Wall Street ends with modest gains as investors await earnings, economic data
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Wall Street stocks closed marginally up on Monday as investors sidestepped any meaningful moves following U.S. President Donald Trump's latest tariff threats , and held steady ahead of a busy week of economic data and the start of earnings season Trump ramped up trade tensions over the weekend, vowing to slap a 30% tariff on most imports from the European Union and Mexico starting August 1 - leaving the clock ticking for last-minute trade deals.The EU extended its pause on retaliatory measures until early August, holding out hope for a negotiated truce. The White House said talks with the EU, Canada and Mexico are still underway.Despite the headlines, investor reaction was muted, having grown numb to Trump's barrage of tariff threats and his frequent last-minute U-turns.The Dow Jones Industrial Average rose 88.14 points, or 0.20%, to 44,459.65, the S&P 500 gained 8.81 points, or 0.14%, at 6,268.56 and the Nasdaq Composite advanced 54.80 points, or 0.27%, to 20,640.33.Trading volume was also subdued, with 15.43 billion shares changing hands, compared with the 17.62 billion average for the last 20 trading days.Markets have been buoyant in recent weeks even as Trump has rattled his tariff saber.The Nasdaq Composite ended at a record high, its seventh such achievement since June 27. The S&P 500, which finished a dozen points below last Thursday's best ever close, has had five records in the same timeframe."If anything is holding the market back, it's the fact we've had a pretty good run since April," said Jason Pride, chief of investment strategy & research at Glenmede.He noted that despite initial fears that Trump's tariff policy would hurt the U.S. economy, the levies unveiled so far and the passage of his signature economic legislation last week will broadly offset each other, meaning investors are starting to be more confident about the economy's growth prospects.Signs of how Trump's policies are playing out will come this week, with a raft of new reports on the state of the U.S. economy due up.Second-quarter earnings season kicks off on Tuesday, when several Wall Street banking heavyweights are set to report.Tuesday is also the scheduled release of the latest consumer price data, which is expected to reveal an inflation uptick in June as sellers started passing on the cost of sweeping tariffs.Wednesday's producer and import price reports will offer fresh insight into how supply chain pressures are shaping up.One place where Trump's tariff rhetoric still moved markets was crude prices, with U.S. benchmark oil dropping 2.2% after he threatened levies on buyers of Russian exports, which may have knock-on effects on global energy supplies.This pushed the energy index down 1.2%, the biggest decliner among the 11 S&P sectors.A majority of the sectors closed in positive territory though, led by the 0.7% advance by communication services . It was helped by gains in Netflix, which reports earnings on Thursday, and Warner Bros. Discovery , whose latest Superman caper had a strong opening weekend at the box office.Crypto stocks ticked up after Bitcoin topped $120,000 for the first time. Coinbase rose 1.8%, and MicroStrategy gained 3.8%.Waters Corp dropped 13.8% after the lab equipment maker agreed to merge with rival Becton, Dickinson and Company's Biosciences & Diagnostic Solutions unit in a $17.5 billion deal.
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First Post
15 minutes ago
- First Post
Can Trump really prosecute Obama over the 2016 Russia probe?
US President Trump has endorsed calls by intel chief Tulsi Gabbard to prosecute Barack Obama and top officials over allegations they orchestrated a 'treasonous conspiracy' during the 2016 election. With newly declassified documents and escalating rhetoric, Gabbard claims a 'years-long coup' was orchestrated from the top read more Former US President Barack Obama and US President-elect Donald Trump speak ahead of the state funeral services for former President Jimmy Carter at the National Cathedral on January 9, 2025 in Washington, DC, US. File Image/Pool via Reuters Is there a possibility of legal action against former United States President Barack Obama and senior officials from his administration by President Donald Trump? At the centre of this growing controversy is Tulsi Gabbard, a former Democratic representative who now leads the Office of the Director of National Intelligence (ODNI). Gabbard has made extraordinary allegations involving the 2016 US election, characterising the actions of Obama-era intelligence officials as part of a coordinated attempt to undermine the legitimacy of Trump's first election win. STORY CONTINUES BELOW THIS AD Gabbard's statements have gained traction within pro-Trump circles and prompted direct endorsement from the president himself. Gabbard accuses Obama of orchestrating a 'years-long coup' Gabbard has publicly accused Barack Obama and several of his top national security advisers of participating in what she described as a deliberate and illegal effort to discredit Trump after his electoral win in November 2016. According to her, the effort relied on 'manufactured intelligence' and misrepresented analysis, and was aimed at supporting the idea that Russian interference had handed Trump the presidency. Donald Trump, left, looks on as Tulsi Gabbard speaks at the National Guard Association of the United States' 146th General Conference, August 26, 2024, in Detroit, US. File Image/AP In Gabbard's words: 'The information we are releasing today clearly shows there was a treasonous conspiracy in 2016 committed by officials at the highest level of our government. Their goal was to subvert the will of the American people and enact what was essentially a years-long coup with the objective of trying to usurp the President from fulfilling the mandate bestowed upon him by the American people.' 'No matter how powerful, every person involved in this conspiracy must be investigated and prosecuted to the fullest extent of the law, to ensure nothing like this ever happens again. The American people's faith and trust in our democratic republic and therefore the future of our nation depends on it.' She claimed that the Obama administration's post-election assessment of Russian interference contradicted the intelligence community's consensus in the months before the election, which had allegedly concluded that Russia was unlikely to interfere or influence the outcome. Her office has made available a cache of documents including a partially redacted Obama-era intelligence assessment on cyber threats, and internal memos from senior officials such as then-DNI James Clapper. STORY CONTINUES BELOW THIS AD Among those named by Gabbard were Clapper, former CIA Director John Brennan, former US Secretary of State John Kerry, former National Security Adviser Susan Rice, former FBI Deputy Director Andrew McCabe, and Obama himself. Gabbard's team also published commentary alongside these documents, alleging that leaks following a December 9, 2016, meeting of Obama's senior national security team were part of a broader disinformation campaign. The material refers to a memo titled The Russia Hoax, which claimed: 'Deep State officials in the IC [intelligence community] begin leaking blatantly false intelligence to the Washington Post … claiming that Russia used 'cyber means' to influence 'the outcome of the election.'' 'Later that evening, another leak to the Washington Post falsely alleges that the CIA 'concluded in a secret assessment that Russia intervened' in the election to help President Trump.' The same document states that on January 6, 2017, the Obama administration publicly released a declassified intelligence assessment that referenced 'further information' suggesting Russian President Vladimir Putin directed efforts to aid Trump's campaign. STORY CONTINUES BELOW THIS AD According to Gabbard, the additional information cited in the assessment turned out to include the Steele dossier, a compilation of unverified claims, some of which were later discredited. How Trump responded Trump has not only endorsed Gabbard's accusations but has taken visible steps to promote the message. Writing on his Truth Social platform, Trump praised a Fox News appearance by Harrison Fields, a Special Assistant in his administration, stating: 'Great job by young and talented Harrison Fields on Fox News. The Panel was fantastic on prosecuting Obama and the 'thugs' who have just been unequivocally exposed on highest level Election Fraud.' 'Congratulations to Tulsi Gabbard. Keep it coming!!!' In a separate post on X, Gabbard wrote: 'For months preceding the 2016 election, the Intelligence Community shared a consensus view: Russia lacked the intent and capability to hack US elections. But weeks after President Trump's historic 2016 victory defeating Hillary Clinton, everything changed.' 🧵 Americans will finally learn the truth about how in 2016, intelligence was politicized and weaponized by the most powerful people in the Obama Administration to lay the groundwork for what was essentially a years-long coup against President @realDonaldTrump, subverting the… — DNI Tulsi Gabbard (@DNIGabbard) July 18, 2025 STORY CONTINUES BELOW THIS AD Trump also posted a 45-second AI-generated video depicting Obama being arrested in the Oval Office. The video, which originally circulated on TikTok, was uploaded without commentary to Trump's Truth Social account. It began with real footage of Obama stating, 'especially the President is above the law,' followed by various prominent Democrats, including Joe Biden, repeating the phrase 'no one is above the law.' Donald J. Trump Truth Social 07.20.25 06:47 PM EST — Fan Donald J. Trump Posts From Truth Social (@TrumpDailyPosts) July 20, 2025 STORY CONTINUES BELOW THIS AD The scene then shifts to a fabricated depiction of Trump and Obama in the White House, where FBI agents enter and arrest Obama, who later appears in a jail cell wearing an orange jumpsuit. The soundtrack: 'YMCA' by the Village People, a staple at Trump rallies. Where the facts stand Despite the volume of material released by Gabbard and the forcefulness of her claims, multiple previous investigations — both bipartisan and nonpartisan — have offered a more nuanced interpretation of Russia's actions in 2016 and the Obama administration's response. Democratic lawmakers have called Gabbard's report inaccurate and misleading. Representative Jim Himes of Connecticut, the top Democrat on the House Intelligence Committee, labelled the allegations 'baseless.' Several reviews, including those by the US intelligence community and the Senate Intelligence Committee, have concluded that while Russian actors attempted to access voter registration data in states like Illinois and Arizona, there was no evidence that vote tallies were altered. Intelligence reports also consistently stated that Russia's primary effort was focused on influence operations — shaping American public opinion through disinformation, fake social media accounts, and leaked Democratic emails, rather than changing the actual results. STORY CONTINUES BELOW THIS AD A Republican-led Senate report also endorsed the assessment that Moscow's efforts were aimed at damaging Hillary Clinton and benefiting Donald Trump. Among the Republicans on that committee was Florida Senator Marco Rubio, who now serves as US Secretary of State in the Trump administration. A recent CIA review acknowledged concerns about how quickly the Obama-era assessment had been compiled, reported The New York Times. In its wake, the agency referred John Brennan to the FBI for investigation regarding how he managed the preparation of the intelligence conclusions. However, no charges have been brought. One email cited in Gabbard's documentation indicated that Obama requested a comprehensive assessment of Russian interference methods before leaving office, fearing that an incoming Trump administration might suppress or ignore the intelligence findings. US Senator Mark Warner of Virginia responded to the Gabbard report by stating: 'This is one more example of the director of national intelligence trying to cook the books. We're talking about apples and oranges. The Russians were not successful at manipulating our election infrastructure, nor did we say they were.' STORY CONTINUES BELOW THIS AD Warner also pointed out that recent intelligence assessments under Gabbard's leadership still acknowledge that Russia continues to engage in influence operations targeting the United States. A March intelligence report concluded that: 'Moscow probably believes information operations efforts to influence U.S. elections are advantageous,' and that these activities are part of a long-term strategy to undermine confidence in American democracy. The big question: Can Trump legally prosecute Obama? The question of whether Trump can direct federal prosecutors to pursue criminal cases against Obama or his former officials rests not on legal prohibition, but on political precedent. Since US President Richard Nixon resigned amid the Watergate scandal in 1974, successive administrations have generally refrained from overtly influencing prosecutorial decisions at the Department of Justice (DOJ). However, these boundaries are guided more by custom than law. Within the US system, both the Attorney General and FBI Director are appointed by the President and serve within the executive branch. Trump, in his first term, dismissed FBI Director James Comey in 2017 and again replaced Christopher Wray in his second term, putting Kash Patel at the head of the FBI. Legal experts note that if Trump installs loyalists in key roles — including US attorneys and assistant attorneys general — he could wield substantial influence over federal investigations and prosecutions. Critics warn that this may enable Trump to direct legal action against political rivals, including by reopening unsubstantiated allegations or launching new inquiries into figures like Obama, Biden, or former officials involved in the Russia investigation. While the law does not explicitly bar a sitting president from seeking investigations into a predecessor, doing so would test long-standing institutional norms designed to keep politics separate from law enforcement. Also Watch: With inputs from agencies
Mint
15 minutes ago
- Mint
Trump's Controversial Pick for Malaysia Envoy to Get Anwar's ‘Due Consideration'
Malaysian Prime Minister Anwar Ibrahim said his government will give 'due consideration' to President Donald Trump's pick as ambassador, seeking to balance relations with Washington and domestic ire over some of the potential envoy's political commentary. Anwar has faced pressure to reject the nominee, Nick Adams, an Australian-American commentator and a self-described 'alpha male' Trump supporter. Critics within the Muslim-majority country have labeled him Islamophobic, citing his social media posts supporting Israel, and pointed to his enthusiasm for racy restaurant chain Hooters as out of sync with its cultural norms. 'The government will give it due consideration while maintaining good relations between Malaysia and the United States,' Anwar told reporters Friday, state-run Bernama reported. He added it was too early to comment further. Rejecting Adams risks complicating Malaysia's efforts to negotiate with the Trump administration to lower its threatened 25% levy, scheduled to start Aug. 1. The Southeast Asian nation is also seeking to ease Washington's concerns over suspicions it's been used to divert sensitive technology to China, circumventing US regulations. Adams has sought to assuage concerns, addressing Malaysians in an X post last week, saying 'I can't wait to experience your noble culture and learn much from you.' His appointment still needs to be confirmed by the US Senate, where Trump's Republican party holds a slim majority. He could face a rocky hearing there, where the president's pick to serve as ambassador to neighboring Singapore struggled to answer questions about the city-state and its ties to Washington. Malaysian government spokesperson Fahmi Fadzil has said that the country has the right to reject the ambassador, but that it hasn't received an official notice regarding the nomination, according to Bernama. 'Malaysia deserves better,' Kasthuri Patto, a Malaysian lawmaker in the ruling Democratic Action Party, allied with Anwar, said in a statement Wednesday, accusing Adams of 'sexism, misogyny and religious bigotry.' This article was generated from an automated news agency feed without modifications to text.
Economic Times
15 minutes ago
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Figma aims at $13.7 billion valuation as tech IPOs bounce back
Figma is targeting a valuation of $13.65 billion in its U.S. initial public offering, as the cloud-based design software firm prepares for a debut that could inject fresh momentum into a tech listings market already roaring back to San Francisco-based company, along with some investors, is eyeing proceeds of up to $1.03 billion through a sale of nearly 37 million shares priced between $25 and $28 each, it said on Monday. The listing could be a major milestone for Figma, coming more than a year after its $20 billion sale to Adobe was terminated due to regulatory hurdles in Europe and the UK. While investors have been eager for new share sales for months, the uncertainty sparked by President Donald Trump's tariffs kept a major recovery in an equities rally and a bunch of strong debuts recently are helping lift the overhang. Figma will start trading close on the heels of stablecoin giant Circle, which debuted with eye-popping gains last month and has continued surging a major technology player that appears supportive of bitcoin, Figma has already draw attention on social media company had around $70 million invested in Bitwise's bitcoin exchange-traded fund as of March 31 and intends to allocate a further $30 million to bitcoin, its filing is a cloud-based design platform that allows users to collaboratively create and edit apps, websites and software customers include ServiceNow, Workday and SAP. Its revenue rose 46% in the first three months of 2025, while net income jumped three-fold."Figma's product is its primary marketing engine. Its collaborative nature fosters viral, bottoms-up adoption, leading to a best-in-class sales efficiency," said Tomasz Tunguz, founder of venture capital firm Theory company has also signaled it may take "big swings" with M&A, with co-founder and CEO Dylan Field saying it is prepared to "make decisions that may not seem immediately rational." Figma expects to list on the New York Stock Exchange under the symbol "FIG". Morgan Stanley, Goldman Sachs, Allen & Co and J.P. Morgan are among the underwriters for the offering. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. From near bankruptcy to blockbuster drug: How Khorakiwala turned around Wockhardt Paid less than plumbers? The real story of freshers' salaries at Infy, TCS. What if Tata Motors buys Iveco's truck unit? Will it propel or drag like JLR? As deposit ground slips under PSU banks' feet, they chase the wealthy If data is the new oil, are data centres the smokestacks of the digital age? Stock Radar: M&M likely to break out from 1-year consolidation range; time to buy? Will consumer stocks see a comeback this festive season? 12 stocks to keep an eye on even when analysts are not bullish Don't fear volatility, focus on businesses: 5 mid-cap stocks from different sectors with upside potential of up to 27% Best way to deal with volatility, just ' Hold' for wealth creation: 7 large-cap stocks with an upside potential of up to 41%
