The White House has unveiled a $1.5 trillion defense budget for FY 2027, the largest military spending proposal in American history, representing a 44% jump for the Department of Defense. The plan breaks down into $1.15 trillion in discretionary spending, up 28% from last year, and $350 billion in mandatory outlays. On the shipbuilding front, the budget earmarks $65.8 billion to add 18 battle force ships and 16 non-battle force vessels, including a Trump-class battleship and next-generation frigates. Service members are also in line for raises, with E-5 and below getting a 7% bump, E-6 through O-3 receiving 6%, and O-4 and above seeing 5%. Rounding out the priorities: funding for the Golden Dome missile defense system, restocking of 12 critical munitions, and investment in critical minerals supply chains.
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Mark Zuckerberg plans on monitoring Meta’s (Nasdaq: META) workforce but is letting them know first. The company is rolling out new tracking software on the computers of all U.S. employees in an attempt to train AI models, according to Reuters. The tool monitors a range of work-related apps and websites, capturing mouse movements, keystrokes and screenshots of whatever employees have on their screens. Meta confirmed the tool is being deployed in service of training its AI systems. Meta stock is up 0.09%.
The Nasdaq Composite is down about 0.35% this afternoon.
Fed Chairman nominee Kevin Warsh has set the record straight on interest rates. In response to a question during a Senate hearing, Warsh revealed that President Trump didn’t ask him to make any promises on interest rate cuts. He went on to say that most presidents would support interest rate cuts and that it’s up to the Fed to remain independent.
The markets have turned lower as the oil price has crept higher, with the Nasdaq Composite now down 0.08%. Apple is a drag, down 1.8% on the Tim Cook resignation announcement.
This article will be updated throughout the day, so check back often for more daily updates. The broader markets have crossed over into record territory on Friday even in the face of economic uncertainty.…
This article will be updated throughout the day, so check back often for more daily updates. Technology stocks are mostly higher today, setting a positive tone for the broader markets. U.S. and Chinese officials…
This article will be updated throughout the day, so check back often for more daily updates. In a week filled with escalating Middle East tensions and a Fed meeting, the markets are attempting to…
The markets are showing cautious optimism in what could shape up to be a significant week for trade war deals. Treasury Secretary Scott Bessent predicts trade deals could begin to emerge this week or…
This article will be updated throughout the day, so check back often for more daily updates. The markets have come out of the gate mixed after yesterday’s steep sell-off, with technology leading the Nasdaq…
The Nasdaq Composite (^IXIC) looks set to recapture gains on Tuesday with all eyes on Apple (Nasdaq: AAPL) after CEO Tim Cook announced he would be stepping down. Tech futures are rising about 0.3%…
This article will be updated throughout the day, so check back often for more daily updates. The Nasdaq Composite is stepping into May on the strongest possible footing, having just posted a 15% gain…
This article will be updated throughout the day, so check back often for more daily updates. The markets are looking to end the week on a positive note after getting some good news on…
This article will be updated throughout the day, so check back often for more daily updates. The Nasdaq Composite is threading a needle Monday morning, absorbing a crude oil flare-up while drawing support from…
