Major labor groups ask senators in a letter obtained first by CNBC to oppose a crypto bill over concerns retirement accounts could be harmed.
New "Trump Accounts" (530A accounts) are launching July 4th, allowing contributions for children under 18. Parents like Adam Bergman see them as a way to teach financial literacy and utilize tax-advantaged growth, with some aiming to make their children "tax-free millionaires."
Jim Cramer's CNBC Investing Club recapped Monday's market activity, highlighting the S&P 500 and Nasdaq gains, Broadcom's extended partnership with Apple, and Qnity's stock surge. Cramer expressed optimism for Qnity's future performance.
Tesla's strong sales figures were met with a stock decline, signaling its valuation may be fully priced in. Meanwhile, smaller competitor Rivian has launched the R2 SUV, directly challenging Tesla's dominant Model Y in the mid-market segment. Despite Rivian's smaller scale and unprofitability, its new offering and a consumer trend indicator suggest a shift in the EV landscape.
Microsoft is cutting 4,800 jobs, about 2.1% of its workforce, with a significant number of layoffs impacting Xbox. Four Xbox game development studios will also be spun off as part of a major restructure aimed at adapting to a rapidly changing industry and leveraging AI.
Defense sector investors should reconsider valuations due to evolving warfare and AI, according to Panmure Liberum strategist Joachim Klement. He notes a shift from legacy platforms to AI-enabled systems and drones, suggesting defense companies may need to be valued like tech firms.
SpaceX President Gwynne Shotwell announced a donation of her and her husband's SpaceX stock to the Trump Accounts program, benefiting approximately 2 million American children, with a focus on those near their central Texas home.
