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Yahoo
2 days ago
- Automotive
- Yahoo
Vance says he hopes Musk returns to the fold after public feud with Trump
(Bloomberg) — Vice President JD Vance said Elon Musk is making a 'huge mistake' in going after Donald Trump and expressed hopes the billionaire will come back into the fold following the public feud that unfolded. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World ICE Moves to DNA-Test Families Targeted for Deportation with New Contract US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Trump Said He Fired the National Portrait Gallery Director. She's Still There. 'I'm always going to be loyal to the president and I hope that eventually Elon kind of comes back into the fold,' Vance said in an interview on the podcast 'This Past Weekend w/ Theo Von' released on Saturday. 'Maybe that's not possible now because he's gone so nuclear, but I hope it is.' Musk helped elect Trump and Vance in 2024 and assumed a role heading the Department of Government Efficiency, a cost-cutting effort that has so far fallen well short of the Tesla Inc. chief's initial promises. Trump and Musk's political alliance imploded on Thursday after Musk criticized the tax and spending policy bill backed by the president. The two men traded jabs that grew personal on social media, stunning watchers in Washington and on Wall Street. While Vance posted on X in support of Trump, saying that the president he was 'proud to stand beside him' and praising him as having 'done more than anyone in my lifetime to earn the trust of the movement he leads,' the interview with Von marked his first direct comments on Musk since the spat erupted. The president had encouraged Vance to speak diplomatically about Musk before his appearance on the podcast, according to a person familiar with the situation who shared details on condition of anonymity. 'The president doesn't think that he needs to be in a blood feud with Elon Musk, and I actually think if Elon chilled out a little bit, everything would be fine,' Vance said. —With assistance from Sam Kim. Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? ©2025 Bloomberg L.P. 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
2 days ago
- Automotive
- Yahoo
Vance Says He Hopes Musk Returns to Fold After Public Feud With Trump
(Bloomberg) -- Vice President JD Vance said Elon Musk is making a 'huge mistake' in going after Donald Trump and expressed hopes the billionaire will come back into the fold following the public feud that unfolded. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World ICE Moves to DNA-Test Families Targeted for Deportation with New Contract US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Trump Said He Fired the National Portrait Gallery Director. She's Still There. 'I'm always going to be loyal to the president and I hope that eventually Elon kind of comes back into the fold,' Vance said in an interview on the podcast 'This Past Weekend w/ Theo Von' released on Saturday. 'Maybe that's not possible now because he's gone so nuclear, but I hope it is.' Musk helped elect Trump and Vance in 2024 and assumed a role heading the Department of Government Efficiency, a cost-cutting effort that has so far fallen well short of the Tesla Inc. chief's initial promises. Trump and Musk's political alliance imploded on Thursday after Musk criticized the tax and spending policy bill backed by the president. The two men traded jabs that grew personal on social media, stunning watchers in Washington and on Wall Street. While Vance posted on X in support of Trump, saying that the president he was 'proud to stand beside him' and praising him as having 'done more than anyone in my lifetime to earn the trust of the movement he leads,' the interview with Von marked his first direct comments on Musk since the spat erupted. The president had encouraged Vance to speak diplomatically about Musk before his appearance on the podcast, according to a person familiar with the situation who shared details on condition of anonymity. 'The president doesn't think that he needs to be in a blood feud with Elon Musk, and I actually think if Elon chilled out a little bit, everything would be fine,' Vance said. --With assistance from Sam Kim. Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? ©2025 Bloomberg L.P.
Yahoo
2 days ago
- Business
- Yahoo
Robinhood Extends Rally as Speculation Over S&P 500 Inclusion Grows
(Bloomberg) -- Robinhood Markets Inc. shares extended gains into a sixth straight day as investors speculate that the online brokerage could become the latest firm to earn a coveted spot in the S&P 500 Index. Next Stop: Rancho Cucamonga! ICE Moves to DNA-Test Families Targeted for Deportation with New Contract Where Public Transit Systems Are Bouncing Back Around the World US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Trump Said He Fired the National Portrait Gallery Director. She's Still There. Wall Street firms including Bank of America Corp. and Barclays Plc have called the company a top candidate to join the benchmark, a distinction that would spur passive funds to snap up its shares. The rebalancing is set to be announced after the close of regular trading Friday. Robinhood shares rose 3.3% in the session, bringing their gain to 17% over six trading days. 'It does seem like the speculation about the stock being included in today's S&P 500 announcement is having the bigger impact,' said Matt Maley, chief market strategist at Miller Tabak + Co. 'With so much money invested in index funds and index ETFs today, the stocks involved will rally no matter what.' Ares Management Corp., AppLovin Corp., and Tradeweb Markets Inc. are among other companies that analysts have flagged as possible additions. Barclays analyst Benjamin Budish said the S&P 500 has added an average of 1.5 new companies in the June quarter, either through additions or promotions from its other indexes. Fellow new-finance player Coinbase Global Inc. received a dramatic boost when its inclusion was announced last month. The stock jumped 24% in the next trading session on its way to a 34% weekly gain. Robinhood, meanwhile, has jumped more than 100% this year and, on Tuesday, closed at a record for the first time since 2021. 'Stocks selected for index inclusion typically experience 7%+ gains into the first day of trading,' Budish wrote in a note to clients. 'However, the stocks appear to sell off by about 1.4% on average in the first week following index inclusion, and are down about 1% in the following 4 weeks.' Other stocks linked to cryptocurrencies also advanced Friday as US labor data boosted appetite for risk and lifted digital tokens. Coinbase rose 2.9%, while Bitcoin was trading above $104,000. --With assistance from Monique Mulima. (Updates shares throughout, Bitcoin price in final paragraph.) Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
2 days ago
- Business
- Yahoo
US, Chinese Teams to Meet Monday in London for Trade Talks
(Bloomberg) -- US and Chinese negotiators will resume trade talks on June 9 in London, President Donald Trump announced, as the world's two largest economies look to resolve a simmering dispute over tariffs and technology that has unnerved markets. Next Stop: Rancho Cucamonga! ICE Moves to DNA-Test Families Targeted for Deportation with New Contract Where Public Transit Systems Are Bouncing Back Around the World US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Trump Said He Fired the National Portrait Gallery Director. She's Still There. US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer will meet Monday 'with Representatives of China, with reference to the Trade Deal,' Trump posted Friday on social media. 'The meeting should go very well.' The new round of talks follow a 90-minute call between Trump and Chinese leader Xi Jinping on Thursday that saw the two agree to defuse growing tensions spurred by concerns over the flow of critical minerals needed by American firms. Earlier talks between the two countries in Switzerland in May resulted in a tariff truce between Beijing and Washington that set the stage for further talks on trade. But negotiations between the rivals stalled after the Geneva meeting, with both sides accusing the other of violating the agreement that brought down duties from massive highs. The US expressed concerns over the lack of rare-earth magnets essential for American electric vehicles and defense systems, while China bristled at fresh US restrictions on artificial intelligence chips from Huawei Technologies Co., as well as other advanced technologies and crackdowns on foreign students in the US. After their call, Trump said he had obtained a commitment to restore the flow of rare-earth magnets. China approved temporary export licenses to critical mineral suppliers to major US automakers, Reuters reported. But questions remain about what Trump conceded to Xi in their call, which the US president had eagerly sought. The Chinese Foreign Ministry in a statement said that Trump told Xi Chinese students are welcome to study in the US, and Trump later said it would be his 'honor' to welcome them. The call between Trump and Xi generated some hope on Wall Street for lower duties between the US and China, although investor optimism was limited, citing the lack of details on key matters and the thorny issues that await negotiators. The inclusion of Lutnick in the new round of talks may signal that Trump is willing to reconsider some of the technology curbs that threaten to hobble China's long-term growth ambitions. (Updates with additional background starting in third paragraph) Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
3 days ago
- Politics
- Yahoo
Trump Asks Supreme Court to Allow Education Department Firings
(Bloomberg) -- President Donald Trump asked the US Supreme Court to let him resume dismantling the Department of Education, seeking to lift a lower court order that requires the reinstatement of as many as 1,400 workers. Next Stop: Rancho Cucamonga! ICE Moves to DNA-Test Families Targeted for Deportation with New Contract Where Public Transit Systems Are Bouncing Back Around the World US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Trump Said He Fired the National Portrait Gallery Director. She's Still There. The emergency filing Friday challenges a federal district judge's conclusion that Trump's effort to shut down the department would leave it unable to perform duties required under US law, including managing federal student loans, aiding state education programs and enforcing civil rights law. The filing marks the 17th time since Trump's inauguration that his administration has asked the Supreme Court for help as he seeks to implement a far-reaching agenda through executive orders and other unilateral steps. It's the first Supreme Court clash to squarely address Trump's authority to dismantle entities created by Congress, including the Consumer Financial Protection Bureau, the US Agency for International Development and the US Institute of Peace. Education Secretary Linda McMahon announced March 11 that the department was cutting half its staff through a reduction in force. Trump followed with a March 20 executive order that said McMahon should 'to the maximum extent appropriate and permitted by law, take all necessary steps to facilitate the closure of the Department of Education.' The effort is being challenged in two lawsuits, one brought primarily by states led by Democrats and the other filed by several Massachusetts public school systems and unions. US District Judge Myong Joun in Boston ruled in May that the personnel cuts would 'likely cripple the department.' He said the challengers were likely to succeed in showing that Trump lacked power to effectively dissolve the department by getting rid of its employees, closing regional offices and moving programs to other federal agencies. 'A department without enough employees to perform statutorily mandated functions is not a department at all,' Joun wrote. 'This court cannot be asked to cover its eyes while the department's employees are continuously fired and units are transferred out until the department becomes a shell of itself.' The Boston-based 1st US Circuit Court of Appeals on Wednesday refused to block Joun's ruling, paving the way for Trump's Supreme Court filing. Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom What America's Pizza Economy Is Telling Us About the Real One The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Is Elon Musk's Political Capital Spent? ©2025 Bloomberg L.P. 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
