
Trump Administration Urges Appeals Court to Back Tariff Power
The US Justice Department on Tuesday night filed its opening brief in the US Court of Appeals for the Federal Circuit, where it's seeking to overturn a May 28 ruling by the Court of International Trade. The appeals court handed President Donald Trump an early, albeit temporary, win earlier this month when it ruled that the administration could continue to enforce his tariff orders while the court case continues.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
28 minutes ago
- Yahoo
Wall Street futures slide as Trump's new tariffs, Amazon weigh
(Reuters) -Wall Street futures declined on Friday, hammered by new U.S. tariffs on dozens of trading partners and Amazon's unimpressive earnings, while investors awaited a key jobs report to gauge the Federal Reserve's next move. Hours ahead of the tariff deadline, President Donald Trump signed an executive order imposing duties ranging from 10% to 41% on U.S. imports from foreign countries. Rates were set at 25% for U.S.-bound exports from India, 20% for Taiwan, 19% for Thailand and 15% for South Korea. The deadline set by Trump came with little to no hope of an extension, as made clear by the White House in its stance. However, China is facing an August 12 deadline to reach a durable tariff agreement with Trump's administration after Beijing and Washington reached preliminary deals in May and June to end tit-for-tat tariffs and a cut-off of rare earth minerals. "The August 1 announcement on reciprocal tariffs is somewhat worse than expected," analysts at Societe Generale said. The CBOE Volatility index, also known as Wall Street's fear gauge, jumped to a more than two-week high of 18.40 points. At 5:54 a.m. ET, S&P 500 E-minis were down 58.25 points, or 0.91%, Nasdaq 100 E-minis were down 234.75 points, or 1%, and Dow E-minis were down 398 points, or 0.9%. Meanwhile, Amazon slid 7.6% in premarket trading after growth in its cloud computing unit failed to impress investors, in contrast to robust gains reported by AI-focused rivals Alphabet and Microsoft. Apple posted its current-quarter revenue forecast well above Wall Street estimates, but CEO Tim Cook warned U.S. tariffs would add $1.1 billion in costs over the period. The stock was up 2%. On Thursday, the S&P 500 and the Nasdaq retreated from intraday record highs to end lower as AI-driven enthusiasm following blockbuster earnings from Microsoft and Meta Platforms fizzled out. Microsoft briefly surpassed $4 trillion in market value, becoming only the second publicly traded company to reach this milestone after Nvidia. A key driver for Wall Street on Friday could be U.S. jobs data. Estimates show a rise of 110,000 in July payrolls, while the jobless rate is seen rising to 4.2% from 4.1%, according to economists polled by Reuters. A strong reading could trim bets for a September interest rate cut, after data this week showing stronger-than-expected second-quarter GDP data and an uptick in June inflation influenced expectations on the rate path. Federal Reserve Chair Jerome Powell's remarks following Wednesday's policy decision - when rates were kept unchanged - also showed no urgency for a September rate cut. In other earnings-related moves, Coinbase Global shed 11.1% after the crypto exchange reported a drop in adjusted profit for the second quarter, marred by weaker trading activity amid reduced cryptocurrency volatility.
Yahoo
28 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures slump after Trump's sweeping tariffs, Amazon's earnings flub
US stock futures sank on Friday after President Trump officially hit virtually every US trading partner with sweeping tariff hikes, pushing ahead with his plan to remake the global trade order. Dow Jones Industrial Average futures (YM=F) dropped 1%, while those on the S&P 500 (ES=F) also fell 1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) dived 1.1%, on the heels of a losing day for the major US gauges. The retreat in stocks came as markets assessed the reshaped US trade landscape after President Trump on Thursday hit dozens of countries — including crucial partners Taiwan and India — with steep new tariffs. His executive order formally authorized a hike in levies on Canada to 35%, to go into effect on Friday. Most of the other "reciprocal" rates range from 15% to 40% (though the baseline remains 10%) and will be implemented in seven days. The White House also confirmed details of trade agreements negotiated by some trading partners before the Aug 1. deadline for "Liberation Day" tariffs to hit. But Trump said the implementation of the hiked levies will be pushed back by seven days, opening up scope for more talks. Read more: The latest on Trump's tariffs Also dragging on spirits was disappointment over Amazon's (AMZN) earnings released late Thursday. The performance of its AWS cloud unit failed to live up to lofty expectations set by rivals Google (GOOG, GOOGL) and Microsoft (MSFT), sending its shares down over 8%. But Apple (AAPL) stock rose after its results beat expectations, boosted by surprisingly strong iPhone sales. A blockbuster week on Wall Street is set to end not just with trade turmoil but also with the July jobs report, which is expected to show hiring slowed while unemployment ticked higher. The key indicator of US economic health will be closely watched by the Federal Reserve, whose preferred inflation gauge on Thursday showed signs of increasing price pressures. Chevron (CVX) beat analyst estimates on Friday for second-quarter profit as record oil and gas production and lower capital expenditure helped the US oil producer boost earnings despite weaker crude prices. Chevron shares were flat in premarket trading. Reuters reports: Read more here. Exxon beats profit estimates with higher production despite weak oil prices Shares in Exxon Mobil (XOM) rose more than 1% before the bell on Friday after the company beat Wall Street estimate for second-quarter profit as higher oil and gas production helped the top US oil producer overcome lower crude prices. Reuters reports: Read more here. Eyes on Figma, day two After a sizzling 250% surge on Thursday IPO day, Figma (FIG) is up another 8% pre-market. You are watching the forming of a stock bubble in real time here! I encourage you to read up on the company's not so impressive financials this weekend. US stock losses pick up pace after Trump's tariff blitz The retreat in US stock futures accelerated on Friday morning as Wall Street weighed the likely fallout from President Trump's trade war. The broad benchmark S&P 500 (ES=F) was down 1% with four hours to go before the market open, having held not far below the flat line in earlier overnight trade. Futures on The Dow Jones Industrial Average (YM=F) sank 0.9%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) dived 1.1%. Markets are assessing the reshaped US trade landscape after President Trump on Thursday hit dozens of countries — including crucial partners Taiwan and India — with steep new tariffs. July jobs report on deck: What to watch The countdown is on for the release of the US nonfarm-payrolls reading for July, the final piece in a string of top-tier data this week. Yahoo Finance's Josh Schafer lays out what's in store: Read more here. Asian markets slide as tariffs rock global boat Asian markets fell overnight Thursday following the White House's announcement that Trump's sweeping tariffs on many of America's largest trading partners will be implemented in varying degrees of severity. Reuters reports: Read more here. Chevron (CVX) beat analyst estimates on Friday for second-quarter profit as record oil and gas production and lower capital expenditure helped the US oil producer boost earnings despite weaker crude prices. Chevron shares were flat in premarket trading. Reuters reports: Read more here. Chevron (CVX) beat analyst estimates on Friday for second-quarter profit as record oil and gas production and lower capital expenditure helped the US oil producer boost earnings despite weaker crude prices. Chevron shares were flat in premarket trading. Reuters reports: Read more here. Exxon beats profit estimates with higher production despite weak oil prices Shares in Exxon Mobil (XOM) rose more than 1% before the bell on Friday after the company beat Wall Street estimate for second-quarter profit as higher oil and gas production helped the top US oil producer overcome lower crude prices. Reuters reports: Read more here. Shares in Exxon Mobil (XOM) rose more than 1% before the bell on Friday after the company beat Wall Street estimate for second-quarter profit as higher oil and gas production helped the top US oil producer overcome lower crude prices. Reuters reports: Read more here. Eyes on Figma, day two After a sizzling 250% surge on Thursday IPO day, Figma (FIG) is up another 8% pre-market. You are watching the forming of a stock bubble in real time here! I encourage you to read up on the company's not so impressive financials this weekend. After a sizzling 250% surge on Thursday IPO day, Figma (FIG) is up another 8% pre-market. You are watching the forming of a stock bubble in real time here! I encourage you to read up on the company's not so impressive financials this weekend. US stock losses pick up pace after Trump's tariff blitz The retreat in US stock futures accelerated on Friday morning as Wall Street weighed the likely fallout from President Trump's trade war. The broad benchmark S&P 500 (ES=F) was down 1% with four hours to go before the market open, having held not far below the flat line in earlier overnight trade. Futures on The Dow Jones Industrial Average (YM=F) sank 0.9%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) dived 1.1%. Markets are assessing the reshaped US trade landscape after President Trump on Thursday hit dozens of countries — including crucial partners Taiwan and India — with steep new tariffs. The retreat in US stock futures accelerated on Friday morning as Wall Street weighed the likely fallout from President Trump's trade war. The broad benchmark S&P 500 (ES=F) was down 1% with four hours to go before the market open, having held not far below the flat line in earlier overnight trade. Futures on The Dow Jones Industrial Average (YM=F) sank 0.9%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) dived 1.1%. Markets are assessing the reshaped US trade landscape after President Trump on Thursday hit dozens of countries — including crucial partners Taiwan and India — with steep new tariffs. July jobs report on deck: What to watch The countdown is on for the release of the US nonfarm-payrolls reading for July, the final piece in a string of top-tier data this week. Yahoo Finance's Josh Schafer lays out what's in store: Read more here. The countdown is on for the release of the US nonfarm-payrolls reading for July, the final piece in a string of top-tier data this week. Yahoo Finance's Josh Schafer lays out what's in store: Read more here. Asian markets slide as tariffs rock global boat Asian markets fell overnight Thursday following the White House's announcement that Trump's sweeping tariffs on many of America's largest trading partners will be implemented in varying degrees of severity. Reuters reports: Read more here. Asian markets fell overnight Thursday following the White House's announcement that Trump's sweeping tariffs on many of America's largest trading partners will be implemented in varying degrees of severity. Reuters 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
28 minutes ago
- Yahoo
Magna raises sales forecast, beats quarterly view on cost cuts
(Reuters) -Canadian auto parts supplier Magna International raised annual sales forecast and topped second-quarter estimates on Friday, benefiting from its cost-cutting measures. The company had said in May it would take steps such as restructuring and reduced capital and engineering spending to cushion the hit from sweeping tariffs. U.S. President Donald Trump's levies have pressured auto companies across the supply chain, forcing suppliers to absorb more expenses or renegotiate with automakers. Peers Aptiv and BorgWarner also raised their annual forecasts on Thursday, banking on stronger auto parts demand. Magna expects 2025 sales to be between $40.4 billion and $42.0 billion, compared with its prior forecast of $40.0 billion and $41.6 billion. On an adjusted basis, it earned $1.44 per share for the quarter through June, above analysts' estimate of $1.14 per share, according to data compiled by LSEG. Total quarterly sales fell about 3% to $10.63 billion, while the estimate was $10.23 billion. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data