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Eyeing China threat, Trump announces Boeing wins contract for secretive future fighter jet

WASHINGTON (AP) — announced Friday that will build the Air Force’s future fighter jet, which the Pentagon says will have stealth and penetration capabilities that far exceed those of its current fleet and is essential in a potential conflict with .

Known as , or , the manned jet will serve as quarterback to a fleet of future drone aircraft designed to be able to penetrate the air defenses of China and any other potential foes. The initial to proceed with production on a version for the Air Force version is worth an estimated $20 billion.

Trump, who announced the award at the White House with Secretary Pete Hegseth and Air Force leadership, said the new fighter would be named the F-47. Gen. David Allvin, chief of staff of the Air Force, said, “We’re going to write the next generation of modern aerial warfare with this.”

Hegseth said the future fleet “sends a very clear, direct message to our allies that we’re not going anywhere.”

Critics have questioned the cost and the necessity of the program as the Pentagon is still struggling to fully produce its current most advanced jet, the F-35, which is expected to cost taxpayers more than $1.7 trillion over its lifespan. In addition, the Pentagon’s future stealth bomber, the B-21 Raider, will have many of the same cutting edge technologies in advanced materials, AI, propulsion and stealth.

More than 1,100 F-35s have already been built for the U.S. and multiple international partners.

FILE - The B-21 Raider stealth bomber is unveiled at Northrop Grumman, Dec. 2, 2022, in Palmdale, Calif. (AP Photo/Marcio Jose Sanchez, File)
FILE – The B-21 Raider stealth bomber is unveiled at Northrop Grumman, Dec. 2, 2022, in Palmdale, Calif. (AP Photo/Marcio Jose Sanchez, File)

A fleet of about 100 future B-21 stealth bombers at an estimated total cost of at least $130 billion is also planned. The first B-21 aircraft are now in test flights.

With evolving drone and space warfare likely to be the center of any fight with China, Dan Grazier, a military procurement analyst, questions whether “another exquisite manned fighter jet really is the right platform going forward.” Grazier, director of the national security reform program at the Stimson Center, said $20 billion is “just seed money. The total costs coming down the road will be hundreds of billions of dollars.”

Few details of what the new NGAD fighter would look like have been public, although Trump said early versions have been conducting test flights for the last five years. Renderings by both Lockheed Martin and Boeing have highlighted a flat, tail-less aircraft with a sharp nose.

A separate Navy contract for its version of the NGAD fighter is still under competition between Northrop Grumman and Boeing.

Last year, the Biden administration’s Air Force secretary, Frank Kendall, ordered a pause on the NGAD program to review if the aircraft was still needed or if the program, which was first designed in 2018, needed to be modified to reflect the past few years of warfighting advances.

That review by think tanks and academia examined what conflict with China would look like with NGAD and then without it — and determined that NGAD was still needed. Kendall then left the decision on which firm would build the fighter jet to the incoming Trump administration, a defense official said, speaking on the condition of anonymity to provide details on the decision-making.

NGAD will bring “an entirely different level of low observability,” the official said. It will also have a much longer range than the F-35 or other current fighter jets, so it will require less refueling. A future unmanned version of NGAD also is planned as the Pentagon improves the AI for the aircraft, the official said.

HII awarded $147M contract to assist Navy

Huntington Ingalls Industries’ McLean-based Mission Technologies division has been awarded a $147 million to support shipboard and shore-based combat services for the .

, which made the announcement Tuesday, says the five-year task order will provide engineering support for every aspect of training systems under the U.S. Naval Surface Warfare Center Dahlgren Division, Dam Neck Activity (NSWCDD DNA). Some of the tasks HII will tackle include installing, certifying and testing integrated training system hardware, troubleshooting and doing repairs.

“Providing full-cycle support for U.S. Navy, joint, coalition and Department of training systems requires a seamless, well-orchestrated approach and close collaboration with the Navy customer to make sure we’re providing the best quality service possible,” Michael Lempke, president of Mission Technologies’ global security group, said in a statement. “We look forward to expanding our relationship with NSWCDD DNA and ensuring our military fleets remain mission-ready through warfare systems superiority.”

HII says it supports the U.S. naval fleet across various bases and operational theaters worldwide. It was awarded the task order under the SeaPort Next Generation multiple award contract indefinite delivery/indefinite quantity vehicle. It will perform work at various locations in the country and overseas.

Newport News-based HII is the nation’s largest military shipbuilder and the largest industrial employer in Virginia. The company employs about 44,000 workers. The Mission Technologies division has more than 7,000 employees and more than 100 facilities globally.

1.4M-sq-ft Target distribution center coming to New Kent

Target plans to build a 1.4 million-square-foot distribution facility in a busy industrial park, with construction work expected to start this month, according to local officials.

“This substantial investment and the creation of hundreds of high-quality jobs is a tremendous economic boost for our community and region,” Rodney Hathaway, an administrator for New Kent County, said in a statement this week.

A spokesperson for confirmed the land in New Kent County had been purchased but declined to provide other details. According to the county, Target’s plant will be built on the southwest quadrant of the 1,600-acre industrial-zoned , which sits near Exit 211 off .

, an Indiana-based and investment company which specializes in speculative projects for the industrial, office and multifamily markets, is marketing the site.

Target’s neighbor at New Kent City Center will be auto parts retailer , which announced plans to invest $185.2 million for a warehouse and distribution center there in 2022.

In December 2024, New Kent County announced via Instagram that AutoZone would begin stocking stores in January.

Buc-ee’s, the Texas-based mega-travel center chain, also plans to build a New Kent location off Exit 211. It’s slated to open in 2027. Additionally, Matan, a Maryland based real estate investment firm, plans to build more than 1.8 million square feet of industrial space in that area.

Target plans to begin construction at its New Kent site, which it bought earlier this month, by the end of March, according to New Kent County. The county also noted that the site is marketed by Scannell, an Indiana-based real estate development and investment company that specializes in speculative projects for the industrial, office and multifamily markets.

New Kent’s economic development office, AutoZone and Scannell did not immediately return calls for comment Thursday.

Currently, Target has two distribution centers in Virginia, one in Stuarts Draft and one in Suffolk, according to a spokesperson for the retailer.

Based in Minnesota, Target has more than 2,000 stores. The retailer’s 2024 net sales were $106.6 billion, a 0.8% drop over the previous year.

In latest blow to Tesla, regulators recall nearly all Cybertrucks

U.S. safety regulators on Thursday recalled virtually all Cybertrucks on the road, the eighth of the -made since deliveries to customers began just over a year ago.

The National Highway Traffic Safety Administration’s recall, which covers more than 46,000 Cybertrucks, warned that an exterior panel that runs along the left and right side of the windshield can detach while driving, creating a dangerous road hazard for other drivers, increasing the risk of a crash.

The stainless steel strip, called a cant assembly, between the windshield and the roof on both sides, is bound to the truck’s assembly with a structural adhesive, the NHTSA report said. The remedy uses an adhesive that’s not been found to be vulnerable to “environmental embrittlement,” the NHTSA said, and includes additional reinforcements.

Tesla will replace the panel free of charge. Owner notification letters are expected to be mailed May 19, 2025.

The recall of 46,096 Cybertrucks covers all 2024 and 2025 model years, manufactured from November 13, 2023, to February 27, 2025. The NHTSA order says that Tesla became aware of the problem early this year.

Videos posted on social media showing people ripping the panels off of Cybertrucks with their hands have gone viral in recent days.

The Cybertruck, which Tesla began delivering to buyers in late 2023, has been recalled eight times in the past 15 months for safety problems, including once in November because a fault in an electric inverter can cause the drive wheels to lose power. Last April, the futuristic-looking trucks were recalled to fix acceleration pedals that can get stuck in the interior trim. Other recalls were related to windshield wipers and the display screen.

It’s the latest setback for the -owned electric automaker, which has come under attack since President Donald Trump took office and empowered Musk to oversee a new Department of Government Efficiency that’s slashing government spending.

While no injuries have been reported, Tesla showrooms, vehicle lots, charging stations and privately owned cars have been targeted.

Prosecutors in Colorado charged a woman last month in connection with attacks on Tesla dealerships, including Molotov cocktails thrown at vehicles and the words “Nazi cars” spray-painted on a building.

And federal agents in South Carolina last week arrested a man they say set fire to Tesla charging stations near Charleston. An agent from the Bureau of Alcohol, Tobacco, Firearms and Explosives wrote in an affidavit that authorities found writings critical of the government and DOGE in his bedroom and wallet.

Even before the attacks ramped up in recent weeks, Tesla has been struggling, facing increased competition from rival , particularly out of .

Though largely unaffected by Thursday’s recall announcement, Tesla shares have plummeted 42% in 2025, reflecting newfound pessimism as sales crater around the globe.

With regard to Thursday’s recall, Cybertruck owners may contact Tesla customer service at 1-877-798-3752 and the National Highway Traffic Safety Administration Vehicle Safety Hotline at 888-327-4236, or go to nhtsa.gov.

Virginia Fortune 500 company agrees to $11B buyout

Herndon-based company has agreed to an $11 billion buyout by Connecticut software and professional services company QXO after previously rebuffing a slightly lower offer from the same suitor.

The two businesses have entered into a definitive merger agreement with QXO purchasing the company for $124.35 per share in cash, according to a news release distributed Thursday. In January, Beacon scoffed at a previous offer from QXO that was 10 cents lower per share, stating the company founded by billionaire and serial entrepreneur Brad Jacobs in late 2023 had “significantly undervalued” the roofing and other building supplies distributor.

“Since QXO made its initial offer last November, we have evaluated strategic alternatives to enhance value for all of our shareholders,” Stuart Randle, Beacon’s chair, stated in a news release. “ Following our board’s comprehensive review, we concluded that this transaction is in the best interests of Beacon and its shareholders given the immediate premium and certainty of value in cash it offers, particularly in an uncertain environment.”

When launching QXO in 2023, Jacobs announced his intent for the company to become a leader in the building products distribution industry through and organic growth.

“Acquiring Beacon is a key milestone in our plan to create substantial shareholder value and establish QXO as a leader in the $800 billion building products distribution industry,” Jacobs, chair and CEO of QXO, said in a statement. “We will be applying our proven playbook to a platform ripe to deliver above-market organic growth and significant margin expansion.

In February, QXO, which counts President Trump’s son-in-law Jared Kushner among its board members, announced it had obtained antitrust clearance in both the United States and Canada for its of Beacon.

QXO will cover the purchase price of Beacon with financing commitments and $5 billion in cash. The company announced Monday that it had raised $830 million in private placement from institutional investors., contingent upon closing the Beacon acquisition. The company plans to sell approximately 67.5 million shares of its common stock at $12.30 per share, according to a news release.

A spokesperson for Beacon declined to comment beyond the press release Thursday.

Founded in 1928, Beacon ranks No. 429 on the Fortune 500 list. The company has about 8,000 employees and operates more than 580 branches throughout all 50 states and seven provinces in Canada.

In 2024, Beacon reported net sales of $9.76 billion, a 7.1% increase over the prior year. The company has been on a growth streak of its own, opening new locations in multiple states and racking up a list of acquisitions, including an announcement earlier this month of the purchase of DM Figley Co., a California wholesale distributor of sealants, waterproofing and concrete repair materials.

Three Virginia business schools make top 20 Poets&Quants rankings

Four Virginia placed among the top 104 business schools in Poets&Quants’ 2025 rankings of undergraduate business schools, released Monday. Of these Virginia schools, three were in the top 20.

Poets&Quants for Undergrads, an online publication and forum dedicated to business schools, ranks schools by three categories: admissions standards, academic experience, and career outcomes. The final ranking involves the publication taking the index scores in each of the three categories and adding them for the final raw score.

The No. 1 school nationally remained the University of Pennsylvania’s Wharton School.

The ‘s McIntire School of Commerce came in 14th place. While this was a dip from last year, when the school ranked in fourth place, McIntire remained the top-ranking Virginia business school included in the rankings. The school took third place in the academic experience category.

Virginia’s second highest ranking business school was the ‘s of Business, which ranked 17th overall, up from 18th last year. In the 2025 ranking, Robins had one of the highest 2-year rates at 99.8%, an average of the rates for the classes of 2024 and 2023. Robins has been among the top 20 schools for four consecutive years.

“We are proud that this year’s rankings recognize our unwavering commitment to providing a dynamic undergraduate experience — one that is both academically rigorous and prepares our students for meaningful careers that make a positive impact,” said Mickey Quiñones, dean of the business school, in a statement.

The third highest ranking business school in Virginia by Poets&Quants this year was ‘s , ranked No. 20 overall. The school says this was a “significant leap” from last year, when the school ranked 48th overall and from 2023 when the school ranked 68th.

In a news release, the Mason School acknowledged it previously faced challenges in meeting the crucial alumni response threshold for Poets&Quants’ 2022 rankings. It says that successfully meeting this benchmark for three consecutive years was a critical factor in its ascent in the rankings.

“We are incredibly proud of the progress we’ve made, and this ranking is a testament to the hard work of our faculty, staff, students, and alumni,” Terry Hinders, associate dean of the undergraduate business programs at the Raymond A. Mason School of Business, said in a statement. “This ranking is not just a number — it represents our community’s dedication in providing a world-class education and experience that empowers our students to succeed in an ever-changing global .”

The remaining Virginia school was The , which came in at 84th overall. The school came in at 34th in the “academic experience” category.

“This recognition highlights our faculty’s expertise, our focus on innovation and the success of our graduates,” UMW College of Business Dean Filiz Tabak said in a statement. “It showcases UMW as a top destination for students seeking a rigorous, hands-on business education with small class sizes, personalized attention and strong career outcomes.”

Poets&Quants collected admissions data through an institutional survey that each school completed between July 2024 and January 2025. New metrics added this year include 6-year graduation rate (weighted 20% of the category) and average high school GPA of the incoming class (weighted 15%).

The publication eliminated a metric used last year: The percent of incoming freshmen who were National Merit Scholars. According to Poets&Quants’ website, other admissions metrics include acceptance rate of the incoming class, average SAT/ACT scores, percent of incoming class that were in the top 10% of their high school class and the percent of the incoming class that are female, international, underrepresented minorities and first-generation college students.

The academic experience data comes from an alumni survey, also administered between July 2024 and January 2025. This year the publication surveyed students from the class of 2022, or those graduating between July 1, 2021 and June 30, 2022. The publication averaged the results of this year’s survey with the average from the two previous classes – giving 50% weight to the class of 2022 and 25% each to the other classes.

Stock market today: Wall Street drifts on signals US economy remains solid, for now at least

NEW YORK (AP) — U.S. stock indexes edged lower Thursday following another reminder that big, unsettling policy changes are underway because of President Donald Trump, along with more signals suggesting the U.S.  remains solid for now.

The slipped 0.2% after flipping between modest gains and losses through the day. The Dow Jones Industrial Average dipped by 11 points, or less than 0.1 %, and the Nasdaq composite fell 0.3%.

Wall Street has been swinging for weeks on a roller-coaster ride, as veer on uncertainty about what Trump’s trade war will do to the economy. Stocks got a boost Wednesday after the head of the Federal Reserve said the economy remains solid enough at the moment to leave interest rates where they are.

More data arrived Thursday to bolster that view. One report said slightly fewer U.S. workers filed for unemployment benefits last week than economists expected. It’s the latest sign of a potentially “low fire, low hire” job market.

A separate report said sales of previously occupied homes were stronger last month than economists expected, while a third said manufacturing growth in the mid-Atlantic region appears to be better than economists expected.

But Fed Chair Jerome Powell also stressed on Wednesday that extremely high uncertainty is making it difficult to forecast what will happen next.

It’s not just uncertainty about the affecting Wall Street. Accenture fell to one of the market’s larger losses Thursday even though the consulting and professional services company reported slightly better profit and revenue for the latest quarter than analysts expected.

Worries are rising about the hit Accenture may take to its revenue from the U.S. government as leads efforts to cut federal spending. The accounted for 17% of Accenture’s North American revenue last fiscal year, and its stock sank 7.3%.

The broad U.S. was likely due for its recent drop, which took it more than 10% below its all-time high in just a few weeks, after prices climbed much faster than corporate profits to make it look too expensive, according to Barry Bannister, chief equity strategist at Stifel.

He said the S&P 500 could bounce higher in the near term, particularly after Fed officials indicated Wednesday they see room to cut interest rates twice this year. Lower interest rates would give a boost to the economy, as well as prices for investments. The market has also traditionally had “relief rallies” after major, long-term upward runs for stocks cracked, Bannister said.

But he expects stock prices to remain under pressure as the economy’s growth slows more sharply in the second half of the year and as inflation remains stubbornly high. That could create a mild form of “stagflation,” which is something the Fed doesn’t have good tools to fix. The Fed could lower interest rates further to help the economy, but that would also push upward on inflation.

On Wall Street, Darden Restaurants climbed 5.8% after reporting profit for the latest quarter that matched analysts’ expectations. That was despite what the company behind Olive Garden, Ruth’s Chris Steak House and other restaurant chains called “a challenging environment.”

All told, the S&P 500 slipped 12.40 points to 5,662.89. The Dow Jones Industrial Average dipped 11.31 to 41,953.32, and the Nasdaq composite fell 59.16 to 17,691.63.

In stock markets abroad, London’s FTSE 100 fell 0.1% after the Bank of England held its main interest rate steady.

Indexes fell more sharply across much of the rest of Europe, and German stocks in the DAX lost 1.2%. The drop was even worse in Hong Kong, where the Hang Seng index fell 2.2% following heavy pressure on tech-related stocks.

In the bond market, the yield on the 10-year Treasury fell to 4.23% from 4.25% late Wednesday.

___

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Applications for jobless benefits inch up, but layoffs remain low, labor market healthy

Slightly more Americans applied for benefits last week, but layoffs remain historically low.

U.S. filings rose by 2,000 to 223,000 for the week ending March 15, the Department said Thursday. That’s just less than the 224,000 new applications analysts forecast.

Weekly applications for jobless benefits are considered a proxy for layoffs, and have remained mostly in a range between 200,000 and 250,000 for the past few years.

The four-week average, which evens out some of the week-to-week swings, inched up by 750 to 227,000.

It’s not clear when job cuts ordered by the Department of Government Efficiency, or “DOGE,” will show up in the weekly layoffs report, though the ‘s February jobs report showed that the shed 10,000 jobs. That’s the most since June of 2022.

Economists don’t expect the federal workforce layoffs to have much of an impact until the March jobs report.

Those layoffs are part of the Trump administration’s efforts to shrink the size of the federal workforce through DOGE, spearheaded by billionaire Elon Musk.

Senior U.S. officials set the government downsizing in motion late last month via a memo dramatically expanding ‘s efforts to scale back the workforce. Thousands of probationary employees have already been fired — though two federal judges last week issued orders requiring the rehiring of thousands of those workers.

Despite showing some signs of weakening during the past year, the remains healthy with plentiful jobs and relatively few layoffs.

The Labor Department reported that U.S. employers added a solid 151,000 jobs last month, and while the unemployment rate ticked up to a 4.1%, it remains a historically healthy figure.

Some high-profile companies have announced job cuts already this year, including Workday, Dow, CNN, Starbucks, Southwest Airlines and Facebook parent company Meta.

The total number of Americans receiving unemployment benefits for the week of March 8 rose by 33,000 to 1.89 million.

US home sales rose in February as mortgage rates eased and more homes put up for sale

LOS ANGELES (AP) — Sales of previously occupied U.S. homes rose in February as easing and more properties on the market encouraged home shoppers.

Existing rose 4.2% last month from January to a seasonally adjusted annual rate of 4.26 million units, the National Association of Realtors said Thursday.

Sales fell 1.2% compared with February last year, ending a string of five straight annual increases. The latest home sales topped the 3.92 million pace economists were expecting, according to FactSet. On an unadjusted basis, sales fell 5.2% from February last year, when the month included an extra day because 2024 was a leap year.

Home prices increased on an annual basis for the 20th consecutive month. The national median sales price rose 3.8% in February from a year earlier to $398,400, an all-time high for the month of February. All told, the U.S. median home sales price is up 47% over the last five years.

“Home buyers are slowly entering the market,” said Lawrence Yun, NAR’s chief economist. “Mortgage rates have not changed much, but more inventory and choices are releasing pent-up housing demand.”

The U.S. housing sales began to slump in 2022, when mortgage rates began to climb from pandemic-era lows. Sales of previously occupied U.S. homes fell last year to their lowest level in nearly 30 years.

While the average rate on a 30-year mortgage briefly fell to a 2-year low last September, it didn’t stay there long, climbing to just above 7% by mid-January. Mortgage rates mostly declined since then, sliding to an average of 6.76% by the last week of February. The rate averaged 6.65% last week, according to mortgage buyer Freddie Mac.

That’s more than double the 2.65% record low that the average rate reached a little over four years ago.

A lag of a month or two usually exists between when a is signed and when the home sale is finalized, so the recent pullback in rates may point to improved sales this month as the spring homebuying season gets going.

Still, Yun said a survey of NAR member agents showed that buyer traffic was down in February from a year earlier, while seller traffic was up.

”(The) market clearly needs lower interest rates to fundamentally lift it a little higher on a sustained basis,” Yun said.

Rising home prices and elevated mortgage rates, which can add hundreds of dollars a month in costs for borrowers, have frozen out many would-be homebuyers and discouraged homeowners who locked in ultra-low mortgage rates a few years ago from selling.

These trends have made it especially tough on first-time buyers, as they don’t have equity from an existing home to put toward a new home purchase.

Even so, they accounted for 31% of all homes sold last month, up from 28% in January and 26% in February last year. The annual share of first-time buyers fell last year to a record-low 24%. It’s been 40% historically.

Homebuyers who paid all cash for a home accounted for 32% of sales last month, up from 29% in January, NAR said.

Those who can afford to buy at current home loan rates or to sidestep them entirely by paying cash also stand to benefit from a wider selection of properties on the market.

There were 1.24 million unsold homes at the end of last month, up 5.1% from January and up 17% from February last year, NAR said.

That translates to a 3.5-month supply at the current sales pace, unchanged from January and up from a 3-month pace at the end of February last year. Traditionally, a 5- to 6-month supply is considered a balanced market between buyers and sellers.

Yun said the months’ supply shows the housing market remains tight, adding he would like to see 30% more homes for sale for the market to be more balanced between buyers and sellers.

“In the spring and summer months, we will have more inventory,” he said.

One reason the inventory of homes for sale has been rising is properties are taking longer to sell.

Homes typically remained on the market for 42 days last month before selling, up from 41 days in January and 38 days in February last year, NAR said.

Amtrak CEO abruptly resigns from the nation’s passenger railroad

NEW YORK (AP) — CEO Stephen Gardner abruptly resigned from his top post at the U.S. passenger railroad this week.

Wednesday’s announcement signaled that the leadership change came down to Amtrak maintaining support from U.S. . In a statement, Gardner said he was stepping down “to ensure that Amtrak continues to enjoy the full faith and confidence of this administration.”

A successor for Gardner was not immediately named.

Gardner’s departure also arrives just weeks after billionaire  floated the idea of privatizing Amtrak, as well as the U.S. Postal Service, at a Morgan Stanley tech conference earlier this month.

Musk, who has been at the forefront of the Trump administration’s aggressive push to downsize the through the Department of Government Efficiency, reportedly called Amtrak “kind of embarrassing” — while comparing the U.S. carrier to passenger rails seen in other countries, such as bullet trains in .

When reached for comment on Thursday, the Department did not provide further details specific to Gardner’s resignation. A statement from Transportation Secretary Sean Duffy took aim at Amtrak’s Washington D.C. operations — calling on Amtrak’s leadership to “clean up Union Station” and “rid of our nation’s treasures of homelessness and crime.”

Citing unnamed sources familiar with the matter, Reuters reported Wednesday that Gardner was asked to step down at the request of Trump, who previously sought to cut Amtrak’s budget in his first term.

When reached Thursday, Amtrak declined to comment on whether Gardner was asked to resign. But in Wednesday’s announcement, the Amtrak board stated that it looked forward to “working with President Trump and Secretary Duffy as we build the world-class system this country deserves.”

Gardner first got his start with Amtrak as an intern back in the 90s. He later returned and worked at the service for the past 16 years, holding the title of CEO since January 2022.

Amtrak struggled during the height of the COVID-19 pandemic — with the railroad seeing plummeting ridership as people across the country stopped traveling and stayed home. But passenger numbers have recently rebounded to pre-pandemic levels.

For the 2024 fiscal year, Amtrak reported an all-time ridership record of 32.8 million customer trips. That’s up 15% from 2023 — and surpasses Amtrak’s previous record of 32.4 million passengers in 2019.

Ticket revenue for the 2024 fiscal year totaled $2.5 billion, a 9% jump from 2023. And Amtrak posted an adjusted operated loss of $705.2 million, also a 9% improvement year-over-year.