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We sat with 350 lawyers as they strategized fighting Trump. Big Law was absent — but Smaller Law is itching to fight.

We sat with 350 lawyers as they strategized fighting Trump. Big Law was absent — but Smaller Law is itching to fight.

Yahoo22-04-2025
We sat with 350 attorneys for the NYC Bar Association's "Defending Justice" program.
There was great alarm over Trump's Big Law executive orders and attacks on the judiciary.
"What we are witnessing today is not normal, and it must not be normalized," the bar's president said.
It's a staid and stately room, the New York City Bar Association meeting hall in Midtown Manhattan. The century-old walls are trimmed with red velvet and high Corinthian columns, and famous alumni, including Thurgood Marshall and Ruth Bader Ginsburg, look down from their oil portraits.
The hall was far from staid on Monday night, though, as Business Insider sat with 350 New York City lawyers for a program called "Defending Justice."
Instead, there were calls for protests, op-ed writing, and lawsuits.
"We should bring as many lawsuits as we possibly can to stop the administration from doing what it can," urged civil rights lawyer Ilann Maazel, a panelist.
At least two lawyers used the decidedly extra-legal term "five-alarm fire." Some spoke of their plans to attend a May 1 protest and their concerns over having their phones searched at the US border. "If you can go on Signal, I recommend you do," one lawyer told another over a post-panel buffet table.
The unrest in the room had two main causes. The first concerned attacks on judges, including recent threats to their safety and the Department of Justice's flirting with the outright defiance of a court's order.
The second concern was President Trump's executive orders targeting Big Law firms.
The White House has cited national security risks and claims of racism concerning DEI efforts when it imposed penalties on Paul Weiss, Perkins Coie, and others. Paul Weiss and eight other firms struck a deal, while Perkins and three other firms, all hit with similar orders, have sued and won temporary court orders blocking Trump's EOs from going into effect.
The legal profession is duty-bound to speak out against Trump's attacks on the judiciary and his EOs, the bar's president, Muhammad U. Faridi, told the group.
"Lawyers do not serve the executive — they serve the law," Faridi said, kicking off the evening's program.
"What we are witnessing today is not normal," he added. "And it must not be normalized."
Monday's program was subtitled "Mobilizing the Legal Profession to Stand Up for the Rule of Law." So we were not surprised when much of the four-hour program focused on resistance.
Throughout the night, the call to resist came with words of anger.
An audience member demanded that the group "expel from this membership all the partners of Paul Weiss." This was gently shot down from the dias by Maazel, who called instead for urging Big Law's capitulators to reconsider.
"It's not too late to change your mind," Maazel said to a round of applause.
Maazel, a partner at the law firm Emery Celli, said the big firms that cut deals with the Trump administration could still push back if Trump tries to move the goalposts. And he urged lawyers in the room, including retired lawyers, to step up and help anyone targeted by the administration.
"There is an inexhaustible need for lawyers right now," he said. "Our phones are ringing off the hook."
Sometimes the call to resist came with an invocation of history.
Vince Warren, executive director for the Center for Constitutional Rights, helps defend Mahmoud Khalil, the Columbia University graduate student arrested by federal immigration authorities for his role in pro-Palestine demonstrations on campus.
As a panelist on Monday night, he drew parallels between the US and authoritarian tendencies of India and Hungary, where lawyers or their clients can be "disappeared."
"We have to envision ourselves as fighting for our own lives," he said.
Some said the obstacles to resisting Trump were significant. A lawyer who retired after a career in banking worried he may have to buy his own legal malpractice insurance policy if he wanted to volunteer. For his whole career, he said, his employers had always dealt with that.
Another raised a similar issue: He no longer had access to pricey legal research tools like Westlaw or Lexis.
Christopher Pioch, a business litigator who moderated one of the panels, said that Big Law firms don't incentivize their younger lawyers to be civically involved. Most have policies that encourage pro bono, but the focus is generally on billable work.
"Because of how we've quantified everything, you really miss out on participating in organizations like the bar association because there's no benefit to doing so," said Pioch.
The evening's conversation also touched on the red-hot divide between those Big Law firms that have cut deals with Trump and those that are fighting back.
A few firms — including Paul Weiss, Milbank and A&O Shearman — have agreed to collectively devote $940 million in pro bono time to priorities that dovetail with Trump's interests. Meanwhile, firms that have resisted Trump's demands, including Jenner & Block, Covington & Burling, and WilmerHale, stand head and shoulders above other firms when it comes to volunteering for pro bono projects, one speaker noted.
Panelist Shira A. Scheindlin, a retired US district court judge, earned the biggest applause of the evening by wishing aloud that the law firms that capitulated had not.
"If the law firms had all acted collectively and resisted those clearly unconstitutional orders, I think those orders would've quickly disappeared," the retired judge said of the Big Law divide.
(Scheindlin noted that only Justices Alito and Thomas dissented from the Court's order blocking Venezuelan deportations — and got the night's biggest laugh by urging, "Pray for the good health of the remaining seven justices.")
Other lawyers noted that the rules of ethics can be barriers to collective action. When one lawyer suggested that large law firms agree not to poach clients from competitors who've been singled out by Trump, one member from the audience muttered to her seat-mate, "A client can choose whoever they want."
Many in the room described fear around taking action.
Scheindlin said some judges have had pizzas sent to their homes by people using the name of Judge Esther Salas's son. Salas is a federal judge whose son and husband were shot dead by a disgruntled litigant who showed up on her doorstep.
Many described a fear among lawyers of losing one's job solely for speaking out.
One participant described a recent protest at Bryant Park where a small group of lawyers wore masks out of concern for appearing in an online photo seen by their bosses.
Lawyers who worked for nonprofits mused about the possibility of their organization's tax-deductible status being subject to an audit. Another said his nonprofit moved its archives to a secure location offsite and encouraged other lawyers to think about what would happen if their offices were raided by the FBI.
Still, among the rows and rows of lawyers, some hope broke through the anger and frustration.
There was a good deal of gratitude directed towards the judiciary.
"The attitude in which we're living now is one of fear and intimidation," and yet many judges have been "very brave, very courageous," said Scheindlin, the retired judge.
"Can you imagine if we did not have a judiciary right now?" she asked from the dais. "Every one of these executive orders would be carried out."
Maazel noted three reasons there is "room for hope." One was Harvard University's decision to sue the Trump administration. The second was the Supreme Court's late-night order over the weekend barring further deportations under the Alien Enemies Act.
The third reason for hope? A recent town hall held by Republican Sen. Chuck Grassley in Fort Madison, Iowa.
"So all these folks in Iowa — these are not, you know, Manhattan liberals — they were very upset, not with tariffs, not with inflation, but with a man who was sent to El Salvador without any kind of due process," Maazel said, referring to Kilmar Abrego Garcia, the Salvadorean national who was deported despite a court order that allowed him to seek legal protection in the US. "And that just gave me the illuminance of hope."
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Stock market today: Dow jumps 500 points, S&P 500, Nasdaq rally in bounce back from Friday sell-off
Stock market today: Dow jumps 500 points, S&P 500, Nasdaq rally in bounce back from Friday sell-off

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Stock market today: Dow jumps 500 points, S&P 500, Nasdaq rally in bounce back from Friday sell-off

US stocks rebounded sharply Monday, recovering from last week's sell-off sparked by disappointing labor data and continuing trade uncertainty. The benchmark S&P 500 (^GSPC) climbed 1.4%, while the blue-chip Dow Jones Industrial Average (^DJI) rose 1.3% or more than 500 points. The tech-heavy Nasdaq Composite (^IXIC) led the gains, rising about 1.7%. The moves follow a sharp pullback on Wall Street on Friday. All three major indexes posted their worst weekly declines in months, ending a run of positive market moves. The declines were exacerbated Friday after July's jobs report came in weaker than expected, and previous months' tallies were revised sharply lower, flipping the narrative on the labor market's strength. It led President Trump to lash out at the Bureau of Labor Statistics (BLS), which publishes the monthly jobs report, and fire its commissioner. Trump suggested he would nominate a new head for the agency in the coming days. Trump's battle with the Fed and Chair Jerome Powell has also remained in focus. Traders tempered expectations around interest rate policy following the bank's decision last week to leave rates unchanged for a fifth consecutive meeting. But after the weak jobs data, almost 90% of bets are on a cut in September. At the same time, investors are examining fallout from Trump's implementation of tariffs. The updated tariffs set to come into full effect this week range from 10% to 41% on a wide range of trading partners and raise concerns about rising costs amid broader inflationary pressures. On Monday Trump said he would be "substantially raising" tariffs on India as he presses to stop purchasing Russian oil, effectively accusing the nation of subsidizing Russia's war in Ukraine. Meanwhile, Tesla (TSLA) stock edged higher after reports emerged that the company had granted CEO Elon Musk 96 million shares worth about $29 billion. Read more: The latest on Trump's tariffs Earnings season continues to roll on with a busy week of corporate releases. Over 100 S&P 500 companies are set to report, with spotlights on Palantir (PLTR), Eli Lilly (LLY), and Disney (DIS). American Eagle stock rises 16% after Trump weighs in on viral Sydney Sweeney ad Yahoo Finance's Jake Conley reports: Read more here. Amazon's slowing cloud growth could continue to drag on its stock Yahoo Finance's Francisco Velasquez reports: Read more here. Tariffs not expected to cause recession or end bull market, says UBS As President Trump's tariff policy pans out, UBS strategists signal it won't cause a recession or spell the end of a bull market. 'Our base case remains that US tariffs will eventually settle around 15%," Ulrike Hoffmann-Burchardi, UBS Global Wealth Management's chief investment officer for Americas and global head of equities, wrote in a note on Monday morning. "While this would be the highest since the 1930s, and six times higher than when Trump returned to office, we do not expect it to cause a recession or end the equity bull market." In recent days, Trump has unleashed a flurry of trade deals, including a 90-day reprieve on goods imported from Mexico and 15% tariffs on EU goods. On Friday, Trump signed an order to hike tariffs on Canada to 35%, while he kept a baseline minimum rate of 10% across all US is set to implement duties this week. Trump says he will 'substantially' raise tariffs on India President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump wrote on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last Wednesday, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. Tesla shares jump 3% as board approves $30 billion alternative pay deal for Musk Tesla's (TSLA) shares jumped 3% on Monday after the EV maker's board approved a $30 billion alternative compensation plan for its billionaire CEO, Elon Musk. As Yahoo Finance's Alexis Keenan reports: Read more here. Stocks open higher following market sell-off US stocks opened higher on Monday, rebounding from a sharp sell-off spurred by disappointing labor data and tariff uncertainty. The S&P 500 (^GSPC) climbed 0.6% on Monday, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.9%. The Dow Jones Industrial Average (^DJI) moved up 0.5%. Markets are coming off a Friday sell-off sparked by tariffs on dozens of countries that start on Aug. 7 and monthly jobs revisions to the downside that implied a labor market slowdown is underway. Trending tickers in premarket trading: Opendoor, Palantir, Tesla, Joby, Tyson Here's a look at what's trending in markets ahead of the opening bell: Opendoor (OPEN) stock popped 16% ahead of second quarter results on Monday morning. As my colleague Jake Conley has detailed, the stock has seen a resurgence in investor interest, powered by a bull case by EMJ Capital and speculative bets posted on Reddit forums. Palantir (PLTR) stock rose 2%. On Friday, the company announced it snagged a contract with the US Army that combines over 75 agreements into one package deal worth $10 billion over the next decade. The software and AI data company will report earnings after the bell on Monday. Tesla (TSLA) shares added more than 2% after the company approved a new pay package worth $29 billion for CEO Elon Musk amid an intense court battle in Delaware. The pay package is designed to boost Musk's voting power over time, which shareholders say is key to keeping him focused on the company and its mission, the special committee said in the filing. Joby (JOBY) shares climbed 5% premarket after the electric air taxi developer said it would acquire Blade Air Mobility's helicopter rideshare business for as much as $125 million. The deal would give Joby access to a network of air terminals in key areas like New York City. Blade Air (BLDE) stock rocketed nearly 30% higher on the news. Tyson Foods (TSN) stock increased 4% after the company reported fiscal third quarter results that beat expectations. The company raised its annual revenue forecast and said it expects resilient demand for chicken to offset weakness in the beef segment as high cattle prices weigh on profits. Check out more trending tickers here. Wayfair stock surges after online furniture retailer swings to a profit Wayfair (W) stock shot up 10% in premarket trading on Monday after the online furniture retailer reported its highest revenue growth and profitability since 2021. Wayfair posted diluted earnings of $0.11 per share, above estimates for a loss of $0.37 per share, according to S&P Global Market Intelligence. Revenue rose 5% to $3.27 billion, beating Wall Street's expectations of $3.12 billion. Net revenue in the US rose 5.3% to $2.9 billion in the quarter, while international net revenue increased 3.1% to $399 million. "We are optimistic that sales growth, along with management's commitment to controlling expenses/investments, may create a longer-term positive inflection in earnings revisions, on top of what we view as an attractive valuation," JPMorgan's Christopher Horvers wrote in a note ahead of earnings. "Further, over the next three to five years, [Wayfair] should outgrow the category given the longer-term shift toward online retailing and its advantaged assortment/ supply chain as the largest scaled online specialty player in the industry." Read more live coverage of corporate earnings here. Good morning. Here's what's happening today. Economic data: Factory orders (June) Earnings: Hims & Hers (HIMS), Palantir (PLTR), Tyson (TSN), Wayfair (W) Here are some of the biggest stories you may have missed over the weekend and early this morning: Job market worries in focus as earnings season rolls on Tesla approves near-$30B stock award for Musk US says rare earth talks with China 'halfway there' Trump to name new Fed governor, jobs data head in coming days Boeing defense union strikes for first time since 1996 Morgan Stanley's Wilson: Buy stocks dip on earnings strength Citi's gold bears turn bullish on US growth, inflation concerns Joby to acquire Blade Air's passenger business for $125M Swiss stocks decline on US tariffs, push for lower drug prices Oil slides as traders assess OPEC+ hike and Russian risks Oil eased on Monday as investors digested OPEC+'s latest supply increase, helping to counter a threat from Washington to move against Russian oil flows. Bloomberg News reports: Read more here. Morgan Stanley's Wilson: Buy stocks dip on earnings strength Morgan Stanley's strategist Michael Wilson said on Monday that investors should buy into bthe selloff in US stocks because of the robust earnings outlook for the coming year. Bloomberg reports: Read more here. Citi's gold bears turn bullish on US growth, inflation concerns Citigroup Inc (C) have turned from bearish to bullish on its gold (GC=F) forecast, with analysts now predicting bullion will rally to a record high in the near term due to a worsening US economy and inflation-boosting tariffs. Bloomberg News reports: Read more here. Goldman with a sobering view on the consumer Goldman Sachs out this morning with a subdued outlook on the US consumer following Friday's lackluster jobs report. Good read on the consumer from the WSJ today, mirrors what Procter & Gamble's (PG) CEO told me on earnings day. Goldman's chief economist Jan Hatzius: "We expect the weakness in consumer spending to continue in the second half of the year and forecast 0.8% real spending growth in 2025H2. Our view is underpinned by the expectation of a sharp slowdown in real income growth from its elevated pace in 2025H1. Income growth will be hit in Q3 by the phasing out of the one-off 2025H1 government transfer payments and in Q4 by the Medicaid and SNAP benefit cuts included in the new fiscal bill, which will take effect in 2025Q4 and affect lower-income households in particular. We also see higher tariff-driven inflation to impose a drag on real income growth in the second half of the year. Finally, we expect weak job growth due to lower immigration, cuts in government and healthcare hiring, and a tariff-related decline in activity. We expect declines in both business and residential investment in the second half of the year." Swiss stocks decline on US tariffs, push for lower drug prices Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact from President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. Bloomberg News reports: Read more here. Gold steady with weak job data bolstering the precious metal Gold (GC=F) held gains after a two month run of positivity as weak jobs data gave another reason to look towards haven assets. Bloomberg reports: Read more here. American Eagle stock rises 16% after Trump weighs in on viral Sydney Sweeney ad Yahoo Finance's Jake Conley reports: Read more here. Yahoo Finance's Jake Conley reports: Read more here. Amazon's slowing cloud growth could continue to drag on its stock Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Francisco Velasquez reports: Read more here. Tariffs not expected to cause recession or end bull market, says UBS As President Trump's tariff policy pans out, UBS strategists signal it won't cause a recession or spell the end of a bull market. 'Our base case remains that US tariffs will eventually settle around 15%," Ulrike Hoffmann-Burchardi, UBS Global Wealth Management's chief investment officer for Americas and global head of equities, wrote in a note on Monday morning. "While this would be the highest since the 1930s, and six times higher than when Trump returned to office, we do not expect it to cause a recession or end the equity bull market." In recent days, Trump has unleashed a flurry of trade deals, including a 90-day reprieve on goods imported from Mexico and 15% tariffs on EU goods. On Friday, Trump signed an order to hike tariffs on Canada to 35%, while he kept a baseline minimum rate of 10% across all US is set to implement duties this week. As President Trump's tariff policy pans out, UBS strategists signal it won't cause a recession or spell the end of a bull market. 'Our base case remains that US tariffs will eventually settle around 15%," Ulrike Hoffmann-Burchardi, UBS Global Wealth Management's chief investment officer for Americas and global head of equities, wrote in a note on Monday morning. "While this would be the highest since the 1930s, and six times higher than when Trump returned to office, we do not expect it to cause a recession or end the equity bull market." In recent days, Trump has unleashed a flurry of trade deals, including a 90-day reprieve on goods imported from Mexico and 15% tariffs on EU goods. On Friday, Trump signed an order to hike tariffs on Canada to 35%, while he kept a baseline minimum rate of 10% across all US is set to implement duties this week. Trump says he will 'substantially' raise tariffs on India President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump wrote on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last Wednesday, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump wrote on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last Wednesday, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. Tesla shares jump 3% as board approves $30 billion alternative pay deal for Musk Tesla's (TSLA) shares jumped 3% on Monday after the EV maker's board approved a $30 billion alternative compensation plan for its billionaire CEO, Elon Musk. As Yahoo Finance's Alexis Keenan reports: Read more here. Tesla's (TSLA) shares jumped 3% on Monday after the EV maker's board approved a $30 billion alternative compensation plan for its billionaire CEO, Elon Musk. As Yahoo Finance's Alexis Keenan reports: Read more here. Stocks open higher following market sell-off US stocks opened higher on Monday, rebounding from a sharp sell-off spurred by disappointing labor data and tariff uncertainty. The S&P 500 (^GSPC) climbed 0.6% on Monday, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.9%. The Dow Jones Industrial Average (^DJI) moved up 0.5%. Markets are coming off a Friday sell-off sparked by tariffs on dozens of countries that start on Aug. 7 and monthly jobs revisions to the downside that implied a labor market slowdown is underway. US stocks opened higher on Monday, rebounding from a sharp sell-off spurred by disappointing labor data and tariff uncertainty. The S&P 500 (^GSPC) climbed 0.6% on Monday, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.9%. The Dow Jones Industrial Average (^DJI) moved up 0.5%. Markets are coming off a Friday sell-off sparked by tariffs on dozens of countries that start on Aug. 7 and monthly jobs revisions to the downside that implied a labor market slowdown is underway. Trending tickers in premarket trading: Opendoor, Palantir, Tesla, Joby, Tyson Here's a look at what's trending in markets ahead of the opening bell: Opendoor (OPEN) stock popped 16% ahead of second quarter results on Monday morning. As my colleague Jake Conley has detailed, the stock has seen a resurgence in investor interest, powered by a bull case by EMJ Capital and speculative bets posted on Reddit forums. Palantir (PLTR) stock rose 2%. On Friday, the company announced it snagged a contract with the US Army that combines over 75 agreements into one package deal worth $10 billion over the next decade. The software and AI data company will report earnings after the bell on Monday. Tesla (TSLA) shares added more than 2% after the company approved a new pay package worth $29 billion for CEO Elon Musk amid an intense court battle in Delaware. The pay package is designed to boost Musk's voting power over time, which shareholders say is key to keeping him focused on the company and its mission, the special committee said in the filing. Joby (JOBY) shares climbed 5% premarket after the electric air taxi developer said it would acquire Blade Air Mobility's helicopter rideshare business for as much as $125 million. The deal would give Joby access to a network of air terminals in key areas like New York City. Blade Air (BLDE) stock rocketed nearly 30% higher on the news. Tyson Foods (TSN) stock increased 4% after the company reported fiscal third quarter results that beat expectations. The company raised its annual revenue forecast and said it expects resilient demand for chicken to offset weakness in the beef segment as high cattle prices weigh on profits. Check out more trending tickers here. Here's a look at what's trending in markets ahead of the opening bell: Opendoor (OPEN) stock popped 16% ahead of second quarter results on Monday morning. As my colleague Jake Conley has detailed, the stock has seen a resurgence in investor interest, powered by a bull case by EMJ Capital and speculative bets posted on Reddit forums. Palantir (PLTR) stock rose 2%. On Friday, the company announced it snagged a contract with the US Army that combines over 75 agreements into one package deal worth $10 billion over the next decade. The software and AI data company will report earnings after the bell on Monday. Tesla (TSLA) shares added more than 2% after the company approved a new pay package worth $29 billion for CEO Elon Musk amid an intense court battle in Delaware. The pay package is designed to boost Musk's voting power over time, which shareholders say is key to keeping him focused on the company and its mission, the special committee said in the filing. Joby (JOBY) shares climbed 5% premarket after the electric air taxi developer said it would acquire Blade Air Mobility's helicopter rideshare business for as much as $125 million. The deal would give Joby access to a network of air terminals in key areas like New York City. Blade Air (BLDE) stock rocketed nearly 30% higher on the news. Tyson Foods (TSN) stock increased 4% after the company reported fiscal third quarter results that beat expectations. The company raised its annual revenue forecast and said it expects resilient demand for chicken to offset weakness in the beef segment as high cattle prices weigh on profits. Check out more trending tickers here. Wayfair stock surges after online furniture retailer swings to a profit Wayfair (W) stock shot up 10% in premarket trading on Monday after the online furniture retailer reported its highest revenue growth and profitability since 2021. Wayfair posted diluted earnings of $0.11 per share, above estimates for a loss of $0.37 per share, according to S&P Global Market Intelligence. Revenue rose 5% to $3.27 billion, beating Wall Street's expectations of $3.12 billion. Net revenue in the US rose 5.3% to $2.9 billion in the quarter, while international net revenue increased 3.1% to $399 million. "We are optimistic that sales growth, along with management's commitment to controlling expenses/investments, may create a longer-term positive inflection in earnings revisions, on top of what we view as an attractive valuation," JPMorgan's Christopher Horvers wrote in a note ahead of earnings. "Further, over the next three to five years, [Wayfair] should outgrow the category given the longer-term shift toward online retailing and its advantaged assortment/ supply chain as the largest scaled online specialty player in the industry." Read more live coverage of corporate earnings here. Wayfair (W) stock shot up 10% in premarket trading on Monday after the online furniture retailer reported its highest revenue growth and profitability since 2021. Wayfair posted diluted earnings of $0.11 per share, above estimates for a loss of $0.37 per share, according to S&P Global Market Intelligence. Revenue rose 5% to $3.27 billion, beating Wall Street's expectations of $3.12 billion. Net revenue in the US rose 5.3% to $2.9 billion in the quarter, while international net revenue increased 3.1% to $399 million. "We are optimistic that sales growth, along with management's commitment to controlling expenses/investments, may create a longer-term positive inflection in earnings revisions, on top of what we view as an attractive valuation," JPMorgan's Christopher Horvers wrote in a note ahead of earnings. "Further, over the next three to five years, [Wayfair] should outgrow the category given the longer-term shift toward online retailing and its advantaged assortment/ supply chain as the largest scaled online specialty player in the industry." Read more live coverage of corporate earnings here. Good morning. Here's what's happening today. Economic data: Factory orders (June) Earnings: Hims & Hers (HIMS), Palantir (PLTR), Tyson (TSN), Wayfair (W) Here are some of the biggest stories you may have missed over the weekend and early this morning: Job market worries in focus as earnings season rolls on Tesla approves near-$30B stock award for Musk US says rare earth talks with China 'halfway there' Trump to name new Fed governor, jobs data head in coming days Boeing defense union strikes for first time since 1996 Morgan Stanley's Wilson: Buy stocks dip on earnings strength Citi's gold bears turn bullish on US growth, inflation concerns Joby to acquire Blade Air's passenger business for $125M Swiss stocks decline on US tariffs, push for lower drug prices Economic data: Factory orders (June) Earnings: Hims & Hers (HIMS), Palantir (PLTR), Tyson (TSN), Wayfair (W) Here are some of the biggest stories you may have missed over the weekend and early this morning: Job market worries in focus as earnings season rolls on Tesla approves near-$30B stock award for Musk US says rare earth talks with China 'halfway there' Trump to name new Fed governor, jobs data head in coming days Boeing defense union strikes for first time since 1996 Morgan Stanley's Wilson: Buy stocks dip on earnings strength Citi's gold bears turn bullish on US growth, inflation concerns Joby to acquire Blade Air's passenger business for $125M Swiss stocks decline on US tariffs, push for lower drug prices Oil slides as traders assess OPEC+ hike and Russian risks Oil eased on Monday as investors digested OPEC+'s latest supply increase, helping to counter a threat from Washington to move against Russian oil flows. Bloomberg News reports: Read more here. Oil eased on Monday as investors digested OPEC+'s latest supply increase, helping to counter a threat from Washington to move against Russian oil flows. Bloomberg News reports: Read more here. Morgan Stanley's Wilson: Buy stocks dip on earnings strength Morgan Stanley's strategist Michael Wilson said on Monday that investors should buy into bthe selloff in US stocks because of the robust earnings outlook for the coming year. Bloomberg reports: Read more here. Morgan Stanley's strategist Michael Wilson said on Monday that investors should buy into bthe selloff in US stocks because of the robust earnings outlook for the coming year. Bloomberg reports: Read more here. Citi's gold bears turn bullish on US growth, inflation concerns Citigroup Inc (C) have turned from bearish to bullish on its gold (GC=F) forecast, with analysts now predicting bullion will rally to a record high in the near term due to a worsening US economy and inflation-boosting tariffs. Bloomberg News reports: Read more here. Citigroup Inc (C) have turned from bearish to bullish on its gold (GC=F) forecast, with analysts now predicting bullion will rally to a record high in the near term due to a worsening US economy and inflation-boosting tariffs. Bloomberg News reports: Read more here. Goldman with a sobering view on the consumer Goldman Sachs out this morning with a subdued outlook on the US consumer following Friday's lackluster jobs report. Good read on the consumer from the WSJ today, mirrors what Procter & Gamble's (PG) CEO told me on earnings day. Goldman's chief economist Jan Hatzius: "We expect the weakness in consumer spending to continue in the second half of the year and forecast 0.8% real spending growth in 2025H2. Our view is underpinned by the expectation of a sharp slowdown in real income growth from its elevated pace in 2025H1. Income growth will be hit in Q3 by the phasing out of the one-off 2025H1 government transfer payments and in Q4 by the Medicaid and SNAP benefit cuts included in the new fiscal bill, which will take effect in 2025Q4 and affect lower-income households in particular. We also see higher tariff-driven inflation to impose a drag on real income growth in the second half of the year. Finally, we expect weak job growth due to lower immigration, cuts in government and healthcare hiring, and a tariff-related decline in activity. We expect declines in both business and residential investment in the second half of the year." Goldman Sachs out this morning with a subdued outlook on the US consumer following Friday's lackluster jobs report. Good read on the consumer from the WSJ today, mirrors what Procter & Gamble's (PG) CEO told me on earnings day. Goldman's chief economist Jan Hatzius: "We expect the weakness in consumer spending to continue in the second half of the year and forecast 0.8% real spending growth in 2025H2. Our view is underpinned by the expectation of a sharp slowdown in real income growth from its elevated pace in 2025H1. Income growth will be hit in Q3 by the phasing out of the one-off 2025H1 government transfer payments and in Q4 by the Medicaid and SNAP benefit cuts included in the new fiscal bill, which will take effect in 2025Q4 and affect lower-income households in particular. We also see higher tariff-driven inflation to impose a drag on real income growth in the second half of the year. Finally, we expect weak job growth due to lower immigration, cuts in government and healthcare hiring, and a tariff-related decline in activity. We expect declines in both business and residential investment in the second half of the year." Swiss stocks decline on US tariffs, push for lower drug prices Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact from President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. Bloomberg News reports: Read more here. Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact from President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. Bloomberg News reports: Read more here. Gold steady with weak job data bolstering the precious metal Gold (GC=F) held gains after a two month run of positivity as weak jobs data gave another reason to look towards haven assets. Bloomberg reports: Read more here. Gold (GC=F) held gains after a two month run of positivity as weak jobs data gave another reason to look towards haven assets. Bloomberg reports: Read more here.

American Eagle stock surges after Trump weighs in on viral Sydney Sweeney ad
American Eagle stock surges after Trump weighs in on viral Sydney Sweeney ad

Yahoo

time5 minutes ago

  • Yahoo

American Eagle stock surges after Trump weighs in on viral Sydney Sweeney ad

American Eagle (AEO) stock rose as much as 21% on Monday after President Trump waded into the discussion about the company's viral ad campaign featuring Sydney Sweeney. "Sydney Sweeney, a registered Republican, has the 'HOTTEST' ad out there," Trump wrote in a post on Truth Social, the social media platform he owns. "It's for American Eagle, and the jeans are 'flying off the shelves.' Go get 'em Sydney!" The campaign features a play on homophones — "Sydney Sweeney has great jeans" and "Sydney Sweeney has great genes" — that quickly generated controversy around the potential ambiguity of the ad's message. American Eagle responded to the accusations on Sunday in a post on its Instagram page: "'Sydney Sweeney has great jeans' is and always about the jeans. Her jeans. Her story." Read more about American Eagle's stock moves and today's market action. Shares of the retailer have been volatile since the ad campaign was rolled out in late July. Late last month, the stock was lumped in with other meme plays, a trade that has begun to fizzle out over the past week. Trump's post on Monday also alluded to recent advertising campaigns from companies including Jaguar and Bud Light, which saw both brands embroiled in controversies around messaging derided by critics as "woke." Last week, Jaguar Land Rover announced its CEO Adrian Mardell would step down from the top job after three decades with the company, attributing the move to Mardell's wish to retire. A successor has not yet been announced. "The tide has seriously turned — Being WOKE is for losers, being Republican is what you want to be," Trump wrote. Jake Conley is a breaking news reporter covering US equities for Yahoo Finance. Follow him on X at @byjakeconley or email him at 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

Trump's odds of winning or losing his multitude of battles
Trump's odds of winning or losing his multitude of battles

The Hill

time6 minutes ago

  • The Hill

Trump's odds of winning or losing his multitude of battles

In picking fights and waging wars on multiple fronts, President Trump should heed the advice of Britain's greatest sailor and naval hero Lord Horatio Nelson: Only a fool or a stupid ship's captain would ever fight a fort. While immobile, unlike ships, forts were better defended and protected. And forts were more easily reinforced, rearmed and resupplied by land than ships at sea, which then had to find suitable ports. Trump is not at sea except in the minds of his many critics, yet he has joined several simultaneous battles against forts. He has given Russia no more time beyond Monday's 10-day deadline to end the war in Ukraine. Former Russian President and Prime Minister Dimitri Medvedev has threatened nuclear war if Trump is not careful. In that regard, Russia is a formidable fort armed with nuclear weapons equal to America's. Trump started a global trade war with his announcement Friday of new tariffs, having struck a deal with the European Union while still negotiating with China. He seems to have picked a fight with Israeli Prime Minister Benjamin Netanyahu over relieving extreme starvation in Gaza, after having turned a Nelsonian blind eye toward an estimated 61,000 Palestinian deaths. And he surely is at war at home against so-called woke law firms and universities and, remarkably, a more than significant part of his MAGA base over refusing to come clean about his relationship with the deceased sexual predator Jeffrey Epstein. Whether Trump will prevail or fail in all, some or none of these battles will largely determine his administration's future and will almost certainly impact congressional elections in 2026 and the presidential vote in 2028, for which he is legally prevented from running. For most mere mortals, bookies would set the odds of failing or losing at least one of these battles as very low. Running the deck, however, would recoup a fortune in bets. Yet Trump's history has reversed all the odds against him. This makes any seemingly rational bet to the contrary exceedingly dumb. In this ability to overcome setbacks that would crush most people, Trump made Bill Clinton's reign as the ' The Comeback Kid ' seem both short and trivial. Will that luck hold out? War with Russia will not happen. Putin, however, will not be impressed or moved by the threat to force negotiations by imposing new sanctions or deploying two American nuclear submarines that somehow will annoy or worry Russia sufficiently to abandon its efforts. At the moment, while the war in Ukraine will not be fought to the last Russian, there are no compelling facts or arguments to convince Putin he is losing or needs to withdraw his forces. Quite the contrary. Similarly, in Gaza, Netanyahu's actions will determine America's. The relationship with Israel has grown so close over the decades since the 1956 and 1967 Arab-Israeli wars that the U.S. no longer tries or considers not giving Israel basically what it needs or demands. What could happen in these conflicts in Ukraine and Gaza, as with the Houthis, is that the U.S. withdraws and the situation reverts back to the pre-war days. The global trade war is different. The administration asserts that tariffs will not raise inflation and will generate greater economic growth. This argument is the equivalent of the ship commanded by Nelson's dim witted captain. Other states will react. The World Trade Organization and its agreed upon principles will become cannon fodder. Even though imports comprise only about 11 percent of U.S. total GDP, the effects of tariffs will be much greater. Unlike Gaza and Ukraine, of which Trump can wash his hands, the economy is not something that can be discarded like a used tissue. Trump will have to do something to explain or cover up any misjudgments. The only way for that to happen comes from the Trump playbook: Call the bad data 'fake news,' dissemble and stall — or cling to the belief that tariffs are working, despite all the contradictory evidence. Ironically, Epstein may be the problem that simply will not disappear — the fort that ultimately wins. Trump is trapped by his promise to release all the Epstein files. Suppose there are none and nothing more to release? Or suppose the files contain truly damaging revelations about Trump or his circle? There may be no way out. One conclusion is clear: The fewer fights picked, the better. And the chances of winning many are not odds most people would accept. Harlan Ullman, Ph.D., is UPI's Arnaud deBorchgrave Distinguished Columnist, a senior advisor at the Atlantic Council, the chairman of two private companies and the principal author of the doctrine of shock and awe. He and former United Kingdom Defense Chief David Richards are the authors of a forthcoming book on preventing strategic catastrophe.

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