5 things to know before the Tuesday open: Gold tariffs C3 AI's 'unacceptable' results
Trump set the record straight on Monday: Gold bars will not be tariffed. His announcement ended days of confusion around the metal's fate after Customs and Border Protection said gold bars wouldn't be excluded from Trump's broad and steep duties. The president on Monday also said he extended China's tariff deadline by another 90 days. Investors, however, didn't seem to give much weight to the policy updates as stocks closed lower on Monday.
After Intel CEO Lip-Bu Tan received a public scolding from Trump last week, the executive seems to be taking a page out of Apple's playbook. Trump said in a social media post on Thursday that Tan is "HIGHLY conflicted" and should immediately resign. But after Tan made a visit the White House on Monday, the president changed his tune, saying the executive had an "amazing story." Tan is the second high-profile technology CEO to stop by the White House in the past week: Apple CEO Tim Cook announced the iPhone maker's expanded domestic investment plan from the Oval Office last Wednesday. Tan's visit appeared to satisfy Intel investors, with shares of the company rising nearly 3% before the bell.
C3 AI put out preliminary financial results on Monday — and, let's just say, the boss is not happy. CEO Thomas Siebel called the stats "completely unacceptable," placing blame on the artificial intelligence company's reorganization efforts and his ongoing personal health challenges. Investors didn't take it well, either: Shares of the stock tumbled more than 25% in the session for their worst day in over two years.
Cannabis stocks have lost their buzz in recent years, but Monday was a strong day for investors in the sector. Shares of several companies and funds tracking the industry surged after Trump said he was considering reclassifying marijuana to a less-dangerous category. That's big news: Such a change would help ease tax regulations and open the flood-gates for research, to name just a few benefits. Tim Seymour, investing chief at Seymour Asset Management, told CNBC that a reclassification would be "a game changer" for the industry.
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Court Lets Trump Block Billions of Dollars in Foreign Aid
(Bloomberg) -- The Trump administration can cut billions of dollars in foreign assistance funds approved by Congress for this year, a US appeals court ruled. Sunseeking Germans Face Swiss Backlash Over Alpine Holiday Congestion To Head Off Severe Storm Surges, Nova Scotia Invests in 'Living Shorelines' New York Warns of $34 Billion Budget Hole, Biggest Since 2009 Crisis Five Years After Black Lives Matter, Brussels' Colonial Statues Remain For Homeless Cyclists, Bikes Bring an Escape From the Streets In a 2-1 decision on Wednesday, the appellate panel reversed a Washington federal judge who found that US officials were violating the Constitution's separation of powers principles by failing to authorize the money to be paid in line with what the legislative branch directed. The ruling is a significant win for President Donald Trump's efforts to dissolve the US Agency for International Development and broadly withhold funding from programs that have fallen out of favor with his administration, regardless of how Congress exercised its authority over spending. Trump's critics have assailed what they've described as a far-reaching power grab by the executive branch. The nonprofits and business that sued could ask all of the active judges on the US Court of Appeals for the DC Circuit to reconsider the three-member panel's decision. If the panel's decision stands, it wasn't immediately clear how much it would affect other lawsuits contesting a range of Trump administration funding freezes and cuts besides foreign aid. Judge Karen LeCraft Henderson wrote in the majority opinion that the challengers lacked valid legal grounds to sue over the Trump administration's decision to withhold the funds, also known as impoundment. The US Comptroller General — who leads an accountability arm of Congress — could sue under a specific law related to impoundment decisions, Henderson wrote, but the challengers couldn't bring a 'freestanding' constitutional claim or claim violations of a different law related to agency actions. Henderson, appointed by former President George H.W. Bush, was joined by Judge Greg Katsas, a Trump appointee. The court didn't reach the core question of whether the administration's unilateral decision to refuse to spend money appropriated by Congress is constitutional. Judge Florence Pan, nominated by former President Joe Biden, dissented, writing that her colleagues had turned 'a blind eye to the 'serious implications' of this case for the rule of law and the very structure of our government.' White House spokesperson Anna Kelly said in a statement that the appeals court 'has affirmed what we already knew – President Trump has the executive authority to execute his own foreign policy, which includes ensuring that all foreign assistance aligns with the America First agenda.' A lead attorney for the grant recipients did not immediately respond to a request for comment. The two consolidated cases before the appeals court only deal with money that Congress approved for the 2024 fiscal year, which ends on Sept. 30. Grantees are poised to lose access to funds if they haven't yet been approved to be spent by federal officials — a precursor to actual payouts — or unless a court order is in place. The administration lost one of its few battles before the US Supreme Court earlier this year in the foreign aid fight. In March, a majority of justices refused to immediately stop US District Judge Amir Ali's injunction taking effect while the legal fight went forward. Since then, however, the challengers have filed complaints with Ali that the administration is failing to obligate or pay out the funds. They've rebuffed the government's position that the delay is part of a legitimate effort to 'evaluate the appropriate next steps' and accused officials of angling to use a novel tactic to go around Congress in order to cut appropriated money. The Trump administration has dramatically scaled back the US government's humanitarian work overseas, slashing spending and personnel and merging the USAID into the State Department. The challengers say the foreign aid freeze has created a global crisis, and that the money is critical for malaria prevention, to address child malnutrition and provide postnatal care for newborns. The groups argued that the president and agency leaders couldn't defy Congress' spending mandates and didn't have discretion to decide that only some, let alone none, of the money appropriated by lawmakers should be paid. The president can ask Congress to withdraw appropriations but can't do it on his own, the challengers argued. The Justice Department argued Ali's order was an 'improper judicial intrusion into matters left to the political branches' and that the judge wrongly interfered in the 'particularly sensitive area of foreign relations.' The government also said that the Impoundment Control Act, which restricts the president from overruling Congress' spending decisions, wasn't a law that the nonprofits and business could sue to enforce. The challengers countered that Ali's order blocking the funding freeze was rooted in their constitutional separation-of-powers claim, not the impoundment law. The cases are Global Health Council v. Trump, 25-5097, and AIDS Vaccine Advocacy Coalition v. US Department of State, 25-5098, US Court of Appeals, DC Circuit. (Updated with White House comment.) 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Yahoo
16 minutes ago
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Appeals court lets the White House suspend or end billions in foreign aid
WASHINGTON (AP) — A divided panel of appeals court judges ruled Wednesday that the Trump administration can suspend or terminate billions of dollars of congressionally appropriated funding for foreign aid. Two of three judges from the U.S. Court of Appeals for the District of Columbia Circuit concluded that grant recipients challenging the freeze did not meet the requirements for a preliminary injunction restoring the flow of money. In January, on the first day of his second term in the White House, Republican President Donald Trump issued an executive order directing the State Department and the U.S. Agency for International Development to freeze spending on foreign aid. After groups of grant recipients sued to challenge that order, U.S. District Judge Amir Ali ordered the administration to release the full amount of foreign assistance that Congress had appropriated for the 2024 budget year. The appeal court's majority partially vacated Ali's order. Judges Karen LeCraft Henderson and Gregory Katsas concluded that the plaintiffs did not have a valid legal basis for the court to hear their claims. The ruling was not on the merits of whether the government unconstitutionally infringed on Congress' spending powers. 'The parties also dispute the scope of the district court's remedy but we need not resolve it ... because the grantees have failed to satisfy the requirements for a preliminary injunction in any event,' Henderson wrote. Judge Florence Pan, who dissented, said the Supreme Court has held 'in no uncertain terms' that the president does not have the authority to disobey laws for policy reasons. 'Yet that is what the majority enables today,' Pan wrote. 'The majority opinion thus misconstrues the separation-of-powers claim brought by the grantees, misapplies precedent, and allows Executive Branch officials to evade judicial review of constitutionally impermissible actions.' The money at issue includes nearly $4 billion for USAID to spend on global health programs and more than $6 billion for HIV and AIDS programs. Trump has portrayed the foreign aid as wasteful spending that does not align with his foreign policy goals. Henderson was nominated to the court by Republican President George H.W. Bush. Katsas was nominated by Trump. Pan was nominated by Democratic President Joe Biden.
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Tom Dundon to buy the Portland Trail Blazers from Paul Allen's estate
Carolina Hurricanes owner Tom Dundon has reached a tentative agreement to buy the Portland Trail Blazers from Paul Allen's estate, Dundon told CNBC. Dundon declined to provide the terms of the proposed sale. CNBC's latest Official NBA Team Valuations listed the Trail Blazers at a value of $3.65 billion. The 53-year-old businessman is chairman of Dundon Capital Partners based in Dallas, Texas. He's also a passionate sports owner. He agreed to purchase a controlling stake in the Carolina Hurricanes in 2017, and he's the majority owner of the Pro Pickleball Association and Major League Pickleball. If his purchase of the Trail Blazers is approved, Dundon and his ownership team would take over ownership from the estate of the late Microsoft co-founder. Allen's sister Jody Allen has been managing the the team since his death in 2018. In 2022, Nike co-founder Phil Knight reportedly offered over $2 billion for the team, but Allen declined. The NBA declined to comment. The Trail Blazers didn't immediately return request for comment. Sportico first reported news of the sale.
