President Donald Trump signed an executive order Thursday imposing a 15% tariff on imported products made from polysilicon, a key material used in semiconductor chips and solar panels. The order also sets minimum import prices on polysilicon and related products, and follows a national security investigation into overseas production. Chinese companies control about 96% of global polysilicon production. The measures take effect in December. The administration said it will offer incentives to boost domestic production. The move is the latest step in the trade battle over technology supply chains between the US and China.
SoftBank Group has secured a $10 billion margin loan backed by its stake in OpenAI, the company said Thursday alongside its quarterly earnings. The two-year loan was arranged by Goldman Sachs, JPMorgan, Mizuho, Apollo Global and Sumitomo Mitsui Banking. The cash will help SoftBank pay another $10 billion for OpenAI shares by October, the final part of a $30 billion commitment. By then, SoftBank will have invested about $64 billion in OpenAI for a roughly 13% stake. The move adds to the Japanese group's debt load as chief executive Masayoshi Son races to build AI data centers and robotics ventures.
The US economy lost 23,000 jobs in July, the Labor Department reported Friday, a surprise setback for the labor market. The unemployment rate held steady at 4.1 percent, but estimates for the previous two months were revised down sharply. Economists had expected modest gains, and markets moved quickly after the release, with traders raising bets on an interest rate cut. Losses were concentrated in retail, manufacturing and government services. The report lands weeks before the November midterm elections and gives Republicans a new line of attack on the administration's economic record. Federal Reserve officials are watching the data closely as they weigh a possible rate cut in September.
U.S. private employers added just 44,000 jobs in July, ADP reported, well below the roughly 100,000 that economists had forecast. The soft reading is one of the weakest of the year and suggests the labor market is cooling faster than expected. ADP's report covers private-sector payrolls only, and the official Labor Department jobs report is due later this week. Wage growth for job-stayers cooled to 4.6 percent from a year earlier. The data adds weight to expectations that the Federal Reserve will cut interest rates at its next policy meeting, as inflation cools and hiring slows.
SpaceX shares fell more than 13 percent after the company released its first earnings report since its June initial public offering. Investors focused on heavy spending and cautious guidance. Starlink subscriber growth slowed from earlier quarters, and the company said spending on AI infrastructure and new satellite production lines weighed on profits. Executives said launch costs and Starship development will keep margins under pressure. Some analysts called the sell-off overdone, while others said SpaceX needs to show a clearer path to higher profits. The stock had already fallen well below its post-IPO high before the report. Investors will watch the next quarterly report closely.
Investment in artificial intelligence is now a main driver of the stock market and of spending across the US economy, according to economists and market analysts. Demand for AI chips, data centers, and cloud computing has lifted the shares of technology companies and rippled into construction, energy, and equipment makers. A new field called 'tokenomics' has emerged to measure the returns on AI spending. At the same time, Federal Reserve officials are watching whether AI-driven investment adds to inflation. The combination of record AI capital spending and a strong stock market has left some analysts asking how long the boom can last.
The US economy grew at an annual rate of 1.5% in the second quarter, slower than expected, as the Iran war and new tariffs weighed on activity. Consumer spending surged 3.2%, helped by bigger tax refunds and higher gas prices, but business investment and exports softened. The Federal Reserve held interest rates steady for the fifth straight meeting, citing resurgent inflation linked to energy costs, and Wall Street closed down sharply after the decision. Mortgage rates climbed to nearly 6.55%, the highest in a year, adding pressure on home buyers. This report breaks down the growth report, the consumer picture, and what the Fed's decision means for households and markets.
The Federal Reserve left interest rates unchanged for the fifth meeting in a row, but the decision masked growing divisions among policymakers. Several officials dissented and warned that inflation could become entrenched unless the Fed tightens policy soon. The hold came as markets churned over higher oil prices and heavy spending on artificial intelligence. Bond investors also showed rising anxiety about inflation, frustrated by the Fed's lack of guidance on future moves. The internal split puts pressure on Fed chair Kevin Warsh, who faced the strongest dissent of his tenure. The next inflation and jobs reports will now carry extra weight.
Apple is set to lose nearly $500 billion in market value after the company issued a weaker-than-expected sales forecast. Investors reacted sharply to the outlook, which pointed to slowing demand for iPhones and softness in key markets. The drop would mark one of the largest single-day declines in the company's history. Analysts said the forecast reflects a broader slowdown in consumer electronics spending and intensifying competition. Apple shares fell in early trading as traders rushed to price in the new guidance. The selloff also dragged down other technology stocks, renewing questions about the health of the sector.
The Federal Reserve held interest rates steady at its July meeting, citing elevated inflation, even as US economic growth slowed in the second quarter of 2026. New tariffs and higher oil prices created a supply shock that dragged down GDP, while domestic demand stayed robust. Internal divisions emerged at the meeting, with some officials dissenting in favor of a rate increase. Bond investors remain worried about the lack of guidance from the central bank, and long-term Treasury yields have moved higher. Markets now expect the Fed to hold rates through the fall and begin cutting only if inflation falls back toward its 2 percent target.