Trump tussles with Powell during Federal Reserve visit but backs off firing threat
WASHINGTON ― President Donald Trump and Federal Reserve chair Jerome Powell clashed as they toured ongoing renovations of the Fed's headquarters, with the chairman correcting the president over some of his claims about cost overruns.
Despite past threats to fire Powell over the project, Trump left the Federal Reserve building and called it a productive meeting, saying he didn't see enough to justify the chairman's termination.
"I don't think it's necessary," Trump said.
The president's rare presidential visit to the Federal Reserve building came as Trump has accused Powell of potential fraud related to the ballooning cost of the agency's $2.5 billion headquarters renovation of two historic buildings on the National Mall. Trump and several White House advisers requested the tour to inspect the work firsthand.
More Trump news: Trump to visit Federal Reserve, ups pressure campaign on Jerome Powell
But it was Powell pushing back at Trump before the tour got underway when the president claimed the project had swelled to $3.1 billion.
"It went up a little bit ‒ or a lot," Trump said to Powell, both men wearing white hard hats.
Powell shook his head in disagreement. "I'm not aware of that, Mr. President. I've not heard about that from anyone at the Fed."
How much did the renovatioin cost? Trump's visit to Fed is latest twist in feud over interest rates that has long history
The president handed him a sheet of paper. Powell took a glance and then informed the president that his dollar figure also included the cost of renovating the Martin Federal Building, which was completed in 2020.
"You're including the Martin renovation. You just added in a third building. That's what that is," Powell said.
"I know, but it's a building that's being built," Trump said.
Powell responded: "No, it was built five years ago. We finished Martin five years ago."
Fed's explanation for cost overruns
The original cost of the current renovation was estimated at $1.9 billion in 2019 before increasing to $2.5 billion. The Fed said the more than 33% increase was due to design changes, costs of materials, equipment, labor, and other "unforeseen conditions" such as more asbestos than anticipated and toxic contamination in the soil.
Powell told Trump that the Fed does not foresee additional cost overruns and expects the renovation to be completed in 2027. "We're well along, as you can see," Powell said.
'No, I'm not talking about that': Trump denies plans to fire Fed Chair Jerome Powell despite what he told Republicans
Though Trump has recently fixated on the cost of the Fed's renovation, the president has for months criticized Powell for keeping interest rates steady and ignoring his calls to lower them, mocking him as "too late" for not acting.
"Well, I'd love him to lower interest rates. Other than that, what can I tell you?" Trump said when asked if there's anything Powell can do to get Trump to back off his criticism. "The country is booming and the interest rates are a final little notch."
Powell has cited anticipated rising inflation from Trump's massive tariffs on imports as a reason to keep the rates unchanged. Inflation accelerated in June, the Labor Department announced July 15, with prices rising by 2.7% over the past 12 months. It was the highest annual inflation rate since February.
Trump says cost overruns are not something to be fired over
Trump and Powell toured the facility for less than an hour. They were joined by Republican Sens. Tim Scott of South Carolina and Thom Tillis of North Carolina, White House officials, Bill Pulte, chairman of Fannie Mae and Freddie Mac, construction professionals, and Trump-appointed members of the National Capital Planning Commission.
Before they began, Trump was asked by a reporter what he would do during his long career as a real estate developer with project managers who exceeded their construction budgets.
"Generally speaking, what would I do? I'd fire him," Trump said, later pointing to expensive underground garage parking and basement expansions as unnecessary add-ons.
But after the tour was finished, Trump took a very different tone. He told reporters he saw a "very luxurious situation taking place" with the renovation, calling the meeting "very productive" and insisting there was no tension and that he doesn't envision firing Powell.
"I don't want to put that in this category," Trump said when asked whether the project is a "fireable offense."
Trump later said that he believes Powell will "do the right thing" and lower interest rates. "It may be a little 'too late' as the expression goes. But I believe he's going to do the right thing."
Trump nominated Powell as Fed chair in 2017. He was confirmed by the Senate in January 2018 for a four-year term, and again in 2022 after former President Joe Biden renominated him for the post. Even though Powell's term as chairman ends in 2026, his term as a member of the Fed's board runs through the end of 2028.
Reach Joey Garrison on X @Joeygarrison.
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Stock market today: Dow, S&P 500, Nasdaq sink after weak jobs report, Trump's tariff redux
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European pharmaceutical companies, such as Novo Nordisk (NVO) and AstraZeneca (AZN), were also in the red Thursday and will be stocks to watch Friday after Trump sent a letter to 17 companies, urging them to lower prices. Good morning. Here's what's happening today. Economic calendar: Nonfarm payrolls (July); Unemployment rate (July); Average hourly earnings (July); Average weekly hours worked (July); Labor force participation rate (July); ISM manufacturing (July); S&P Global US manufacturing (July final); Construction spending (June); University of Michigan consumer sentiment (July final) Earnings: Chevron (CVX), Colgate-Palmolive (CL), Exxon Mobil (XOM) Here are some of the biggest stories you may have missed overnight and early this morning: July jobs report on deck: What to expect Trump stuns markets again with latest bid to reshape US trade order Trump: Fed board should assume control if Powell won't cut rates Trump lays out sweeping tariff hikes for dozens of countries Amazon stock sinks as cloud results fail to impress Moderna beats estimates on COVID booster sales, cost cuts Exxon beats profit estimates as output rises despite weak oil prices Chevron beats Wall Street profit estimates with record output Big Tech's AI and core businesses are blurring together This week, investors heard quarterly updates from Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Meta (META). And in the midst of strong quarterly financial results from Big Tech, a new paradigm is emerging, Yahoo Finance's Hamza Shaban wrote in today's Morning Brief. Hamza writes: Read more here. Chevron beats Wall Street profit estimates with record production Chevron (CVX) beat analyst estimates on Friday for second-quarter profit as record oil and gas production and lower capital expenditure helped the US oil producer boost earnings despite weaker crude prices. Chevron shares were flat in premarket trading. Reuters reports: Read more here. Exxon beats profit estimates with higher production despite weak oil prices Shares in Exxon Mobil (XOM) rose more than 1% before the bell on Friday after the company beat Wall Street estimate for second-quarter profit as higher oil and gas production helped the top US oil producer overcome lower crude prices. Reuters reports: Read more here. Eyes on Figma, day two After a sizzling 250% surge on Thursday IPO day, Figma (FIG) is up another 8% premarket. You are watching the forming of a stock bubble in real time here! I encourage you to read up on the company's not-so-impressive financials this weekend. Trump calls for firing of commissioner of Bureau of Labor Statistics responsible for monthly jobs reports President Trump said he has directed his team to fire Erika McEntarfer, the commissioner of the Bureau of Labor Statistics, who is responsible for producing the US monthly jobs reports. This comes after July's print showed larger-than-normal revisions for the past two months, indicating that the labor market has been cooling for the past three months. "I was just informed that our Country's 'Jobs Numbers' are being produced by a Biden Appointee, Dr. Erika McEntarfer, the Commissioner of Labor Statistics, who faked the Jobs Numbers before the Election to try and boost Kamala's chances of Victory," Trump wrote on social media. "We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified," he added. "Important numbers like this must be fair and accurate, they can't be manipulated for political purposes. McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months. Similar things happened in the first part of the year, always to the negative." Trump has been pressuring the Federal Reserve to lower interest rates. Policymakers this week decided to keep rates steady, with two dissidents voting for a rate cut. President Trump said he has directed his team to fire Erika McEntarfer, the commissioner of the Bureau of Labor Statistics, who is responsible for producing the US monthly jobs reports. This comes after July's print showed larger-than-normal revisions for the past two months, indicating that the labor market has been cooling for the past three months. "I was just informed that our Country's 'Jobs Numbers' are being produced by a Biden Appointee, Dr. Erika McEntarfer, the Commissioner of Labor Statistics, who faked the Jobs Numbers before the Election to try and boost Kamala's chances of Victory," Trump wrote on social media. "We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified," he added. "Important numbers like this must be fair and accurate, they can't be manipulated for political purposes. McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months. Similar things happened in the first part of the year, always to the negative." Trump has been pressuring the Federal Reserve to lower interest rates. Policymakers this week decided to keep rates steady, with two dissidents voting for a rate cut. Coinbase stock takes a hit as lower crypto volatility slows trading activity Coinbase (COIN) stock plunged 14%, its biggest intraday drop since April, after the crypto platform high flyer's quarterly revenue took a hit from lower trading volume. Revenue for the company's second quarter increased 3.3% year over year to $1.5 billion. Wall Street was expecting a climb to $1.59 billion. Revenue also slowed from $2 billion in the prior quarter. Total trading volume declined 40% in the second quarter as crypto asset volatility declined. Read more here. Coinbase (COIN) stock plunged 14%, its biggest intraday drop since April, after the crypto platform high flyer's quarterly revenue took a hit from lower trading volume. Revenue for the company's second quarter increased 3.3% year over year to $1.5 billion. Wall Street was expecting a climb to $1.59 billion. Revenue also slowed from $2 billion in the prior quarter. Total trading volume declined 40% in the second quarter as crypto asset volatility declined. Read more here. Dow sinks 600 points, S&P 500 Nasdaq drop to session lows The Dow Jones Industrial Average (^DJI) dropped more than 600 points, or 1.4% Friday afternoon, while the S&P 500 (^GSPC) fell around 1.7% to touch a session low. The tech-heavy Nasdaq Composite (^IXIC) tumbled more than 2.3%. Most growth sectors were in the red, leading the declines. The sell-off followed a weaker-than-expected jobs report, and after President Trump reshaped the US trade landscape by imposing tariffs on imports from dozens of trading partners around the world. Friday's July jobs report showed weaker-than-expected hiring and larger-than-normal downward revisions to prior months' data, suggesting the labor market has been weakening for months. The Dow Jones Industrial Average (^DJI) dropped more than 600 points, or 1.4% Friday afternoon, while the S&P 500 (^GSPC) fell around 1.7% to touch a session low. The tech-heavy Nasdaq Composite (^IXIC) tumbled more than 2.3%. Most growth sectors were in the red, leading the declines. The sell-off followed a weaker-than-expected jobs report, and after President Trump reshaped the US trade landscape by imposing tariffs on imports from dozens of trading partners around the world. Friday's July jobs report showed weaker-than-expected hiring and larger-than-normal downward revisions to prior months' data, suggesting the labor market has been weakening for months. 'A gamechanger': Economists react to weak July jobs report as rate cut bets Yahoo Finance's Allie Canal reports: Read more here. " Yahoo Finance's Allie Canal reports: Read more here. " Big Tech's AI investments set to spike to $364 billion in 2025 as bubble fears ease Big Tech firms Amazon (AMZN), Alphabet (GOOGL, GOOG), Microsoft (MSFT), and Meta (META) reported that they were set to spend as much as a cumulative $364 billion in their respective 2025 fiscal years, up from their prior estimates of around $325 billion. Investors appeared to shrug off the increase for the most part. Shares of three of the four tech giants spiked following their latest quarterly earnings reports over the past two weeks, which showed the companies broadly outperforming Wall Street's expectations and lifting their capital expenditure forecasts. Meta and Microsoft shares surged roughly 11% and 4%, respectively, in Thursday's trading session, following their quarterly results the prior afternoon. Microsoft's surge briefly pushed the firm's value north of $4 trillion for the first time. Alphabet stock also jumped following its report last week. Amazon was an exception to Wall Street's bullish reception of the capital expenditures changes. Shares fell 8% Friday after the company raised its capital expenditure forecast, but its guidance for operating income at its AWS cloud computing unit was lower than expected, raising questions about its AI plans. Amazon said its $31.4 billion in second quarter capital expenditures was "reasonably representative of our quarterly capital investment rate for the back half of this year," implying it would spend around $118.5 billion in the full fiscal year. Read the full story here. Big Tech firms Amazon (AMZN), Alphabet (GOOGL, GOOG), Microsoft (MSFT), and Meta (META) reported that they were set to spend as much as a cumulative $364 billion in their respective 2025 fiscal years, up from their prior estimates of around $325 billion. Investors appeared to shrug off the increase for the most part. Shares of three of the four tech giants spiked following their latest quarterly earnings reports over the past two weeks, which showed the companies broadly outperforming Wall Street's expectations and lifting their capital expenditure forecasts. Meta and Microsoft shares surged roughly 11% and 4%, respectively, in Thursday's trading session, following their quarterly results the prior afternoon. Microsoft's surge briefly pushed the firm's value north of $4 trillion for the first time. Alphabet stock also jumped following its report last week. Amazon was an exception to Wall Street's bullish reception of the capital expenditures changes. Shares fell 8% Friday after the company raised its capital expenditure forecast, but its guidance for operating income at its AWS cloud computing unit was lower than expected, raising questions about its AI plans. Amazon said its $31.4 billion in second quarter capital expenditures was "reasonably representative of our quarterly capital investment rate for the back half of this year," implying it would spend around $118.5 billion in the full fiscal year. Read the full story here. UnitedHealth Group stock drops after appointing new CFO in wake of top leadership change After a year that has seen its share price collapse by more than 50%, UnitedHealth Group (UNH) has swapped out its chief financial officer, Yahoo Finance's Jake Conley and Anjalee Khemlani report. Conley and Khemlani write: Shares of UnitedHealth dropped around 3.4% early Friday. Read the full story here. After a year that has seen its share price collapse by more than 50%, UnitedHealth Group (UNH) has swapped out its chief financial officer, Yahoo Finance's Jake Conley and Anjalee Khemlani report. Conley and Khemlani write: Shares of UnitedHealth dropped around 3.4% early Friday. Read the full story here. Manufacturing activity hits a 9-month low Economic activity in the US manufacturing sector hit a nine month low in July. The Institute for Supply Management's (ISM) manufacturing PMI registered a reading of 48% in July, down from June's reading of 49%. Readings above 50 for this index indicate an expansion in activity, while readings below 50 indicate contraction. The manufacturing sector has been in contraction for most of the past two years. 'In July, U.S. manufacturing activity contracted at a faster rate, with declines in the Supplier Deliveries and Employment Indexes contributing as the biggest factors in the 1-percentage point loss of the Manufacturing PMI," Chair of the Institute for Supply Management Susan Spence wrote in the release. Economic activity in the US manufacturing sector hit a nine month low in July. The Institute for Supply Management's (ISM) manufacturing PMI registered a reading of 48% in July, down from June's reading of 49%. Readings above 50 for this index indicate an expansion in activity, while readings below 50 indicate contraction. The manufacturing sector has been in contraction for most of the past two years. 'In July, U.S. manufacturing activity contracted at a faster rate, with declines in the Supplier Deliveries and Employment Indexes contributing as the biggest factors in the 1-percentage point loss of the Manufacturing PMI," Chair of the Institute for Supply Management Susan Spence wrote in the release. Reddit stock soars after Q2 earnings beat Reddit (RDDT) stock soared more than 16% early Friday after the social media platform reported second quarter earnings and revenue that surpassed Wall Street's expectations, with a sunnier than anticipated outlook for its third quarter. The social media's revenue grew 78% to $500 million, its fastest revenue growth in three years, according to the company. That figure was ahead of the $425 million projected by Wall Street analysts tracked by Bloomberg. In its results released late Thursday, Reddit also reported adjusted earnings per share of $0.92, ahead of the estimated $0.72. The company said global daily active users hit 110.4 million in the three months ended June 30, just above the 110 million expected by analysts, according to Bloomberg consensus data. Meanwhile, US daily active users hit 50.3 million, slightly below the 50.5 million expected. Read more about Reddit's latest report here. Reddit (RDDT) stock soared more than 16% early Friday after the social media platform reported second quarter earnings and revenue that surpassed Wall Street's expectations, with a sunnier than anticipated outlook for its third quarter. The social media's revenue grew 78% to $500 million, its fastest revenue growth in three years, according to the company. That figure was ahead of the $425 million projected by Wall Street analysts tracked by Bloomberg. In its results released late Thursday, Reddit also reported adjusted earnings per share of $0.92, ahead of the estimated $0.72. The company said global daily active users hit 110.4 million in the three months ended June 30, just above the 110 million expected by analysts, according to Bloomberg consensus data. Meanwhile, US daily active users hit 50.3 million, slightly below the 50.5 million expected. Read more about Reddit's latest report here. Novo Nordisk, Eli Lilly stocks pop on report of Medicare, Medicaid GLP-1 coverage Shares of Novo Nordisk (NVO) and Eli Lilly (LLY) spiked at the open after the Washington Post reported that the Trump administration is planning to experiment with allowing Medicare and Medicaid to cover weight-loss drugs. A plan obtained from the Centers for Medicare and Medicaid Services stated that state Medicaid programs and Medicare Part D insurance plans can voluntarily choose to cover Novo Nordisk's Ozempic and Wegovy and Eli Lilly's Mounjaro and Zepbound for weight management, the Post reported. It's a signal that the administration is more open to GLP-1 drug coverage, despite reservations from Health and Human Services Secretary Robert F. Kennedy Jr. Novo Nordisk and Eli Lilly stocks both popped 3% in the first 10 minutes of trading. On Thursday, the stocks sold off after President Trump sent a letter to 17 pharma companies demanding that they slash their drug prices in the US. Shares of Novo Nordisk (NVO) and Eli Lilly (LLY) spiked at the open after the Washington Post reported that the Trump administration is planning to experiment with allowing Medicare and Medicaid to cover weight-loss drugs. A plan obtained from the Centers for Medicare and Medicaid Services stated that state Medicaid programs and Medicare Part D insurance plans can voluntarily choose to cover Novo Nordisk's Ozempic and Wegovy and Eli Lilly's Mounjaro and Zepbound for weight management, the Post reported. It's a signal that the administration is more open to GLP-1 drug coverage, despite reservations from Health and Human Services Secretary Robert F. Kennedy Jr. Novo Nordisk and Eli Lilly stocks both popped 3% in the first 10 minutes of trading. On Thursday, the stocks sold off after President Trump sent a letter to 17 pharma companies demanding that they slash their drug prices in the US. Stocks sink at the open US stocks sank at the market open on Friday after President Trump officially hit virtually every US trading partner with sweeping tariff hikes, and the June jobs report showed signs of a labor market slowdown. The Dow Jones Industrial Average (^DJI) dropped 0.9%, while the S&P 500 (^GSPC) fell around 1%. The tech-heavy Nasdaq Composite (^IXIC) sank about 1.4%, on the heels of a losing day for the major US gauges. US stocks sank at the market open on Friday after President Trump officially hit virtually every US trading partner with sweeping tariff hikes, and the June jobs report showed signs of a labor market slowdown. The Dow Jones Industrial Average (^DJI) dropped 0.9%, while the S&P 500 (^GSPC) fell around 1%. The tech-heavy Nasdaq Composite (^IXIC) sank about 1.4%, on the heels of a losing day for the major US gauges. Treasury yields sink after jobs data as traders price in more aggressive Fed action The big market action after a shocking July jobs report was being seen in the bond market Friday morning. Treasuries were in rally mode as traders moved to price in at least two interest-rate cuts from the Federal Reserve this year. That reversed the moves seen Wednesday after the FOMC meeting, which saw Fed Chair Jay Powell talk down the need for rate cuts. The yield on 2-year Treasury notes fell by more than 17 basis points to as low as 3.78% Friday morning. The yield on 10-year notes fell by nearly 10 basis points to as low as 4.27%. Data from the CME Group showed the odds for a September rate cut from the Fed were as high as 75% following Friday's report. The July jobs report showed the US economy added just 73,000 jobs last month while revisions to the May and June reports showed more than quarter million fewer jobs were added to the economy than previously reported. On Wednesday, odds for a September rate cut from the Fed were just 37%. Just before the release of Friday's jobs report, two Fed governors — Chris Waller and Michelle Bowman — issued statements explaining their decision to vote against the Fed's call to keep interest rates unchanged on Wednesday. Both suggested the US labor market is not as strong as recent data had shown, and that when the labor market turns, it may turn quickly. Waller and Bowman's dissents on Wednesday marked the first time since 1993 that two members of the Fed's Board of Governors voted against a policy action at the same meeting. President Trump, for his part, said Friday morning before the jobs numbers were released the Fed board should "ASSUME CONTROL" as Powell continues to face criticism from the president over his view that interest rates should remain at current levels. The big market action after a shocking July jobs report was being seen in the bond market Friday morning. Treasuries were in rally mode as traders moved to price in at least two interest-rate cuts from the Federal Reserve this year. That reversed the moves seen Wednesday after the FOMC meeting, which saw Fed Chair Jay Powell talk down the need for rate cuts. The yield on 2-year Treasury notes fell by more than 17 basis points to as low as 3.78% Friday morning. The yield on 10-year notes fell by nearly 10 basis points to as low as 4.27%. Data from the CME Group showed the odds for a September rate cut from the Fed were as high as 75% following Friday's report. The July jobs report showed the US economy added just 73,000 jobs last month while revisions to the May and June reports showed more than quarter million fewer jobs were added to the economy than previously reported. On Wednesday, odds for a September rate cut from the Fed were just 37%. Just before the release of Friday's jobs report, two Fed governors — Chris Waller and Michelle Bowman — issued statements explaining their decision to vote against the Fed's call to keep interest rates unchanged on Wednesday. Both suggested the US labor market is not as strong as recent data had shown, and that when the labor market turns, it may turn quickly. Waller and Bowman's dissents on Wednesday marked the first time since 1993 that two members of the Fed's Board of Governors voted against a policy action at the same meeting. President Trump, for his part, said Friday morning before the jobs numbers were released the Fed board should "ASSUME CONTROL" as Powell continues to face criticism from the president over his view that interest rates should remain at current levels. Figma stock rises 19% in premarket trade Friday, poised to build on Thursday's 250% rally Figma (FIG) stock looked set to surge again on Friday, rising as much as 19% in premarket trading after shares rocketed higher with a gain of 250% in Thursday's public market debut, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Figma (FIG) stock looked set to surge again on Friday, rising as much as 19% in premarket trading after shares rocketed higher with a gain of 250% in Thursday's public market debut, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. New healthcare jobs continue to lead gains Here's a look at US employment by sector in July. Where hiring picked up: Where hiring declined: Here's a look at US employment by sector in July. Where hiring picked up: Where hiring declined: US labor market adds 73,000 jobs in July while unemployment rate hits 4.2% Stock futures fell premarket after the July jobs report showed US nonfarm payrolls missed estimates. Dow Jones Industrial Average futures (YM=F) dropped 0.9%, while futures for the S&P 500 (ES=F) fell around 1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) sank 1.1%. Yahoo Finance's Josh Schafer reports: Read more here. Stock futures fell premarket after the July jobs report showed US nonfarm payrolls missed estimates. Dow Jones Industrial Average futures (YM=F) dropped 0.9%, while futures for the S&P 500 (ES=F) fell around 1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) sank 1.1%. Yahoo Finance's Josh Schafer reports: Read more here. European stocks slide after Trump announces new tariffs European stocks fell on Friday after President Trump confirmed new tariff rates, including a 15% tariff rate on goods from the European Union and a 10% rate for the UK. In London, the benchmark FTSE 100 index (^FTSE) fell 0.5%. The pan-European Stoxx 600 (^STOXX) index shed 0.75%, while Germany's DAX (^GDAXI) dropped 1.89% and the CAC (^FCHI) in Paris declined 2%. In a twist, Trump said the new tariffs will take effect a week from now, instead of today, as was originally telegraphed. Still, global markets were rattled by the latest change to US trade policy. Swiss manufacturers warned Friday that tens of thousands of jobs are at risk after President Trump imposed steep tariffs. European pharmaceutical companies, such as Novo Nordisk (NVO) and AstraZeneca (AZN), were also in the red Thursday and will be stocks to watch Friday after Trump sent a letter to 17 companies, urging them to lower prices. European stocks fell on Friday after President Trump confirmed new tariff rates, including a 15% tariff rate on goods from the European Union and a 10% rate for the UK. In London, the benchmark FTSE 100 index (^FTSE) fell 0.5%. The pan-European Stoxx 600 (^STOXX) index shed 0.75%, while Germany's DAX (^GDAXI) dropped 1.89% and the CAC (^FCHI) in Paris declined 2%. In a twist, Trump said the new tariffs will take effect a week from now, instead of today, as was originally telegraphed. Still, global markets were rattled by the latest change to US trade policy. Swiss manufacturers warned Friday that tens of thousands of jobs are at risk after President Trump imposed steep tariffs. European pharmaceutical companies, such as Novo Nordisk (NVO) and AstraZeneca (AZN), were also in the red Thursday and will be stocks to watch Friday after Trump sent a letter to 17 companies, urging them to lower prices. Good morning. Here's what's happening today. Economic calendar: Nonfarm payrolls (July); Unemployment rate (July); Average hourly earnings (July); Average weekly hours worked (July); Labor force participation rate (July); ISM manufacturing (July); S&P Global US manufacturing (July final); Construction spending (June); University of Michigan consumer sentiment (July final) Earnings: Chevron (CVX), Colgate-Palmolive (CL), Exxon Mobil (XOM) Here are some of the biggest stories you may have missed overnight and early this morning: July jobs report on deck: What to expect Trump stuns markets again with latest bid to reshape US trade order Trump: Fed board should assume control if Powell won't cut rates Trump lays out sweeping tariff hikes for dozens of countries Amazon stock sinks as cloud results fail to impress Moderna beats estimates on COVID booster sales, cost cuts Exxon beats profit estimates as output rises despite weak oil prices Chevron beats Wall Street profit estimates with record output Economic calendar: Nonfarm payrolls (July); Unemployment rate (July); Average hourly earnings (July); Average weekly hours worked (July); Labor force participation rate (July); ISM manufacturing (July); S&P Global US manufacturing (July final); Construction spending (June); University of Michigan consumer sentiment (July final) Earnings: Chevron (CVX), Colgate-Palmolive (CL), Exxon Mobil (XOM) Here are some of the biggest stories you may have missed overnight and early this morning: July jobs report on deck: What to expect Trump stuns markets again with latest bid to reshape US trade order Trump: Fed board should assume control if Powell won't cut rates Trump lays out sweeping tariff hikes for dozens of countries Amazon stock sinks as cloud results fail to impress Moderna beats estimates on COVID booster sales, cost cuts Exxon beats profit estimates as output rises despite weak oil prices Chevron beats Wall Street profit estimates with record output Big Tech's AI and core businesses are blurring together This week, investors heard quarterly updates from Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Meta (META). And in the midst of strong quarterly financial results from Big Tech, a new paradigm is emerging, Yahoo Finance's Hamza Shaban wrote in today's Morning Brief. Hamza writes: Read more here. This week, investors heard quarterly updates from Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Meta (META). And in the midst of strong quarterly financial results from Big Tech, a new paradigm is emerging, Yahoo Finance's Hamza Shaban wrote in today's Morning Brief. Hamza writes: Read more here. Chevron beats Wall Street profit estimates with record production Chevron (CVX) beat analyst estimates on Friday for second-quarter profit as record oil and gas production and lower capital expenditure helped the US oil producer boost earnings despite weaker crude prices. Chevron shares were flat in premarket trading. Reuters reports: Read more here. Chevron (CVX) beat analyst estimates on Friday for second-quarter profit as record oil and gas production and lower capital expenditure helped the US oil producer boost earnings despite weaker crude prices. Chevron shares were flat in premarket trading. Reuters reports: Read more here. Exxon beats profit estimates with higher production despite weak oil prices Shares in Exxon Mobil (XOM) rose more than 1% before the bell on Friday after the company beat Wall Street estimate for second-quarter profit as higher oil and gas production helped the top US oil producer overcome lower crude prices. Reuters reports: Read more here. Shares in Exxon Mobil (XOM) rose more than 1% before the bell on Friday after the company beat Wall Street estimate for second-quarter profit as higher oil and gas production helped the top US oil producer overcome lower crude prices. Reuters reports: Read more here. Eyes on Figma, day two After a sizzling 250% surge on Thursday IPO day, Figma (FIG) is up another 8% premarket. You are watching the forming of a stock bubble in real time here! I encourage you to read up on the company's not-so-impressive financials this weekend. After a sizzling 250% surge on Thursday IPO day, Figma (FIG) is up another 8% premarket. You are watching the forming of a stock bubble in real time here! I encourage you to read up on the company's not-so-impressive financials this weekend. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 minutes ago
- Yahoo
Who will win the White House in 2028? JD Vance favorite, but Dems have better odds
Donald Trump is a little more than halfway through his first year in office, and already people are jockeying for position for the 2028 presidential election. It was about a year ago when Trump overtook Democratic nominee Kamala Harris as the favorite to win the election and he cruised from that point on. The tides have turned once again, and now democrats are favored to win back the White House in 2028. But last July, Harris was the overwhelming favorite to defeat Trump, so things can change in a hurry. According to a Democrat is -110 to win the 2028 Presidential Election. Republicans come in at +100. So while the lead is ever so slight, it is noteworthy that for the first time in about a year, Democrats are favored to win the next presidential election. If you think an independent can win, that's where the real money is. Independents are +2000 to win. 2028 presidential betting odds When it comes to individuals, nobody has really been able to pull away from the pack. Vice President JD Vance remains the top choice on the betting market. He comes in at +250. Trump himself comes in at No. 2 in betting odds at +900. Right now he can't run again, but Vegas believes that could change. On the Democratic side, California Gov. Gavin Newsom and U.S. Rep. Alexandria Ocasio-Cortez are the top two favorites, both coming in at +900. Bettinglectionodds also has their odds. That site has Vance as the favorite to be the next president with a 23.9 percent chance of winning. He's followed by Newsom (8.2 percent), Ocasio-Cortez (6.6 percent), Pete Buttigieg (4.9 percent), Josh Shapiro (3.7 percent), Ron DeSantis (2.5 percent) and Ivanka Trump (2.4 percent) as the favorites. This article originally appeared on Asbury Park Press: 2028 presidential betting odds: Vance, Trump, Newsom, AOC favorites
CBS News
4 minutes ago
- CBS News
Trump fires Bureau of Labor Statistics commissioner after disappointing job numbers
President Trump ordered his administration to fire the commissioner of labor statistics, Erika McEntarfer, after the July jobs report showed a sharp slowdown in hiring and a steep downward revision to May and June's hiring numbers. "No one can be that wrong? We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY," Mr. Trump wrote on social media. He added, "She will be replaced with someone much more competent and qualified. Important numbers like this must be fair and accurate, they can't be manipulated for political purposes." The president described the latest report, which showed employers in July added a weaker-than-expected 73,000 jobs, as "a shock," adding that the downward revision of 258,000 fewer jobs created in May and June was a "major mistake." —This is a breaking news story and will be updated.
