America's fact fight fades
Why it matters: Professional fact-checking went mainstream during the first Trump administration, but it's since become politicized.
Americans are less enthusiastic about policing information today than they were two years ago, and the trend is bipartisan, per Pew Research Center.
State of play: Institutions once seen as critical to providing facts about history and current events, such as public schools and news media, are experiencing record-low trust levels, in addition to financial challenges.
A February YouGov poll found that U.S. citizens are far more likely to trust information coming from the Trump administration "a great deal" or "a fair amount" (44%) than they are the news media (28%).
In 2017, that gap was much smaller, with 43% of Americans saying they trusted the Trump administration "a great deal" or "a fair amount" on facts, compared to 38% for the news media.
By the numbers: Mentions of the terms "misinformation" and "disinformation" across the country's three biggest cable news networks, MSNBC, Fox News and CNN, have declined considerably since the pandemic, according to data from Stanford's Cable TV News Analyzer.
The politicization of fact-checking has contributed to a decline in the number of fact-checking sites globally over the past year, according to data from Duke Reporters' Lab. The number of global fact-checking sites increased 140% from 2016 to 2022, before starting to level off in 2023.
Between the lines: Government bodies once focused on combating mis -and disinformation are being gutted by the Trump administration.
The State Department's Counter Foreign Information Manipulation and Interference hub is being eliminated, State Secretary Marco Rubio confirmed last week. The office was responsible for tracking and countering foreign disinformation campaigns.
Meanwhile, the National Science Foundation has canceled research grants related to misinformation and disinformation.
Reality check: Even Democrats, who have for years pushed tech companies to take action against falsehoods, have begun to lose their truth-seeking appetite amid broader political battles.
In a new Pew Research Center survey, 58% of Democrats say they support government restrictions on false information online, down from 70% two years prior.
The big picture: Facing less progressive pressure, tech platforms have largely replaced fact-checking with community policing.
TikTok last week said it would test a new feature called Footnotes that lets users add context to videos. The feature is reminiscent of Community Notes on X, which was also adopted by Meta to police speech.
Meta ended its fact-checking program this year. The company reportedly told teams responsible for ranking content to not penalize misinformation, per Platformer.
Google in January told the European Union it will not add fact checks to search results and YouTube videos or use them in ranking and removing content, despite the requirements of a new EU law.
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Stock market today: Nasdaq hits fresh record, S&P 500, Dow rise as Wall Street closes winning week on high note
US stocks closed out the week on a high note as Wall Street assessed President Trump's nomination of Stephen Miran to the Federal Reserve Board of Governors and took in his new regime of sweeping tariffs. The Dow Jones Industrial Average (^DJI) rose 0.5%, and the benchmark S&P 500 (^GSPC) gained 0.8%, just a stone's throw away from all-time highs. The tech-heavy Nasdaq Composite (^IXIC) climbed nearly 1% to set its second record close in a row. All three major averages posted gains for the week. Gold futures (GC=F) in New York retreated from record highs on Friday after the White House said it would soon issue an executive order "clarifying misinformation about the tariffing of gold bars" on the heels of reports indicating they were not exempt from tariffs on Swiss imports. Stocks were mixed on Thursday as Trump's deadline for countries to strike tariff deals expired, setting in motion higher duties on dozens of countries worldwide. The indexes trimmed earlier losses following Trump's nomination of Stephen Miran, current chairman of the Council of Economic Advisors, to serve on the Fed board. Read more: The latest on Trump's tariffs Miran's nomination must pass Senate approval, and it's unclear how long that might take with lawmakers on August recess. Trump's decision on Miran also underscored his search for the next Fed chair. He has talked up the "two Kevins" — current economic adviser Hassett and former Fed governor Warsh — and a report on Thursday said current governor Christopher Waller is seen as the favorite by Trump's team. Amid the jockeying, about 90% of bets are on the Fed cutting rates in September after last week's disappointing labor data. Next Tuesday, investors will scour the monthly inflation report for clues on the central bank's next policy move. Nasdaq reaches fresh record as Dow, S&P 500 climb to close out winning week for stocks US stocks rose on Friday, with the Nasdaq Composite (^IXIC) notching a fresh record close as investors looked past tariffs which kicked in this week. Moreover, optimism over looser monetary policy grew after President Trump's nomination of Stephen Miran to the Federal Reserve. The benchmark S&P 500 (^GSPC) gained 0.8%, coming just short of a record close. The Nasdaq Composite (^IXIC) led the gains, climbing nearly 1% to notch and all-time high close for a second day in a row. The Dow Jones Industrial Average (^DJI) rose 0.5%. All three major averages closed out the week with gains. Next week, investors will assess a fresh inflation print in the lead up to the Federal Reserve's Jackson Hole symposium later in August. Optimism over a Fed rate cut in September has grown since last week's poor labor market data release. President Trump's nomination of Miran to serve as a Fed board governor has also fueled speculation that the central bank will be less restrictive in its monetary policy. Trump says US court ruling against tariff authority 'would be 1929 all over again' Yahoo Finance's Alexis Keenan reports: Read more here. 3 things you need to know about Trump's nominee for the Fed Yahoo Finance's Jen Schonberger reports: Gold prices trim gains after White House says it will issue executive order clarifying tariffs on precious metal Gold prices trimmed gains on Friday after the White House said it will issue an executive order to clarify its position on the precious metal and tariffs. Gold (GC=F) futures in New York retreated from their intraday record levels to trade near $3,459 per ounce, after hitting $4,490 earlier in the session. 'The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products,' a White House official told Yahoo Finance. The precious metal hit a record on the Comex exchange after the Financial Times reported that one-kilogram and 100-ounce bars of gold are indeed subject to 39% reciprocal tariffs on Switzerland recently announced by the Trump administration. Trump says Fannie and Freddie will go public by end of year and raise $30 billion: Report Yahoo Finance's David Hollerith reports: Read more here. AI chips startup CEO: Intel has to fix systemic issues to get back on track Yahoo Finance's Francisco Velasquez reports: Read more here. Gold futures in New York surge as tariff confusion sweeps precious metal market Gold (GC=F) futures in New York hit intraday record highs on Friday amid reports that imports of Swiss gold bars would not be exempt from tariffs. The precious metal hit $4,490 per ounce on the Comex exchange in New York after the Financial Times reported that one-kilogram and 100-ounce bars of gold are indeed subject to 39% reciprocal tariffs on Switzerland recently announced by the Trump administration. "The move is significant because 1-kilo and 100-ounce gold bars form the backbone of much of the gold trading activity in the United States," Ryan McIntyre, senior managing partner at investment manager Sprott, told Yahoo Finance. McIntyre highlighted contracts on the Comex with physical delivery requirements are based in large part on bars, noting "the introduction of tariffs will likely inject additional uncertainty into that market." Read more here. The Trade Desk stock crashes, falls 38% as growth slows, company replaces CFO Yahoo Finance's Jake Conley reports: Read more here. Trump's tariffs are pummeling top automakers. The hit is $11.7 billion — and climbing The auto sector is taking President Trump's tariffs on the chin, Yahoo Finance's Pras Subramanian reports. Subramanian writes: Read the full story here. Altcoins rally after Ripple's stablecoin acquisition, Chainlink's reserve launch Altcoins were rallying early Friday following news that Ripple ( would buy a stablecoin payments platform and Chainlink will launch a funded reserve for its own tokens, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Trade Desk tumbles after CEO warns of tariff impact on large brand advertisers Trade Desk (TTD) stock fell by more than a third during premarket trading on Friday after CEO Jeff Green warned that tariff uncertainty began to weigh on some leading global advertisers. If losses hold, the decline in Trade Desk stock would wipe out more than $12 billion from the company's market capitalization. The stock was off by 38% just after the opening bell. The Trade Desk, which specializes in helping advertisers buy and optimize digital ad campaigns, has concentrated on large global advertisers, making them more vulnerable to tariff uncertainty. "The impact of tariffs and related policies on these [large] businesses are very real," Green said on the earnings call. "Most others rely heavily on SMBs, and our platform is largely concentrated on the large global advertisers. So we see the effects that are directly impacting them." "I would argue that this is a short-term negative," he added, noting that the company's focus on large companies "is almost always a positive, but just in this moment, it's negative because of how uniquely they're being affected by the tariffs and related policies." The Trade Desk's second quarter earnings of $0.18 per share were in line with analyst estimates. Revenue of $694 million beat analyst estimates of $686 million, according to S&P Global Market Intelligence. The company expects third quarter revenue of at least $717 million, roughly in line with estimates. Read more here. Stocks rise at the open US stocks moved higher at the open on Friday as investors continued to digest President Trump's sweeping tariffs and absorbed his nomination of Stephen Miran to the Federal Reserve Board of Governors. The Dow Jones Industrial Average (^DJI) rose 0.3%, while those on the benchmark S&P 500 (^GSPC) gained 0.35%. The tech-heavy Nasdaq Composite (^IXIC) also gained nearly 0.4%. Gold rises after US Customs determines the metal is subject to Trump's tariffs Gold (GC=F) prices rose 0.85% on Friday to $3,483 per ounce as the industry learned that gold bars are not exempt from President Trump's latest across-the-board tariffs, which went into effect Thursday, as previously thought. Bloomberg reports: Read more here. SoundHound stock soars on record revenue fueled by AI, automation demand SoundHound AI (SOUN) reported record revenue in its second quarter results, as its expansion into new verticals, such as restaurants and hospitals, helped fuel 217% year-over-year revenue growth. The stock rocketed 2% higher in premarket trading on Friday. SoundHound develops artificial intelligence solutions that businesses use for automation and to create conversational experiences for their customers. In Q2, SoundHound reported strong growth in its automation, automotive, and enterprise AI for customer service verticals. The company posted a GAAP loss of $0.19 per share on $42.7 million in revenue. Last year, SoundHound reported a loss of $0.11 per share and revenue of $13 million. SoundHound also raised its 2025 revenue outlook to $160 million to $178 million, up from its previous forecast of $157 million to $177 million. "The investments we are making are already showing high returns," SoundHound CFO Nitesh Sharan said on the company's earnings call. Sharan noted that the company sees a path to profitability "in the near-term horizon. Listen to the earnings call here. Good morning. Here's what's happening today. Economic calendar: No notable releases. Earnings: Canopy Growth (CGC), fuboTV (FUBO), Wendy's (WEN) Here are some of the biggest stories you may have missed overnight and early this morning: Apple is back on Trump's good side. The cost? $600 billion. Not everyone on Wall Street is still convinced a cut is coming Trump's tariffs hit automakers with $11.7B blow — and rising Tesla disbands Dojo supercomputer team in blow to AI effort US sparks fresh turmoil in gold with surprise tariff Firefly stock loses altitude after sizzling stock market debut TSMC's July sales grow 26% on sustained demand for AI chips Under Armour forecasts downbeat quarterly sales, shares drop Intel CEO dogged by decades of China chip bets, board work China defends buying Russian oil after Trump's tariff threat SoftBank buys Foxconn's Ohio plant to jumpstart Stargate AI push Tesla CEO Elon Musk disbands Dojo supercomputer team Tesla (TSLA) stock fell 0.2% in premarket trading following news that CEO Elon Musk is shutting down the company's Dojo team, its multibillion-dollar supercomputer unit that was viewed as central to the company's AI efforts. Bloomberg reports that Peter Bannon, who was heading up Dojo, is leaving Tesla. Dojo also lost about 20 workers recently to DensityAI, a stealth startup created by ex-Tesla executives. The remaining Dojo employees are being reassigned to other compute projects within Tesla. Musk previously called Dojo "a long shot," but one worth taking. Now, Tesla plans to rely on partners like Nvidia (NVDA) and Advanced Micro Devices (AMD) for training its AI models and machine learning that go into electric vehicles' Full Self-Driving software and Optimus robots. Tesla also announced a $16.5 billion deal last month with Samsung to secure AI chips through 2033. Read more here. Under Armour forecasts downbeat quarterly sales, shares drop Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. New York gold futures spike over spot price after tariff shock Gold futures (GC=F) in New York rose above London prices after the FT reported that the US now plans to put tariffs on 1kg gold bar imports. Bloomberg News reports: Read more here. Oil heads for worst run since 2021 as traders discount US curbs Oil is heading for its longest losing run since 2021, as markets digested the US efforts to try and end the war in Ukraine and whether this would not impact overall supplies, alongside Trump's tariffs on India due to its purchase of Russian crude oil. Bloomberg News reports: Read more here. Nasdaq reaches fresh record as Dow, S&P 500 climb to close out winning week for stocks US stocks rose on Friday, with the Nasdaq Composite (^IXIC) notching a fresh record close as investors looked past tariffs which kicked in this week. Moreover, optimism over looser monetary policy grew after President Trump's nomination of Stephen Miran to the Federal Reserve. The benchmark S&P 500 (^GSPC) gained 0.8%, coming just short of a record close. The Nasdaq Composite (^IXIC) led the gains, climbing nearly 1% to notch and all-time high close for a second day in a row. The Dow Jones Industrial Average (^DJI) rose 0.5%. All three major averages closed out the week with gains. Next week, investors will assess a fresh inflation print in the lead up to the Federal Reserve's Jackson Hole symposium later in August. Optimism over a Fed rate cut in September has grown since last week's poor labor market data release. President Trump's nomination of Miran to serve as a Fed board governor has also fueled speculation that the central bank will be less restrictive in its monetary policy. US stocks rose on Friday, with the Nasdaq Composite (^IXIC) notching a fresh record close as investors looked past tariffs which kicked in this week. Moreover, optimism over looser monetary policy grew after President Trump's nomination of Stephen Miran to the Federal Reserve. The benchmark S&P 500 (^GSPC) gained 0.8%, coming just short of a record close. The Nasdaq Composite (^IXIC) led the gains, climbing nearly 1% to notch and all-time high close for a second day in a row. The Dow Jones Industrial Average (^DJI) rose 0.5%. All three major averages closed out the week with gains. Next week, investors will assess a fresh inflation print in the lead up to the Federal Reserve's Jackson Hole symposium later in August. Optimism over a Fed rate cut in September has grown since last week's poor labor market data release. President Trump's nomination of Miran to serve as a Fed board governor has also fueled speculation that the central bank will be less restrictive in its monetary policy. Trump says US court ruling against tariff authority 'would be 1929 all over again' Yahoo Finance's Alexis Keenan reports: Read more here. Yahoo Finance's Alexis Keenan reports: Read more here. 3 things you need to know about Trump's nominee for the Fed Yahoo Finance's Jen Schonberger reports: Yahoo Finance's Jen Schonberger reports: Gold prices trim gains after White House says it will issue executive order clarifying tariffs on precious metal Gold prices trimmed gains on Friday after the White House said it will issue an executive order to clarify its position on the precious metal and tariffs. Gold (GC=F) futures in New York retreated from their intraday record levels to trade near $3,459 per ounce, after hitting $4,490 earlier in the session. 'The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products,' a White House official told Yahoo Finance. The precious metal hit a record on the Comex exchange after the Financial Times reported that one-kilogram and 100-ounce bars of gold are indeed subject to 39% reciprocal tariffs on Switzerland recently announced by the Trump administration. Gold prices trimmed gains on Friday after the White House said it will issue an executive order to clarify its position on the precious metal and tariffs. Gold (GC=F) futures in New York retreated from their intraday record levels to trade near $3,459 per ounce, after hitting $4,490 earlier in the session. 'The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products,' a White House official told Yahoo Finance. The precious metal hit a record on the Comex exchange after the Financial Times reported that one-kilogram and 100-ounce bars of gold are indeed subject to 39% reciprocal tariffs on Switzerland recently announced by the Trump administration. Trump says Fannie and Freddie will go public by end of year and raise $30 billion: Report Yahoo Finance's David Hollerith reports: Read more here. Yahoo Finance's David Hollerith reports: Read more here. AI chips startup CEO: Intel has to fix systemic issues to get back on track Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Francisco Velasquez reports: Read more here. Gold futures in New York surge as tariff confusion sweeps precious metal market Gold (GC=F) futures in New York hit intraday record highs on Friday amid reports that imports of Swiss gold bars would not be exempt from tariffs. The precious metal hit $4,490 per ounce on the Comex exchange in New York after the Financial Times reported that one-kilogram and 100-ounce bars of gold are indeed subject to 39% reciprocal tariffs on Switzerland recently announced by the Trump administration. "The move is significant because 1-kilo and 100-ounce gold bars form the backbone of much of the gold trading activity in the United States," Ryan McIntyre, senior managing partner at investment manager Sprott, told Yahoo Finance. McIntyre highlighted contracts on the Comex with physical delivery requirements are based in large part on bars, noting "the introduction of tariffs will likely inject additional uncertainty into that market." Read more here. Gold (GC=F) futures in New York hit intraday record highs on Friday amid reports that imports of Swiss gold bars would not be exempt from tariffs. The precious metal hit $4,490 per ounce on the Comex exchange in New York after the Financial Times reported that one-kilogram and 100-ounce bars of gold are indeed subject to 39% reciprocal tariffs on Switzerland recently announced by the Trump administration. "The move is significant because 1-kilo and 100-ounce gold bars form the backbone of much of the gold trading activity in the United States," Ryan McIntyre, senior managing partner at investment manager Sprott, told Yahoo Finance. McIntyre highlighted contracts on the Comex with physical delivery requirements are based in large part on bars, noting "the introduction of tariffs will likely inject additional uncertainty into that market." Read more here. The Trade Desk stock crashes, falls 38% as growth slows, company replaces CFO Yahoo Finance's Jake Conley reports: Read more here. Yahoo Finance's Jake Conley reports: Read more here. Trump's tariffs are pummeling top automakers. The hit is $11.7 billion — and climbing The auto sector is taking President Trump's tariffs on the chin, Yahoo Finance's Pras Subramanian reports. Subramanian writes: Read the full story here. The auto sector is taking President Trump's tariffs on the chin, Yahoo Finance's Pras Subramanian reports. Subramanian writes: Read the full story here. Altcoins rally after Ripple's stablecoin acquisition, Chainlink's reserve launch Altcoins were rallying early Friday following news that Ripple ( would buy a stablecoin payments platform and Chainlink will launch a funded reserve for its own tokens, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Altcoins were rallying early Friday following news that Ripple ( would buy a stablecoin payments platform and Chainlink will launch a funded reserve for its own tokens, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Trade Desk tumbles after CEO warns of tariff impact on large brand advertisers Trade Desk (TTD) stock fell by more than a third during premarket trading on Friday after CEO Jeff Green warned that tariff uncertainty began to weigh on some leading global advertisers. If losses hold, the decline in Trade Desk stock would wipe out more than $12 billion from the company's market capitalization. The stock was off by 38% just after the opening bell. The Trade Desk, which specializes in helping advertisers buy and optimize digital ad campaigns, has concentrated on large global advertisers, making them more vulnerable to tariff uncertainty. "The impact of tariffs and related policies on these [large] businesses are very real," Green said on the earnings call. "Most others rely heavily on SMBs, and our platform is largely concentrated on the large global advertisers. So we see the effects that are directly impacting them." "I would argue that this is a short-term negative," he added, noting that the company's focus on large companies "is almost always a positive, but just in this moment, it's negative because of how uniquely they're being affected by the tariffs and related policies." The Trade Desk's second quarter earnings of $0.18 per share were in line with analyst estimates. Revenue of $694 million beat analyst estimates of $686 million, according to S&P Global Market Intelligence. The company expects third quarter revenue of at least $717 million, roughly in line with estimates. Read more here. Trade Desk (TTD) stock fell by more than a third during premarket trading on Friday after CEO Jeff Green warned that tariff uncertainty began to weigh on some leading global advertisers. If losses hold, the decline in Trade Desk stock would wipe out more than $12 billion from the company's market capitalization. The stock was off by 38% just after the opening bell. The Trade Desk, which specializes in helping advertisers buy and optimize digital ad campaigns, has concentrated on large global advertisers, making them more vulnerable to tariff uncertainty. "The impact of tariffs and related policies on these [large] businesses are very real," Green said on the earnings call. "Most others rely heavily on SMBs, and our platform is largely concentrated on the large global advertisers. So we see the effects that are directly impacting them." "I would argue that this is a short-term negative," he added, noting that the company's focus on large companies "is almost always a positive, but just in this moment, it's negative because of how uniquely they're being affected by the tariffs and related policies." The Trade Desk's second quarter earnings of $0.18 per share were in line with analyst estimates. Revenue of $694 million beat analyst estimates of $686 million, according to S&P Global Market Intelligence. The company expects third quarter revenue of at least $717 million, roughly in line with estimates. Read more here. Stocks rise at the open US stocks moved higher at the open on Friday as investors continued to digest President Trump's sweeping tariffs and absorbed his nomination of Stephen Miran to the Federal Reserve Board of Governors. The Dow Jones Industrial Average (^DJI) rose 0.3%, while those on the benchmark S&P 500 (^GSPC) gained 0.35%. The tech-heavy Nasdaq Composite (^IXIC) also gained nearly 0.4%. US stocks moved higher at the open on Friday as investors continued to digest President Trump's sweeping tariffs and absorbed his nomination of Stephen Miran to the Federal Reserve Board of Governors. The Dow Jones Industrial Average (^DJI) rose 0.3%, while those on the benchmark S&P 500 (^GSPC) gained 0.35%. The tech-heavy Nasdaq Composite (^IXIC) also gained nearly 0.4%. Gold rises after US Customs determines the metal is subject to Trump's tariffs Gold (GC=F) prices rose 0.85% on Friday to $3,483 per ounce as the industry learned that gold bars are not exempt from President Trump's latest across-the-board tariffs, which went into effect Thursday, as previously thought. Bloomberg reports: Read more here. Gold (GC=F) prices rose 0.85% on Friday to $3,483 per ounce as the industry learned that gold bars are not exempt from President Trump's latest across-the-board tariffs, which went into effect Thursday, as previously thought. Bloomberg reports: Read more here. SoundHound stock soars on record revenue fueled by AI, automation demand SoundHound AI (SOUN) reported record revenue in its second quarter results, as its expansion into new verticals, such as restaurants and hospitals, helped fuel 217% year-over-year revenue growth. The stock rocketed 2% higher in premarket trading on Friday. SoundHound develops artificial intelligence solutions that businesses use for automation and to create conversational experiences for their customers. In Q2, SoundHound reported strong growth in its automation, automotive, and enterprise AI for customer service verticals. The company posted a GAAP loss of $0.19 per share on $42.7 million in revenue. Last year, SoundHound reported a loss of $0.11 per share and revenue of $13 million. SoundHound also raised its 2025 revenue outlook to $160 million to $178 million, up from its previous forecast of $157 million to $177 million. "The investments we are making are already showing high returns," SoundHound CFO Nitesh Sharan said on the company's earnings call. Sharan noted that the company sees a path to profitability "in the near-term horizon. Listen to the earnings call here. SoundHound AI (SOUN) reported record revenue in its second quarter results, as its expansion into new verticals, such as restaurants and hospitals, helped fuel 217% year-over-year revenue growth. The stock rocketed 2% higher in premarket trading on Friday. SoundHound develops artificial intelligence solutions that businesses use for automation and to create conversational experiences for their customers. In Q2, SoundHound reported strong growth in its automation, automotive, and enterprise AI for customer service verticals. The company posted a GAAP loss of $0.19 per share on $42.7 million in revenue. Last year, SoundHound reported a loss of $0.11 per share and revenue of $13 million. SoundHound also raised its 2025 revenue outlook to $160 million to $178 million, up from its previous forecast of $157 million to $177 million. "The investments we are making are already showing high returns," SoundHound CFO Nitesh Sharan said on the company's earnings call. Sharan noted that the company sees a path to profitability "in the near-term horizon. Listen to the earnings call here. Good morning. Here's what's happening today. Economic calendar: No notable releases. Earnings: Canopy Growth (CGC), fuboTV (FUBO), Wendy's (WEN) Here are some of the biggest stories you may have missed overnight and early this morning: Apple is back on Trump's good side. The cost? $600 billion. Not everyone on Wall Street is still convinced a cut is coming Trump's tariffs hit automakers with $11.7B blow — and rising Tesla disbands Dojo supercomputer team in blow to AI effort US sparks fresh turmoil in gold with surprise tariff Firefly stock loses altitude after sizzling stock market debut TSMC's July sales grow 26% on sustained demand for AI chips Under Armour forecasts downbeat quarterly sales, shares drop Intel CEO dogged by decades of China chip bets, board work China defends buying Russian oil after Trump's tariff threat SoftBank buys Foxconn's Ohio plant to jumpstart Stargate AI push Economic calendar: No notable releases. Earnings: Canopy Growth (CGC), fuboTV (FUBO), Wendy's (WEN) Here are some of the biggest stories you may have missed overnight and early this morning: Apple is back on Trump's good side. The cost? $600 billion. Not everyone on Wall Street is still convinced a cut is coming Trump's tariffs hit automakers with $11.7B blow — and rising Tesla disbands Dojo supercomputer team in blow to AI effort US sparks fresh turmoil in gold with surprise tariff Firefly stock loses altitude after sizzling stock market debut TSMC's July sales grow 26% on sustained demand for AI chips Under Armour forecasts downbeat quarterly sales, shares drop Intel CEO dogged by decades of China chip bets, board work China defends buying Russian oil after Trump's tariff threat SoftBank buys Foxconn's Ohio plant to jumpstart Stargate AI push Tesla CEO Elon Musk disbands Dojo supercomputer team Tesla (TSLA) stock fell 0.2% in premarket trading following news that CEO Elon Musk is shutting down the company's Dojo team, its multibillion-dollar supercomputer unit that was viewed as central to the company's AI efforts. Bloomberg reports that Peter Bannon, who was heading up Dojo, is leaving Tesla. Dojo also lost about 20 workers recently to DensityAI, a stealth startup created by ex-Tesla executives. The remaining Dojo employees are being reassigned to other compute projects within Tesla. Musk previously called Dojo "a long shot," but one worth taking. Now, Tesla plans to rely on partners like Nvidia (NVDA) and Advanced Micro Devices (AMD) for training its AI models and machine learning that go into electric vehicles' Full Self-Driving software and Optimus robots. Tesla also announced a $16.5 billion deal last month with Samsung to secure AI chips through 2033. Read more here. Tesla (TSLA) stock fell 0.2% in premarket trading following news that CEO Elon Musk is shutting down the company's Dojo team, its multibillion-dollar supercomputer unit that was viewed as central to the company's AI efforts. Bloomberg reports that Peter Bannon, who was heading up Dojo, is leaving Tesla. Dojo also lost about 20 workers recently to DensityAI, a stealth startup created by ex-Tesla executives. The remaining Dojo employees are being reassigned to other compute projects within Tesla. Musk previously called Dojo "a long shot," but one worth taking. Now, Tesla plans to rely on partners like Nvidia (NVDA) and Advanced Micro Devices (AMD) for training its AI models and machine learning that go into electric vehicles' Full Self-Driving software and Optimus robots. Tesla also announced a $16.5 billion deal last month with Samsung to secure AI chips through 2033. Read more here. Under Armour forecasts downbeat quarterly sales, shares drop Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. New York gold futures spike over spot price after tariff shock Gold futures (GC=F) in New York rose above London prices after the FT reported that the US now plans to put tariffs on 1kg gold bar imports. Bloomberg News reports: Read more here. Gold futures (GC=F) in New York rose above London prices after the FT reported that the US now plans to put tariffs on 1kg gold bar imports. Bloomberg News reports: Read more here. Oil heads for worst run since 2021 as traders discount US curbs Oil is heading for its longest losing run since 2021, as markets digested the US efforts to try and end the war in Ukraine and whether this would not impact overall supplies, alongside Trump's tariffs on India due to its purchase of Russian crude oil. Bloomberg News reports: Read more here. Oil is heading for its longest losing run since 2021, as markets digested the US efforts to try and end the war in Ukraine and whether this would not impact overall supplies, alongside Trump's tariffs on India due to its purchase of Russian crude oil. Bloomberg News reports: Read more here.
Yahoo
a minute ago
- Yahoo
Texas redistricting fight goes national as GOP, Dems prepare for more battles over future House maps
The battle over redistricting in Texas has been one of the biggest stories in politics over the past week. Republicans in the Lone Star State are hoping to approve new congressional maps that could secure the GOP five additional seats in the House of Representatives if they're in place in time for the 2026 midterms. That plan is stalled at the moment, however, because dozens of Democrats have fled the state in order to prevent the legislature from having enough representatives present to consider the proposal. Texas Gov. Greg Abbott has threatened to have the absent Democrats arrested or remove them from office, but so far, they have remained committed to staying away. The partisan battle over redistricting that started in Texas has quickly spread across the country. Republicans are eyeing other red states where they might be able to collect a few additional seats with new maps. Blue-state Democrats have promised to counterbalance any gains the GOP makes by redrawing the lines in their own states. Here's a breakdown of where things stand in states other than Texas that are considering redistricting and what it might mean if those plans become a reality. Republican targets Ohio Potential swing: Two or three more seats for Republicans Where things stand: Unlike most states, Ohio is obligated to redraw its congressional districts because of unique laws in the state. Republicans already hold 10 of the state's 15 seats in the House, but the experts say they could pick up at least two more by targeting Democratic districts in Akron and Toledo. Some Republicans reportedly have eyes on a third seat in Cincinnati, but state laws could make that a trickier task, according to the Columbus Dispatch. Ohio has until Nov. 30 to approve its new map if it's going to be in use for the 2026 midterms, but there are important procedural deadlines before then that could limit how dramatically the GOP is able to redraw the state's congressional lines. Missouri Potential swing: One additional seat for Republicans Where things stand: Though they haven't officially started the process yet, Republicans in Missouri appear open to redrawing the state's congressional maps. Currently, the GOP holds six of the eight seats in the state. Only one of the remaining districts, centered in Kansas City, seems to be in play. The other Democrat-led district covers St. Louis, an overwhelmingly blue city that would be very difficult to break up into multiple districts because of protections in the Voting Rights Act. Indiana Potential swing: One or two more seats to Republicans Where things stand: Vice President JD Vance traveled to Indianapolis on Thursday to urge Republican Gov. Mike Braun and state legislative leaders to move forward with redistricting. Braun has not publicly committed to redrawing the state's district lines, telling reporters only that he and other GOP leaders had listened to Vance's pitch. Even if Republicans do get fully on board, there's only so much that the GOP can gain in the Hoosier State. They already control seven of the state's nine congressional districts. Both of the remaining districts have a dense Democratic voter base. One of them, which includes a number of Chicago suburbs, could be made more favorable to Republicans with some changes to district lines around the edges, experts told CNN. Flipping the other one would be a much harder task. Incumbent Democrat Andre Carson won that seat, which includes most of Indianapolis, by 40 points in last year's elections. Florida Potential swing: Three additional seats for Republicans Where things stand: The GOP speaker of Florida's House of Representatives announced Thursday that he's forming a select committee to look into redrawing the state's congressional districts with the backing of Republican Gov. Ron DeSantis. Republicans hold 20 of Florida's 28 congressional seats, in part because of a map DeSantis signed into law three years ago that flipped four blue seats to red. Republicans are reportedly eyeing three districts in South Florida, a region that has been steadily shifting toward the GOP in recent years, as their primary targets for increasing their representation in Congress. State laws could complicate their efforts, though. An amendment added to the Florida Constitution in 2010 prohibits lawmakers from drawing districts for partisan gain or in a way that deliberately diminishes the voting power of minorities. Democrat targets California Potential swing: Up to five additional seats for Democrats Where things stand: California Gov. Gavin Newsom has pledged to 'fight fire with fire' and push to redraw his state's maps if Texas goes through with its redistricting plan. Democrats currently hold 43 of California's 52 congressional seats. Newsom shared a map on social media that theoretically could turn the entire state blue, but reports suggest that a draft plan under consideration by state lawmakers would match Texas Republicans by flipping five seats to their favor. Under current law, California's congressional map is drawn by a nonpartisan independent committee. Voters would have to approve any proposal to give that power back to the state Legislature. Newsom has said he's willing to call a special election to put the issue on the ballot, but only if Texas passes its new map first. New York Potential swing: Unclear Where things stand: New York Gov. Kathy Hochul has been equally adamant that her state should redraw its maps to counter the GOP's moves in Texas and elsewhere. Democrats currently hold 19 of the state's 26 congressional seats. Though analysts say there are ways Democrats could manipulate the map in their favor, so far it's uncertain how they might do that or how many seats they'd attempt to flip. Like California, Hochul's state's districts are drawn by an independent commission. But New York's laws would require a much lengthier process to give that ability back to lawmakers, making it highly unlikely that the new maps would be in place in time for next year's midterms. Illinois Potential swing: Unclear Where things stand: Illinois Gov. J.B. Pritzker has been one of the most prominent faces in the Texas redistricting battle because of his support for Democrats in their effort to block Republicans from approving their new map. Pritzker has said that redistricting in his own state is 'on the table.' Unlike in California and New York, lawmakers in Illinois do have the power to redraw maps on their own. But the GOP only holds three of the state's 17 congressional seats under current district lines, which are among the most heavily gerrymandered in the country, according to rankings by 538. That could make it hard for Democrats to draw up maps that gain them any additional seats. Maryland Potential swing: One additional seat for Democrats Where things stand: The Democratic leader of Maryland's House of Delegates has proposed a bill that would trigger new maps if any other state redistricts outside of the normal 10-year cycle. The problem for Democrats, though, is that they already hold seven of Maryland's eight congressional seats. Turning that lone red district blue could be difficult because any new map would have to navigate around Chesapeake Bay to connect Democratic areas in the west to the Republican-dense areas in the east.
Time Magazine
2 minutes ago
- Time Magazine
Trump Deploys Federal Officers in D.C.—Even As Crime Falls
President Donald Trump is increasing the presence of federal law enforcement officers in Washington, D.C., in what the White House described as an effort to 'make D.C. safe again,' even as data show that violent crime in the nation's capital is down significantly. The White House on Thursday announced the deployment of federal officers for at least a week, saying after seven days it may 'extend' the operation 'as needed.' 'Washington, DC is an amazing city, but it has been plagued by violent crime for far too long,' White House press secretary Karoline Leavitt said in a statement to news outlets. 'President Trump has directed an increased presence of federal law enforcement to protect innocent citizens. Starting tonight, there will be no safe harbor for violent criminals in D.C.' The move came after Trump decried what he called 'totally out of control' crime in D.C. and threatened to federalize the city, following news that a Department of Government Efficiency staffer was assaulted during an attempted carjacking. 'We have a capital that's very unsafe,' the President said to reporters earlier this week. 'We have to run D.C.' According to city police data last updated Friday, however, violent crime in D.C. is down by 26% so far this year compared to 2024. And in January, the U.S. Attorney's Office for the District of Columbia said that, last year, total violent crime in D.C. fell to 'the lowest it has been in over 30 years.' D.C., which has a heavily Democratic population and has consistently voted both for Democratic mayors and presidential tickets for decades, has frequently attracted criticism from Trump and other Republican politicians. Some other GOP lawmakers have pushed to establish federal control over the city, which was granted a greater degree of self-governance under the District of Columbia Home Rule Act of 1973, but is still subject to congressional oversight and legislative review. Personnel from various agencies will be involved in the federal law enforcement operation directed by the President, including U.S. Capitol Police, Homeland Security Investigations, and the Drug Enforcement Administration, among others, according to The Associated Press. The increased officer presence will be focused on 'high traffic tourist areas,' POLITICO reported. The Bureau of Alcohol, Tobacco and Firearms' Washington Field Division said in a post on X early Friday morning that its agents were 'out ensuring that the residents of the District of Columbia are safer this evening,' along with federal law enforcement partners. It mentioned several other federal agency accounts, including from the U.S. Park Police, Immigration and Customs Enforcement, the FBI, and the U.S. Marshals. Eleanor Holmes Norton, D.C.'s non-voting representative in Congress, criticized the move to increase federal law enforcement in D.C. in a statement to news outlets. 'Sending in the FBI, DEA, Homeland Security officers and others throughout the District in response to an assault where the existing police presence was sufficient to catch two assailants as they were leaving the scene is a disproportionate overreaction that's offensive to D.C.,' Norton said. 'Moreover, this needless escalation will heighten tensions and potentially make D.C., which achieved its lowest violent crime rate in 30 years in 2024, less safe.'
