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US stock futures tumble as officials offer no respite from tariffs

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US stock futures tumble as officials offer no respite from tariffs

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US stock-index futures dropped sharply on Sunday after the Trump administration indicated that sweeping tariffs would be kept in place despite fears they could induce a global economic recession.

Contracts tracking the blue-chip S&P 500 fell 3.8 per cent and those for the tech-heavy Nasdaq 100 slid 4.6 per cent. Trading activity is typically light early in the Asian morning, which can exacerbate volatility.

The declines come after more than $5tn was erased from the S&P 500 on Thursday and Friday at the end of its worst week since the onset of the pandemic in 2020. Donald Trump’s move to upend the global trade order by implementing huge levies on US imports has deepened concerns about the trajectory of the world’s economy. China announced retaliatory duties on Friday of 34 per cent.

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Commodities also sustained heavy losses in early trading Sunday night, with West Texas Intermediate, the US benchmark, falling 3.4 per cent to $59.90 a barrel — below the price needed by most shale producers to break even. International marker Brent dropped 3.1 per cent to $63.53.

Copper, widely seen as a proxy for the global economy because of its industrial uses, fell more than 5 per cent to $4.14 a pound in US trading.

Over the weekend, Trump’s Treasury secretary Scott Bessent dismissed the “short-term” market reaction to the president’s aggressive tariffs, telling NBC that the White House will “hold the course”.

“Our trading partners have taken advantage of us,” Bessent said on Sunday. Asked whether Trump’s tariffs were negotiable, he said: “We’re going to have to see what [other] countries offer and whether it’s believable”.

His comments followed a warning from Federal Reserve chair Jay Powell that the tariffs would stoke “higher inflation and slower growth”.

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JPMorgan economists said on Friday they expected the world’s biggest economy to contract 0.3 per cent this year “under the weight of tariffs”. They had previously forecast US growth of 1.3 per cent.

Some investors worry stocks will continue to slide until Trump indicates that his tariffs will be less aggressive.

Activist investor Bill Ackman, who vocally backed Trump during the election campaign, posted on X that “massive and disproportionate tariffs” risked “destroying confidence in our country as a trading partner, as a place to do business, and as a market to invest capital.”

He urged Trump to call “time out” on Monday.

“Alternatively, we are heading for a self-induced, economic nuclear winter, and we should start hunkering down,” he wrote.

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Dec Mullarkey, managing director at SLC Management, said: “Uncertainty is the big word right now and we’re not even at peak policy uncertainty yet.”

Banks and technology stocks were among those hardest hit last week as the dollar sank against other major currencies, and Treasury yields, which move inversely to prices, tumbled as investors rushed into perceived safe haven assets. European and Asian equities markets also fell sharply, while commodities including copper and oil dropped on fears of a global trade war.

Friday marked the fifth largest session of “active net reductions” by investors since 2010, according to Morgan Stanley, with equity long-short funds responsible for 80 per cent of the net selling.

The S&P 500’s more than 10 per cent decline over Thursday and Friday is only the fourth time in the past 85 years — after the 1987 crash, in 2008 during the financial crisis and in early 2020 — that the index has fallen so far, so fast, according to Deutsche Bank. 

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Former Olympian pleads not guilty in reflecting pool vandalism charges

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Former Olympian pleads not guilty in reflecting pool vandalism charges

Former U.S. Olympian David Hearn (left) walks with his attorney Norman Eisen to speak to reporters and protesters gathered after his arraignment at the Superior Court of the District of Columbia in Washington, D.C. on Thursday.

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Former U.S. Olympic canoeist David Hearn pleaded not guilty to damaging the Lincoln Memorial Reflecting Pool in D.C. Superior Court Thursday morning.

Federal prosecutors charged Hearn with a single count of destruction of property causing more than $1,000 in damage to the pool.

Hearn has previously claimed, which his attorneys repeated during a short press conference outside the court, that he simply touched the water in the pool out of curiosity.

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The Trump administration had just completed a $14 million renovation of the pool.

But shortly after the work finished, peeling paint and algae gathered in the water. The remodel has been largely criticized as a massive failure and waste of taxpayer dollars.

Superior Court Judge Carmen McLean released Hearn on his own recognizance. His next hearing is scheduled for Aug. 5.

Norm Eisen, one of Hearn’s attorneys, spoke to reporters outside of court following the hearing. He said the administration is using Hearn as a “scapegoat … for their own failures.”

“It is not a crime to touch the reflecting pool, to touch water in the United States of America,” he said.

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Prosecutors say there is a host of evidence against Hearn.

This is a developing story.

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Three more people charged with damaging Reflecting Pool after Trump’s multimillion-dollar restoration | CNN Politics

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Three more people charged with damaging Reflecting Pool after Trump’s multimillion-dollar restoration | CNN Politics

Three more people have been criminally charged with destruction of property at the Lincoln Memorial Reflecting Pool.

Officers say they detained Cameron Thiers, Sophie Dennison-Gibby and Justin Carreno one Saturday afternoon in June and described in court documents witnessing them peeling and removing pieces of blue paint from the Reflecting Pool.

One officer “witnessed Carreno reach down into the reflecting pool and pull up a piece of the blue paint,” according to the court documents.

The officer who detained Dennison-Gibby “found 1 additional piece of the reflecting pool liner” in her purse, the documents said.

All three incidents were recorded on the officers’ body worn cameras, they said in the court documents.

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Several “partnering law enforcement agencies assigned to the Reflecting Pool” working with US Park Police were involved in detaining the two men and one woman — including officers from Texas, Oklahoma, Montana and California.

One of the officers said in court documents that Thiers “admitted to removing a piece of blue sealant from the Reflecting Pool and still had it in his hand when I made contact with him.”

The three defendants were arraigned in court Wednesday and pleaded not guilty to the misdemeanor charges of destruction of property with a value less than $1,000. The judge ordered them to stay away from the Reflecting Pool.

Lawyers for Thiers and Dennison-Gibby declined to comment. CNN has reached out to Carreno’s attorney.

If found guilty of destruction of property, the defendants could be fined up to $1,000 and face a maximum of 180 days behind bars.

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The New York Times first reported that three additional people had been charged with damaging the Reflecting Pool.

President Donald Trump has repeatedly claimed that vandals caused major damage to the pool by gashing the lining after his administration spent more than $14 million on renovations, though he has not provided evidence to support that claim. The officers who charged Carreno, Thiers and Dennison-Gibby did not accuse them of gashing the lining.

Former Olympic canoeist David Hearn was indicted by a grand jury in Washington, DC, last week for allegedly damaging the Reflecting Pool. Hearn — unlike Carreno, Thiers and Dennison-Gibby – was charged with destruction of property with a value of more than $1,000 which carries a maximum penalty of 10 years in prison, if convicted. He is set to be arraigned in court Thursday.

Crews began draining the Reflecting Pool over the weekend to make repairs, according to Interior Secretary Doug Burgum, for the second time in three months.

The move comes after weeks of problems – algae blooms, green-hued water, a chipping bottom and the administration’s allegations of vandalism – that have plagued the iconic landmark, making its woes the subject of national interest.

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Supreme Court financial disclosures reveal how their books add to their income

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Supreme Court financial disclosures reveal how their books add to their income

Supreme Court Justice Amy Coney Barrett speaks at the Reagan Library on Sept. 9, 2025, in Simi Valley, Calif. Barrett discussed and signed copies of her new book, Listening to the Law: Reflections on the Court and Constitution.

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Even as the Supreme Court was handing down one legal thunderbolt after another last week, the justices were quietly releasing their annual financial reports. Justice Samuel Alito was the only sitting justice to request an extension, which he has done for 15 years. The disclosures do not give a complete account of the justices’ total income and wealth, but they give insights into their concertgoing, guest professorships and even their involvement in youth sports.

In addition to their salaries, much of the justices’ reported income came from their book deals. Justice Ketanji Brown Jackson led the pack earning more than $1.1 million last year for a total of roughly $4 million since her memoir, Lovely One, was published in 2024.

Justices Sonia Sotomayor, Neil Gorsuch, Amy Coney Barrett and retired Justice Anthony Kennedy also reported income from published books. Earnings from their books ranged from $849,000 for Barrett, to $300,000 for Gorsuch and $88,000 for Sotomayor, whose books include her 2013 autobiography and five children’s books. Justice Clarence Thomas, who previously earned $1.5 million for his 2007 memoir, listed no publisher payments last year, and Justice Brett Kavanaugh, one of 13 co-authors of a 2016 legal treatise, also received no payments last year. Kavanaugh is said to be working on a memoir but he listed no payments for the anticipated book. Alito does have a book coming out in the fall, but with his financial report still outstanding, there is no data on how much he was paid for the work in 2025.

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The only two sitting justices who have not written books are Chief Justice John Roberts and Justice Elena Kagan.

Many justices also earned income from teaching at law schools. Roberts reported income from New England Law, located in Boston, and Gorsuch reported teaching income from George Mason University in Virginia. Thomas taught classes at Catholic University in Washington, D.C., and Barrett and Kavanaugh taught at Notre Dame Law School. Barrett graduated from the school and began teaching there 23 years ago; Kavanaugh has family connections to Notre Dame.

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