Trump announces 25% tariff on India starting Aug. 1, unspecified penalties for buying Russian energy
Trump said on his Truth Social platform that India 'is our friend' but its 'Tariffs are far too high' on U.S. goods.
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Miami Herald
14 minutes ago
- Miami Herald
Veteran trader posts a major warning for the stock market
Human beings and fear go back a long way. It's an ancient survival mechanism, passed down through the generations, as our cave-dwelling ancestors contended with wild animals, natural disasters and each other. Don't miss the move: Subscribe to TheStreet's free daily newsletter The right kind of fear can keep you alive, but the wrong kind can keep you from making a move. "It's only natural," said TheStreet Pro's Stephen Guilfoyle. "Fear of the dark. Fear of the unknown. Fear of the known. You still do what you have to." Guilfoyle, whose trading career dates back to the floor of the New York Stock Exchange of the 1980s, in a recent column considered a certain kind of fear - where you're moving through an unfamiliar environment and you get a feeling you may have company. "Maybe a big cat or something predatory might be tracking you," he said. "That realization always makes the hairs on the back of my neck stand up. I call that the 'nasties.'"The stock market can be a source of the nasties when the numbers start heading into the red, as they have been lately. And it's not the big cats you have to worry about in this jungle. It's the bears. More Experts Stocks and Markets Podcast: Prairie Operating CEO on energy businessDave Ramsey warns Americans on Social SecurityLegendary fund manager reveals new trades after S&P 500 rally Stocks were tumbling at last check on Aug. 1 on signs of a weakening economy. The Bureau of Labor Statistics said that just 73,000 jobs were created in July, causing the unemployment rate to tick up to 4.2% from 4.1% in June. President Donald Trump promptly fired BLS Commissioner Erika McEntarfer, accusing her being a political appointee who was manipulating jobs data, CNBC reported. "We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY," Trump said on his Truth Social platform. "She will be replaced with someone much more competent and qualified." Trump also took another shot at the Federal Reserve chairman, saying that "Jerome 'Too Late' Powell should also be put 'out to pasture.'" Guilfoyle noted that things went bad on July 31 half an hour after the opening bell and "got uglier around lunchtime and uglier still going into the final hour of play." While Meta Platforms (META) and Microsoft (MSFT) rallied, Guilfoyle noted that the "joy" was put to the test early as the Bureau of Economic Analysis posted its July data for personal income and outlays as well as July consumer-level inflation. "Just a day after the quarterly data for inflation had put traders and investors at ease, the monthly data did just the opposite," he said. "Like a jaguar in the shadows, hard to see, watching from just far enough to raise those hairs on the back of your neck." He said Trump "put the whammy on 'big pharma,' sending letters to 17 leading drugmakers and demanding that these firms take steps to lower prices in the U.S. They have 60 days to get on board with his "most favored nation drug policy." Trump also signed an executive order revising tariffs on many nations that had failed to reach new trade deals with the U.S. Related: Warren Buffett sends White House blunt message on the economy "One must remember that while it may not look that ugly at the major index level, the selling was nearly constant on Thursday and markets sold off from an upward burst early on," Guilfoyle said. Eight of the 11 S&P sector SPDR ETFs closed in the red on July 31, and Guilfoyle, known on Wall Street as Sarge, called upon his military experience to explain what happens next. "So, this is where we realize that we may be up against something," he said. "This is where you stop moving, get low, unsnap your Ka-bar and switch your weapon off of 'safe.'" (The Ka-bar is a combat knife.) Losers beat winners by almost 3 to 2 on the New York Stock Exchange and by almost 2 to 1 on the Nasdaq, Guilfoyle said Advancing volume took just a 32.9% share of composite NYSE-listed trade and a 36.1% share of Nasdaq-listed trade, he added. More important, "aggregate trading volume increased across the listings at both the NYSE and Nasdaq as well as across the membership of the S&P 500." "Gang, you know what that means, right?" he asked. "Thursday qualifies as a potential 'Day One' bearish reversal." He said that a large selloff on Aug. 1 would be seen as a continuation of Day 1 and that "we actually need to see a break or pause in between any Day 1 and any Day of Confirmation." (FYI: The S&P 500 finished Aug. 1 down 1.6%.) "Can anything help? Can anything make it worse?" he asked. "The algorithms that control the point of sale stand ready to overreact, force momentum overshoot and create market inefficiency." "You know that as this is what they are designed to do, so keep your helmet on and buckle your chinstrap," Guilfoyle added. Related: Veteran fund manager who forecast S&P 500 crash unveils surprising update The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Newsweek
15 minutes ago
- Newsweek
US Abandons Maglev Train Plans as China Rapidly Develops Technology
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. President Donald Trump's administration pulled funding this week for a proposed high-speed magnetic levitation (Maglev) rail line connecting Washington D.C. and Baltimore. Transportation Secretary Sean Duffy told The Baltimore Sun on Friday that he couldn't "in good conscience keep taxpayers on the hook" for the 26.6-mile line and cancelled over $26 million in funding. Newsweek called the Department of Transportation on Saturday outside of regular office hours for comment. Why It Matters The United States doesn't currently have any operational high speed rail lines as defined by the International Union of Railways (UIC), but two are currently under construction in California and other projects have been proposed across the nation. However, supporters of high-speed rail are nervous about the Trump administration's attitude after it revoked $4 billion in federal funding for an under-construction line intended to connect San Francisco and Los Angeles as well as a $63.9 million grant for a project in Texas. What To Know The Maglev line was planned to connect Baltimore to Washington D.C. with a journey time of less than 15 minutes using magnetic levitation, a technique that sees trains held above the track by electromagnets removing the friction associated with traditional wheels. On Friday Secretary Duffy told The Sun that federal funding for the project had been scrapped, commenting: "This project lacked everything needed to be a success from planning to execution. This project did not have the means to go the distance, and I can't in good conscience keep taxpayers on the hook for it." Stock photograph showing a Maglev line being tested in Japan during 2000. Stock photograph showing a Maglev line being tested in Japan during 2000. Noboru Hashimoto/Corbis/GETTY Two federal grants totaling over $26 million for the project were cancelled, while support was also pulled for an environmental study needed to acquire a construction permit. Maglev technology has been developed in Japan since 2002 and testing has also taken place in China where one line achieved speeds of over 620 miles per hour, faster than many commercial aircraft. Maryland Governor Wes Moore was an enthusiastic backer of the project, and in April visited a team working on the technology in Japan where he said: "You have in me, and you have in our team, very excited partners to be able to continue to push forward... We like moving fast, and 315 miles per hour feels about right." Federal figures show nearly $27 million had been spent on the Maglev project in Maryland. What People Are Saying Speaking to Newsweek Professor R. Richard Geddes, a transportation infrastructure specialist at Cornell University, said: "Secretary of Transportation Sean Duffy announced that the federal government will cancel $26 million in funds for Baltimore to DC maglev project. This is welcome news. The extremely expensive maglev train project between Baltimore and Washington D.C. has faced significant delays, cost overruns, and local opposition. "The passenger rail route from Baltimore to Washington is already well served by both Amtrak and MARC trains. There are also several major highways serving the same route. It is unlikely that, even if completed, that revenue from ridership would be sufficient ridership to even cover that line's operational costs, much less its capital cost. "There are higher-value passenger rail projects on which this money could be spent to improve Amtrak's service in the Northeast Corridor. That includes increasing track capacity to accommodate more trains and reduce congestion, as well as upgrading tracks to allow higher speeds." What Happens Next Work on Maglev technology will continue in Japan and China and other U.S. projects could be proposed at a later date.
Fox News
15 minutes ago
- Fox News
Pete Buttigieg and Gavin Newsom shift their stance on transgender athletes in women's sports
The 'Big Weekend Show' co-hosts discuss the recent shift some top Democrats have shown in their stance on whether transgender athletes should be able to compete in women's sports.
