Trump's Ukraine Plan Needs Improvement: Fried
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Yahoo
25 minutes ago
- Yahoo
Clean energy investors relieved by Trump tax rule changes
(Reuters) -Shares of U.S. solar energy companies rose on Monday after the Trump administration released new subsidy rules for clean energy projects that were not as stringent as many investors had feared. Late on Friday, the Treasury Department narrowed the definition for what it means for a solar or wind project to be considered under construction, a requirement to qualify for federal tax credits worth 30% of a project's cost. The changes include requiring developers of big solar arrays and wind farms to complete physical work rather than simply show that they have invested capital. Solar companies criticized the move on Friday, but analysts, investors and others said the guidelines were better than many expected. The MAC Global Solar Energy index was up 4% in mid-day trade, with top gainers, including residential solar company Sunrun, up 9%, and panel manufacturer First Solar, up 8.6%. "Although it creates some complications, it is manageable," Raymond James analyst Pavel Molchanov said in an email. Some in the industry had feared that project developers would have to incur a large percentage of project costs in order to be eligible for the credits, or that they would have a narrower timeline to claim the subsidies after starting construction. The Treasury Department left the 4-year window unchanged for projects that start construction before the credits expire. The One Big Beautiful Bill Act requires projects to begin construction by July of next year or enter service by the end of 2027 to qualify for a 30% tax credit and bonuses that can push the subsidy even higher. Under previous law, the credits were available through 2032. 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
25 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq stall with Ukraine's fate, Fed policy in focus
US stocks wavered on Monday as investors turned their focus to a high-stakes US-Ukraine meeting, kicking off a week dominated by a Federal Reserve speech that could define the outlook for interest rates. The S&P 500 (^GSPC) hovered near the flatline, while the Dow Jones Industrial Average (^DJI) declined 0.1%, coming off a second straight winning week for the major gauges. The tech-heavy Nasdaq Composite (^IXIC) also dropped 0.1%. Geopolitics are front of mind as Volodymyr Zelensky and European allies spoke with President Trump in Washington, D.C., with the Ukrainian president facing US pressure to accept a peace deal that favors Russia. The meeting follows Trump's encounter with his Russian counterpart, Vladimir Putin, at their Alaska summit. But markets are also looking ahead to the main event this week, Jerome Powell's comments at the Jackson Hole symposium on Friday. His speech — likely to be Powell's last as Fed chair — will be closely followed for clues to the path of monetary policy, after inflation and retail data prompted Wall Street to temper rate cut hopes last week. The annual gathering of central bankers often brings signals of key shifts in Fed thinking, and its policymakers are facing a dilemma over what action to take. The release of minutes from the Fed's July meeting on Wednesday will set the stage for Jackson Hole in a week light on economic data. Meanwhile, second quarter earnings season is winding down, with Palo Alto Networks (PANW) and Blink Charging (BLNK) reports on Monday's docket. With most of the reports in, the results have been mostly positive. Highly anticipated earnings from Walmart (WMT), Target (TGT), Home Depot (HD), and Lowe's (LOW) are due later in the week, likely to provide insights into consumer spending. Shares of Intel (INTC) fell to session lows after Bloomberg reported the Trump administration was contemplating a 10% stake in the chip maker. Last week shares jumped after reports that Trump was considering using funds from the Chips act to invest in the company. Bitcoin, ethereum slip as crypto markets pull back after hitting 2025 highs Bitcoin (BTC-USD) extended declines on Monday following last week's record highs as investors took profits from the latest crypto rally. The world's largest cryptocurrency sank 2%, hovering just above $115,000 in early trading after surging past $123,500 last Thursday. Expectations of Fed rate cuts, coupled with heavy purchases from corporate treasuries, have driven the price of bitcoin up 23% year to date. Ether (ETH-USD), the second-largest crypto by market cap, also declined 3% to hover near $4,350 per token following a surge last week to its highest level of the year and approaching its record high just below $4,900. "The sharp pullback in cryptocurrencies comes as the market is getting deleveraged following the peaks recorded last week," said Samer Hasn, senior market analyst at foreign exchange trading platform pointing to "an erosion of bullish momentum." Hasn pointed out that since last Thursday, more than $1.7 billion in long crypto futures positions have been liquidated, according to CoinGlass data. Read more here. Intel drops to session lows after report Trump administration wants 10% stake in chipmaker Intel (INTC) shares dropped nearly 4% to session lows on Monday after Bloomberg reported the White House is eyeing a 10% stake in the chipmaker. Last week, the stock popped after a report indicated President Trump's intent to invest in the company after meeting with CEO Lip-Bu Tan, who has been at the job since March. Trump had previously publicly called for Lip-Bu Tan to resign, calling him "highly conflicted." Intel is undergoing a turnaround plan after years of lagging its peers in the chip and AI space. Goldman Sachs economics team: More job report weakness is coming Yahoo Finance's Francisco Velasquez reports: Read more here. Mega caps' stock market dominance 'may be done' The stock market has been all about large market capitalization companies for over a decade. Dating back to 2015, Bank of America Securities Head of US equity and Quantitive Strategy Savita Subramanian found that the largest 50 stocks in the S&P 500 (^GSPC) have outperformed the benchmark index by 73 percentage points. Subramanian points out the last notable run of similar outperformance for the 50 largest stocks in the index came in the late 1990s leading into the bursting of the dot-com bubble. Subramanian thinks a similar tide shift might be coming to markets now. "History would suggest there is more to go in cap-weighted dominance," Subramanian wrote in a note to clients. "But if the Fed's next move is a rate cut, and if the Regime indicator is shifting to a Recovery, we think the run may be closer to done." BofA's "regime indicator," which includes a variety of factors such as corporate earnings revisions, inflation data and economic growth projections, has started to point to the recovery phase. This combined with a Federal Reserve that markets believe will cut interest rates by at least half a percentage point before the end of year, is a positive setup for value stocks, Subramanian argues. And the largest stocks in the market right now are "anti value." "[Federal Reserve] easing has been accompanied by Mega caps lagging more than leading, and higher inflation should support a broadening of the S&P 500 beyond defensives/secular growth," Subramanian wrote. Private club operator Soho House going private in $2.7 billion deal Shares of Soho House (SHCO) jumped as much as 16% on Monday after news that the private members club operator is set to go private, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. TeraWulf stock jumps as Google ups stake in bitcoin miner to 14% Bitcoin miner and data center operator TeraWulf (WULF) saw its stock jump nearly 11% after announcing that Google is taking a 14% stake in the company. In return for the equity stake, Google is providing a backstop as TeraWulf uses debt financing to expand a Lake Mariner data center campus in western New York, making it one of the largest campuses in the US. In connection with the project, TeraWulf announced a $400 million debt offering on Monday. The new data center capacity will be leased by AI cloud provider Fluidstack. The deal was first unveiled when the company released its second quarter earnings results last week. TeraWulf initially said Google would provide a $1.8 billion backstop in exchange for an 8% stake in the company during its earnings call, but that figure was upped to $3.2 billion on Monday. CEO Paul Prager said its Lake Mariner campus will be one of the "cornerstone assets for the future of AI infrastructure." TeraWulf is one of many bitcoin miners transitioning to provide AI infrastructure. Novo Nordisk gains after the bell as company offers discounted Ozempic Danish pharma giant Novo Nordisk (NVO) saw its US-listed shares gain more than 5% Monday after the open as the company said it would offer patients its diabetes drug Ozempic for less than half the price if they pay cash. The move makes the medication more affordable for patients who don't have insurance coverage, though the reduced price still amounts to $499, keeping it out of reach for many Americans. Also on Monday, GoodRx announced it will begin selling both of Novo Nordisk's GLP-1 drugs for $499 a month. Shares had climbed premarket Monday after the company said Friday it received approval from the FDA for its liver disease MASH. Also boosting shares, Novo Nordisk reportedly will not charge more for pill versions of its weight-loss injections, which are expected to launch in 2026. This would be a departure from drugmakers' typical practice of charging more for new medications. The moves come after President Trump has ramped up pressure on drugmakers to lower prices, though his tariffs could raise prices. Read more here. Stocks muted at the open US stocks stalled at the market open as investors awaited a high-stakes US-Ukraine meeting, kickstarting a week leading up to Federal Reserve Chair Jerome Powell's most important policy speech of the year in Jackson Hole on Friday. The S&P 500 (^GSPC) fell just below the flat line, and the Dow Jones Industrial Average (^DJI) was also roughly flat, coming off a second straight winning week for the major gauges. The tech-heavy Nasdaq Composite (^IXIC) added nearly 0.1%. Trump wants to take Fannie Mae and Freddie Mac public. The plan has some problems. Yahoo Finance's David Hollerith reports: Read more here. Solar stocks rally as Trump administration releases new guidance on tax credits Solar stocks continued rallying in premarket trading on Monday after the Trump administration clarified new eligibility requirements for tax credits that weren't as burdensome as feared. Shares of residential solar company Sunrun (RUN) have gained 38% since Friday. SolarEdge shares rose 19%, and First Solar (FSLR) and Enphase Energy (ENPH) stocks are both up more than 10%. Bloomberg reports: Read more here. Good morning. Here's what's happening today. Economic data: NAHB homebuilder sentiment (August) Earnings: Palo Alto Networks (PANW), Blink Charging (BLNK) Here are some of the biggest stories you may have missed over the weekend and early this morning: Powell's dilemma heading into his final Jackson Hole speech Trump eyes Fannie and Freddie IPO, but the plan faces hurdles What to watch this week: Powell at Jackson Hole. Walmart earnings China's $11 trillion stock market is a headache for both Xi and Trump US warns that India is 'cozying up' to Russia Tesla almost halves UK lease fee as sales slump: Report Goldman: S&P 500 earnings have blown past forecasts Bond market's rate-cut bets hit decisive stretch with Powell Novo Nordisk stock rises after Wegovy gets new US approval US-listed shares in Danish drugmaker Novo Nordisk (NVO) are gaining before the bell, as investors welcome a US boost for its flagship Wegovy. Novo is also reportedly planning to hold off from charging more at next year's launch of pill versions of its weight-loss injections, a departure from usual practice as President Trump puts pressure on pharma companies to cut US prices. Reuters reports: Shares in Novo Nordisk rose on Monday, after the Danish drugmaker got US approval for its weight-loss drug Wegovy to treat a serious liver condition. That was positive news for Novo which has lost more than one-third of its market value in recent weeks. ... Three weeks ago, investors wiped $70 billion off its market value, after Novo — which became Europe's most valuable listed company following the launch of Wegovy in 2021 — issued a profit warning and named a company veteran as new CEO. On Friday, the U.S. Food and Drug Administration granted accelerated approval for Wegovy to treat metabolic dysfunction-associated steatohepatitis, or MASH, making it the first GLP-1 class therapy cleared for the progressive liver condition that affects around 5% of adults in the United States. Read more here. Powell at Jackson Hole, Walmart earnings: What to watch this week The investing world is gearing up for Jerome Powell's comments at Jackson Hole — the most important Fed monetary policy speech of the year, says Yahoo Finance's Myles Udland. The Fed chair's appearance dominates the week's calendar for markets, which also brings a clutch of retail giant earnings. Myles reports: Read more here. Goldman team likely to stay in Trump's crosshairs President Trump has recently offered a few choice words on the work from Goldman Sachs' economics team, led by long-time economist Jan Hatzius. The team is unlikely to garner some praise from Trump today. Here's what Hatzius and his team served up in a new note on Monday morning: "After the recent downward revisions to payrolls, our estimate of trend job growth is now clearly below even that . And while the picture could change again for better or worse, future revisions to job growth are more likely to be because the birth-death model is likely a bit too generous, changes in trend payroll growth can initially be partially misattributed to changes in seasonal factors, revisions to the raw payrolls data tended to be negative in past slowdowns, data from ADP raise doubts about officially reported payroll growth in healthcare, and the household survey is now overstating immigration and employment gains. Like the slowdown in activity growth this year, the slowdown in job growth appears to have arisen from more than just the direct effects of trade and immigration policy changes. We are particularly worried that 'catch-up hiring' in a few industries now appears over and job growth outside those industries has fallen to around zero. And while job openings remain at a decent level, they started to decline again earlier this year." Bitcoin, ethereum slip as crypto markets pull back after hitting 2025 highs Bitcoin (BTC-USD) extended declines on Monday following last week's record highs as investors took profits from the latest crypto rally. The world's largest cryptocurrency sank 2%, hovering just above $115,000 in early trading after surging past $123,500 last Thursday. Expectations of Fed rate cuts, coupled with heavy purchases from corporate treasuries, have driven the price of bitcoin up 23% year to date. Ether (ETH-USD), the second-largest crypto by market cap, also declined 3% to hover near $4,350 per token following a surge last week to its highest level of the year and approaching its record high just below $4,900. "The sharp pullback in cryptocurrencies comes as the market is getting deleveraged following the peaks recorded last week," said Samer Hasn, senior market analyst at foreign exchange trading platform pointing to "an erosion of bullish momentum." Hasn pointed out that since last Thursday, more than $1.7 billion in long crypto futures positions have been liquidated, according to CoinGlass data. Read more here. Bitcoin (BTC-USD) extended declines on Monday following last week's record highs as investors took profits from the latest crypto rally. The world's largest cryptocurrency sank 2%, hovering just above $115,000 in early trading after surging past $123,500 last Thursday. Expectations of Fed rate cuts, coupled with heavy purchases from corporate treasuries, have driven the price of bitcoin up 23% year to date. Ether (ETH-USD), the second-largest crypto by market cap, also declined 3% to hover near $4,350 per token following a surge last week to its highest level of the year and approaching its record high just below $4,900. "The sharp pullback in cryptocurrencies comes as the market is getting deleveraged following the peaks recorded last week," said Samer Hasn, senior market analyst at foreign exchange trading platform pointing to "an erosion of bullish momentum." Hasn pointed out that since last Thursday, more than $1.7 billion in long crypto futures positions have been liquidated, according to CoinGlass data. Read more here. Intel drops to session lows after report Trump administration wants 10% stake in chipmaker Intel (INTC) shares dropped nearly 4% to session lows on Monday after Bloomberg reported the White House is eyeing a 10% stake in the chipmaker. Last week, the stock popped after a report indicated President Trump's intent to invest in the company after meeting with CEO Lip-Bu Tan, who has been at the job since March. Trump had previously publicly called for Lip-Bu Tan to resign, calling him "highly conflicted." Intel is undergoing a turnaround plan after years of lagging its peers in the chip and AI space. Intel (INTC) shares dropped nearly 4% to session lows on Monday after Bloomberg reported the White House is eyeing a 10% stake in the chipmaker. Last week, the stock popped after a report indicated President Trump's intent to invest in the company after meeting with CEO Lip-Bu Tan, who has been at the job since March. Trump had previously publicly called for Lip-Bu Tan to resign, calling him "highly conflicted." Intel is undergoing a turnaround plan after years of lagging its peers in the chip and AI space. Goldman Sachs economics team: More job report weakness is coming Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Francisco Velasquez reports: Read more here. Mega caps' stock market dominance 'may be done' The stock market has been all about large market capitalization companies for over a decade. Dating back to 2015, Bank of America Securities Head of US equity and Quantitive Strategy Savita Subramanian found that the largest 50 stocks in the S&P 500 (^GSPC) have outperformed the benchmark index by 73 percentage points. Subramanian points out the last notable run of similar outperformance for the 50 largest stocks in the index came in the late 1990s leading into the bursting of the dot-com bubble. Subramanian thinks a similar tide shift might be coming to markets now. "History would suggest there is more to go in cap-weighted dominance," Subramanian wrote in a note to clients. "But if the Fed's next move is a rate cut, and if the Regime indicator is shifting to a Recovery, we think the run may be closer to done." BofA's "regime indicator," which includes a variety of factors such as corporate earnings revisions, inflation data and economic growth projections, has started to point to the recovery phase. This combined with a Federal Reserve that markets believe will cut interest rates by at least half a percentage point before the end of year, is a positive setup for value stocks, Subramanian argues. And the largest stocks in the market right now are "anti value." "[Federal Reserve] easing has been accompanied by Mega caps lagging more than leading, and higher inflation should support a broadening of the S&P 500 beyond defensives/secular growth," Subramanian wrote. The stock market has been all about large market capitalization companies for over a decade. Dating back to 2015, Bank of America Securities Head of US equity and Quantitive Strategy Savita Subramanian found that the largest 50 stocks in the S&P 500 (^GSPC) have outperformed the benchmark index by 73 percentage points. Subramanian points out the last notable run of similar outperformance for the 50 largest stocks in the index came in the late 1990s leading into the bursting of the dot-com bubble. Subramanian thinks a similar tide shift might be coming to markets now. "History would suggest there is more to go in cap-weighted dominance," Subramanian wrote in a note to clients. "But if the Fed's next move is a rate cut, and if the Regime indicator is shifting to a Recovery, we think the run may be closer to done." BofA's "regime indicator," which includes a variety of factors such as corporate earnings revisions, inflation data and economic growth projections, has started to point to the recovery phase. This combined with a Federal Reserve that markets believe will cut interest rates by at least half a percentage point before the end of year, is a positive setup for value stocks, Subramanian argues. And the largest stocks in the market right now are "anti value." "[Federal Reserve] easing has been accompanied by Mega caps lagging more than leading, and higher inflation should support a broadening of the S&P 500 beyond defensives/secular growth," Subramanian wrote. Private club operator Soho House going private in $2.7 billion deal Shares of Soho House (SHCO) jumped as much as 16% on Monday after news that the private members club operator is set to go private, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Shares of Soho House (SHCO) jumped as much as 16% on Monday after news that the private members club operator is set to go private, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. TeraWulf stock jumps as Google ups stake in bitcoin miner to 14% Bitcoin miner and data center operator TeraWulf (WULF) saw its stock jump nearly 11% after announcing that Google is taking a 14% stake in the company. In return for the equity stake, Google is providing a backstop as TeraWulf uses debt financing to expand a Lake Mariner data center campus in western New York, making it one of the largest campuses in the US. In connection with the project, TeraWulf announced a $400 million debt offering on Monday. The new data center capacity will be leased by AI cloud provider Fluidstack. The deal was first unveiled when the company released its second quarter earnings results last week. TeraWulf initially said Google would provide a $1.8 billion backstop in exchange for an 8% stake in the company during its earnings call, but that figure was upped to $3.2 billion on Monday. CEO Paul Prager said its Lake Mariner campus will be one of the "cornerstone assets for the future of AI infrastructure." TeraWulf is one of many bitcoin miners transitioning to provide AI infrastructure. Bitcoin miner and data center operator TeraWulf (WULF) saw its stock jump nearly 11% after announcing that Google is taking a 14% stake in the company. In return for the equity stake, Google is providing a backstop as TeraWulf uses debt financing to expand a Lake Mariner data center campus in western New York, making it one of the largest campuses in the US. In connection with the project, TeraWulf announced a $400 million debt offering on Monday. The new data center capacity will be leased by AI cloud provider Fluidstack. The deal was first unveiled when the company released its second quarter earnings results last week. TeraWulf initially said Google would provide a $1.8 billion backstop in exchange for an 8% stake in the company during its earnings call, but that figure was upped to $3.2 billion on Monday. CEO Paul Prager said its Lake Mariner campus will be one of the "cornerstone assets for the future of AI infrastructure." TeraWulf is one of many bitcoin miners transitioning to provide AI infrastructure. Novo Nordisk gains after the bell as company offers discounted Ozempic Danish pharma giant Novo Nordisk (NVO) saw its US-listed shares gain more than 5% Monday after the open as the company said it would offer patients its diabetes drug Ozempic for less than half the price if they pay cash. The move makes the medication more affordable for patients who don't have insurance coverage, though the reduced price still amounts to $499, keeping it out of reach for many Americans. Also on Monday, GoodRx announced it will begin selling both of Novo Nordisk's GLP-1 drugs for $499 a month. Shares had climbed premarket Monday after the company said Friday it received approval from the FDA for its liver disease MASH. Also boosting shares, Novo Nordisk reportedly will not charge more for pill versions of its weight-loss injections, which are expected to launch in 2026. This would be a departure from drugmakers' typical practice of charging more for new medications. The moves come after President Trump has ramped up pressure on drugmakers to lower prices, though his tariffs could raise prices. Read more here. Danish pharma giant Novo Nordisk (NVO) saw its US-listed shares gain more than 5% Monday after the open as the company said it would offer patients its diabetes drug Ozempic for less than half the price if they pay cash. The move makes the medication more affordable for patients who don't have insurance coverage, though the reduced price still amounts to $499, keeping it out of reach for many Americans. Also on Monday, GoodRx announced it will begin selling both of Novo Nordisk's GLP-1 drugs for $499 a month. Shares had climbed premarket Monday after the company said Friday it received approval from the FDA for its liver disease MASH. Also boosting shares, Novo Nordisk reportedly will not charge more for pill versions of its weight-loss injections, which are expected to launch in 2026. This would be a departure from drugmakers' typical practice of charging more for new medications. The moves come after President Trump has ramped up pressure on drugmakers to lower prices, though his tariffs could raise prices. Read more here. Stocks muted at the open US stocks stalled at the market open as investors awaited a high-stakes US-Ukraine meeting, kickstarting a week leading up to Federal Reserve Chair Jerome Powell's most important policy speech of the year in Jackson Hole on Friday. The S&P 500 (^GSPC) fell just below the flat line, and the Dow Jones Industrial Average (^DJI) was also roughly flat, coming off a second straight winning week for the major gauges. The tech-heavy Nasdaq Composite (^IXIC) added nearly 0.1%. US stocks stalled at the market open as investors awaited a high-stakes US-Ukraine meeting, kickstarting a week leading up to Federal Reserve Chair Jerome Powell's most important policy speech of the year in Jackson Hole on Friday. The S&P 500 (^GSPC) fell just below the flat line, and the Dow Jones Industrial Average (^DJI) was also roughly flat, coming off a second straight winning week for the major gauges. The tech-heavy Nasdaq Composite (^IXIC) added nearly 0.1%. Trump wants to take Fannie Mae and Freddie Mac public. The plan has some problems. Yahoo Finance's David Hollerith reports: Read more here. Yahoo Finance's David Hollerith reports: Read more here. Solar stocks rally as Trump administration releases new guidance on tax credits Solar stocks continued rallying in premarket trading on Monday after the Trump administration clarified new eligibility requirements for tax credits that weren't as burdensome as feared. Shares of residential solar company Sunrun (RUN) have gained 38% since Friday. SolarEdge shares rose 19%, and First Solar (FSLR) and Enphase Energy (ENPH) stocks are both up more than 10%. Bloomberg reports: Read more here. Solar stocks continued rallying in premarket trading on Monday after the Trump administration clarified new eligibility requirements for tax credits that weren't as burdensome as feared. Shares of residential solar company Sunrun (RUN) have gained 38% since Friday. SolarEdge shares rose 19%, and First Solar (FSLR) and Enphase Energy (ENPH) stocks are both up more than 10%. Bloomberg reports: Read more here. Good morning. Here's what's happening today. Economic data: NAHB homebuilder sentiment (August) Earnings: Palo Alto Networks (PANW), Blink Charging (BLNK) Here are some of the biggest stories you may have missed over the weekend and early this morning: Powell's dilemma heading into his final Jackson Hole speech Trump eyes Fannie and Freddie IPO, but the plan faces hurdles What to watch this week: Powell at Jackson Hole. Walmart earnings China's $11 trillion stock market is a headache for both Xi and Trump US warns that India is 'cozying up' to Russia Tesla almost halves UK lease fee as sales slump: Report Goldman: S&P 500 earnings have blown past forecasts Bond market's rate-cut bets hit decisive stretch with Powell Economic data: NAHB homebuilder sentiment (August) Earnings: Palo Alto Networks (PANW), Blink Charging (BLNK) Here are some of the biggest stories you may have missed over the weekend and early this morning: Powell's dilemma heading into his final Jackson Hole speech Trump eyes Fannie and Freddie IPO, but the plan faces hurdles What to watch this week: Powell at Jackson Hole. Walmart earnings China's $11 trillion stock market is a headache for both Xi and Trump US warns that India is 'cozying up' to Russia Tesla almost halves UK lease fee as sales slump: Report Goldman: S&P 500 earnings have blown past forecasts Bond market's rate-cut bets hit decisive stretch with Powell Novo Nordisk stock rises after Wegovy gets new US approval US-listed shares in Danish drugmaker Novo Nordisk (NVO) are gaining before the bell, as investors welcome a US boost for its flagship Wegovy. Novo is also reportedly planning to hold off from charging more at next year's launch of pill versions of its weight-loss injections, a departure from usual practice as President Trump puts pressure on pharma companies to cut US prices. Reuters reports: Shares in Novo Nordisk rose on Monday, after the Danish drugmaker got US approval for its weight-loss drug Wegovy to treat a serious liver condition. That was positive news for Novo which has lost more than one-third of its market value in recent weeks. ... Three weeks ago, investors wiped $70 billion off its market value, after Novo — which became Europe's most valuable listed company following the launch of Wegovy in 2021 — issued a profit warning and named a company veteran as new CEO. On Friday, the U.S. Food and Drug Administration granted accelerated approval for Wegovy to treat metabolic dysfunction-associated steatohepatitis, or MASH, making it the first GLP-1 class therapy cleared for the progressive liver condition that affects around 5% of adults in the United States. Read more here. US-listed shares in Danish drugmaker Novo Nordisk (NVO) are gaining before the bell, as investors welcome a US boost for its flagship Wegovy. Novo is also reportedly planning to hold off from charging more at next year's launch of pill versions of its weight-loss injections, a departure from usual practice as President Trump puts pressure on pharma companies to cut US prices. Reuters reports: Shares in Novo Nordisk rose on Monday, after the Danish drugmaker got US approval for its weight-loss drug Wegovy to treat a serious liver condition. That was positive news for Novo which has lost more than one-third of its market value in recent weeks. ... Three weeks ago, investors wiped $70 billion off its market value, after Novo — which became Europe's most valuable listed company following the launch of Wegovy in 2021 — issued a profit warning and named a company veteran as new CEO. On Friday, the U.S. Food and Drug Administration granted accelerated approval for Wegovy to treat metabolic dysfunction-associated steatohepatitis, or MASH, making it the first GLP-1 class therapy cleared for the progressive liver condition that affects around 5% of adults in the United States. Read more here. Powell at Jackson Hole, Walmart earnings: What to watch this week The investing world is gearing up for Jerome Powell's comments at Jackson Hole — the most important Fed monetary policy speech of the year, says Yahoo Finance's Myles Udland. The Fed chair's appearance dominates the week's calendar for markets, which also brings a clutch of retail giant earnings. Myles reports: Read more here. The investing world is gearing up for Jerome Powell's comments at Jackson Hole — the most important Fed monetary policy speech of the year, says Yahoo Finance's Myles Udland. The Fed chair's appearance dominates the week's calendar for markets, which also brings a clutch of retail giant earnings. Myles reports: Read more here. Goldman team likely to stay in Trump's crosshairs President Trump has recently offered a few choice words on the work from Goldman Sachs' economics team, led by long-time economist Jan Hatzius. The team is unlikely to garner some praise from Trump today. Here's what Hatzius and his team served up in a new note on Monday morning: "After the recent downward revisions to payrolls, our estimate of trend job growth is now clearly below even that . And while the picture could change again for better or worse, future revisions to job growth are more likely to be because the birth-death model is likely a bit too generous, changes in trend payroll growth can initially be partially misattributed to changes in seasonal factors, revisions to the raw payrolls data tended to be negative in past slowdowns, data from ADP raise doubts about officially reported payroll growth in healthcare, and the household survey is now overstating immigration and employment gains. Like the slowdown in activity growth this year, the slowdown in job growth appears to have arisen from more than just the direct effects of trade and immigration policy changes. We are particularly worried that 'catch-up hiring' in a few industries now appears over and job growth outside those industries has fallen to around zero. And while job openings remain at a decent level, they started to decline again earlier this year." President Trump has recently offered a few choice words on the work from Goldman Sachs' economics team, led by long-time economist Jan Hatzius. The team is unlikely to garner some praise from Trump today. Here's what Hatzius and his team served up in a new note on Monday morning: "After the recent downward revisions to payrolls, our estimate of trend job growth is now clearly below even that . And while the picture could change again for better or worse, future revisions to job growth are more likely to be because the birth-death model is likely a bit too generous, changes in trend payroll growth can initially be partially misattributed to changes in seasonal factors, revisions to the raw payrolls data tended to be negative in past slowdowns, data from ADP raise doubts about officially reported payroll growth in healthcare, and the household survey is now overstating immigration and employment gains. Like the slowdown in activity growth this year, the slowdown in job growth appears to have arisen from more than just the direct effects of trade and immigration policy changes. We are particularly worried that 'catch-up hiring' in a few industries now appears over and job growth outside those industries has fallen to around zero. And while job openings remain at a decent level, they started to decline again earlier this year." Sign in to access your portfolio
Yahoo
25 minutes ago
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Trump Says Only U.S. Votes by Mail. Here Are the Facts
A vote by mail ballot for the 2024 general election, sent to all registered voters in Los Angeles County, photographed October 28, 2024 in Los Angeles, California. Credit - Jay L. Clendenin—Getty Images President Donald Trump said he will "get rid of" mail-in ballots and voting machines before the 2026 midterm elections—and he's spreading misinformation on social media about the voting methods ahead of time. 'I am going to lead a movement to get rid of MAIL-IN BALLOTS, and also, while we're at it, Highly 'Inaccurate,' Very Expensive, and Seriously Controversial VOTING MACHINES,' Trump posted on Truth Social Monday morning, adding that he will sign an Executive Order eliminating them before the 2026 election. 'We are now the only Country in the World that uses Mail-In Voting. All others gave it up because of the MASSIVE VOTER FRAUD ENCOUNTERED.' Trump reiterated those claims during an Oval Office meeting with Ukrainian President Volodymyr Zelensky in the White House on Monday, once again dubbing it 'corrupt' to reporters. Absentee voting and vote-by-mail allow people to send in their ballots via the postal service. Not all states allow it, and the laws vary in each state that does. Some states permit universal mail-in voting, for example, where anyone can vote by mail for any reason. Others allow it in specific circumstances. Lots of other countries vote by mail Despite what Trump claims, the United States is not the only country that utilizes mail-in ballots. In fact, multiple other countries do, including Canada, the United Kingdom, Australia, and Germany. The International Institute for Democracy & Electoral Assistance (IDEA), an intergovernmental organization that works to protect democratic institutions, found that 34 countries allow postal voting—12 of which allow it for all voters, and 22 of which allow it for some voters. IDEA found that the COVID-19 pandemic created an incentive for these countries to upscale their mail-in ballot infrastructure for public health reasons, but most have kept these avenues open for citizens. Read more: Voting by Mail Dates Back to America's Earliest Years. Here's How It's Changed Over the Years Although Trump says he will use Executive Order powers to end the practice, the U.S. Constitution directs state legislatures to determine the "times, places and manner" of holding elections, which is part of the reason why only some states have vote-by-mail practices, and each state with vote-by-mail has different requirements. There's no evidence that mail voting is corrupt Trump's post continued by reviving well-worn rhetoric—that mail-in voting is used by his opponents, Democrats, for corrupt purposes, despite no evidence to support this claim. 'Democrats are virtually Unelectable without using this completely disproven Mail-In SCAM. ELECTIONS CAN NEVER BE HONEST WITH MAIL IN BALLOTS/VOTING, and everybody, IN PARTICULAR THE DEMOCRATS, KNOWS THIS,' Trump said. 'I, AND THE REPUBLICAN PARTY, WILL FIGHT LIKE HELL TO BRING HONESTY AND INTEGRITY BACK TO OUR ELECTIONS.' This is not the first time Trump has attacked mail-in ballots as a form of voting. During the 2020 election—which Trump lost to former President Joe Biden—Trump heavily attacked the use of mail-in ballots and suggested, without evidence, that mail voting would lead to 'massive fraud, and abuse,' and discredited physical ballot drop boxes. He also threatened to deploy law enforcement to polling places on Election Day. Trump's rhetoric made it seem that mail-in ballots were a Democratic plot and the election would be 'rigged' as a result. When he lost the 2020 election, Trump was quick to blame mail-in ballots, drop boxes, and voting machines, claiming that the system was corrupt. Though research shows that partisan rhetoric made voting by mail a more 'Democrat' thing to do in 2020 and 2022, experts—including the Brennan Center for Justice, the Bipartisan Policy Center, and the Center for Election Innovation and Research—have debunked Trump's claims and found that vote-by-mail methods only expand voting options for voters, and that the 2020 election was not marred by corruption. In the 2024 election, the U.S. Election Assistance Commission found that though mail-in ballots were not quite as popular as during the COVID-19 pandemic, they still accounted for nearly a third of ballots cast. And, in part motivated by Trump's claims of fraud, at least 19 states have passed new mail voting restrictions in place to make the practice more difficult since 2020, according to the Brennan Center for Justice. Contact us at letters@
