Democrats Attack Gig-Worker Benefits
Louisiana GOP Sen. Bill Cassidy released several bills last week that would shield companies from a regulatory onslaught if they decide to offer health or retirement plans to their contract workers. Delivery drivers for Uber, Amazon and other 'gig' platforms would be able to get these benefits without the risk that courts or federal agencies would reclassify them as full employees.
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Stock market today: Dow, S&P 500, Nasdaq futures rise as South Korea trade deal, Big Tech earnings boost sentiment
US stock futures rose as Wall Street weighed a new trade deal with South Korea and strong earnings from Meta (META) and Microsoft (MSFT). Futures attached to the Dow Jones Industrial Average (YM=F) inched up 0.3%. Futures attached to the benchmark S&P 500 (ES=F) rose 0.8%. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) climbed 1.1%. After the bell on Wednesday, Trump announced the US had struck a trade deal with South Korea. The agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff, according to Trump's post on Truth Social. "South Korea will be completely OPEN TO TRADE with the United States," the president wrote. Trump said that South Korea also agreed to $350 billion in US investments as well as purchases of liquified natural gas and other energy products. Just before the president revealed the new trade deal, earnings results from Meta (META) and Microsoft (MSFT) wowed Wall Street, sending the stocks of both tech giants soaring. Meta impressed investors with an earnings beat as well as stronger-than-expected guidance even as the company ramps up its AI spending spree. Microsoft also issued impressive results, showcasing the company's strength in cloud computing and AI. Stocks were mixed in during the day Wednesday after the Fed held interest rates steady for its fifth-straight meeting, with two Fed governors dissenting. Following the decision, Fed Chair Jerome Powell stressed "no decisions" had been made about a September rate cut, undercutting Trump's claim he had heard a September rate cut was coming. More critical releases for Wall Street land Thursday. In the morning, investors will get another clue as to the possible direction of interest rates with the release of the Fed's preferred inflation gauge, the Personal Consumption Expenditures (PCE) index. Later in the day, Apple (AAPL) and Amazon (AMZN) will report their earnings results. Samsung Electronics chip business fell drastically in Q2 Samsung Electronics ( saw a mammoth drop in profit from the chip-making arm of the electronics giant. Bloomberg reports: Read more here. Samsung Electronics chip business fell drastically in Q2 Samsung Electronics ( saw a mammoth drop in profit from the chip-making arm of the electronics giant. Bloomberg reports: Read more here. Samsung Electronics ( saw a mammoth drop in profit from the chip-making arm of the electronics giant. Bloomberg reports: Read more here.
Yahoo
4 minutes ago
- Yahoo
Trump's Copper Shock Leaves Traders Facing ‘Wasted Efforts'
(Bloomberg) -- The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation. The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus We Should All Be Biking Along the Beach US President Donald Trump went ahead with 50% tariffs on imports of copper, but exempted key products including refined metal that are the mainstay of the international supply chain. The unexpected move triggered a record plunge for US prices and will disappoint traders who have pursued fat profits by hurrying metal to America before tariffs kick in. 'This has badly deviated from market expectations,' Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said. Copper futures on Comex in New York plunged more than 20% — the most ever — as traders reacted to a move that recalibrates the value of metal in the US versus the rest of the world. With prices on the London Metal Exchange were little changed on Thursday, the premium of US prices over the LME collapsed to about 1%, from more than 30% a week ago. The decision to exclude refined copper from the tariffs will roil global trade of the metal, which plays a crucial role in the world economy thanks to its widespread use in electrical wiring. The massive volumes that have been shipped to the US in recent months created a huge stockpile that could potentially be re-exported. 'There have been a lot participants shorting the Comex-LME spread,' said Zhou Xiaou, an analyst with Zijin Tianfeng Futures Co. There were already expectations that the spread would narrow because US prices had reached a level to incentivize investment in copper mining, she said. When Trump first flagged the likelihood of tariffs early this year, US prices soared relative to the rest of the world and major traders scrambled to get metal to American ports, in a trade that some industry veterans said was the biggest of their lifetimes. Early in July, Trump then said the tariff would be a higher-than-expected 50%, ratcheting up the potential rewards. That spurred a last-minute scramble with at least one copper-laden ship rushing for Hawaii before the end of this month. The president's announcement — less than 48 hours before tariffs were due to start — illustrates his white-knuckle approach to trade policy, but also the challenges he faces in revamping America's metals industry. Some key players in the US copper sector had argued that the country simply didn't have sufficient capacity to replace all its imports so quickly. The 50% tariff announced on Wednesday will apply to semi-finished products such as pipes, wires, rods, sheets and tubes, and to copper-intensive goods like pipe fittings, cables, connectors and electrical components, according to the White House statement. Less-processed goods — including ore, concentrates, mattes, cathodes and anodes — are not subject to the tariffs. Still, the prospect of import tariffs on refined copper may not have entirely disappeared. A proclamation published by the White House on Wednesday stated that the Department of Commerce had recommended a delayed imposition of import tariffs on refined metal, with the rate set at 15% starting in 2027, rising to 30% in 2028. Trump directed the Secretary of Commerce to provide an update on US copper markets by the end of June 2026, so that the president could determine whether such 'a phased universal import duty on refined copper' would be warranted. Copper was down 0.3% on the LME to $9,670 a ton as of 10:41 a.m. Shanghai time, while Comex copper was 20% lower at $4.450 a pound. --With assistance from Joe Deaux, Andrew Janes, Winnie Zhu and Alfred Cang. Russia Builds a New Web Around Kremlin's Handpicked Super App Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
4 minutes ago
- Yahoo
‘Sleepy Don': People Sure Think Trump Was Starting To Doze Off On Camera
President Donald Trump on Wednesday seemed to have a hard time keeping his eyes open at a televised White House event on 'Making Health Technology Great Again.' The president spoke for about 10 minutes, then sat and listened to other speakers including Health and Human Services Secretary Robert F. Kennedy Jr. and Centers for Medicare & Medicaid Services administrator Mehmet Oz. As Oz spoke, Trump's eyelids seemed to be getting heavier: The president is just back from a long weekend in Scotland, where he held meetings with several European leaders and golfed at his resort. But he's been accused of napping in public before, especially during his trial last year in the Stormy Daniels hush money case. Trump was often seen in court with his eyes closed during testimony. Trump's attorney insisted he was just 'concentrating' and also closed his eyes 'to relax.' Those in attendance disputed that. 'I was in the courtroom. I saw him falling asleep,' MSNBC analyst Jonathan Alter told the network's Ayman Mohyeldin at the time. 'This is not 'reportedly.' This actually happened.' New York Times reporter Maggie Haberman said 'people around' Trump confirmed he was dozing 'at times' but at other times was awake with his eyes closed. He was ultimately convicted on 34 felony charges. Trump's critics weren't willing to just let him rest this time, especially given his long history of mocking former President Joe Biden as 'Sleepy Joe' and former GOP rival Jeb Bush as 'low energy.' They fired back:
