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Reuters
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- Reuters
US stock futures fall after Israel attacks Iran
June 13 (Reuters) - U.S. stock index futures dropped on Friday after Israel's military strike on Iran escalated tensions in the oil-rich Middle East and battered risk sentiment across global markets. Israel's widescale strikes against Iran's nuclear facilities were aimed at preventing Tehran from building an atomic weapon. Iran has promised a harsh response and retaliated by launching 100 drones. The escalation of tensions in the Middle East - a major oil-producing region - sent oil prices surging more than 6% and U.S. energy stocks rose in tandem, with Chevron (CVX.N), opens new tab and Exxon (XOM.N), opens new tab advancing nearly 3% in premarket trading. The strikes come just days ahead of a planned sixth round of nuclear talks between Iran and the United States. Tensions had been building as U.S. President Donald Trump's efforts to reach a nuclear deal with Iran appeared to be deadlocked. U.S. Secretary of State Marco Rubio called the Israeli offensive a "unilateral action" and said Washington was not involved. At 04:32 a.m. ET, Dow E-minis were down 505 points, or 1.17%, S&P 500 E-minis were down 70.5 points, or 1.17%, and Nasdaq 100 E-minis were down 309.25 points, or 1.41%. A 1.6% slump in Russell futures pointed to sharp declines for domestically focused stocks. Airline stocks dipped as the surge in crude prices raised concerns about higher fuel costs. Delta Air Lines (DAL.N), opens new tab was down 3.9%, United Airlines (UAL.O), opens new tab dropped 4.8%, Southwest Airlines (LUV.N), opens new tab lost 2.5% and American Airlines (AAL.O), opens new tab declined 3.9%. Defense stocks rose, with Lockheed Martin (LMT.N), opens new tab up 4.7%, RTX Corporation (RTX.N), opens new tab up 5.5%, Northrop Grumman (NOC.N), opens new tab up 4.2% and L3harris Technologies (LHX.N), opens new tab up 4.3%. The S&P 500 (.SPX), opens new tab still remains just 1.8% below its record high reached earlier this year, following stellar monthly gains in May driven by upbeat corporate earnings and a softening in Trump's trade stance. The tech-heavy Nasdaq (.IXIC), opens new tab is about 2.8% off its record closing high reached in December last year. Investors are now focused on the Federal Reserve's meeting scheduled next week where policymakers are expected to keep interest rates unchanged.
Reuters
an hour ago
- Reuters
HHS Enforcement Letter on DEI and ACA Section 1557 Compliance Practical Law The Journal
On May 6, 2025, HHS issued a 'Dear Colleague' letter addressing nondiscrimination requirements under: Title VI of the Civil Rights Act of 1964 (Title VI). Section 1557 of the Affordable Care Act (ACA) (for more information, see ACA Section 1557 Compliance for Health Coverage Toolkit on Practical Law). The Equal Protection Clause of the US Constitution. Directed at medical schools that receive federal funding from HHS, the letter focuses on the schools' use of race-based criteria in admissions and hiring (including under some DEI programs). (HHS, Dear Colleague Letter (May 6, 2025); HHS, Press Release (May 6, 2025).) ACA Section 1557 ACA Section 1557 prohibits individuals from being excluded from participation in, denied the benefits of, or subject to discrimination under a health program or activity that receives federal financial assistance on specified grounds. Section 1557 incorporates the grounds for prohibited discrimination under four civil rights laws. One of these laws, as HHS notes in the May 2025 letter, is Title VI, which bars discrimination on the basis of race, color, and national origin (42 U.S.C. §§ 2000d to 2000d-7; for more information, see June 2020 Final Regulations Under ACA Section 1557: Nondiscrimination in Health Programs and Activities on Practical Law). The second Trump administration has expressly referenced ACA Section 1557 in recent investigatory announcements of race-based criteria and DEI programs, suggesting that these issues may eventually be addressed in additional proposed regulations under Section 1557 (for more information, see Trump Administration Investigates Hospitals' DEI Programs Using ACA Section 1557 on Practical Law). If so, the substantive scope of the next set of Section 1557 regulations will likely differ significantly from the version of these regulations finalized under the Biden administration one year ago (for more information, see ACA Section 1557 Compliance for Health Coverage Toolkit on Practical Law). Counsel should monitor Section 1557 guidance from the Trump administration and settlement agreements involving the administration's investigatory efforts in this space.
Reuters
an hour ago
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SEC Regulation of Crypto and Digital Assets Under Trump 2.0 Practical Law The Journal
For the first time, crypto and digital assets played a meaningful role in a US election. The crypto community favored President Trump in the 2024 election because he promised crypto-friendly reforms throughout the campaign. As anticipated, the second Trump administration has acted swiftly and voluminously in addressing regulatory pain points for the crypto markets as part of a broader deregulatory initiative, as well as enacting other noteworthy pro-crypto measures. Because SEC commissioners serve at the discretion of the president, the agency's policies generally reflect the priorities of the current administration. Under Trump 2.0, the SEC has wasted no time in implementing the administration's game plan. This article highlights significant SEC crypto-related actions under the second Trump administration, including: Formation of the SEC crypto task force. Replacement of the SEC's crypto enforcement unit with the newly formed Cyber and Emerging Technologies Unit (CETU). Termination or delay of notable crypto enforcement matters. Rescission of Staff Accounting Bulletin 121 (SAB 121) on crypto custody accounting. Withdrawal of a 2019 statement and issuance of frequently asked questions (FAQs) on broker-dealer custody of digital assets. Withdrawal of an appeal of a district court ruling vacating expanded SEC definitions of the terms 'dealer' and 'government securities dealer' which captured crypto. Statements by the Division of Corporation Finance on: stablecoins; meme coins; and crypto mining activities. (For the complete version of this resource, which includes information on a variety of Trump administration crypto-related initiatives, including an executive order creating a presidential crypto working group and prudential bank crypto regulatory reforms, see Regulation of Crypto and Digital Assets Under Second Trump Administration: Overview on Practical Law.) Crypto Task Force On January 21, 2025, then-Acting SEC Chair Mark Uyeda announced the launch of an SEC crypto task force, headed by Commissioner Hester Peirce, dedicated to developing a comprehensive and clear regulatory framework for crypto assets in the US. The announcement marked a dramatic change in the SEC's approach to crypto regulation, which has in recent years relied on regulation by enforcement. The agency took a notoriously aggressive approach to crypto enforcement under prior SEC Chair Gary Gensler, placing the agency at odds with the crypto industry and certain proponents of fintech innovation (for more information, see Regulation of Crypto-Asset Securities in USA on Practical Law). These critics have often included Commissioners Uyeda and Peirce, who now find themselves in position to guide SEC crypto policy.
