Latest news with #DavidHollerith
Yahoo
3 days ago
- Business
- Yahoo
As more companies pivot into crypto, who's buying bitcoin?
Public companies — especially Strategy (MSTR) — now hold over 3% of the bitcoin (BTC-USD) in circulation, according to Bernstein data. Yahoo Finance senior reporter David Hollerith sits down with the Market Domination Overtime team to speak more on the latest crypto-buying trends from major companies. To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here. Public companies are increasing their Bitcoin exposure and now hold more than 3% of all bitcoins in circulation. That's according to analysis from Bernstein Research. They say imitation is this is flattering, and if this trend comes on the heels of the business software company strategies, crypto buying, of course. To explain more about who's buying crypto and why, senior reporter David Hollerth is joining us. That's everybody's trying to follow the Michael Saler playbook now. Yeah, exactly. I mean, uh, why wouldn't you seeing the rise in Bitcoin at this point and you know it's an interesting, uh, dynamic. There's a premium premium between Bitcoins or excuse me, uh, strategies, uh. Market cap and the amount of bitcoins it holds and other companies that have done this even this year have also seen that but not all of them have so in some sense the investors that are putting money into this or the companies themselves are kind of uh it's seemingly magically creating money so that's obviously an interesting dynamic from just an overall market's perspective and you know we're paying a lot of attention to the companies and we've seen a little bit of investors. Limits to this trend last week GameStop and uh the president's namesake uh media company both uh reported doing these kind of strategies and uh or at least plans to, and their stocks dropped on the day so it's kind of an interesting trend to pay attention to, right? And we've seen strategies sometimes on individual days drop when it says it's sort of raising capital if investors view that as dilute of whatever they're doing, but you mentioned that. Premium, which is the thing that I guess other companies that are doing this are chasing, right? They want to get that to trade even better than Bitcoin has. What have you gotten in terms of explanations of why strategy trades at that premium to Bitcoin? Yeah, that's a good question. Um, I think it has to do with the fact that they take on a fair amount of leverage by issuing debt and then on top of that it's some sort of forward indication about the price of Bitcoin. And how well, uh, strategy and Michael Saylor are going to continue to accumulate it in the future that's the best explanation I have but if you look at a financial or an economics textbook, you're not gonna get a clear answer like that. So no, well, nor are you for Bitcoin in general, I suppose.
Yahoo
3 days ago
- Business
- Yahoo
Wells Fargo's asset cap lifted by the Fed: What this means
The Federal Reserve has lifted its asset cap on major bank Wells Fargo (WFC). Yahoo Finance senior banking reporter David Hollerith explains what this means for Wells Fargo's business. To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here. Dave, while we have you, some breaking news on your very beat, Wells Fargo, what's the latest there? Yeah, so uh a key growth restriction, probably the most onerous thing that can happen to a large uh federally uh chartered bank um was removed. This was a part of a 2018 consent order. Now, the consent order is still in place, but um this growth restriction, which basically held them from growing their assets above a 2017 level is now gone. So effectively, the bank is out of the out of the penalty box. And that's a big deal because it goes back to this uh fake account scandal that happened um kind of through the mid 2010s and the fact that regulators their overseers are okay with what uh Wells Fargo is doing now and feels like they've moved past that is a huge sign for the bank and its CEO, Charlie Sharp. So what is Wells Fargo now in theory allowed to do that it wasn't allowed to do under some of these restrictions? Right. So acquisitions, growing their loans, uh buying more securities, anything really that um that you can think of in terms of growing the business. So it's pretty big. It also means that they can do a lot more with trading if they're interested in that because that's a capital heavy business. Banks obviously have to carry a lot of capital to reserves. So to do something like trading, they need a lot more assets. 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
3 days ago
- Business
- Yahoo
As more companies pivot into crypto, who's buying bitcoin?
Public companies — especially Strategy (MSTR) — now hold over 3% of the bitcoin (BTC-USD) in circulation, according to Bernstein data. Yahoo Finance senior reporter David Hollerith sits down with the Market Domination Overtime team to speak more on the latest crypto-buying trends from major companies. To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.
Yahoo
3 days ago
- Business
- Yahoo
Wells Fargo's asset cap lifted by the Fed: What this means
The Federal Reserve has lifted its asset cap on major bank Wells Fargo (WFC). Yahoo Finance senior banking reporter David Hollerith explains what this means for Wells Fargo's business. To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here. 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
22-05-2025
- Business
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq seesaw as bond sell-off eases after House OKs Trump tax bill
US stocks made little progress on Thursday as investors assessed the House's narrow vote to approve President Trump's "big, beautiful" tax bill and what it means for the growing US debt pile. The Dow Jones Industrial Average (^DJI) was roughly flat. The S&P 500 (^GSPC) narrowly fell into negative territory on the day, sliding less than 0.1%, while the tech-heavy Nasdaq Composite (^IXIC) popped about 0.3%. All three indexes gave up solid gains in the final hours of trading. The House of Representatives passed Trump's giant tax-and-spending package by a single vote after a last-gasp revision aimed at winning over conservative Republican holdouts. Changes including a more generous deduction for state and local taxes paved the way for the bill moving a step closer to becoming law. Wall Street is worried that the legislation could add trillions to the existing $36 trillion deficit, especially after Moody's directly cited the proposal in downgrading the US credit rating. Longer-dated bond yields, in high focus after a Moody's downgrade shined a spotlight on the US debt, eased after a steady march higher in recent days. The 30-year yield (^TYX) dipped slightly below 5.1% after it flirted with highs last seen during the financial crisis. The benchmark 10-year yield (^TNX) fell to around 4.55%. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Meanwhile, bitcoin (BTC-USD) continued to set fresh record highs, topping $111,000 for the first time as the leading cryptocurrency rose over 3% to $111,878. Ether (ETH-USD) also made gains amid growing institutional demand. US economic output rebounded in May as businesses digested President Trump's tariff rollback. S&P Global's flash US composite PMI, which captures activity in both the services and manufacturing sectors, climbed to 52.1 in May, compared to 50.6 in April. Meanwhile, in a sign of a softening US labor market, the weekly report on initial jobless claims released on Thursday showed the number of Americans filing for unemployment insurance on a continuing basis totaled 1.9 million, bringing the four-week moving average of continuing claims to its highest level since November 2021. Longer-dated bond yields, in high focus after a Moody's downgrade shined a spotlight on the US debt, eased after a steady march higher in recent days. The 30-year Treasury yield (^TYX) dipped slightly below 5.1% after it flirted with highs last seen during the financial crisis. The benchmark 10-year Treasury yield (^TNX) fell to around 4.55%. The 30-year Treasury yield had pressed above 5.1% to hit its highest level since 2007 earlier in the session. Yahoo Finance's David Hollerith reports: President Trump will host an exclusive dinner Thursday night for the 220 biggest buyers of his $TRUMP (TRUMP-OFFICIAL-USD) memecoin, an event that is stirring controversy in the nation's capital during a pivotal moment for the crypto world. The highly publicized event at his private Virginia golf club is the source of widespread unease among Democrats, who are holding a press conference Thursday to highlight their conflict of interest concerns, and even some GOP lawmakers. "This is my president that we're talking about, but I am willing to say that this gives me pause," Wyoming Republican Sen. Cynthia Lummis said of the dinner in a NBC interview earlier this month. Lummis has been a staunch supporter of both Trump and the Republican-led push to usher in more crypto-friendly regulation for the industry. Invitees to the gala won their invitations by participating in a form of auction that identified the 220 with the largest holdings of Trump's coin, based on their average holdings between April 23 and May 12. Read more here. The US dollar is under pressure as global investors grow increasingly wary of America's fiscal trajectory. Once seen as a reliable safe haven, the greenback is now facing renewed skepticism, with strategists telling Yahoo Finance that capital is shifting toward undervalued currencies in Europe and Asia amid expectations of foreign stimulus and more attractive valuations abroad. The US Dollar Index ( — which tracks the dollar's value against a basket of major currencies including the euro, Japanese yen, British pound, Canadian dollar, Swedish krona, and Swiss franc — has dropped more than 8% since the start of the year, underperforming every other G10 currency, according to Bloomberg data. It ranks as one of the worst-performing asset classes of the year, alongside Brent Crude (BZ=F). Since April, the index has dipped below the crucial technical and psychological level of 100, hitting lows not seen since 2022. "Investors now have a very strong reason to hedge their long US asset exposure, and the dollar is no longer behaving like a safe haven," Jayati Bharadwaj, FX and macro strategist at TD Securities, told Yahoo Finance on Wednesday. "I would say it's actually following much more of an emerging market playbook, which is the unfortunate truth that we need to come to terms with." Read more here. The market's rapid bounce back to near-record highs over the past month has not been kind to investors betting against US stocks. From the market bottom on April 8 through May 20, short sellers have lost more than $250 billion, according to data from S3 Partners. All of the "Magnificent Seven" stocks were among the top 20 names on which short investors lost the most money. Shorts on Nvidia (NVDA) and Tesla (TSLA) lost more than $19 billion combined during the period. Both Nvidia and Tesla have benefited from individual catalysts throughout the run. For Nvidia, easing trade restrictions have been a boost for the AI chip leader headed into its next earnings release on May 28. Meanwhile, Tesla stock has rocketed higher as CEO Elon Musk returned his focus to the company after a stint with the Department of Government Efficiency (DOGE). Read more here. Hinge Health (HNGE) hit the public markets on Thursday. The initial public offering tests whether the dry spell for healthcare IPOs since a boom in 2021 may be ending. Yahoo Finance's Anjalee Khemlani reports: Read more here. Yahoo Finance's Claire Boston reports: Read more here. Stocks turned positive by midday trading on Thursday as highly watched long-dated bond yields eased The Dow Jones Industrial Average (^DJI) erased earlier losses to rise 0.2%. The S&P 500 (^GSPC) also gained 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.6%. Alphabet (GOOG) and Tesla (TSLA) outperformed the rest of the "Magnificent Seven" stocks as the tech sector edged higher. Stocks have fluctuated over the past couple of days amid rising bond yields. By Thursday mid-trading, the 30-year yield (^TYX) slipped just below 5.1%. The benchmark 10-year yield (^TNX) dropped to around 4.55%. Yahoo Finance's Anjalee Khemlani reports: Read more here. Bitcoin (BTC-USD) hovered near all-time highs above $111,000 per token on Thursday after the House of Representatives approved President Trump's "big, beautiful" tax-and-spending bill. "The market today is reacting to the fact that the government has sort of said it's on board to grow deficits, to print more money, to expand the fiscal debt — and that's forcing people to look outside of fiat currencies to an alternative. Bitcoin is that alternative, " Matt Hougan, chief investment officer of digital asset management firm Bitwise, told Yahoo Finance on Thursday morning. The new record comes amid rising bond yields, a sign that investors may be growing uneasy with ballooning US debt levels. "I think something may have started to break with investors' long-term appetite for debt," Hougan said. US economic output rebounded in May as businesses digested President Trump's tariff rollback. S&P Global's flash US composite PMI, which captures activity in both the services and manufacturing sectors, came in at 52.1 in May, up from 50.6 in April. Increased activity in both the services and manufacturing sectors helped drive the gains. S&P's services PMI increased to 52.3 in May, up from 50.8. Meanwhile, the manufacturing PMI also increased, rising to 52.3, above the 50.2 seen the month prior. 'Business confidence has improved in May from the worrying slump seen in April, with gloom about prospects for the year ahead lifting somewhat thanks largely to the pause on higher rate tariffs," S&P Global Market Intelligence chief business economist Chris Williamson said in the release. Still, the data showed clear signs that tariffs are beginning to push prices higher and cause supply chain problems. 'Supply chain delays are now more prevalent than at any time since the pandemic led to widespread shortages in 2022, and prices charged for both goods and services have spiked higher as firms and their suppliers seek to pass on tariff levies to customers," Williamson said. "The overall rise in prices charged for goods and services in May was the steepest since August 2022, which is indicative of consumer price inflation moving sharply higher.' The Wall Street Journal on Thursday reported that the US Treasury will stop minting new pennies next year, bringing an end to the country's smallest monetary denomination. According to the Journal, the Treasury lost $85 million last year on new pennies, with 3 billion new one-cent pieces minted and then sent into circulation. The move is expected to save the government $56 million annually. For businesses, the lack of new pennies in circulation will mean cash transactions need to be rounded up or down to the nearest 5 cents, with the nickel now the smallest coin in circulation. Digital transactions can still be rounded to the nearest penny. With the penny exiting circulation, America's first president, George Washington, will be the lone figure featured on two different denominations — the dollar and the quarter. Abraham Lincoln, whose face is currently the "heads" side of a penny, is also featured on the $5 bill. US stocks opened mixed on Thursday as investors watched long-dated bond yields in reaction to the House's approval of President Trump's "big, beautiful" tax bill and the impact on US debt. The Dow Jones Industrial Average (^DJI) opened down about 0.2%, extending losses from Wednesday. The S&P 500 (^GSPC) hovered near the flat line, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.2%. The House of Representatives passed Trump's tax-and-spending package by a single vote. Investors have been watching bond yields climb in reaction to rising US debt levels. The benchmark 10-year yield (^TNX) rose above 4.58%, while the 30-year yield (^TYX) rose to 5.1%. Signs of softening in the US labor market continue. The weekly report on initial jobless claims released Thursday showed the number of Americans filing for unemployment insurance on a continuing basis totaled 1.9 million, bringing the four-week moving average of continuing claims to 1,887,500, the highest since November 2021. For the week ended May 17, initial jobless claims totaled 227,000, which continues to suggest there is no nascent surge in new layoffs. But the steady rise in the number of people claiming unemployment benefits over time shows the labor market remains "low hire, low fire," a fine situation for those with a job but a deteriorating situation for those out of work. Solar stocks tanked after President Trump's tax plan advanced from the House to the Senate. The bill speeds up the phaseout of clean energy tax credits, which have boosted wind and solar companies and were initially backed by moderates. However, changes made Wednesday night weakened many of those provisions, dealing a blow to the industry. Sunrun (RUN) stock took the biggest beating, plummeting 43%. Meanwhile, shares of Enphase (ENPH) dropped 18%, SolarEdge Technologies (SEDG) fell 15%, and First Solar (FSLR) dipped 5%. All four solar stocks were among the top trending tickers on Yahoo Finance in premarket trading. Yahoo Finance's David Hollerith reports: Read more here. The House voted to approve President Trump's "big, beautiful" tax bill on Thursday, sending the 1,000-page package to the Senate next. US stock futures wobbled following the vote. S&P 500 futures (ES=F) hovered above the flat line, while tech-heavy Nasdaq 100 futures (NQ=F) rose 0.2%. Contracts on the Dow Jones Industrial Average (YM=F) declined 0.1% Yahoo Finance's Ben Werschkul notes that the bill is centered around an extension of the 2017 tax cuts, signed into law during Trump's first term as president. The plan will also raise the nation's debt ceiling by $4 trillion. You can read more about what's in the bill here. Economic data: Chicago Fed nat activity index (April); Initial jobless claims (May 17); Continuing claims, (May 10); S&P Global US manufacturing & services PMI (May preliminary); S&P global US composite PMI; Existing home sales (April); Kansas City Fed manufacturing activity (May) Earnings: Advance Auto Parts (AAP), Autodesk (ADSK), BJ's (BJ), Decker's (DECK), Intuit (INTU), Ralph Lauren (RL), Ross Stores (ROST), TD Bank (TD), Workday (WDAY) Here are some of the biggest stories you may have missed overnight and early this morning: Trump tax bill begins House vote after last-gasp 'SALT' changes Bitcoin tops $111,000 for first time as demand surges Google's response to AI search threat: Bring it on EU offers fresh trade deal to US with lobster on the menu China's BYD outsells Tesla in Europe for first time: Report Dimon warns of US stagflation risk, says Fed right to hold Coinbase hack shows crypto vulnerability to old-school crime Nike (NKE) shares rose 2% premarket on Thursday after the company said it will raise prices on some products next week and resume selling on Amazon (AMZN) for the first time in six years. Reuters reports: Read more here Snowflake (SNOW) stock rose 9% in premarket trading on Thursday after it raised its fiscal 2026 forecast for product revenue betting on strong demand for its data analytics services as enterprises prioritize artificial intelligence spending. Reuters reports: Read more here. Bitcoin prices topped $110,000 for the first time in the early hours of Thursday morning. The cryptocurrency has been buoyed by a recent push in positive sentiment from the White House and institutional investors. Bloomberg reports: Read more here. Longer-dated bond yields, in high focus after a Moody's downgrade shined a spotlight on the US debt, eased after a steady march higher in recent days. The 30-year Treasury yield (^TYX) dipped slightly below 5.1% after it flirted with highs last seen during the financial crisis. The benchmark 10-year Treasury yield (^TNX) fell to around 4.55%. The 30-year Treasury yield had pressed above 5.1% to hit its highest level since 2007 earlier in the session. Yahoo Finance's David Hollerith reports: President Trump will host an exclusive dinner Thursday night for the 220 biggest buyers of his $TRUMP (TRUMP-OFFICIAL-USD) memecoin, an event that is stirring controversy in the nation's capital during a pivotal moment for the crypto world. The highly publicized event at his private Virginia golf club is the source of widespread unease among Democrats, who are holding a press conference Thursday to highlight their conflict of interest concerns, and even some GOP lawmakers. "This is my president that we're talking about, but I am willing to say that this gives me pause," Wyoming Republican Sen. Cynthia Lummis said of the dinner in a NBC interview earlier this month. Lummis has been a staunch supporter of both Trump and the Republican-led push to usher in more crypto-friendly regulation for the industry. Invitees to the gala won their invitations by participating in a form of auction that identified the 220 with the largest holdings of Trump's coin, based on their average holdings between April 23 and May 12. Read more here. The US dollar is under pressure as global investors grow increasingly wary of America's fiscal trajectory. Once seen as a reliable safe haven, the greenback is now facing renewed skepticism, with strategists telling Yahoo Finance that capital is shifting toward undervalued currencies in Europe and Asia amid expectations of foreign stimulus and more attractive valuations abroad. The US Dollar Index ( — which tracks the dollar's value against a basket of major currencies including the euro, Japanese yen, British pound, Canadian dollar, Swedish krona, and Swiss franc — has dropped more than 8% since the start of the year, underperforming every other G10 currency, according to Bloomberg data. It ranks as one of the worst-performing asset classes of the year, alongside Brent Crude (BZ=F). Since April, the index has dipped below the crucial technical and psychological level of 100, hitting lows not seen since 2022. "Investors now have a very strong reason to hedge their long US asset exposure, and the dollar is no longer behaving like a safe haven," Jayati Bharadwaj, FX and macro strategist at TD Securities, told Yahoo Finance on Wednesday. "I would say it's actually following much more of an emerging market playbook, which is the unfortunate truth that we need to come to terms with." Read more here. The market's rapid bounce back to near-record highs over the past month has not been kind to investors betting against US stocks. From the market bottom on April 8 through May 20, short sellers have lost more than $250 billion, according to data from S3 Partners. All of the "Magnificent Seven" stocks were among the top 20 names on which short investors lost the most money. Shorts on Nvidia (NVDA) and Tesla (TSLA) lost more than $19 billion combined during the period. Both Nvidia and Tesla have benefited from individual catalysts throughout the run. For Nvidia, easing trade restrictions have been a boost for the AI chip leader headed into its next earnings release on May 28. Meanwhile, Tesla stock has rocketed higher as CEO Elon Musk returned his focus to the company after a stint with the Department of Government Efficiency (DOGE). Read more here. Hinge Health (HNGE) hit the public markets on Thursday. The initial public offering tests whether the dry spell for healthcare IPOs since a boom in 2021 may be ending. Yahoo Finance's Anjalee Khemlani reports: Read more here. Yahoo Finance's Claire Boston reports: Read more here. Stocks turned positive by midday trading on Thursday as highly watched long-dated bond yields eased The Dow Jones Industrial Average (^DJI) erased earlier losses to rise 0.2%. The S&P 500 (^GSPC) also gained 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.6%. Alphabet (GOOG) and Tesla (TSLA) outperformed the rest of the "Magnificent Seven" stocks as the tech sector edged higher. Stocks have fluctuated over the past couple of days amid rising bond yields. By Thursday mid-trading, the 30-year yield (^TYX) slipped just below 5.1%. The benchmark 10-year yield (^TNX) dropped to around 4.55%. Yahoo Finance's Anjalee Khemlani reports: Read more here. Bitcoin (BTC-USD) hovered near all-time highs above $111,000 per token on Thursday after the House of Representatives approved President Trump's "big, beautiful" tax-and-spending bill. "The market today is reacting to the fact that the government has sort of said it's on board to grow deficits, to print more money, to expand the fiscal debt — and that's forcing people to look outside of fiat currencies to an alternative. Bitcoin is that alternative, " Matt Hougan, chief investment officer of digital asset management firm Bitwise, told Yahoo Finance on Thursday morning. The new record comes amid rising bond yields, a sign that investors may be growing uneasy with ballooning US debt levels. "I think something may have started to break with investors' long-term appetite for debt," Hougan said. US economic output rebounded in May as businesses digested President Trump's tariff rollback. S&P Global's flash US composite PMI, which captures activity in both the services and manufacturing sectors, came in at 52.1 in May, up from 50.6 in April. Increased activity in both the services and manufacturing sectors helped drive the gains. S&P's services PMI increased to 52.3 in May, up from 50.8. Meanwhile, the manufacturing PMI also increased, rising to 52.3, above the 50.2 seen the month prior. 'Business confidence has improved in May from the worrying slump seen in April, with gloom about prospects for the year ahead lifting somewhat thanks largely to the pause on higher rate tariffs," S&P Global Market Intelligence chief business economist Chris Williamson said in the release. Still, the data showed clear signs that tariffs are beginning to push prices higher and cause supply chain problems. 'Supply chain delays are now more prevalent than at any time since the pandemic led to widespread shortages in 2022, and prices charged for both goods and services have spiked higher as firms and their suppliers seek to pass on tariff levies to customers," Williamson said. "The overall rise in prices charged for goods and services in May was the steepest since August 2022, which is indicative of consumer price inflation moving sharply higher.' The Wall Street Journal on Thursday reported that the US Treasury will stop minting new pennies next year, bringing an end to the country's smallest monetary denomination. According to the Journal, the Treasury lost $85 million last year on new pennies, with 3 billion new one-cent pieces minted and then sent into circulation. The move is expected to save the government $56 million annually. For businesses, the lack of new pennies in circulation will mean cash transactions need to be rounded up or down to the nearest 5 cents, with the nickel now the smallest coin in circulation. Digital transactions can still be rounded to the nearest penny. With the penny exiting circulation, America's first president, George Washington, will be the lone figure featured on two different denominations — the dollar and the quarter. Abraham Lincoln, whose face is currently the "heads" side of a penny, is also featured on the $5 bill. US stocks opened mixed on Thursday as investors watched long-dated bond yields in reaction to the House's approval of President Trump's "big, beautiful" tax bill and the impact on US debt. The Dow Jones Industrial Average (^DJI) opened down about 0.2%, extending losses from Wednesday. The S&P 500 (^GSPC) hovered near the flat line, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.2%. The House of Representatives passed Trump's tax-and-spending package by a single vote. Investors have been watching bond yields climb in reaction to rising US debt levels. The benchmark 10-year yield (^TNX) rose above 4.58%, while the 30-year yield (^TYX) rose to 5.1%. Signs of softening in the US labor market continue. The weekly report on initial jobless claims released Thursday showed the number of Americans filing for unemployment insurance on a continuing basis totaled 1.9 million, bringing the four-week moving average of continuing claims to 1,887,500, the highest since November 2021. For the week ended May 17, initial jobless claims totaled 227,000, which continues to suggest there is no nascent surge in new layoffs. But the steady rise in the number of people claiming unemployment benefits over time shows the labor market remains "low hire, low fire," a fine situation for those with a job but a deteriorating situation for those out of work. Solar stocks tanked after President Trump's tax plan advanced from the House to the Senate. The bill speeds up the phaseout of clean energy tax credits, which have boosted wind and solar companies and were initially backed by moderates. However, changes made Wednesday night weakened many of those provisions, dealing a blow to the industry. Sunrun (RUN) stock took the biggest beating, plummeting 43%. Meanwhile, shares of Enphase (ENPH) dropped 18%, SolarEdge Technologies (SEDG) fell 15%, and First Solar (FSLR) dipped 5%. All four solar stocks were among the top trending tickers on Yahoo Finance in premarket trading. Yahoo Finance's David Hollerith reports: Read more here. The House voted to approve President Trump's "big, beautiful" tax bill on Thursday, sending the 1,000-page package to the Senate next. US stock futures wobbled following the vote. S&P 500 futures (ES=F) hovered above the flat line, while tech-heavy Nasdaq 100 futures (NQ=F) rose 0.2%. Contracts on the Dow Jones Industrial Average (YM=F) declined 0.1% Yahoo Finance's Ben Werschkul notes that the bill is centered around an extension of the 2017 tax cuts, signed into law during Trump's first term as president. The plan will also raise the nation's debt ceiling by $4 trillion. You can read more about what's in the bill here. Economic data: Chicago Fed nat activity index (April); Initial jobless claims (May 17); Continuing claims, (May 10); S&P Global US manufacturing & services PMI (May preliminary); S&P global US composite PMI; Existing home sales (April); Kansas City Fed manufacturing activity (May) Earnings: Advance Auto Parts (AAP), Autodesk (ADSK), BJ's (BJ), Decker's (DECK), Intuit (INTU), Ralph Lauren (RL), Ross Stores (ROST), TD Bank (TD), Workday (WDAY) Here are some of the biggest stories you may have missed overnight and early this morning: Trump tax bill begins House vote after last-gasp 'SALT' changes Bitcoin tops $111,000 for first time as demand surges Google's response to AI search threat: Bring it on EU offers fresh trade deal to US with lobster on the menu China's BYD outsells Tesla in Europe for first time: Report Dimon warns of US stagflation risk, says Fed right to hold Coinbase hack shows crypto vulnerability to old-school crime Nike (NKE) shares rose 2% premarket on Thursday after the company said it will raise prices on some products next week and resume selling on Amazon (AMZN) for the first time in six years. Reuters reports: Read more here Snowflake (SNOW) stock rose 9% in premarket trading on Thursday after it raised its fiscal 2026 forecast for product revenue betting on strong demand for its data analytics services as enterprises prioritize artificial intelligence spending. Reuters reports: Read more here. Bitcoin prices topped $110,000 for the first time in the early hours of Thursday morning. The cryptocurrency has been buoyed by a recent push in positive sentiment from the White House and institutional investors. Bloomberg reports: Read more here. 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
