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Oil prices declined on Tuesday, retreating from sharp gains in the previous session. View More

In this article@LCO.1@CL.1Follow your favorite stocksCREATE FREE ACCOUNT In an aerial view, the Marathon Petroleum Corp's Los Angeles Refinery is seen on April 2, 2026 in Carson, California.Justin Sullivan | Getty Images Oil prices declined after closing sharply higher on Monday, as traders continue to assess the risk of immediate supply disruptions amid renewed tensions between the United States and Iran.Futures for international benchmark Brent crude for July delivery slid 0.60% to $113.77 per barrel Tuesday, while U.S. West Texas Intermediate futures lost 1.35% to $105.06 per barrel. Brent and WTI settled 6% and 4% higher, respectively on Monday. A fragile ceasefire between the United States and Iran appeared close to unraveling on Monday after the United Arab Emirates was hit by Iranian drones and missiles, while Washington said it had sunk Iranian vessels in the Strait of Hormuz.Speaking to Fox News, U.S. President Donald Trump warned that Iran would be "blown off the face of the earth" if it targeted U.S. ships safeguarding commercial traffic through the strait.In a separate post on Truth Social, Trump said a South Korean cargo vessel had come under fire in the waterway, adding: "Perhaps it's time for South Korea to come and join the mission!" Stock Chart IconStock chart iconBrent crude Global oil inventories are not yet at critically low levels, but the pace of drawdowns and uneven distribution across regions is raising concerns about localized shortages, Goldman Sachs wrote in a note on Monday. The bank said easily accessible buffers of refined products are being depleted rapidly, particularly in petrochemical feedstocks such as naphtha and LPG, as well as jet fuel.Chevron CEO Mike Wirth warned Monday that fuel shortages were a growing concern in some regions of the world as the strait remains closed."I think as people look at the realities of very tight supplies, it's not just a question of price," Wirth told CNBC's David Faber at the Milken Institute Global Conference. "It's actually — can we get the fuel? I think over the course of the next several weeks, we'll see those effects begin to move throughout the system."Total global oil stocks, including crude and refined products held both on land and at sea, are estimated at about 101 days of demand currently and could fall to 98 days by end of May, Goldman said. While that remains above emergency thresholds, the aggregate figures mask sharper shortages in specific regions and products, especially where export restrictions limit supply flows."Our estimates of supply of refined products and countries' own crude stocks point to higher risks of product scarcity in South Africa, India, Thailand, and Taiwan," the bank's analysts pointed out.— CNBC's Spencer Kimball contributed to this report. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

If it does go ahead with its IPO plans, Shubham will join a growing list of specialised housing finance firms looking to tap the public markets as valuations improve and funding conditions ease. View More

Disney and 20th Century Studios' "The Devil Wears Prada 2" opened the summer movie season with $77 million in ticket sales. View More

In this articleWBDFollow your favorite stocksCREATE FREE ACCOUNT Meryl Streep and Anne Hathaway return as Miranda Priestly and Andy Sachs in Disney and 20th Century Studios' "The Devil Wears Prada 2."Disney | 20th Century Studios Disney has proven that you don't need superheroes, explosive action-packed sequences or blue-skinned aliens for a sequel to perform well at the box office.Over the weekend, the studio released "The Devil Wears Prada 2" under its 20th Century Studios banner to raucous results. The sequel film to 2006's "The Devil Wears Prada" tallied around $77 million domestically during its opening weekend, the third-highest debut of the year. That's nearly triple the $27.5 million that the first film generated during its opening weekend two decades ago, according to data from Comscore.Internationally, "The Devil Wears Prada 2" secured more than $150 million, bringing its total haul to around $233 million globally for its first three days in theaters. That total is 72% of what the original "The Devil Wears Prada" generated during its entire theatrical run."Some things never go out of fashion," Paul Dergarabedian, head of marketplace trends at Comscore told CNBC. "It's difficult to predict whether audiences will embrace or reject a sequel to a beloved original, but the creative teams, the marketing folks and the distribution team of Disney's 20th Century Studios put together an irresistible hit movie that had not just appeal in the United States but also around the world." watch nowVIDEO6:4506:45'Devil Wears Prada 2' Producer Finerman: Current movie business is the most difficult I've ever seenFast Money Disney's return to the well for a "The Devil Wears Prada" sequel comes at a time where Hollywood has become more reliant on tried-and-true intellectual property. In fact, the 2026 calendar is filled with titles connected to major franchises like Star Wars, Marvel, DC Comics, Toy Story, Super Mario Bros., Hunger Games, Scream, Scary Movie, Minions, Dune and Jumanji.There's even a sequel to 1998's "Practical Magic" coming in the fall.While "The Devil Wears Prada 2" isn't the typical blockbuster movie sequel that usually kicks off the summer movie season, it showcases the fervor of audiences for nostalgic IP."Usually the movies that kick off this kind of weekend are what I like to refer to as 'cape' movies," Wendy Finerman, an Academy Award-winner and producer of "The Devil Wears Prada 2," said on CNBC's "Fast Money" Monday. The characters in this film wear a different kind of cape, she noted, adding it's a story "where you take off the cape and you're more powerful."The film drove significant attendance from female moviegoers, who represented 76% of tickets sold. It also brought out an older cohort of moviegoers. While the majority of tickets, about 28%, were sold to those age 25 to 34 years old, the second-highest demographic was moviegoers over 55, which accounted for 22% of tickets sold."There was a group of people from Boston, friends of mine, 30 women went together," Finerman said. "... Families are going, sisters are going. And the other thing is, and it's not just here, all over the world, people are dressing up. It's become an event. They're wearing red shoes, they're wearing makeup, they're looking like different characters, they're saying certain lines.""So it's become an event versus just going to the movies," she said.Correction: This story has been revised to reflect that Disney released "The Devil Wears Prada 2" under its 20th Century Studios banner. A previous version misstated the name of the studio.  Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Hong Kong's IPO surge looks to be just getting started, as China's tech boom sees its ecosystem mature. View More

Hi, this is Evelyn, writing to you from Beijing. Welcome to the latest edition of The China Connection — a succinct snapshot of what I'm seeing and hearing from local businesses.My latest conversations with investors reveal a notable shift: China has taken note of how finance powered Silicon Valley's rise and is following suit. Growing pains and risks aside, this could mean serious competition for the U.S. The big story Follow the money behind China's latest tech boom and it leads to Hong Kong — the most globally accessible of China's stock exchanges — which roared back to life last year.Companies raised more funds in public listings on the Hong Kong market than on any other exchange. Now, more than 400 companies are lining up to list — and I've heard estimates that are way higher thanks to the exchange's relatively new confidential listing rules. "This [surge in Hong Kong listings] will last longer than one or two years," Gary Lock, Hong Kong-based partner at IPO advisory King and Wood, told me on the sidelines of a venture capital forum in Hangzhou last month.The current capital markets activity is "much, much bigger" than anything seen in the last 35 years, Lock said. Since the Iran war began two months ago, he said foreign money has flowed into Hong Kong banks, getting ready to invest in China.More than 40 companies have listed in Hong Kong so far this year, as regulations ease — and U.S. scrutiny of investment into sensitive Chinese sectors (like defense tech) grows.Critically, the resurgence of capital activity in Hong Kong has helped shake perceptions that it didn't offer the same scale of trading volume and stock valuations as the U.S., said Jin Yang, chief partner at KPMG China's Hangzhou office.And despite reports that Beijing is making it harder for overseas-structured Chinese companies to list in Hong Kong, none of the five investors and advisors I spoke to for this piece were worried it would stop the IPO flow. Only about 15% of the Hong Kong pipeline may face regulatory scrutiny from China, Goldman Sachs analyst Si Fu said in a report last month. She predicts Hong Kong listings will raise about $60 billion this year, nearly double the $36 billion raised in 2025.These regulations are also eroding international investors' competitive advantage in securing startup deals in China, said King and Wood's Lock, as founders are incentivized to pursue domestic funding. "Who needs SoftBank," Lock said, when a local firm can make decisions more quickly and offer better valuations?Puhua Capital, a major Chinese venture capital firm, does not expect a major change in foreign investment this year, founding managing partner Shen Qinhua told me. But he expects the Hong Kong IPO momentum to persist. Shen said about 60% of Puhua's total investments are in "hard tech" such as AI, chips and commercial aerospace. Hong Kong Exchanges and Clearing CEO Bonnie Chan (C) poses with representatives from newly listed companies on April 17, 2026, the day Manycore Tech, one of Hangzhou's "six little dragons," surged in its trading debut.China News Service | China News Service | Getty Images A new ecosystem emerges More Chinese IPOs in Hong Kong are just another step on China's road to developing its own thriving tech ecosystem. The listings are a critical way for early-stage investors to make potentially significant returns, incentivizing more funds to support Chinese startups as they strive to become global players.There are growing signs that China is catching up with Silicon Valley and Wall Street in other ways, too, as a younger generation takes the lead.Previously, Chinese entrepreneurs preferred to maintain control over their companies for as long as possible — making majority-held IPOs the most popular option. But now, founders — sometimes of multiple startups — are more open to selling their businesses or engaging in M&A, said Zhou Kaibing, head of Hangzhou's venture capital association. This creates more options for investors to make money, growing the size of the industry.Things are also changing when it comes to tech itself.Chinese companies have previously emphasized their focus on building industry-focused AI with immediate business returns, while their U.S. peers were looking to build superhuman artificial general intelligence. But Qi Ruan, partner and vice president at S&R Venture Capital, said investors in China are increasingly looking for entrepreneurs with a vision for the future, and a clear view of how their tech fits into that.Globally competitive tech and a growing financial support system helps strengthen China's attractiveness to foreign investors.The Hangzhou VC forum attracted guests from as far away as India, Spain and Belgium, Zhou said.In particular, the delegation from India included more than 20 business leaders ranging from Dharma Capital to industrial giant Tata, according to Vijay K Thadani, vice chairman and managing director of NIIT. He also participated in the week-long trip to China. The companies are exploring investment opportunities and partnerships with Chinese robotics companies in manufacturing, Thadani said.And amid cross-border regulatory uncertainty, Ruan hopes her VC firm can expand by emphasizing that it is the only fund in Hangzhou with a license that lets it accept foreign capital while investing directly in Chinese yuan.This all reflects the fact that global money and innovation are no longer the sole preserve of the U.S. Still, as the pieces fall into place for China to build its homegrown venture capital ecosystem, it won't be a replica of the U.S. model.Regulator surprises are the main risk, Lock said. "A lot of things that we do in this part of the world are policy-based." Need to know BYD draws EU scrutiny over labor abuse allegations at Hungary factoryElectric car giant BYD has become the first Chinese business to be raised in the European Parliament over allegations of labor abuses in Hungary, CNBC has learned, following a watchdog's investigation into working conditions at the site.CATL plunges more than 8% as the Chinese battery maker unveils $5 billion share placementBattery giant Contemporary Amperex Technology announced plans to raise about $5 billion to support its push into overseas markets, expand production capacity and strengthen its zero-carbon strategy.'Draconian development' in Meta-Manus deal draws the line in China's AI race with the U.S. China's decision to block U.S. tech giant Meta's $2 billion acquisition of artificial intelligence startup Manus is being seen by analysts as a warning to tech entrepreneurs. Coming up May 6: Shanghai and Shenzhen stock exchanges reopen after Labor Day holidayMay 6: RatingDog China Services Purchasing Managers' Index (PMI) for AprilMay 9: China trade data for AprilMay 11: China consumer price and producer price indexes for April Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Pinterest cut nearly 15% of its workforce and reduced office space in January as it pushes more resources into AI. View More

In this articlePINSFollow your favorite stocksCREATE FREE ACCOUNT Bill Ready, CEO of Pinterest, speaks at the 28th annual Milken Institute Global Conference at the Beverly Hilton in Beverly Hills, California, May 5, 2025.Patrick T. Fallon | AFP | Getty Images Pinterest reported first-quarter earnings on Monday that beat on the top and bottom lines. Shares soared 15% after the report.Here's how the company did, compared to analysts' consensus estimates from LSEG:Earnings per share: 27 cents adjusted vs. 23 cents expectedRevenue: $1.01 billion vs. $966 million expectedSales in Pinterest's first quarter rose 18% year over year while the company posted a net loss of $73.59 million, a loss of 12 cents per share. A year ago, the social media company posted net income of $8.92 million, or 1 cent per share.Pinterest said second-quarter revenue should come in the range of $1.13 billion to $1.15 billion, which is higher than the $1.11 billion that Wall Street was projecting.The company said adjusted earnings before interest, taxes, depreciation and amortization, or EBIDTA, for the second quarter will come in between $256 million to $276 million. Analysts were expecting $261 million in EBIDTA for the second quarter.Pinterest's first-quarter EBIDTA came in at $207 million, ahead of analysts' estimates of $176 million.The social media company's global monthly active users for the first quarter increased 11% year over year to 631 million, in line with analyst's estimates.First-quarter global average revenue per user came in at $1.61, topping Wall Street estimates of $1.54.The company said it paid about $465.1 million, primarily in cash, for its February acquisition of tvScientific, which specializes in connected TV advertising analytics.Pinterest CEO Bill Ready told analysts during an earnings call that the acquisition is intended "to extend Pinterest's unique consumer intent, signal and audiences beyond our owned and operated properties to power high-performing CTV campaigns." Read more CNBC tech newsMusk testimony dominated first week Musk v. Altman. 'You can't just steal a charity'Apple's stock gains as company execs cite iPhone, Mac demand in boosting guidanceElon Musk billionaires bill supporters draw progressive challengers in DelawarePentagon tech chief says Anthropic is still blacklisted, but Mythos is a separate issue Prior to the current period, Pinterest had missed financial estimates for five straight quarters, and said in February that President Donald Trump's tough tariffs, which has stung large retailers, hurt the company's online advertising business. "Overall, large retailers remained a headwind to growth, but AI-driven platform improvements, including bidding optimizations we delivered for these advertisers, began to offset some of this headwind later in the quarter," Pinterest finance chief Julia Donnelly said during the first-quarter earnings call.Donnelly said that the company is "tracking the conflict in the Middle East," but has so far seen little impact to its overall advertising business. Still, Donnelly did note some negative effects from the Iran war, which began in February, highlighting the impact to the company's rest-of-world region and Europe, "where it's really isolated to certain verticals impacted by higher oil prices.""But this has all been factored in as we thought about our Q2 guidance," Donnelly said.The company said in January that it would cut nearly 15% of its workforce and reduce office space as it moves more resources into artificial intelligence.Reddit reported first-quarter earnings last Thursday that beat on the top and bottom lines, sending its stock jumping 9% in after-hours trading.Digital advertising titans Meta and Alphabet reported their latest quarterly earnings last Wednesday in which they both beat on revenue while also disclosing plans to spend more money on AI-related infrastructure. Although Alphabet shares rose, Meta shares tumbled, a sign of investor concerns about the Facebook-parent's massive AI spending without a clear new revenue opportunity or cloud computing business.WATCH: Meta's overall numbers were impressive, says Jim Cramer. VIDEO9:3409:34Meta's overall numbers were impressive, says Jim Cramer Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Spirit Airlines shut down before dawn on Saturday ending its run as the most famous U.S. discount airline. View More

A Spirit Airlines plane sits parked at Hollywood Burbank Airport in California, April 16, 2026.Justin Sullivan | Getty Images Spirit Airlines struggled for years, battered by larger, cash-rich airlines that copied its business model as well as by failed mergers, higher costs and, most recently, a surge in jet fuel prices because of the war in Iran. It then faced the most unforgiving foe: time."We just kind of ran out of runway," CEO Dave Davis said in an interview with CNBC on Monday.Spirit had hoped to exit bankruptcy, its second in less than a year, in mid-2026. Four days before the U.S. and Israel attacked Iran, a conflict that has sent fuel prices skyrocketing, Davis said he and his team were optimistic that the exit strategy could still work. But that was contingent on fuel prices moderating in April.They didn't. "Late March, early April, it became clear that it was going to be tough for us to get through," Davis said, noting that crude oil prices were above $100 a barrel. Time's up Other airlines leave printed instructions for travelers affected by the Spirit Airlines shut down at LaGuardia Airport's Marine Air Terminal in New York on May 2, 2026.Leslie Josephs/CNBC To try to save the company from collapsing, Davis and others inside Spirit talked to the Trump administration about a bailout."We got connected with some various folks in government, including [Commerce] Secretary [Howard] Lutnick, through some contacts," he said. "These guys ... particularly Commerce, very eager to help."The Trump administration had been working on an offer for a $500 million loan to keep the airline afloat in a plan that could have given the U.S. government an up to 90% stake in the carrier. Bondholders weren't on board and floated a counter proposal. "Our bondholders also worked very hard to try to get something done," Davis said. The two sides were far apart on deal terms and it was clear by Thursday that it wasn't going to work."I think we just ran out of time," he said.Spirit said some 17,000 people, both direct and indirect airline workers, lost their jobs in the airline's collapse. Other carriers, smelling blood, had been circling for nearly a year if not longer, and within hours of the airline's collapse were scrambling to both fly ticketed Spirit customers and add to their schedules in the absence left by Spirit's yellow planes. What's next? A Spirit Airlines poster on a LaGuardia Airport shuttle bus the day the airline shut down.Leslie Josephs/CNBC Spirit hired longtime airline executive Davis, most recently chief financial officer at Sun Country, in April 2025, about a month after the company zipped out of its first bankruptcy. Critics said it avoided bigger changes in that first bankruptcy, like shedding more assets to get costs down.Last August, the airline filed for Chapter 11 bankruptcy protection again, facing many of the same problems, though it had slashed flights, gotten rid of some of its Airbus jets and furloughed crew members to save cash.Davis previously worked at Northwest Airlines, which combined with Delta Air Lines in 2008, and also worked at US Airways, which merged with American Airlines in 2013. Along with United Airlines and Southwest Airlines, the four airlines control about 80% of U.S. capacity, after a major wave of consolidation.More consolidation is likely and "what the lower end of the industry needs," Davis predicted. He said if Spirit's planned acquisition by JetBlue Airways wasn't blocked by a judge two years ago, "I believe that we wouldn't be in the situation we are right now." Read more about Spirit Airlines' recent challenges‘Godspeed my friend’: Inside the final hours of Spirit AirlinesSpirit Airlines shut down. Here’s what travelers need to know if they have ticketsClock ticks on Spirit Airlines as bondholders weigh Trump bailout. Here's what could happen nextSpirit Airlines is on shakier ground after avoiding hard decisions in bankruptcyJudge blocks JetBlue-Spirit merger after DOJ’s antitrust challengeWho loses if JetBlue buys Spirit? Comedians Low-fare airlines for a time were a headache for big legacy carriers, since they swooped into markets and offered eye-catching fares. "There was no better exemplar of that than Spirit," Davis said. But then the big airlines started to copy some of the budget model, offering no-frills basic economy tickets and other add-on fees. That hurt carriers like Spirit, which was profitable in the 2010s but hadn't turned a profit since 2019."Everybody saw the low-cost airlines just taking massive share," he said. "The shoe was completely on the other foot then, than where it is today."He said another benefit the larger airlines have is their huge credit card programs, in which they earn money from banks when customers swipe their credit cards, a business that gives them a bigger cash cushion to weather shocks like high fuel prices.Davis said in Spirit's final days he was between Washington and the company headquarters in Dania Beach, Florida, trying to get to a deal. Some staff members, including pilots, didn't get final word about the airline's last flights until they were getting close to landing Friday night or early Saturday."You can't announce ahead of time that you're going to shut down," he said. "What happens is vendors stop working. Fuelers stop fueling. Some crew members probably don't come in. So then you've got airplanes and people and passengers scattered all over the place in foreign countries. It needs to be done in a very orderly way, and it needs to be done all at once."Davis said he is staying on at Spirit to oversee the airline's closure. Leased planes will go back to lessors. Owned ones will get sold. Gates will be overseen by airports and likely used by other airlines. About 130 other employees are set to stay on for that work as well.When asked if he would stay in the industry, Davis said: "I just love airplanes, and I like the industry, so I'll probably never leave it, although sometimes it's very trying and taxing on a person." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Lawmakers over the weekend reached a compromise on the market structure bill known as the CLARITY Act that keeps stablecoin reward programs intact. View More

In this articleCRCLCOINFollow your favorite stocksCREATE FREE ACCOUNT Circle Internet Group Initial Public Offering at the New York Stock Exchange in New York City, U.S., June 5, 2025. NYSE Shares of Circle surged after lawmakers over the weekend struck a compromise on the market structure bill known as the CLARITY Act, preserving stablecoin reward programs under certain conditions.On Friday, key language in the proposed crypto legislation was updated to restrict crypto companies from paying savings account-like interest or yield to users on passive stablecoin deposits – leaving that function to traditional banks. However, the bill does allow rewards as usage-driven incentives that could be tied to activity like trading, transactions or staking, as expected.The stablecoin issuer Circle closed 19.9% higher, while Coinbase, the main distributor of Circle's USDC stablecoin, gained 6.1%. BitGo and Galaxy Digital rose 10.3% and 3.8%, respectively.Bitcoin rose more than 1% to about $79,000, after the flagship cryptocurrency topped $80,000 over the weekend for the first time since January.Earning yield, usually in the form of rewards, on stablecoins like USDC and others has been a key incentive for users to hold the coins – similar to the interest earned on cash sitting in a bank account. The revised language is a relative win for Circle and Coinbase. However, it could pressure smaller crypto platforms that have leaned heavily on high-yield deposit products to attract users. The development also aligns with a wider industry shift away from return-seeking products and services and toward crypto's use in upgrading financial infrastructure.Most banks have yet to weigh in on the legislation, but Bank of America called it a net win for the sector."Across bank sub‑sectors, the CLARITY Act's resolution of the stablecoin yield debate is a net positive," Bank of America analyst Ebrahim H. Poonawala said in a note Monday. "It should alleviate concerns tied to deposit flight, reduce regulatory uncertainty, and allow banks to engage with digital‑asset infrastructure on more controlled terms."The crypto industry has so far had a favorable response to the development. Coinbase CEO Brian Armstrong, who has been heavily involved in discussions around this bill on Capitol Hill and strongly in support of evening the playing field between crypto companies and banks, posted on X Monday morning, saying "Mark it up."—CNBC's Michael Bloom contributed reporting Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Democrats are vowing to fight back after the Supreme Court eliminated a majority-Black Louisiana House district, as more states look to redraw maps. View More

U.S. Rep. Joe Morelle (D-NY) looks on during a press conference about the SAVE America Act in the U.S. Capitol on March 17, 2026 in Washington, DC. Heather Diehl | Getty Images House Minority Leader Hakeem Jeffries announced on Monday that he's deploying Rep. Joe Morelle this week to meet with New York Gov. Kathy Hochul and state legislators about mid-decade redistricting in the state.Jeffries and Morelle, both New York Democrats, said in a joint statement the effort is a response to the Supreme Court's decision last week weakening a section of the Voting Rights Act, a landmark 1965 civil rights law that prohibits discrimination in voting. The 6-3 ruling strikes down a majority-Black, Democrat-held district in Louisiana. And it could lead to similar districts being drawn out of existence in multiple Republican-led states ahead of the 2026 midterm elections."While far-right extremists on the Supreme Court have twice recklessly cleared the path for partisan gerrymandering, Democrats refuse to unilaterally disarm," Jeffries said. "This is just the beginning. Across the nation, we will sue, we will redraw and we will win. House Democrats will not allow a MAGA majority to be built on rigged maps and the dilution of Black voting strength." Read more CNBC politics coveragePirro reveals new Trump attack evidence; Cole Allen challenges 'suicide precautions'Bard President Botstein retiring after Jeffrey Epstein ties detailedTrump tells Congress hostilities in Iran 'have terminated' at war powers deadlineLutnick gets grilling on Nvidia chip sales to China in Sen. Chris Coons letter Morelle is the top Democrat on the House Administration Committee, which has jurisdiction over federal elections, and the former majority leader of the New York State Assembly. He'll meet with Hochul, also a Democrat, and other state leaders on Tuesday. New York has 26 congressional districts, only three of which the Cook Political Report With Amy Walter rates as competitive in their current configuration. Republicans hold 10 of the state's seats, compared with Democrats' 16. Jeffries didn't say how many seats Democrats would aim to pick up under the initiative he called the "New York Democracy Project."States typically redraw House district lines after the national census that takes place every 10 years.But as Republicans evaluate a tough midterm election, with a razor-thin House majority to defend and strong anti-incumbency sentiment brewing, President Donald Trump last summer began urging Texas Republicans to re-draw the state's congressional districts.The GOP-led Texas legislature acquiesced, creating new maps that could net Republicans as many as five additional seats, and set off a mid-decade redistricting tit-for-tat. Democrats in California followed with their own effort and other states — like Ohio, North Carolina, Missouri, Ohio and Virginia — also entered the fray.With six months until Election Day, the race to gerrymander House districts is not slowing down. On Monday, Florida Gov. Ron DeSantis, signed newly created maps that could result in as many as four additional GOP seats. And in the immediate aftermath of the Supreme Court decision, leaders in Southern states like Alabama and Louisiana vowed to quickly amend their congressional districts. Democrats have in the past made opposition to gerrymandering a party platform, introducing legislation that would require independent commissions to re-draw congressional districts. But they've also repeatedly raised alarms about Trump's alleged attempts to undermine elections and have opted to try to negate GOP redistricting efforts, even if some will be too slow for this year's midterms.Jeffries told Politico in April that states like Illinois, Maryland and New York could all be Democratic targets for mid-decade redraws ahead of the 2028 presidential elections. New York has an explicit prohibition on mid-decade redistricting. One lawmaker, state Senate Deputy Majority Leader Michael Gianaris, with whom Morelle will meet on Tuesday, has introduced legislation that would amend the state constitution and clear the way for an off-cycle redraw."As Donald Trump and his Republican allies intensify extreme partisan redistricting efforts, I am proud to be entrusted by Leader Jeffries to work with partners in New York to explore every option to protect voters in 2026, 2028, and beyond," Morelle said in the joint statement. "We will not allow these efforts to silence communities or undermine fair representation. We will fight, we will win, and we will protect the voters' voice." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

President Donald Trump called Rudy Giuliani a "True Warrior, and the Best Mayor in the History of New York City, BY FAR," in a Truth Social post. View More

Rudy Giuliani, the former personal lawyer for former U.S. President Donald Trump, speaks to the press on the second day of the Republican National Convention at the Fiserv Forum on July 16, 2024 in Milwaukee, Wisconsin. Alex Wong | Getty Images Former New York City Mayor Rudy Giuliani was in "critical but stable condition" in a Florida hospital with pneumonia, his spokesman said Monday morning.Giuliani, who previously served as President Donald Trump's personal lawyer, "is recovering from pneumonia," and "is now breathing on his own, with his family and primary medical provider at his side," said Ted Goodman, his spokesman.Giuliani, 81, had been on a ventilator after being admitted to the hospital, Goodman indicated.Giuliani was previously diagnosed with restrictive airway disease as a result of his presence at Ground Zero after the Sept. 11, 2001, terror attack in New York, which occurred when he was mayor."This condition adds complications to any respiratory illness, and the virus quickly overwhelmed his body, requiring mechanical ventilation to maintain adequate oxygen and stabilize his condition," Goodman said."Mayor Giuliani is the ultimate fighter — as he has demonstrated throughout his life — and he is winning this battle, the spokesman said. "He remains in critical but stable condition. Please keep the prayers coming."The Republican served as an attorney for Trump's 2020 campaign, where he promoted false claims that Trump had actually won that election over former President Joe Biden.Giuliani hosted his online show, "America's Mayor Live," on Friday night from Palm Beach, Florida, The Associated Press reported.During the show, he coughed and sounded more raspy than usual, the AP noted."My voice is a little under the weather, so I won't be able to speak as loudly as I usually do, but I'll get closer to the microphone," Giuliani said during the show. Read more CNBC politics coveragePirro reveals new Trump attack evidence; Cole Allen challenges 'suicide precautions'Bard President Botstein retiring after Jeffrey Epstein ties detailedTrump tells Congress hostilities in Iran 'have terminated' at war powers deadlineLutnick gets grilling on Nvidia chip sales to China in Sen. Chris Coons letter Trump on Sunday night praised Giuliani while noting his condition, and repeated his election denial claims in a post on Truth Social.Trump called Giuliani a "True Warrior, and the Best Mayor in the History of New York City, BY FAR," in his post."What a tragedy that he was treated so badly by the Radical Left Lunatics, Democrats ALL — AND HE WAS RIGHT ABOUT EVERYTHING!""They cheated on the Elections, fabricated hundreds of stories, did anything possible to destroy our Nation, and now, look at Rudy. So sad!" Trump wrote.Giuliani's son, Andrew Giuliani, is executive director of the presidential task force for the 2026 FIFA World Cup, which the United States is hosting with Canada and Mexico.A Brooklyn native who served as a top federal prosecutor in the 1980s, Giuliani was New York's mayor from 1994 to 2001. His tenure was marked by a decline in the city's crime rate and by the Sept. 11 terror attack on the World Trade Center. Giuliani was widely lauded for leading the city's response to the attack, setting the stage for an unsuccessful run for the Republican presidential nomination in 2008.He was later indicted in Georgia and Arizona over efforts to reverse Trump's loss in the 2020 election. He has denied any wrongdoing.The case in Fulton County, Georgia, whose defendants included Trump and other allies, was dropped in November by a prosecutor appointed to replace Fulton County District Attorney Fani Willis, who had been disqualified from handling the case.In Arizona, the state's attorney general is appealing a ruling requiring the criminal case to be returned to a grand jury because prosecutors did not present key legal text.Giuliani was found liable in federal court in Washington, D.C., for defaming two Georgia election workers with his claims that they committed ballot fraud at a vote-counting site during the 2020. He was ordered to pay the women, who are mother and daughter, nearly $150 million in the case.Giuliani was disbarred as a lawyer in New York in July 2024 after a state appeals court found that he had "flagrantly misused his prominent position as the personal attorney for ...Trump and his campaign" to spread false — and at times "perjurious" — claims about the 2020 election in multiple courts.He was disbarred in Washington, D.C., two months later. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

President Donald Trump said savers who build a $465,000 nest egg would be "rich." Whether that's true depends on one's perception of wealth. View More

President Donald Trump holds up an executive order during an event in the Oval Office of the White House on April 30, 2026. Trump signed an order to expand retirement account access for workers. Andrew Harnik | Getty Images News | Getty Images President Donald Trump signed an executive order on Thursday to expand retirement account access, and said that young workers, if they were to save regularly, would be able to amass $465,000 in such accounts by the time they turn 65 years old. "In other words, they'll be rich," Trump said during the signing ceremony. But financial advisors disputed that characterization, saying $465,000 wouldn't necessarily qualify someone as being wealthy in retirement — especially when that nest egg might have to be spread over roughly two or three decades."There are advantages to these accounts, but I don't believe they are going to make people rich," Barry Glassman, a certified financial planner and founder of Glassman Wealth Services, wrote in an e-mail. watch nowVIDEO6:0706:07Countries are rethinking retirement systems – here's what that meansConverge "While $465,000 could provide a healthy sum for retirement, with 3% inflation, in 30 years that's equivalent to less than $200,000 today," wrote Glassman, a member of CNBC's Financial Advisor Council. "Again, not a small sum, but certainly does not qualify someone as rich."The average 401(k) investor had a roughly $168,000 account balance at the end of 2025, according to Vanguard Group, an asset manager and retirement plan administrator. The median balance was a bit more than $44,000.The average IRA balance was about $137,000 at the end of 2025, according to Fidelity Investments. Why $465,000 may be a 'modest paycheck' in retirement Trump's executive order aims to provide a pathway for workers without access to a 401(k) or other workplace retirement plan to save for retirement. That's the case for about 56 million Americans, according to 2025 research from Pew Charitable Trusts, an independent public policy nonprofit.The president's order directs the U.S. Treasury Department to establish a website, TrumpIRA.gov, by Jan. 1, 2027, to connect workers to "high-quality, low-cost IRAs" offered by financial companies in the private sector. "$465,000 sounds big — and for many, if not most families, it's definitely meaningful," said Winnie Sun, co-founder and managing director of Sun Group Wealth Partners, based in Irvine, California. However, translating that lump sum into a retirement income makes it look more like a "modest paycheck" than a windfall that screams "I'm rich," Sun said. Read more CNBC personal finance coverageSocial Security benefits are reduced for retirees who work. How that may changeFed keeps interest rates unchanged in April: What that means for youUsed EV sales are surging — how their ownership costs compare to gas carsTrump said $465,000 in retirement savings is 'rich.' Is it?CNBC's Financial Advisor 100: Best financial advisors, top firms ranked Take the 4% rule, for example. The oft-cited guide for households dictates how much money they can safely withdraw from their retirement savings each year over a lifetime. Households with a $465,000 lump sum would be able to withdraw $18,600 in their first year of retirement. That sum increases annually to adjust for inflation.In other words, that nest egg would translate into a retirement income of roughly $19,000 a year. Further, $465,000 is far lower than what the average person perceives as "rich."On average, Americans think it takes a $2.3 million net worth to be considered wealthy, according to a Charles Schwab survey published last year. Respondents on average said it would take $839,000 just to be "financially comfortable." However, in the context of Trump's retirement plan, being "rich" may be less about the actual sum of money and more about building a general habit of saving, some financial advisors said. "Sometimes 'wealth' isn't about excess," said Sun, who is also a member of CNBC's Financial Advisor Council. "I think these programs aren't really about creating millionaires, but more about sparking the inspiration to start saving. So maybe the better question isn't, 'Is this rich?' It's, 'Is this better than where we started?'"Kush Desai, a White House spokesperson, said in an email that the people without access to employer-sponsored retirement plans are disproportionately lower-income individuals who are currently saving "little to nothing for their retirement" as a result. Desai said that $465,000 in retirement savings could "make a world of a difference" for those workers. Trump retirement plan aimed at low earners Johner Images | Johner Images Royalty-free | Getty Images The Trump program is clearly "aimed at lower income workers," Jaret Seiberg, a policy analyst at TD Cowen, an investment bank, wrote in a research note on Friday.Trump's $465,000 wealth projection suggests this is the case: It assumes the saver qualifies for the full federal Saver's Match every year for 40 years. The Saver's Match, which takes effect in 2027 and will be worth up to $1,000 per person per year, is like a 401(k) match for lower-income households. To qualify for the full amount, individuals' modified adjusted gross income cannot exceed $20,500 per year. They must also save at least $2,000 in their IRA during the year. Married couples who file a joint tax return can't earn more than $41,000 to qualify for the full match.Single filers with annual incomes of between $20,500 and $35,500 qualify for reduced matching contributions, and joint filers making up to $71,000 can qualify for a reduced match.The example also assumes a 25-year-old saves about $165 per month, or nearly $2,000 a year, through age 65. They earn a 6% average annual rate of return on their savings.Nearly $155,000 of the total $465,000 projection is attributable to the Saver's Match, according to a White House fact sheet. There are advantages to these accounts, but I don't believe they are going make people rich.Barry Glassmancertified financial planner and founder of Glassman Wealth Services The math is sound in the projection, Sun said, assuming an investor saves in a diversified stock portfolio consistent with historical, inflation-adjusted stock returns.However, it may be unrealistic from other points of view, according to financial advisors.For example, it assumes households qualify for the full Saver's Match every year — meaning their annual income must stay below the threshold over a 40-year working career, Sun said. The threshold is adjusted for inflation each year.Low earners also likely don't have enough income flexibility or free cash flow to save consistently over their lifetime, financial advisors said. watch nowVIDEO1:1801:18How to keep your money safe amid this economic and political uncertaintyMarkets and Politics Digital Original Video Zach Teutsch, founder of Values Added Financial in Washington, D.C., pointed to a federal analysis published in 2024 by the U.S. Bureau of Labor Statistics to illustrate that point. The aggregate savings rate for the bottom half of U.S. households was negative in 2022, according to the analysis. For the bottom 10% of households, expenditures were more than twice as high as their income, according to the BLS paper. "In Trump's example, the person would have saved more than 10% of their income every year for 40 years," Teutsch, who is also a member of CNBC's Financial Advisor Council, wrote in an email. "Among people with incomes below $20,000, the average person doesn't save at all and actually depletes their savings," he wrote. "And that's over a single year. The idea of someone in the bottom quintile saving at all is unusual but saving every year for 40 years would be exceptionally unlikely." Why Trump retirement plan may be 'big step' for some That said, if the hypothetical low-income saver were able to build a $465,000 nest egg, they would likely set themselves up for relative success in retirement, some financial experts said. Retirement researchers often gauge savings according to an "income replacement ratio." In other words, how much money can one's personal savings and other funds such as Social Security replace relative to their pre-retirement salary? The goal is to roughly replicate their pre-retirement standard of living in retirement. Someone with a $20,000 annual income who can generate $20,000 of retirement income from sources such as a 401(k) and Social Security would have a 100% income replacement ratio. There's no consensus on the "correct" ratio for retirement success, but some experts say to try to replace at least 70%. Tom Werner | Getty Such a person might be viewed as rich relative to their peers, if not on a broader societal level, financial experts said."If the goal of the [defined-contribution] system is to give workers a path to replacing the lifestyle they had before retirement, this would be a big step toward helping low-income workers achieve that goal," Michael Finke, a certified financial planner and wealth management professor at The American College of Financial Services, wrote in an email. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.