Please ensure Javascript is enabled for purposes of website accessibility

Stocks fall as Trump threatens EU tariffs

SUMMARY:

  • drops 0.9%, facing worst week in seven
  • falls 366 points; sinks 1.2%
  • threatens 50% on European Union
  • Apple targeted with 25% tariff unless it moves iPhone production to U.S.

NEW YORK (AP) — U.S. stocks are falling on Friday after Donald Trump threatened 50% tariffs on the European Union that could begin in a little more than a week.

The S&P 500 was down 0.5% in afternoon trading and on track for its worst week in the last seven. The Dow Jones Industrial Average was down 189 points, or 0.5%, as of 1:12 p.m. Eastern time, and the Nasdaq composite was 0.7% lower.

Trump threatened the tariffs before the U.S. opened, saying on his Truth Social platform that trade talks with the European Union “were going nowhere” and that “straight 50%” tariffs could go into effect on June 1. The European Union is one of the United States’ largest trading partners.

Stocks fell immediately afterward in Europe, with France’s CAC 40 index losing 1.7%, and the threat shook the futures market for U.S. stock indexes, which earlier had been suggesting only modest moves at the open of trading. U.S. stock indexes fell less than their European counterparts, but the damage was still widespread, and four out of every five stocks within the S&P 500 sank.

Apple dropped 2.6% and was one of the heaviest weights on the index after Trump went after the company specifically. He said he’s been pushing Apple Tim Cook to move production of iPhones sold in this country to the United States, and he warned a tariff “of at least 25% must be paid by Apple to the U.S.” if it doesn’t.

Trump has been criticizing companies individually when he’s frustrated with how they’re acting because of his tariffs and because of the uncertainty his  has created. He earlier told Walmart it should “eat the tariffs,” along with China, after the retailer said it would likely have to raise prices to cover the increased cost of imports.

Deckers Outdoor, the company behind the Hoka and Uggs brands, became one of the latest companies to say all the uncertainty around the economy means it won’t offer financial forecasts for the full upcoming year. Instead, it gave forecasts only for the upcoming quarter, and they fell short of analysts’ expectations for revenue and profit.

That sent its stock down 18.6%, even though the company reported a stronger profit and revenue for the latest quarter than expected.

Ross Stores fell 9.8% after it pulled its financial forecasts for the full year, citing how more than half the goods it sells originate in China. “As such, we expect pressure on our profitability if tariffs remain at elevated levels,” CEO Jim Conroy said.

The off-price retailer gave a forecast for profit in the current quarter that included a hit taken from tariffs, and it fell short of analysts’ expectations. That dragged its stock down even though the company also reported a better profit for the latest quarter than expected.

“The volatility of trade policies and the corresponding impact on the economy, the consumer, and our profitability is highly unpredictable,” Conroy said.

On the winning side of was Intuit, which rose 7.8% after the company behind TurboTax and Credit Karma reported a stronger profit for the latest quarter than analysts expected thanks in part to a strong tax season. Perhaps more importantly, Intuit also raised its forecasts for revenue and profit over its full fiscal year.

Trump’s latest tariff threats are stirring up Wall Street after it had recovered nearly all of the losses it had earlier taken because of the trade war. The S&P 500 dropped roughly 20% below its record at one point last month, when worries were at their height about whether Trump’s stiff tariffs would cause a global recession. The index then climbed back within 3% of its all-time high after Trump paused his tariffs on many countries, most notably China.

In the bond market, Treasury yields fell after swinging back and forth a few times. The yield on the 10-year Treasury eased to 4.50% from 4.54% late Thursday.

It had been running higher earlier in the week, in part on worries about how Washington’s efforts to cut taxes could add trillions of dollars to the U.S. government’s debt. Higher Treasury yields can drive up mortgages and rates for other kinds of loans, which can in turn slow the economy. They also can discourage investors from paying high prices for stocks and other investments.

In stock markets abroad, indexes were mixed in Asia, where markets closed before Trump issued his latest tariff threats. Tokyo’s Nikkei 225 rose 0.5%, while stocks fell 0.9% in Shanghai.

The price of gold, meanwhile, climbed 1.9% as investors looked for safer places to park their cash.

 

Notes: Eds: UPDATES: trading.

Atlantic Union CFO announces retirement

Henrico County-based announced Thursday that executive vice and Robert M. Gorman plans to retire on or before March 31, 2026.

He will continue to hold the positions until his successor’s appointment or retirement date, whichever is earlier. After a successor is appointed, Gorman will assist the company in an advisory capacity to help with the transition.

Atlantic Union has launched a nationwide search for a successor and will consider internal and external candidates. A company spokesperson said Atlantic Union hopes to have a successor in place by the end of the year.

“Rob’s focus on delivering top-tier financial performance and creating long-term shareholder value has established Atlantic Union as a well-respected market leader,” John Asbury said in a statement. “We are grateful for his dedication, sound advice, leadership and consistently selfless approach to his role. We congratulate Rob as he prepares to conclude his distinguished career and enter his next chapter of a well-earned retirement. On behalf of all of us at Atlantic Union, we wish to thank Rob for all he has done for our company, teammates and shareholders.”

Gorman has been Atlantic Union’s since 2012, as it rose from a $4 billion asset community bank focused primarily on serving customers in Richmond and surrounding areas to a nearly $40 billion institution with 129 branches across Virginia and parts of Maryland and North Carolina, as of Dec. 31, 2024. He previously worked for SunTrust as corporate strategic financial officer and a senior vice president, as well as serving in roles at FleetBoston Financial and Liberty Mutual Insurance Group.

“It has been a great privilege to serve as Atlantic Union’s chief financial officer over the past 13 years and to work alongside John and such a talented and dedicated group of professionals,” Gorman said in a statement. “Together, we have achieved significant milestones, navigated numerous challenges and built a strong foundation for the future. I believe that Atlantic Union is well-positioned to continue to generate sustainable, profitable growth and to build long-term value for our shareholders.”

With its $1.3 billion acquisition of Maryland’s Sandy Spring Bancorp completed in April, the bank gained 53 branches across Virginia, Maryland and Washington, D.C. Before merger-related adjustments, the newly combined Atlantic Union has $38.7 billion in total assets, $32.1 billion in total deposits and $30 billion in total loans held for investment, the bank reported.

Last week, Atlantic Union announced that Bradley S. Haun will be its next chief risk officer when Sherry Williams retires July 1.

Trump hosts $TRUMP crypto backers amid bitcoin surge

SUMMARY:

  • hosted top $TRUMP coin investors at his Virginia golf club
  • prices are surging, boosting crypto market interest
  • Senate advances pro- amid industry momentum
  • Critics question anonymous access to Trump via meme coin buys

WASHINGTON (AP) — It seems like a triumph for a industry that has long sought mainstream acceptance: Top investors in one of Donald Trump’s crypto projects dining with him at his luxury golf club in Northern Virginia, on the heels of the Senate advancing key pro-crypto legislation and while bitcoin prices soar.

But Thursday night’s dinner for the 220 biggest investors in the $TRUMP meme coin has raised uncomfortable questions about potentially shadowy buyers using the anonymity of the internet to buy access to the president.

While critics charge that Trump is using the power of the presidency to boost profits for his family business, even some pro-Trump crypto enthusiasts worry that the president’s push into isn’t helping their efforts to establish the credibility, stability and legitimacy they had thought his administration would bring to their businesses.

After feeling unfairly targeted by the Biden administration, the industry has quickly become a dominant political force, donating huge sums to help Trump and crypto-friendly lawmakers. But that’s also served to tether the industry — sometimes uncomfortably — to a president who is using crypto as a platform to make money for his brand in unprecedented ways.

“It’s distasteful and an unnecessary distraction,” said Nic Carter, a Trump supporter and partner at the crypto investment firm Castle Island Ventures, who said the president is “hugging us to death” with his private crypto businesses. “We would much rather that he passes common sense legislation and leave it at that.”

Concerns about Trump’s crypto ventures predate Inauguration Day

At the swanky Crypto Ball held down the street from the White House three days before he took office on Jan. 20, Trump announced the creation of the meme coin $TRUMP as a way for his supporters to “have fun.”

Meme coins are the crypto sector’s black sheep. They are often created as a joke, with no real utility and prone to extremely wild price swings that tend to enrich a small group of insiders at the expense of less sophisticated investors.

The president’s meme coin is different, however, and has a clear utility: access to Trump. The top 25 investors of $TRUMP were invited to a private reception with the president Thursday, with the top four getting $100,000 crypto-themed and Trump-branded watches.

Trump’s meme coin saw an initial spike in value, followed by a steep drop. Its creators, which include an entity controlled by the Trump Organization, have made hundreds of millions of dollars by collecting fees on trades.

First lady Melania Trump has her own meme coin, and Trump’s sons, Eric and Don Jr. — who are running the Trump Organization while their father is president — announced they are partnering with an existing firm to create a crypto mining company.

The Trump family also holds about a 60% stake in World Liberty Financial, a crypto project that provides yet another avenue where investors are buying in and enriching the president’s relatives. World Liberty has launched its own stablecoin, USD1. The project got a boost recently when World Liberty announced an investment fund in the United Arab Emirates would be using $2 billion worth of USD1 to purchase a stake in Binance, the world’s largest cryptocurrency exchange.

Stablecoins have values pegged to fixed assets like the U.S. dollar. Issuers profit by collecting the interest on the Treasury bonds and other assets used to back the stablecoins.

Crypto is now one of the most significant sources of the Trump family’s wealth.

“He’s becoming a salesman-in-chief,” said James Thurber, an American University professor emeritus who has long studied and taught about corruption around the world. “It allows for huge conflicts of interest.”

How Trump changed his mind on crypto

“I’m a big crypto fan,” Trump told reporters aboard Air Force One during last week’s trip to the Middle East. “I’ve been that from the beginning, right from the campaign.”

That wasn’t always true. During his first term, Trump posted in July 2019 that cryptocurrencies were “not money” and had value that was “highly volatile and based on thin air.”

“Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade,” he added then. Even after leaving office in 2021, Trump told Fox Business Network that bitcoin, the world’s most popular cryptocurrency, “seems like a scam.”

Trump began to shift during a crypto event at his Mar-a-Lago club in Florida in May 2024, receiving assurances that industry backers would spend lavishly to get him reelected. Another major milestone came last June, when Trump attended a high-dollar fundraiser at the San Francisco home of David Sacks.

He further warmed to the industry weeks later, when Trump met at Mar-a-Lago with bitcoin miners. The following month, he addressed a major crypto conference in Nashville, promising to make the U.S. the “crypto capital of the planet.”

Those close to Trump, including his sons and billionaire Elon Musk, helped further push his embrace of the industry. Sacks is now the ‘s crypto czar, and many Cabinet members — including Commerce Secretary Howard Lutnick and Defense Secretary Pete Hegseth — have long been enthusiastic crypto boosters.

“I don’t have faith in the dollar,” Transportation Secretary Sean Duffy said in a 2023 interview. “I’m bullish on bitcoin.”

Trump + crypto: A political marriage of convenience

Many top crypto backers were naturally wary of traditional politics, but gravitated toward Trump last year. They bristled at Democratic President Joe Biden’s Securities and Exchange Commission aggressively bringing civil suits against several major crypto companies.

Since Trump took office, many such cases have been dropped or paused, including one alleging that Justin Sun, a China-born crypto entrepreneur, and his company engaged in market manipulation and paid celebrities for undisclosed promotions.

Sun, who once paid $6.2 million for a piece of art involving a banana taped to a wall, and then ate the banana, helped the Trumps start World Liberty Financial with an early $75 million investment.

Sun has disclosed on social media that he is the biggest holder of $TRUMP meme coins and is attending Thursday’s dinner.

“I’m excited to connect with everyone, talk crypto, and discuss the future of our industry,” Sun said.

Are Trump family profits hurting other ?

Trump has signed executive orders promoting the industry, including calls to create a government bitcoin reserve. In March, Trump convened the first cryptocurrency summit at the White House.

But some of the industry’s biggest names, often brash and outspoken, have kept mostly mum on Trump’s meme coins and other projects.

“It’s not my place to really comment on President Trump’s activity,” Coinbase Brian Armstrong said at a recent public event.

Meanwhile, a top legislative priority for crypto-backers, a bill clarifying how digital assets are to be regulated, has advanced in the Senate. But some Democrats have tried to stall other pro-crypto legislation over the president’s personal dealings — and see the dinner as a particularly egregious case.

Sen. Richard Blumenthal, a Connecticut Democrat, said the gathering was “in effect, putting a ‘for sale’ sign on the White House.”

“It’s auctioning off access,” Blumenthal said on a Thursday press call.

White House press secretary Karoline Leavitt said the president is attending “in his personal time.” The White House has also said it has nothing to do with Trump’s meme coin.

The president’s comments and activities at the dinner are expected to be in private and away from reporters and no official list of attendees has been released.

Like Sun, however, some of those going have publicized qualifying for the dinner. That includes Sheldon Xia, the founder of a cryptocurrency exchange called BitMart, which is registered in the Cayman Islands.

“Proud to support President Trump’s pro-crypto vision.” Xia wrote in both English and Chinese on social media.

Thurber, the expert on government and ethics, said Trump’s “personal attention to crypto at this dinner helps the .”

“But also it’s risky,” he said, “because they could all lose a lot of money.”

Dewberry taps new COO, division presidents

SUMMARY:

  • appointed Darren Conner as , Dave Maxwell as of Dewberry Engineers, Dave Mahoney as president of program delivery and Phil Thiel as president of the division
  • Conner will oversee strategic planning and business development; Maxwell will lead operations across 10+ units; Mahoney will manage program delivery and risk; Thiel will focus on federal contracts and geospatial technology
  • Each executive brings strong engineering backgrounds and leadership experience from within Dewberry

County-based engineering, architecture and firm Dewberry is making several changes to its executive leadership.

Dewberry announced Thursday that Darren Conner has been named the firm’s chief operating officer, overseeing business development and strategic planning for the firm’s 60 offices. He will also align the company’s management program to serve new and existing clients.

Connor was most recently president of Dewberry Engineers, the firm’s engineering practice. He has a bachelor’s degree in from Virginia Tech and an associate’s degree in pre-engineering from Community College.

Dave Maxwell. Image courtesy Dewberry

The new president of Dewberry Engineers is Dave Maxwell, who will oversee operations and growth for more than 10 operating units. In the role, he will provide services to customers in the community facilities, education, energy, health and wellness, industrial, justice, real estate and commercial development, telecommunications, transportation and water market segments.

Before being promoted, Maxwell was the operating unit for Dewberry’s Southeast and mid-Atlantic operations. Maxwell has a bachelor’s degree in civil engineering from the University of Virginia.

Dave Mahoney. Photo courtesy Dewberry
Dave Mahoney. Photo courtesy Dewberry

Dewberry named Dave Mahoney the president of its program delivery practice. He will oversee the firm’s program delivery functions and associated risk management teams. He also is the market segment leader for the firm’s transportation and alternative project delivery practices. Mahoney has a bachelor’s degree in civil engineering from South Dakota State University.

Phil Thiel has been named president of the firm’s consulting division, supporting the firm’s federal clients and contracts. According to his LinkedIn account, he has overseen Dewberry’s federal, geospatial and technology practice for the past 24 years, and he will continue with his geospatial and technology leadership responsibilities in the new position.

Thiel will also support the firm’s newly acquired One Acquisition Solution for Integrated Services Plus contract, awarded by the U.S. General Services Administration, including staff augmentation.

Phil Thiel has been named president of Dewberry's consulting division. Image Courtesy Dewberry
Phil Thiel. Image courtesy Dewberry

Thiel has two bachelor’s degrees from Brenau University in Georgia, one in business administration and another in fire protection. He is a member of ESRI’s Partner Advisory Council, the National Geospatial Advisory Council, the Society of American Military Engineers and U.S. Chamber of Commerce. He is on the board of directors of the Management Association for Private Photogrammetric Surveyors. Thiel is also co-founder of the National States Geographic Information Council.

“I am confident these four tenured leaders will help strengthen, grow and advance the future of Dewberry,” Dewberry Donald E. Stone Jr. said in a statement. “As an organization, we are constantly evolving to make sure we’re responsive to the complex changes that this industry presents, and making these appointments to our senior leadership team is a natural evolution of those changes.”

Dewberry, which was established in 1956, reported $683.12 million in revenue in 2024. It has more than 60 locations nationwide and more than 2,500 employees.

Virginia unemployment rate rises slightly in April to 3.3%

SUMMARY:

  • Virginia rate in April 2025 is 3.3%, up from 3.2% in March and 2.8% in April 2024
  • have been higher in May, according to weekly reports by the state
  • For the week ending May 17, initial unemployment claims fell by 32%, but continued claims are 8.9% higher
  • Initial and continued unemployment claims are more than 20% higher than they were in May 2024

Virginia’s unemployment rates continue to see an incremental rise, according to April data from the state’s Department of Workforce Development and Advancement, also known as .

In April, the state’s unemployment rate rose a tenth of a percentage point to 3.3% compared to 3.2% in March and half a percentage point from April 2024’s unemployment rate of 2.8%. The state’s joblessness rate is below the national rate of 4.2%, Virginia Works reported Wednesday.

However, Virginia could see the unemployment rate climb in May, as weekly reports have shown major increases in the state’s unemployment insurance claims this month. For the week ending May 10, 3,992 people filed initial claims, a 46.8% increase from the previous week, Virginia Works reported May 15.

For the week ending May 17, initial unemployment insurance claims fell by 32% to 2,715 new claims, but continued weeks claims were 8.9% higher than the previous week, with 19,765 people filing continued claims for unemployment insurance, compared to 18,144 in the week ending May 10. Unemployment claims were considerably higher than the comparable week in 2024, with 22.1% more people filing new claims this year and 24.7% more filing continued claims.

According to Virginia Works, which reports unemployment claims weekly, workers in professional, scientific and technical services have been hit the hardest, with 387 people filing new claims and 4,075 filing continued claims last week. Accommodation and food services, administrative and support and waste management, health care, retail and manufacturing also suffered job losses.

In its quarterly economic forecast issued May 13, the University of Virginia’s Weldon Cooper Center for Public Service estimated that the state could lose 32,000 jobs this year and that the monthly unemployment rate could rise to an average of 3.9% in 2025 and up to 4.7% in early 2026.

Household survey data collected in April shows the labor force decreased by 7,540 to 4,579,104 as the number of unemployed residents increased by 6,305 to 151,942. The state agency reports that Virginia’s employed residents decreased by 13,845 to 4,427,162.

The Virginia labor force participation rate — the proportion of the civilian population ages 16 and older employed or actively looking for work — dropped from 65.5% in March to 65.4% in April.

The largest job losses in April occurred in manufacturing, which dropped by 1,300 to 242,900, and professional and business services, which dropped 1,300 to 807,000. The third largest job losses occurred in education and health services, which declined by 1,100 to 630,400. The other losses were the federal government (down 900 to 191,600); trade, transportation and utilities (down 500 to 679,800) and mining and logging (down 100 to 7,100.)

Last week, Old Dominion University Economist Bob McNab said that many job losses were due to and imposed by Donald ‘s administration. Also, in May Georgia-Pacific informed its employees in Emporia that it was closing its plant there, leading to 554 layoffs.

In one bright spot, Virginia’s nonagricultural employment in April increased by 500 from March to 4,272,700. Virginia Works reports that March’s preliminary estimate of employment, after revision, increased by 800 to 4,272,200. April’s nonagricultural employment numbers are a 47,900 increase from the previous year’s 4,224,800.

“In addition to the 500 nonfarm payroll jobs added in April, March’s positive revision includes another 800 jobs,” said in a May 21 news release. “This report underscores the resiliency of Virginia’s labor market and the need for us to continue our pro-growth policies that have seen record investment by companies wanting to be part of Virginia’s future.”

April also saw private sector employment increase by 1,100 from March to 3,510,600. The biggest job gains in April from March were in (up 4,300 to 228,400), leisure and hospitality (up 700 to 418,700) and information (up 400 to 70,600).

Secretary of Labor Bryan Slater said in the governor’s release that despite a dip in overall labor force numbers, “businesses across Virginia are still adding jobs.”

“We’re working closely with industries to support expansion and investment that will drive long-term job creation,” Slater said. “Virginia continues to attract and retain high-quality employers. The growth in nonfarm payroll employment is a sign that companies remain confident in our workforce and economy.”

House GOP passes Trump tax bill despite deficit fears

SUMMARY:

WASHINGTON (AP) — House Republicans stayed up all night to pass their multitrillion-dollar package, with Speaker Mike Johnson defying the skeptics and unifying his ranks to muscle  Donald Trump’s priority bill to approval Thursday.

With last-minute concessions and stark warnings from Trump, the Republican holdouts largely dropped their opposition to salvage the “One Big Beautiful Bill” that’s central to the GOP agenda. The House launched debate before midnight and by dawn the vote was called, 215-214, with Democrats staunchly opposed. It next goes to the Senate, with long negotiations ahead.

“To put it simply, this bill gets Americans back to winning again,” said Johnson, R-La.

The outcome caps an intense time on , with days of private negotiations and public committee hearings, many happening back-to-back, around-the-clock. Republicans insisted their sprawling 1,000-page-plus package was what voters sent them to Congress — and Trump to the White House — to accomplish. They believe it will be “rocket fuel,” as one put it during debate, for the uneasy U.S. economy.

Virginia Republican U.S. Reps. Jennifer Kiggans and Rob Wittman voted to pass the budget after previously saying that they would not support the budget bill if it made cuts to Medicaid, along with 10 other GOP Congress members. Kiggans, who represents Suffolk, Chesapeake, Virginia Beach and parts of the Eastern Shore, is in one of the nation’s most competitive congressional districts.

Trump himself demanded action, visiting House Republicans at Tuesday’s conference meeting and hosting GOP leaders and the holdouts for a lengthy session Wednesday at the White House. Before the vote, the administration warned in a pointed statement that failure “would be the ultimate betrayal.”

After the legislation’s passage, Trump posted on social media: “Thank you to every Republican who voted YES on this Historic Bill! Now, it’s time for our friends in the United States Senate to get to work.”

The Senate hopes to wrap up its version by the Fourth of July holiday.

Central to the package is the GOP’s commitment to extending some $4.5 trillion in tax breaks they engineered during Trump’s first term in 2017, while temporarily adding new ones he campaigned on during his 2024 campaign, including no taxes on tips, overtime pay, car loan interest and others.

To make up for some of the lost tax revenue, the Republicans focused on changes to Medicaid and the food stamps program, largely by imposing work requirements on many of those receiving benefits. There’s also a massive rollback of green energy tax breaks from the Biden-era Inflation Reduction Act.

Additionally, the package tacks on $350 billion in new spending, with about $150 billion going to the Pentagon, including for the president’s new “ Golden Dome” defense shield, and the rest for Trump’s mass deportation and border security agenda.

All told, the nonpartisan estimates 8.6 million fewer people would have health care coverage and 3 million less people a month would have SNAP food stamps benefits with the proposed changes.

The CBO said the tax provisions would increase federal deficits by $3.8 trillion over the decade, while the changes to Medicaid, food stamps and other services would tally $1 trillion in reduced spending. The lowest-income households in the U.S. would see their resources drop, while the highest ones would see a boost, it said.

House Democratic leader Hakeem Jeffries of New York read letters from Americans describing the way the program cuts would hurt them. “This is one big ugly bill,” he said.

As the minority, without the votes to stop Trump’s package, Democrats instead offered up impassioned speeches and procedural moves to stall its advance. As soon as the House floor reopened for debate, the Democrats forced a vote to adjourn. It failed.

In “the dark of night they want to pass this GOP tax scam,” said Rep. Pete Aguilar, D-Calif.

Other Democrats called it a “big, bad bill” or a “big, broken promise.”

Pulling the package together before his Memorial Day deadline has been an enormous political lift for Johnson, with few votes to spare from his slim GOP majority whose rank-and-file Republicans have conflicting priorities of their own.

Conservatives, particularly from the House Freedom Caucus, held out for steeper spending cuts to defray costs piling onto the nation’s $36 trillion debt.

At the same time, more moderate and centrist GOP lawmakers were wary of the changes to Medicaid that could result in lost health care for their constituents. And some worried the phaseout of the renewable energy tax breaks will impede businesses using them to invest in green energy projects in many states.

One big problem had been the costly deal with GOP lawmakers from New York and other high-tax states to quadruple the $10,000 deduction for state and local taxes, called SALT, to $40,000 for incomes up to $500,000, which was included in the final product.

For every faction Johnson tried to satisfy, another would roar in opposition.

Late in the night, GOP leaders unveiled a 42-page amendment with a number of revisions.

The changes included speedier implementation of the Medicaid work requirements, which will begin in December 2026, rather than January 2029, and a faster roll back of the production tax credits for clean electricity projects, both sought by the conservatives.

Also tucked into the final version were some unexpected additions — including a $12 billion fund for the Department of Homeland Security to reimburse states that help federal officials with deportations and border security.

And in a nod to Trump’s influence, the Republicans renamed a proposed new children’s savings program after the president, changing it from MAGA accounts — money account for growth and advancement — to simply “Trump” accounts.

Rep. Erin Houchin, R-Ind., said Americans shouldn’t believe the dire predictions from Democrats about the impact of the bill. “We can unlock the ‘Golden Age’ of America,” she said, echoing the president’s own words.

By early morning hours, the chief holdouts appeared to be falling in line. Rep. Ralph Norman, R-S.C., said they “got some improvements.”

But two Republicans voted against the package, including Rep. Thomas Massie of Kentucky, a deficit watcher who had been publicly criticized by Trump, remained unmoved. “This bill is a debt bomb ticking,” he warned.

And Rep. Andy Harris, the chairman of the Freedom Caucus who wanted more time, voted present. Some others did not vote.

Final analysis of the overall package’s costs and economic impacts are still being assessed.

Along with extending existing tax breaks, it would increase the standard income tax deduction, to $32,000 for joint filers, and boost the child tax credit to $2,500. There would be an enhanced deduction, of $4,000, for older adults of certain income levels, to help defray taxes on Social Security income.

To cut spending, those seeking Medicaid health care, who are able-bodied adults without dependents, would need to fulfill 80 hours a month on a job or in other community activities.

Similarly, to receive food stamps through SNAP, those up to age 64, rather than 54, who are able-bodied and without dependents, would need to meet the 80 hours a month work or community engagement requirements. Additionally, some parents of children older than 7 years old would need to fulfill the work requirements.

Republicans said they want to root out waste, fraud and abuse in the federal programs.

Wall Street dips as GOP spending bill shakes markets

SUMMARY:

 

NEW YORK (AP) — Stocks are drifting on Wall Street Thursday following a rocky week so far because of worries coming out of the bond market about the U.S. government’s debt.

The S&P 500 rose 0.3% in afternoon trading, coming off a sharp loss that has it potentially heading for its worst week in the last seven. The Dow Jones Industrial Average was up 145 points, or 0.4%, as of 1:50 p.m. Eastern time, and the Nasdaq composite was 0.7% higher.

Technology stocks with outsized values that tend to sway the market up or down were doing most of the heavy lifting for the broader market. Google’s parent Alphabet jumped 2.4% and Nvidia rose 1.3%.

The choppy trading this week and sharp decline for stocks on Wednesday follows several weeks of mostly gains that have brought the S&P 500 back within 5% of its all-time high.

“We’ve had a good bounce here, but the market is looking for some excuse to take some money off the table,” said Scott Wren, senior global market strategist at Wells Fargo Investment Institute.

Treasury yields were holding a bit steadier in the bond market, which has been the epicenter of Wall Street’s action this week, but only after several sharp swings in the morning. Yields have been on the rise in part because of worries about the U.S. government’s spiraling debt.

The House of Representatives approved a bill early Thursday that would cut taxes and could add trillions of dollars to the U.S. debt.

Besides making it more expensive for the U.S. government to borrow to pay its bills, higher Treasury yields can also filter into the rest of the economy and make it tougher for U.S. households and businesses to get their own loans. Higher yields also discourage investors from paying high prices for stocks and other investments.

The yield on the 10-year Treasury climbed as high as 4.63% before the U.S. opened for trading, before receding to 4.55%. It stood at 4.58% late Wednesday and was as low as 4.01% early last month. The two-year yield, which more closely tracks expectations for action by the Federal Reserve, slipped to 4.00% from 4.02% late Wednesday.

The House’s multitrillion-dollar spending bill, which aims to extend some $4.5 trillion in tax breaks from Donald Trump’s first term while adding others, is expected to undergo some changes when it gets to the Senate for a vote.

The legislation also includes a speedier rollback of production tax credits for clean electricity projects, which sent shares of solar companies tumbling. Sunrun dropped 38.2%, Enphase Energy fell 19.7% and First Solar slid 3.9%.

Health care stocks were also falling early Thursday after the Centers for Medicare & Medicaid Services said it was immediately expanding its auditing of Medicare Advantage plans. UnitedHealth Group fell 0.9% and Humana was down 5.1%.

Wall Street had several economic updates on Thursday.

The number of Americans filing last week fell slightly. The broader employment market has remained strong, though businesses remain worried about the economic uncertainty amid a trade war.

The market gained ground earlier in trading before pulling back, following a better-than-expected report on manufacturing and services in the U.S. The survey from S&P Global showed growth for both areas in May following a sluggish April.

“Business confidence has improved in May from the worrying slump seen in April, with gloom about prospects for the year ahead lifting somewhat thanks largely to the pause on higher rate ,” said Chris Williamson, chief business economist at S&P Global Market Intelligence.

The report also reflected the impact of the trade war on supply chains, prices and concerns about the economic picture moving forward. New orders from businesses were the big driver for the improvement, but much of that was from businesses trying to get ahead of a potentially hefty round of tariffs that could hit the economy in July.

“Concerns over tariff-related supply shortages and price rises led to the largest accumulation of input inventories recorded since survey data were first available 18 years ago,” Williamson said.

A 90-day pause on some of President Donald Trump’s heftiest tariffs helped give some businesses and consumers some relief. They are already contending with broad tariffs and their impact on prices for a wide range of goods coming from trading partners around the world, including China, Canada and Mexico.

The overall rise in prices charged for goods and services in May was the steepest since August 2022, according to the S&P Global report.

Businesses have been warning investors about higher costs because of tariffs, prompting many to trim or pull financial forecasts. Many of them, including retail giant Walmart, have also warned consumers that they are raising prices on a wide range of goods because of higher import taxes.

In stock markets abroad, indexes fell across Europe and Asia. France’s CAC 40 dropped 0.6%, Hong Kong’s Hang Seng fell 1.2% and South Korea’s Kospi slid 1.2% for some of the sharper losses.

Notes: Eds: UPDATES: trading.

 

Danville’s River District Association CEO resigns

Diana Schwartz is resigning as of ‘s , effective June 5.

“It has been an honor and a privilege to play an important role in moving the downtown and the community forward in the journey towards for the last seven, almost eight, years,” Schwartz said in a statement Wednesday. “I am excited to see what happens in Danville in the future with so much progress that has been made.”

Alyssa Turner, ‘s director of business services, will serve as interim executive director, according to a news release from the downtown revitalization organization. RDA’s board of directors has launched a search for Schwartz’s permanent successor.

Schwartz is taking a sabbatical to travel and spend time with her family and friends, according to Shane Brogden, RDA’s director of promotions and communications. She has not yet shared any professional plans that would follow her sabbatical.

Schwartz joined RDA as executive director in 2017, and her title changed to CEO in March 2023. According to her LinkedIn profile, Schwartz was a community development specialist at the Virginia Department of Housing and Community Development from April 2019 to October 2019, when she returned to RDA. During her tenure, in 2023, RDA received a Great American Main Street Award from Main Street America.

She oversaw the creation of the six-week RDA Dream Launch Bootcamp for entrepreneurs, which partnered with The Advancement Foundation’s The Gauntlet Business Program & Competition in November 2024. RDA still runs an annual pitch competition, RDA Ignite Business Pitch.

Schwartz also secured grant funding through programs like Main Street America’s Vote Your Main Street, including receiving $150,000 in 2018 to renovate two storefronts into a business incubator and a space to celebrate the area’s civil rights history.

Renamed in 2015, the River District Association was formed in 1999 as the Downtown Danville Association to coordinate downtown revitalization efforts. The RDA and the city of Danville achieved accreditation from the Main Street America and Virginia Main Street programs in 2016.

Let us honor Virginia’s military through educational opportunities

SUMMARY:

As a state with one of the highest concentrations of military personnel in the country, Virginia has always prided itself on its deep-rooted support for veterans, active-duty service members, and their families. This is not only a point of pride — it’s a solemn responsibility. On Memorial Day, we rightly honor the men and women who made the ultimate sacrifice for our country. But we must also ask: how are we honoring their legacy?

One meaningful answer lies in how we support their families and the veterans still with us, especially when it comes to affordable access to higher education.

Today, we write to call on our leaders to continue investing in pathways that serve military families, keep them in Virginia, and strengthen Virginia’s economic future. With one of the nation’s top-ranked systems of public colleges, universities, and community colleges, Virginia is uniquely positioned to deliver. As a university president with 36 years of military service, and as a lifelong educator and former General Assembly leader who focused on veterans affairs, this subject is particularly close to our hearts.

The Virginia Military Survivors and Dependents Education Program — or VMSDEP — provides in-state tuition waivers to the spouses and children of service members who were disabled or killed in the line of duty. It is one of the commonwealth’s most important expressions of gratitude and responsibility to military families.

That commitment enjoys overwhelming support from Virginians. According to a statewide higher education survey recently conducted by a bipartisan pair of pollsters, 80% of Virginians believe the state should fully fund the program — ensuring other students and their families aren’t forced to absorb the cost through higher tuition. That support is a powerful endorsement of the program’s value and the principle behind it.

The program is especially important at universities with large populations of military-connected students. Of all Virginia’s public universities, Christopher Newport University has the second-highest percentage of VMSDEP-eligible students and the largest percentage 4-year growth at 588%. The task ahead is to maintain this important benefit, ensuring that it remains strong for future generations.

But support for military-connected students extends well beyond tuition and affordability. That same survey found that 90% believe it is important to help encourage employers to provide paid internships to veterans and their family members — affirming a strong desire to ensure that educational access leads directly to career advancement and long-term economic opportunity here in the commonwealth.

Virginians also strongly support expanding access to other pathways that prepare students — including military-connected learners — for careers with Virginia businesses. Over 90% support state investment in community college efforts to expand high-demand programs, increase access to non-degree certificates, and grow internship and apprenticeship opportunities for working-age adults. These pathways are essential not only for Virginia’s economic competitiveness, but for honoring the varied goals and needs of military personnel and their families transitioning into civilian life.

These findings underscore what many of us already know: Virginians take pride in being a welcoming, supportive state for military families, and they believe higher education plays a central role in that support.

The impact of these efforts goes far beyond individual students. They are a testament to our values. They demonstrate that Virginia doesn’t just honor service with words, but with action — providing educational opportunity and pathways to meaningful careers for those who have sacrificed the most.

As we reflect this Memorial Day, let us reaffirm our commitment to that mission. Let us ensure that Virginia remains a leader in supporting our military-connected populations. Let us continue to invest in their education, their future, and in the enduring promise our Commonwealth has made to them and their families. And let us ensure that Virginia remains the best state in America for military families to learn, earn, and call home.

William G. Kelly is the president of Christopher Newport University and a retired rear admiral in the U.S. Coast Guard. Kirk Cox is the former speaker of the Virginia House of Delegates and currently serves as president of the Virginia Business Higher Education Council.

Amentum wins $91.8M Navy contract

Chantilly-based Services announced last week that it has won a $91.8 million contract from the Naval Surface Warfare Center Dahlgren Division (NSWCDD) to provide services that will help the U.S. protect national security.

Under the contract, Amentum will use advanced technologies, such as model-based systems engineering, to transform Navy systems from a document-centric to a model-centric methodology. Amentum will also provide software engineering expertise about sensor data collection, exploitation, fusion, modeling and concept exploration.

“Amentum is the ideal partner to strengthen the Navy’s Sensor Systems by delivering innovative, adaptable, and cost-effective solutions,” Mark Walter, of Amentum’s engineering and technology group, said in a statement.

Other components of the job include software design and development, configuration and data management, data science, tool development, technology development and insertion, prototyping and technology demonstrations.

The contract performance will last five-and-a-half years, starting Jan. 16, 2026. Amentum will deliver the project to NSWCDD’s electromagnetic and sensor systems department in Dahlgren and Fredericksburg.

Amentum has more than 53,000 employees in approximately 80 countries across all seven continents. The company was founded as a spinout of AECOM’s Management Services Group in 2020 and moved its headquarters from Germantown, Maryland, to in 2023.