Republic Airways CEO Bryan Bedford Confirmed to Lead FAA in Divisive Senate Vote
The Senate confirmed Republic Airways CEO Bryan Bedford as FAA administrator on Wednesday in a vote marked by rare partisan division, as concerns over pilot training standards and aviation safety dominated the debate.
Bedford was confirmed mostly along party lines by a vote of 53-43. The confirmation vote for FAA administrator was unusually partisan as key Democrats vowed to not support Bedford after he refused to commit to upholding the 1,500-hour rule when asked during a Senate Commerce Committee hearing on June 11.
New Hampshire Senator Jeanne Shaheen was the only Democrat to vote in favor of Bedford.
Congress instituted the 1,500-hour training requirement rule for pilots to operate a commercial aircraft following the fatal 2009 Colgan Air cr
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Yahoo
6 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures climb as Wall Street digests July inflation report
US stock futures moved higher on Tuesday as Wall Street digested fresh inflation data and President Trump revealed his pick to head the Bureau of Labor Statistics. Futures attached to the Dow Jones Industrial Average (YM=F) rose 0.6%. Those tied to the benchmark S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) were both up around 0.7%. The latest data from the Bureau of Labor Statistics showed that "core" inflation, which excludes volatile food and energy costs, rose 3.1% over the past year in July, ahead of June's 2.9% increase and indicating that rising goods inflation is no longer being offset by easing services inflation. But on a headline basis, the Consumer Price Index (CPI) increased 2.7% year-over-year, matching June and coming in softer than economist expectations of a 2.8% rise. The report was the first major piece of economic data to be released by the Bureau of Labor Statistics after Trump fired Erika McEntarfer as commissioner of the BLS earlier this month following the release of the July jobs report. Late Monday, Trump announced that he nominated E.J. Antoni, chief economist at the conservative Heritage Foundation, to lead the BLS. In corporate news, Intel (INTC) stock jumped more than 2% in premarket trading on Tuesday after CEO Lip-Bu Tan met with President Trump, who had called for Tan's resignation last week. After the meeting, Trump posted to Truth Social saying that he had met with Tan along with Secretary of Commerce Howard Lutnick and Secretary of the Treasury Scott Bessent. "The meeting was a very interesting one," the president wrote, adding, "His success and rise is an amazing story." On Tuesday, reports said China urged local firms not to use Nvidia H20 chips, complicating Trump's bid to turn those sales into a US windfall. Trump also granted another 90-day pause on the most punishing tariffs on China as the two countries work toward a trade deal. Read more: The latest on Trump's tariffs Investors will get two more pulse checks on the state of the economy later this week, with the release of the Producer Price Index on Thursday and retail sales data on Friday. "Core" price increases accelerate more than expected in July Price increases accelerated more than expected in July. The latest data from the Bureau of Labor Statistics showed that on a "core" basis, which strips out the more volatile costs of food and gas, consumer prices in increased 3.1% over the prior year in July, an increase from June's 2.9% and above economists' forecast for 3%. Core prices climbed 0.3% over the prior month, ahead of June's 0.2% increase but in line with expectations. The headline Consumer Price Index (CPI) showed prices increased 2.7% in July, unchanged from the month prior and below the 2.8% economists had expected. On a month-over-month basis, prices increased 0.2%, lower than the 0.3% seen the month prior. Circle stock jumps on first earnings report since going public Circle (CRCL) posted higher revenue and reserve income on Tuesday in its first quarterly report since its IPO in June, as circulation of its stablecoin USDC (USDC-USD) spread. Circle stock rose 6% in premarket trading on Tuesday. Its total gains since going public are now 133%. Reuters reports: Read more here. US small business optimism rebounds, but uncertainty clouds outlook Reuters reports: Read more here. Good morning. Here's what's happening today. Economic data: NFIB Small Business Optimism (July); Consumer Price Index (July); Real average hourly earnings (July) Earnings: Circle (CRCL), Pony AI (PONY), On Holding (ONON), CoreWeave (CRWV), Rigetti (RGTI), Cava (CAVA) Here are some of the biggest stories you may have missed overnight and early this morning: July inflation report expected to show prices accelerated Media musical chairs are reshaping the sports landscape Earnings live: Circle pops on higher revenue in first earnings report Intel stock rises after Trump praises CEO's 'amazing story' China urges firms to shun Nvidia chips, trade truce extended Musk accuses Apple of unfairly favoring OpenAI on iPhone Google and IBM believe workable quantum computer is in sight US small business optimism up but uncertainty clouds outlook Switzerland wants binding Trump commitment on gold tariffs Cannabis stocks soar as President Trump considers reclassifying marijuana Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug. The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year. Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%. On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks. "We're looking at reclassification and we'll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one," Trump said. "It's a very complicated subject." Intel is still a disaster Intel (INTC) is rallying premarket as Trump walked back his apparent hate for the company's CEO, Lip-Bu Tan, after meeting on Monday. Don't be fooled by the price action, however. This isn't the case like Apple (AAPL), where CEO Tim Cook kisses Trump's butt and the company is exempt from various tariffs. Intel is a fundamental disaster right now. People in the industry I talk to are unsure if the company will ever come back to a state of health, given 1) how fast AI chip development is occurring, and 2) how far behind Nvidia and AMD Intel is. Intel's statement on the meeting: "Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening U.S. technology and manufacturing leadership. We appreciate the President's strong leadership to advance these critical priorities and look forward to working closely with him and his Administration as we restore this great American company." Japan's Nikkei hits record high on tariff relief, tech rally The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. "Core" price increases accelerate more than expected in July Price increases accelerated more than expected in July. The latest data from the Bureau of Labor Statistics showed that on a "core" basis, which strips out the more volatile costs of food and gas, consumer prices in increased 3.1% over the prior year in July, an increase from June's 2.9% and above economists' forecast for 3%. Core prices climbed 0.3% over the prior month, ahead of June's 0.2% increase but in line with expectations. The headline Consumer Price Index (CPI) showed prices increased 2.7% in July, unchanged from the month prior and below the 2.8% economists had expected. On a month-over-month basis, prices increased 0.2%, lower than the 0.3% seen the month prior. Price increases accelerated more than expected in July. The latest data from the Bureau of Labor Statistics showed that on a "core" basis, which strips out the more volatile costs of food and gas, consumer prices in increased 3.1% over the prior year in July, an increase from June's 2.9% and above economists' forecast for 3%. Core prices climbed 0.3% over the prior month, ahead of June's 0.2% increase but in line with expectations. The headline Consumer Price Index (CPI) showed prices increased 2.7% in July, unchanged from the month prior and below the 2.8% economists had expected. On a month-over-month basis, prices increased 0.2%, lower than the 0.3% seen the month prior. Circle stock jumps on first earnings report since going public Circle (CRCL) posted higher revenue and reserve income on Tuesday in its first quarterly report since its IPO in June, as circulation of its stablecoin USDC (USDC-USD) spread. Circle stock rose 6% in premarket trading on Tuesday. Its total gains since going public are now 133%. Reuters reports: Read more here. Circle (CRCL) posted higher revenue and reserve income on Tuesday in its first quarterly report since its IPO in June, as circulation of its stablecoin USDC (USDC-USD) spread. Circle stock rose 6% in premarket trading on Tuesday. Its total gains since going public are now 133%. Reuters reports: Read more here. US small business optimism rebounds, but uncertainty clouds outlook Reuters reports: Read more here. Reuters reports: Read more here. Good morning. Here's what's happening today. Economic data: NFIB Small Business Optimism (July); Consumer Price Index (July); Real average hourly earnings (July) Earnings: Circle (CRCL), Pony AI (PONY), On Holding (ONON), CoreWeave (CRWV), Rigetti (RGTI), Cava (CAVA) Here are some of the biggest stories you may have missed overnight and early this morning: July inflation report expected to show prices accelerated Media musical chairs are reshaping the sports landscape Earnings live: Circle pops on higher revenue in first earnings report Intel stock rises after Trump praises CEO's 'amazing story' China urges firms to shun Nvidia chips, trade truce extended Musk accuses Apple of unfairly favoring OpenAI on iPhone Google and IBM believe workable quantum computer is in sight US small business optimism up but uncertainty clouds outlook Switzerland wants binding Trump commitment on gold tariffs Economic data: NFIB Small Business Optimism (July); Consumer Price Index (July); Real average hourly earnings (July) Earnings: Circle (CRCL), Pony AI (PONY), On Holding (ONON), CoreWeave (CRWV), Rigetti (RGTI), Cava (CAVA) Here are some of the biggest stories you may have missed overnight and early this morning: July inflation report expected to show prices accelerated Media musical chairs are reshaping the sports landscape Earnings live: Circle pops on higher revenue in first earnings report Intel stock rises after Trump praises CEO's 'amazing story' China urges firms to shun Nvidia chips, trade truce extended Musk accuses Apple of unfairly favoring OpenAI on iPhone Google and IBM believe workable quantum computer is in sight US small business optimism up but uncertainty clouds outlook Switzerland wants binding Trump commitment on gold tariffs Cannabis stocks soar as President Trump considers reclassifying marijuana Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug. The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year. Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%. On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks. "We're looking at reclassification and we'll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one," Trump said. "It's a very complicated subject." Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug. The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year. Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%. On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks. "We're looking at reclassification and we'll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one," Trump said. "It's a very complicated subject." Intel is still a disaster Intel (INTC) is rallying premarket as Trump walked back his apparent hate for the company's CEO, Lip-Bu Tan, after meeting on Monday. Don't be fooled by the price action, however. This isn't the case like Apple (AAPL), where CEO Tim Cook kisses Trump's butt and the company is exempt from various tariffs. Intel is a fundamental disaster right now. People in the industry I talk to are unsure if the company will ever come back to a state of health, given 1) how fast AI chip development is occurring, and 2) how far behind Nvidia and AMD Intel is. Intel's statement on the meeting: "Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening U.S. technology and manufacturing leadership. We appreciate the President's strong leadership to advance these critical priorities and look forward to working closely with him and his Administration as we restore this great American company." Intel (INTC) is rallying premarket as Trump walked back his apparent hate for the company's CEO, Lip-Bu Tan, after meeting on Monday. Don't be fooled by the price action, however. This isn't the case like Apple (AAPL), where CEO Tim Cook kisses Trump's butt and the company is exempt from various tariffs. Intel is a fundamental disaster right now. People in the industry I talk to are unsure if the company will ever come back to a state of health, given 1) how fast AI chip development is occurring, and 2) how far behind Nvidia and AMD Intel is. Intel's statement on the meeting: "Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening U.S. technology and manufacturing leadership. We appreciate the President's strong leadership to advance these critical priorities and look forward to working closely with him and his Administration as we restore this great American company." Japan's Nikkei hits record high on tariff relief, tech rally The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. Sign in to access your portfolio
Yahoo
6 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures drift as Wall Street braces for July inflation report
US stock futures wavered around the flatline on Tuesday as Wall Street braced for July's inflation report and President Trump revealed his pick to head the Bureau of Labor Statistics. Futures attached to the Dow Jones Industrial Average (YM=F), the benchmark S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) all fell below the flatline. Intel (INTC) stock jumped more than 2% in premarket trading on Tuesday after CEO Lip-Bu Tan met with President Trump, who had called for Tan's resignation last week. After the meeting, Trump posted to Truth Social saying that he had met with Tan along with Secretary of Commerce Howard Lutnick and Secretary of the Treasury Scott Bessent. "The meeting was a very interesting one," the president wrote, adding, "His success and rise is an amazing story." On Tuesday, reports said China urged local firms not to use Nvidia H20 chips, complicating Trump's bid to turn those sales into a US windfall. After the bell on Monday, Trump announced that he nominated E.J. Antoni, chief economist at the conservative Heritage Foundation, to lead the BLS. "E.J. will ensure that the Numbers released are HONEST and ACCURATE," the president said on Truth Social. Trump fired Erika McEntarfer as commissioner of the BLS earlier this month following the release of the July jobs report, which contained "larger than normal" revisions to data and revealed fewer jobs than previously thought had been added to the economy. Trump said, without providing evidence, that McEntarfer had been acting politically and her numbers "were wrong." During day trading, stocks slumped even as Trump reportedly granted another 90-day pause on the most punishing tariffs on China as the two countries work toward a trade deal. Read more: The latest on Trump's tariffs Wall Street is preparing for the release of July's Consumer Price Index (CPI) report on Tuesday morning. Analysts expect it to show that prices increased as Trump's tariffs kicked in. A hot inflation report could put the Federal Reserve in a tight spot as it navigates rising prices amid recent signs of a weakening labor market. In the background, anticipation over the possibility of a September interest rate cut continues to grow. Investors will get two more pulse checks on the state of the economy later this week, with the release of the Producer Price Index on Thursday and retail sales data on Friday. "Core" price increases accelerate more than expected in July Price increases accelerated more than expected in July. The latest data from the Bureau of Labor Statistics showed that on a "core" basis, which strips out the more volatile costs of food and gas, consumer prices in increased 3.1% over the prior year in July, an increase from June's 2.9% and above economists' forecast for 3%. Core prices climbed 0.3% over the prior month, ahead of June's 0.2% increase but in line with expectations. The headline Consumer Price Index (CPI) showed prices increased 2.7% in July, unchanged from the month prior and below the 2.8% economists had expected. On a month-over-month basis, prices increased 0.2%, lower than the 0.3% seen the month prior. Circle stock jumps on first earnings report since going public Circle (CRCL) posted higher revenue and reserve income on Tuesday in its first quarterly report since its IPO in June, as circulation of its stablecoin USDC (USDC-USD) spread. Circle stock rose 6% in premarket trading on Tuesday. Its total gains since going public are now 133%. Reuters reports: Read more here. US small business optimism rebounds, but uncertainty clouds outlook Reuters reports: Read more here. Good morning. Here's what's happening today. Economic data: NFIB Small Business Optimism (July); Consumer Price Index (July); Real average hourly earnings (July) Earnings: Circle (CRCL), Pony AI (PONY), On Holding (ONON), CoreWeave (CRWV), Rigetti (RGTI), Cava (CAVA) Here are some of the biggest stories you may have missed overnight and early this morning: July inflation report expected to show prices accelerated Media musical chairs are reshaping the sports landscape Earnings live: Circle pops on higher revenue in first earnings report Intel stock rises after Trump praises CEO's 'amazing story' China urges firms to shun Nvidia chips, trade truce extended Musk accuses Apple of unfairly favoring OpenAI on iPhone Google and IBM believe workable quantum computer is in sight US small business optimism up but uncertainty clouds outlook Switzerland wants binding Trump commitment on gold tariffs Cannabis stocks soar as President Trump considers reclassifying marijuana Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug. The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year. Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%. On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks. "We're looking at reclassification and we'll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one," Trump said. "It's a very complicated subject." Intel is still a disaster Intel (INTC) is rallying premarket as Trump walked back his apparent hate for the company's CEO, Lip-Bu Tan, after meeting on Monday. Don't be fooled by the price action, however. This isn't the case like Apple (AAPL), where CEO Tim Cook kisses Trump's butt and the company is exempt from various tariffs. Intel is a fundamental disaster right now. People in the industry I talk to are unsure if the company will ever come back to a state of health, given 1) how fast AI chip development is occurring, and 2) how far behind Nvidia and AMD Intel is. Intel's statement on the meeting: "Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening U.S. technology and manufacturing leadership. We appreciate the President's strong leadership to advance these critical priorities and look forward to working closely with him and his Administration as we restore this great American company." Japan's Nikkei hits record high on tariff relief, tech rally The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. "Core" price increases accelerate more than expected in July Price increases accelerated more than expected in July. The latest data from the Bureau of Labor Statistics showed that on a "core" basis, which strips out the more volatile costs of food and gas, consumer prices in increased 3.1% over the prior year in July, an increase from June's 2.9% and above economists' forecast for 3%. Core prices climbed 0.3% over the prior month, ahead of June's 0.2% increase but in line with expectations. The headline Consumer Price Index (CPI) showed prices increased 2.7% in July, unchanged from the month prior and below the 2.8% economists had expected. On a month-over-month basis, prices increased 0.2%, lower than the 0.3% seen the month prior. Price increases accelerated more than expected in July. The latest data from the Bureau of Labor Statistics showed that on a "core" basis, which strips out the more volatile costs of food and gas, consumer prices in increased 3.1% over the prior year in July, an increase from June's 2.9% and above economists' forecast for 3%. Core prices climbed 0.3% over the prior month, ahead of June's 0.2% increase but in line with expectations. The headline Consumer Price Index (CPI) showed prices increased 2.7% in July, unchanged from the month prior and below the 2.8% economists had expected. On a month-over-month basis, prices increased 0.2%, lower than the 0.3% seen the month prior. Circle stock jumps on first earnings report since going public Circle (CRCL) posted higher revenue and reserve income on Tuesday in its first quarterly report since its IPO in June, as circulation of its stablecoin USDC (USDC-USD) spread. Circle stock rose 6% in premarket trading on Tuesday. Its total gains since going public are now 133%. Reuters reports: Read more here. Circle (CRCL) posted higher revenue and reserve income on Tuesday in its first quarterly report since its IPO in June, as circulation of its stablecoin USDC (USDC-USD) spread. Circle stock rose 6% in premarket trading on Tuesday. Its total gains since going public are now 133%. Reuters reports: Read more here. US small business optimism rebounds, but uncertainty clouds outlook Reuters reports: Read more here. Reuters reports: Read more here. Good morning. Here's what's happening today. Economic data: NFIB Small Business Optimism (July); Consumer Price Index (July); Real average hourly earnings (July) Earnings: Circle (CRCL), Pony AI (PONY), On Holding (ONON), CoreWeave (CRWV), Rigetti (RGTI), Cava (CAVA) Here are some of the biggest stories you may have missed overnight and early this morning: July inflation report expected to show prices accelerated Media musical chairs are reshaping the sports landscape Earnings live: Circle pops on higher revenue in first earnings report Intel stock rises after Trump praises CEO's 'amazing story' China urges firms to shun Nvidia chips, trade truce extended Musk accuses Apple of unfairly favoring OpenAI on iPhone Google and IBM believe workable quantum computer is in sight US small business optimism up but uncertainty clouds outlook Switzerland wants binding Trump commitment on gold tariffs Economic data: NFIB Small Business Optimism (July); Consumer Price Index (July); Real average hourly earnings (July) Earnings: Circle (CRCL), Pony AI (PONY), On Holding (ONON), CoreWeave (CRWV), Rigetti (RGTI), Cava (CAVA) Here are some of the biggest stories you may have missed overnight and early this morning: July inflation report expected to show prices accelerated Media musical chairs are reshaping the sports landscape Earnings live: Circle pops on higher revenue in first earnings report Intel stock rises after Trump praises CEO's 'amazing story' China urges firms to shun Nvidia chips, trade truce extended Musk accuses Apple of unfairly favoring OpenAI on iPhone Google and IBM believe workable quantum computer is in sight US small business optimism up but uncertainty clouds outlook Switzerland wants binding Trump commitment on gold tariffs Cannabis stocks soar as President Trump considers reclassifying marijuana Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug. The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year. Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%. On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks. "We're looking at reclassification and we'll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one," Trump said. "It's a very complicated subject." Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug. The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year. Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%. On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks. "We're looking at reclassification and we'll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one," Trump said. "It's a very complicated subject." Intel is still a disaster Intel (INTC) is rallying premarket as Trump walked back his apparent hate for the company's CEO, Lip-Bu Tan, after meeting on Monday. Don't be fooled by the price action, however. This isn't the case like Apple (AAPL), where CEO Tim Cook kisses Trump's butt and the company is exempt from various tariffs. Intel is a fundamental disaster right now. People in the industry I talk to are unsure if the company will ever come back to a state of health, given 1) how fast AI chip development is occurring, and 2) how far behind Nvidia and AMD Intel is. Intel's statement on the meeting: "Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening U.S. technology and manufacturing leadership. We appreciate the President's strong leadership to advance these critical priorities and look forward to working closely with him and his Administration as we restore this great American company." Intel (INTC) is rallying premarket as Trump walked back his apparent hate for the company's CEO, Lip-Bu Tan, after meeting on Monday. Don't be fooled by the price action, however. This isn't the case like Apple (AAPL), where CEO Tim Cook kisses Trump's butt and the company is exempt from various tariffs. Intel is a fundamental disaster right now. People in the industry I talk to are unsure if the company will ever come back to a state of health, given 1) how fast AI chip development is occurring, and 2) how far behind Nvidia and AMD Intel is. Intel's statement on the meeting: "Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening U.S. technology and manufacturing leadership. We appreciate the President's strong leadership to advance these critical priorities and look forward to working closely with him and his Administration as we restore this great American company." Japan's Nikkei hits record high on tariff relief, tech rally The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. Sign in to access your portfolio
Fast Company
8 minutes ago
- Fast Company
Trump signs executive order to extend trade truce with China for another 90 days
President Donald Trump extended a trade truce with China for another 90 days Monday, at least delaying once again a dangerous showdown between the world's two biggest economies. Trump posted on his Truth Social platform that he signed the executive order for the extension, and that 'all other elements of the Agreement will remain the same.' Beijing at the same time also announced the extension of the tariff pause, according to the Ministry of Commerce. The previous deadline was set to expire at 12:01 a.m. Tuesday. Had that happened the U.S. could have ratcheted up taxes on Chinese imports from an already high 30%, and Beijing could have responded by raising retaliatory levies on U.S. exports to China. The pause buys time for the two countries to work out some of their differences, perhaps clearing the way for a summit later this year between Trump and Chinese President Xi Jinping, and it has been welcomed by the U.S. companies doing business with China. Sean Stein, president of the U.S.-China Business Council, said the extension is 'critical' to give the two governments time to negotiate a trade agreement that U.S. businesses hope would improve their market access in China and provide the certainty needed for companies to make medium- and long-term plans. 'Securing an agreement on fentanyl that leads to a reduction in U.S. tariffs and a rollback of China's retaliatory measures is acutely needed to restart U.S. agriculture and energy exports,' Stein said. China said Tuesday it would extend relief to American companies who were placed on an export control list and an unreliable entities list. After Trump initially announced tariffs in April, China restricted exports of dual-use goods to some American companies, while banning others from trading or investing in China. The Ministry of Commerce said it would stop those restrictions for some companies, while giving others another 90-day extension. Reaching a pact with China remains unfinished business for Trump, who has already upended the global trading system by slapping double-digit taxes — tariffs — on almost every country on earth. The European Union, Japan and other trading partners agreed to lopsided trade deals with Trump, accepting once unthinkably U.S. high tariffs (15% on Japanese and EU imports, for instance) to ward off something worse. Trump's trade policies have turned the United States from one of the most open economies in the world into a protectionist fortress. The average U.S. tariff has gone from around 2.5% at the start of the year to 18.6%, highest since 1933, according to the Budget Lab at Yale University. But China tested the limits of a U.S. trade policy built around using tariffs as a cudgel to beat concessions out of trading partners. Beijing had a cudgel of its own: cutting off or slowing access to its rare earths minerals and magnets – used in everything from electric vehicles to jet engines. In June, the two countries reached an agreement to ease tensions. The United States said it would pull back export restrictions on computer chip technology and ethane, a feedstock in petrochemical production. And China agreed to make it easier for U.S. firms to get access to rare earths. 'The U.S. has realized it does not have the upper hand,' said Claire Reade, senior counsel at Arnold & Porter and former assistant U.S. trade representative for China affairs. In May, the U.S. and China had averted an economic catastrophe by reducing massive tariffs they'd slapped on each other's products, which had reached as high as 145% against China and 125% against the U.S. Those triple-digit tariffs threatened to effectively end trade between the United States and China and caused a frightening sell-off in financial markets. In a May meeting in Geneva they agreed to back off and keep talking: America's tariffs went back down to a still-high 30% and China's to 10%. Having demonstrated their ability to hurt each other, they've been talking ever since. 'By overestimating the ability of steep tariffs to induce economic concessions from China, the Trump administration has not only underscored the limits of unilateral U.S. leverage, but also given Beijing grounds for believing that it can indefinitely enjoy the upper hand in subsequent talks with Washington by threatening to curtail rare earth exports,' said Ali Wyne, a specialist in U.S.-China relations at the International Crisis Group. 'The administration's desire for a trade détente stems from the self-inflicted consequences of its earlier hubris.' It's unclear whether Washington and Beijing can reach a grand bargain over America's biggest grievances. Among these are lax Chinese protection of intellectual property rights and Beijing's subsidies and other industrial policies that, the Americans say, give Chinese firms an unfair advantage in world markets and have contributed to a massive U.S. trade deficit with China of $262 billion last year. Reade doesn't expect much beyond limited agreements such as the Chinese saying they will buy more American soybeans and promising to do more to stop the flow of chemicals used to make fentanyl and to allow the continued flow of rare-earth magnets. But the tougher issues will likely linger, and 'the trade war will continue grinding ahead for years into the future,' said Jeff Moon, a former U.S. diplomat and trade official who now runs the China Moon Strategies consultancy.
