Latest news with #Trump-Musk
Time Magazine
a day ago
- Business
- Time Magazine
What to Know About the SpaceX Explosion in Texas
A SpaceX rocket exploded on Wednesday night during testing, in what the company has called 'a major anomaly.' No injuries have been reported. 'A safety clear area around the site was maintained throughout the operation and all personnel are safe and accounted for,' the company said in a statement posted to X. [time-brightcove not-tgx='true'] The incident occurred on the test stand at about 11 p.m. CT, while the rocket was preparing for its tenth flight test at the company's South Texas headquarters in Starbase. The company has said that there are no hazards to residents in surrounding communities, but urged individuals to avoid approaching the zone of the accident while they work with local officials to ensure the area is safe. The accident marks the latest in a string of setbacks for the company's Starship rockets. In January, one rocket broke apart near the Carribean, releasing a stream of smoke and debris in its wake. The company then lost contact with another rocket in March during a test flight, which broke apart over Florida. Another rocket, launched in Texas, spun out of control before landing in the Indian Ocean. The company has been in the spotlight lately following a very public spat between CEO Elon Musk and President Donald Trump earlier this month. In a post on his Truth Social platform, Trump threatened to pull government contracts for Musk's projects. Read More: What the Trump-Musk Feud Means for SpaceX and NASA 'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts. I was always surprised that Biden didn't do it!' Trump said in a post on June 5. Later that evening, Musk responded: 'In light of the President's statement about cancellation of my government contracts, @SpaceX will begin decommissioning its Dragon spacecraft immediately.' He deleted the tweet that same night. It wasn't until an X user called for peace that Musk backed down: 'This is a shame this back and forth. You are both better than this. Cool off and take a step back for a couple days.' Minutes later, Musk responded, 'Good advice. OK, we won't decommission Dragon.' Space X has long had a working relationship with the federal government. At the end of last year, the company said it had $22 billion in government contracts, and in April the U.S. Space Force awarded the company a $5.9 billion contract, making it the leading provider of launch services for Pentagon satellites, according to Ars Technica.
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First Post
13-06-2025
- Politics
- First Post
Showdown in La-La Land: How Los Angeles riots challenge American federalism
The Los Angeles episode may be less about law and order and more about a deepening redefinition of American federalism in the 21st century read more Just when the public and messy end of the Trump-Musk bromance seemed to be making prime news, mass street protests against immigration raids and the mass deportation plan of the Trump administration are now occupying new airwaves from one of America's largest and wealthiest cities, Los Angeles (LA). This city, otherwise known all over the world for the glitz and glamour of Hollywood, is in the news all over the world, with sights of deserted streets, rows of law enforcement officials ready to confront street protestors and burnt-down self-driving cars. STORY CONTINUES BELOW THIS AD How did these all start? Hundreds of protestors have been thronging the LA streets, contesting the immigration raids carried out by the US Immigration and Customs Enforcement (ICE), a federal law enforcement agency under the Department of Homeland Security. President Trump's hard-core political message on illegal immigration was well known since his first term, but in his second innings, with a stronger electoral mandate, with the Republican Party in control of the US Congress, and with a team ideologically aligned to him, immigration crackdowns and deportations have occupied centre stage. With Stephen Miller, Deputy Chief of Staff at the White House, at the helm of affairs, a showdown between federal executive decisions and responses from states, particularly governed by the Democratic Party, was imminent. Much of the politically divisive issues in American politics, from gun control, healthcare, and race relations to immigration, carry the quintessential 'federal government vs state government' tussle. The power arrangement between the federal and the state governments, the interpretation of constitutional law through changing times, and the role of American courts are at the heart of the political elbowing between the Trump team and the Californian government, with Governor Gavin Newsom and Los Angeles Mayor Karen Bass as major protagonists. At one level, this reflects a classic tug-of-war between the federal executive's national security prerogatives and a state's constitutional right to manage its own internal affairs. On the other hand, it is an attempt by President Trump to reshape the narrative in which federal strength, personal leadership, and political gamesmanship all converge. In the Hollywood movie Joker, Arthur Fleck, before turning into the iconic character 'Joker', asks his psychiatrist, 'Is it just me, or is it getting crazier out there?' So, why is it getting 'crazier' in Los Angeles? What was the threshold that drove this political confrontation down this path? Is there a real constitutional law and order crisis there, since President Trump himself and his team members have often described the scenes there using words such as 'rebellion', 'insurrection' and 'anarchy'? President Trump is yet to invoke the Insurrection Act of 1792 but has warned of using it. This incident spotlights the blurred lines between federal assistance and federal intrusion. While the Insurrection Act does permit the President to deploy troops under certain conditions, its application in politically charged domestic unrest raises questions about motive, legitimacy, and proportionality. STORY CONTINUES BELOW THIS AD So, the showdown in the 'La-la-Land', or the 'Tinsel Town' of America, erupted primarily as a clash on the question of legality over President Trump's decision to deploy the US National Guard troops (the deployment numbers have reportedly increased over the days), without consulting the state of California. In addition, the Trump administration also mobilised 700 Marines. Did the protests in Los Angeles merit such a response from the federal government, or was it an over-reaction to a situation that could be handled at the state level, avoiding such a federal vs state confrontation? The Trump team, obviously, thinks such a response was warranted to allow the ICE agency to carry out federal law enforcement without interference. The Californian authorities think otherwise and blame Trump for making a mountain out of a molehill and sued the Trump administration over the case. A number of provisions from the US federal law have been cited and counter-cited from both sides that direct the use of National Guards and the US military in state law enforcement. Keeping the details aside, it really boils down to how the situation in the LA streets is interpreted. Is it a 'rebellion', 'insurrection', or 'invasion', or none of the above? Are the National Guards and Marines only there to protect agents of the ICE who are carrying out immigration raids? Is their mere presence, nonetheless, adding fuel to the fire in this case? STORY CONTINUES BELOW THIS AD Although there have been different cases of National Guards being used in contemporary presidencies, like President Lyndon B Johnson using them against a segregationist governor in Alabama during the Civil Rights movement, or President Richard Nixon calling upon them to deliver mail during the 1970 Postal Strike. However, none of these cases resembles the situation that the United States faces this time in Los Angeles. The President's move to send in federal troops — reportedly without a clear request or consent from the state — has been seen by many as an overreach, challenging the spirit of cooperative federalism that underpins the US Constitution. Governor Gavin Newsom's resistance underscores the state's insistence on autonomy in policing and maintaining civil order, especially in a politically sensitive environment. More broadly, it reflects a growing trend of partisan federalism — where the federal-state relationship is shaped less by institutional boundaries and more by ideological divides. In a deeply polarised America, such flashpoints in LA are not isolated. They serve as harbingers of a fractured federal consensus, where states increasingly assert their independence — whether on immigration, climate policy, or public order — even as the federal government pushes for national uniformity. STORY CONTINUES BELOW THIS AD The Los Angeles episode may thus be less about law and order and more about a deepening redefinition of American federalism in the 21st century. Shishir Priyadarshi is President at Chintan Research Foundation (CRF), New Delhi. Monish Tourangbam is Senior Research Consultant at Chintan Research Foundation. Views expressed in the above piece are personal and solely those of the authors. They do not necessarily reflect Firstpost's views.
Business Insider
13-06-2025
- Business
- Business Insider
Stock Market News Review: SPY, QQQ Spike as Soft Inflation Data Offsets Weak Jobs Report
Both the S&P 500 (SPX) and the Nasdaq 100 (NDX) closed the Thursday trading session in green territory amid mixed economic data points. Confident Investing Starts Here: May's producer price index (PPI), an inflation gauge for sellers, rose by 0.1% month-over-month (MoM) and 2.6% year-over-year (YoY). Economists were expecting 0.2% and 2.6%, respectively. Core CPI, which excludes food and energy prices from the index due to their volatility, increased by 0.1% MoM and 3.0% YoY, both below the estimates for 0.3% and 3.1%, respectively. Initial jobless claims, or new applications for unemployment benefits, weren't as rosy. Claims totaled 248,000 for the week ended June 7, higher than the estimate for 242,000 and unchanged from the prior week. In addition, continuing jobless claims tallied in at 1.956 million, the highest level since November 2021 and above the expectation for 1.910 million. Meanwhile, Goldman Sachs (GS) now expects a 30% chance of a recession over the next 12 months, down from 35%. The investment bank also increased its 2025 U.S. gross domestic product (GDP) growth estimate to 1.25% from 1.00%. In other news, the Trump-Musk feud appears to be over. On Thursday, President Trump called the Tesla (TSLA) CEO a 'friend' and said 'I like Tesla.' This comes after Trump threatened to cut government contracts and subsidies to companies owned by Musk, although a White House official confirmed earlier this week that a process to review them hadn't been initiated. Trump also continued his criticism of Fed Chair Jerome Powell for not cutting the federal funds rate. 'We're going to spend $600 billion a year, $600 billion because of one numbskull that sits here [and says] 'I don't see enough reason to cut the rates now,'' said Trump in regard to government debt payments.
Yahoo
11-06-2025
- Business
- Yahoo
5 Dividend ETFs Hovering Around a 52-Week High
The S&P 500 posted its strongest May performance in more than three decades, largely driven by a surge in the "Magnificent Seven" tech stocks. SPDR S&P 500 ETF SPY has advanced 2.1% so far this month (as of Jun 10, 2025). So far, the month has seen Trump-Musk feud, and still-alive trade tensions. U.S.-EU trade tensions are still present (read: 6 ETFs to Invest in June). In such a volatile market, dividend ETFs normally come to rescue. The hunt for dividends in the equity market is always on, irrespective of how it is behaving. After all, who doesn't like a steady stream of current income along with capital gains? And if investors are mired in a web of equity market uncertainty, global growth worries and geopolitical crisis, the lure for dividend investing increases further. Investors should note that not all dividend stocks serve the same purpose. While the high-yield ones are known for offering hefty current income, stocks with dividend growth point to quality investing — a prerequisite to making money in this volatile environment. Hence, dividend investing became even more important. Several dividend-based exchange-traded funds (ETFs) hit a 52-week high lately. These securities provide investors with avenues to make up for capital losses if that happens at all. Against this backdrop, below we highlight a few of the dividend ETFs that have been hovering around a 52-week high. Note that international dividend ETFs showed strength this time around. ProShares S&P Technology Dividend Aristocrats ETF TDV The underlying S&P Technology Dividend Aristocrats Index targets companies from information technology, internet and direct marketing retail, interactive home entertainment, and interactive media and services segments of the economy. The fund charges 45 bps in fees. First Trust NASDAQ Technology Dividend ETF TDIV The underlying NASDAQ Technology Dividend Index includes up to 100 Technology and Telecommunications companies that pay a regular or common dividend. The fund charges 50 bps in fees. ALPS International Sector Dividend Dogs ETF IDOG The underlying S-Network International Sector Dividend Dogs Index identifies five high yielding securities, based on regular cash dividends, in each of the ten Global Industry Classification Standard sectors and is rebalanced quarterly. The fund charges 50 bps in fees. Pacer Global Cash Cows Dividend ETF GCOW The underlying Pacer Global Cash Cows Dividend Index uses an objective, rules-based methodology to provide exposure to global companies with high dividend yields backed by a high free cash flow yield. The fund charges 60 bps in fees. WisdomTree Emerging Markets Quality Dividend Growth ETF DGRE The fund seeks to gain access to the current investment landscape of emerging market dividend growing companies by applying quality and growth screens. The fund uses to complement emerging market high yielding dividend strategies. The fund charges 32 bps in fees. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SPDR S&P 500 ETF (SPY): ETF Research Reports WisdomTree Emerging Markets Quality Dividend Growth ETF (DGRE): ETF Research Reports First Trust NASDAQ Technology Dividend ETF (TDIV): ETF Research Reports Pacer Global Cash Cows Dividend ETF (GCOW): ETF Research Reports ALPS International Sector Dividend Dogs ETF (IDOG): ETF Research Reports ProShares S&P Technology Dividend Aristocrats ETF (TDV): ETF Research Reports This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
11-06-2025
- Entertainment
- Yahoo
Jimmy Fallon Remixes ‘Somebody That I Used to Know' in Honor of Trump-Musk ‘National Divorce'
Jimmy Fallon is happy to report that Donald Trump and Elon Musk are totally thriving as they move on from their feud. And he has a music video to prove it. 'Well, it seems like Trump and Elon's feud has calmed down a bit. The two still aren't speaking, but they did release this music video today,' Fallon said on Tuesday night. The chords for Gotye's 'Somebody That I Used to Know' then started as 'The Tonight Show' stitched together audio clips of both Musk and Trump singing the lyrics to the breakup anthem. Musk started off the song with 'You didn't have to cut me off' before Trump took it away with 'Make it out like it never happened and that we were nothing.' Musk then chimed back in with 'Guess that I don't need that though' with Trump closing it out with the iconic line 'Now you're just somebody that I used to know.' That isn't the only breakup song joke Fallon had. 'The fallout continues over Trump's national divorce from Elon Musk. And Trump said he's not even thinking about Elon,' Fallon said earlier in his monologue. To prove his point, the comedian shared a sketch that featured 'The Tonight Show's' version of Trump asking if Musk had called, texted, emailed, faxed, poked, slacked or slid into his DMs. After a Secret Service member stoically responds 'no' to Trump's many questions, the sketch showed bright rave-like colors flashing from the windows of the White House as fake Trump sang Robyn's 'Dancing on My Own.' Watch the full opening monologue above. The post Jimmy Fallon Remixes 'Somebody That I Used to Know' in Honor of Trump-Musk 'National Divorce' | Video appeared first on TheWrap.
