Stock Market Today: Nasdaq On 20,000 Watch As Dow Holds 500 Point Gain; Powell Stands Pat, This Biotech Doubles (Live Coverage)
The major indexes held robust gains in to the final hour of trading Tuesday. The Nasdaq led the charge.
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Yahoo
31 minutes ago
- Yahoo
Federal judge orders Trump administration to release EV charger funding in 14 states
SACRAMENTO, Calif. (AP) — A federal judge Tuesday ordered the Trump administration to release billions of dollars in funding for the build out of electric vehicle chargers in more than a dozen states. U.S. District Judge Tana Lin in Washington state partially granted a preliminary injunction that sought to free up the money approved under then-President Joe Biden that the Trump administration withheld earlier this year. Sixteen states and the District of Columbia sued over the move, arguing that the administration did not have the authority to block the congressionally approved funds. The program was set to allocate $5 billion over five years to various states, of which an estimated $3.3 billion had already been made available. Lin ordered that funding be released in 14 of the states, including in Arizona, California and New York. But she denied granting the preliminary injunction for D.C., Minnesota and Vermont, saying that they did not provide enough evidence that they would face 'irreparable harm' if the money wasn't immediately freed up. Lin said the Trump administration overstepped its constitutional authority when it froze the funding previously approved by Congress in 2021 as part of the Bipartisan Infrastructure Law. 'When the Executive Branch treads upon the will of the Legislative Branch, and when an administrative agency acts contrary to law, it is the Court's responsibility to remediate the situation and restore the balance of power,' she wrote. The order will go into effect July 2 unless the Trump administration appeals. The Federal Highway Administration did not immediately respond to an email request for comment on the decision. The Trump administration in February directed states to stop spending money for electric vehicle charging under the program. The move was part of a broader push by the Republican president to roll back environmental policies advanced by his Democratic predecessor. States suing the Trump administration said the decision to freeze funding halted projects midstream, requiring immediate court intervention. California Attorney General Rob Bonta, a Democrat, said after the ruling that the Trump administration could not 'dismiss programs illegally.' 'We are pleased with today's order blocking the Administration's unconstitutional attempt to do so, and California looks forward to continuing to vigorously defend itself from this executive branch overreach,' he said in a statement. The Trump administration argued that it was working on new guidance for the program and was only pausing future funding in the meantime. The program was meant to assuage concerns about electric vehicles and build infrastructure along highway corridors first, then address gaps elsewhere once the state highway obligations were met. Some states with projects running under the program have already been reimbursed by the Biden-era federal funds. Others are still contracting for their sites. Still more had halted their plans by the time the Trump administration ordered states to stop their spending. Regardless, getting the chargers installed and operating has been a slow process with contracting challenges, permitting delays and complex electrical upgrades. It was expected that states would fight against the federal government's efforts to slow the nation's electric vehicle charger build out. New York, for example, which is part of the lawsuit, has been awarded over $175 million in federal funds from the program, and state officials say $120 million is currently being withheld by the Trump administration. Sudhin Thanawala And Sophie Austin, The Associated Press Sign in to access your portfolio
Washington Post
31 minutes ago
- Washington Post
Federal judge orders Trump administration to release EV charger funding in 14 states
SACRAMENTO, Calif. — A federal judge Tuesday ordered the Trump administration to release billions of dollars in funding for the build out of electric vehicle chargers in more than a dozen states. U.S. District Judge Tana Lin in Washington state partially granted a preliminary injunction that sought to free up the money approved under then-President Joe Biden that the Trump administration withheld earlier this year. Sixteen states and the District of Columbia sued over the move, arguing that the administration did not have the authority to block the congressionally approved funds. The program was set to allocate $5 billion over five years to various states, of which an estimated $3.3 billion had already been made available.
Yahoo
34 minutes ago
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Corn Facing Pressure on Monday
Corn is trading with 7 to 10 cent losses across most contracts on Monday. The front month CmdtyView national average Cash Corn price is down 9 cents today at $3.96. Crude oil down $2.75, as the market is failing to see reaction following the US strikes on Iran nuclear facilities over the weekend. Export Inspections data showed 1.48 MMT (58.13 mbu) of corn shipped in the week that ended on June 19, which was down 12.91% from the week prior, but still up 28.07% from the same week last year. Mexico was the top destination of 345,857 MT, with 249,885 MT headed to Japan. Marketing year shipments have totaled 53.547 MMT (2.108 bbu) since September 1, 28.51% larger yr/yr. Coffee Prices Rebound on Slack Rain in Brazil Cocoa Prices Surge as Ivory Coast Cocoa Exports Slow Sugar Prices Pressured by the Outlook for Adequate Supplies Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. Subscribe today! Ahead of the weekly Crop Progress report, traders surveyed by Bloomberg are expecting to see corn conditions steady this last week at 72% gd/ex. The range of estimates is 70-74%. Brazil's second crop corn harvest is estimated at 13% complete in the center-south region, according to AgRural, which is well below the 34% from this point last year. Jul 25 Corn is at $4.19 1/4, down 9 1/2 cents, Nearby Cash is at $3.96 0/1, down 9 cents, Sep 25 Corn is at $4.18, down 7 1/2 cents, Dec 25 Corn is at $4.34, down 7 1/4 cents, New Crop Cash is at $3.90, down 7 1/4 cents, On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
