Wall Street opens higher following Friday's dramatic selloff
The Dow Jones Industrial Average (.DJI), opens new tab rose 135.4 points, or 0.31%, at the open to 43724.02. The S&P 500 (.SPX), opens new tab rose 33.7 points, or 0.54%, to 6271.71, while the Nasdaq Composite (.IXIC), opens new tab rose 203.8 points, or 0.99%, to 20853.907.
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Reuters
15 minutes ago
- Reuters
Exclusive: Trump administration to formally axe Elon Musk's 'five things' email
WASHINGTON, Aug 5 (Reuters) - The Trump administration plans as soon as Tuesday to formally axe a program launched by billionaire former Trump adviser Elon Musk requiring federal employees to summarize their five workplace achievements from the prior week, two people familiar with the matter said. The Office of Personnel Management, the federal human resources agency that implemented Musk's push to slash the federal workforce, plans to announce the end of the "five things" email to HR representatives across the federal government later on Tuesday, the two people said, declining to be named because the matter was not public. While many federal agencies had already phased out compliance with the weekly email, the move, not previously reported, signals the Trump administration is turning the page on one of Musk's most unpopular initiatives following a dramatic row between the two men in early June. The White House and OPM did not immediately respond to requests for comment. Musk, who spent over a quarter of a billion dollars to help Trump win November's presidential election, led the Department of Government Efficiency's efforts to slash the budget and cut the federal workforce until his departure in May to refocus on his tech empire. Musk initially received a warm White House sendoff from Trump, but then incurred the president's wrath by describing Trump's tax cut and spending bill as an abomination. Trump pulled the nomination of Musk ally and tech entrepreneur Jared Isaacman to lead NASA and later threatened to cancel billions of dollars worth of federal contracts with Musk's companies after the blowup between the two men. The "five things" email, launched by Musk in February to boost accountability, sparked tensions with department chiefs who were blindsided by the weekend email mandating the move. It also fueled confusion among government workers who received mixed messages about whether and how to comply. Reuters reported in March that the White House installed two Trump loyalists at OPM to ensure better policy coordination between the White House and the agency. Scott Kupor, a venture capitalist who took the helm at OPM in July, foreshadowed the end of the initiative last month, describing processing of the weekly response emails as "very manual" and "not efficient." It is "something that we should look at and see, like, are we getting the value out of it that at least the people who put it in place thought they were," he said.
Telegraph
17 minutes ago
- Telegraph
Trump threatens 250pc tariffs on drug imports
The president was also critical of India after the country's foreign ministry accused the US and the EU of double standards on buying Russian oil. The US is due to impose 25pc tariffs on imports from India but Trump threatened to lift this further in his latest escalation. 'We settled on 25pc but I think I'm going to raise that very substantially over the next 24 hours because they are buying Russian oil, they are fuelling the war machine, and if they're going do that I'm not going to be happy,' he said, adding that India had 'not been a good trading partner'. 'The sticking point with India is that tariffs are too high ... They will give us zero tariffs and they're going to let us go in but that's not good enough because of what they are doing with oil.' Mr Trump also renewed his attacks on Jerome Powell, the chairman of the Federal Reserve, and repeated his calls for the central bank to cut interest rates. 'Jay Powell is highly political and I call him ... Too Late Jerome, Too Late Powell,' he said. Mr Trump added that Scott Bessent, the US treasury secretary, 'does not want' to be chairman of the Federal Reserve but said that there were four others in the running for the position. Mr Powell's term as chairman of the Federal Reserve ends in May 2026.
Reuters
17 minutes ago
- Reuters
US criticizes use of AI to set personalized airline tickets, would investigate
Aug 5 (Reuters) - U.S. Transportation Secretary Sean Duffy said Tuesday the department has concerns about the use of AI to set personalized airline ticket prices and will investigate if anyone does so. Last week, Delta Air Lines (DAL.N), opens new tab told lawmakers it will not use AI to set prices for individual consumers. "To try to individualize pricing on seats based on how much you make or don't make or who you are, I can guarantee you that we will investigate if anyone does that," Duffy said. "We would engage very strongly if any company tries to use AI to individually price their seating."
