‘Democrats can't stand him': Musk won't receive ‘any support' from left with new party
'Elon Musk isn't going to get any support from leftists,' Ms Tate told Sky News host Danica De Giorgio.
'Democrats in this country can't stand him, so Musk would be better off trying to sort of shape and influence the Republican Party from the outside.'
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Perth Now
35 minutes ago
- Perth Now
US Senate passes Trump spending bill, sends to House
The Republican-controlled US Senate has passed President Donald Trump's tax and spending bill, signing off on a massive package that would enshrine many of his top domestic priorities into law while adding trillions of dollars to the country's debt. The bill now heads back to the House of Representatives for final approval. The House set debate and a vote for Wednesday for the bill. Trump has pushed lawmakers to get it to his desk to sign into law by the July 4 Independence Day holiday. Trump's Republicans have had to navigate a narrow path while shepherding the 940-page bill through a Congress that they control by the slimmest of margins. With Democrats lined up in opposition, Republicans have had only three votes to spare in both the House and Senate as they wrangled over specific tax breaks and healthcare policies that could reshape entire industries and leave millions of people uninsured. Yet they have managed to stay largely unified so far. Only three of the Senate's 53 Republicans joined with Democrats to vote against the package, which passed 51-50 after Vice President JD Vance cast the tie-breaking vote. Republican senators Susan Collins of Maine, Thom Tillis of North Carolina and Rand Paul of Kentucky voted against the bill. The vote came after an all-night debate in which Republicans grappled with the bill's price tag and its effect on the US healthcare system. It was not immediately clear what changes had been made to the massive package to resolve those concerns. The vote in the House, where Republicans hold a 220-212 majority, is likely to be close as well. An initial version passed with only two votes to spare in May, and several Republicans in that chamber have said they do not support the version that has emerged from the Senate, which the non-partisan Congressional Budget Office estimates will add $US800 billion ($A1.2 trillion) more to the national debt than the House version. The House Freedom Caucus, a group of fiscal hawks who repeatedly threatened to withhold their support for the tax bill, is pushing for deeper spending cuts to reduce its total price tag. "That's not fiscal responsibility. It's not what we agreed to," the group said on Monday. A group of more traditional House Republicans, especially those who represent lower-income areas, object to the steeper Medicaid cuts in the Senate's plan. "I will not support a final bill that eliminates vital funding streams our hospitals rely on," Representative David Valadao, a California Republican, said during the weekend debate. The bill would make permanent Trump's 2017 business and personal income tax cuts, which are due to expire at the end of this year, and dole out new tax breaks for tipped income, overtime and seniors that he promised during the 2024 election. It provides tens of billions of dollars for Trump's immigration crackdown and would repeal many of his predecessor Joe Biden's green-energy incentives. The bill would also tighten eligibility for food and health safety net programs, which analysts say would effectively reduce income for poorer people who would have to pay for more of those costs. The CBO estimates the latest version of the bill would add $US3.3 trillion to the $US36.2 trillion debt pile.
The Advertiser
39 minutes ago
- The Advertiser
Wall Street slips amid Federal Reserve caution
The S&P 500 and Nasdaq indexes have inched down as Federal Reserve chair Jerome Powell stayed cautious on interest-rate cuts and investors watched a Senate voting marathon on US President Donald Trump's tax-cut and spending bill. The blue-chip Dow gained and was just about 746 points away from its all-time high touched in December. The day's moves for the S&P 500 and the Nasdaq Composite come after the indexes posted record closing highs on Monday, capping their best quarter in over a year as hopes for more trade deals and possible rate cuts supported sentiment. Powell reiterated the US central bank plans to "wait and learn more" about the effects of tariffs on inflation before lowering interest rates, again setting aside Trump's demands for immediate and deep rate cuts. The top policymaker has been facing harsh criticism from Trump to ease monetary policy, with the administration mapping out the likely plan for naming Powell's replacement for when he leaves the job next May. The fate of Trump's "One Big Beautiful Bill" was also in focus as US senators were still voting on Tuesday on a potentially long list of amendments to the legislation that is expected to add $US3.3 trillion ($A5 trillion) to the country's debt pile. The Republican majority's struggle to pass the bill exemplifies deep divisions within the party over debt. The bill aims to partly cover the cost of the tax reductions with cuts to Medicaid and some food assistance programs for low-income people. Trump said he was open to moving the July 4 deadline he gave fellow Republicans in the Senate to get behind the bill, while Treasury Secretary Scott Bessent said he expects the Senate to pass the bill by the afternoon. "This version that we hear about is not necessarily the one that's going to pass. So you know that's still something that weighs on investors' minds," said Kim Forrest, chief investment officer at Bokeh Capital Partners. Tesla's shares fell 4.5 per cent after a fresh spat between CEO Elon Musk and Trump over the tax bill, with the president urging the government efficiency department to review the subsidies that Musk's companies have received. Tesla also reported a sales drop for a sixth straight month in Sweden and Denmark in June but they rose in Norway and Spain during the same month. In early trading on Monday, the Dow Jones Industrial Average rose 189.54 points, or 0.43 per cent, to 44,284.31, the S&P 500 lost 2.54 points, or 0.04 per cent, to 6,202.41 and the Nasdaq Composite lost 32.26 points, or 0.16 per cent, to 20,336.87. The S&P 500 and the Nasdaq's rise to record highs marked a stunning recovery in sentiment that was hammered by Trump's chaotic trade policies and geopolitical tensions, with investors betting on AI enthusiasm and earnings momentum to keep the bull run going. Data showed US job openings increased unexpectedly in May, suggesting labour market resilience despite trade and economic uncertainties. Market focus now shifts to Thursday's non-farm payrolls report, which could recaliberate bets for a rate cut as soon as July. Money markets are pricing in a 21.2 per cent likelihood for a July rate cut and see about 64.5 bps worth of cuts by the end of this year, per LSEG data. AMC Entertainment Holdings dropped 6.5 per cent after the theatre chain operator said it would cut its debt by converting at least $US143 million in exchangeable bonds into shares. Shares of US-based casino operators rose after Macau reported a rise in June gambling revenue. Wynn Resorts gained 7.8 per cent, Las Vegas Sands was up 6.5 per cent and MGM Resorts International added 4.5 per cent. Advancing issues outnumbered decliners by a 1.28-to-1 ratio on the NYSE, and by a 1.05-to-1 ratio on the Nasdaq. The S&P 500 posted 14 new 52-week highs and no new lows while the Nasdaq Composite recorded 46 new highs and 42 new lows. The S&P 500 and Nasdaq indexes have inched down as Federal Reserve chair Jerome Powell stayed cautious on interest-rate cuts and investors watched a Senate voting marathon on US President Donald Trump's tax-cut and spending bill. The blue-chip Dow gained and was just about 746 points away from its all-time high touched in December. The day's moves for the S&P 500 and the Nasdaq Composite come after the indexes posted record closing highs on Monday, capping their best quarter in over a year as hopes for more trade deals and possible rate cuts supported sentiment. Powell reiterated the US central bank plans to "wait and learn more" about the effects of tariffs on inflation before lowering interest rates, again setting aside Trump's demands for immediate and deep rate cuts. The top policymaker has been facing harsh criticism from Trump to ease monetary policy, with the administration mapping out the likely plan for naming Powell's replacement for when he leaves the job next May. The fate of Trump's "One Big Beautiful Bill" was also in focus as US senators were still voting on Tuesday on a potentially long list of amendments to the legislation that is expected to add $US3.3 trillion ($A5 trillion) to the country's debt pile. The Republican majority's struggle to pass the bill exemplifies deep divisions within the party over debt. The bill aims to partly cover the cost of the tax reductions with cuts to Medicaid and some food assistance programs for low-income people. Trump said he was open to moving the July 4 deadline he gave fellow Republicans in the Senate to get behind the bill, while Treasury Secretary Scott Bessent said he expects the Senate to pass the bill by the afternoon. "This version that we hear about is not necessarily the one that's going to pass. So you know that's still something that weighs on investors' minds," said Kim Forrest, chief investment officer at Bokeh Capital Partners. Tesla's shares fell 4.5 per cent after a fresh spat between CEO Elon Musk and Trump over the tax bill, with the president urging the government efficiency department to review the subsidies that Musk's companies have received. Tesla also reported a sales drop for a sixth straight month in Sweden and Denmark in June but they rose in Norway and Spain during the same month. In early trading on Monday, the Dow Jones Industrial Average rose 189.54 points, or 0.43 per cent, to 44,284.31, the S&P 500 lost 2.54 points, or 0.04 per cent, to 6,202.41 and the Nasdaq Composite lost 32.26 points, or 0.16 per cent, to 20,336.87. The S&P 500 and the Nasdaq's rise to record highs marked a stunning recovery in sentiment that was hammered by Trump's chaotic trade policies and geopolitical tensions, with investors betting on AI enthusiasm and earnings momentum to keep the bull run going. Data showed US job openings increased unexpectedly in May, suggesting labour market resilience despite trade and economic uncertainties. Market focus now shifts to Thursday's non-farm payrolls report, which could recaliberate bets for a rate cut as soon as July. Money markets are pricing in a 21.2 per cent likelihood for a July rate cut and see about 64.5 bps worth of cuts by the end of this year, per LSEG data. AMC Entertainment Holdings dropped 6.5 per cent after the theatre chain operator said it would cut its debt by converting at least $US143 million in exchangeable bonds into shares. Shares of US-based casino operators rose after Macau reported a rise in June gambling revenue. Wynn Resorts gained 7.8 per cent, Las Vegas Sands was up 6.5 per cent and MGM Resorts International added 4.5 per cent. Advancing issues outnumbered decliners by a 1.28-to-1 ratio on the NYSE, and by a 1.05-to-1 ratio on the Nasdaq. The S&P 500 posted 14 new 52-week highs and no new lows while the Nasdaq Composite recorded 46 new highs and 42 new lows. The S&P 500 and Nasdaq indexes have inched down as Federal Reserve chair Jerome Powell stayed cautious on interest-rate cuts and investors watched a Senate voting marathon on US President Donald Trump's tax-cut and spending bill. The blue-chip Dow gained and was just about 746 points away from its all-time high touched in December. The day's moves for the S&P 500 and the Nasdaq Composite come after the indexes posted record closing highs on Monday, capping their best quarter in over a year as hopes for more trade deals and possible rate cuts supported sentiment. Powell reiterated the US central bank plans to "wait and learn more" about the effects of tariffs on inflation before lowering interest rates, again setting aside Trump's demands for immediate and deep rate cuts. The top policymaker has been facing harsh criticism from Trump to ease monetary policy, with the administration mapping out the likely plan for naming Powell's replacement for when he leaves the job next May. The fate of Trump's "One Big Beautiful Bill" was also in focus as US senators were still voting on Tuesday on a potentially long list of amendments to the legislation that is expected to add $US3.3 trillion ($A5 trillion) to the country's debt pile. The Republican majority's struggle to pass the bill exemplifies deep divisions within the party over debt. The bill aims to partly cover the cost of the tax reductions with cuts to Medicaid and some food assistance programs for low-income people. Trump said he was open to moving the July 4 deadline he gave fellow Republicans in the Senate to get behind the bill, while Treasury Secretary Scott Bessent said he expects the Senate to pass the bill by the afternoon. "This version that we hear about is not necessarily the one that's going to pass. So you know that's still something that weighs on investors' minds," said Kim Forrest, chief investment officer at Bokeh Capital Partners. Tesla's shares fell 4.5 per cent after a fresh spat between CEO Elon Musk and Trump over the tax bill, with the president urging the government efficiency department to review the subsidies that Musk's companies have received. Tesla also reported a sales drop for a sixth straight month in Sweden and Denmark in June but they rose in Norway and Spain during the same month. In early trading on Monday, the Dow Jones Industrial Average rose 189.54 points, or 0.43 per cent, to 44,284.31, the S&P 500 lost 2.54 points, or 0.04 per cent, to 6,202.41 and the Nasdaq Composite lost 32.26 points, or 0.16 per cent, to 20,336.87. The S&P 500 and the Nasdaq's rise to record highs marked a stunning recovery in sentiment that was hammered by Trump's chaotic trade policies and geopolitical tensions, with investors betting on AI enthusiasm and earnings momentum to keep the bull run going. Data showed US job openings increased unexpectedly in May, suggesting labour market resilience despite trade and economic uncertainties. Market focus now shifts to Thursday's non-farm payrolls report, which could recaliberate bets for a rate cut as soon as July. Money markets are pricing in a 21.2 per cent likelihood for a July rate cut and see about 64.5 bps worth of cuts by the end of this year, per LSEG data. AMC Entertainment Holdings dropped 6.5 per cent after the theatre chain operator said it would cut its debt by converting at least $US143 million in exchangeable bonds into shares. Shares of US-based casino operators rose after Macau reported a rise in June gambling revenue. Wynn Resorts gained 7.8 per cent, Las Vegas Sands was up 6.5 per cent and MGM Resorts International added 4.5 per cent. Advancing issues outnumbered decliners by a 1.28-to-1 ratio on the NYSE, and by a 1.05-to-1 ratio on the Nasdaq. The S&P 500 posted 14 new 52-week highs and no new lows while the Nasdaq Composite recorded 46 new highs and 42 new lows. The S&P 500 and Nasdaq indexes have inched down as Federal Reserve chair Jerome Powell stayed cautious on interest-rate cuts and investors watched a Senate voting marathon on US President Donald Trump's tax-cut and spending bill. The blue-chip Dow gained and was just about 746 points away from its all-time high touched in December. The day's moves for the S&P 500 and the Nasdaq Composite come after the indexes posted record closing highs on Monday, capping their best quarter in over a year as hopes for more trade deals and possible rate cuts supported sentiment. Powell reiterated the US central bank plans to "wait and learn more" about the effects of tariffs on inflation before lowering interest rates, again setting aside Trump's demands for immediate and deep rate cuts. The top policymaker has been facing harsh criticism from Trump to ease monetary policy, with the administration mapping out the likely plan for naming Powell's replacement for when he leaves the job next May. The fate of Trump's "One Big Beautiful Bill" was also in focus as US senators were still voting on Tuesday on a potentially long list of amendments to the legislation that is expected to add $US3.3 trillion ($A5 trillion) to the country's debt pile. The Republican majority's struggle to pass the bill exemplifies deep divisions within the party over debt. The bill aims to partly cover the cost of the tax reductions with cuts to Medicaid and some food assistance programs for low-income people. Trump said he was open to moving the July 4 deadline he gave fellow Republicans in the Senate to get behind the bill, while Treasury Secretary Scott Bessent said he expects the Senate to pass the bill by the afternoon. "This version that we hear about is not necessarily the one that's going to pass. So you know that's still something that weighs on investors' minds," said Kim Forrest, chief investment officer at Bokeh Capital Partners. Tesla's shares fell 4.5 per cent after a fresh spat between CEO Elon Musk and Trump over the tax bill, with the president urging the government efficiency department to review the subsidies that Musk's companies have received. Tesla also reported a sales drop for a sixth straight month in Sweden and Denmark in June but they rose in Norway and Spain during the same month. In early trading on Monday, the Dow Jones Industrial Average rose 189.54 points, or 0.43 per cent, to 44,284.31, the S&P 500 lost 2.54 points, or 0.04 per cent, to 6,202.41 and the Nasdaq Composite lost 32.26 points, or 0.16 per cent, to 20,336.87. The S&P 500 and the Nasdaq's rise to record highs marked a stunning recovery in sentiment that was hammered by Trump's chaotic trade policies and geopolitical tensions, with investors betting on AI enthusiasm and earnings momentum to keep the bull run going. Data showed US job openings increased unexpectedly in May, suggesting labour market resilience despite trade and economic uncertainties. Market focus now shifts to Thursday's non-farm payrolls report, which could recaliberate bets for a rate cut as soon as July. Money markets are pricing in a 21.2 per cent likelihood for a July rate cut and see about 64.5 bps worth of cuts by the end of this year, per LSEG data. AMC Entertainment Holdings dropped 6.5 per cent after the theatre chain operator said it would cut its debt by converting at least $US143 million in exchangeable bonds into shares. Shares of US-based casino operators rose after Macau reported a rise in June gambling revenue. Wynn Resorts gained 7.8 per cent, Las Vegas Sands was up 6.5 per cent and MGM Resorts International added 4.5 per cent. Advancing issues outnumbered decliners by a 1.28-to-1 ratio on the NYSE, and by a 1.05-to-1 ratio on the Nasdaq. The S&P 500 posted 14 new 52-week highs and no new lows while the Nasdaq Composite recorded 46 new highs and 42 new lows.
Perth Now
2 hours ago
- Perth Now
Wall Street slips amid Federal Reserve caution
Money markets are pricing in a 21.2 per cent likelihood for a July rate cut by the Federal Reserve. (AP PHOTO) Money markets are pricing in a 21.2 per cent likelihood for a July rate cut by the Federal Reserve. (AP PHOTO) Credit: AAP The S&P 500 and Nasdaq indexes have inched down as Federal Reserve chair Jerome Powell stayed cautious on interest-rate cuts and investors watched a Senate voting marathon on US President Donald Trump's tax-cut and spending bill. The blue-chip Dow gained and was just about 746 points away from its all-time high touched in December. The day's moves for the S&P 500 and the Nasdaq Composite come after the indexes posted record closing highs on Monday, capping their best quarter in over a year as hopes for more trade deals and possible rate cuts supported sentiment. Powell reiterated the US central bank plans to "wait and learn more" about the effects of tariffs on inflation before lowering interest rates, again setting aside Trump's demands for immediate and deep rate cuts. The top policymaker has been facing harsh criticism from Trump to ease monetary policy, with the administration mapping out the likely plan for naming Powell's replacement for when he leaves the job next May. The fate of Trump's "One Big Beautiful Bill" was also in focus as US senators were still voting on Tuesday on a potentially long list of amendments to the legislation that is expected to add $US3.3 trillion ($A5 trillion) to the country's debt pile. The Republican majority's struggle to pass the bill exemplifies deep divisions within the party over debt. The bill aims to partly cover the cost of the tax reductions with cuts to Medicaid and some food assistance programs for low-income people. Trump said he was open to moving the July 4 deadline he gave fellow Republicans in the Senate to get behind the bill, while Treasury Secretary Scott Bessent said he expects the Senate to pass the bill by the afternoon. "This version that we hear about is not necessarily the one that's going to pass. So you know that's still something that weighs on investors' minds," said Kim Forrest, chief investment officer at Bokeh Capital Partners. Tesla's shares fell 4.5 per cent after a fresh spat between CEO Elon Musk and Trump over the tax bill, with the president urging the government efficiency department to review the subsidies that Musk's companies have received. Tesla also reported a sales drop for a sixth straight month in Sweden and Denmark in June but they rose in Norway and Spain during the same month. In early trading on Monday, the Dow Jones Industrial Average rose 189.54 points, or 0.43 per cent, to 44,284.31, the S&P 500 lost 2.54 points, or 0.04 per cent, to 6,202.41 and the Nasdaq Composite lost 32.26 points, or 0.16 per cent, to 20,336.87. The S&P 500 and the Nasdaq's rise to record highs marked a stunning recovery in sentiment that was hammered by Trump's chaotic trade policies and geopolitical tensions, with investors betting on AI enthusiasm and earnings momentum to keep the bull run going. Data showed US job openings increased unexpectedly in May, suggesting labour market resilience despite trade and economic uncertainties. Market focus now shifts to Thursday's non-farm payrolls report, which could recaliberate bets for a rate cut as soon as July. Money markets are pricing in a 21.2 per cent likelihood for a July rate cut and see about 64.5 bps worth of cuts by the end of this year, per LSEG data. AMC Entertainment Holdings dropped 6.5 per cent after the theatre chain operator said it would cut its debt by converting at least $US143 million in exchangeable bonds into shares. Shares of US-based casino operators rose after Macau reported a rise in June gambling revenue. Wynn Resorts gained 7.8 per cent, Las Vegas Sands was up 6.5 per cent and MGM Resorts International added 4.5 per cent. Advancing issues outnumbered decliners by a 1.28-to-1 ratio on the NYSE, and by a 1.05-to-1 ratio on the Nasdaq. The S&P 500 posted 14 new 52-week highs and no new lows while the Nasdaq Composite recorded 46 new highs and 42 new lows.
