The NASA science missions that would be axed in Trump's 2026 budget
Among the planets that would get less attention are Venus, Mars and Jupiter. But the planet facing the biggest drop in scrutiny from space is our own. The Trump budget proposal calls for reducing Earth science funding by 53 percent.
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Yahoo
4 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures drift as Wall Street braces for July inflation report
US stock futures wavered around the flatline on Tuesday as Wall Street braced for July's inflation report and President Trump revealed his pick to head the Bureau of Labor Statistics. Futures attached to the Dow Jones Industrial Average (YM=F), the benchmark S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) all fell below the flatline. Intel (INTC) stock jumped more than 2% in premarket trading on Tuesday after CEO Lip-Bu Tan met with President Trump, who had called for Tan's resignation last week. After the meeting, Trump posted to Truth Social saying that he had met with Tan along with Secretary of Commerce Howard Lutnick and Secretary of the Treasury Scott Bessent. "The meeting was a very interesting one," the president wrote, adding, "His success and rise is an amazing story." On Tuesday, reports said China urged local firms not to use Nvidia H20 chips, complicating Trump's bid to turn those sales into a US windfall. After the bell on Monday, Trump announced that he nominated E.J. Antoni, chief economist at the conservative Heritage Foundation, to lead the BLS. "E.J. will ensure that the Numbers released are HONEST and ACCURATE," the president said on Truth Social. Trump fired Erika McEntarfer as commissioner of the BLS earlier this month following the release of the July jobs report, which contained "larger than normal" revisions to data and revealed fewer jobs than previously thought had been added to the economy. Trump said, without providing evidence, that McEntarfer had been acting politically and her numbers "were wrong." During day trading, stocks slumped even as Trump reportedly granted another 90-day pause on the most punishing tariffs on China as the two countries work toward a trade deal. Read more: The latest on Trump's tariffs Wall Street is preparing for the release of July's Consumer Price Index (CPI) report on Tuesday morning. Analysts expect it to show that prices increased as Trump's tariffs kicked in. A hot inflation report could put the Federal Reserve in a tight spot as it navigates rising prices amid recent signs of a weakening labor market. In the background, anticipation over the possibility of a September interest rate cut continues to grow. Investors will get two more pulse checks on the state of the economy later this week, with the release of the Producer Price Index on Thursday and retail sales data on Friday. Cannabis stocks soar as President Trump considers reclassifying marijuana Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug. The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year. Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%. On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks. "We're looking at reclassification and we'll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one," Trump said. "It's a very complicated subject." Intel is still a disaster Intel (INTC) is rallying premarket as Trump walked back his apparent hate for the company's CEO, Lip-Bu Tan, after meeting on Monday. Don't be fooled by the price action, however. This isn't the case like Apple (AAPL), where CEO Tim Cook kisses Trump's butt and the company is exempt from various tariffs. Intel is a fundamental disaster right now. People in the industry I talk to are unsure if the company will ever come back to a state of health, given 1) how fast AI chip development is occurring, and 2) how far behind Nvidia and AMD Intel is. Intel's statement on the meeting: "Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening U.S. technology and manufacturing leadership. We appreciate the President's strong leadership to advance these critical priorities and look forward to working closely with him and his Administration as we restore this great American company." Japan's Nikkei hits record high on tariff relief, tech rally The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. Cannabis stocks soar as President Trump considers reclassifying marijuana Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug. The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year. Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%. On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks. "We're looking at reclassification and we'll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one," Trump said. "It's a very complicated subject." Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug. The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year. Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%. On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks. "We're looking at reclassification and we'll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one," Trump said. "It's a very complicated subject." Intel is still a disaster Intel (INTC) is rallying premarket as Trump walked back his apparent hate for the company's CEO, Lip-Bu Tan, after meeting on Monday. Don't be fooled by the price action, however. This isn't the case like Apple (AAPL), where CEO Tim Cook kisses Trump's butt and the company is exempt from various tariffs. Intel is a fundamental disaster right now. People in the industry I talk to are unsure if the company will ever come back to a state of health, given 1) how fast AI chip development is occurring, and 2) how far behind Nvidia and AMD Intel is. Intel's statement on the meeting: "Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening U.S. technology and manufacturing leadership. We appreciate the President's strong leadership to advance these critical priorities and look forward to working closely with him and his Administration as we restore this great American company." Intel (INTC) is rallying premarket as Trump walked back his apparent hate for the company's CEO, Lip-Bu Tan, after meeting on Monday. Don't be fooled by the price action, however. This isn't the case like Apple (AAPL), where CEO Tim Cook kisses Trump's butt and the company is exempt from various tariffs. Intel is a fundamental disaster right now. People in the industry I talk to are unsure if the company will ever come back to a state of health, given 1) how fast AI chip development is occurring, and 2) how far behind Nvidia and AMD Intel is. Intel's statement on the meeting: "Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening U.S. technology and manufacturing leadership. We appreciate the President's strong leadership to advance these critical priorities and look forward to working closely with him and his Administration as we restore this great American company." Japan's Nikkei hits record high on tariff relief, tech rally The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here.
The Hill
5 minutes ago
- The Hill
Pirro: Trump National Guard deployment in DC 'just the beginning'
U.S. Attorney for the District of Columbia Jeanine Pirro warned Monday night that President Trump's deployment of the National Guard in the Washington was 'just the beginning,' characterizing the crime rates in the nation's capital as 'horrific.' 'President Trump has rightfully declared an emergency crisis of crime and deployed the National Guard, the ATF, the DEA, the FBI, so that criminals know now that we see them," she said during an apperance on Fox News with host Sean Hannity. "We are watching them and we are gonna make them accountable. But make no mistake, Sean, this is just beginning." Trump announced earlier Monday that the Justice Department (DOJ) would be taking control of D.C.'s Metropolitan Police Department (MPD) and that around 800 National Guard troops would be involved in the federal government's effort to lower crime rates. 'I'm deploying the National Guard to help reestablish law, order, and public safety in Washington, D.C., and they're going to be allowed to do their job properly,' the president said Monday during a press conference from the White House. Data shows that, so far, violent crime is down 26 percent compared to 2024 in the nation's capital, and that homicides last year dropped by 32 percent compared to 2023. But, the number of homicides last year, 187, was still higher than in the years in the lead-up to the COVID-19 pandemic. A Metropolitan Police Department police commander, Michael Pulliam, was placed on paid leave in May and is under investigation for allegedly altering crime numbers in his district, NBC4 reported last month. 'Today was, as the president called it, 'Liberation Day.' But we are now in the process of bringing to the attention of law-abiding citizens, not just in D.C., but throughout the country, that we're not gonna tolerate crime that is out of control in the nation's capital,' Pirro told host Sean Hannity. 'This is the shining city on the hill that our forefathers talked about," she added. D.C. Mayor Muriel Bowser, along with a host of other Democratic mayors, pushed back on Trump administration's moves, calling it "unsettling and unprecedented." But, she added that it was not surprising. The president's effort is being carried out through provisions under the city's Home Rule Act. Congress passed the law in the 1970s to give the nation's capital autonomy over its local affairs. Trump also appointed Drug Enforcement Administration chief Terry Cole to lead the federal takeover of MPD.
The Hill
5 minutes ago
- The Hill
Social Security at 90: Where the program stands and how to fix it
Social Security is a vital source of income for millions of Americans, but after 90 years, the program faces significant financial challenges that could reshape it for future generations. If Congress fails to act, retirees could see their monthly checks cut by 23 percent in less than a decade — slashing thousands of dollars from the average person's annual benefits. Lawmakers are unlikely to let that happen, but so far, they've opted to kick the can down the road, avoiding politically unpopular solutions and complicating eventual fixes. President Franklin D. Roosevelt (D) signed Social Security into law on Aug. 14, 1935, as a way to give 'some measure of protection to the average citizen and to his family against the loss of a job and against poverty-ridden old age.' Here's what to know about the state of the program 90 years later: How many people receive Social Security? Nearly 70 million people received Social Security benefits in July, with the average check totaling $1,863. Retired workers made up the largest share — roughly three-quarters, or about 53 million. The program also supports other groups: Nearly six million people received survivor benefits last month, while more than eight million collected disability insurance. Most people aged 65 and older receive the majority of their income from Social Security, making it a vital lifeline for millions of adults — and children — who would otherwise fall below the poverty line. Without Social Security benefits, 37 percent of older adults would have had incomes below the official poverty line in 2023 — instead, only 10 percent did, according to the Center on Budget and Policy Priorities. More Americans now expect to rely on Social Security than in the past. In a recent Gallup poll, 37 percent of non-retirees said it will be a 'major source' of income in retirement — up from 28 percent two decades ago. When Social Security benefits could be cut Social Security isn't going away, but in less than a decade, millions of Americans could see their monthly retirement checks shrink if Congress doesn't intervene. The program's retirement trust fund is expected to run out by 2033, at which point Social Security would only be able to pay 77% of promised benefits. For today's average retired worker, that would mean a cut of about $460 a month — more than $5,500 a year. That said, experts caution against claiming Social Security benefits early out of fear that the program may not be around in the future, as doing so results in permanently lower monthly checks. Federal lawmakers are expected to act before the cuts take effect, but the main concern is that the longer they wait, the more complicated the fix will become. Social Security is so widely supported that, until now, politicians have largely avoided moves that could prove unpopular with voters. The last major overhaul came roughly 40 years ago when the federal government gradually raised the full retirement age from 65 to 67. When that happened in 1983, Social Security insolvency was just months away. Why Social Security is facing a financial shortfall The program's financial shortfall largely stems from the nation's changing demographics, which have resulted in fewer workers supporting more retirees. In 2010, there were 43 million people age 65 and older, and by 2024, that number had grown to 59 million, according to the Peter G. Peterson Foundation. At the same time, the number of workers contributing to the program has fallen — from 2.9 covered workers per beneficiary in 2010 to 2.7 in 2024 — a ratio projected to decline further to 2.3 by 2044, the foundation said. That imbalance is a concern because Social Security is primarily funded through a payroll tax, which accounts for about 90 percent of the trust fund's income. Fewer workers mean less payroll tax revenue. The good news is that the demographic shift isn't a surprise, giving policymakers time to prepare. The bad news is that it's not easily reversed, and major policy changes may be needed to shore up the program for generations to come. Something else to keep in mind: Despite raising the income cap over time, a smaller share of wages is now subject to the payroll tax compared to the '80s and '90s. The portion of wages and salaries covered by the payroll tax has fallen to about 82 percent, down from 90 percent in 1983, according to the Tax Foundation. Part of that is due to a rise in employer-provided benefits, like health insurance, which is tax-deductible, and thus faces neither the income nor payroll tax, the Tax Foundation said. What can be done to fix Social Security? Lawmakers have a few options: increase Social Security revenue, reduce costs or, most likely, some combination of both. Democrats want to raise more money by making high earners pay Social Security taxes on income above the current cap. For 2025, the tax only applies to the first $176,100, so any earnings above that aren't taxed. Gradually increasing the payroll tax rate is another way to raise revenue. Right now, the Social Security tax rate is 12.4 percent total — split evenly between employees and employers at 6.2 percent each. The combined rate has been steady since 1990. While raising taxes is rarely popular, polling suggests boosting revenue is generally more acceptable to the public than cutting benefits. A 2024 Pew Research survey found that wide majorities of both Republicans (77%) and Democrats (83%) do not support Social Security benefit reductions. President Trump has repeatedly promised not to cut Social Security benefits and even suggested eliminating federal income taxes on retirement checks — though that move would worsen the program's financial shortfall. Like his predecessors before him, Trump has offered little concrete policy direction for fixing Social Security. Tech billionaire Elon Musk's efforts to root out widespread waste, fraud and abuse fell short of expectations and sparked significant confusion. Earlier this year, Brookings released a bipartisan blueprint for fixing Social Security. The proposal included tax-based revenue boosts like increasing the maximum taxable ceiling and raising the payroll tax from 12.4 percent to 12.6 percent. It also suggested benefit reductions, like increasing the retirement age for high earners, among other changes.
