We can do the same. But only if we stop cowering in the rubble.
CNN
an hour ago
- CNN
Pentagon diverting key anti-drone technology from Ukraine to US forces in the Middle East
The Pentagon notified Congress last week that it will be diverting critical anti-drone technology that had been allocated for Ukraine to US Air Force units in the Middle East, according to correspondence obtained by CNN and people familiar with the matter. The move reflects the US' shifting defense priorities under President Donald Trump – toward the Middle East and the Pacific – and the fact that US stockpiles of some defense components are becoming increasingly stretched. The technology, proximity fuzes for the rockets Ukraine uses to shoot down Russian drones, was redirected from the Ukraine Security Assistance Initiative (USAI) to Air Force Central Command on orders from Secretary of Defense Pete Hegseth, according to the correspondence dated May 29 and sent to the Senate and House Armed Services committees. USAI is a Defense Department funding program that was established in 2014, when Russia first invaded eastern Ukraine and annexed Crimea. It authorizes the US government to buy arms and equipment for Ukraine directly from US weapons manufacturers. The proximity fuzes were originally purchased for Ukraine but were redirected to the Air Force as a 'Secretary of Defense Identified Urgent Issue,' the correspondence says. The notification was first reported by the Wall Street Journal. The Pentagon has in recent months redirected a large amount of equipment and resources to the Middle East, including air defense systems out of the Indo-Pacific Command, amid threats from Iran and the Houthi rebels in Yemen. It is not yet clear what the impact will be of diverting the fuzes away from Ukraine. But the technology has made their rockets more effective against Russian drones, since the fuze sets off an added explosion as the rocket nears the drone. US forces in the Middle East have had to contend with drones, too, however, particularly from Iran-backed groups in Syria and Iraq.
