S&P 500 notches record-high close; GM slumps as tariffs bite
Investors concerns over President Donald Trump's erratic trade policy came into sharp focus after General Motors reported a $1 billion hit from tariffs to its quarterly results.
Shares of the largest U.S. automaker tumbled more than 8%.
U.S. trade policy remains a major point of uncertainty for investors and companies as Trump's self-imposed August 1 trade deadline approaches, says Dean Smith, chief strategist and portfolio manager at FolioBeyond.
'The uncertainty that the on-again, off-again tariff policy announcements is really starting to affect prices and returns for different sectors of the market and different parts of the economy differently. I think that the likelihood is that the August 1 deadline gets pushed back yet again. Secretary of the Treasury Scott Bessent has already announced that the August 12 deadline pertaining to China is going to be pushed back." // "We think that this uncertainty is going to continue to drive the markets, both fixed income and equities, for quite some time to come.'
Among other movers, shares of Tesla and Google parent Alphabet rose a day before both companies report earnings results.
On the flip side, shares of Philip Morris slumped nearly 8.5% after reporting second-quarter revenue below expectations, as shipments of its ZYN nicotine pouches disappointed investors.
And shares of Lockheed Martin tumbled almost 11% after its quarterly profit plunged by about 80%.
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CNN
26 minutes ago
- CNN
Over 200 rallies are expected across the country to protest Trump-led redistricting plans
Donald Trump Congressional newsFacebookTweetLink Follow At parks, coffee shops, churches and government buildings around the country, hundreds of people are expected to gather today with a simple message: 'Stop the Trump takeover.' The rallies are a bid to combat Republican-led plans to redraw congressional maps. The main event will take place in Texas, where a new congressional map backed by President Donald Trump that could net Republicans five additional seats in the 2026 midterm elections inspired the state's Democratic lawmakers to flee the state – preventing the quorum needed to vote. 'Trump is terrified of the American people,' said the Texas for All Coalition, which is helping organize the events, in a news release. 'He knows he can't win on his ideas, so he's trying to take Congress by hook or by crook – and he's doing it by silencing the voices of communities of color. We're not going to let that happen.' Organizers emphasized 'a commitment to nonviolence' at all events in event page descriptions. Over 200 events are planned in 34 states, according to the event's official website. The Democratic National Committee is helping organize events, it announced in a news release. 'From coast to coast, people will be showing up at their statehouses, city halls, and community spaces to make it clear – we see what Trump is doing, and we won't stand for it,' said the DNC. A swath of nonprofits and other organizations are also supporting the effort, including Planned Parenthood, the Working Families Party and Human Rights Campaign. Trump described the proposed Texas congressional map as a 'very simple redrawing' at the White House. 'We pick up five seats,' he added. But it doesn't end with Texas. Republican leaders in other states, too, have proposed changing their congressional maps ahead of next year's midterms. The White House is pushing Missouri legislators to consider a special session to redraw maps. Florida Gov. Ron DeSantis has floated the idea of changing his state's maps, and has said he thinks the Trump administration should give the state another seat. In Ohio, maps must be redrawn due to a quirk of state law – which may make the state's delegation even more Republican and carve up two Democratic seats, according to a report in June from CNN's Fredreka Schouten. Democratic lawmakers have announced their own plans to fight back, including California Gov. Gavin Newsom, who kicked off his own redistricting push on Thursday. Here's more on what we know about today's protests. Today's largest protest is slated to happen in Austin, Texas. Over 1,000 people have RSVPed for the event, which will start at the state's Capitol. 'Texas is being used as a testing ground for extremist policies and partisan games that don't reflect our values,' reads the event page. 'Thousands of Texans have shown up against the racially gerrymandered congressional map lawmakers are trying to force through in order to weaken the voting power of communities of color.' Former Congressman Beto O'Rourke, United Farm Workers cofounder Dolores Huerta, Democratic US Rep. Greg Casar and Rep. Lloyd Doggett of Texas are expected to speak, according to a news release from the Texas for All Coalition. Drag queen Brigitte Bandit and singer Gina Chavez are also expected to perform. Across Texas, events are also planned in Houston, Dallas, San Angelo, Tyler, McAllen, Conroe and Kingwood. Events and rallies are also scheduled in dozens of other states, both in Democratic strongholds and Republican-majority states. Local organizers are planning each city-specific event. In New York City, demonstrators are expected to gather in Central Park. In Washington, DC, where Trump has deployed the National Guard and declared a federal takeover of the local police department, organizers are painting banners and signs to place around the city. Protesters in Raleigh and Durham, North Carolina, plan to hold a 'bridge brigade,' holding signs on 16 different bridges. Demonstrations are also planned in Cincinnati, Ohio; Sarasota, Florida; and Jefferson City, Missouri, among other cities. The planned events include rallies, teach-ins, banner drops and art-making at locations that include a bookstore in Jacksonville, Florida, and a Tesla showroom in Palo Alto, California. The demonstrations follow a string of other protests organized since Trump took office for the second time in January, including the 'No Kings' protests in June and demonstrations against the president's deportation campaign in July. Drucilla Tigner, the executive director of statewide coalition Texas For All, said in a news release that the fight extends far past Texas. 'Across Texas, and across the country, communities are speaking out in a united voice to call for an end to the Trump takeover,' she said. 'Though this fight started in Texas, it doesn't end here. This isn't just about redistricting or one state's politics.' 'It's about the future of our democracy.'
Yahoo
32 minutes ago
- Yahoo
Suze Orman Breaks Down Big Beautiful Bill Act Perks: $10K Car Loan Deductions, $25K Tip Exemptions, And A $1K Gift For Every Baby
The One Big Beautiful Bill Act has stirred up plenty of conversation. Financial expert Suze Orman recently detailed some of its key benefits on her "Women & Money" podcast. While she acknowledges there are many parts of the bill she hates, she encourages her listeners to focus on the practical perks that can help you keep more of your money or save on taxes. Here's a breakdown of some important highlights. Don't Miss: Would You Have Invested in eBay or Uber Early? The Same Backers Are Betting on 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can Expanded Child Tax Credit One of the standout features of the bill is the expanded child tax credit, which Orman highlights as a vital lifeline for parents raising children under 17. "Right now, the child tax credit gives you up to $2,200 per child," she explains. Even if you owe no taxes, up to $1,700 of that amount is refundable — meaning if your tax bill is zero, the IRS will still send you a check for that portion, rather than just reducing what you owe. The credit phases out for higher earners — starting at $200,000 modified adjusted gross income for singles and $400,000 for married couples filing jointly. Importantly, the child must be a U.S. citizen living with you for more than half the year. "Do not leave money on the table," Orman advises, encouraging parents to claim this benefit if eligible. Trending: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — Up to $10,000 Deductible on Personal Car Loans Another notable perk is the new deduction for interest on personal auto loans. "You can now deduct up to $10,000 per year in interest on a personal auto loan as long as – there's always a catch, isn't there — the car is assembled in the United States," Suze notes. This deduction applies only if the loan is in your name and the vehicle isn't leased or used for business purposes. This benefit is good through 2028, giving car buyers a significant tax break if they finance a qualifying vehicle. Orman cautions, "Just ask, does this car qualify or not," to make sure you're taking advantage of this Tips: Up to $25,000 Exempt From Federal Income Tax For workers relying on tips, such as servers or hairdressers, the bill offers a new exemption on tip income. Up to $25,000 in tips can now be excluded from federal income taxes annually. Orman calls this "one of the biggest tax breaks you're gonna ever see," but stresses the importance of accurate record-keeping. "This really is a gift," Orman says, but reminds tip earners to track their tips, report everything honestly, and file taxes carefully. This exemption phases out for singles earning more than $150,000 and married couples filing jointly above $300,000. Note that this only applies to federal income tax; some states are considering similar exemptions, while others still tax tip income. What This Means for You Orman isn't the first to say she dislikes this new legislation, but if it's happening, she says you might as well take advantage of it. "You first have to be able to take advantage of the things that you can take advantage of and not waste money," she says. The bill's various benefits mostly expire in 2028, coinciding with a new presidential term, but until then, Orman says there are several smart moves taxpayers can make to boost their bottom line. Read Next: Kevin O'Leary Says Real Estate's Been a Smart Bet for 200 Years — Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Suze Orman Breaks Down Big Beautiful Bill Act Perks: $10K Car Loan Deductions, $25K Tip Exemptions, And A $1K Gift For Every Baby originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
36 minutes ago
- Yahoo
Democrats decry move by Pentagon to pause $800 million in nearly done software projects
By Alexandra Alper WASHINGTON (Reuters) -Democrats took aim at the Trump administration after Reuters reported on Wednesday that the Navy and Air Force were poised to cancel nearly completed software projects worth over $800 million. The reason for the move was an effort by some officials at the services to steer new projects to companies like Salesforce and Palantir, in what could amount to a costly do-over. 'The Pentagon has yet to show that it had a good reason for halting these contracts in the last inning and scrapping work American tax dollars have already paid for," Democratic Senator Tim Kaine said in a statement. "If it can't show its homework, then this announcement - just days after Palantir's CEO spoke at Mike Johnson's Wyoming donor retreat - reeks of corruption.' Punchbowl reported this month that Palantir CEO Alex Karp planned to address Republican House Speaker Mike Johnson's annual big-donor retreat in Jackson Hole, Wyoming. The Pentagon and Air Force did not respond to requests for comment. The Navy declined to comment. Trump officials have said the administration is striving to make the contracting process more efficient. The comments show growing concern among Democratic lawmakers over waste at the Pentagon, even as Donald Trump took office vowing to rid the government of waste and abuse. The website of the Department of Government Efficiency, the agency he created to spearhead those efforts, lists over $14 billion in Defense Department contracts it claims to have canceled. But seven months into his presidency, some of his own actions have complicated DOGE's work, from firing the Pentagon's inspector general to issuing an executive order prioritizing speed and risk-taking in defense acquisitions. 'If you're serious about cracking down on waste, fraud, and abuse, the last thing you'd do is cancel $800 million in projects that are nearly ready to roll out just to turn around and steer the same work to corporations of your choosing," said Democratic Representative Maggie Goodlander, who sits on the House Armed Services Committee and served as an intelligence officer in the United States Navy Reserve. "This maneuver is an insult to taxpayers and servicemembers across America," she added. Salud Carbajal, another House Democrat who sits on the Armed Services Committee, said the behavior was part of a pattern of waste at the Pentagon under Trump. 'I understand that our military's acquisition and procurement processes aren't flawless, but this administration has repeatedly shown a blatant disregard for the responsible use of taxpayer dollars,' said Carbajal, citing "lavish" military parades and "unnecessary" troop deployments in Los Angeles. Democratic U.S. Representative Jill Tokuda, who also sits on the committee, echoed Carbajal's remarks. "Stripping away critical oversight guardrails is unnecessary and downright reckless," she said, adding that after many delays, the Pentagon was finally poised to implement military pay systems that could pass an audit. "Taxpayers should not fund sweetheart deals for the well connected."
