Reported about 10 hours ago
The House of Representatives has approved President Trump's substantial tax bill, projected by the Congressional Budget Office to increase the national debt by $3.3 trillion. The legislation makes the majority of tax cuts from 2017 permanent and imposes cuts on Medicaid. Despite a lengthy attack on the bill by House Minority Leader Hakeem Jeffries, the bill is expected to be signed by the President on July 4.
Source: YAHOO
Reported about 13 hours ago
AstraZeneca is in negotiations with Summit Therapeutics for a potential licensing agreement for an experimental lung cancer drug worth up to $15 billion. This deal, reported by Bloomberg, could include substantial upfront payments and milestones, although talks may still fall through. The drug, ivonescimab, is already approved in China and is being tested for further use in the U.S.
Source: YAHOO
Reported about 13 hours ago
Platinum prices are unlikely to rise significantly after a remarkable 36% increase in the second quarter of 2025, due in part to anticipated declines in Chinese imports and recovery in South African output amidst weak auto sector demand. Despite a record month in June, analysts point to muted support for sustained price increases, highlighting concerns over the long-term impacts of electric vehicle production on platinum demand.
Source: YAHOO
Reported about 13 hours ago
The International Monetary Fund (IMF) has expressed that the U.S. tax and spending bill, currently awaiting final Congressional approval, goes against its advice for reducing fiscal deficits. IMF spokesperson Julie Kozack emphasized the need for the U.S. to initiate fiscal consolidation to decrease public debt levels. While the Republican bill is expected to increase deficits by extending past tax cuts, concerns about the long-term impact on the economy have been raised, particularly diverging from U.S. Treasury Secretary Scott Bessent's optimistic outlook.
Source: YAHOO
Reported about 13 hours ago
McDonald's stock is struggling due to price increases and financial pressures on low-income consumers, leading to a decline in customer traffic. Analysts highlight that these factors, alongside competition from other dining options, raise concerns about upcoming earnings reports. The broader economic environment has not benefited lower-income shoppers, leaving McDonald's to reassess its strategies as they attempt to regain market leadership.
Source: YAHOO
Reported about 13 hours ago
Democratic Leader Hakeem Jeffries delivered a historic marathon speech in the House, lasting over eight hours, to delay a vote on President Trump's tax bill. By utilizing his speaking privileges, Jeffries not only surpassed the previous record but also used the opportunity to criticize Republican policies. His prolonged address culminated in frustration among GOP leaders, although it remains unlikely to hinder the bill's plans for a vote before it reaches the President's desk.
Source: YAHOO
Reported about 13 hours ago
Kraft Heinz has issued a recall for approximately 380,000 pounds of Oscar Meyer Turkey Bacon due to potential listeria contamination, although no adverse reactions have been reported. The recall affects 12-, 36-, and 48-ounce packages sold between April 24 and June 11, and consumers are advised to discard or return any affected products.
Source: YAHOO
Reported about 14 hours ago
Castelion, a hypersonic weapons startup founded by ex-SpaceX executives, is raising $350 million in a Series B funding round led by Lightspeed Venture Partners and Altimeter Capital to scale its operations. This follows a successful $100 million Series A earlier in the year. As the U.S. military faces increasing competition from China's hypersonic advancements, Castelion aims to develop affordable missile systems quickly and efficiently, already garnering support from Department of Defense initiatives. Successful testing could lead to increased contracts and market presence in the lucrative hypersonic weapons sector.
Source: YAHOO
Reported about 14 hours ago
Atlanta Fed President Raphael Bostic stated that the U.S. may face prolonged inflation as businesses adjust to recent policy changes, emphasizing that this process could take a year or longer. He cautioned against immediate rate cuts, citing healthy labor market conditions and uncertainty about economic direction, reinforcing the Federal Reserve's current 'wait and see' approach.
Source: YAHOO
Reported about 14 hours ago
A notable transition in the Bitcoin market is occurring as large holders, known as whales, have sold more than 500,000 Bitcoin, valued at over $50 billion. This trend has been coupled with increasing demand from institutional investors, including ETFs and corporations, which now control approximately 25% of all Bitcoin. As volatility decreases and Bitcoin stabilizes within a trading range, many believe the cryptocurrency's identity is evolving from a speculative asset to a more stable investment option, akin to traditional dividend stocks. However, the shift raises concerns about potential risks if whales resume large-scale selling.
Source: YAHOO
Reported about 14 hours ago
Canada's exports to the US have fallen to their lowest share since 1997, largely due to tariffs imposed by the Trump administration. May statistics show that exports to the US dropped to 68.3%, down from 75.9% in the previous year. While overall exports rose slightly, exports to other countries, particularly gold, have increased. Analysts warn that the current trade lull is unlikely to improve soon, with both imports and exports seeing declines.
Source: YAHOO
Reported about 14 hours ago
German car exports to the U.S. experienced significant declines in April and May, falling by 13% and 25% respectively, due to 25% import tariffs imposed by the Trump administration. The VDA industry association highlighted that around 64,300 vehicles were shipped during these months. German Chancellor Friedrich Merz emphasized the urgency of resolving the tariff dispute to safeguard core industries. The estimated cost to German car manufacturers from these tariffs could reach around half a billion euros.
Source: YAHOO
Reported about 14 hours ago
Meta has received an upgrade to Hold from Underperform by Needham due to high employee productivity compared to competitors like Apple and Amazon. FedEx was upgraded to Outperform from Underperform by BNP Paribas as it shows better growth than UPS, despite a recent stock sell-off. Oracle is expanding its partnership with OpenAI, renting significant data-center power as part of a deal linked to a major investment in AI infrastructure.
Source: YAHOO
Reported about 14 hours ago
In May, US factory orders experienced a significant rebound of 8.2% following a revised 3.9% decline in April, driven largely by robust demand for aircraft. The increase in orders reflects strong business spending on equipment, although concerns over trade policies persist among manufacturers due to aggressive tariffs. Notably, commercial aircraft orders soared by 230.8%, attributed to a major deal with Qatar Airways. Overall, the manufacturing sector is showing signs of recovery, despite facing ongoing challenges.
Source: YAHOO
Reported about 14 hours ago
xAI has been granted permits by Shelby County regulators to operate 15 natural gas turbines at its data center near Memphis, enabling the generation of up to 247 megawatts of electricity. This comes despite ongoing legal threats from the Southern Environmental Law Center for previous operational violations without permits. The company has been operating various turbines without authorization, capable of producing a significant amount of pollution. Environmental concerns have been raised regarding air quality testing methods used by the city.
Source: YAHOO
Reported about 14 hours ago
The ransomware group Hunters International has declared its discontinuation via a post on its dark web page, stating it has decided to close the project due to recent developments, though specifics were not provided. They announced the provision of free decryption keys for affected organizations, aiming to assist victims without the need to pay ransom. While some speculate this could be a precursor to a rebranding as World Leaks, the motives for this closure remain unclear. Analysts suggest that shutting down may be a strategy to reduce vulnerability to law enforcement action.
Source: YAHOO
Reported about 14 hours ago
President Trump's tax bill is set for its final vote in the House of Representatives, despite House Minority Leader Hakeem Jeffries delaying the process. Republicans seem to have the necessary votes to pass the bill, which has evolved through various changes, including the removal of regulations on AI and adjustments to green energy provisions. The final price tag of the bill has increased significantly, reflecting changes that may stimulate economic growth according to White House projections, aiming for a signing ceremony by July 4th.
Source: YAHOO
Reported about 15 hours ago
US stocks are up following a stronger-than-expected June jobs report indicating the addition of 147,000 jobs. House Republicans made significant progress in passing President Trump's tax bill. As the trade deadline approaches on July 9, investors are monitoring new US trade agreements, highlighted by the recent deal with Vietnam.
Source: YAHOO
Reported about 16 hours ago
The US labor market displayed unexpected resilience in June, adding 147,000 nonfarm jobs and lowering the unemployment rate to 4.1%, contrary to forecasts that predicted a rise. This marked a slight increase from May's figures, with overall labor force participation dipping to 62.3%. Despite signs of slowing growth, such as private sector job losses reported by ADP, there are no indicators of a substantial downturn in the labor market. Markets have adjusted their expectations for Federal Reserve interest rate cuts following this report.
Source: YAHOO
Reported about 16 hours ago
The U.S. economy saw an addition of 147,000 jobs in June, surpassing economists' predictions of 106,000, while the unemployment rate dropped to 4.1%. Despite weaker average hourly earnings growth and a slight decline in labor force participation, the positive job growth may influence the Federal Reserve's forthcoming decisions. The market reacted subtly, showing minor increases in futures and Treasury yields as analysts digested the data.
Source: YAHOO
Reported about 17 hours ago
US stock futures showed modest gains following a better-than-expected June jobs report, which revealed 147,000 new jobs added, outperforming forecasts of 106,000. The unemployment rate unexpectedly fell to 4.1%. This positive news has led to renewed speculation about potential interest rate cuts from the Federal Reserve, despite ongoing trade tensions and looming tariffs. Markets remain cautious as they anticipate further developments related to fiscal policies and trade agreements.
Source: YAHOO
Reported about 17 hours ago
JPMorgan Chase has appointed David Frame as the global CEO of its private bank, effective immediately. Frame, an insider within the bank, will expand his responsibilities beyond his previous role as U.S. private bank CEO, overseeing a business that manages over $2.9 trillion in client assets. The private bank aims to deepen relationships with wealthy clients and diversify revenue through investment management, lending, and estate planning amid rising global economic uncertainties.
Source: YAHOO
Reported about 17 hours ago
The U.S. economy added 147,000 jobs in June, surpassing estimates, while investors await critical job data as President Trump's significant tax and spending bill moves closer to a final vote. Analysts predict the bill could add $3.4 trillion to the national debt over the next decade, influencing bond markets, which have seen yields rise. Currently, long-term bond yields are under scrutiny as the market reacts to fiscal implications amidst ongoing economic concerns.
Source: YAHOO
Reported about 17 hours ago
President Trump announced a new trade deal with Vietnam, reducing tariffs on Vietnamese goods to 20%, amid easing trade tensions between the US and China, following the lifting of export restrictions on chip design software and ethane to China. The deal comes just before a July 9 deadline brings renewed focus on international trade negotiations, as other countries like Japan and India continue to navigate their trades amid concerns over tariffs.
Source: YAHOO
Reported about 17 hours ago
Carlyle Group is set to sell up to a 10% stake in Piramal Pharma, aiming to raise between 26 billion to 27 billion rupees ($304.8 million to $320 million) through block trades, according to Moneycontrol. The firm currently holds an 18% stake in the Indian pharmaceutical company.
Source: YAHOO