
Global shares mostly down as Trump's tariff deadline looms
The S&P 500 was 0.3% lower as trading resumed in the U.S. following a holiday-shortened week. The benchmark index remained near its all-time high set last week.
The Dow Jones Industrial Average was down 96 points, or 0.2%, as of 9:54 a.m. Eastern time, and the Nasdaq composite was 0.5% lower.
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4 U.S. stocks are lower in early trading Monday as the Trump administration steps up pressure on trading partners to make deals before the upcoming deadline, according to reports.
John Angelillo/UPI/Shutterstock
Bond yields were mixed. The yield on the 10-year Treasury rose to 4.37% from 4.34% late Thursday.
Tesla tumbled 7.9% for the biggest drop among S&P 500 stocks as the feud between CEO Elon Musk and President Donald Trump reignited over the weekend. Musk, once a top donor and ally of Trump, said he would form a third political party in protest over the Republicans' spending bill that passed last week.
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The Trump administration planned to start sending letters as early as Monday, warning countries that higher tariffs could kick in Aug. 1. President Trump and his top trade advisers said over the weekend that the president could extend the tariff deadline if countries were making concessions and negotiating in good faith.
The near-term outlook will likely hinge on several key factors like the extent to which trading partners are included in Trump letters, the rate of tariffs, and the effective date of such tariffs, according to analysts at Nomura.
4 Nasdaq's composite was 0.5% lower, according to reports.
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4 The S&P 500 was 0.3% lower as trading resumed in the U.S. following a holiday-shortened week.
REUTERS
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Most of the sectors in the S&P 500 index were in the red, led by technology and consumer-related stocks.
Oracle fell 2.5% and Chipotle Mexican Grill was down 2.2%.
Molina Healthcare tumbled 6% after the insurer lowered its profit guidance due to rapidly accelerating costs. UnitedHealth Group also recently reported a spike in costs that forced it to cut its forecast, sending its stock tumbling in April.
4 The Trump administration planned to start sending letters as early as Monday, warning countries that higher tariffs could kick in Aug. 1.
REUTERS
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The downbeat start to the week follows a strong run for stocks, which pushed further into record heights last week after a better-than-expected U.S. jobs report.
Oil prices fluctuated after OPEC+ agreed on Saturday to raise production in August by 548,000 barrels per day.
U.S. benchmark crude was up 0.5%, while Brent crude, the international standard, was up 1%.
Stock indexes in Europe were mostly higher. Asian markets closed mostly lower.
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Politico
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- Politico
These Voters Were Overlooked. Then They Helped Mamdani Win.
Nor does having a South Asian candidate guarantee support from South Asian voters. Some Indian American groups in the greater New York region opposed Mamdani, running ads on trucks and airplane banners claiming the mayoral candidate had an 'extremist agenda and history of hateful rhetoric' — a reflection of rising Hindu nationalism in India. And, as the writer Yashica Dutta reported before the primary, some South Asians did not seem to be on board with, or even know, the Uganda-born Mamdani, the son of a Muslim father and a Hindu mother. Even so, in June, as primary voting maps show, those same South Asian areas in Queens and Brooklyn that had lost Democratic support and shifted towards Trump in 2024 went decisively for Mamdani. According to an internal analysis of voting data shared with POLITICO Magazine by a political strategist who was granted anonymity because they were not authorized to speak with the media, South Asian turnout increased by 12 percent between the 2021 mayoral primary and this year's race in 13 assembly districts with a significant share of South Asians. This increase was driven primarily by Bangladeshis and to a lesser extent, Pakistanis — mainly in Queens and Brooklyn. First-time voters over 45 years old increased by over 6 percent across these 13 districts. The lion's share of this increased South Asian vote went to Mamdani, despite the gross imbalance in campaign funding between him and Cuomo and the latter's dynastic bona fides. A November 2024 video Mamdani posted on social media contains clues about how Mamdani went from polling at 1 percent shortly after launching his campaign to comfortably winning the primary. In it, Mamdani did interviews with Trump voters, many of whom appeared to be working-class South Asians, asking them why they voted for Trump and what it would take for them to switch back to the Democratic Party. Then he told them about his campaign. The video captures the mix of tactics that may have led to Mamdani's ultimate success: He went directly to these voters, asked them what they needed, and told them he could deliver it. He then made what he heard — in particular, concerns about affordability — the heart of his campaign, amplifying it consistently through savvy social media videos in South Asian languages and an aggressive field campaign staffed with South Asian faces. Conventional wisdom has dictated that targeting 'triple prime voters'— those who have voted in at least three previous primaries — is the winning electoral strategy. But Mamdani's campaign decided to target 'low propensity' voters — those who have been disconnected from electoral politics. 'He went after them full throttle and it paid off rather handsomely,' said Lange.


CBS News
a minute ago
- CBS News
Vought won't rule out more rescissions funding cuts before September
Office of Management and Budget Director Russell Vought said his office is considering more options to claw back funding approved by Congress and isn't ruling out sending more bills to lawmakers with further cuts before September. Vought confirmed on CBS News' "Face the Nation with Margaret Brennan" Sunday that "we are looking to do [a] rescissions package" to take back some funding from the Education Department. A rescissions bill is the president's request to rescind funding already appropriated by Congress. Last week, President Trump signed a bill clawing back foreign aid, NPR and PBS funding, becoming the first president in decades to receive approval for such a measure. "We're thrilled that we had the first rescissions package in decades, and we've got the process moving again," Vought said of the $10 billion clawback. Asked to confirm there'd be no rescissions package before September, as Congress attempts to fund the government and head off a shutdown, Vought responded, "Not here to say that. We're looking at all of our options, we will look at it and assess where the Hill is, what are the particular funding opportunities that we have?" Asked about National Institutes of Health funding for research into heart disease and cancer that has yet to be released, Vought replied, "We're going through the same process with the NIH that we did with the education." He alleged NIH had wasted funds, claiming "$2 million for injecting dogs with cocaine that the NIH spent money on, $75,000 for Harvard to study blowing lizards off of trees with leaf blowers." He vowed to go "line by line to make sure the NIH is funded properly" and said funding would be released "when we are done with that review." Vought's use of rescissions measures to amend government spending is seen by Democrats and some Republicans as a backdoor method of infringing on Congress' constitutional power of the purse. "Rescissions is just a Washington name for double cross," Democratic Sen. Chris Van Hollen of Maryland, also on "Face the Nation," said after Vought's interview on the program. "They support one thing one day — the president even signs off — and then they come back and say they change their mind." But the OMB director argued, "We have the ability and the executive tools to fund less than what Congress appropriated" under the Impoundment Control Act, which enables the president to delay spending funds appropriated by Congress, and he didn't rule out a legal battle over the executive branch's authority to revise lawmakers' spending downward, if it "could find waste" by an agency. Vought has also caused GOP Senate Majority Leader John Thune some headaches with a comment he made Thursday suggesting the appropriations process must be "less bipartisan." But this put Thune in a bind as he oversees negotiations to avoid a government shutdown in October, since Republicans hold a slim majority of 53 - 47 in the Senate, and most legislation must reach a 60-vote threshold. "It's going to take 60 to fund the government," Thune said in response to Vought's remark, and he added, "we plan to move [appropriations] bills that will have cooperation from the Democrats." Van Hollen said it was ironic that Vought is "calling for these deep cuts to education, NIH, when he has asked for an increase for his OMB budget." And referring to reduction-in-force — or RIF — staff cuts the administration wants across the government, Van Hollen added, "He asked for a 13% increase for his OMB budget. He's asked for more people to join the OMB staff while he's talking about RIF-ing people at other departments." The Maryland senator said that Democratic senators, as they negotiate funding government operations, are "asking for four Republican senators just to publicly declare that when they say they're gonna fund the Veterans Affairs Department, that they actually mean it."


Business Upturn
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NEW YORK, July 27, 2025 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Vera Bradley, Inc. (NASDAQ: VRA) resulting from allegations that Vera Bradley may have issued materially misleading business information to the investing public. SO WHAT: If you purchased Vera Bradley securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses. WHAT TO DO NEXT: To join the prospective class action, go to or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. WHAT IS THIS ABOUT: On June 11, 2025, Vera Bradley announced its financial results for the first quarter of the 2026 fiscal year. Commenting on the results, Vera Bradley's CEO stated that '[o]ur first quarter results were disappointing as top line and profitability trends from the previous several quarters continued.' On this news, Vera Bradley's stock fell 19% on June 11, 2025. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. Follow us for updates on LinkedIn: on Twitter: or on Facebook: Attorney Advertising. Prior results do not guarantee a similar outcome. ——————————- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 [email protected]