Second Man Arrested in NYC Crypto Kidnapping
Bitcoin is rangebound despite bullish signals, Telegram and Elon Musk partner for a $300 million deal to integrate Grok AI into the widely-used messaging app, and a second man is arrested in an alarming crypto-linked kidnapping. CoinDesk's Christine Lee hosts 'CoinDesk Daily.'
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CNN
15 minutes ago
- CNN
Trump tells CNN he's ‘not even thinking about Elon' and won't speak to him ‘for a while'
President Donald Trump told CNN on Friday he is 'not even thinking about' billionaire Elon Musk and won't be speaking to him in the near future. 'I'm not even thinking about Elon. He's got a problem. The poor guy's got a problem,' Trump told CNN's Dana Bash. The comments come after a day Trump and Musk traded barbs on social media as their relationship deteriorated in spectacular public fashion. Trump said Thursday he was 'very disappointed' with the tech billionaire for criticizing his massive tax and spending cuts package while Musk fired back that 'Trump would have lost the election' without him. In a brief phone call, Trump talked about the forthcoming jobs report, inflation and gas prices. Asked if he had a call with Musk, the president responded: 'No. I won't be speaking to him for a while I guess, but I wish him well.' As the two powerful onetime friends duked it out online on Thursday, their shared allies sought to quietly broker a truce, CNN previously reported. Musk, for his part, appeared open to a thaw. 'You're not wrong,' Musk responded to a post from billionaire investor Bill Ackman, who wrote on X: 'I support @realDonaldTrump and @elonmusk and they should make peace for the benefit of our great country. We are much stronger together than apart.'
Yahoo
19 minutes ago
- Yahoo
US employers added a solid 139,000 jobs in May despite uncertainty over trade wars
WASHINGTON (AP) — U.S. employers slowed hiring last month, but still adding a solid 139,000 jobs amid uncertainty over Trump's trade wars. Hiring fell from a revised 147,000 in April, the Department of Labor said Friday. The unemployment rate stayed at 4.2%. Trump's aggressive and unpredictable policies – especially his sweeping taxes on imports – have muddied the outlook for the economy and the job market and raised fears that the American economy could be headed toward recession. But so far the damage hasn't shown up clearly in government economic data. Economists expect Trump's policies to take a toll on America's economy, the world's largest. His massive taxes on imports — tariffs — are expected to raise costs for U.S. companies that buy raw materials, equipment and components from overseas and force them to cut back hiring or even lay off workers. Billionaire Elon Musk's Department of Government Efficiency (DOGE) has slashed federal workers and cancelled government contracts. Trump's crackdown on illegal immigration is expected to make it harder for businesses to find enough workers. For the most part, though, any damage has yet to show up in the government's economic data. The U.S. economy and job market have proven surprisingly resilient in recent years. When the inflation fighters at the Federal Reserve raised their benchmark interest rate 11 times in 2022 and 2023, the higher borrowing costs were widely expected to tip the United States into a recession. Instead, the economy kept growing and employers kept hiring. But former Fed economist Claudia Sahm warns that the job market of 2025 isn't nearly as durable as the two or three years ago when immigrants were pouring into the U.S. job market and employers were posting record job openings. 'Any signs of weakness in the data this week would stoke fears of a recession again,' Sahm, now chief economist at New Century Advisors, wrote in a Substack post this week. 'It's too soon to see the full effects of tariffs, DOGE, or other policies on the labor market; softening now would suggest less resilience to those later effects, raising the odds of a recession.'' Recent economic reports have sent mixed signals. The Labor Department reported Tuesday that U.S. job openings rose unexpectedly to 7.4 million in April — seemingly a good sign. But the same report showed that layoffs ticked up and the number of Americans quitting their jobs fell, a sign they were less confident they could find something better elsewhere. Surveys by the Institute for Supply Management, a trade group of purchasing managers, found that both American manufacturing and services businesses were contracting last month. And the number of Americans applying for unemployment benefits rose last week to the highest level in eight months. Jobless claims — a proxy for layoffs — still remain low by historical standards, suggesting that employers are reluctant to cut staff despite uncertainty over Trump's policies. They likely remember how hard it was to bring people back from the massive but short-lived layoffs of the 2020 COVID-19 recession as the U.S. economy bounced back with unexpected strength. Still, the job market has clearly decelerated. So far this year, American employers have added an average 144,000 jobs a month. That is down from 168,000 last year, 216,000 in 2023, 380,000 in 2022 and a record 603,000 in 2021 in the rebound from COVID-19 layoffs. Trump's tariffs — and the erratic way he rolls them out, suspends them and conjures up new ones — have already buffeted the economy. America's gross domestic product — the nation's output of goods and services — fell at a 0.2% annual pace from January through March this year. A surge of imports shaved 5 percentage points off growth during the first quarter as companies rushed to bring in foreign products ahead of Trump's tariffs. Imports plunged by a record 16% in April as Trump's levies took effect. The drop in foreign goods could mean fewer jobs at the warehouses that store them and the trucking companies that haul them around, wrote Michael Madowitz, an economist at the left-leaning Roosevelt Institute. Paul Wiseman, The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20 minutes ago
- Yahoo
Tesla stock rebounds ahead of call between Elon Musk and Trump
Tesla (TSLA) shares are recovering in Friday's pre-market trading after the stock sank and erased $153 billion in market value on Thursday. The Morning Brief's Madison Mills highlights the fallout between CEO Elon Musk and President Trump, as well as the growing sales challenges the EV maker is facing in global markets. To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.
