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Under Trump, Uncle Sam is becoming an active investor at a scale not seen outside war or major crises​

  • President Donald Trump is personally wielding a golden share over U.S. Steel.
  • The Pentagon bought a $400 million equity stake in rare-earth miner MP Materials.
  • These stakes could serve as models for more intervention by the Trump administration in industry.
The Trump administration has taken direct stakes in companies on a scale rarely seen in the U.S. outside wartime or economic crisis, pushing a Republican Party that traditionally championed free-market capitalism to embrace state intervention in industries viewed as important for national security.

Japan’s Nippon Steel agreed to give President Donald Trump a “golden share” in U.S. Steel as a condition for the two companies’ controversial merger. Trump now personally wields sweeping veto power over major business decisions made by the nation’s third-largest steel producer.

“You know who has the golden share? I do,” Trump said at a summit on artificial intelligence and energy in Pittsburgh on July 15.

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Stock futures rise as U.S.-EU trade deal kicks off a hectic week for markets: Live updates​

U.S. equity futures rose early Monday as Wall Street prepared for an especially busy week that’ll bring earnings from several major tech companies, a key Federal Reserve meeting, President Donald Trump’s Aug. 1 tariff deadline and key inflation data.

Futures tied to the Dow Jones Industrial Average climbed 117 points, or 0.26%. S&P 500 futures were 0.32% higher and Nasdaq 100 futures added 0.5%.

The move comes after Trump announced Sunday that the U.S. has reached an agreement with the European Union to lower tariffs to 15%. The president had previously threatened 30% tariffs on most imported goods from the U.S.’s largest trading partner.

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Uncertainty Squared

Admit you don’t know what’s coming. Recognize the many possibilities, including the possibility you don’t know what you don’t know. Then examine all the scenarios you can imagine, assign probabilities...
goldseek.com goldseek.com
 
ritholtz.com

What Is Driving Inflation? - The Big Picture

The Inflationistas are an eclectic mix of subgroups, beliefs, and ideologies. They count the bond vigilantes, hard money advocates, Milton Friedmanites, Fed haters, goldbugs and crypto bros amongst their numbers. Their unifying thread: Printers go Brrrrr. As a group, they believe that money...
ritholtz.com ritholtz.com
 

S&P 500 retreats from record, Dow falls 200 points with China talks in limbo and Fed decision ahead: Live updates​


The S&P 500 closed lower on Tuesday as progress on trade talks with Beijing stalled and traders braced for the Federal Reserve’s rate decision.

The broad market index lost 0.3%. The Nasdaq Composite slipped 0.4%. Both indexes touched fresh all-time highs earlier in the day. The Dow Jones Industrial Average fell 204 points, or 0.5%. Selling pressure intensified in the final hour of trading, bringing the S&P 500 to its low for the day.

Investors trimmed some bets on risk assets after stocks came roaring back in recent months from their April lows, helped by progress in trade talks between the U.S., Japan and the European Union. Talks with China have been less certain, with U.S. negotiators ending negotiations with their Beijing counterparts on Tuesday, while a potential extension of a pause on higher China tariffs remained up in the air. Negotiators also said that such a reprieve wouldn’t be final until President Donald Trump signs off.

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