Wall street investors react to Trump-Powell squabble
CNN's Erin Burnett talks with Dan Ives and Peter Tuchman about the awkward moment between President Donald Trump and Federal Reserve Chair Jerome Powell during their tour of the Fed's $2.5 billion renovation project.
02:12 - Source: CNN
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'This is a soap opera': 'Einstein' & 'Ives' react to Trump-Powell squabble
CNN's Erin Burnett talks with Dan Ives and Peter Tuchman about the awkward moment between President Donald Trump and Federal Reserve Chair Jerome Powell during their tour of the Fed's $2.5 billion renovation project.
02:12 - Source: CNN
Macron says France will recognize a Palestinian state
French President Emmanuel Macron said France will recognize a Palestinian state in an announcement to the United Nations General Assembly in September. Israeli Prime Minister Benjamin Netanyahu has condemned the decision saying it 'rewards terror and risks creating another Iranian proxy, just as Gaza became.'
00:48 - Source: CNN
How Hulk Hogan's historic lawsuit changed the face of media
CNN's Chief Media Analyst Brian Stelter breaks down how a lawsuit brought by Hulk Hogan against the blog Gawker forever changed the media industry. The case, which was filed after Gawker published Hogan's sex tape, set the stage for a slew of A-list celebrities filing blockbuster lawsuits against media companies.
02:04 - Source: CNN
Before and after photos show Trump's redesign of Rose Garden
Before and after photos show the dramatic changes the Trump administration is making to the White House Rose Garden, including paving over the lawn. The garden has undergone several renovations since its creation by First Lady Ellen Wilson in 1913.
00:59 - Source: CNN
Scientist unexpectedly finds shark devouring another shark
Wildlife biologist Forrest Galante came across a rare instance of female spotted wobbegong devouring a young male shark in New South Wales, Australia. Discovery and CNN share a corporate parent, Warner Bros. Discovery. Catch Shark Week on Discovery all week long.
01:22 - Source: CNN
All five acquitted in Hockey Canada sexual assault trial
Within minutes of starting to read her verdict, the words of Justice Maria Carroccia resonated across Canada as she bluntly assessed that, 'I do not find the evidence of E.M. to be either credible or reliable.' Five professional hockey players -- Michael McLeod, Cal Foote, Carter Hart, Dillon Dube and Alex Formenton -- were all acquitted on Thursday, according to the Associated Press, on charges of sexual assault in connection with a June 2018 incident at a hotel room in London, Ontario, when they were members of the country's World Juniors hockey team.
01:19 - Source: CNN
Palestinian Authority Prime Minister slams Israel for hunger crisis
In an exclusive interview with CNN's Christiane Amanpour, Palestinian Authority Prime Minister Mohammad Mustafa reacts to Israeli government spokesperson David Mencer's assertion that 'there is no famine caused by Israel.' The government has denied responsibility and accuses Hamas of 'engineering' food shortages.
01:21 - Source: CNN
Controversy over the Fed's renovation, explained
The White House has seized on the Federal Reserve's $2.5 billion construction project as a potential legal opening to oust Fed Chair Jerome Powell. The renovation has become a new line of attack from President Trump, who has railed against Powell for not lowering interest rates enough.
02:18 - Source: CNN
Trump and Powell clash over renovation costs at Federal Reserve
President Donald Trump had an awkward exchange with Fed Chair Jerome Powell over the price of the Federal Reserve's $2.5 billion renovation.
00:49 - Source: CNN
Detainees released from mega-prison CECOT
An estimated 252 Venezuelans who had been imprisoned at the CECOT prison in March were released and returned to their home country in exchange for 10 US nationals and dozens of Venezuelan political prisoners, US officials said. Detainees celebrated their arrival home but also spoke about the conditions they faced - causing the Venezuelan government to open a formal investigation into several Salvadoran officials, including President Nayib Bukele, over the alleged abuse of Venezuelan migrants deported from the US.
01:42 - Source: CNN
Anne Burrell's death ruled a suicide
Anne Burrell, who was best known as one of the Food Network's most popular stars, has died. Her death has been ruled a suicide. Burrell appeared on 'Worst Cooks in America,' 'Iron Chef America,' 'Chef Wanted with Anne Burrell' and 'The Best Thing I Ever Ate,' among many others.
00:24 - Source: CNN
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Axios
2 hours ago
- Axios
Trump team rethinks Gaza strategy after six months of failure
"We need to do some serious rethinking," a visibly frustrated Secretary of State Marco Rubio told a group of hostage families on Friday after the latest round of Gaza talks broke down, two people who attended the meeting tell Axios. The big picture: Six months into his presidency, President Trump is no closer to ending the war in Gaza. The humanitarian crisis is worse than ever, negotiations are deadlocked, and the U.S. and Israel are increasingly isolated internationally. Trump campaigned on ending the war and bringing the hostages home. As it drags on, and images of starving Palestinians are shared all over the world, cracks are emerging in the MAGA base over Trump's support for Israeli Prime Minister Benjamin Netanyahu's maximalist war strategy. The breakdown in ceasefire talks — which came after Hamas didn't accept the latest ceasefire terms and Israel withdrew its negotiators in protest — could be a turning point for the administration's policy. Driving the news: Trump signaled Friday that it's time for Israel to further escalate the war to "get rid" of Hamas and "finish the job." Israeli officials weren't sure whether that was a negotiating tactic or a genuine change of course from Trump — a "green light" for Netanyahu to use even more extreme military measures. "It's terrible what happened with Hamas. Tapping everybody along. We'll see what happens. We'll see what response Israel has to that. But it is getting to be that time," Trump told reporters after landing in Scotland on Friday. Behind the scenes: While meeting with hostage families at the State Department Friday, Rubio said several times that the administration needed to "rethink" its strategy on Gaza and "come to the president with new options," according to the sources. Zoom in: Over the past six months, Trump has given Netanyahu an almost free hand to do whatever he wants in Gaza — from military operations, to hostage negotiations, to the distribution of humanitarian aid. While White House officials say Trump is genuinely disturbed by the killing of Palestinians and wants the war to end, he has applied virtually no pressure on Netanyahu to end it in the last few months, according to Israeli officials. "In most calls and meetings Trump told Bibi, 'Do what you have to do in Gaza.' In some cases he even encouraged Netanyahu to go harder on Hamas," one Israeli official told Axios. The other side: Netanyahu accused the Biden administration of holding Israel back, including by limiting some arms deliveries. He claimed that once Trump took office and Israel installed a new military chief, he would finally be liberated to defeat Hamas. In private, he even put a timetable on it: three months. Trump gave Israel the 2,000-pound bombs Biden wouldn't send, along with many more weapons, and ceased any public criticism over the killing of Palestinian civilians. But the results of Israel's military operations over the last six months aren't much different than before — the Israel Defense Forces have systematically destroyed more and more of Gaza, killing thousands of Palestinians in the process, but Hamas has not been eliminated. Flashback: Trump and his envoy Steve Witkoff had a big role in reaching a ceasefire and hostage deal in January, days before the inauguration. But they allowed Netanyahu to violate that deal by not negotiating seriously on its next phase. Israel resumed the war unilaterally in March. Rubio noted in Friday's meeting that neither he nor Trump had ever liked the incremental format of the Biden-era deal, with short-term truces in exchange for the release of some hostages. A State Department official with details of the meeting said that while Rubio did indicate he did not believe the incremental approach was sustainable in the long term, both he and Trump recognized it had to be handled that way in January. Between the lines: Netanyahu preferred that format for domestic political reasons, so as not to have to commit to ending the war. Despite his reservations, Trump endorsed it during the ensuing rounds of talks, which thus far have all failed. The only exception to that failure was when Trump bypassed Netanyahu to secure the release of U.S. citizen Edan Alexander. Rubio made clear in the meeting on Friday that he still doesn't think the incremental approach is the right one and hinted that it might be time to explore a more comprehensive approach to end the war and free all the remaining hostages, according to sources in the room. Zoom out: Trump was one of the first world leaders to warn publicly that Palestinians were starving in Gaza, but he has also been far less critical than his predecessor of Israel's policies to limit the entry of aid. Trump endorsed the Israeli-backed Gaza Humanitarian Foundation (GHF), an effort to deliver aid in Gaza through a private U.S. company and not through the UN in an effort to ensure Hamas couldn't commandeer it. While the GHF did manage to get food to some of the population in Gaza, hundreds of Palestinians have been killed while making their way to the aid centers. State of play: The humanitarian situation in Gaza is at its worst point since the beginning of the war 20 months ago, with 122 Palestinians dying of starvation in recent weeks, according to the health ministry in Hamas-controlled Gaza. The Palestinian death toll since the war began stands near 60,000. Nearly all Western leaders have been urging Israel with increasing desperation to stop the fighting and allow in more aid — making Trump's "finish the job" message all the more jarring by contrast. "The humanitarian catastrophe that we are witnessing in Gaza must end now," France, Germany and the U.K. said in a joint statement Friday. "Withholding essential humanitarian assistance to the civilian population is unacceptable." The bottom line: Israel and the U.S. are together on a diplomatic island, seen by many of their allies as jointly responsible for the dire situation.
American Military News
2 hours ago
- American Military News
At Least 6 Dead In Militant Attack On Courthouse In Southeast Iran
This article was originally published by Radio Free Europe/Radio Liberty and is reprinted with permission. At least six people were killed and 22 injured after three Jaish al-Adl militants attacked a courthouse in Zahedan, the capital of the restive province of Sistan-Baluchistan in southeast Iran. The Iranian judiciary in a statement on July 26 called the assault a 'terrorist attack.' Jaish al-Adl, a Baluch separatist militant group that is believed to be operating out of neighboring Pakistan, claimed the attack in a statement on its Telegram channel. The group warned the judiciary's personnel that Sistan-Baluchistan is 'no longer a safe place' for them. Iranian media said all three attackers were killed in the attack. This marks the militant group's deadliest attack in Iran since October 2024, when Jaish al-Adl militants ambushed a police convoy, killing 10 officers. Jaish al-Adl, which is designated as a terrorist group by both Iran and the United States, has repeatedly clashed with security forces and Iranian border guards in Sistan-Baluchistan Province, at times taking them hostage or killing them. Members of the Baluch minority, many of whom are Sunni Muslims in Shi'ite-majority Iran, have long faced disproportionate discrimination and violence at the hands of the authorities. The area has also long been a key transit route for narcotics smuggled from Afghanistan to the West and beyond.
Forbes
2 hours ago
- Forbes
If Trump Fires Powell, You'll Want Own This 8.4% Dividend
WASHINGTON, DC - NOVEMBER 02: (L to R) U.S. President Donald Trump looks on as his nominee for the ... More chairman of the Federal Reserve Jerome Powell takes to the podium during a press event in the Rose Garden at the White House, November 2, 2017 in Washington, DC. Current Federal Reserve chair Janet Yellen's term expires in February. (Photo by) Fire Powell? Keep him around? The question never seems to go away—and the markets, fueled by the so-called 'TACO' trade ('Trump always chickens out,' as the acronym goes), are shrugging it all off. But what if Trump calls Wall Street's bluff? Luckily, there are not one but three ways for us to hedge ourselves from the 'TACO trade' going cold. Below, we'll look at all three and I'll name my favorite of this trio. Plus we'll grab ourselves tidy dividends of 7%+, too. Fire Powell? He's Been On His Way Out (or Not!) for Months If you're experiencing déjà vu, it's because this same story happened back in April, and it sent stocks plunging back then. This latest time, however, it's had little impact at all. But why would stocks sell off based on Powell's firing in the first place? It's because of the Federal Reserve's independence. Its operation of the country's banking and financial system without intervention from the executive branch has been a mainstay since the central bank's creation a century ago. And Wall Street wants things to stay that way. So, can we march forward into the future without worrying that Powell will be replaced and a new Fed chair will be inserted who bows to political pressure? This, after all, could increase the odds that interest rates will be cut too much—as low rates are popular—potentially goosing inflation in the process. In the long term, yes—the chances of a 'new normal,' where the Fed just does what the president says, are basically zero. But in the short term, a selloff driven by this risk is a distinct possibility. That's because, over the last few weeks, markets have become increasingly complacent, and stocks have gone from volatile to solidly positive. As I write this, the S&P 500 is up 7.8% for 2025, which is about where it should be, in my view. And I expect it to end 2025 higher still. But the VIX, the market's 'fear gauge,' soared in April, slowly fell back down, and is now a bit lower than where it started the year. In other words, the markets are now saying that stocks are less risky than they were at the start of 2025—even after all the talk about tariffs firing Powell, neither of which have fully gone away. Why? Because now the markets are banking on the TACO trade: If Trump keeps 'chickening out,' as the acronym goes, he can be easily ignored. However, this is, paradoxically, a risk. Whatever your politics, it's undeniable that Trump follows the equity markets and responds to them. Stocks recovered only after Trump backed off on the tariffs in April, which he did only after stocks fell. Stock market performance clearly matters a lot to Trump. As a result, we're in a weird situation where a continued stock rally could encourage Trump to reverse moves that caused the market to tumble in the past. That would likely cause another drop, which could then prompt Trump to reverse course. As of now, stocks are simply jumping to the last step, rising on the assumption Trump will always back off. Which, ironically, gives him exactly the room he needs to do things that will cause stocks to fall, like firing Powell, for example. It's all a bit exhausting! But this is where those funds I mentioned earlier come in. How We're Hedging Against Volatility for an 8.4% Dividend (at 11% Off) Right now, volatility itself is low, and that means any kind of 'insurance' on the market hitting another storm is cheaper than normal. The 'insurance' I want to tell you about today comes in the form of closed-end funds (CEFs) that buy or sell options on the stocks they hold. Under this strategy, these funds charge a fee, called a 'premium,' to option traders for the right to buy the stocks in their portfolios at a fixed date and price in the future. They then use the premiums they collect to fund their dividends, which, as we'll see shortly, are well north of 7%. This strategy works best in volatile markets—which means today's lower volatility has put many of our favorite covered-call funds on sale. The three 'go-to' covered-call CEFs out there are the Nuveen Dow 30 Dynamic Overwrite Fund (DIAX), which, as the name says, holds the stocks in the Dow Jones Industrial Average; the S&P 500–focused Nuveen S&P 500 Dynamic Overwrite Fund (SPXX); and the Nuveen NASDAQ 100 Dynamic Overwrite Fund (QQQX). Between them, they provide broad exposure to the biggest companies in America, like Visa (V), (AMZN) and NVIDIA (NVDA). In other words, many of the same names you'd get if you bought an index fund. But with this trio, we're getting much higher yields than any index fund pays. And second, unlike ETFs, CEFs (including these three) can trade at a 'discount to NAV,' or net asset value. That's another way of saying we can buy shares of their portfolios for less than they're actually worth. Covered Call CEFs QQQX tends to be my favorite of these because it often yields the most and has the highest discount. But right now, it yields essentially the same as DIAX, while DIAX offers a much wider discount. That makes DIAX the best buy of the lot today. SPXX, with its 7.5% yield, isn't generous enough with its dividend, and its discount of 1.3% is almost nonexistent. So if you want to stay in stocks (or stock-focused funds—which we do!) and hedge for future volatility, DIAX is the way to go. Consider also this chart. DIAX Lags On a NAV basis (or going by the performance of its underlying portfolio), DIAX (in purple above) was pretty closely matching its underlying Dow Jones Industrial Average index (in orange) until late April, when a sudden drop in volatility caused DIAX's portfolio to underperform, and its underperformance has widened since. That's an opportunity for a contrarian pickup, especially given the fund's unusually large discount. DIAX Discount to NAV Back in 2022, when volatility was peaking, DIAX saw a flurry of demand. But as stocks have recovered, more money has flowed to alternatives, setting this fund's discount roughly between 11% and 13%, where it's been for over a year now. That's unusual for DIAX, whose average discount has been 6.7% over the last decade. That makes DIAX a timely contrarian play on a rise in volatility, since its covered-call strategy makes it rise as markets get more skittish—and investors look for more 'insurance' from the next big plunge. Michael Foster is the Lead Research Analyst for Contrarian Outlook. For more great income ideas, click here for our latest report 'Indestructible Income: 5 Bargain Funds with Steady 10% Dividends.' Disclosure: none
