SNAP cuts could affect tens of thousands of Arizonans
Why it matters: The One Big Beautiful Bill Act marks a historic cut to the social safety net that Republicans claim weeds out waste, fraud and abuse. But experts say the restructuring of assistance programs could leave more people hungry.
The big picture: The bill imposes new work requirements on the Supplemental Nutrition Assistance Program (SNAP), the country's largest nutrition assistance program, often referred to as food stamps.
It also forces states to shoulder more benefit costs, which were 100% federally funded, though states share administrative expenses.
Zoom in: Nearly 897,000 Arizonans — 11.8% of the state's population — received SNAP benefits in March, USDA estimates.
How it works: To keep SNAP benefits, parents of children 14 or older will have to meet work requirements.
Work requirements now also apply to able-bodied adults up to 64 years old, having previously only applied to those ages 18-54.
The law also forces states with SNAP payment error rates of at least 6% to cover 5% to 15% of benefit costs starting in fiscal year 2028. Arizona's rate last year was a little under 9%, per the U.S. Department of Agriculture (USDA), which would require a 10% cost share from the state.
And starting in fiscal year 2027, states' share of SNAP administrative costs increases from 50% to 75%.
Zoom out: More than 42 million Americans participated in SNAP as of March, per initial USDA data.
According to a CBPP analysis of FY 2024 USDA data, over 62% of SNAP participants are families with children, and more than 38% are working families.
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18 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq mixed as Wall Street eyes earnings, trade tensions
US stocks wavered on Tuesday as investors digested the latest wave of corporate earnings and various tariff updates. The benchmark S&P 500 (^GSPC) slid 0.2%, while the blue-chip Dow Jones Industrial Average (^DJI) rose about 0.1%. The Nasdaq Composite (^IXIC) was down around 0.3%. Palantir (PLTR) stock jumped about 7% in late morning trading after the company's earnings report beat expectations and revealed its revenue had topped $1 billion in a quarter for the first time. On Monday, stocks sharply rebounded after tanking on Friday in the aftermath of a number of market-shaking events, including a weak jobs report, fresh tariffs, new signs of rising prices, and President Trump's firing of the commissioner of the Bureau of Labor Statistics. Meanwhile, Trump continued to amp up pressure on trade Monday, threatening to hike tariffs on India. Separately, in a Tuesday morning interview with CNBC, Trump said pharmaceutical imports could see tariffs of up to 250%. Trump also ruled out Treasury Secretary Scott Bessent as a potential incoming Fed chair, but noted that Jerome Powell's successor could be named "soon." Read more: The latest on Trump's tariffs Wall Street is now focused on the continuation of earnings season. On Tuesday, AMD (AMD) and Rivian (RIVN) are set to report their results. McDonald's (MCD) and Disney (DIS) earnings land Wednesday. However, another trade blow looms later in the week, with Trump's latest iteration of global tariffs set to take effect. AI is the clear risk to the upside for the stock market in 2025 Another Wall Street strategist has boosted their year-end S&P 500 target. In a note to clients on Tuesday, HSBC head of equity strategy for the Americas Nicole Inui boosted her year-end S&P 500 target to 6,400 from 5,600. Inui also detailed a bull-case scenario in which an "AI fueled rally" brings the benchmark index to 7,000 by year-end and a bear-case scenario in which tariff impacts drag the S&P 500 down to 5,700. "We have more confidence in the sustainability of the AI trade than further easing on policy uncertainty," Inui wrote. In other words, the risks are more heavily weighted to the bull case outcome. This reveals a key takeaway from how Wall Street is talking about the potential path higher for an S&P 500 that's already near record highs. The bull case for stocks isn't backed by a call for US economic growth to suddenly inflect higher or interest rate cuts from the Federal Reserve to suddenly spark a broad market rally. As we wrote in Tuesday's Yahoo Finance Morning Brief newsletter, the bull case in stocks is still being driven by AI investment and its ability to push corporate profits higher. "For our bull case scenario to play out, tariff costs would shift mostly to the supplier having a negligible impact on US corporate profits," Inui wrote. "At the same time, AI adoption accelerates and starts to have a real impact on profitability through efficiency gains." Countries push for last-minute deals as Thursday tariff deadline looms Yahoo Finance's Ben Wersckul reports: Read more here. Hims & Hers stock slides 6% after second quarter revenue misses forecasts Yahoo Finance's Jake Conley reports: Read more here. PMI data points to 'encouragingly robust' economic activity to start the third quarter Activity in the services continued to expand during the month of July, according to two data releases on Tuesday morning. The Institute for Supply Management's (ISM) services PMI registered a reading of 50.1 in July, down from June's reading of 50.8, and below the 51.5 economists surveyed by Bloomberg had expected. Readings above 50 for this index indicate an expansion in activity, while readings below 50 indicate contraction. The manufacturing sector has been in contraction for most of the past two years. "July's PMI level continues to reflect slow growth, and survey respondents indicated that seasonal and weather factors had negative impacts on business," Steve Miller, the chair of the Institute for Supply Management Services Business Survey committee, said in the release. "The most common topic among survey panelists remained tariff-related impacts, with a noticeable increase in commodities listed as up in price." Elsewhere on Tuesday, S&P Global's composite PMI, which combines both activity in the services and manufacturing sectors, registered a reading of 55.1 in July, up from 52.9 the month prior. S&P Global chief business economist Chris Williamson said the data signals "encouragingly robust economic growth at the start of the third quarter." Williamson added that the July PMI data points to the US economy growing at a 2.5% annualized pace in the third quarter, above the 1.25% pace seen in the first half. Trump rules out Bessent as next Fed chair, says may name Powell replacement soon Yahoo Finance's Jennifer Schonberger and Myles Udland report: Read more here. Trending tickers in premarket trading: Pfizer, Palantir, Caterpillar Companies reporting earnings topped Yahoo Finance's trending tickers list on Tuesday. Here's a look at how they're trading 30 minutes before the opening bell: Read more live coverage of corporate earnings here. Palantir stock surges on Q2 beat and raise Palantir (PLTR) stock climbed 7% higher in premarket trading on Tuesday following the AI software company's blowout second quarter earnings report on Monday afternoon. Palantir's revenue topped $1 billion in a quarter for the first time as the company dodged government contract spending cuts and reported beat-and-raise results. Year to date, Palantir stock is up 112%. Yahoo Finance's Jake Conley reports: Read more here. Wall Street 2025 bonuses: Winners and losers so far Yahoo Finance's David Hollerith reports: Read more here. Good morning. Here's what's happening today. Economic data: S&P Global US Services PMI (July final) S&P Global US Composite, (July final); ISM services index (July) Earnings: AMD (AMD), BP (BP), Caterpillar (CAT), Duke Energy (DUK), Lucid Group (LCID), Opendoor (OPEN), Pfizer (PFE), Rivian (RIVN), Super Micro Computer (SMCI), Snap (SNAP), Upstart (UPST) Here are some of the biggest stories you may have missed overnight and early this morning: One key reason a slowing economy isn't shaking stock market bulls Wall Street 2025 bonuses: Winners and losers so far Big Tech is power-hungry, and America's aging grid can't keep up Pfizer beats in Q2 earnings, reaffirms 2025 outlook Trump's Fed pick could face resistance from colleagues on rates Intel struggles with key manufacturing process for next chip EU says it expects turbulence in trade relations with US Jefferies sees crowded trade in Big Tech as Fed nears rate cuts US rig decline outpaces efficiency, threatening oil output Autopilot verdict deals Tesla a 'black eye' Pfizer stock rises after beating Q2 earnings, reaffirming 2025 outlook Pfizer (PFE) stock rose 2% in premarket trading Tuesday after beating quarterly estimates on the top and bottom lines. The company posted earnings per share of $0.78, versus estimates of $0.58 per share, on revenue of $14.7 billion, compared to Wall Street expectations of $13.5 billion. Yahoo Finance's Anjalee Khemlani reports: Read more here. One key reason a slowing economy isn't shaking stock market bulls Yahoo finance's senior reporter Josh Schafer looks at why softening economic data may not be as important for stocks as AI: Read more here. Nvidia partner Hon Hai's July sales growth weakened by tariffs Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( saw its Taiwan stock close 2% higher on Tuesday despite reporting a sales slowdown for July. Bloomberg News reports: Read more here. Oil flattened from multi-day drop after Trump's India rebuke Oil prices steadied from a three-day decline following a ramping up of threats from Trump to India over the Asian nation's continued use of Russian crude. Bloomberg reports: Read more here. AI is the clear risk to the upside for the stock market in 2025 Another Wall Street strategist has boosted their year-end S&P 500 target. In a note to clients on Tuesday, HSBC head of equity strategy for the Americas Nicole Inui boosted her year-end S&P 500 target to 6,400 from 5,600. Inui also detailed a bull-case scenario in which an "AI fueled rally" brings the benchmark index to 7,000 by year-end and a bear-case scenario in which tariff impacts drag the S&P 500 down to 5,700. "We have more confidence in the sustainability of the AI trade than further easing on policy uncertainty," Inui wrote. In other words, the risks are more heavily weighted to the bull case outcome. This reveals a key takeaway from how Wall Street is talking about the potential path higher for an S&P 500 that's already near record highs. The bull case for stocks isn't backed by a call for US economic growth to suddenly inflect higher or interest rate cuts from the Federal Reserve to suddenly spark a broad market rally. As we wrote in Tuesday's Yahoo Finance Morning Brief newsletter, the bull case in stocks is still being driven by AI investment and its ability to push corporate profits higher. "For our bull case scenario to play out, tariff costs would shift mostly to the supplier having a negligible impact on US corporate profits," Inui wrote. "At the same time, AI adoption accelerates and starts to have a real impact on profitability through efficiency gains." Another Wall Street strategist has boosted their year-end S&P 500 target. In a note to clients on Tuesday, HSBC head of equity strategy for the Americas Nicole Inui boosted her year-end S&P 500 target to 6,400 from 5,600. Inui also detailed a bull-case scenario in which an "AI fueled rally" brings the benchmark index to 7,000 by year-end and a bear-case scenario in which tariff impacts drag the S&P 500 down to 5,700. "We have more confidence in the sustainability of the AI trade than further easing on policy uncertainty," Inui wrote. In other words, the risks are more heavily weighted to the bull case outcome. This reveals a key takeaway from how Wall Street is talking about the potential path higher for an S&P 500 that's already near record highs. The bull case for stocks isn't backed by a call for US economic growth to suddenly inflect higher or interest rate cuts from the Federal Reserve to suddenly spark a broad market rally. As we wrote in Tuesday's Yahoo Finance Morning Brief newsletter, the bull case in stocks is still being driven by AI investment and its ability to push corporate profits higher. "For our bull case scenario to play out, tariff costs would shift mostly to the supplier having a negligible impact on US corporate profits," Inui wrote. "At the same time, AI adoption accelerates and starts to have a real impact on profitability through efficiency gains." Countries push for last-minute deals as Thursday tariff deadline looms Yahoo Finance's Ben Wersckul reports: Read more here. Yahoo Finance's Ben Wersckul reports: Read more here. Hims & Hers stock slides 6% after second quarter revenue misses forecasts Yahoo Finance's Jake Conley reports: Read more here. Yahoo Finance's Jake Conley reports: Read more here. PMI data points to 'encouragingly robust' economic activity to start the third quarter Activity in the services continued to expand during the month of July, according to two data releases on Tuesday morning. The Institute for Supply Management's (ISM) services PMI registered a reading of 50.1 in July, down from June's reading of 50.8, and below the 51.5 economists surveyed by Bloomberg had expected. Readings above 50 for this index indicate an expansion in activity, while readings below 50 indicate contraction. The manufacturing sector has been in contraction for most of the past two years. "July's PMI level continues to reflect slow growth, and survey respondents indicated that seasonal and weather factors had negative impacts on business," Steve Miller, the chair of the Institute for Supply Management Services Business Survey committee, said in the release. "The most common topic among survey panelists remained tariff-related impacts, with a noticeable increase in commodities listed as up in price." Elsewhere on Tuesday, S&P Global's composite PMI, which combines both activity in the services and manufacturing sectors, registered a reading of 55.1 in July, up from 52.9 the month prior. S&P Global chief business economist Chris Williamson said the data signals "encouragingly robust economic growth at the start of the third quarter." Williamson added that the July PMI data points to the US economy growing at a 2.5% annualized pace in the third quarter, above the 1.25% pace seen in the first half. Activity in the services continued to expand during the month of July, according to two data releases on Tuesday morning. The Institute for Supply Management's (ISM) services PMI registered a reading of 50.1 in July, down from June's reading of 50.8, and below the 51.5 economists surveyed by Bloomberg had expected. Readings above 50 for this index indicate an expansion in activity, while readings below 50 indicate contraction. The manufacturing sector has been in contraction for most of the past two years. "July's PMI level continues to reflect slow growth, and survey respondents indicated that seasonal and weather factors had negative impacts on business," Steve Miller, the chair of the Institute for Supply Management Services Business Survey committee, said in the release. "The most common topic among survey panelists remained tariff-related impacts, with a noticeable increase in commodities listed as up in price." Elsewhere on Tuesday, S&P Global's composite PMI, which combines both activity in the services and manufacturing sectors, registered a reading of 55.1 in July, up from 52.9 the month prior. S&P Global chief business economist Chris Williamson said the data signals "encouragingly robust economic growth at the start of the third quarter." Williamson added that the July PMI data points to the US economy growing at a 2.5% annualized pace in the third quarter, above the 1.25% pace seen in the first half. Trump rules out Bessent as next Fed chair, says may name Powell replacement soon Yahoo Finance's Jennifer Schonberger and Myles Udland report: Read more here. Yahoo Finance's Jennifer Schonberger and Myles Udland report: Read more here. Trending tickers in premarket trading: Pfizer, Palantir, Caterpillar Companies reporting earnings topped Yahoo Finance's trending tickers list on Tuesday. Here's a look at how they're trading 30 minutes before the opening bell: Read more live coverage of corporate earnings here. Companies reporting earnings topped Yahoo Finance's trending tickers list on Tuesday. Here's a look at how they're trading 30 minutes before the opening bell: Read more live coverage of corporate earnings here. Palantir stock surges on Q2 beat and raise Palantir (PLTR) stock climbed 7% higher in premarket trading on Tuesday following the AI software company's blowout second quarter earnings report on Monday afternoon. Palantir's revenue topped $1 billion in a quarter for the first time as the company dodged government contract spending cuts and reported beat-and-raise results. Year to date, Palantir stock is up 112%. Yahoo Finance's Jake Conley reports: Read more here. Palantir (PLTR) stock climbed 7% higher in premarket trading on Tuesday following the AI software company's blowout second quarter earnings report on Monday afternoon. Palantir's revenue topped $1 billion in a quarter for the first time as the company dodged government contract spending cuts and reported beat-and-raise results. Year to date, Palantir stock is up 112%. Yahoo Finance's Jake Conley reports: Read more here. Wall Street 2025 bonuses: Winners and losers so far Yahoo Finance's David Hollerith reports: Read more here. Yahoo Finance's David Hollerith reports: Read more here. Good morning. Here's what's happening today. Economic data: S&P Global US Services PMI (July final) S&P Global US Composite, (July final); ISM services index (July) Earnings: AMD (AMD), BP (BP), Caterpillar (CAT), Duke Energy (DUK), Lucid Group (LCID), Opendoor (OPEN), Pfizer (PFE), Rivian (RIVN), Super Micro Computer (SMCI), Snap (SNAP), Upstart (UPST) Here are some of the biggest stories you may have missed overnight and early this morning: One key reason a slowing economy isn't shaking stock market bulls Wall Street 2025 bonuses: Winners and losers so far Big Tech is power-hungry, and America's aging grid can't keep up Pfizer beats in Q2 earnings, reaffirms 2025 outlook Trump's Fed pick could face resistance from colleagues on rates Intel struggles with key manufacturing process for next chip EU says it expects turbulence in trade relations with US Jefferies sees crowded trade in Big Tech as Fed nears rate cuts US rig decline outpaces efficiency, threatening oil output Autopilot verdict deals Tesla a 'black eye' Economic data: S&P Global US Services PMI (July final) S&P Global US Composite, (July final); ISM services index (July) Earnings: AMD (AMD), BP (BP), Caterpillar (CAT), Duke Energy (DUK), Lucid Group (LCID), Opendoor (OPEN), Pfizer (PFE), Rivian (RIVN), Super Micro Computer (SMCI), Snap (SNAP), Upstart (UPST) Here are some of the biggest stories you may have missed overnight and early this morning: One key reason a slowing economy isn't shaking stock market bulls Wall Street 2025 bonuses: Winners and losers so far Big Tech is power-hungry, and America's aging grid can't keep up Pfizer beats in Q2 earnings, reaffirms 2025 outlook Trump's Fed pick could face resistance from colleagues on rates Intel struggles with key manufacturing process for next chip EU says it expects turbulence in trade relations with US Jefferies sees crowded trade in Big Tech as Fed nears rate cuts US rig decline outpaces efficiency, threatening oil output Autopilot verdict deals Tesla a 'black eye' Pfizer stock rises after beating Q2 earnings, reaffirming 2025 outlook Pfizer (PFE) stock rose 2% in premarket trading Tuesday after beating quarterly estimates on the top and bottom lines. The company posted earnings per share of $0.78, versus estimates of $0.58 per share, on revenue of $14.7 billion, compared to Wall Street expectations of $13.5 billion. Yahoo Finance's Anjalee Khemlani reports: Read more here. Pfizer (PFE) stock rose 2% in premarket trading Tuesday after beating quarterly estimates on the top and bottom lines. The company posted earnings per share of $0.78, versus estimates of $0.58 per share, on revenue of $14.7 billion, compared to Wall Street expectations of $13.5 billion. Yahoo Finance's Anjalee Khemlani reports: Read more here. One key reason a slowing economy isn't shaking stock market bulls Yahoo finance's senior reporter Josh Schafer looks at why softening economic data may not be as important for stocks as AI: Read more here. Yahoo finance's senior reporter Josh Schafer looks at why softening economic data may not be as important for stocks as AI: Read more here. Nvidia partner Hon Hai's July sales growth weakened by tariffs Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( saw its Taiwan stock close 2% higher on Tuesday despite reporting a sales slowdown for July. Bloomberg News reports: Read more here. Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( saw its Taiwan stock close 2% higher on Tuesday despite reporting a sales slowdown for July. Bloomberg News reports: Read more here. Oil flattened from multi-day drop after Trump's India rebuke Oil prices steadied from a three-day decline following a ramping up of threats from Trump to India over the Asian nation's continued use of Russian crude. Bloomberg reports: Read more here. Oil prices steadied from a three-day decline following a ramping up of threats from Trump to India over the Asian nation's continued use of Russian crude. Bloomberg reports: Read more here. Sign in to access your portfolio
USA Today
19 minutes ago
- USA Today
Justice Department opens grand jury probe into investigation of Trump and Russia: Reports
The Justice Department has escalated efforts to investigate those behind the years-old probe into Russia's interference in the 2016 presidential election by launching a grand jury probe. The Justice Department has opened a grand jury investigation into allegations that Obama administration officials broke the law when they investigated Russia's involvement in the 2016 presidential election, according to news reports. Attorney General Pam Bondi signed an order Aug. 4 directing a federal prosecutor to present evidence to the grand jury, Fox News and the Wall Street Journal reported, citing sources familiar with the investigation. The Justice Department declined to comment. The move marks a major escalation of the Trump administration's efforts to investigate the investigators behind the years-old probe. Robert Mueller, who ultimately took over the probe as special counsel, concluded that the Russian government interfered to help then-presidential candidate Donald Trump defeat Democratic nominee Hillary Clinton, but that there was not evidence anyone in the Trump campaign colluded with Russia. The new criminal probe follows allegations National Intelligence Director Tulsi Gabbardmade at a July 23 press briefing that the Obama administration pushed a 'contrived narrative' that Russia interfered in the 2016 election to benefit Trump. That same day, the Justice Department announced it was creating a "Strike Force" to assess evidence highlighted by Gabbard and "investigate potential next legal steps." When Trump was asked on July 22 about his Justice Department's conduct when it comes to investigating convicted sex offender Jeffrey Epstein, Trump pointed to allegations from Gabbard, saying she caught Obama "absolutely cold" and Obama had committed treason. Obama responded that Trump's remarks were a "weak attempt at distraction." Contributing: Sudiksha Kochi, Kinsey Crowley - USA TODAY
USA Today
19 minutes ago
- USA Today
President Trump accuses prominent banks of political discrimination
Trump is said to be weighing an executive order that could lead to fines or disciplinary action against lenders accused of political discrimination. WASHINGTON – President Donald Trump accused prominent banks of discriminating against him and his supporters as he weighs an executive order that would urge regulators to go after lenders accused of political bias. Trump alleged in a CNBC interview that JPMorgan Chase dropped him as a personal banking customer without explanation and Bank of America also would not take him on as a client. 'The banks discriminated against me very badly, and I was very good to the banks,' Trump said. More: Trump considers four finalists for new Fed chair, rules out Scott Bessent Trump said he had hundreds of millions of dollars in his accounts when JPMorgan Chase notified him they were cutting him loose. The bank swiftly rejected the allegations. In a statement, JPMorgan Chase said it does not close accounts for political reasons, and it agrees with Trump that regulatory changes are needed and it hopes to work with the White House on the order. Bank of America declined to comment. But the company said in January that political beliefs "are not a factor in account closure decisions.' In a statement about a potential executive order provided before Trump's CNBC interview, it said it had provided detailed proposals to Trump's administration and Congress that are intended to improve regulations. The president said financial institutions were discriminating against "many conservatives," including Trump supporters whom he said he'd consulted on the topic. "I believe what they did is they went to the regulators," he said. "Banks are not afraid of anything but a regulator. Their regulators and their wives. They're more afraid of their wives than the regulators," he said. Trump also accused the Biden administration, without evidence, of directing banks and their regulators to destroy him. The president made the accusations in response to a question about a report in the Wall Street Journal. The Wall Street Journal reported on Aug. 5 that a draft copy of the order directs bank regulators to investigate potential violations of the Equal Credit Opportunity Act by financial institutions. The news outlet said the order threatens to fine or discipline lenders accused of political discrimination. It also calls for regulators to refer alleged violations to the Department of Justice. It's unclear when the president plans to sign the executive order. The White House declined to provide details about what is under discussion or the content of the expected executive action.
