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US stocks declined on Tuesday as investors looked ahead to the Federal Reserve’s policy announcement and monitored developments in global trade talks.

The Dow Jones Industrial Average fell 283 points, or 0.7%, while the S&P 500 dropped 0.8% and the Nasdaq Composite declined 0.9%. Major tech stocks, including Nvidia, Meta Platforms, and Tesla, each lost more than 1%.

President Trump is set to meet Canadian Prime Minister Mark Carney on Tuesday, marking their first official talks since Carney took office earlier this year.

The meeting follows comments from Treasury Secretary Scott Bessent, who told CNBC on Monday that the US is “very close to some deals.”

Trump had made similar remarks over the weekend, and a Bloomberg report suggested India has proposed zero tariffs on select goods.

Despite this, no formal trade agreements have been announced.

Meanwhile, data from the Institute for Supply Management showed stronger-than-expected growth in the US service sector in April, though concerns over tariffs continued to weigh on sentiment.

Fed meets on Wednesday

According to the CME FedWatch Tool, 97% of market participants expect the US Federal Reserve to keep interest rates unchanged on May 7, despite increasing pressure from President Donald Trump and some of his deputies.

The Federal Reserve’s upcoming meeting takes place amid conflicting economic signals.

US GDP unexpectedly contracted in the first quarter, while April’s job growth surpassed expectations.

At the same time, concerns about a potential recession are growing among Wall Street economists, largely due to the impact of President Trump’s tariffs.

The new import duties, including a 145% tariff on goods from China, are contributing to higher consumer prices in the US.

Fed Chair Jerome Powell has indicated a cautious stance, stating last month that the central bank can afford to remain patient as it monitors the effects of the administration’s trade and economic policies.

Recent data shows that inflation in the US is slowing, but the Trump administration’s newly imposed tariffs on imports could reverse that trend, potentially driving prices higher and adding to the uncertainty.

This presents a difficult balancing act for Fed Chair Jerome Powell.

A strong labour market gives the Fed reason to remain cautious and hold rates steady for now.

Fitch Ratings has cut its US growth forecast for 2025 to 1.2%, down from 2.8% in 2024.

However, the agency does not anticipate rate cuts in the near term, as it expects inflation to climb back above 4% by year-end.

The combination of weakening growth and rising inflation leaves the Fed with limited options.

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A lawyer who represented a government whistleblower in a case that led to President Donald Trump’s first impeachment sued the Trump administration on Monday for ‘unconstitutional retaliation’ after his security clearance was revoked.

Lawyer Mark Zaid argued that the administration’s decision to pull his clearance in March was in retaliation for representing former Department of Homeland Security intelligence chief Brian Murphy, who was key to Trump’s 2019 impeachment.

Murphy filed a whistleblower complaint in 2019 alleging Trump, amid his re-election campaign, pressured Ukrainian President Volodymyr Zelenskiy to investigate then-U.S. presidential candidate Joe Biden and his son Hunter’s business dealings in Ukraine. 

The U.S. House of Representatives voted later that year to impeach Trump for abusing the power of his office and obstructing Congress, but he was later acquitted by the Senate.

Zaid’s lawsuit, filed in federal court in Washington, D.C., claims the decision to rescind his security clearance represents a ‘dangerous, unconstitutional retaliation by the President of the United States against his perceived political enemies’ that ‘eschews any semblance of due process.’

The complaint accuses the Trump administration of violating the Administrative Procedures Act, the First Amendment and parts of the Fifth Amendment.

‘No American should lose their livelihood, or be blocked as a lawyer from representing clients, because a president carries a grudge toward them or who they represent,’  Zaid said in a statement. ‘This isn’t just about me. It’s about using security clearances as political weapons.’

 

The lawsuit cites a 2019 incident in which Trump called Zaid a ‘sleazeball’ at a Louisiana rally and told reporters that the lawyer was a ‘disgrace’ who ‘should be sued.’

The move to pull Zaid’s clearance was ‘a bald-faced attack on a sacred constitutional guarantee: the right to petition the court or federal agencies on behalf of clients,’ the lawsuit says, noting that an ‘attack on this right is especially insidious because it jeopardizes Mr. Zaid’s ability to pursue and represent the rights of others without fear of retribution.’

Trump has also revoked clearances of several other political foes, including former President Joe Biden, former Vice President Kamala Harris, former Secretary of State Hillary Clinton and his own former national security advisor John Bolton, as well as attorneys at other law firms.

Zaid urged the court to rule that Trump’s revocation decision was unconstitutional and reinstate his clearance. He has had access to classified information since 1995 and a security clearance since 2002.

Fox News Digital has reached out to the White House for comment.

Reuters contributed to this report.

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President Donald Trump unveiled a budget blueprint last week that includes roughly $6 billion in federal funding cuts to the National Aeronautics and Space Administration (NASA). 

Despite the multibillion-dollar slash, a senior official at the space agency told Fox New Digital that the reduction in funding is actually beneficial for efficiency and exploration.

‘The reductions in the President’s blueprint budget counterintuitively represent an opportunity to truly innovate in how we conduct our space missions,’ senior NASA official Ryan Whitley told Fox News Digital in an exclusive statement. 

‘Now is the time to reduce the bureaucracy at NASA and turn our attention to the execution of bold new human missions to the Moon and Mars.’

The proposed plan would cut roughly 24% of NASA’s entire budget, and could phase out some major projects like the Artemis moon program. Artemis, which was conceptualized by Trump in his first term, was designed to push the U.S. to return to moon exploration and came after President Barack Obama canceled the Constellation program in 2011.

The original timeline of the Artemis program included a mission to land astronauts on the moon by 2024 via the Space Launch System (SLS) rocket, but technical challenges have delayed the undertaking several years, and it is now set for at least September 2026 should the program survive the cuts. 

While funding reduction threatens some existing programs, the White House touted new investments that would bolster the agency in an effort to beat Chinese space innovations.  

‘By allocating over $7 billion for lunar exploration and introducing $1 billion in new investments for Mars-focused programs, it ensures that America’s human space exploration efforts remain unparalleled, innovative, and efficient,’ the White House topline preview reads. ‘To achieve these objectives, the Budget would streamline the NASA workforce, IT services, NASA Center operations, facility maintenance, and construction and environmental compliance activities.’

Aligning with the Trump administration’s movement to improve government efficiency, the White House clarified that the budget ‘refocuses [NASA] funding on beating China back to the Moon and on putting the first human on Mars.’

With a heavy reduction in federal funding, it is most likely that outside contractors and companies like Jeff Bezos’ Blue Origin and Elon Musk’s SpaceX will most likely play a bigger role in launching rockets and exploring space.

SpaceX has conducted 479 launches thus far, and Blue Origin has conducted 31.

As the current head of the Department of Government Efficiency (DOGE), though he has announced his intention of leaving the agency to focus more on Tesla and his other ventures, Musk clarified he had no involvement in NASA budget discussions in a post on X last month.

The budget blueprint and the funding changes to NASA still have to make their way through the legislative process, but the U.S. space agency has stood fast in its position that the current proposal will bolster innovation and exploration.

‘We have accomplished the impossible time and time again, but even the best organizations need to take a hard look in the mirror,’ Whitley told Fox News Digital.

‘For the past 25 years, NASA has had access to billions of dollars to advance human exploration beyond Low Earth Orbit. Despite that, in all that time, the United States has only successfully conducted one—uncrewed—test flight around the Moon,’ he said. ‘We know we are capable of accomplishing much more.’

Preston Mizell is a writer with Fox News Digital covering breaking news. Story tips can be sent to Preston.Mizell@fox.com and on X @MizellPreston

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A new study exposing a significant number of ‘serious adverse events’ occurring among women who have taken mifepristone, also known as the ‘abortion pill,’ has sparked an outcry from the pro-life community, including experts who spoke to Fox News Digital about what the study means for women in the United States. 

‘The biggest thing that will shock most readers of this report is just how different the findings in this study are from what the FDA claims on the abortion drug label,’ Katie Glenn Daniel, SBA Pro Life America director of legal affairs, told Fox News Digital about the recently released study. 

‘What they found is that more than one in ten women will go to the emergency room seeking follow-up care after taking the abortion drugs. The FDA claims that’s more like one in 20 women, which is still concerning, right? If you’ve got a one in twenty chance of something happening, you might take that seriously, but one in 10. It is shocking,’ she continued. ‘This means hundreds of thousands of American women have gone to the hospital for complications from abortions through these abortion drugs and the FDA was not collecting information about those situations. So this study shines a light on what has been happening, what ER doctors certainly know is happening. But what our public health institutions have turned a blind eye to.’

Mifepristone is a ‘pregnancy blocker’ that is used in combination with another medication, misoprostol, to terminate pregnancies, according to Mayo Clinic. It is also used to manage early miscarriages, as it helps prepare the body to empty the uterus.

Research by the Ethics & Public Policy Center in Washington, D.C., has revealed that the rate of serious side effects is 22 times higher than what is indicated on the FDA-approved drug label.

After going through an abortion assisted by mifepristone, nearly 11% of women — more than one in 10 — reported experiencing ‘infection, hemorrhaging, or another serious or life-threatening adverse event,’ according to the study summary.

‘These reports, which analyzed the largest known data set of real-world mifepristone use, confirm what physicians like me and our members are seeing in our clinical practice: that abortion drugs pose significant dangers to women,’ Dr. Christina Francis, a board-certified OB/GYN, told Fox News Digital. 

‘I have had patients face life-threatening hemorrhage, infection, and more after taking these drugs, which are now available to order online without an in-person physician visit to confirm the age of the pregnancy and rule out risk factors. The fact that these data show a serious complication rate that is 22 times higher than what the FDA states reveals the urgent need for further investigation into complications of drug-induced abortions and for policymakers and agencies to reprioritize women’s safety over the interests of the abortion industry. Women and their children deserve better care than these dangerous drugs.’

Mifepristone, which the Biden administration took steps to ensure was made available to women through the mail, is the most well-known abortion pill in the United States, and approximately 63% of all abortions in the U.S. in 2023 were medication abortions, according to the Guttmacher Institute. 

This was an increase from 53% in 2020.

We knew that the Biden administration’s changes to the abortion drug prescribing, which included allowing these drugs to be sent through to mail. We knew that that was harmful for women and girls because there is no medical oversight,’ Daniel told Fox News Digital. ‘You don’t even know if a pregnant woman’s getting these drugs. There have been cases where men order these drugs, to slip them to somebody. The state of Louisiana has a case right now where a mother ordered them and forced her daughter to take them, even though the pregnancy was wanted. So you really lose a lot of the safeguards that are in place when somebody actually physically goes to a doctor’s office.’

Daniel told Fox News Digital she hopes this report will encourage the Trump administration’s FDA to take action to ensure that women and unborn children are protected. 

A drug that puts one in ten women in the hospital is certainly not a drug that is quote unquote good for women or caring for women and I think we need to be realistic about that,’ Daniel said. 

Daniel also explained that the true harm from the pill is likely even worse than the study only includes certain years and only women who used insurance.

‘So there are tons of women, including those who are the most vulnerable, who are left out of this data,’ Daniel pointed out. 

‘There is a lot more to look out here,’ Daniel continued. ‘We see this as the starting point of what the FDA, the CDC, our public health institutions, and our physicians need to be looking at. And we need to have an honest conversation about the fact that 20 years of data shows that these drugs are deadly for children, but they’re also very dangerous for in girls.’

Fox News Digital’s Melissa Rudy contributed to this report

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Friedrich Merz, the conservative leader who was poised to become Germany’s next chancellor, failed to win enough votes to secure the country’s top position.

This leaves German Chancellor Olaf Scholz in power even though he had already delivered a farewell address. Merz’s loss marks a historic moment, as it is the first of its kind in post-war Germany.

The result came as a major upset, as Merz was widely expected to win, thanks to a coalition deal involving his party, the Christian Democratic Union (CDU); its Bavarian sister party, the Christian Social Union (CSU); and the Social Democratic Party (SPD).

In February, Merz led his party to a federal election victory and later signed the deal that many assumed would secure him the votes needed to become chancellor. However, on Tuesday, Merz received 310 votes—falling short by six—as at least 18 Members of the German Parliament in the coalition did not back him, according to Reuters.

To secure the position of chancellor, Merz would have needed to win 316 out of 630 in the Bundestag. The coalition of CSU/CDU and SPD has 328 seats, more than enough to secure a majority victory. However, Merz received 310 votes, while 307 members voted against him and nine others abstained.

Despite his unexpected loss, Merz is not out of luck. The Bundestag now has 14 days to elect the next chancellor, and Merz still has a chance of winning the position. Germany’s socialist Left Party, however, is pushing to hold another round of chancellor elections as soon as Wednesday, according to Germany-based news outlet DW.

Merz had already lined up victory trips to France and Poland on Wednesday, Reuters reported, though it is unclear whether he will proceed with the visits as planned following the defeat.

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A resurfaced clip of Dem. Rep. Ilhan Omar, a member of the progressive ‘Squad’ in Congress, sparked a frenzy on social media this week with conservatives blasting the congresswoman over her comments regarding the ‘radicalization of White men.’

‘I would say our country should be more fearful of White men across our country, because they are actually causing most of the deaths within this country,’ Omar said in a 2018 interview with Al-Jazeera while discussing the domestic terrorism threats in the United States and responding to a question on how much concern ‘jihadism’ poses to the United States. 

 ‘And so if fear was the driving force of policies to keep America safe, Americans safe inside of this country, we should be profiling, monitoring, and creating policies to fight the radicalization of White men.’

The clip, posted by conservative influencer accounts including Laura Loomer and LibsofTikTok with millions of impressions, sparked outrage from conservatives on social media, including from inside the White House. 

‘This isn’t just sick; it’s actually genocidal language,’ Vice President JD Vance posted on X. ‘What a disgrace this person is.’

‘This is blatant racism,’ GOP Sen. Mike Lee posted on X. ‘Who condemns it?’

‘@ilhanMN never ceases to be an embarrassment for Minnesota,’ GOP Majority Whip Rep. Tom Emmer, who represents Minnesota’s 6th Congressional District, posted on X. 

‘There’s never been a more anti-American member of Congress than Ilhan Omar,’ conservative influencer Paul Szypula posted on X. 

Fox News Digital reached out to Omar’s office for comment. 

The social media firestorm comes shortly after Omar sparked controversy for telling Daily Caller News Foundation reporter Myles Morell to ‘f— off’ after he asked her a question about fellow Democratic Party figures traveling to El Salvador to defend illegal immigrant Kilmar Abrego Garcia, who was deported to the country by the Trump administration.

Omar later responded to the clip being shared on X, stating, ‘I said what I said. You and all your miserable trolls can f— off.’

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Footwear giant Skechers has agreed to be acquired by private equity firm 3G Capital for $63 per share, ending its nearly three-decade run as a public company, the retailer announced Monday.

The price 3G Capital agreed to pay represents a 30% premium to Skechers’ current valuation on the public markets, which is in line with similar takeover deals. Shares of Skechers soared more than 25% after the transaction was announced.

“With a proven track-record, Skechers is entering its next chapter in partnership with the global investment firm 3G Capital,” Skechers’ CEO, Robert Greenberg, said in a news release.

“Given their remarkable history of facilitating the success of some of the most iconic global consumer businesses, we believe this partnership will support our talented team as they execute their expertise to meet the needs of our consumers and customers while enabling the Company’s long-term growth,” he said.

The transaction comes at a difficult time for the retail industry and in particular, the footwear sector, which relies on discretionary spending and overseas supply chains that are now in the crosshairs of President Donald Trump’s trade war. 

Last week Skechers signed onto a letter penned by the Footwear Distributors and Retailers of America trade group asking for an exemption from Trump’s tariffs.

And, a little over a week ago, Skechers withdrew its full-year 2025 guidance “due to macroeconomic uncertainty stemming from global trade policies” as companies brace for a drop in consumer spending that will disproportionately impact the footwear and apparel sectors. 

Skechers declined to say how much of its supply chain is based in China, which is currently facing 145% tariffs, but cautioned that two-thirds of its business is outside of the U.S. and therefore won’t see as much of an impact. 

A source close to the deal who spoke on the condition of anonymity to discuss nonpublic details said the trade environment didn’t force Skechers into a deal and that 3G Capital had been interested in acquiring the company for years.

Tariffs do present some uncertainty in the short term, but 3G Capital believes the long-term outlook of Skechers’ business remains attractive and is well positioned for growth, the person said.

Skechers is the third-largest footwear company in the world behind Nike and Adidas.

Greenberg will stay on as Skechers’ CEO and continue enacting the company’s strategy after the acquisition is completed.

This post appeared first on NBC NEWS

U.S. pharmacy chain Rite Aid on Monday filed for bankruptcy protection for the second time in as many years, according to a court filing.

Pharmacy chains, such as Rite Aid, Walgreens and CVS, have been under pressure as falling drug margins and competition from Walmart and Amazon have led to a closure of hundreds of stores.

Walgreens, facing significant losses, recently agreed to a $10 billion buyout by private equity firm Sycamore Partners — a dramatic decline from its $100 billion valuation a decade ago, underscoring the severe challenges facing traditional pharmacy retailers.

Rite Aid used its previous bankruptcy in 2023 to cut $2 billion in debt, close hundreds of stores, sell its pharmacy benefit company, Elixir, and negotiate settlements with its lenders, drug distribution partner McKesson and other creditors.

The previous bankruptcy also resolved hundreds of lawsuits alleging that Rite Aid ignored red flags when filling suspicious prescriptions for addictive opioid pain drugs.

But despite those settlements, Rite Aid still had $2.5 billion in debt when it emerged from bankruptcy as a private company owned by its lenders in 2024.

According to Monday’s court filing, the company has estimated assets and liabilities in the range of $1 billion to $10 billion.

The company was unable to secure additional capital from lenders, which it needed to continue operating the business, Bloomberg News reported earlier in the day, citing an internal letter from CEO Matthew Schroeder to the company’s employees.

The letter also states that the drug store chain intends to reduce its workforce at its corporate offices in Pennsylvania.

Rite Aid operated about 2,000 pharmacies in 2023 but now has only 1,250 stores across the U.S., with recent closures significantly reducing its presence in markets such as Ohio and Michigan.

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The Schwab US Dividend Equity ETF (SCHD) has bounced back in the past few weeks, mirroring the performance of US indices like the S&P 500 and Nasdaq 100. The SCHD ETF has jumped by almost 10% from its lowest level this year, and is hovering at its highest swing since April 4.

This article explains the top catalysts for the popular dividend fund and why it may retreat in the near term.

Federal Reserve interest rate decision 

The first most important catalyst for the SCHD ETF will come from Washington, where Fed officials will start their meeting on Tuesday and deliver their decision on Wednesday.

Economists expect the central bank to maintain a relatively neutral stand in this meeting as they leave interest rates unchanged at 4.50%. It will be the fourth meeting in which they will leave rates unchanged.

The bank’s officials are mostly concerned about inflation, which they expect will continue rising because of Donald Trump’s tariffs on imported goods from around the world.

However, the recent economic data from the US means that the bank may have a dovish tilt in this meeting. Such a tilt may see the bank signal of a rate cut in the June meeting.

Wall Street analysts believe that the bank will start cutting rates if next week’s inflation data shows that prices are moving downwards. A dovish tilt may help to boost the SCHD ETF’s performance.

Trade deal hopes 

The other top catalyst for the SCHD ETF is the rising hopes of a trade deal between the United States and other countries, especially China.

As we wrote earlier on, the Taiwan dollar went vertical as these hopes rose following Donald Trump’s statement that he would be open to reaching a deal with countries as soon as this week.

As we have written before, Trump’s tariffs will have a muted impact on some of the biggest SCHD constituents because most of their industries. The top firms in the fund are ConocoPhillips, Coca-Cola, Verizon, Lockheed Martin, Altria Group, Home Depot, and Abbvie.

Firms like Verizon, Altria, and Coca-Cola are often not affected by tariffs because of how their businesses operate. For example, Coca-Cola operates bottling plants locally, while Verizon makes money from selling services.

Still, hopes of a trade deal will benefit the SCHD ETF by boosting the overall market sentiment. It will also help some of the companies that are directly affected by these tariffs like Ford, General Mills, Snap On, Best Buy, and Buckle.

Corporate earnings 

The other potential catalyst for the SCHD ETF will be the upcoming corporate earnings from American companies.

While most companies in the S&P 500 Index have published their earnings, many more remain. This includes companies that are in the SCHD ETF.

Some of the top companies that may impact the US stock market this week are Walt Disney, ConocoPhillips, Monster Beverage, Devon Energy, Cheniere Energy, AMD, Unilever, Zoetis, Fidelity National, and Electronic Arts.

Most companies that have released their results so far have published strong numbers, with the blended earnings growth being 12%, higher than expected.

However, analysts understand that these numbers are transitory since they did not include most of Trump’s tariffs.

SCHD ETF stock has formed a risky pattern

SCHD stock chart | Source: TradingView

The daily chart shows that the SCHD ETF bounced back from a low of $23.85 to a high of $26, its highest level since April 4 this year.

It has remained below the 50-day moving average, meaning that the recovery is still not fully confirmed.

The stock has formed a rising wedge pattern, which is comprised of two ascending and converging trendlines. These two lines are now nearing their convergence, which could be a sign that it will have a bearish breakdown soon.

If this happens, it will likely drop to the next psychological level at $25, down by 4% from the current level.

The post Top 4 catalysts for the SCHD ETF: will this dividend fund crash? appeared first on Invezz

The crypto market remained on edge on Monday as investors waited for the upcoming Federal Reserve interest rate decision. Bitcoin price pulled back below $95,000, while the total market cap of all cryptocurrencies fell by 3% to $3.05 trillion.

Prices also retreated after Trump intensified his trade war, warning that foreign-made films will be charged a 100% tariff. He hopes to incentivize more companies to shoot movies in the US. This article looks at some of the top players in the crypto market today, including Sui (SUI), Pepe Coin (PEPE), and Monero (XMR).

Sui price technical analysis

Sui price chart | Source: TradingView

The Sui token rose to $3.45 on Monday, becoming one of the top players in the crypto market. It rose to a high of $3.45, up by 100% from its lowest level this year. 

Most importantly, Sui seems to be about to form a golden cross pattern as the 50-day and 200-day moving averages cross each other. It has also formed a bullish flag pattern, a popular bullish continuation sign in the market. 

Therefore, the token will likely continue rising as bulls target the next key resistance point at $5, which is about 45% above the current level. A drop below the support at $3.15 will invalidate the bullish outlook. 

Read more: SUI set for 165% price surge as Sui DEXs hit new trading milestone

Pepe Coin price forecast

Pepe price chart | Source: TradingView

Pepe, a popular meme coin on Ethereum, drifted upwards on Monday as other cryptocurrencies dropped. It is oscillating at the 50-day and 25-day Exponential Moving Average, a sign of indecision.

The coin remains slightly lower than the key resistance point at $0.000009147, the upper side of the ascending triangle pattern. Also, volume continues to retreat, a sign that demand is waning. 

Therefore, Pepe Coin price will likely remain in this range for a while. The key level to watch will be the resistance point at $0.000009147. A move above that level will signal more gains ahead, with the key target to watch being at $0.00001671, up by 102% above the current level. 

A drop below the ascending trendline will point to more downside, potentially to the year-to-date low of $0.000005080.

Monero price holds steady

XMR price chart | Source: TradingView

The daily chart reveals that the XMR price bottoms at $134 in July last year. It has moved above the key resistance point at $242, the highest swing in February last year.

Monero has done well after a heist that moved Bitcoin tokens worth millions of dollars through the network. The token has jumped above all moving averages.

It has moved above the bullish pennant chart pattern, a popular bullish continuation sign. Therefore, the token will likely continue rising as bulls target the next key resistance level to watch being at $328, the highest swing last week. A move below the support at $250 will invalidate the bullish outlook. 

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