Jobs data, tax bill, trade on tap for rebounding US stocksNew Foto - Jobs data, tax bill, trade on tap for rebounding US stocks

By Lewis Krauskopf NEW YORK (Reuters) -Key U.S. economic data, developments with federal tax-and-spending legislation and twists and turns on trade all are poised to influence equities in the coming week, with the U.S. market closing in on record highs. The S&P 500 was set for a weekly gain with the benchmark index on Thursday ending about 4% from its February all-time high. Investors at the end of the week were grappling with implications from legal rulings involving efforts to block most of President Donald Trump's tariffs. Trump's trade war has whipsawed global markets for weeks on concerns about economic fallout. The coming week also brings a raft of economic and labor market data, headlined by the monthly U.S. employment report out on Friday. "Now that we're back up here not all that far from the record high, I think the hard data needs to hold in better than the market expects to really advance from here," said Scott Wren, senior global market strategist at the Wells Fargo Investment Institute. The employment report for May is expected to show an increase of 130,000 jobs, according to a Reuters poll of economists, which would be a step down from growth of 177,000 the prior month. Investors have been eager to learn how Trump's tariffs may be rippling through the economy, especially in the wake of his April 2 "Liberation Day" announcement of sweeping levies on imports. The May data represents a full month of "how businesses have been handling some of the tariff uncertainty and some of the pressures in the market," said Anthony Saglimbene, chief market strategist at Ameriprise Financial. Still, an overly strong employment report, such as growth of over 200,000 jobs, might be viewed warily by the market because it could delay interest rate cuts by the Federal Reserve, said Eric Kuby, chief investment officer at North Star Investment Management Corp. Investors have reduced bets in recent weeks on the amount of expected Fed easing this year, with about two rate cuts priced in by December, according to LSEG data. Minutes of their latest meeting released this week showed Fed officials acknowledged they could face "difficult tradeoffs" in coming months with rising inflation alongside rising unemployment. Fiscal legislation in Washington will also be in focus. The Senate will start considering a tax-and-spending bill passed earlier this month by the House of Representatives. Trump said this week he plans to negotiate aspects of the "big, beautiful" tax bill, a day after billionaire Elon Musk said the bill detracts from efforts to reduce the U.S. budget deficit. The bill, which will add an estimated $3.8 trillion to the federal government's $36.2 trillion in debt over the next decade, has focused attention on the impact of increasing deficits on the Treasury market. Rising bond yields have pressured stocks in recent weeks. The shifting tariff backdrop also appeared likely to influence asset prices. Equities rebounded in recent weeks after Trump eased his harshest tariffs, but the situation remains in flux as Washington negotiates with trading partners. On Thursday, for instance, stocks rose early the session after a U.S. trade court blocked many of Trump's tariffs, but gains faded during the session. Later, a federal appeals court reinstated the tariffs, further muddying the backdrop. "There's initial excitement and then the reality set in that this is just another step in this process and it really hasn't clarified very much," Kuby said. (Reporting by Lewis Krauskopf; Editing by Alden Bentley and David Gregorio)

Jobs data, tax bill, trade on tap for rebounding US stocks

Jobs data, tax bill, trade on tap for rebounding US stocks By Lewis Krauskopf NEW YORK (Reuters) -Key U.S. economic data, developments with...
Wall Street futures down as Trump's tariffs stay put after latest court rulingNew Foto - Wall Street futures down as Trump's tariffs stay put after latest court ruling

(Reuters) -Wall Street futures slipped on Friday, as investors took stock of an appeals court decision to undo a prior ruling that had blocked most of U.S. President Donald Trump's tariffs, heading into the last trading day of a solid month for equities. The S&P 500 and the Nasdaq are on pace for their best monthly showing since November 2023, while the Dow is also set for a near 4% monthly advance. Stocks have seen immense volatility this month on Trump's on-and-off tariff moves, though the S&P 500 has rebounded from its April low and now sits about 4% lower from its all-time high hit in February. U.S. equities had initially rallied on Thursday when the Court of International Trade ruled late on Wednesday to effectively block most levies imposed since January, but did not address some industry-specific tariffs. However, a federal appeals court on Thursday temporarily reinstated most of the tariffs and ordered the plaintiffs in the cases to respond by June 5 and the administration by June 9. "This week's courtroom drama has added another layer of uncertainty to what was already an unsettling series of events," Richard Hunter, head of markets at interactive investor, said in a morning note. Hopes of more trade deals between the U.S. and major trading partners, along with upbeat earnings and tame inflation data, have been some of the main drivers of gains in equities this month. U.S. Treasury Secretary Scott Bessent stated that U.S. trade talks with China are "a bit stalled" and getting a deal over the finish line will likely need the direct involvement of President Trump and Chinese President Xi Jinping. At 5:14 a.m. ET, Dow E-minis were down 31 points, or 0.07%, S&P 500 E-minis were down 8.5 points, or 0.14% and Nasdaq 100 E-minis were down 36.5 points, or 0.17%. Most megacap and growth stocks inched lower in premarket trading, with Nvidia off 0.7% after gaining in the last session on reporting robust quarterly revenue growth. Chipmaker Marvell Technology shed 3.9% despite forecasting second-quarter revenue above estimates. Ulta Beauty gained 8.6% after the cosmetics retailer raised its annual profit forecast after beating quarterly results. Zscaler advanced 3.2% as the cloud security firm raised its annual profit and revenue forecasts and named Kevin Rubin as its chief financial officer. Later in the day, the Personal Consumption Expenditure data - the Fed's favored inflation indicator - is scheduled for release at 8:30 a.m. ET, which could shed more light on the U.S. Federal Reserve's interest rate trajectory. Trump called Fed Chair Jerome Powell to the White House late on Thursday for their first face-to-face meeting since he took office in January and told the central bank chief he was making a "mistake" by not lowering interest rates. Traders currently see at least two 25 basis points of cuts by the end of the year, according to data compiled by LSEG. (Reporting by Shashwat Chauhan in Bengaluru; Editing by Maju Samuel)

Wall Street futures down as Trump's tariffs stay put after latest court ruling

Wall Street futures down as Trump's tariffs stay put after latest court ruling (Reuters) -Wall Street futures slipped on Friday, as inve...
Daily Briefing: Trade whiplashNew Foto - Daily Briefing: Trade whiplash

Good morning!🙋🏼‍♀️ I'mNicole Fallert. Ask a friendif they can spell"éclaircissement." An appeals court allowed President Donald Trumpto keep tariffswhile an appeal plays out. Former government workersare running for public office— and winning. A Swiss glacier collapsedin a dramatic displayof the impact of climate change. The Trump administration won temporary reprieve Thursday after an appeals court ruled the White House can keep up tariffs while challenging a court order that had blocked them. Trade whiplash: The quick reversal came a day after the United States Court of International Trade invalidated Trump's use of the International Emergency Economic Powers Act of 1977 to impose tariffs. The administration quickly appealed and won a short-term break.Trump attacked the judges who blocked his tariffs, a ruling later temporarily paused on appeal, and blamed a conservative legal group for giving him bad advice on judicial picks. No tariff on Spike the Fine Motor Hedgehog:Adding to the mix, a second federal court blocked Trump tariffs Thursday — this time for Illinois companies that import Spike, among other kids' toys. White House officials have vowed to keep pressing the issue in court.White House press secretary Karoline Leavitt told reporters the Trump administration expects the U.S. Supreme Court to resolve the issue. Itir Cole tried to take some time off after quitting her job with the federal government early in the Trump administration. Then her husband mentioned offhand that there was an open seat on her New Jersey town's governing body. No one else like her was running, so she did — and won her mid-May race by 49 votes. Cole is among a flood of federal workers looking to run for public office.Many say they want to continue serving Americansafter leaving the government either voluntarily or through mass layoffs, as Trump dramatically downsizes the federal workforce. As the summer months approach,lightning activitywill soon ramp up. Tariffs and AIhave altered the job marketfor 2025 grads. Heavy smoke is expected to hit the U.S.as dangerous Canadian wildfiresforce evacuations. The White House blamed"formatting" for errors in RFK Jr.'s MAHA report.Authors pushed back. Public housing failed miserably in Chicago.Why is the city now opening a housing museum? What's the weather today?Check your local forecast here. A Boston federal judge said at a hearing Thursday that she planned to issue a preliminary injunction that blocks the Department of Homeland Security from revoking Harvard's ability to enroll foreign exchange students. The comments from U.S. District Judge Allison Burroughs came as the Trump administration attempted to walk back its May 22 directive that immediately revoked Harvard's participation in a federal exchange student program.Students from around the worldattended commencementat the Ivy League on the same day as the hearing. America's birth rate has been on a steady decline since 2007, and pronatalists − both in and outside the White House − are determined to raise it. But when partners struggle to conceive, the burden is rarely distributed evenly between men and women. Fertility experts say we're missing a key component of the conversation – male infertility. Experts say male and female infertility factors often coexist, yet a high number of men do not undergo testing before their female partner begins IVF.Advocates saycharacterizing fertility solely as a woman's issueis part of a "broader cultural misunderstanding." Exploring the gulfbetweenMartin Luther King Jr. and Donald Trumpin a divided nation. Beyoncéfulfilled a fan's requestwith an onstage gender reveal. The internet has thoughtsabout Sydney Sweeney's bathwater. Paige DeSorbois sippinga Dunkin' pink refresher. Who is "Mia"?Why you won't see photosof Diddy's ex-personal assistant during trial. Air traffic controller staffing has been a major issue for the Federal Aviation Administration for years. As a result, it's been a major issue for travelers, too, even if it's not always as top of mind for the average passenger when there are delays. According to Transportation Secretary Sean Duffy, the FAA is short about 3,000 air traffic controllers nationwide, but those shortages aren't spread evenly throughout the system.This map showsthe disparity between staffing in different facilities across the country. Reuters reports that 90% of Blatten, Switzerland, is engulfed by ice, mud and rock after a glacier collapsed on a nearby mountain.These photos capturehow the disaster unfolded. Nicole Fallert is a newsletter writer at USA TODAY,sign up for the email here. Want to send Nicole a note? Shoot her an email at NFallert@usatoday.com. This article originally appeared on USA TODAY:Trump, tariff, trade, economy, federal workers, Harvard, fertility, FAA, air traffic control, Diddy: Daily Briefing

Daily Briefing: Trade whiplash

Daily Briefing: Trade whiplash Good morning!🙋🏼‍♀️ I'mNicole Fallert. Ask a friendif they can spell"éclaircissement." An appe...
Who Is Leonard Leo and Why Did Trump Call Him a 'Sleazebag'?New Foto - Who Is Leonard Leo and Why Did Trump Call Him a 'Sleazebag'?

Leonard Leo, co-chariman of the Federalist Society board of directors, speaks at the University of Cambridge in England on March 11, 2025.
Credit - Nordin Catic/Getty Images for The Cambridge Union "A real 'sleazebag'" and "bad person." Someone who "probably hates America." The latest target of Donald Trump's insults, however, is the very same whom he once credited with what he would later call "one of the greatest achievements" of his presidency. "We're going to have great judges, conservative, all picked by the Federalist Society," Trump promised during his first campaign in 2016. It was the result of a meeting in March 2016 with Leonard Leo, then the executive vice president of the Federalist Society, a conservative organization that advocates for legaloriginalism. True to his promise, Trump would go on to consult Leo for judicial nominations, including his three Supreme Court picks. Read More:Inside Trump's Plan to Dramatically Reshape U.S. Courts[From 2018] "What we're doing with the courts, I think, is going to go down as one of the greatest achievements," Trump said during his first term. But on Thursday, Trump had changed his tune. "I was new to Washington, and it was suggested that I use The Federalist Society as a recommending source on Judges," hepostedon his social media platform Truth Social. "I did so, openly and freely, but then realized that they were under the thumb of a real 'sleazebag' named Leonard Leo, a bad person who, in his own way, probably hates America, and obviously has his own separate ambitions. He openly brags how he controls Judges, and even Justices of the United States Supreme Court—I hope that is not so, and don't believe it is! In any event, Leo left The Federalist Society to do his own 'thing.' I am so disappointed in The Federalist Society because of the bad advice they gave me on numerous Judicial Nominations. This is something that cannot be forgotten! With all of that being said, I am very proud of many of our picks, but very disappointed in others." Trump's rant came after a federal three-judge panelruledthat he didn't have the authority to impose most of the tariffs he'd announced so far in his second term, a key part of his economic agenda and promise to bringmanufacturing jobsback to America. Leo, in response, offered a less combative response. "I'm very grateful for President Trump transforming the Federal Courts, and it was a privilege being involved," he said ina statement. "There's more work to be done, for sure, but the Federal Judiciary is better than it's ever been in modern history, and that will be President Trump's most important legacy." Here's what to know about Leo and the Federalist Society—and their falling out with Trump. Founded in 1982by a group of law school studentsas a pro-originalism organization for law students, the Federalist Society for Law and Public Policy Studies has been describedas"the single most influential advocacy organization in Washington." The organization—which counts over 90,000 lawyers, law students, scholars, and others among its members—describes itselfas "a group of conservatives and libertarians interested in the current state of the legal order." But that puts it mildly: the organization, especially under Leo's leadership, has been credited with creating a "pipeline," utilizing its vast network, for conservative law students to make their way into positions of influence—ideally, all the way up to the Supreme Court. A2023 studyshowed that, in the current confirmation process, a judicial nominee's affiliation with the Federalist Society increased the probability of a successful Senate confirmation by around 20%. In 2021, Sen. Sheldon Whitehouse (D, R.I.)flaggedthat 86% of Trump's Supreme Court or appellate court nominees were or are members of the group. Six of the nine sitting Supreme Court justices—Chief Justice John Roberts, Clarence Thomas, Samuel Alito, Neil Gorsuch, Brett Kavanaugh, and Amy Coney Barrett—are linked to the Federalist Society, particularly through Leo. ProPublicadescribed the Federalist Society as part of "a machine that remade the American legal system." It described Leo as the man who "built" that machine. The conservative legal activist joined the Federalist Society in 1989, when he started a student chapter of the organization while studying law in Cornell. For many years, he served as executive vice president of the organization until he stepped back in 2020, though he remains co-chair of its board of directors. Leo's most significant and long-lasting impact is probably his work related to the makeup of the Supreme Court. In 1990, before he even began officially working for the Federalist Society, as a 25-year-old clerk for a U.S. Court of Appeals judge in Washington, he met then-appellate judge Thomas, whom he befriended and helped through his Supreme Court confirmation in 1991. During the George W. Bush Administration, Leo organized efforts to lobby for the nominations of Roberts and Alito. And during Trump's first term, Gorsuch, Kavanaugh, and Coney Barrett were all selected from a list reportedly "personally curated" by Leo. But the Federalist Society isn't the only powerful organization Leo has championed. "The network of increasingly influential conservative groups that Leonard A. Leo has helped to create and shape is not easily defined or quantified," theNew York Timesreportedin 2022. Many of those groups have funding sources that have been difficult to trace and have funnelled billions of dollars to conservative causes,including groupsthat had been preparing for Trump's second term. Politicoreported that the relationship between Leo and Trump became strained when the three conservative justices Trump appointed to the Supreme Court on Leo's advice "did not intervene to keep Trump in office after he lost the 2020 presidential election." Leo, however, has generally refrained from publicly criticizing Trump—and the Federalist Society has reportedly appeared "ambivalent" about Trump's second-term Administration so far, compared to itsenthusiasmduring his first—though Trump's tariffs appear to be a major breaking point. In April, the New Civil Liberties Alliance, a group affiliated with Leo,mounteda legal challenge against levies imposed on Chinese imports,arguingthat the President misapplied the International Emergency Economic Powers Act (IEEPA) cited to order the tariffs. While that case remains ongoing, the U.S. Court of International Trade found that Trump misused the same presidential authority in aruling this weekon separate tariff cases. Trump'ssocial-media outburstagainst the judges on that court and against Leo and the Federalist Society came as his Administration has increasingly challenged the authority of the judicial branch torein in his powers. Still, the President may be relying on Leo's greatest accomplishment to ultimately push his agenda through. "Hopefully," Trump added in his social media post, "the Supreme Court will reverse this horrible, Country threatening decision, QUICKLY and DECISIVELY." Contact usatletters@time.com.

Who Is Leonard Leo and Why Did Trump Call Him a ‘Sleazebag’?

Who Is Leonard Leo and Why Did Trump Call Him a 'Sleazebag'? Leonard Leo, co-chariman of the Federalist Society board of directors, ...
EU trade chief says he held another call with US's LutnickNew Foto - EU trade chief says he held another call with US's Lutnick

BRUSSELS (Reuters) -European Union Trade Commissioner Maros Sefcovic said on Friday that he had held another call with U.S. Commerce Secretary Howard Lutnick, as the EU and the United States continue efforts to reach a deal on tariffs. "Another call with U.S. Secretary @howardlutnick. Our time and effort fully invested, as delivering forward-looking solutions remains a top EU priority. Staying in permanent contact," wrote Sefcovic on X. The EU wants to see an end to 25% tariffs on steel and cars and for Trump to drop his so-called "reciprocal" tariff, which was provisionally set at 20% for the EU but is being held at 10% during a 90-day pause until July. Sefcovic said earlier this week in Dubai that the European Commission was in talks with Washington on possible cooperation in sectors such as aerospace, steel, semiconductors and critical minerals. (Reporting by Sudip Kar-Gupta, Editing by Charlotte Van Campenhout and Tomasz Janowski)

EU trade chief says he held another call with US's Lutnick

EU trade chief says he held another call with US's Lutnick BRUSSELS (Reuters) -European Union Trade Commissioner Maros Sefcovic said on ...

 

MON SEVEN © 2015 | Distributed By My Blogger Themes | Designed By Templateism.com