
Trump effect hits Illinois budget
Good Wednesday morning, Illinois. This short week feels long.
TOP TALKER
BUDGET STRESS IS TRENDING: The federal funding cuts and looming tariffs pushed by the Trump administration and Republicans in Congress are trickling down to state budget negotiations in Springfield — and to statehouses across the country.
Along with the challenge of making sure spending doesn't exceed expected revenues, states are now trying to prepare to respond to federal cuts to Medicaid and other programs.
Noses to the grindstone: 'The governor and his budget team are continuing to meet this week with budgeteers and leaders even as our state grapples with the reality of the Trump economy slowing growth and trade war raising prices,' Matt Hill, spokesman for Gov. JB Pritzker, told Playbook. 'Governor Pritzker will continue prioritizing fiscal responsibility as his proposed budget focused on the long-term fiscal health of the state while maintaining core investments and not raising taxes on working families.'
Hill also issued a reminder for lawmakers: 'The governor will only sign a balanced budget that reflects these shared priorities.'
Tick tock, doing math: Lawmakers have until Saturday night to nail down a budget. So far, the governor has proposed a $55.2 billion spending plan. But revenues for the 2026 fiscal year that starts July 1 are estimated at $53.4 billion. That's nearly $2 billion short of the state's total budget.
That's a drop in the bucket, however, compared to other states. California, for example, has a $12 billion gap (3.72 percent of its total budget). Iowa has a $900 million gap (9.73 percent of its total budget). And Indiana has a $2 billion gap (4.55 percent of its total budget).
Point being: Whether they're red states or blue states, they have to be ready for the trickle down of federal cuts, too.
RELATED | Illinois budget battle: What Chicago needs from Springfield, by WGN 9's Tahman Bradley and BJ Lutz
THE BUZZ
IT's AN AD WAR: The Illinois Democratic Party is launching an ad campaign focused on the state's three Republican Congress members who voted on President Donald Trump's 'big, beautiful bill,' which is expected to cut funding to Medicaid, the health-care insurance program that benefits low-income and disabled Americans. The ads target Congress members Mike Bost (IL-12), Mary Miller (IL-15) and Darin LaHood (IL-16), who all voted for the measure.
The ads on Facebook and Instagram say: 'Forced to drive hours for health care. Thanks Mary Miller' (or Bost or LaHood). Here's a preview
If you are Darin LaHood, Playbook would like to hear from you! Email: skapos@politico.com
WHERE'S JB
At the Illinois State Library at 2:30 p.m. with Secretary of State Alexi Giannoulias and Congresswoman Nikki Budzinski to honor former Gov. Jim Edgar, who is also scheduled to be on hand, for the dedication of the Jim Edgar Reading Room
WHERE's BRANDON
At the Chicago Cultural Center at 9:45 a.m. for an announcement for the Community Development Grant — At Navy Pier North Dock at 11 a.m. for the pier's marina opening — At Northwestern University at 5 p.m. to speak to students
Where's Toni
At the Cook County Health Professional Building at 9 a.m. to announce the release of the county's first Regional Behavioral Health Strategic Plan
Have a tip, suggestion, birthday, new job or a complaint? Email skapos@politico.com
MARK YOUR CALENDARS: The Conversation with Dasha Burns arrives on Sunday, June 1 — and we're dropping a first look. Each week on her new podcast, Dasha will sit down with one of the most compelling — and sometimes unexpected — power players in Washington. This isn't just a podcast. It's a new kind of political interview show for a moment when politics feels more personal, more chaotic and more consequential than ever. Catch the video and audio trailer out this morning to see what Dasha's digging into this season. And subscribe to the podcast, wherever you listen or watch.
BUSINESS OF POLITICS
— NEW TODAY: Cook County Commissioner Donna Miller is forming an exploratory committee to run for Congress in the 2nd Congressional District. Along with two terms on the County Board, Miller has served as board chair of Planned Parenthood of Illinois and its political action committee and was vice president of Illinois Democratic Women and president of Democratic Women of the South Suburbs. She's also advocated for newborn screening for cystic fibrosis and for improving maternal health. Miller received a Presidential Lifetime Achievement Award from President Joe Biden for her work in medical equity and awareness.
— In IL-02: Adal Regis, a public policy expert, is out with a statement saying he's been endorsed by CNN contributor Van Jones, Richton Park Village Trustee Alan Banks, and Mickensy Ellis-White, the former chair of the Vermillion County Democratic Party. Regis is running for the congressional seat now held by Congresswoman Robin Kelly, who's running for Senate.
— In IL-09: Abughazaleh hiring private security because of Republican rival's comments about 'Hezbollah', by the Daily Herald's Russell Lissau
— Obama world loses its shine in a changing, hurting Democratic Party: 'Obama White House and campaign alumni have been setting the course of the Democratic Party for years. After 2024, more Democrats want to see that change,' by NBC's Natasha Korecki, Jonathan Allen and Allan Smith.
ILLINOIS' POPE
— State Rep. Martin McLaughlin proposes a Pope Leo XIV statue and license plate: 'McLaughlin wants a statue of the new pope at the Illinois statehouse, paid for in part with a commemorative license plate,' by the Sun-Times' George Wiebe.
— Pope Leo will address Chicagoans via video at Sox Park celebration: 'The newly installed pope — a White Sox fan — will deliver a 'special video message to the young people of the world' at a Mass and celebration of the pope June 14 at Rate Field,' by the Block Club's Stephen Montemayor.
THE STATEWIDES
— BUNDLE OF ENERGY: Lawmakers are still hammering out an energy bill. As of Tuesday evening, the bill included a plan to expand battery technology that will store excess solar and wind power. On hold is a plan to regulate data centers, which consume large amounts of water and energy — and could cost rate-payers to keep them running. 'What else goes into the bill is still being worked on,' Sen. Bill Cunningham told Playbook.
— Lawmakers pass Anna's Law, which would require additional police training for sexual assault: The bill's sponsor is Sen. Mary Edly-Allen, a Libertyville Democrat. It's named after Anna Williams, who brought the issue of police insensitivity to victims of sexual assault to state lawmakers after her experience with law enforcement officials in 2021, by Capitol News' Jade Aubrey.
— Mayor Brandon Johnson urges 'expediency' in addressing CTA fiscal cliff: 'Should the Illinois General Assembly conclude its spring session this weekend without addressing the financial shortfall that looms for the CTA at the end of this year, the issue may then be punted to the fall veto session,' by the Tribune's Jake Sheridan.
— As Illinois works protect the Great Lakes from invasive carp, it must reckon with legacy of coal ash pollution, by Juanpablo Ramirez-Franco for the Grist
— Alexi Giannoulias: Don't click on fake texts from Illinois DMV with threats about traffic tickets, by the Daily Herald's Marni Pyke
— Susana Mendoza has kicked off her Dog Days of Summer campaign featuring dogs available for adoption from shelters around the state.
SPOTLIGHT
— Sen. Tammy Duckworth heads to Taiwan, Singapore in bid to 'close the deal' for quantum campus: 'Duckworth says her main goal will be to push Foxconn to invest in the soon-to-be-constructed Illinois Quantum and Microelectronics Park on the city's South Side,' by the Sun-Times' Tina Sfondeles
— How the South Works quantum transformation is unfolding: 'The research park aims to attract all the companies, big and small, that think they can crack the code on quantum,' by Crain's John Pletz.
CHICAGO
— Mayor Johnson fans the flames of his political war against President Trump: 'You have a president that is cutting off medicine and food, a president that is working to erase culture. I mean, you can't make this stuff up. He's doing it in plain sight,' Mayor Brandon Johnson said Tuesday, by the Sun-Times' Fran Spielman.
— Wall Street rating agency revises City Hall's financial outlook to 'negative': 'Fitch said the negative outlook is 'driven by a lack of substantial progress procuring permanent, high-impact solutions' to a structural budget gap of $1.12 billion,' by the Sun-Times' Fran Spielman.
— As Trump targets foreign enrollment, Chicago's IIT could be hardest hit, by Crain's Brandon Dupré
— Violence down over Memorial Day weekend, according to police data, by the Tribune's Carolyn Stein
— Chicago Housing Authority selling more land for private development near Chicago Fire training facility, by the Tribune's Lizzie Kane
COOK COUNTY AND COLLARS
— Chicago Bears' proposed move to Arlington Heights would require complicated approval by local taxing bodies: 'It will require an extensive review by local school districts, a park district, and even, potentially, the Northwest Mosquito Abatement District,' by the Tribune's Robert McCoppin.
— An 1846 document signed by President James Polk tells story of DuPage County, by the Daily Herald's Susan Sarkauskas
Reader Digest
We asked for your go-to summer drink.
Retired Judge John Curry: 'Aperol Spritz.'
Clem Balanoff: 'Water, it's been around longer than any other drink, but not out of plastic bottles so as to avoid microplastics.'
Denise Barreto: 'Tinto de Verano, a delicious Spanish wine spritzer made with red wine and citrus soda — sangria lite.'
Peter Creticos: 'Ouzo on the rocks, of course!'
Charles Keller: 'Bell's Brewery Two Hearted Ale. Or beer in general.'
Kevin Lampe: 'Billy Goat IPA, brewed by Miskatonic Brewing in Darien, Illinois.'
Jim Lyons: 'Iced tea. No sugar, no lemon.'
Ed Mazur: 'A frosty cold Negra Modelo! Or two!'
Linda Shafran: 'Water out of the hose, like I was a kid again.'
Rodrigo Sierra: 'Campari and soda with a slice of orange or a large wine glass filled with ice and doused with rosè wine (They call it a 'Swimming Pool' in Aspen.).'
Peter Skosey: 'Campari and soda on the patio at the Hummingbird Lounge in New Buffalo.'
James Straus: 'A 'Jim & Tonic,' 1/2 Lemonade 1/2 Tonic — like gin and… cuts down on the sugar!'
Timothy Thomas: 'Icelandic Glacial Springs water preferably in a glass bottle.'
Patricia Ann Watson: 'Black, green, white iced tea, the real stuff, nothing added.'
NEXT QUESTION: Who spoke at your college graduation?
THE NATIONAL TAKE
— Kennedy says Covid vaccines no longer recommended for healthy children, pregnant women, by POLITICO's Sophie Gardner and David Lim
— DeWine pitches an alternative to Ramaswamy, by POLITICO's Jonathan Martin
— BLM official escorted out of building after DOGE conflict, by POLITICO's Ben Lefebvre
— Trump is losing patience with Putin but unsure of his next move, via POLITICO
— Trump administration pursues termination of Harvard contracts, by POLITICO's Juan Perez Jr.
TRANSITIONS
— Paige Wahoff is now an associate in Blank Rome's general litigation practice group. She was a judge advocate in the U.S. Army.
EVENTS
— Monday at 9 a.m.: A Pride Month flag-raising ceremony at Daley Plaza will include Mayor Brandon Johnson, Cook County Board President Toni Preckwinkle, Cook County Commissioners Kevin Morrison and Maggie Trevor and MWRD Commissioner Precious Brady-Davis.
— June 18: NBC 5's Allison Rosati will be honored by Gilda's Club Chicago at its annual fundraiser. Dr. Leonidas Platanias is the honorary event chair, and Ann and Thom Serafin are event chairs. Details here
TRIVIA
TUESDAY's ANSWER: Congrats to Kristin DiCenso for correctly answering that Dixon proclaimed Sept. 14, 1941, as Louella Parsons Day, which brought Hollywood celebs Bob Hope, Charles Montgomery, Ann Rutherford and Ronald Reagan to town.
TODAY's QUESTION: What Springfield-born professional baseball player spent the twilight of his career working for Secretary of State Jesse White? Email skapos@politico.com
HAPPY BIRTHDAY
Former Congressman Aaron Schock, political strategist Jayme Odom, entrepreneur Matthew Pritzker, Molson Coors chief comms officer Adam Collins, Plus500US Financial Services HR Administrator Hannah Bartholf, trial attorney Shawn Kasserman, ACCESS Sales Manager Jen Kramer, Illinois Indiana Iowa Fair Contracting Organization's Marcus Jordan and Concept Charter School Network's External Affairs Director Hannah Keller
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Gold at session lows as Trump says precious metal will be not be tariffed Gold (GC=F) futures traded near session lows on Monday afternoon after President Trump said imports of the precious metal will not be tariffed. "Gold will not be Tariffed!" said a statement posted on social media. The precious metal declined more than 2% to trade near $3,404 per ounce. Last Friday gold futures touched intraday record highs amid reports that imports of Swiss gold bars would not be exempt from tariffs. Later in the session the metal trimmed gains after the White House indicated it would clarify "misinformation about the tariffing of gold bars and other specialty products." Gold (GC=F) futures traded near session lows on Monday afternoon after President Trump said imports of the precious metal will not be tariffed. "Gold will not be Tariffed!" said a statement posted on social media. The precious metal declined more than 2% to trade near $3,404 per ounce. Last Friday gold futures touched intraday record highs amid reports that imports of Swiss gold bars would not be exempt from tariffs. Later in the session the metal trimmed gains after the White House indicated it would clarify "misinformation about the tariffing of gold bars and other specialty products." stock falls 23% after lowering revenue guidance Inc. (AI) stock tumbled as much as 30% on Monday morning after the software company reported a steep sales miss and as its founder's health issues are spurring a search for a successor. Shares were down 23% in afternoon trading. The company released preliminary results late Friday showing revenue well below analysts' estimates as it undergoes a reorganization of its sales operation. Guidance for the fiscal first quarter also came in lighter than expected. Bloomberg reported that CEO Tom Siebel attributed what he called "completely unacceptable" results to recent health issues that prevented him from actively helping to sell the company's software. Several weeks ago, he said the company would begin to search for a successor. As Yahoo Finance's Brian Sozzi noted today, problems appear to be company-specific — not an indicator of the overall AI trade. "But I think now is probably the time to pivot away from some of the pure plays and go to more of bank shots on AI, and names like that would be in the industrials that, you know, aren't even tech stocks, but are benefiting from all of the infrastructure spending," John Campbell of Allsprings Global Investments said on Opening Bid. Read more here. Inc. (AI) stock tumbled as much as 30% on Monday morning after the software company reported a steep sales miss and as its founder's health issues are spurring a search for a successor. Shares were down 23% in afternoon trading. The company released preliminary results late Friday showing revenue well below analysts' estimates as it undergoes a reorganization of its sales operation. Guidance for the fiscal first quarter also came in lighter than expected. Bloomberg reported that CEO Tom Siebel attributed what he called "completely unacceptable" results to recent health issues that prevented him from actively helping to sell the company's software. Several weeks ago, he said the company would begin to search for a successor. As Yahoo Finance's Brian Sozzi noted today, problems appear to be company-specific — not an indicator of the overall AI trade. "But I think now is probably the time to pivot away from some of the pure plays and go to more of bank shots on AI, and names like that would be in the industrials that, you know, aren't even tech stocks, but are benefiting from all of the infrastructure spending," John Campbell of Allsprings Global Investments said on Opening Bid. Read more here. Bitcoin surges above $120,000, ethereum rises as investors pile into crypto Bitcoin (BTC-USD) surged on Monday to trade near record highs as investor enthusiasm and momentum around crypto grew. The digital token reached $122,000 on Monday before easing to around $120,000. The gains come as inflows into exchange-traded funds (ETFs) have grown and public companies have been adding bitcoin to their balance sheets. Bitcoin wasn't the only cryptocurrency getting a bid; ethereum (ETH-USD) touched 2021 levels on Monday. The second-largest cryptocurrency by market cap has surged roughly 190% since the April market lows. Companies have been adding ethereum to their balance sheets as a way to gain exposure to the tech infrastructure behind decentralized finance and digital assets, such as stablecoins. The move higher in crypto also comes as stocks hover near record highs on expectations that the Federal Reserve will cut rates in September and President Trump's next Fed chair pick will likely bring looser monetary policy. Bitcoin (BTC-USD) surged on Monday to trade near record highs as investor enthusiasm and momentum around crypto grew. The digital token reached $122,000 on Monday before easing to around $120,000. The gains come as inflows into exchange-traded funds (ETFs) have grown and public companies have been adding bitcoin to their balance sheets. Bitcoin wasn't the only cryptocurrency getting a bid; ethereum (ETH-USD) touched 2021 levels on Monday. The second-largest cryptocurrency by market cap has surged roughly 190% since the April market lows. Companies have been adding ethereum to their balance sheets as a way to gain exposure to the tech infrastructure behind decentralized finance and digital assets, such as stablecoins. The move higher in crypto also comes as stocks hover near record highs on expectations that the Federal Reserve will cut rates in September and President Trump's next Fed chair pick will likely bring looser monetary policy. Intel stock jumps with CEO Lip-Bu Tan reportedly set to meet with President Trump Intel (INTC) stock jumped more than 4% ahead of CEO Lip-Bu Tan's reported visit to the White House after President Trump called for his resignation. Citing unnamed sources, the Wall Street Journal reported over the weekend that Tan is set to meet with Trump Monday to explain his personal and professional background and to propose ways that Intel and the government can collaborate. Intel did not immediately respond to Yahoo Finance's questions regarding the reported meeting. Read the full story here. Intel (INTC) stock jumped more than 4% ahead of CEO Lip-Bu Tan's reported visit to the White House after President Trump called for his resignation. Citing unnamed sources, the Wall Street Journal reported over the weekend that Tan is set to meet with Trump Monday to explain his personal and professional background and to propose ways that Intel and the government can collaborate. Intel did not immediately respond to Yahoo Finance's questions regarding the reported meeting. Read the full story here. Tesla stock rises as EV maker applies for electricity supply license in UK Tesla (TSLA) stock surged 3% on Monday after the EV maker applied for a license to provide electricity to UK households and businesses. Apart from making electric vehicles and robotaxis, Tesla also provides Megapack batteries. The company's energy business grew 30% year over year last quarter, accounting for its largest margins. If the electricity supply license application submitted to the UK energy regulator Ofgem is approved, Tesla would be allowed to compete with other energy firms in the region. Tesla (TSLA) stock surged 3% on Monday after the EV maker applied for a license to provide electricity to UK households and businesses. Apart from making electric vehicles and robotaxis, Tesla also provides Megapack batteries. The company's energy business grew 30% year over year last quarter, accounting for its largest margins. If the electricity supply license application submitted to the UK energy regulator Ofgem is approved, Tesla would be allowed to compete with other energy firms in the region. Micron jumps after memory chipmaker raises Q4 financial guidance Memory chipmaker Micron (MU) — which supplies its semiconductors to Nvidia (NVDA) to use in its products — saw its stock jump more than 4% Monday after raising its financial outlook for its fourth quarter, which ends Aug. 28. The company said it expects to see adjusted revenue of $11.1 billion to $11.3 billion, up from its prior projected range of $10.4 billion to $11 billion. Micron expects to report quarterly adjusted earnings per share of $2.78 to $2.92, more than its previous range of $2.35 to $2.65. "This revised guidance reflects improved pricing, particularly in DRAM, and strong execution," the company said in a statement. Micron's DRAM chips are one type of memory chip used in devices like personal computers and smartphones. Memory chipmaker Micron (MU) — which supplies its semiconductors to Nvidia (NVDA) to use in its products — saw its stock jump more than 4% Monday after raising its financial outlook for its fourth quarter, which ends Aug. 28. The company said it expects to see adjusted revenue of $11.1 billion to $11.3 billion, up from its prior projected range of $10.4 billion to $11 billion. Micron expects to report quarterly adjusted earnings per share of $2.78 to $2.92, more than its previous range of $2.35 to $2.65. "This revised guidance reflects improved pricing, particularly in DRAM, and strong execution," the company said in a statement. Micron's DRAM chips are one type of memory chip used in devices like personal computers and smartphones. Stocks steady at the open US stocks were steady at the open on Monday after the Nasdaq Composite (^IXIC) notched two consecutive records last week. The Dow Jones Industrial Average (^DJI) rose nearly 0.1%. The S&P 500 (^GSPC) and the tech-heavy Nasdaq (^IXIC) hovered above the flat line. Chip stocks were in focus Monday after Nvidia (NVDA) and AMD (AMD) reportedly inked deals with the US government to sell their chips to China in exchange for sharing 15% of their revenues from the country. Nvidia shares fell less than 1% on Monday, while AMD shares lost over 1.5%. Looking ahead this week, investors are awaiting a key inflation reading and the upcoming summit between President Trump and Russian President Putin. US stocks were steady at the open on Monday after the Nasdaq Composite (^IXIC) notched two consecutive records last week. The Dow Jones Industrial Average (^DJI) rose nearly 0.1%. The S&P 500 (^GSPC) and the tech-heavy Nasdaq (^IXIC) hovered above the flat line. Chip stocks were in focus Monday after Nvidia (NVDA) and AMD (AMD) reportedly inked deals with the US government to sell their chips to China in exchange for sharing 15% of their revenues from the country. Nvidia shares fell less than 1% on Monday, while AMD shares lost over 1.5%. Looking ahead this week, investors are awaiting a key inflation reading and the upcoming summit between President Trump and Russian President Putin. Paramount seals $7.7 billion exclusive US rights deal with UFC Paramount has agreed to a seven-year, $7.7 billion deal to become the exclusive US broadcaster of the Ultimate Fighting Championship (UFC). The agreement is Paramount's largest since David Ellison took over as chair and CEO last week, following the completion of Skydance's takeover of the company. Under the contract, Paramount will stream all 13 of UFC's marquee events and 30 Fight Nights annually on its streaming platform from 2026, with selected events also broadcast on CBS, the Financial Times reported. The FT reports: Read more here (subscription required). Paramount has agreed to a seven-year, $7.7 billion deal to become the exclusive US broadcaster of the Ultimate Fighting Championship (UFC). The agreement is Paramount's largest since David Ellison took over as chair and CEO last week, following the completion of Skydance's takeover of the company. Under the contract, Paramount will stream all 13 of UFC's marquee events and 30 Fight Nights annually on its streaming platform from 2026, with selected events also broadcast on CBS, the Financial Times reported. The FT reports: Read more here (subscription required). AMC tops revenue estimates as blockbuster titles boost theater attendance AMC (AMC) stock jumped 8% in premarket trading after the movie theater chain reported attendance in the second quarter grew nearly 26% as blockbusters drew in moviegoers. Reuters reports: Read more here. AMC (AMC) stock jumped 8% in premarket trading after the movie theater chain reported attendance in the second quarter grew nearly 26% as blockbusters drew in moviegoers. Reuters reports: Read more here. Nvidia, AMD stocks decline after chipmakers agree to pay US 15% cut of China chip sales Shares of Nvidia (NVDA) and AMD (AMD) fell on Monday after the two companies agreed to pay the US government 15% of the revenue for certain chip sales to China. Nvidia stock was off by 0.4% premarket, while AMD stock dropped 1.4% as investors digested the unusual deal in which the chipmakers will essentially pay for export licenses. While the details are still being worked out, the chips in question reportedly include Nvidia's H20 AI chip and AMD's MI308 chips, which previously faced export controls from the Trump administration. Nvidia CEO Jensen Huang made the deal at the White House last Wednesday, the same day Apple (AAPL) agreed to increase its US investment to $600 billion, ostensibly to help the company avoid tariffs, as the Trump administration looks to monetize trade policy. An Nvidia spokesperson told Yahoo Finance: 'We follow rules the U.S. government sets for our participation in worldwide markets. While we haven't shipped H20 to China for months, we hope export control rules will let America compete in China and worldwide. America cannot repeat 5G and lose telecommunication leadership. America's AI tech stack can be the world's standard if we race." As for other chip stocks, Intel (INTC) and Qualcomm (QCOM) shares rose, while Taiwan Semiconductor (TSM) fell modestly. Read more here. Shares of Nvidia (NVDA) and AMD (AMD) fell on Monday after the two companies agreed to pay the US government 15% of the revenue for certain chip sales to China. Nvidia stock was off by 0.4% premarket, while AMD stock dropped 1.4% as investors digested the unusual deal in which the chipmakers will essentially pay for export licenses. While the details are still being worked out, the chips in question reportedly include Nvidia's H20 AI chip and AMD's MI308 chips, which previously faced export controls from the Trump administration. Nvidia CEO Jensen Huang made the deal at the White House last Wednesday, the same day Apple (AAPL) agreed to increase its US investment to $600 billion, ostensibly to help the company avoid tariffs, as the Trump administration looks to monetize trade policy. An Nvidia spokesperson told Yahoo Finance: 'We follow rules the U.S. government sets for our participation in worldwide markets. While we haven't shipped H20 to China for months, we hope export control rules will let America compete in China and worldwide. America cannot repeat 5G and lose telecommunication leadership. America's AI tech stack can be the world's standard if we race." As for other chip stocks, Intel (INTC) and Qualcomm (QCOM) shares rose, while Taiwan Semiconductor (TSM) fell modestly. Read more here. Good morning. Here's what's happening today. Earnings: (BBAI), (MNDY), Oklo (OKLO), Plug Power (PLUG) Economic calendar: No notable releases. Here are some of the biggest stories you may have missed overnight and early this morning: Nvidia, AMD revenue deal brings 'monetization of US trade policy' Yahoo Finance poll: Americans face new, complex financial challenges Earnings live: stock tanks, AMC to report Debate over Fed rate cuts heats up: What to watch this week Fed's Bowman makes case for 3 interest rate cuts in 2025 Intel CEO to visit White House on Monday Citi strategists raise S&P 500 target on resilient earnings Bitcoin Nears Record as Treasury Investors Boost Crypto Market BofA poll shows record number of investors say stocks overvalued Lithium market soars as CATL shuts one of world's biggest mines Earnings: (BBAI), (MNDY), Oklo (OKLO), Plug Power (PLUG) Economic calendar: No notable releases. Here are some of the biggest stories you may have missed overnight and early this morning: Nvidia, AMD revenue deal brings 'monetization of US trade policy' Yahoo Finance poll: Americans face new, complex financial challenges Earnings live: stock tanks, AMC to report Debate over Fed rate cuts heats up: What to watch this week Fed's Bowman makes case for 3 interest rate cuts in 2025 Intel CEO to visit White House on Monday Citi strategists raise S&P 500 target on resilient earnings Bitcoin Nears Record as Treasury Investors Boost Crypto Market BofA poll shows record number of investors say stocks overvalued Lithium market soars as CATL shuts one of world's biggest mines stock tanks after the company reports earnings stock plunged aorund 20% in premarket trading on Monday after the Israeli-based software company reported earnings. In the second quarter, reported earnings of $0.03 per share and revenue of $299 million. While revenue beat analyst expectations of $293 million, GAAP profits fell short, as Wall Street was looking for $0.20 per share, per S&P Global Market Intelligence. Investors have been looking for signs that economic uncertainty is pushing companies to pull back their spending on technology and software. The company's operating loss fell to $11.6 million from $1.8 million a year ago, and the operating margin fell to negative 4% from 1% last year. Read more live coverage of corporate earnings here stock plunged aorund 20% in premarket trading on Monday after the Israeli-based software company reported earnings. In the second quarter, reported earnings of $0.03 per share and revenue of $299 million. While revenue beat analyst expectations of $293 million, GAAP profits fell short, as Wall Street was looking for $0.20 per share, per S&P Global Market Intelligence. Investors have been looking for signs that economic uncertainty is pushing companies to pull back their spending on technology and software. The company's operating loss fell to $11.6 million from $1.8 million a year ago, and the operating margin fell to negative 4% from 1% last year. Read more live coverage of corporate earnings here US gold futures fall as traders await clarification on tariffs US gold futures (GC=F) in New York fell 2% as traders waited for the White House to clarify its tariff policy. Last week, the US Customs and Border agency surprised the market by ruling that 100oz and 1kg gold bars would face tariffs. Bloomberg News reports: Read more here. US gold futures (GC=F) in New York fell 2% as traders waited for the White House to clarify its tariff policy. Last week, the US Customs and Border agency surprised the market by ruling that 100oz and 1kg gold bars would face tariffs. Bloomberg News reports: Read more here. Target still in the bear camp Good WSJ story this morning on Target (TGT) and its many challenges, one of them finding its next CEO. I wrote more on this a couple months ago. I would expect an abysmal quarter (another one) from Target when it reports second quarter earnings on August 20. The company is not only dealing with operational challenges, but it has totally lost the value perception battle with Walmart. I don't see these dynamics changing this year, and maybe not until deep into 2026 provided an outside CEO is brought in to run a full assessment of the business. Good WSJ story this morning on Target (TGT) and its many challenges, one of them finding its next CEO. I wrote more on this a couple months ago. I would expect an abysmal quarter (another one) from Target when it reports second quarter earnings on August 20. The company is not only dealing with operational challenges, but it has totally lost the value perception battle with Walmart. I don't see these dynamics changing this year, and maybe not until deep into 2026 provided an outside CEO is brought in to run a full assessment of the business. Bitcoin near a fresh record Bitcoin looks to be breaking out of its recent trading range, nearing a fresh record this morning. There doesn't appear to be a clear catalyst for the pop today, though this Sunday X post from bitcoin evangelist Michael Saylor may have stoked the bulls. It suggests he will continue to be a buyer of bitcoin — perhaps no surprise, but the crypto market likes to be coddled. "If you don't stop buying Bitcoin, you won't stop making Money," Saylor wrote. Bitcoin looks to be breaking out of its recent trading range, nearing a fresh record this morning. There doesn't appear to be a clear catalyst for the pop today, though this Sunday X post from bitcoin evangelist Michael Saylor may have stoked the bulls. It suggests he will continue to be a buyer of bitcoin — perhaps no surprise, but the crypto market likes to be coddled. "If you don't stop buying Bitcoin, you won't stop making Money," Saylor wrote. crashing Shares of (AI) are getting crushed pre-market to the tune of 30%. And the rout is 100% deserved. Late Friday the company said it sees preliminary first fiscal quarter revenue of $70.2 million to $70.4 million, about 33% below the mid-point of its prior guidance for $100 million to $109 million. Sales would be down 19% from the prior year. The adjusted operating loss will be $57.7 million to $59.9 million, roughly twice the $23.5 million to $33.5 million loss that it had expected. I don't think there is anything to read into the AI trade here — this seems very company-specific, and tied to a sales reorg. Shares of (AI) are getting crushed pre-market to the tune of 30%. And the rout is 100% deserved. Late Friday the company said it sees preliminary first fiscal quarter revenue of $70.2 million to $70.4 million, about 33% below the mid-point of its prior guidance for $100 million to $109 million. Sales would be down 19% from the prior year. The adjusted operating loss will be $57.7 million to $59.9 million, roughly twice the $23.5 million to $33.5 million loss that it had expected. I don't think there is anything to read into the AI trade here — this seems very company-specific, and tied to a sales reorg. 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