NASA Wants To Drop Helicopter Drones On Mars To Scout For Manned Landing Sites
The mission is called Skyfall, which I guess no one told them was also the name of a James Bond movie. The idea is for a capsule to drop down towards the Martian surface, open up before it impacts, and out will fly the six helicopters. Each drone will then fly a different route, using cameras and radar to scan what's underneath the surface. This will hopefully detect water, ice, or other resources that would make for a good landing site for an eventual manned mission to the red planet.
It's even possible that this process could "advance the nation's quest to discover whether Mars was ever habitable." Could a robot helicopter dropped from space find aliens on another planet? Probably not, but also, please yes.
Read more: Here's Every Car Company Volkswagen Owns Right Now
The Importance Of Ingenuity
When it first lifted off from Martian soil, Ingenuity only hoped to traverse 980 feet over the span of a few weeks. Instead, the plucky American aviator covered 10.5 miles over three years. It did finally crash in January 2024, during which it suffered rotor damage too severe to ever get it to fly again. While the cause of the crash remains unknown (kind of hard to do an investigation on Mars), Ingenuity soldiers on, dutifully serving as a static weather station now.
I'd say that was a pretty successful mission, all things considered. Clearly NASA agrees, since the Skyfall mission is effectively a major expansion of Ingenuity; the new helicopter drones will be upgraded versions of that design, made by the same public-private partners, JPL and AeroVision respectively.
Exactly how public vs how private may be shifting, however. AeroVision says that it will be taking on some of the work that JPL originally did "commercializing" Mars drones this time around. That sounds in line with the Trump administration's push to move traditionally government-run operations, like retrieving astronauts, to corporations instead. NASA is also under threat of crippling proposed budget cuts, so it might not even be able to do the work it used to do.
I, for one, think the Martian aliens will welcome their new American corporate overlords. Either way, Skyfall won't be lifting off of Earth's soil until at least 2028. If all goes well, air traffic will be getting pretty thick underneath red skies by the end of the decade.
Want more like this? Join the Jalopnik newsletter to get the latest auto news sent straight to your inbox...
Read the original article on Jalopnik.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNBC
a minute ago
- CNBC
How Tim Cook convinced Trump to drop made-in-USA iPhone — for now
President Donald Trump has made clear that he wants Apple to make iPhones in the U.S. Apple CEO Tim Cook is doing what he can to appease the commander in chief, without making that ultimate concession. Cook on Wednesday appeared at the White House with President Trump to announce plans to spend about $600 billion over four years in the U.S. Apple didn't announce the made-in-USA iPhone that Trump wants, but Cook got to tout Apple's position on U.S. production. Some of Apple's most valuable parts, such as its glass and facial recognition sensor, are made by U.S. companies that Apple has worked with for years. Final assembly is only a small, though very critical, part of iPhone production. "The final assembly that you focus on, that will be elsewhere for a while," Cook said Wednesday in the Oval Office. Trump appeared happy enough, for now. "He makes many of the components here, and we've been talking about it," Trump said. "The whole thing is set up in other places, and it's been there for a long time in terms of cost and all, but I think we may incentivize him enough that one day he'll be bringing that back." Experts said Cook's announcement seemed designed to get Apple out of Trump's crosshairs with respect to tariffs. Trump announced during the public meeting that the administration planned to place a tariff on chips that would double their price, but Apple — which relies on hundreds of different chips for its devices — would be exempt. "CEOs are realizing that they do have to do something, and what they've discovered is that if they give the president something to brag about without destroying their company, that the problem might go away for a certain amount of time," said Peter Cohan, professor of strategy and entrepreneurship at Babson College who has written case studies on Apple. The gambit worked. Apple stock rose 5% on Wednesday and another 3% on Thursday. "What Tim Cook demonstrated in the first administration was a real savvy navigation of the treacherous waters," said Nancy Tengler, CEO of Laffer Tengler Investments, which holds a position in Apple. "I thought this announcement was super-important symbolically, because the president is looking for headlines." The centerpiece of Apple's announcement was the so-called American Manufacturing Program, which Apple said was designed to incentivize other companies to make parts for computers in the U.S. By Apple committing to purchase parts and expand its relationship with U.S. suppliers, it could give those companies the skills and capacity to expand their business. And it lets Apple take some credit for supporting the 450,000 total jobs at its suppliers. A closer look at the members of the program shows that Apple is leaning on some of its longest-tenured partners. All together, Apple said that its U.S. suppliers are on track to make 19 billion chips for its products this year. That level of business doesn't appear overnight. For example, Apple said that all of its cover glass for iPhones and Apple Watches would be made by Corning, in Kentucky, and that it would spend $2.5 billion on that effort. It's a powerful symbol — while the phone might be screwed together in China or India, the surface that users touch around the world will be made in the U.S. But Apple has pointed to Corning as a critical American supplier in the past. The company's glass has been used on the iPhone since its first version in 2007. While Apple typically doesn't let its suppliers talk about their relationships, former COO Jeff Williams hailed Corning's glass in 2017, when it got an "investment" from the Apple Advanced Manufacturing Fund. Apple followed that up with a $250 million commitment in 2019, and $45 million in 2021. Analysts are skeptical that the partnership could substantially improve Corning's revenue. Morgan Stanley analysts wrote on Thursday that Corning "already produces 100% of the cover glass for Apple's phones and tablets," adding that Corning's glass business called Specialty Materials is worth about $2 billion per year. Apple also highlighted its partnership with Coherent, a longtime supplier of lasers for Apple's facial recognition hardware, which is made in Texas. Morgan Stanley pegged the business at about $100 million per year, and said Apple has options including Lumentum and Sony. The iPhone maker said it expanded a partnership with Texas Instruments to make chips in Texas and Utah. Texas Instruments has long supplied chips for the iPhone, such as circuits to control USB interfaces or power displays. Apple said it would partner with Samsung, another key supplier of parts like iPhone displays, to launch an "innovative new technology for making chips," without offering additional details. Apple declared that it will partner directly with companies in the semiconductor chain, even if they typically sell services or goods to Apple suppliers. Other partnerships are with Applied Materials, a tooling company, GlobalFoundries, a chip foundry, and GlobalWafers America, which is suppling Taiwan Semiconductor Manufacturing Company and Texas Instruments with made-in-USA wafers, the starting point for a batch of chips. GlobalFoundries manufactures chips for Broadcom, which supplies wireless chips for iPhones. Both will work with Apple to develop and manufacture 5G components in the U.S. Meanwhile, Apple will buy millions of advanced chips made by TSMC in Arizona, where it will be the factory's largest customer. Cook joined former President Biden at the plant in 2022 and committed to buying chips from the factory. Apple said it would invest in and become a customer at an Arizona Amkor facility, which packages and tests chips, the final stage before installation in a computer. Apple also said it would expand existing data centers for artificial intelligence in North Carolina, Iowa, Nevada and Oregon. It's highlighted these data centers in the past in spending commitments. While Apple's announcement sent partner stocks up, JPMorgan Chase analysts warned in a note on Thursday that "the new and expanded engagements might not be completely incremental to global revenues and outlook." Trump had a different take. "Oh, I love that you're doing this," the president said, after reading a list of Apple's commitments. Apple has little to worry about when it comes to who will hold the company accountable for its promises. The company doesn't break out U.S. spending, and most of Apple's suppliers are contractually required to keep the information secret. Apple doesn't report how much its new campuses in Austin or North Carolina end up costing. Additionally, the $600 billion headline number likely includes lots of regular expenses. Apple said in February that its $500 billion commitment included payments to U.S. suppliers, direct employment, data centers for Apple Intelligence and corporate facilities, as well as spending on Apple TV+ productions in 20 states. Apple started publicly announcing U.S. spending during Trump's first administration in 2018, at a rate of about $70 billion per year. In February, the company committed to $125 billion per year. Wednesday's announcement brings that figure to $150 billion annually. That's still a fraction of Apple's total spending. In Apple's fiscal 2024, Apple spent $210 billion globally on cost of goods sold, $57.5 billion on operating expenses, and $9.45 billion in capital expenditures for nearly $275 billion in global spending during the period. Teffler said she didn't think the newly announced spending would be material to Apple's profitability, especially since it already has relationships with the various companies such as Corning. "They're going to spend money somewhere," Tegler said. Wedbush analyst Dan Ives, who previously predicted a made-in-USA iPhone would cost billions to produce and would leave consumers paying $3,500, said the Wednesday announcements indicate a much different approach. He said it's "the cost of doing business."
Yahoo
29 minutes ago
- Yahoo
Stock market today: Dow slides, Nasdaq jumps to record as tariffs kick in, Trump nominates Miran to Fed board
US stocks trimmed losses on Thursday, finishing mixed after President Trump's sweeping tariffs hit dozens of US trade partners. Meanwhile, Trump also previewed coming chip tariffs, suggesting a carveout that could benefit Big Tech companies. The tech-heavy Nasdaq Composite (^IXIC) rose nearly 0.4% to close at a fresh record, while the S&P 500 (^GSPC) ended little changed. The Dow Jones Industrial Average (^DJI) slipped 0.5%. Stocks trimmed losses after Trump nominated Stephen Miran, the current chairman of the Council of Economic Advisors, to serve on the Federal Reserve Board of Governors until Jan. 31, 2026, following Adriana Kugler's resignation. Meanwhile, Trump's deadline for trade deals landed at 12:01 a.m. ET on Thursday. Imports from nearly 200 countries now face duties ranging from 10% to 50%, and the overall average effective tariff rate is projected to jump to 18.6%, according to the Yale Budget Lab, the highest since 1933. Read more: The latest on Trump's tariffs Apple (AAPL) shares climbed Thursday as Trump and CEO Tim Cook announced the company would make a $100 billion investment in the US. As part of the deal, Apple will manufacture the cover glasses for iPhones and Apple Watches in Kentucky. At the same time, Trump's comments that he'd exempt some companies from his plans to place 100% duties on semiconductors gave tech stocks an overall boost for a second consecutive day. Nvidia (NVDA) stock rose around 0.7%. Meanwhile, another wave of earnings flooded in Thursday morning. The reports featured a tariff warning from Toyota (TM), which said in its first quarter results that the impact of US tariffs will be some $9.5 billion. Among other notable corporate giants to report, Eli Lilly's (LLY) disappointing results of its much-awaited oral GLP-1 pill trial sent the stock down 14% despite posting better-than-expected earnings for the second quarter. Also on Thursday, 1.974 million continuing claims for unemployment benefits were filed, reaching their highest level since November 2021. The state of the labor market is in high focus following a disappointing July jobs report and downbeat revisions to the May and June jobs reports. Nasdaq jumps to record after Trump chooses Fed board member Stocks trimmed losses in the last 20 minutes of trading on Thursday with the Nasdaq Composite closing a at a fresh record after President Trump chose Stephen Miran, the chairman of the Council of Economic Advisors to serve on the board of the Federal Reserve. The markets sawsawed during the session as investors reacted to tariffs on imports from nearly 200 countries. The tech-heavy Nasdaq Composite (^IXIC) rose nearly 0.4% to close at a fresh record, while the S&P 500 (^GSPC) ended little changed. The Dow Jones Industrial Average (^DJI) slipped 0.5%. On Thursday afternoon Trump announced he chose Miran, after Adriana Kugler resigned last Friday. Trump chooses Stephen Miran to serve on Federal Reserve Board President Trump chose Stephen Miran, the current chairman of the Council of economic Advisors to serve on the Federal Reserve Board of Governors, after Adriana Kugler resigned last Friday. "It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026," Trump wrote on Truth Social. "In the meantime, we will continue to search for a permanent replacement. Stephen has a Ph.D. in Economics from Harvard University, and served with distinction in my First Administration. He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job. Congratulations Stephen!" Duolingo stock soars after earnings, forfeits roughly half its gains after OpenAI GPT-5 demo Yahoo Finance's Jake Conley reports: Read more here. Gold climbs on trade tensions, hopes of Fed rate cut Gold (GC=F) futures climbed on Thursday as tariffs on imports from nearly 200 countries rolled out, and investor optimism over potential Fed rate cuts in September grew. The precious metal rose 0.6% to trade above $3,454 per ounce. Inflows into gold ETFS and central bank purchases have fueled gold purchases over the past year. Year to date, gold is up about 32%. The prospects of lower interest rates from the Federal Reserve amid a weakening job market have fueled purchases of the precious metal. Meanwhile, President Trump's tariff deadline landed on Thursday, and tariffs on imports from a variety of countries now face duties ranging from 10% to 50%. The overall average effective tariff rate is projected to jump to 18.6% this year, according to the Yale Budget Lab, the highest since 1933. Shareholder warns Apple's $100 billion investment is more optics than impact Yahoo Finance's Francisco Velasquez reports: Read more here. Firefly opens at $70 per share, 56% above IPO price of $45 Shares of Firefly Aerospace — trading under the ticker symbol FLY — opened at $70 per share on Thursday, about 56% above their IPO prices of $45. Brian Sozzi reports: Read more here. Mortgage rates dip near 2025 lows after weak jobs data Yahoo Finance's Shi Bradley and Claire Boston report: Read more here. Waller emerges as Fed chair favorite, Bloomberg says Stocks pared gains in the early morning session after Bloomberg reported Federal Reserve Governor Christopher Waller is "emerging as a top candidate" to serve as the central bank's next chair. Bloomberg reports: Read more here. Toyota slashes 2025 profit guidance, warns of $9.5B tariff hit Toyota (TM), the world's largest automaker, is the latest to warn about the effects of President Trump's tariffs. Yahoo Finance's Pras Subramanian writes: Read the full story here. Bitcoin, crypto stocks rally ahead of Trump order opening 401(k) plans to alternative assets Major cryptocurrencies and crypto-related stocks were rallying early Thursday ahead of President Trump's expected signing of an executive order that would allow alternative assets like cryptocurrencies and private equity into the retirement accounts of millions of Americans, Yahoo Finance's Jake Conley reports. Bitcoin (BTC-USD) rose nearly 2%, while ether (ETH-USD) and XRP (XRP-USD) were both up around 4%. Shares of Coinbase (COIN), the largest publicly traded crypto exchange, rose 3.4%. Robinhood (HOOD) and Strategy (MSTR) climbed over 4% and 2.6%, respectively. Read the full story here. Chip stocks surge as Trump points to tariff exemptions for chipmakers Chip stocks climbed on Thursday after President Trump said he'll exempt companies from his planned 100% semiconductor tariffs if they are making or beginning to make their chips in the US. Nvidia (NVDA) rose more than 2%, while Broadcom (AVGO) jumped 1.7% and Micron (MU) rose 3.4%. Most advanced chips are produced by contract chip manufacturer TSMC (TSM) in Taiwan, but the company has been building out its capacity in Arizona, exempting it from Trump's tariffs. The company's US-listed shares soared nearly 7% Thursday morning, hitting a record high. So far, Nvidia has committed to producing $500 billion of AI infrastructure in the US. Micron made a similar $200 billion commitment. Stocks move higher at the open US stocks rose at the open on Thursday as President Trump hinted at a carveout for coming tariffs on semiconductors, boosting tech for a second day, just as his tariffs hit dozens of US trading partners. The tech-heavy Nasdaq Composite (^IXIC) rose 0.8%. The Dow Jones Industrial Average (^DJI) gained 0.6%, while the S&P 500 (^GSPC) was up 0.5%. Stocks to watch: Apple, Eli Lilly, Taiwan Semiconductor, Fortinet Here's a look at some top trending tickers on Thursday ahead of the opening bell: Read more live coverage of corporate earnings here. Continuing claims for unemployment benefits hit highest since November 2021 Americans filing for unemployment insurance on an ongoing basis reached the highest level since November 2021 at the end of July. In the week ending July 26, 1.974 million continuing claims were filed, up from 1.936 million the week prior and the highest level seen since November 2021, according to data from the Department of Labor released Thursday morning. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Meanwhile, weekly filings for unemployment benefits moved higher to 226,000 in the week ending Aug. 2, up from 221,000 the week prior. Read more: What are jobless claims, and why do they matter? Intel stock dips as Trump calls for CEO resignation President Trump on Thursday morning called for the resignation of Intel's (INTC) CEO Lip‑Bu Tan, who has been at the job since March, saying the executive is "highly conflicted" and should leave his post immediately. 'The CEO of INTEL is highly conflicted and must resign immediately. There is no other solution to this problem. Thank you for your attention to this problem!' wrote Trump on social media. On Wednesday, Reuters reported that US Republican Sen. Tom Cotton sent a letter to the company's board raising questions about Tan's ties to Chinese firms and a recent criminal case involving his former company, Cadence Design (CDNS.O). Intel stock was down as much as 3% in premarket trading. Eli Lilly stock falls despite earnings beat as oral GLP-1 pill results disappoint Eli Lilly (LLY) stock fell 7% in premarket trading. Although the company's second quarter earnings topped expectations, the results of a late-stage trial of its highly anticipated oral GLP-1 pill disappointed. For the quarter, Eli Lilly reported $15.56 billion in revenue, beating Wall Street estimates of $14.69 billion. Earnings per share came in at $6.31, compared to Street expectations of $5.56. Much of the $10.81 billion in US revenue was driven by strong sales of weight-loss drugs, Mounjaro and Zepbound, which increased 46% in volume, though prices fell 8%. Yahoo Finance's Anjalee Khemlani reports: Read more here. Good morning. Here's what's happening today. Economic data: Initial jobless claims (week ending Aug. 2); Nonfarm productivity (second quarter preliminary); Unit labor costs (second quarter preliminary) Earnings: Block (XYZ), Celsius (CELH), ConocoPhillips (COP), Eli Lilly (LLY), Sony (SONY), SoundHound (SOUN), Pinterest (PINS), Take-Two Interactive (TTWO), Twilio (TWLO), The Trade Desk (TTD), Vistra Energy (VST) Here are some of the biggest stories you may have missed overnight and early this morning: Investors are 'agitated' by less than perfect earnings Shopify's strong quarter shows consumers are ignoring tariffs Eli Lilly stock falls on GLP-1 pill trial results Trump's tariffs hit dozens of countries as trade deadline expires Trump to sign order easing path for private assets in 401(k)s Apple leads surge in global tech shares after Trump tariff relief Trump boasts billions of dollars flowing into US from tariffs Warner Bros revenue surges on streaming expansion, box-office hits Trump floats possible tariffs on China for buying Russia oil\ TSMC shares surge as Taiwan says firm exempt from Trump tariffs Keep an eye on Firefly IPO Not too far removed from Figma's (FIG) huge IPO, Firefly will come to market at the Nasdaq later on today. The IPO was upsized, and it's likely it will come out of the block strong when it opens. I am not in love with the company's financials, but it has a host of key deals in place and its technology has proven to work (see trips to moon). And it has a SpaceX ( like story to tell at a hot time for markets. Perfectly timed debut. I am live with Firefly CEO Jason Kim around 11am ET today from the Nasdaq. Tune into Yahoo Finance! SoftBank swings to profit on vision fund gains ahead of AI push Softbank's (SFTBF, 9984.T, SFTBY) Tokyo shares closed 1% up on Thursday after reporting a bigger profit than expected in the June quarter. Bloomberg News reports: Read more here. Apple gains after announcing $100B US investment Apple stock rose 3% before the bell on Thursday. Yahoo Finance's technology editor Daniel Howley and Washington correspondent Ben Werschkul outline the latest developments from the Apple investment announcement on Wednesday. Read more here. Nasdaq jumps to record after Trump chooses Fed board member Stocks trimmed losses in the last 20 minutes of trading on Thursday with the Nasdaq Composite closing a at a fresh record after President Trump chose Stephen Miran, the chairman of the Council of Economic Advisors to serve on the board of the Federal Reserve. The markets sawsawed during the session as investors reacted to tariffs on imports from nearly 200 countries. The tech-heavy Nasdaq Composite (^IXIC) rose nearly 0.4% to close at a fresh record, while the S&P 500 (^GSPC) ended little changed. The Dow Jones Industrial Average (^DJI) slipped 0.5%. On Thursday afternoon Trump announced he chose Miran, after Adriana Kugler resigned last Friday. Stocks trimmed losses in the last 20 minutes of trading on Thursday with the Nasdaq Composite closing a at a fresh record after President Trump chose Stephen Miran, the chairman of the Council of Economic Advisors to serve on the board of the Federal Reserve. The markets sawsawed during the session as investors reacted to tariffs on imports from nearly 200 countries. The tech-heavy Nasdaq Composite (^IXIC) rose nearly 0.4% to close at a fresh record, while the S&P 500 (^GSPC) ended little changed. The Dow Jones Industrial Average (^DJI) slipped 0.5%. On Thursday afternoon Trump announced he chose Miran, after Adriana Kugler resigned last Friday. Trump chooses Stephen Miran to serve on Federal Reserve Board President Trump chose Stephen Miran, the current chairman of the Council of economic Advisors to serve on the Federal Reserve Board of Governors, after Adriana Kugler resigned last Friday. "It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026," Trump wrote on Truth Social. "In the meantime, we will continue to search for a permanent replacement. Stephen has a Ph.D. in Economics from Harvard University, and served with distinction in my First Administration. He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job. Congratulations Stephen!" President Trump chose Stephen Miran, the current chairman of the Council of economic Advisors to serve on the Federal Reserve Board of Governors, after Adriana Kugler resigned last Friday. "It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026," Trump wrote on Truth Social. "In the meantime, we will continue to search for a permanent replacement. Stephen has a Ph.D. in Economics from Harvard University, and served with distinction in my First Administration. He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job. Congratulations Stephen!" Duolingo stock soars after earnings, forfeits roughly half its gains after OpenAI GPT-5 demo Yahoo Finance's Jake Conley reports: Read more here. Yahoo Finance's Jake Conley reports: Read more here. Gold climbs on trade tensions, hopes of Fed rate cut Gold (GC=F) futures climbed on Thursday as tariffs on imports from nearly 200 countries rolled out, and investor optimism over potential Fed rate cuts in September grew. The precious metal rose 0.6% to trade above $3,454 per ounce. Inflows into gold ETFS and central bank purchases have fueled gold purchases over the past year. Year to date, gold is up about 32%. The prospects of lower interest rates from the Federal Reserve amid a weakening job market have fueled purchases of the precious metal. Meanwhile, President Trump's tariff deadline landed on Thursday, and tariffs on imports from a variety of countries now face duties ranging from 10% to 50%. The overall average effective tariff rate is projected to jump to 18.6% this year, according to the Yale Budget Lab, the highest since 1933. Gold (GC=F) futures climbed on Thursday as tariffs on imports from nearly 200 countries rolled out, and investor optimism over potential Fed rate cuts in September grew. The precious metal rose 0.6% to trade above $3,454 per ounce. Inflows into gold ETFS and central bank purchases have fueled gold purchases over the past year. Year to date, gold is up about 32%. The prospects of lower interest rates from the Federal Reserve amid a weakening job market have fueled purchases of the precious metal. Meanwhile, President Trump's tariff deadline landed on Thursday, and tariffs on imports from a variety of countries now face duties ranging from 10% to 50%. The overall average effective tariff rate is projected to jump to 18.6% this year, according to the Yale Budget Lab, the highest since 1933. Shareholder warns Apple's $100 billion investment is more optics than impact Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Francisco Velasquez reports: Read more here. Firefly opens at $70 per share, 56% above IPO price of $45 Shares of Firefly Aerospace — trading under the ticker symbol FLY — opened at $70 per share on Thursday, about 56% above their IPO prices of $45. Brian Sozzi reports: Read more here. Shares of Firefly Aerospace — trading under the ticker symbol FLY — opened at $70 per share on Thursday, about 56% above their IPO prices of $45. Brian Sozzi reports: Read more here. Mortgage rates dip near 2025 lows after weak jobs data Yahoo Finance's Shi Bradley and Claire Boston report: Read more here. Yahoo Finance's Shi Bradley and Claire Boston report: Read more here. Waller emerges as Fed chair favorite, Bloomberg says Stocks pared gains in the early morning session after Bloomberg reported Federal Reserve Governor Christopher Waller is "emerging as a top candidate" to serve as the central bank's next chair. Bloomberg reports: Read more here. Stocks pared gains in the early morning session after Bloomberg reported Federal Reserve Governor Christopher Waller is "emerging as a top candidate" to serve as the central bank's next chair. Bloomberg reports: Read more here. Toyota slashes 2025 profit guidance, warns of $9.5B tariff hit Toyota (TM), the world's largest automaker, is the latest to warn about the effects of President Trump's tariffs. Yahoo Finance's Pras Subramanian writes: Read the full story here. Toyota (TM), the world's largest automaker, is the latest to warn about the effects of President Trump's tariffs. Yahoo Finance's Pras Subramanian writes: Read the full story here. Bitcoin, crypto stocks rally ahead of Trump order opening 401(k) plans to alternative assets Major cryptocurrencies and crypto-related stocks were rallying early Thursday ahead of President Trump's expected signing of an executive order that would allow alternative assets like cryptocurrencies and private equity into the retirement accounts of millions of Americans, Yahoo Finance's Jake Conley reports. Bitcoin (BTC-USD) rose nearly 2%, while ether (ETH-USD) and XRP (XRP-USD) were both up around 4%. Shares of Coinbase (COIN), the largest publicly traded crypto exchange, rose 3.4%. Robinhood (HOOD) and Strategy (MSTR) climbed over 4% and 2.6%, respectively. Read the full story here. Major cryptocurrencies and crypto-related stocks were rallying early Thursday ahead of President Trump's expected signing of an executive order that would allow alternative assets like cryptocurrencies and private equity into the retirement accounts of millions of Americans, Yahoo Finance's Jake Conley reports. Bitcoin (BTC-USD) rose nearly 2%, while ether (ETH-USD) and XRP (XRP-USD) were both up around 4%. Shares of Coinbase (COIN), the largest publicly traded crypto exchange, rose 3.4%. Robinhood (HOOD) and Strategy (MSTR) climbed over 4% and 2.6%, respectively. Read the full story here. Chip stocks surge as Trump points to tariff exemptions for chipmakers Chip stocks climbed on Thursday after President Trump said he'll exempt companies from his planned 100% semiconductor tariffs if they are making or beginning to make their chips in the US. Nvidia (NVDA) rose more than 2%, while Broadcom (AVGO) jumped 1.7% and Micron (MU) rose 3.4%. Most advanced chips are produced by contract chip manufacturer TSMC (TSM) in Taiwan, but the company has been building out its capacity in Arizona, exempting it from Trump's tariffs. The company's US-listed shares soared nearly 7% Thursday morning, hitting a record high. So far, Nvidia has committed to producing $500 billion of AI infrastructure in the US. Micron made a similar $200 billion commitment. Chip stocks climbed on Thursday after President Trump said he'll exempt companies from his planned 100% semiconductor tariffs if they are making or beginning to make their chips in the US. Nvidia (NVDA) rose more than 2%, while Broadcom (AVGO) jumped 1.7% and Micron (MU) rose 3.4%. Most advanced chips are produced by contract chip manufacturer TSMC (TSM) in Taiwan, but the company has been building out its capacity in Arizona, exempting it from Trump's tariffs. The company's US-listed shares soared nearly 7% Thursday morning, hitting a record high. So far, Nvidia has committed to producing $500 billion of AI infrastructure in the US. Micron made a similar $200 billion commitment. Stocks move higher at the open US stocks rose at the open on Thursday as President Trump hinted at a carveout for coming tariffs on semiconductors, boosting tech for a second day, just as his tariffs hit dozens of US trading partners. The tech-heavy Nasdaq Composite (^IXIC) rose 0.8%. The Dow Jones Industrial Average (^DJI) gained 0.6%, while the S&P 500 (^GSPC) was up 0.5%. US stocks rose at the open on Thursday as President Trump hinted at a carveout for coming tariffs on semiconductors, boosting tech for a second day, just as his tariffs hit dozens of US trading partners. The tech-heavy Nasdaq Composite (^IXIC) rose 0.8%. The Dow Jones Industrial Average (^DJI) gained 0.6%, while the S&P 500 (^GSPC) was up 0.5%. Stocks to watch: Apple, Eli Lilly, Taiwan Semiconductor, Fortinet Here's a look at some top trending tickers on Thursday ahead of the opening bell: Read more live coverage of corporate earnings here. Here's a look at some top trending tickers on Thursday ahead of the opening bell: Read more live coverage of corporate earnings here. Continuing claims for unemployment benefits hit highest since November 2021 Americans filing for unemployment insurance on an ongoing basis reached the highest level since November 2021 at the end of July. In the week ending July 26, 1.974 million continuing claims were filed, up from 1.936 million the week prior and the highest level seen since November 2021, according to data from the Department of Labor released Thursday morning. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Meanwhile, weekly filings for unemployment benefits moved higher to 226,000 in the week ending Aug. 2, up from 221,000 the week prior. Read more: What are jobless claims, and why do they matter? Americans filing for unemployment insurance on an ongoing basis reached the highest level since November 2021 at the end of July. In the week ending July 26, 1.974 million continuing claims were filed, up from 1.936 million the week prior and the highest level seen since November 2021, according to data from the Department of Labor released Thursday morning. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Meanwhile, weekly filings for unemployment benefits moved higher to 226,000 in the week ending Aug. 2, up from 221,000 the week prior. Read more: What are jobless claims, and why do they matter? Intel stock dips as Trump calls for CEO resignation President Trump on Thursday morning called for the resignation of Intel's (INTC) CEO Lip‑Bu Tan, who has been at the job since March, saying the executive is "highly conflicted" and should leave his post immediately. 'The CEO of INTEL is highly conflicted and must resign immediately. There is no other solution to this problem. Thank you for your attention to this problem!' wrote Trump on social media. On Wednesday, Reuters reported that US Republican Sen. Tom Cotton sent a letter to the company's board raising questions about Tan's ties to Chinese firms and a recent criminal case involving his former company, Cadence Design (CDNS.O). Intel stock was down as much as 3% in premarket trading. President Trump on Thursday morning called for the resignation of Intel's (INTC) CEO Lip‑Bu Tan, who has been at the job since March, saying the executive is "highly conflicted" and should leave his post immediately. 'The CEO of INTEL is highly conflicted and must resign immediately. There is no other solution to this problem. Thank you for your attention to this problem!' wrote Trump on social media. On Wednesday, Reuters reported that US Republican Sen. Tom Cotton sent a letter to the company's board raising questions about Tan's ties to Chinese firms and a recent criminal case involving his former company, Cadence Design (CDNS.O). Intel stock was down as much as 3% in premarket trading. Eli Lilly stock falls despite earnings beat as oral GLP-1 pill results disappoint Eli Lilly (LLY) stock fell 7% in premarket trading. Although the company's second quarter earnings topped expectations, the results of a late-stage trial of its highly anticipated oral GLP-1 pill disappointed. For the quarter, Eli Lilly reported $15.56 billion in revenue, beating Wall Street estimates of $14.69 billion. Earnings per share came in at $6.31, compared to Street expectations of $5.56. Much of the $10.81 billion in US revenue was driven by strong sales of weight-loss drugs, Mounjaro and Zepbound, which increased 46% in volume, though prices fell 8%. Yahoo Finance's Anjalee Khemlani reports: Read more here. Eli Lilly (LLY) stock fell 7% in premarket trading. Although the company's second quarter earnings topped expectations, the results of a late-stage trial of its highly anticipated oral GLP-1 pill disappointed. For the quarter, Eli Lilly reported $15.56 billion in revenue, beating Wall Street estimates of $14.69 billion. Earnings per share came in at $6.31, compared to Street expectations of $5.56. Much of the $10.81 billion in US revenue was driven by strong sales of weight-loss drugs, Mounjaro and Zepbound, which increased 46% in volume, though prices fell 8%. Yahoo Finance's Anjalee Khemlani reports: Read more here. Good morning. Here's what's happening today. Economic data: Initial jobless claims (week ending Aug. 2); Nonfarm productivity (second quarter preliminary); Unit labor costs (second quarter preliminary) Earnings: Block (XYZ), Celsius (CELH), ConocoPhillips (COP), Eli Lilly (LLY), Sony (SONY), SoundHound (SOUN), Pinterest (PINS), Take-Two Interactive (TTWO), Twilio (TWLO), The Trade Desk (TTD), Vistra Energy (VST) Here are some of the biggest stories you may have missed overnight and early this morning: Investors are 'agitated' by less than perfect earnings Shopify's strong quarter shows consumers are ignoring tariffs Eli Lilly stock falls on GLP-1 pill trial results Trump's tariffs hit dozens of countries as trade deadline expires Trump to sign order easing path for private assets in 401(k)s Apple leads surge in global tech shares after Trump tariff relief Trump boasts billions of dollars flowing into US from tariffs Warner Bros revenue surges on streaming expansion, box-office hits Trump floats possible tariffs on China for buying Russia oil\ TSMC shares surge as Taiwan says firm exempt from Trump tariffs Economic data: Initial jobless claims (week ending Aug. 2); Nonfarm productivity (second quarter preliminary); Unit labor costs (second quarter preliminary) Earnings: Block (XYZ), Celsius (CELH), ConocoPhillips (COP), Eli Lilly (LLY), Sony (SONY), SoundHound (SOUN), Pinterest (PINS), Take-Two Interactive (TTWO), Twilio (TWLO), The Trade Desk (TTD), Vistra Energy (VST) Here are some of the biggest stories you may have missed overnight and early this morning: Investors are 'agitated' by less than perfect earnings Shopify's strong quarter shows consumers are ignoring tariffs Eli Lilly stock falls on GLP-1 pill trial results Trump's tariffs hit dozens of countries as trade deadline expires Trump to sign order easing path for private assets in 401(k)s Apple leads surge in global tech shares after Trump tariff relief Trump boasts billions of dollars flowing into US from tariffs Warner Bros revenue surges on streaming expansion, box-office hits Trump floats possible tariffs on China for buying Russia oil\ TSMC shares surge as Taiwan says firm exempt from Trump tariffs Keep an eye on Firefly IPO Not too far removed from Figma's (FIG) huge IPO, Firefly will come to market at the Nasdaq later on today. The IPO was upsized, and it's likely it will come out of the block strong when it opens. I am not in love with the company's financials, but it has a host of key deals in place and its technology has proven to work (see trips to moon). And it has a SpaceX ( like story to tell at a hot time for markets. Perfectly timed debut. I am live with Firefly CEO Jason Kim around 11am ET today from the Nasdaq. Tune into Yahoo Finance! Not too far removed from Figma's (FIG) huge IPO, Firefly will come to market at the Nasdaq later on today. The IPO was upsized, and it's likely it will come out of the block strong when it opens. I am not in love with the company's financials, but it has a host of key deals in place and its technology has proven to work (see trips to moon). And it has a SpaceX ( like story to tell at a hot time for markets. Perfectly timed debut. I am live with Firefly CEO Jason Kim around 11am ET today from the Nasdaq. Tune into Yahoo Finance! SoftBank swings to profit on vision fund gains ahead of AI push Softbank's (SFTBF, 9984.T, SFTBY) Tokyo shares closed 1% up on Thursday after reporting a bigger profit than expected in the June quarter. Bloomberg News reports: Read more here. Softbank's (SFTBF, 9984.T, SFTBY) Tokyo shares closed 1% up on Thursday after reporting a bigger profit than expected in the June quarter. Bloomberg News reports: Read more here. Apple gains after announcing $100B US investment Apple stock rose 3% before the bell on Thursday. Yahoo Finance's technology editor Daniel Howley and Washington correspondent Ben Werschkul outline the latest developments from the Apple investment announcement on Wednesday. Read more here. Apple stock rose 3% before the bell on Thursday. Yahoo Finance's technology editor Daniel Howley and Washington correspondent Ben Werschkul outline the latest developments from the Apple investment announcement on Wednesday. Read more here. 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
Yahoo
29 minutes ago
- Yahoo
Stock market today: Dow slides, Nasdaq jumps to record as tariffs kick in, Trump nominates Fed board member
US stocks trimmed losses on Thursday after President Trump's sweeping tariffs hit dozens of US trade partners after his self-imposed deadline for countries to strike deals expired. Meanwhile, Trump also previewed coming chip tariffs, suggesting a carveout could benefit Big Tech companies. The tech-heavy Nasdaq Composite (^IXIC) rose nearly 0.4% to close at a fresh record, while the S&P 500 (^GSPC) ended little changed. The Dow Jones Industrial Average (^DJI) slipped 0.4%. Stocks trimmed losses after Trump announced Stephen Miran, the current chairman of the Council of Economic Advisors will serve on the Federal Reserve Board of Governors until Jan 31, 2026, following Adriana Kugler's resignation last Friday. Trump's deadline for trade deals landed at 12:01 a.m. ET on Thursday. Imports from nearly 200 countries now face duties ranging from 10% to 50%, and the overall average effective tariff rate is projected to jump to 18.6%, according to the Yale Budget Lab, the highest since 1933. Read more: The latest on Trump's tariffs Meanwhile, Apple (AAPL) shares climbed Thursday as Trump and CEO Tim Cook announced the company would make a $100 billion investment in the US. As part of the deal, Apple will manufacture the cover glasses for iPhones and Apple Watches in Kentucky. At the same time, Trump's comments that he'd exempt some companies from his plans to place 100% duties on semiconductors gave tech stocks an overall boost for a second consecutive day. Nvidia (NVDA) stock rose around 0.7%. Stocks pared gains in the early morning session after Bloomberg reported Federal Reserve Governor Christopher Waller is "emerging as a top candidate" to serve as the central bank's next chair. Trump is expected to announce a replacement for departing Fed governor Adriana Kugler in the coming days. Meanwhile, another wave of earnings flooded in Thursday morning. The reports featured a tariff warning from Toyota (TM), which said in its first quarter results that the impact of US tariffs will be some $9.5 billion. Among other notable corporate giants to report, Eli Lilly's (LLY) disappointing results of its much-awaited oral GLP-1 pill trial sent the stock down 14% despite posting better-than-expected earnings for the second quarter. Also on Thursday, 1.974 million continuing claims for unemployment benefits were filed, reaching their highest level since November 2021. The state of the labor market is in high focus following a disappointing July jobs report and downbeat revisions to the May and June jobs reports. Trump chooses Stephen Miran to serve on Federal Reserve Board President Trump chose Stephen Miran, the current chairman of the Council of economic Advisors to serve on the Federal Reserve Board of Governors, after Adriana Kugler resigned last Friday. "It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026," Trump wrote on Truth Social. "In the meantime, we will continue to search for a permanent replacement. Stephen has a Ph.D. in Economics from Harvard University, and served with distinction in my First Administration. He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job. Congratulations Stephen!" Duolingo stock soars after earnings, forfeits roughly half its gains after OpenAI GPT-5 demo Yahoo Finance's Jake Conley reports: Read more here. Gold climbs on trade tensions, hopes of Fed rate cut Gold (GC=F) futures climbed on Thursday as tariffs on imports from nearly 200 countries rolled out, and investor optimism over potential Fed rate cuts in September grew. The precious metal rose 0.6% to trade above $3,454 per ounce. Inflows into gold ETFS and central bank purchases have fueled gold purchases over the past year. Year to date, gold is up about 32%. The prospects of lower interest rates from the Federal Reserve amid a weakening job market have fueled purchases of the precious metal. Meanwhile, President Trump's tariff deadline landed on Thursday, and tariffs on imports from a variety of countries now face duties ranging from 10% to 50%. The overall average effective tariff rate is projected to jump to 18.6% this year, according to the Yale Budget Lab, the highest since 1933. Shareholder warns Apple's $100 billion investment is more optics than impact Yahoo Finance's Francisco Velasquez reports: Read more here. Firefly opens at $70 per share, 56% above IPO price of $45 Shares of Firefly Aerospace — trading under the ticker symbol FLY — opened at $70 per share on Thursday, about 56% above their IPO prices of $45. Brian Sozzi reports: Read more here. Mortgage rates dip near 2025 lows after weak jobs data Yahoo Finance's Shi Bradley and Claire Boston report: Read more here. Waller emerges as Fed chair favorite, Bloomberg says Stocks pared gains in the early morning session after Bloomberg reported Federal Reserve Governor Christopher Waller is "emerging as a top candidate" to serve as the central bank's next chair. Bloomberg reports: Read more here. Toyota slashes 2025 profit guidance, warns of $9.5B tariff hit Toyota (TM), the world's largest automaker, is the latest to warn about the effects of President Trump's tariffs. Yahoo Finance's Pras Subramanian writes: Read the full story here. Bitcoin, crypto stocks rally ahead of Trump order opening 401(k) plans to alternative assets Major cryptocurrencies and crypto-related stocks were rallying early Thursday ahead of President Trump's expected signing of an executive order that would allow alternative assets like cryptocurrencies and private equity into the retirement accounts of millions of Americans, Yahoo Finance's Jake Conley reports. Bitcoin (BTC-USD) rose nearly 2%, while ether (ETH-USD) and XRP (XRP-USD) were both up around 4%. Shares of Coinbase (COIN), the largest publicly traded crypto exchange, rose 3.4%. Robinhood (HOOD) and Strategy (MSTR) climbed over 4% and 2.6%, respectively. Read the full story here. Chip stocks surge as Trump points to tariff exemptions for chipmakers Chip stocks climbed on Thursday after President Trump said he'll exempt companies from his planned 100% semiconductor tariffs if they are making or beginning to make their chips in the US. Nvidia (NVDA) rose more than 2%, while Broadcom (AVGO) jumped 1.7% and Micron (MU) rose 3.4%. Most advanced chips are produced by contract chip manufacturer TSMC (TSM) in Taiwan, but the company has been building out its capacity in Arizona, exempting it from Trump's tariffs. The company's US-listed shares soared nearly 7% Thursday morning, hitting a record high. So far, Nvidia has committed to producing $500 billion of AI infrastructure in the US. Micron made a similar $200 billion commitment. Stocks move higher at the open US stocks rose at the open on Thursday as President Trump hinted at a carveout for coming tariffs on semiconductors, boosting tech for a second day, just as his tariffs hit dozens of US trading partners. The tech-heavy Nasdaq Composite (^IXIC) rose 0.8%. The Dow Jones Industrial Average (^DJI) gained 0.6%, while the S&P 500 (^GSPC) was up 0.5%. Stocks to watch: Apple, Eli Lilly, Taiwan Semiconductor, Fortinet Here's a look at some top trending tickers on Thursday ahead of the opening bell: Read more live coverage of corporate earnings here. Continuing claims for unemployment benefits hit highest since November 2021 Americans filing for unemployment insurance on an ongoing basis reached the highest level since November 2021 at the end of July. In the week ending July 26, 1.974 million continuing claims were filed, up from 1.936 million the week prior and the highest level seen since November 2021, according to data from the Department of Labor released Thursday morning. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Meanwhile, weekly filings for unemployment benefits moved higher to 226,000 in the week ending Aug. 2, up from 221,000 the week prior. Read more: What are jobless claims, and why do they matter? Intel stock dips as Trump calls for CEO resignation President Trump on Thursday morning called for the resignation of Intel's (INTC) CEO Lip‑Bu Tan, who has been at the job since March, saying the executive is "highly conflicted" and should leave his post immediately. 'The CEO of INTEL is highly conflicted and must resign immediately. There is no other solution to this problem. Thank you for your attention to this problem!' wrote Trump on social media. On Wednesday, Reuters reported that US Republican Sen. Tom Cotton sent a letter to the company's board raising questions about Tan's ties to Chinese firms and a recent criminal case involving his former company, Cadence Design (CDNS.O). Intel stock was down as much as 3% in premarket trading. Eli Lilly stock falls despite earnings beat as oral GLP-1 pill results disappoint Eli Lilly (LLY) stock fell 7% in premarket trading. Although the company's second quarter earnings topped expectations, the results of a late-stage trial of its highly anticipated oral GLP-1 pill disappointed. For the quarter, Eli Lilly reported $15.56 billion in revenue, beating Wall Street estimates of $14.69 billion. Earnings per share came in at $6.31, compared to Street expectations of $5.56. Much of the $10.81 billion in US revenue was driven by strong sales of weight-loss drugs, Mounjaro and Zepbound, which increased 46% in volume, though prices fell 8%. Yahoo Finance's Anjalee Khemlani reports: Read more here. Good morning. Here's what's happening today. Economic data: Initial jobless claims (week ending Aug. 2); Nonfarm productivity (second quarter preliminary); Unit labor costs (second quarter preliminary) Earnings: Block (XYZ), Celsius (CELH), ConocoPhillips (COP), Eli Lilly (LLY), Sony (SONY), SoundHound (SOUN), Pinterest (PINS), Take-Two Interactive (TTWO), Twilio (TWLO), The Trade Desk (TTD), Vistra Energy (VST) Here are some of the biggest stories you may have missed overnight and early this morning: Investors are 'agitated' by less than perfect earnings Shopify's strong quarter shows consumers are ignoring tariffs Eli Lilly stock falls on GLP-1 pill trial results Trump's tariffs hit dozens of countries as trade deadline expires Trump to sign order easing path for private assets in 401(k)s Apple leads surge in global tech shares after Trump tariff relief Trump boasts billions of dollars flowing into US from tariffs Warner Bros revenue surges on streaming expansion, box-office hits Trump floats possible tariffs on China for buying Russia oil\ TSMC shares surge as Taiwan says firm exempt from Trump tariffs Keep an eye on Firefly IPO Not too far removed from Figma's (FIG) huge IPO, Firefly will come to market at the Nasdaq later on today. The IPO was upsized, and it's likely it will come out of the block strong when it opens. I am not in love with the company's financials, but it has a host of key deals in place and its technology has proven to work (see trips to moon). And it has a SpaceX ( like story to tell at a hot time for markets. Perfectly timed debut. I am live with Firefly CEO Jason Kim around 11am ET today from the Nasdaq. Tune into Yahoo Finance! SoftBank swings to profit on vision fund gains ahead of AI push Softbank's (SFTBF, 9984.T, SFTBY) Tokyo shares closed 1% up on Thursday after reporting a bigger profit than expected in the June quarter. Bloomberg News reports: Read more here. Apple gains after announcing $100B US investment Apple stock rose 3% before the bell on Thursday. Yahoo Finance's technology editor Daniel Howley and Washington correspondent Ben Werschkul outline the latest developments from the Apple investment announcement on Wednesday. Read more here. Sony stock rises as in-demand games and music help allay Trump tariff fears Bloomberg News reports: Read more here. Trump chooses Stephen Miran to serve on Federal Reserve Board President Trump chose Stephen Miran, the current chairman of the Council of economic Advisors to serve on the Federal Reserve Board of Governors, after Adriana Kugler resigned last Friday. "It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026," Trump wrote on Truth Social. "In the meantime, we will continue to search for a permanent replacement. Stephen has a Ph.D. in Economics from Harvard University, and served with distinction in my First Administration. He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job. Congratulations Stephen!" President Trump chose Stephen Miran, the current chairman of the Council of economic Advisors to serve on the Federal Reserve Board of Governors, after Adriana Kugler resigned last Friday. "It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026," Trump wrote on Truth Social. "In the meantime, we will continue to search for a permanent replacement. Stephen has a Ph.D. in Economics from Harvard University, and served with distinction in my First Administration. He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job. Congratulations Stephen!" Duolingo stock soars after earnings, forfeits roughly half its gains after OpenAI GPT-5 demo Yahoo Finance's Jake Conley reports: Read more here. Yahoo Finance's Jake Conley reports: Read more here. Gold climbs on trade tensions, hopes of Fed rate cut Gold (GC=F) futures climbed on Thursday as tariffs on imports from nearly 200 countries rolled out, and investor optimism over potential Fed rate cuts in September grew. The precious metal rose 0.6% to trade above $3,454 per ounce. Inflows into gold ETFS and central bank purchases have fueled gold purchases over the past year. Year to date, gold is up about 32%. The prospects of lower interest rates from the Federal Reserve amid a weakening job market have fueled purchases of the precious metal. Meanwhile, President Trump's tariff deadline landed on Thursday, and tariffs on imports from a variety of countries now face duties ranging from 10% to 50%. The overall average effective tariff rate is projected to jump to 18.6% this year, according to the Yale Budget Lab, the highest since 1933. Gold (GC=F) futures climbed on Thursday as tariffs on imports from nearly 200 countries rolled out, and investor optimism over potential Fed rate cuts in September grew. The precious metal rose 0.6% to trade above $3,454 per ounce. Inflows into gold ETFS and central bank purchases have fueled gold purchases over the past year. Year to date, gold is up about 32%. The prospects of lower interest rates from the Federal Reserve amid a weakening job market have fueled purchases of the precious metal. Meanwhile, President Trump's tariff deadline landed on Thursday, and tariffs on imports from a variety of countries now face duties ranging from 10% to 50%. The overall average effective tariff rate is projected to jump to 18.6% this year, according to the Yale Budget Lab, the highest since 1933. Shareholder warns Apple's $100 billion investment is more optics than impact Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Francisco Velasquez reports: Read more here. Firefly opens at $70 per share, 56% above IPO price of $45 Shares of Firefly Aerospace — trading under the ticker symbol FLY — opened at $70 per share on Thursday, about 56% above their IPO prices of $45. Brian Sozzi reports: Read more here. Shares of Firefly Aerospace — trading under the ticker symbol FLY — opened at $70 per share on Thursday, about 56% above their IPO prices of $45. Brian Sozzi reports: Read more here. Mortgage rates dip near 2025 lows after weak jobs data Yahoo Finance's Shi Bradley and Claire Boston report: Read more here. Yahoo Finance's Shi Bradley and Claire Boston report: Read more here. Waller emerges as Fed chair favorite, Bloomberg says Stocks pared gains in the early morning session after Bloomberg reported Federal Reserve Governor Christopher Waller is "emerging as a top candidate" to serve as the central bank's next chair. Bloomberg reports: Read more here. Stocks pared gains in the early morning session after Bloomberg reported Federal Reserve Governor Christopher Waller is "emerging as a top candidate" to serve as the central bank's next chair. Bloomberg reports: Read more here. Toyota slashes 2025 profit guidance, warns of $9.5B tariff hit Toyota (TM), the world's largest automaker, is the latest to warn about the effects of President Trump's tariffs. Yahoo Finance's Pras Subramanian writes: Read the full story here. Toyota (TM), the world's largest automaker, is the latest to warn about the effects of President Trump's tariffs. Yahoo Finance's Pras Subramanian writes: Read the full story here. Bitcoin, crypto stocks rally ahead of Trump order opening 401(k) plans to alternative assets Major cryptocurrencies and crypto-related stocks were rallying early Thursday ahead of President Trump's expected signing of an executive order that would allow alternative assets like cryptocurrencies and private equity into the retirement accounts of millions of Americans, Yahoo Finance's Jake Conley reports. Bitcoin (BTC-USD) rose nearly 2%, while ether (ETH-USD) and XRP (XRP-USD) were both up around 4%. Shares of Coinbase (COIN), the largest publicly traded crypto exchange, rose 3.4%. Robinhood (HOOD) and Strategy (MSTR) climbed over 4% and 2.6%, respectively. Read the full story here. Major cryptocurrencies and crypto-related stocks were rallying early Thursday ahead of President Trump's expected signing of an executive order that would allow alternative assets like cryptocurrencies and private equity into the retirement accounts of millions of Americans, Yahoo Finance's Jake Conley reports. Bitcoin (BTC-USD) rose nearly 2%, while ether (ETH-USD) and XRP (XRP-USD) were both up around 4%. Shares of Coinbase (COIN), the largest publicly traded crypto exchange, rose 3.4%. Robinhood (HOOD) and Strategy (MSTR) climbed over 4% and 2.6%, respectively. Read the full story here. Chip stocks surge as Trump points to tariff exemptions for chipmakers Chip stocks climbed on Thursday after President Trump said he'll exempt companies from his planned 100% semiconductor tariffs if they are making or beginning to make their chips in the US. Nvidia (NVDA) rose more than 2%, while Broadcom (AVGO) jumped 1.7% and Micron (MU) rose 3.4%. Most advanced chips are produced by contract chip manufacturer TSMC (TSM) in Taiwan, but the company has been building out its capacity in Arizona, exempting it from Trump's tariffs. The company's US-listed shares soared nearly 7% Thursday morning, hitting a record high. So far, Nvidia has committed to producing $500 billion of AI infrastructure in the US. Micron made a similar $200 billion commitment. Chip stocks climbed on Thursday after President Trump said he'll exempt companies from his planned 100% semiconductor tariffs if they are making or beginning to make their chips in the US. Nvidia (NVDA) rose more than 2%, while Broadcom (AVGO) jumped 1.7% and Micron (MU) rose 3.4%. Most advanced chips are produced by contract chip manufacturer TSMC (TSM) in Taiwan, but the company has been building out its capacity in Arizona, exempting it from Trump's tariffs. The company's US-listed shares soared nearly 7% Thursday morning, hitting a record high. So far, Nvidia has committed to producing $500 billion of AI infrastructure in the US. Micron made a similar $200 billion commitment. Stocks move higher at the open US stocks rose at the open on Thursday as President Trump hinted at a carveout for coming tariffs on semiconductors, boosting tech for a second day, just as his tariffs hit dozens of US trading partners. The tech-heavy Nasdaq Composite (^IXIC) rose 0.8%. The Dow Jones Industrial Average (^DJI) gained 0.6%, while the S&P 500 (^GSPC) was up 0.5%. US stocks rose at the open on Thursday as President Trump hinted at a carveout for coming tariffs on semiconductors, boosting tech for a second day, just as his tariffs hit dozens of US trading partners. The tech-heavy Nasdaq Composite (^IXIC) rose 0.8%. The Dow Jones Industrial Average (^DJI) gained 0.6%, while the S&P 500 (^GSPC) was up 0.5%. Stocks to watch: Apple, Eli Lilly, Taiwan Semiconductor, Fortinet Here's a look at some top trending tickers on Thursday ahead of the opening bell: Read more live coverage of corporate earnings here. Here's a look at some top trending tickers on Thursday ahead of the opening bell: Read more live coverage of corporate earnings here. Continuing claims for unemployment benefits hit highest since November 2021 Americans filing for unemployment insurance on an ongoing basis reached the highest level since November 2021 at the end of July. In the week ending July 26, 1.974 million continuing claims were filed, up from 1.936 million the week prior and the highest level seen since November 2021, according to data from the Department of Labor released Thursday morning. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Meanwhile, weekly filings for unemployment benefits moved higher to 226,000 in the week ending Aug. 2, up from 221,000 the week prior. Read more: What are jobless claims, and why do they matter? Americans filing for unemployment insurance on an ongoing basis reached the highest level since November 2021 at the end of July. In the week ending July 26, 1.974 million continuing claims were filed, up from 1.936 million the week prior and the highest level seen since November 2021, according to data from the Department of Labor released Thursday morning. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Meanwhile, weekly filings for unemployment benefits moved higher to 226,000 in the week ending Aug. 2, up from 221,000 the week prior. Read more: What are jobless claims, and why do they matter? Intel stock dips as Trump calls for CEO resignation President Trump on Thursday morning called for the resignation of Intel's (INTC) CEO Lip‑Bu Tan, who has been at the job since March, saying the executive is "highly conflicted" and should leave his post immediately. 'The CEO of INTEL is highly conflicted and must resign immediately. There is no other solution to this problem. Thank you for your attention to this problem!' wrote Trump on social media. On Wednesday, Reuters reported that US Republican Sen. Tom Cotton sent a letter to the company's board raising questions about Tan's ties to Chinese firms and a recent criminal case involving his former company, Cadence Design (CDNS.O). Intel stock was down as much as 3% in premarket trading. President Trump on Thursday morning called for the resignation of Intel's (INTC) CEO Lip‑Bu Tan, who has been at the job since March, saying the executive is "highly conflicted" and should leave his post immediately. 'The CEO of INTEL is highly conflicted and must resign immediately. There is no other solution to this problem. Thank you for your attention to this problem!' wrote Trump on social media. On Wednesday, Reuters reported that US Republican Sen. Tom Cotton sent a letter to the company's board raising questions about Tan's ties to Chinese firms and a recent criminal case involving his former company, Cadence Design (CDNS.O). Intel stock was down as much as 3% in premarket trading. Eli Lilly stock falls despite earnings beat as oral GLP-1 pill results disappoint Eli Lilly (LLY) stock fell 7% in premarket trading. Although the company's second quarter earnings topped expectations, the results of a late-stage trial of its highly anticipated oral GLP-1 pill disappointed. For the quarter, Eli Lilly reported $15.56 billion in revenue, beating Wall Street estimates of $14.69 billion. Earnings per share came in at $6.31, compared to Street expectations of $5.56. Much of the $10.81 billion in US revenue was driven by strong sales of weight-loss drugs, Mounjaro and Zepbound, which increased 46% in volume, though prices fell 8%. Yahoo Finance's Anjalee Khemlani reports: Read more here. Eli Lilly (LLY) stock fell 7% in premarket trading. Although the company's second quarter earnings topped expectations, the results of a late-stage trial of its highly anticipated oral GLP-1 pill disappointed. For the quarter, Eli Lilly reported $15.56 billion in revenue, beating Wall Street estimates of $14.69 billion. Earnings per share came in at $6.31, compared to Street expectations of $5.56. Much of the $10.81 billion in US revenue was driven by strong sales of weight-loss drugs, Mounjaro and Zepbound, which increased 46% in volume, though prices fell 8%. Yahoo Finance's Anjalee Khemlani reports: Read more here. Good morning. Here's what's happening today. Economic data: Initial jobless claims (week ending Aug. 2); Nonfarm productivity (second quarter preliminary); Unit labor costs (second quarter preliminary) Earnings: Block (XYZ), Celsius (CELH), ConocoPhillips (COP), Eli Lilly (LLY), Sony (SONY), SoundHound (SOUN), Pinterest (PINS), Take-Two Interactive (TTWO), Twilio (TWLO), The Trade Desk (TTD), Vistra Energy (VST) Here are some of the biggest stories you may have missed overnight and early this morning: Investors are 'agitated' by less than perfect earnings Shopify's strong quarter shows consumers are ignoring tariffs Eli Lilly stock falls on GLP-1 pill trial results Trump's tariffs hit dozens of countries as trade deadline expires Trump to sign order easing path for private assets in 401(k)s Apple leads surge in global tech shares after Trump tariff relief Trump boasts billions of dollars flowing into US from tariffs Warner Bros revenue surges on streaming expansion, box-office hits Trump floats possible tariffs on China for buying Russia oil\ TSMC shares surge as Taiwan says firm exempt from Trump tariffs Economic data: Initial jobless claims (week ending Aug. 2); Nonfarm productivity (second quarter preliminary); Unit labor costs (second quarter preliminary) Earnings: Block (XYZ), Celsius (CELH), ConocoPhillips (COP), Eli Lilly (LLY), Sony (SONY), SoundHound (SOUN), Pinterest (PINS), Take-Two Interactive (TTWO), Twilio (TWLO), The Trade Desk (TTD), Vistra Energy (VST) Here are some of the biggest stories you may have missed overnight and early this morning: Investors are 'agitated' by less than perfect earnings Shopify's strong quarter shows consumers are ignoring tariffs Eli Lilly stock falls on GLP-1 pill trial results Trump's tariffs hit dozens of countries as trade deadline expires Trump to sign order easing path for private assets in 401(k)s Apple leads surge in global tech shares after Trump tariff relief Trump boasts billions of dollars flowing into US from tariffs Warner Bros revenue surges on streaming expansion, box-office hits Trump floats possible tariffs on China for buying Russia oil\ TSMC shares surge as Taiwan says firm exempt from Trump tariffs Keep an eye on Firefly IPO Not too far removed from Figma's (FIG) huge IPO, Firefly will come to market at the Nasdaq later on today. The IPO was upsized, and it's likely it will come out of the block strong when it opens. I am not in love with the company's financials, but it has a host of key deals in place and its technology has proven to work (see trips to moon). And it has a SpaceX ( like story to tell at a hot time for markets. Perfectly timed debut. I am live with Firefly CEO Jason Kim around 11am ET today from the Nasdaq. Tune into Yahoo Finance! Not too far removed from Figma's (FIG) huge IPO, Firefly will come to market at the Nasdaq later on today. The IPO was upsized, and it's likely it will come out of the block strong when it opens. I am not in love with the company's financials, but it has a host of key deals in place and its technology has proven to work (see trips to moon). And it has a SpaceX ( like story to tell at a hot time for markets. Perfectly timed debut. I am live with Firefly CEO Jason Kim around 11am ET today from the Nasdaq. Tune into Yahoo Finance! SoftBank swings to profit on vision fund gains ahead of AI push Softbank's (SFTBF, 9984.T, SFTBY) Tokyo shares closed 1% up on Thursday after reporting a bigger profit than expected in the June quarter. Bloomberg News reports: Read more here. Softbank's (SFTBF, 9984.T, SFTBY) Tokyo shares closed 1% up on Thursday after reporting a bigger profit than expected in the June quarter. Bloomberg News reports: Read more here. Apple gains after announcing $100B US investment Apple stock rose 3% before the bell on Thursday. Yahoo Finance's technology editor Daniel Howley and Washington correspondent Ben Werschkul outline the latest developments from the Apple investment announcement on Wednesday. Read more here. Apple stock rose 3% before the bell on Thursday. Yahoo Finance's technology editor Daniel Howley and Washington correspondent Ben Werschkul outline the latest developments from the Apple investment announcement on Wednesday. Read more here. Sony stock rises as in-demand games and music help allay Trump tariff fears Bloomberg News reports: Read more here. Bloomberg News 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
