Futures dip after record run as investors focus on Trump's tax bill

<p>-

• Futures dip after record run as investors focus on Trump's tax bill</p>

<p>Sruthi Shankar and Nikhil SharmaJuly 1, 2025 at 4:23 AM</p>

<p>By Sruthi Shankar and Nikhil Sharma</p>

<p>(Reuters) -U.S. stock futures dipped on Tuesday, following a record run for Wall Street indexes, as investors monitored U.S. trade talks and a Senate voting marathon over President Donald Trump's tax and spending bill.</p>

<p>The S&P 500 and the Nasdaq Composite notched all-time closing highs on Monday, capping their best quarter in over a year as hopes for more trade deals and possible rate cuts supported sentiment.</p>

<p>U.S. senators were still voting on Tuesday on a potentially long list of amendments to Trump's bill that is expected to bring a $3.3 trillion hit to the nation's debt pile.</p>

<p>The Republican majority's struggle to pass the bill exemplifies deep divisions within the party over debt. The bill aims to partly cover the cost of the tax reductions with cuts to Medicaid and some food assistance programs for low-income Americans.</p>

<p>Meanwhile, Trump expressed frustration with U.S.-Japan trade negotiations and Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs as a July 9 deadline approaches despite good-faith negotiations.</p>

<p>Tesla's shares dropped 4.1% premarket after a fresh spat between CEO Elon Musk and Trump over the tax bill, with the president urging the government efficiency department to review the subsidies that Musk's companies have received.</p>

<p>Tesla also reported a sales drop for a sixth straight month in Sweden and Denmark in June.</p>

<p>"There's a clear mismatch between how markets are positioned and the risks that remain on the table," Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said in a note.</p>

<p>"Trade tensions, geopolitical uncertainty, the ballooning U.S. debt burden, the possibility that the Fed might not be able to cut rates, signs of economic slowdown, and even a potential re-acceleration in inflation — none of these risks have disappeared."</p>

<p>At 06:52 a.m. ET (1052 GMT), S&P 500 E-minis were down 13.75 points, or 0.22%, Nasdaq 100 E-minis were down 61 points, or 0.27%, and Dow E-minis were down 56 points, or 0.13%.</p>

<p>The S&P 500 and Nasdaq's rise to record highs marked a stunning recovery in sentiment that was hammered by Trump's chaotic trade policies and geopolitical tensions, with investors betting on AI enthusiasm and earnings momentum to keep the bull run going.</p>

<p>The blue-chip Dow on Monday closed 2.2% below its all-time high touched in December.</p>

<p>S&P Global and ISM's June manufacturing activity surveys, May job openings data as well as Fed Chair Jerome Powell's comments at a European Central Bank forum later in the day will be parsed for hints on U.S. monetary policy outlook.</p>

<p>Soft economic data in recent weeks and expectations of Trump picking a dovish central bank head have supported bets of interest rate cuts from the Fed this year and next.</p>

<p>Ahead of Thursday's crucial payrolls data, money markets were pricing in 68 basis points of rate cuts by the end of 2025 and about 135 bps of cuts by October next year, per LSEG data.</p>

<p>Among other stocks, stablecoin firm Circle edged up 1.1% on news it was applying to create a national trust bank in the U.S.</p>

<p>(Reporting by Sruthi Shankar in Bengaluru; Editing by Devika Syamnath)</p>

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Futures dip after record run as investors focus on Trump's tax bill

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Tiny Tuvalu seeks assurance from US its citizens won't be barred

<p>-

• Tiny Tuvalu seeks assurance from US its citizens won't be barred</p>

<p>Kirsty NeedhamJune 30, 2025 at 7:28 PM</p>

<p>By Kirsty Needham</p>

<p>SYDNEY (Reuters) -Tuvalu, a tiny Pacific nation that scientists predict will be submerged by rising seas, said it is seeking written assurance from the United States that its citizens will not be barred from entry after being apparently mistakenly included in a list of 36 countries facing visa bans.</p>

<p>An internal diplomatic cable signed by U.S. Secretary of State Marco Rubio showed the United States, which has already barred entry for citizens from 12 countries, was considering expanding travel restrictions to the 36 countries, including three Pacific Island states, Reuters and other media reported last month.</p>

<p>Nations on the list would have 60 days to take corrective action, the cable showed.</p>

<p>The news had caused significant concern in Tuvalu, whose population of 11,000 is at risk from rising sea levels, and where a third of residents have applied to an Australian ballot for a landmark climate migration visa.</p>

<p>Tuvalu's ambassador to the United Nations, Tapugao Falefou, said he had been told by a U.S. official that Tuvalu's inclusion on the list was "an administrative and systemic error on the part of the U.S. Department of State".</p>

<p>In a statement on Tuesday, Tuvalu's government said it had not received any formal notification that it was on the list, and had also been assured by the United States embassy in Fiji it was "an error within the system".</p>

<p>"The Embassy has provided verbal assurances that there are no current restrictions on Tuvaluan nationals entering the United States, and that the matter is being reviewed with authorities in Washington," the statement from Tuvalu's Ministry of Foreign Affairs, Labour and Trade said.</p>

<p>It added Tuvalu was seeking a "formal written confirmation to that effect and continues to engage the U.S. Government to ensure Tuvaluans are not unfairly affected".</p>

<p>The embassy did not immediately respond to a Reuters request for comment.</p>

<p>A U.S. official familiar with visa policy who is not authorized to speak publicly told Reuters "no decisions have been made, and any speculation is premature".</p>

<p>"Tuvalu's public statement mischaracterizes and omits some of the valid concerns the United States has with travelers from that country," the official added.</p>

<p>The other Pacific Islands listed in the cable were Vanuatu and Tonga.</p>

<p>Tonga's government had received an official U.S. warning, and was working on a response, Tonga media reported.</p>

<p>Vanuatu's government did not respond to a request for comment.</p>

<p>(Reporting by Kirsty Needham in Sydney; Editing by Saad Sayeed)</p>

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Tiny Tuvalu seeks assurance from US its citizens won't be barred

<p>- Tiny Tuvalu seeks assurance from US its citizens won't be barred</p> <p>Kirsty NeedhamJune ...

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Ukrainian drone hits a plant deep inside Russia after record Russian drone attacks in June

<p>-

• Ukrainian drone hits a plant deep inside Russia after record Russian drone attacks in June</p>

<p>ILLIA NOVIKOV and EMMA BURROWS July 1, 2025 at 4:05 AM</p>

<p>FILE - A Russian drone attacks a building during Russia's massive missile and drone air attack in Kyiv, Ukraine, June 17, 2025. (AP Photo/Efrem Lukatsky, file)</p>

<p>KYIV, Ukraine (AP) — A Ukrainian drone struck a Russian industrial plant some 1,300 kilometers (800 miles) from Ukraine, a local official said Tuesday, after Ukraine President Volodymyr Zelenskyy prioritized the weapon's development and Russia pounded Ukraine with a monthly record of drones in June.</p>

<p>Both sides in the more than three-year war following Russia's February 2022 invasion of its neighbor have raced to improve drone technology and enhance their use on the battlefield. They have deployed increasingly sophisticated and deadlier drones, turning the war into a testing ground for the new weaponry.</p>

<p>Ukraine is under severe strain from a Russian push at places on the roughly 1,000-kilometer (620-mile) front line, but analysts say its defenses are largely holding firm. With recent direct peace talks delivering no progress on U.S.-led international efforts to halt the fighting, Russia and Ukraine are bulking up their arsenals.</p>

<p>Russia last month launched 5,438 drones at Ukraine, a new monthly record, according to official data collated by The .</p>

<p>Ukraine is stepping up drone production</p>

<p>Meanwhile, a Ukrainian drone hit an industrial plant in Izhevsk, about 1,000 kilometers (620 miles) east of Moscow, killing three people and injuring 35, Alexander Brechalov, head of the Udmurtia region, said. The plant's workers were evacuated, he said.</p>

<p>The drone struck the Kupol Electromechanical Plant, which produces air defense systems and drones for the Russian military, according to an official with Ukraine's Security Service, the SBU.</p>

<p>At least two direct hits were recorded on the plant's buildings, the official said, speaking on condition of anonymity because he was not authorized to speak publicly.</p>

<p>Ukraine has for months been using domestically produced long-range drones to strike plants, storage sites and logistical hubs deep inside Russian territory. In May last year, a Ukrainian drone hit an early-warning radar in the Russian city of Orsk, some 1,800 kilometers (1,120 miles) from the Ukrainian border, Kyiv officials claimed.</p>

<p>Zelenskyy said Ukraine's domestic production of drones is about to increase in response to Russia's expanded barrages.</p>

<p>"The priority is drones, interceptor drones and long-range strike drones," he said on Telegram late Monday.</p>

<p>"This is extremely important," he added. "Russia is investing in its unmanned capabilities, Russia is planning to increase the number of drones used in strikes against our state. We are preparing our countermeasures."</p>

<p>Russia's Defense Ministry said that 60 Ukrainian drones were downed overnight over several regions, including 17 over Crimea, 16 over the Rostov region and four over the Saratov region.</p>

<p>At the same time, four Russian Shahed drones struck the southern Ukraine city of Zaporizhzia during the night, leaving more than 1,600 households without power, according to authorities.</p>

<p>Ukraine's air force said Tuesday that Russia fired 52 Shahed and decoy drones at the country overnight.</p>

<p>US envoy criticizes Russian attacks</p>

<p>U.S. President Donald Trump's special envoy to Ukraine and Russia, retired Lt. Gen. Keith Kellogg, rebuked Russia for continuing to strike civilian areas of Ukraine while effectively rejecting a ceasefire and dragging its feet on a peace settlement.</p>

<p>"We urge an immediate ceasefire and a move to trilateral talks to end the war," Kellogg said on the social platform X late Monday. "Russia cannot continue to stall for time while it bombs civilian targets in Ukraine."</p>

<p>Ukraine is developing its own defense industry as uncertainty remains over whether the Trump administration will continue to provide crucial military aid.</p>

<p>Between March and April, the United States allocated no new aid to Ukraine, according to Germany's Kiel Institute, which tracks such support.</p>

<p>Europe its support and for the first time since June 2022 surpassed the U.S. in total military aid, totaling 72 billion euros ($85 billion) compared with 65 billion euros ($77 billion) from the U.S., the institute said last month.</p>

<p>___</p>

<p>Follow AP's coverage of the war in Ukraine at https://ift.tt/lZfKW6o>

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Ukrainian drone hits a plant deep inside Russia after record Russian drone attacks in June

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France shuts schools, Italy limits outdoor work as heatwave grips Europe

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• France shuts schools, Italy limits outdoor work as heatwave grips Europe</p>

<p>Emma PinedoJuly 1, 2025 at 4:21 AM</p>

<p>By Emma Pinedo</p>

<p>PARIS/MADRID (Reuters) -Several Italian regions banned outdoor work during the hottest hours of the day, France shut scores of schools and Spain confirmed last month as its hottest June on record as a severe heatwave gripped Europe, triggering widespread health alerts.</p>

<p>Spanish authorities were investigating whether a street sweeper's death over the weekend in Barcelona was caused by the heatwave and trade unions blamed the heat for the death on Monday of a 47-year-old man on a construction site near Bologna.</p>

<p>Europe is the world's fastest-warming continent, heating up at twice the global average, according to the EU's Copernicus Climate Change Service, with extreme heatwaves occurring earlier in the year, and persisting into later months.</p>

<p>"What is exceptional, and I would stress exceptional but not unprecedented is the time of year," said World Meteorological Organization spokesperson Clare Nullis. "We are the first of July and we are seeing episodes of extreme heat which normally we would see later on in the summer.</p>

<p>Higher temperatures in the Mediterranean Sea tend "to reinforce the extreme temperatures over land areas," she said.</p>

<p>The Mediterranean Sea was up to 6 degrees Celsius warmer than usual for the time of year, hitting a record of as much as 30 C (86 F) in Spain's Balearic Sea as a heat dome trapped hot air above Europe, the country's AEMET weather forecaster said.</p>

<p>Spain recorded its hottest June last month, with an average temperature of 23.6 C, AEMET said.</p>

<p>The Red Cross has set up an air-conditioned "climate refuge" in southern Malaga, said IFRC spokesperson Tommaso Della Longa, to help residents cope with the searing temperatures.</p>

<p>Extreme heat kills up to 480,000 people annually around the world, according to Swiss Re, which notes this exceeds the combined toll from floods, earthquakes and hurricanes.</p>

<p>The heat was set to peak in France on Tuesday, reaching 40-41 C in some areas and 36-39 C in many others, weather forecaster Meteo France said. Sixteen departments will be on the highest level of alert from noon, with 68 on the second highest.</p>

<p>Some 1,350 schools were fully or partially closed, up from around 200 on Monday, the Education Ministry said.</p>

<p>The top floor of the Eiffel Tower will be closed on Tuesday and Wednesday, with visitors advised to drink plenty of water.</p>

<p>Italy, meanwhile, issued heatwave red alerts for 17 cities, including Milan and Rome. In Sicily, a 53-year-old woman with a heart condition died while walking in the city of Bagheria, news agencies reported, possibly of heatstroke.</p>

<p>Scientists say greenhouse gas emissions from burning fossil fuels are a key cause of climate change, with deforestation and industrial practices being other contributing factors. Last year was the planet's hottest on record.</p>

<p>"We keep hearing about climate change. I think we're definitely feeling it now," Omar Bah, a rental company worker said in London, where temperatures hit 32 C. "When I was younger, summer wasn't like this."</p>

<p>Across Europe, tourists also sought ways to keep cool.</p>

<p>"We woke up as early as possible to get out as early as possible so we can rest during the afternoon," Susana Leivonen, a 45-year-old from Finland said in Paris. The family were prepared with water and sun lotion, and planned to seek respite in shops or take an afternoon nap.</p>

<p>The scorching temperatures have raised the risk of field fires as farmers in France, the European Union's biggest grain producer, start harvesting this year's crop, with many working through the night to avoid peak temperatures in the afternoon.</p>

<p>(Additional reporting by Emma Farge, Michaela Cabrera, Ingrid Melander, Kate Abnett, Gus Trompiz, Rachel More, Sudip Kar-Gupta, Alvise Armellini; Writing by Ingrid Melander; Editing by Bernadette Baum)</p>

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France shuts schools, Italy limits outdoor work as heatwave grips Europe

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Inmate fatally shoots North Carolina officer before being caught in stolen vehicle, sheriff says

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• Inmate fatally shoots North Carolina officer before being caught in stolen vehicle, sheriff says</p>

<p>June 30, 2025 at 6:49 PM</p>

<p>In this screenshot from a video provided by WLOS, Cherokee County Sheriff Dustin Smith speaks at a news conference in Murphy, North Carolina, about an escaped inmate who allegedly shot and killed a detention officer on Monday. - AP</p>

<p>A federal inmate escaped from custody at a medical clinic in western North Carolina and fatally shot a detention officer with his own gun Monday, then fled in a stolen vehicle before being captured in another county, a sheriff said.</p>

<p>The inmate had been taken to an orthopedics office in Murphy for undisclosed treatment when a scuffle began. The inmate took the officer's weapon and shot him, Cherokee County Sheriff Dustin Smith said at a news conference. The inmate ran into the parking lot, jumped into a vehicle that had just arrived and took off. The inmate was later apprehended in Macon County, nearly an hour to the east, Smith said.</p>

<p>Smith said the inmate, Kelvin Simmons, 48, will be charged with first-degree murder.</p>

<p>The detention officer was identified as Francisco Paul Flattes, 56, a four-year employee of the Cherokee County Sheriff's Office. Smith said Flattes' wife also works for the county detention center.</p>

<p>Another officer suffered injuries unrelated to the shooting and was recovering, the sheriff said.</p>

<p>"This has been probably one of the worst days of my career," Smith said.</p>

<p>Emergency personnel in Clay County had alerted Macon County deputies that the inmate was driving to their county on U.S. Route 64, authorities said. Simmons' vehicle was stopped and he was detained after a short standoff. There were no injuries at the scene.</p>

<p>Smith said Simmons was already being held on bank robbery charges along with an October 2024 escape.</p>

<p>For more CNN news and newsletters create an account at CNN.com</p>

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Inmate fatally shoots North Carolina officer before being caught in stolen vehicle, sheriff says

<p>- Inmate fatally shoots North Carolina officer before being caught in stolen vehicle, sheriff says</p> ...

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