‘Musk has bad info': Mike Johnson downplays billionaire's warnings on Trump's ‘Big, Beautiful bill'
Speaker Mike Johnson firmly sided with US President Donald Trump in his fallout with Elon Musk, dismissing Musk's criticism of the GOP tax and budget bill. Johnson said the bill isn't crafted to 'please the richest man in the world' but to help working families. Despite Musk's public pushback and threats to fund opposition, Johnson says Republican offices have received 'almost no calls,' claiming the public sees the legislation as exciting and necessary.
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Time of India
21 minutes ago
- Time of India
dow jones today: US stock market today: S&P 500 flat, Dow Jones down, Nasdaq‑100 up— biggest gainers, losers as Wall Street eyes US-China trade talks and potential tariff deal
How are the major indices performing? S&P 500 (SPY): Sitting steady at about 599.15, virtually unchanged from the previous close, remaining just under the 6,000 mark. Sitting steady at about 599.15, virtually unchanged from the previous close, remaining just under the 6,000 mark. Dow Jones Industrial Average (DIA): Dropping roughly 0.21% to 427.47, reflecting some investor caution. Dropping roughly 0.21% to 427.47, reflecting some investor caution. Nasdaq-100 (QQQ): Climbing around 0.16% to 530.77, fueled by strength in the tech sector. Which stocks are making the biggest moves? Warner Bros Discovery: Surging 7-9% following news of a company split. Surging 7-9% following news of a company split. IonQ: Up about 3% after announcing an acquisition of Oxford Ionics. Up about 3% after announcing an acquisition of Oxford Ionics. Merck: Rising 1.1%, boosted by positive trial results. Rising 1.1%, boosted by positive trial results. Nvidia: Gaining between 1.3% and 2.3%, riding the wave of AI enthusiasm. Gaining between 1.3% and 2.3%, riding the wave of AI enthusiasm. Qualcomm: Jumping 4.4% on completion of its Alphawave IP purchase. Jumping 4.4% on completion of its Alphawave IP purchase. Apple: Adding 0.7%, supported by new AI features unveiled at the WWDC event. Robinhood: Dropping 7.4% after being excluded from the S&P 500 index. Dropping 7.4% after being excluded from the S&P 500 index. Tesla: Down between 0.3% and 2%, impacted by a recent downgrade and fallout from Musk-related news. Down between 0.3% and 2%, impacted by a recent downgrade and fallout from Musk-related news. EchoStar: Falling 8.2% amid bankruptcy rumors. Why are the US and China meeting now — and what's at stake for the stock market? ADVERTISEMENT What's driving the stock market recovery in 2025? ADVERTISEMENT Are tariffs still in effect, and why does it matter now? ADVERTISEMENT Could US-China trade deals shape the next market trend? What's driving the market today? Trade talks between the U.S. and China in London continue to shape investor sentiment, contributing to the Dow's decline and a slight Nasdaq boost. in London continue to shape investor sentiment, contributing to the Dow's decline and a slight Nasdaq boost. Inflation concerns remain front and center , with traders awaiting this week's CPI and core PCE data releases. Expectations suggest the Federal Reserve may hold interest rates steady for now. , with traders awaiting this week's CPI and core PCE data releases. Expectations suggest the Federal Reserve may hold interest rates steady for now. Sector trends show technology stocks powering the gains, while healthcare lags behind. What should investors watch next? FAQs: The US stock market opened slightly weaker on Monday, June 9, as Wall Street turned its attention to critical trade talks between the United States and China. Early trading saw the Dow Jones Industrial Average fall by 185 points, or about 0.5%, marking a cautious start to the week. The S&P 500 dipped 0.1%, while the Nasdaq Composite edged up slightly by 0.1% around 9:35 a.m. Eastern are closely watching the developments in London, where senior officials from both countries are meeting to ease long-standing trade tensions. The discussions aim to address a range of economic disputes and possibly roll back mutual tariffs that have been weighing on global supply chains for week's US-China trade talks are seen as pivotal for the global economy. Tariffs imposed in past years have disrupted everything from electronics to heavy equipment. Though those tariffs are currently paused, no permanent deal has been believe that progress in these talks could help avoid a potential economic slowdown or even a recession, especially if they result in the reduction or removal of tariffs on both sides. A positive outcome could also reignite investor confidence and fuel another leg up in the US stock market modest moves reflect investor hesitancy. Market players are clearly waiting for concrete news before making big decisions. The S&P 500 remains just 2.5% below its all-time high, buoyed by hopes that the US may reach trade agreements that roll back tariffs major factor behind the stock market's strong recovery has been the belief that President Donald Trump will reduce trade barriers as part of broader global deals. After plunging by nearly 20% from its peak two months ago, the S&P 500 has made a swift optimism is largely driven by expectations that smoother trade relations — particularly with major economies like China — will relieve pressure on multinational companies and bring stability back to supply both the US and China have put a pause on new tariffs, but existing ones remain. These tariffs have cost industries billions, increased consumer prices, and created uncertainty for global important now is whether these paused tariffs are finally lifted. This could significantly improve the flow of goods, lower costs, and potentially lead to more business investments, especially in sectors like tech, agriculture, and Any meaningful breakthrough in US-China trade negotiations could serve as a key catalyst for markets. Investors are looking for long-term clarity, not just temporary Monday's talks in London show signs of real progress, we could see increased investor confidence, reduced market volatility, and fresh momentum across Dow Jones, S&P 500, and without a deal, continued uncertainty could weigh on the markets in the coming should keep a close eye on the statements or outcomes from the US-China meetings. Any mention of progress on tariff rollbacks, trade agreements, or economic cooperation could trigger immediate market also worth noting that the Federal Reserve's next move, broader economic indicators, and the 2024 US election climate remain in focus as secondary factors influencing the market Dow Jones dropped due to investor caution ahead of the US-China trade talks aim to ease tariffs and settle long-running trade disputes affecting the global economy.
Time of India
31 minutes ago
- Time of India
What is Palantir? Meet the AI tech titan powering Trump-era surveillance and data operations
Palantir's Role in a Major Federal Data Push Live Events Palantir's History of Controversy FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel US president Donald Trump signed an executive order earlier this year to let the federal government exchange data between agencies, and this initiative would be backed by a technology company, Palantir Technologies , as per a is a data analytics company co-founded by billionaire investor and Trump supporter and Republican megadonor Peter Thiel , as per New York company has got over $113 million from the federal government this year, and last week, the Department of Defense awarded Palantir a $795 million contract, according to the report. Palantir's final quarterly report for 2024 mentioned that the company made $1.2 billion in revenue from the US government last year, reported New York firm's technology can gather and analyze enormous volumes of data for numerous government agencies, such as Homeland Security, Immigration and Customs Enforcement (ICE), and the IRS, as per the New York Times. While, several government databases already include information on Americans' bank account numbers, medical claims, disabilities, student debt amounts, and more, but the data is not stored in one central place, as per the Trump administration aims to 'eliminate information silos and streamline data collection across all agencies to increase government efficiency and save hard-earned taxpayer dollars,' quoted the New York billionaire Elon Musk and the Department of Government Efficiency (DOGE) were reportedly responsible for choosing Palantir for the data collection project, according to the Palantir has already had contracts with the federal government, as it previously worked with Health and Human Services to help track the COVID-19 pandemic, the firm has been criticised by data privacy advocates, anti-war protesters, and other organisations over the years for its data mining and surveillance work, as per New York Times. For instance, Palantir faced backlash for providing intelligence services to aid the Israeli military in the 2023 Israel-Hamas war, as per the of its long-standing work with federal agencies and its ability to handle large-scale data. The decision also came from a team previously led by Elon Musk's Centralising sensitive data in one place increases the risk of misuse or breaches.
Time of India
an hour ago
- Time of India
Trump vs Musk: Billionaire investor Michael Moritz' advice to Silicon Valley, 'One of them is a medical monarch...'
Silicon Valley investor Michael Moritz took Elon Musk's side and said Trump's budget truly is abomination. Longtime Silicon Valley investor Michael Moritz said the tussle between Donald Trump and Elon Musk was inevitable as one of them is a medieval monarch and another is a revolutionary. In his column on Financial Times, Mortiz wrote that one man approached the government like a company and the other considers the government his company and Silicon Valley knows which to choose. Calling the eruption between Elon Musk and Donald Trump mortifying for those in Silicon Valley, Moritz backed Musk and said he is right in calling Donald Trump's budget an abomination. "I feel more than a tinge of sympathy for Musk. Unlike others, I don't believe he threw himself into this battle for personal gain or to wangle deals for his companies. He, like many, was disenchanted with a Democratic party that had lost its moorings, mismanaged California and whose leader, Joe Biden, let vanity conquer virtue. Sadly, he misjudged the character of the man with whom he threw in his lot," Mortiz wrote. Elon Musk is undoubtedly the most accomplished business builder of his generation, Moritz said. "But the government is not a company". Moritz said Musk failed to understand that Trump was more interested in the daily news cycle than in reform. "Musk is the revolutionary, the president the monarch". Musk also underestimated the way in which Trump's "cabinet and advisers, and all the targets in his crosshairs, were determined to fight him. He was the outsider. They were the occupants of the swamp." "What is the result of this meeting of company builder and medieval monarch? It's the opposite of what was promised: a US budget that has ballooned, debt levels that will only rise and crushing interest payments that make the country vulnerable to its largest creditors — Japan and China." Moritz took Elon Musk's side and said his reputation is now tarnished and his business interests hurt but Donald Trump's family business inked deals for new hotels and golf courses around the world. "One word of advice for those in Silicon Valley who followed Musk's lead and sided with Trump. Leave. Don't delude yourself that you are working to make crypto a part of global finance, minimising artificial intelligence regulation, helping start-up companies or protecting the interests of Silicon Valley. You have no sway. You are just cannon fodder," Moritz said.
