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2026

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Michigan Democrat Mallory McMorrow suspends campaign, Trump slams communism in July 4th speech
Michigan Democrat Mallory McMorrow suspends campaign, Trump slams communism in July 4th speech 150 150 admin

Michigan Democrat Mallory McMorrow announced Sunday that she’s suspending her campaign for Senate ahead of the state’s primary in early August. Meanwhile, President Trump railed against communism during his remarks in Washington, D.C., on the Fourth of July. CBS News’ Fin Gomez has more.
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Trump says 500,000 children receive first $1,000 Trump account deposits
Trump says 500,000 children receive first $1,000 Trump account deposits 150 150 admin

By Bo Erickson and Pritam Biswas

WASHINGTON, July 6 (Reuters) – President Donald Trump said on Monday the government had deposited the first $1,000 into more than 500,000 “Trump Accounts,” a program designed to give newborn Americans a stake in the stock market and help build wealth from an early age.

Trump rang the opening bell from the White House Oval Office alongside executives of the New York Stock Exchange and Nasdaq. He said cooperation between the rival exchanges was something Democrats and Republicans had been unable to replicate.

CEO Adena Friedman and President Nelson Griggs from Nasdaq, Intercontinental Exchange CEO Jeffrey Sprecher, and President of NYSE Group Lynn Martin were present at the ringing of the bell.

COST OF LIVING AN ELECTION ISSUE

The rising cost of living has become a ​major issue for voters heading into the November midterm elections.

Supporters say the Trump Accounts, designed for U.S. citizens born between 2025 and 2028, will encourage long-term investing and financial literacy, while critics argue families with limited disposable income may be unable to make additional contributions and benefit fully from the accounts.

The program adds a new savings vehicle to other tax-efficient college savings plans and retirement accounts.

Contributions are automatically invested in a low-cost index fund designed for long-term growth. ​Account holders take control when ⁠they turn 18, at which point they can withdraw the funds or continue investing. Gains will be taxed upon withdrawal.

The plan provides children born without wealth with substantial financial assets, the president said, and advised against early withdrawal from the accounts in a booming market environment.

COMPANIES PLEDGE SUPPORT

Several U.S. companies have pledged support for the program, with employer matches or additional seed funding.

Participating companies include payment giant Visa, technology company Dell, and media and telecom firm Comcast. Chipmaker Micron has pledged $250 million to support Trump Accounts.

“Trump Accounts are about making every child and every American a capitalist. Every one of our kids is now going to be an owner of the biggest producers in our country,” said Republican Senator Ted Cruz of Texas, who took part in the launch.

(Reporting By Bo Erickson and Jarrett Renshaw in Washington and Pritam Biswas in Bengaluru Editing by Nick Zieminski and Howard Goller)

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Toyota to build $3.6 billion Texas plant, shift some truck production from Mexico
Toyota to build $3.6 billion Texas plant, shift some truck production from Mexico 150 150 admin

By David Shepardson

WASHINGTON, July 6 (Reuters) – Toyota Motor Corp said on Monday it will build a new $3.6 billion auto plant in Texas and shift some truck production to the United States from Mexico.

The Japanese automaker said the new 2.5-million-square-foot building will be located on its San Antonio manufacturing campus and will open by 2030, creating 2,000 jobs. The company said it will move production of its mid-size Tacoma pickup truck from its Baja California plant in Mexico to Texas when the factory is completed.

Toyota will continue to build Tacoma trucks at its Guanajuato plant in Mexico. Toyota already produces Tundra trucks and SUVs at its existing San Antonio assembly plant on the site where the new facility will be built and a new 500,000-square-foot rear axle plant is set to open in the autumn.

President Donald Trump has pressured automakers to move auto production to the United States and has hiked tariffs on autos, steel, aluminum and parts.

Toyota said it remains committed to its operations throughout Mexico, Canada and the United States and urged Trump to extend a North American free trade deal that automakers say is critical to integrated auto production.

In 2020, Toyota moved Tacoma production from San Antonio to the Guanajuato plant, alongside the Baja plant that had produced the truck since 2004.

Texas Governor Greg Abbott said the investment will qualify for a $20 million state grant and other incentives.

A White House spokesperson said Toyota’s investment announcement “is one of many being driven by the Trump administration’s agenda of tariffs, deregulation, and tax cuts.”

Last year, Toyota CEO Akio Toyoda wore a 2024 Trump-Vance T-shirt and a red “Make America Great Again” Trump hat, drawing praise from Trump and criticism from environmentalists.

Toyota successfully lobbied Congress and the White House to roll back California emissions rules and other EV requirements, but has also faced billions of dollars in higher costs from Trump tariffs.

(Reporting by David Shepardson; Editing by Nia Williams)

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As quake rescue effort winds down, Venezuelans are left alone to recover their dead
As quake rescue effort winds down, Venezuelans are left alone to recover their dead 150 150 admin

LA GUAIRA, Venezuela (AP) — When the high-rise where Noel Márquez lived with his family crashed to the ground and burst into flames in Venezuela’s twin earthquakes, Márquez, who happened to be at his girlfriend’s apartment, raced home and called out for his mother, grandparents and siblings. Only his 17-year-old brother, his legs pinned under columns that required heavy machinery to lift, responded.

Márquez and his father, who also survived, spoke through layers of concrete, hearing Leonel suffer, shout for help and inhale suffocating smoke as he waited for a crane to remove the columns crushing him. But it never came. After several hours, Leonel’s cries gave way to silence, Márquez said.

But even that, terrible as it was, was not what disturbed him the most. The worst, Márquez said, was trying to recover his families’ tangled remains with little more than his bare hands and a saw. He sliced off limbs to free the corpses of Leonel and his mother but was forced to abandon his sister, who was eight-months’ pregnant, grandmother and other relatives beneath the ruins — and with their bodies, the hope that if he couldn’t save them, he could at least give them proper burials.

“It’s unfair. It’s inhumane, everything that is happening,” 26-year-old Márquez said from the overflowing makeshift morgue at La Guaira port. “We couldn’t get my brother out because we didn’t get a response from the state … and after 11 days, we are still requesting a crane.”

Márquez is one of countless Venezuelans who, after days of torment, has been left alone to search, if not for signs of life, then for loved ones’ remains — and for some semblance of closure.

International rescue teams, quietly acknowledging the possibility that no more victims would be found alive after 12 days under the rubble, are preparing to depart. Local authorities are turning their focus to finding shelter for thousands of displaced people. But the recovery of the dead has become a pressing, and horrifying, task for Venezuelans still missing their loved ones.

“I found her hand, but her torso is crushed,” said Norely Rodríguez, trying to get her 5-year-old daughter out of the ruins in the hardest-hit state of La Guaira. “I want to see if I can get her out whole.”

Many say that just as they were left without government help to rescue survivors in the immediate aftermath of the quakes, so too are they now under-equipped to unearth their dead nearly two weeks later.

The more time passes, the more gruesome the recovery process becomes, said William Gomez, a firefighter in La Guaira. “It has been difficult because the bodies are already in an advanced state of decomposition, decomposed to such an extent that many times when we try to remove them, they fall apart.”

Authorities announced that the death toll rose on Sunday to 3,342, with another 16,740 people injured. Beyond that is an untold toll: those whose bodies have yet to be found. There are no official statistics on how many people are buried under the rubble, but more than 30,000 reports of missing people have been sent to a website set up by the Venezuelan opposition.

Over the weekend in La Guaira, no government civil defense crews or security forces could be seen helping families dig. The vast majority of those working their way through the wreckage were civilians using their bare hands or rudimentary tools like pickaxes and shovels, occasionally accompanied by firefighters and Mexican rescuers who remain in the country.

“We are the ones helping ourselves: our family. Nobody else helps us except for a few volunteers,” said Yeikhary Urbina, who found the bodies of her mother and brother on Saturday suspended under piles of concrete, seemingly locked in an embrace.

Search teams from Italy, Argentina, Spain and other countries have already returned home. The Venezuelan government has not yet called off the search for survivors. But officials have pivoted from promoting heroic rescue stories on social media to announcing reconstruction plans under a program called Venezuela Reborn.

“Venezuela is entering a process of infrastructure recovery, of housing recovery,” acting President Delcy Rodríguez told state TV on Saturday.

Families with missing loved ones face fresh horrors as they scour the rubble. Some have searched for days to find corpses of loved ones so decomposed, they cannot tell them apart.

Others have dug and dug only to find nothing at all. “She kept asking, ‘Why did God play this trick on me?’” Geraldine Perdomo said of her sister, who was feverishly clawing at the ruins of her home for anything that would confirm the death of her two daughters.

And some, like Márquez, have agonized for days to extract their loved ones’ bodies only to lose them again in the chaos of the impromptu morgue beneath grain silos at the La Guaira port, where a near-constant stream of bodies has been arriving since the June 24 quakes.

Márquez said that on Sunday, a week after delivering their corpses, he heard authorities had located his mother and grandfather. But Leonel, he said, “is still missing because of the negligence here.”

He and many other residents of the country’s public housing blocks — built years ago for low-income families by former socialist leader Hugo Chávez — say their complaints of negligence long predate this disaster. High-rise buildings housing hundreds of apartments pancaked in the earthquakes, reviving questions about substandard construction.

Alexander, a 42-year-old police officer who lived in one of the towers, was trembling with fury at the government on Sunday — for not addressing what he said were long-running resident concerns that his concrete housing complex was shoddily constructed, for not sending rescue teams in time to save his wife and three daughters, and now, for not delivering heavy machinery to help him recover their bodies.

“Not a single person from the government was here,” he said, requesting to be identified only by his first name because, as a government employee, he feared retaliation for criticizing authorities.

After 11 days of searching, he reached the last missing member of his family — his 12-year-old daughter, her corpse decomposed but intact.

“She was waiting for me to pull her out,” he said, cradling the black plastic body bag in his arms.

___

DeBre reported from Buenos Aires, Argentina.

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Trump talks NATO summit, FIFA phone call during "Trump Accounts" Oval Office event
Trump talks NATO summit, FIFA phone call during "Trump Accounts" Oval Office event 150 150 admin

President Trump took questions from reporters during an Oval Office event launching “Trump Accounts,” where he discussed the upcoming NATO summit and his phone call with FIFA President Gianni Infantino regarding U.S. striker Folarin Balogun. CBS News’ Olivia Rinaldi has the latest, while Lukas Weese, a staff writer for The Athletic, has more on the World Cup controversy.
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Democrats begin pulling Platner endorsements after Maine candidate faces sexual assault allegation
Democrats begin pulling Platner endorsements after Maine candidate faces sexual assault allegation 150 150 admin

A woman who previously dated Maine Democratic Senate candidate Graham Platner said he drunkenly forced her to have sex after she told him to stop, according to a Politico report released Monday, leading prominent supporters to pull their endorsements and throwing a must-win race for the party into turmoil.

Platner denied the allegation, but said he would be considering next steps for his campaign.

“Regardless of the inaccuracy of the reporting but mindful of the political reality it will inflict, we’re taking the time to reflect on the best path forward,” he said in a video released on social media.

Jenny Racicot, who lives in Maine, told Politico that Platner entered her home in 2021 while drunk and assaulted her. Racicot said she had been in an on-and-off relationship with Platner, but she cut off contact with him after that night and told him the incident wasn’t consensual. A voicemail left at a number listed for Racicot seeking comment did not receive an immediate response, but in an interview on CNN Monday evening she said she opted not to fight back for fear of Platner, a former Marine, becoming more violent.

“He violated multiple layers of consent that night,” Racicot said.

Platner’s campaign did not immediately respond to an email and phone message from The Associated Press seeking comment.

“Any accusation of non-consensual behavior is categorically false,” Platner said in his video.

Still, the allegation sparked a flight away from a candidate who has long been controversial. The main campaign arm of Senate Democrats called on Platner to drop out and said it would spend no money in the state if he is the nominee.

“Graham Platner needs to immediately withdraw as the Democratic nominee for Senate and allow Maine Democrats the opportunity to choose a new candidate who can defeat Susan Collins,” Kirsten Gillibrand, chair of the Democratic Senatorial Campaign Committee, and Chuck Schumer, the top Senate Democrat, said in a joint statement.

Rep. Ro Khanna, a California Democrat who’d stood by Platner even as the insurgent candidate was hit with prior allegations, said Monday’s was enough. “I’ve been very clear that sexual assault or violence against women is a red line,” Khanna said. “These allegations are very serious and credible. Graham Platner should drop out from the race. I am withdrawing my endorsement.”

Arizona Sen. Ruben Gallego also announced he was pulling his endorsement, as did the Democratic-leaning political group End Citizens United.

The Democratic leaders of Maine’s legislature called for Platner to withdraw, as did top officials at the state Democratic Party.

“Over the past several weeks, multiple women have made serious, credible allegations against Graham Platner. Today’s statements take those allegations even further,” party chair Charlie Dingman, vice chair Imke Schessler and executive director Devon Murphy-Anderson said in a joint statement.

“This Senate race comes at a pivotal moment in the struggle against a government, supported by Senator Collins, that serves the interests of the wealthy and powerful at the expense of ordinary Maine people. It is essential that we refocus this campaign on that struggle,” the statement continued.

Platner commandingly won Maine’s Democratic primary last month, but state law allows him to be replaced on the ballot if he withdraws by July 13. The replacement candidate must be named by July 27.

As of Monday, Platner had canceled a handful of campaign town halls planned in Maine.

Platner was a first-time candidate who won the primary with backing of the party’s left wing. While some Democrats came around to support him after his commanding primary win, Platner’s controversial history had already left others openly despairing of their chances of winning the race. A veteran who also worked for a private security contractor, Platner has a chest tattoo recognized as a Nazi symbol, had a history of controversial statements on social media and reportedly sexted with other women shortly after getting married.

In 2013, Platner posted on Reddit that people shouldn’t get so drunk “they wind up having sex with someone they don’t mean to” and that sexual assault victims should “just take some responsibility for themselves.” He’s since apologized for the post and says he no longer holds those beliefs.

Hasan Piker, a leftist commentator and streamer who’s backed Platner, seemed to reverse himself Monday following the Politico report. “If new evidence presents itself, I’m going to change my perspective — it’s that simple,” Piker said during a livestream on Twitch, adding: “This is a clear-cut instance of verifiable sexual assault allegations. It’s completely irredeemable.”

Maine’s Democrats have long sought to oust Republican Sen. Susan Collins, who’s held on despite representing a state that reliably votes for other party at the presidential level. After Collins’ solid 2020 win, several Maine Democrats passed on the opportunity to challenge her this time and instead looked at other offices. That left the state’s 78-year-old governor, Janet Mills, as the Democratic establishment’s best hope.

Platner rode into the political void and pitched himself as a blue-collar oysterman and veteran who could reach disaffected voters who had supported President Donald Trump. But as allegations began mounting against him, some state Democrats had heartburn, embodied by Mills’ refusal to endorse Platner after she dropped out of the primary. Chatter already began to circulate about other possible replacements, including former state senator and logger Troy Jackson and Secretary of State Shenna Bellows.

“I’ve known this has been coming,” said Marie Follayttar, a Democrat and community organizer in Maine, talking the growing whispers inside the state’s small population that had been bracing for yet another revelation surrounding Platner. “I’ve been scared and I’ve been sick waiting.”

The Associated Press generally does not name victims of sexual assault, but in this case Racicot spoke in an interview with Politico.

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Trading Day: Chips bounce back, oil eases
Trading Day: Chips bounce back, oil eases 150 150 admin

By Stephen Culp

NEW YORK, July 6 (Reuters) – Wall Street advanced on Monday as a rebound in semiconductors put the Nasdaq on top. Meanwhile, an anticipated post-war supply surge weighed on crude prices.

I will go into more detail on today’s market moves below. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today.

1. U.S. services sector loses some momentum, but employment rebounds

2. Microsoft to eliminate 4,800 jobs, about 2.1% of global workforce

3. Broadcom said it would expand its partnership with Apple through 2031 to develop and provide custom chips

4. South Korean chipmaker SK Hynix launched a U.S. share sale to raise about $28 billion as it capitalizes on AI boom

5. German industrial orders rose more than expected in May as fears of supply chain disruption abate

6. Lockheed Martin will buy naval defense company Ultra Maritime from private equity firm Advent for $3.45 billion as global demand for military technology surges

Today’s Key Market Moves

• STOCKS: Wall Street advanced, with the tech-laden Nasdaq enjoying the steepest percentage gain; Europe’s STOXX 600 pulled back from a record high

• SECTORS/SHARES: Chips outperformed, with AMD, Qualcomm, and Taiwan Semiconductor, all gaining more than 4%. Real estate, housing stocks and homebuilders were among the laggards

• FX: The dollar was essentially unchanged, while the yen drifted near the intervention zone, keeping investors wary

• BONDS: U.S. Treasury yields were little changed after Thursday’s soft employment report reduced rate hike expectations

• COMMODITIES/METALS: Front-month WTI and Brent crude futures both settled down 0.2%. Gold pulled back from a two-week high

Today’s Talking Points

* Huge crowds flood Tehran’s streets for slain Ayatollah’s funeral procession

The Islamic Republic of Iran is staging a week of mass funeral ceremonies for slain Supreme Leader Ayatollah Ali Khamenei, who was killed alongside several members of his family in an airstrike shortly after war was declared by the United States and Israel on February 28.

While Iranian President Masoud Pezeshkian was seen walking with mourners on the streets of Tehran, so far there have been no public sightings of Mojtaba Khamenei, the son who succeeded Khamenei and was injured in the attack that killed his father.

* ESM sees elevated euro zone recession risk arising from Middle East tension, potential U.S. asset selloff

A renewed Middle East conflict and a U.S. asset selloff are the two biggest risks to the euro zone, which, if twinned, could tip the euro area into recession and send inflation up near 5%, according to the European Stability Mechanism.

The Iran war and the energy crisis stoked by closure of the Strait of Hormuz, a vital shipping lane, have had a major impact on the global economy and rattled financial markets.

“Rising political uncertainty, longer-run fiscal sustainability concerns, and ​stretched equity valuations built on artificial intelligence-related earnings expectations create the potential for ⁠a sudden asset price correction emanating from the U.S.,” ESM’s report said.

* China test fires a missile into Pacific, alarming regional powers

China’s military test-fired a missile from a nuclear-powered submarine into the Pacific, according to the official Xinhua news agency, a move which drew sharp criticism from Japan, Australia, New Zealand and Taiwan.

Xinhua did not specify what type of missile China launched, but state-controlled newspaper the Global Times, citing a military expert, said it was likely to have been the JL-3, China’s most advanced submarine-launched missile, which debuted at ​a military parade last year.

The JL-3 is capable of reaching the continental United States from Chinese coastal waters, according to a report from the Pentagon.

What could move markets tomorrow?

• Developments in the Middle East

• Social media posts from Trump

• Federal Reserve Chair Kevin Warsh testifies before House Financial Services Committee

• U.S. trade balance (May)

• France trade balance (May)

• Germany, Finland, Norway, Denmark industrial output (May)

• Netherlands, Estonia, Hungary, Czech Republic CPI (June)

• Potential yen intervention

Want to receive Trading Day in your inbox every weekday morning? Sign up for my newsletter here.

Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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FIFA criticized for lifting U.S. star's red card suspension after Trump phone call
FIFA criticized for lifting U.S. star's red card suspension after Trump phone call 150 150 admin

Europe’s soccer governing body and prominent commentators have criticized the decision, which allows Folarin Balogun to play against Belgium.
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You can now start contributing to a Trump Account. Here's what to know.
You can now start contributing to a Trump Account. Here's what to know. 150 150 admin

Starting July 4, people can deposit money into the new tax-deferred investment accounts, with eligible children receiving a $1,000 government contribution.
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Trump says Walmart will lower prices on ground beef, other items
Trump says Walmart will lower prices on ground beef, other items 150 150 admin

By Tom Polansek

July 6 (Reuters) – President Donald Trump said on Monday that Walmart would lower prices on many products, including ground beef, after a request from his administration.

The retailer said customers would save on items including meat, produce and soda at its Walmart and Sam’s Club stores this summer.

Record-high beef prices have strained the wallets of U.S. consumers who also paid much higher gasoline prices after the U.S. and Israel launched attacks on Iran in February.

Prices for steaks and hamburger meat soared after a persistent drought burned pasture lands and hiked costs of cattle feed, forcing U.S. ranchers to slash their herds. Economists have said it will take years to rebuild the herd to expand domestic beef supplies.

Trump said Walmart will drop prices on a pound of ground beef by “almost” 15% after his administration made a request to coincide with the nation’s 250th birthday.

“This is a huge deal for the many millions of Americans who, smartly, shop at Walmart, which is a truly patriotic Company who loves the U.S.A.,” Trump said in a post on Truth Social.

Walmart said in a statement that the price of one pound of 73% ground beef roll would drop to $5.94 from $6.74 in its stores, a decline of about 12%. The retailer also said it lowered prices on items including Coca-Cola and PepsiCo sodas and chips.

At Sam’s Club stores, Member’s Mark 88/12 ground beef will be priced at $5.97 per pound, instead of $6.17, a 3% decline, according to the statement.

“Walmart is stepping up in a big and bold way, and other Retailers should follow the lead of these absolute Patriots,” Trump said.

Trump previously encouraged low-tariff imports of Argentine beef to cool U.S. prices, angering American ranchers, and directed the Department of Justice to investigate whether U.S. meatpackers were colluding to raise prices.

U.S. beef producers formerly imported Mexican cattle to fatten and slaughter for American consumers, but Washington blocked such imports more than a year ago because of the spread of the flesh-eating New World screwworm parasite in Mexico.

(Reporting by Costas Pitas in Los Angeles, Ryan Patrick Jones in Toronto, Tom Polansek in Chicago and Nicholas Brown in New York; Editing by David Gregorio)

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