Live updates: More hurdles emerge for passing Trump's massive legislative package by July 4
The Senate faces mounting challenges as it seeks to meet a self-imposed July 4 deadline to get President Donald Trump's massive tax and immigration legislation to his desk. Among those obstacles: persistent doubts about proposed Medicaid cuts from some Republican members and adverse rulings from the Senate parliamentarian that have cut parts of the package. Plans to start voting Friday appear unlikely at this point. At the White House, Trump plans to host the foreign ministers of the Democratic Republic of Congo and Rwanda. The two African nations are set to sign a peace deal facilitated by the United States to help end decades-long fighting.
American cities have a serious problem.
The Trump administration, in an effort to encourage different communities to comply with a series of policy positions, is working to claw back billions of dollars in federal funding that cities across the country rely on.
Internal dissent is mounting among Republicans over how President Donald Trump's mammoth tax and immigration legislation would cut health-care funding, even as the GOP's self-imposed deadline nears.
The GOP has hopes to put the One Big Beautiful Bill Act — a $3.3 trillion measure to extend tax cuts, add some new tax breaks, boost immigration enforcement, begin building Trump's 'Golden Dome' missile defense program and more — on the president's desk by Independence Day.
The U.S. DOGE Service has sent staff to the Bureau of Alcohol, Tobacco, Firearms and Explosives with the goal of revising or eliminating dozens of rules and gun restrictions by July 4, according to multiple people with knowledge of the efforts, who spoke on the condition of anonymity to discuss plans that have not been made public.
Senators left a classified briefing about the impact of U.S. strikes on Iran's nuclear facilities split along party lines, with Republicans saying it reinforced their belief that the strikes were effective and some Democrats complaining that it did not fully answer their questions.
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CNBC
28 minutes ago
- CNBC
We're raising our price targets on 5 stocks — and cutting our outlook on another
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets: The S & P 500 is rallying to a new record high on Friday, though the index came off its best levels of the day after President Donald Trump said on Truth Social that he has ended trade talks with Canada due to concerns about digital services taxes on U.S. tech companies. Still, it has been an exceptional week for the broader market. As tensions in the Middle East eased, oil prices plunged, interest rates declined, and stocks surged. Some of the biggest winners this week were in tech and AI -infrastructure related stocks. But the financials had an impressive week, too. We'll see the results of the Fed's annual stress test later Friday. Some Wall Street analysts expect Club name Wells Fargo to be among the biggest winners . Price target changes: We're making a handful of changes to our price targets on portfolio stocks. Apple : We are lowering our price target to $240 a share from $280 to reflect some of our recent concerns that a demand pull-forward from people buying iPhones ahead of tariffs could moderate sales in the quarters ahead. We've also expressed frustration about how Apple is allocating too much capital to stock buybacks, when those funds could be more effectively used to accelerate its lagging AI initiatives. Capital One Financial : We are increasing our price target to $250 from $210. As we talked about on Friday's Morning Meeting, the stock still trades at a huge discount to peer American Express , and maybe it shouldn't since Capital One now also operates a closed-loop network – meaning it issues its own cards and runs its own payment network, just like American Express. Based on 2026 earnings per share estimates, Capital One is trading at an 11 multiple while AXP trades at 18. We're not arguing for parity, necessarily. But if Capital One re-rates to 13 times earnings, still a five-turn discount to American Express, as it proves the benefits of the Discover deal, then we're talking about stock trading at about $250 based on the consensus earnings per share estimate of $19.32. CrowdStrike : We are nudging up our price target to $520 from $500. This higher price target reflects the higher price-to-earning multiple the best of breed cybersecurity companies continue to deserve in the market. Although we are raising our price target, we remain mindful of the run the stock has had this year. This was the main reason why we trimmed this position earlier in the week. GE Vernova : We are increasing our price target to $550 from $500. GE Vernova's valuation may look stretched, but the stock keeps powering higher due to the heavy investment needed to power AI data centers around the world. The robust demand for the company's gas turbines and electric grid solutions should translate to strong pricing power for many years. The company remains a potential winner from future trade deals and should benefit from the Trump administration's push to boost energy supply to power AI. Goldman Sachs : We are increasing our price to $725 from $615. We continue to see Goldman Sachs as one of the biggest beneficiaries of an improving initial public offering market, as well as an increase in mergers-and-acquisitions activity. The big banks could also get a boost from looser regulations , as we wrote Thursday. Meta Platforms : We are raising our price target to $800 from $700. A pair of separate bullish analysts raised their Meta price target above $800 this week, and we want to be right there with them because the social media giant has been one of the best at using AI to generate more revenue. Next week: There are no companies in the portfolio scheduled to report earnings next week. On the data side, it will be a jobs-week, which means we'll see the ADP employment report Wednesday morning, as well as the all-important nonfarm payroll report. The jobs report will be on Thursday, not the usual Friday, because the market is closed on July 4 in observation of Independence Day. A few other key data reports are the Institute for Supply Management's manufacturing and services activity indexes for the month of June. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
CNBC
29 minutes ago
- CNBC
Traders head into the second half of the year with stocks at all-time highs, jobs report pending
Next week kicks off a new trading month as well as the back-half of 2025, and Wall Street will be watching to see if stocks keep up their recent than momentum. Stocks have made a massive comeback after seeing steep declines in early April, when investor anxiety around President Donald Trump's sweeping tariff policy put the S & P 500 near bear market territory . On Friday, the S & P 500 rose to a fresh all-time intraday high , spurred by optimism that trade deals with China and other U.S. trading partners would be announced soon. The three leading indexes are on pace to close out the first half of the year with solid gains. The S & P 500 as well as the Nasdaq Composite are up more than 5% year to date, while the Dow Jones Industrial Average has advanced more than 3%. .SPX YTD mountain S & P 500, year-to-date Yet, some on the Street, such as BlackRock's Rick Rieder, are already projecting that the market could surge even higher in the year's second half. That's because the artificial intelligence revolution could bring down inflation , thereby sending the market higher, he said Wednesday during a keynote speech at the Morningstar Investment Conference. July 'fireworks'? Supporting a sustained rally, the market is also entering a historically strong month. July has been a positive one for the S & P 500 for the last 10 years straight and is the index's best month over the last 20 years, according to Ryan Detrick of the Carson Group. He also noted that July is the best month in a post-election year. "When you're higher in May and June like we're probably going to be with June, because we're up pretty good, July does better, and the final six months of the year have been higher 15 of the last 16 times," the firm's chief market strategist said Thursday on CNBC's " Worldwide Exchange ," noting that his word of the day is "fireworks." "When these weak months are strong, like we're doing right now, that could be a signal this bull market is alive and well." However, others are more skeptical that July will be smooth sailing for the market, seeing that Trump's 90-day tariff pause is set to expire on July 9. While the White House said Thursday that the deadline " is not critical " and that "perhaps it could be extended," the ensuing uncertainty around it could pose a risk. "Elevated macroeconomic and policy uncertainty suggests that equity volatility should remain high in H2, with multiple potential catalysts for volatility such as the July tariff deadlines," Goldman Sachs analyst Andrea Ferrario wrote in a Thursday note. On top of that, current valuation levels could signal the market may be getting ahead of itself. The S & P 500 currently trades at 23.3 times earnings, per FactSet. By comparison, the index's forward price-to-earnings ratio at the peak of the dot-com bubble was at 24.4 times earnings, as said by DataTrek co-founders Nick Colas and Jessica Rabe in a recent post on X . "A bullish call on U.S. large caps therefore requires believing that we can get to 1999-type valuations," they wrote. "The good news is that 2025 has a much more positive setup than 1999 (rate cuts, cheaper oil, greater S & P Tech exposure). Even still, current valuations reflect a full glass of optimism." Jobs on deck At this point, significantly more gains for stocks depend on the U.S. economic environment remaining rather stable, said Anthony Saglimbene, chief market strategist at Ameriprise. That will come especially into view next week. With U.S. markets closed Friday and a shortened trading day Thursday due to Independence Day, a slew of economic data is set to be released Thursday morning, including June's nonfarm payrolls reading. Economists polled by Dow Jones are expecting the report to show 115,000, per FactSet, down from the previous month's reported growth of 139,000 . "I think the most important kind of data to look at right now, and especially since next week we're going to get some of it, is employment," Saglimbene told CNBC. "The only time that consumers really pull back is when they fear they're going to lose their job or they've lost their job, and if we see employment data kind of remain firm, it's unlikely they're going to materially alter their spending, which is a positive for the economy, even with all of this uncertainty around trade and tariffs." Tuesday 9:45 a.m.: S & P Global manufacturing PMI (June) 10 a.m.: ISM Manufacturing (June) 10 a.m.: JOLTS (May) Wednesday 8:15 a.m.: ADP employment report (June) Thursday 8:30 a.m.: Nonfarm payrolls (June) 8:30 a.m.: Initial jobless claims (Week ended June 28) 8:30 a.m.: International trade (May) 9:45 a.m.: S & P Global services PMI (June) 10 a.m.: ISM services (June) 10 a.m.: Factory orders (May) U.S. stock market closes at 1 p.m. Friday U.S. markets closed for Fourth of July holiday
Politico
31 minutes ago
- Politico
‘Obliteration' or not, House Republicans argue Iran strikes were a diplomatic win
House Republicans have a new message about U.S. airstrikes on Iran: It matters less about how much damage was done, and more that it succeeded in bringing a badly weakened Tehran back to the negotiating table. Several GOP lawmakers hammered that message Friday morning as they left a classified briefing by some of President Donald Trump's top military and intelligence officials on last weekend's surprise U.S. airstrikes on three Iranian nuclear facilities. It marked a small but notable pivot for supporters of Trump's policy agenda who have struggled in recent days to back up his repeated claims that Iran's nuclear program has been 'obliterated.' Secretary of State Marco Rubio told lawmakers in the briefing that the objective of the strikes was to bring Iran to the negotiating table, according to two attendees. Iran and Israel reached a ceasefire Monday and Trump said Wednesday that new talks with Iran are planned for next week. While many GOP senators who received a similar briefing Thursday were left dancing around Trump's maximalist portrayal of the strikes' long-term impact, House leadership on Friday made a concerted effort to frame the success of the mission as hinging on more than just damage assessments. 'I think the greatest evidence that we have of the effectiveness of this mission was that Iran came immediately and was willing to engage in a ceasefire agreement that would have been unthinkable just a few weeks back,' Speaker Mike Johnson told reporters after the briefing. Johnson, like other Republicans, also insisted the strike resulted in a 'substantial setback' for Iran's nuclear program. The readout for lawmakers came days after the leak of a preliminary Defense Intelligence Agency assessment suggesting U.S. airstrikes only set back Iran's nuclear program by a few months. That set off a scramble by Trump, Rubio, Defense Secretary Hegseth and other senior Cabinet officials to push out new intelligence combating the DIA report, which the Pentagon intelligence agency said was a preliminary and low-confidence assessment. Hegseth has said the FBI and Pentagon are probing the leak. Several Republicans exiting the briefing — and at least one of the briefers inside the closed-door meeting — suggested that the exact description of the damage was immaterial. Iran had received a harsh message that any attempt to build a nuclear weapon would be met with force.'Regardless of whether you believe the leaked assessment — which was a 'low-confidence' assessment — the U.S. was able to go in there without any resistance and strike whatever it wanted to,' said House Armed Services Chair Mike Rogers (R-Ala.) 'So even if you believe that worst case scenario and we need to go back in there, we can.' Rep. Darell Issa (R-Calif.), a House Foreign Affairs Committee member, added that the strikes instilled in Iran that there was a 'price to pay for continuing to enrich [uranium] beyond the 60 percent threshold.' But some Democrats emerged from the briefing with lingering questions about how effective the attack was at halting Iran's nuclear ambitions — and preventing a future conflict from reigniting. 'I'm walking out of this thinking we still don't know,' said Rep. Adam Smith, the top Democrat on the House Armed Services Committee. 'The contradictions within the intelligence have still not been resolved.' 'We've got a cornucopia of adjectives ranging from 'obliterated' to 'destroyed' to 'set back',' said top Intelligence Committee Democrat Rep. Jim Himes (D-Conn.). 'The question is, did we significantly set back that program? And we still don't have a good answer to that question.' Himes also cast doubt on the idea that the strikes had paved the way for a diplomatic breakthrough acceptable to Israel, given that they had been 'browbeaten' by the U.S. into the ceasefire. 'If you're the Israelis and you suspect that we didn't get it all, or that there's not going to be a negotiation, you've got a tough conversation with the president of the United States,' Himes said. Rep. Mike Quigley (D-Ill.) suggested that Trump's declaration of the strikes' success early on may have been bravado — because Joint Chiefs Chair Gen. Dan Caine said at a news briefing just after the strikes that the full damage assessment would take time. 'You don't have to read classified material to know he overstated,' Quigley said. 'It's dangerous to overstate, because you need to know what the risks are, because you've got to face the risk — the risk that exists, not what you want the risk to be.' The two classified sessions featured the same cadre of briefers: Hegseth, Rubio, Caine and CIA director John Ratcliffe. For the second time in two days, that meant Director of National Intelligence Tulsi Gabbard was noticeably missing from the conversation. Gabbard has been sidelined amid Israel's conflict with Iran and has reportedly clashed with Trump. Asked about the absence of the notional top spy in the U.S. intelligence community, Himes described it as 'very peculiar.' Still, some Republicans downplayed the significance. 'I'm not sure that's really meaningful. I think we got the information that we needed to get from the people most directly involved,' said Rep. Scott Perry (R-Pa.), an Intelligence Committee member. Both Thursday and Friday's sessions also came after days of complaints from lawmakers that they weren't kept in the loop about the weekend's surprise attack on Iranian nuclear sites at Fordo, Isfahan and Natanz. The mission involved seven B-2 stealth aircraft and a guided missile submarine, and marked the first combat use ever of the 30,000-pound GBU-57 bunker busting bomb, with 14 dropped on the Fordo facility and other sites. But many Democrats argue the strikes, which Congress didn't vote to authorize, amounted to an unconstitutional overreach by Trump. House and Senate Democrats are now pushing war powers legislation that would prohibit Trump from taking further military action against Iran without congressional approval. The Senate plans to vote Friday evening on Sen. Tim Kaine's (D-Va.) resolution to rein in Trump's war powers on Iran, but that measure is almost certain to fail unless Republicans break ranks with the administration. Libertarian Rep. Thomas Massie (R-Ky.) filed his own war powers resolution and criticized Trump's decision to strike Iran as unconstitutional — which made him a target for Trump — but stood down from forcing a vote after Israel and Iran agreed to a ceasefire. Progressives and top national security Democrats, though, are still pushing for a vote in the coming weeks.
