Republican Tax Plan Boosts SALT Deduction, Ends Green-Energy Breaks
WASHINGTON—House Republicans unveiled a tax plan that raises the state-and-local tax deduction, ends some taxes on tipped income and overtime pay and extends President Trump's expiring 2017 tax cuts, partially paid for with a rollback of clean-energy tax breaks.
The plan released by the House Ways and Means Committee on Monday details how Republicans will fulfill Trump's campaign-trail promises and shows where they want to raise taxes to cover part of the cost.
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Yahoo
15 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures rise after jobs report as Tesla jumps on Musk-Trump detente
US stock futures climbed on Friday following the release of a moderate beat on the monthly jobs report and rising investor hopes of a cooldown in the acrimonious feud between President Trump and Elon Musk. Dow Jones Industrial Average futures (YM=F) rose 0.7%, while those on the S&P 500 (ES=F) added 0.8%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) gained 0.9%. Tesla (TSLA) shares rose as CEO Musk and Trump moved to cool tensions. Musk backed off his threat to decommission the Dragon spacecraft used by NASA after Trump threatened his government contracts. However, the White House tamped down reports of a potential "peace call" between the two. Tesla shares had suffered a wipeout, down more than 14% in a broader stock slide on Thursday as mounting differences between the two powerful men erupted into the open. Musk called for the president's impeachment, while Trump threatened the contracts and breaks critical to Musk's business empire. The feud injected more unpredictability into an already uncertain market, just as weary investors had become cautiously optimistic that Trump tariffs could be reined in and the US economy might prove resilient. Read more: The latest on Trump's tariffs Meanwhile on Friday, the labor market showed more signs of resilience as Trump's tariffs continued to seep in to the economy. The US added 139,000 jobs in May, more than the 126,000 expected by economists, as the hiring rate slowed and unemployment held flat at 4.2%. The report comes amid signs of "paralysis" in the US economy amid uncertainty over Trump's tariff policy. Yahoo Finance's Josh Schafer reports: Read more here. Circle (CRCL) stock continued to gain in premarket trading Friday after an explosive debut on the public markets Thursday. Shares of the stablecoin issuer rose 14% to trade around $94 as of 8:00 a.m. ET Friday. On Thursday, the stock soared 168% from its IPO price of $31, closing the session with a market capitalization north of $16 billion. Circle is the second-largest stablecoin issuer in the market and issues the stablecoin USDC (USDC-USD), which is backed by the dollar. There is $60 billion worth of USDC in circulation, while the largest stablecoin issuer, Tether (USDT-USD), has closer to $150 billion in circulation. Its market debut comes as multiple tailwinds have boosted the crypto market in recent months. Bitcoin (BTC-USD) breached the $100,000 level in early May and is currently trading around $103,800 per token. Read more about Circle's IPO here. Earnings: No notable earnings releases. Economic data: Nonfarm payrolls (May) Unemployment rate (May); Average hourly earnings (May); Average weekly hours worked (May); Labor force participation rate (May) Here are some of the biggest stories you may have missed overnight and early this morning: All eyes on May jobs report for signs of further cracks Musk offers olive branch to Trump after bitter feud erupts Why investors are already skipping ahead to July's jobs report Tesla stock rises as investors cheer Musk-Trump peace call Gold's cheaper precious metals peers surge to multi-year highs BofA's Hartnett: Global stocks are close to triggering 'sell' signal Xi bets taking Trump's call will lead to wins on chips, tariffs Lululemon said its profits will take a hit as uncertainty around tariffs deters shoppers, prompting the yogawear retailer to lower its 2025 forecast. Shares sank over 20% in pre-market trading in the wake of Lululemon's earnings report late Thursday. Yahoo Finance's Brooke DiPalma reports: Read more here. Here are some top stocks trending on Yahoo Finance in premarket trading: Broadcom (AVGO) stock fell 3% in premarket trading on Friday, after the tech company, which makes semiconductors, failed to impress Wall Street with it's third-quarter revenue forecast. Despite investors being bullish on chip stocks amid the artificial intelligence boom, the results failed to excite. "High expectations drove a bit of downside," Bernstein analyst Stacy Rasgon said in a note. Tesla (TSLA) stock rebounded on Friday and rose 4% in premarket trading after closing 14% down the day before. The war of words between CEO Elon Musk and President Trump cooled amid a report that White House officials were organising a call between the two leaders. lululemon athletica inc. (LULU) shares plunged 20% on Friday before the bell after the sports company warned profits would be hit amid what it called a "dynamic macro-environment." DocuSign (DOCU) stock fell 18% in premarket trading on Friday after reporting a rise in its profit and revenue, however, the company now expects to bring in less money from company contracts. Tesla (TSLA) shares rose before the bell, setting up for a comeback from tanking 14% on Thursday as the public spat between its CEO Elon Musk and President Trump became increasingly heated. Investors are taking some comfort from White House aides scheduling a call between Musk and Trump to broker peace, as the Tesla boss signals he's open to moves to cool the situation. Reuters reports: Read more here. Elon Musk has taken back his threat to decommission the Dragon spacecraft, currently produced by SpaceX and used for ferrying people and essential items to the International Space Station. Bloomberg reports: Read more here. Lululemon (LULU) Shares in the apparel company plunged 21.7% after the company issued weaker-than-expected guidance for the second quarter and claimed profits are at risk in a "dynamic macro-environment". The brand expects Q2 earnings per share in the range of $2.85 to $2.90, significantly below Wall Street's consensus estimate of $3.29. DocuSign (DOCU) DocuSign stock dropped 16.9% in after-hours trading following a miss on billings growth. The digital agreements company reported Q1 billings of $739.6 million, falling short of the $746.2 million consensus from analysts. Samsara (IOT) Shares in the software company plunged 12.5% despite beating earnings expectations after Samsara issued guidance that pointed to slowing revenue growth. For the fiscal second quarter, the company expects revenue between $371 million and $373 million, up from $367 million in the previous quarter. Yahoo Finance's Josh Schafer reports: Read more here. Circle (CRCL) stock continued to gain in premarket trading Friday after an explosive debut on the public markets Thursday. Shares of the stablecoin issuer rose 14% to trade around $94 as of 8:00 a.m. ET Friday. On Thursday, the stock soared 168% from its IPO price of $31, closing the session with a market capitalization north of $16 billion. Circle is the second-largest stablecoin issuer in the market and issues the stablecoin USDC (USDC-USD), which is backed by the dollar. There is $60 billion worth of USDC in circulation, while the largest stablecoin issuer, Tether (USDT-USD), has closer to $150 billion in circulation. Its market debut comes as multiple tailwinds have boosted the crypto market in recent months. Bitcoin (BTC-USD) breached the $100,000 level in early May and is currently trading around $103,800 per token. Read more about Circle's IPO here. Earnings: No notable earnings releases. Economic data: Nonfarm payrolls (May) Unemployment rate (May); Average hourly earnings (May); Average weekly hours worked (May); Labor force participation rate (May) Here are some of the biggest stories you may have missed overnight and early this morning: All eyes on May jobs report for signs of further cracks Musk offers olive branch to Trump after bitter feud erupts Why investors are already skipping ahead to July's jobs report Tesla stock rises as investors cheer Musk-Trump peace call Gold's cheaper precious metals peers surge to multi-year highs BofA's Hartnett: Global stocks are close to triggering 'sell' signal Xi bets taking Trump's call will lead to wins on chips, tariffs Lululemon said its profits will take a hit as uncertainty around tariffs deters shoppers, prompting the yogawear retailer to lower its 2025 forecast. Shares sank over 20% in pre-market trading in the wake of Lululemon's earnings report late Thursday. Yahoo Finance's Brooke DiPalma reports: Read more here. Here are some top stocks trending on Yahoo Finance in premarket trading: Broadcom (AVGO) stock fell 3% in premarket trading on Friday, after the tech company, which makes semiconductors, failed to impress Wall Street with it's third-quarter revenue forecast. Despite investors being bullish on chip stocks amid the artificial intelligence boom, the results failed to excite. "High expectations drove a bit of downside," Bernstein analyst Stacy Rasgon said in a note. Tesla (TSLA) stock rebounded on Friday and rose 4% in premarket trading after closing 14% down the day before. The war of words between CEO Elon Musk and President Trump cooled amid a report that White House officials were organising a call between the two leaders. lululemon athletica inc. (LULU) shares plunged 20% on Friday before the bell after the sports company warned profits would be hit amid what it called a "dynamic macro-environment." DocuSign (DOCU) stock fell 18% in premarket trading on Friday after reporting a rise in its profit and revenue, however, the company now expects to bring in less money from company contracts. Tesla (TSLA) shares rose before the bell, setting up for a comeback from tanking 14% on Thursday as the public spat between its CEO Elon Musk and President Trump became increasingly heated. Investors are taking some comfort from White House aides scheduling a call between Musk and Trump to broker peace, as the Tesla boss signals he's open to moves to cool the situation. Reuters reports: Read more here. Elon Musk has taken back his threat to decommission the Dragon spacecraft, currently produced by SpaceX and used for ferrying people and essential items to the International Space Station. Bloomberg reports: Read more here. Lululemon (LULU) Shares in the apparel company plunged 21.7% after the company issued weaker-than-expected guidance for the second quarter and claimed profits are at risk in a "dynamic macro-environment". The brand expects Q2 earnings per share in the range of $2.85 to $2.90, significantly below Wall Street's consensus estimate of $3.29. DocuSign (DOCU) DocuSign stock dropped 16.9% in after-hours trading following a miss on billings growth. The digital agreements company reported Q1 billings of $739.6 million, falling short of the $746.2 million consensus from analysts. Samsara (IOT) Shares in the software company plunged 12.5% despite beating earnings expectations after Samsara issued guidance that pointed to slowing revenue growth. For the fiscal second quarter, the company expects revenue between $371 million and $373 million, up from $367 million in the previous quarter. 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Yahoo
17 minutes ago
- Yahoo
Judge temporarily halts Trump's proclamation blocking Harvard students' visas
A federal judge late Thursday temporarily blocked President Trump's proclamation that blocks visas for foreign students planning to attend Harvard University until after a hearing later this month. U.S. District Judge Allison Burroughs's order came swiftly after Harvard rushed to court to ask the judge to immediately block Trump's proclamation, which he signed a day earlier. Burroughs issued her order before the government responded, saying the school would otherwise 'sustain immediate and irreparable injury before there is an opportunity to hear from all parties.' The judge, an appointee of former President Obama who serves in Boston, said she would hold a June 16 hearing on whether to block Trump's proclamation indefinitely. Trump's proclamation marked a shift in the administration's expanding battle with the Ivy League School over its refusal to comply with a list of demands, which include changes to its admissions and hiring policies and a stronger stance against antisemitism. Harvard first sued the administration in April for freezing more than $2 billion in federal funding. It filed a second lawsuit last month after the Department of Homeland Security revoked its certification to admit foreign students. The development prompted the school to seek emergency relief, quickly convincing Burroughs to block the revocation as the case proceeds. Harvard amended the second lawsuit on Thursday after Trump signed the new proclamation, urging Burroughs to immediately block it and accusing the president of circumventing the earlier order. 'The Proclamation simply reflects the Administration's effort to accomplish the very result that the Court sought to prevent. The Court should not stand for that,' the school's legal team wrote in court filings. Trump's proclamation cites a federal law authorizing the president to suspend entry of a group of noncitizens whose entry would be detrimental to national interests. 'In my judgment, Harvard's conduct has rendered it an unsuitable destination for foreign students and researchers,' the proclamation states. 'Until such time as the university shares the information that the Federal Government requires to safeguard national security and the American public, it is in the national interest to deny foreign nationals access to Harvard under the auspices of educational exchange,' it continues. 'This lawsuit seeks to kneecap the President's constitutionally vested powers under Article II,' assistant DHS secretary Tricia McLaughlin said in a statement to The Hill about Harvard's lawsuit. 'It is a privilege, not a right, for universities to enroll foreign students and benefit from their higher tuition payments to help pad their multibillion-dollar endowments. The Trump administration is committed to restoring common sense to our student visa system; no lawsuit, this or any other, is going to change that. We have the law, the facts, and common sense on our side.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
17 minutes ago
- Yahoo
US, Chinese officials exchange barbs at Shanghai event over trade
By Casey Hall SHANGHAI (Reuters) -U.S. and Chinese officials traded barbs at a celebration held by a U.S. business chamber in Shanghai on Friday, as the chamber appealed to both countries to provide more certainty to American businesses operating in China. Scott Walker, consul general of U.S. consulate in Shanghai, told a gathering of U.S. businesses aimed at celebrating the 110th anniversary of the American Chamber of Commerce (AmCham) in Shanghai that the U.S.-China economic relationship had been unbalanced and non-reciprocal "for far too long." "We want an end to discriminatory actions and retaliation against U.S. companies in China," he said. In a speech that directly followed Walker's, Chen Jing, a Shanghai Communist Party official who is also the president of the Shanghai People's Association for Friendship with Foreign Countries, countered Walker's view. "I believe the consul general's view is prejudiced, ungrounded and not aligning with the phone call of our heads of states last night," he said. The interaction reflects the continued strained relationship between both countries as the trade war continues to simmer. U.S. President Donald Trump and Chinese leader Xi Jinping spoke over a long anticipated call on Thursday, confronting weeks of brewing trade tensions and a battle over critical minerals. Trump later said they agreed to further talks. It came in the middle of a dispute between Washington and Beijing in recent weeks over "rare earths" minerals that threatened to tear up a fragile truce in the trade war between the two biggest economies. The countries struck a 90-day deal on May 12 to roll back some of the triple-digit, tit-for-tat tariffs they had placed on each other since Trump's January inauguration but the deal has not addressed broader concerns that strain the relationship and Trump has accused China of violating the agreement. Eric Zheng, president of AmCham Shanghai which counts over 1,000 companies among its membership, told reporters on the sidelines of the event that many companies had put their decision-making on pause due to the uncertainty. "People are looking for some more definitive, durable statements on both sides that enable businesses to feel more secure," he said. "Our number one ask from the two governments is to give us some certainty so that we can plan accordingly." Erreur lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données
