Morning Rundown: Trump changes tone on markets, Ukraine’s largest drone attack on Moscow, and love isn’t blind to politics
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Dozens of universities across the country received a federal government warning yesterday over their obligation to protect Jewish students on campus, which came just as President Donald Trump’s administration clamps down on pro-Palestinian protesters.
Education Secretary Linda McMahon wrote to 60 institutions — many of which were the site of lengthy, and at times fractious, protests last year — telling them they would face “potential enforcement actions” if they failed to uphold Title VI of the Civil Rights Act in regard to Jewish students.
That part of the law makes it illegal to discriminate “on the basis of race, color, and national origin” in any activities that get federal funding.
Six out of eight Ivy League institutions are on the list, including Columbia University and Harvard University.
Read the full story.
Vice President JD Vance will join House Republicans this morning for their weekly conference meeting, a GOP source familiar with the matter said.
Vance joins the group as House Republican leaders seek to rally around a continuing resolution, which the House is set to vote on today, that would avoid a government shutdown starting this weekend.
Trump’s top aides have been placing calls to undecided Republicans, asking them to support the spending bill.
Tumbling stock markets and rallying Treasury bonds steadied somewhat in Europe today, as a modicum of calm returned to markets after the previous day’s dramatic moves when the Nasdaq saw its biggest one-day fall in more than two years.
Europe’s broad Stoxx 600 index was flat in early trading, while Asia Pacific ex Japan shares — which had been down around 1.75% earlier in the day — were last just 0.5% lower. U.S. share futures were up around 0.3%.
This was in stark contrast to yesterday, when investors’ concerns about a potential economic slowdown were exacerbated after Trump in a Fox News interview talked about a “period of transition” and declined to rule out a recession.
The S&P 500 fell 2.7% yesterday, its biggest one-day drop this year, while the Nasdaq slid 4.0%, its biggest single-day percentage drop since September 2022.
Read the full story.
Trump said in an overnight post to Truth Social that he would buy a Tesla this morning “as a show of confidence and support for Elon Musk, a truly great American.”
The president pointed to the difficulties the company faces as Musk simultaneously serves as Tesla CEO and spearheads the administration’s government downsizing effort through the Department of Government Efficiency effort.
CNBC reported Monday marked Tesla’s worst day on the stock market since September 2020. The company has faced seven straight weeks of losses.
People have also been vandalizing Tesla vehicles and protesting at the company’s dealerships since Musk joined the Trump administration.
Michigan Lt. Gov. Garlin Gilchrist II is running for governor, he announced today, setting up a Democratic primary clash that includes two prominent statewide officeholders in one of the most tightly divided states.
Gilchrist is the latest prominent politician to dive into the race to succeed Democratic Gov. Gretchen Whitmer, who is term-limited, months after Michigan narrowly voted for both Trump and a Democratic senator, Elissa Slotkin. The state promises to be one of the most important battlegrounds in the country once again in the midterm elections in 2026, when it will also elect another new senator in an open-seat race.
In an interview with NBC News yesterday, Gilchrist leaned heavily on his record in Lansing and framed himself as a proven problem-solver in private business, as well as public office. If he is elected, he would be Michigan’s first Black governor (and one of just a handful in American history).
“Michiganders are going to need to be able to trust someone to be able to work with them and on their behalf, to have their interests at heart and to solve the problems that they articulate are the most important,” he said.
Read the full story here.
Markets suffered a steep sell-off today following Trump not denying that a recession could be a result of his trade policies. All three major indexes have seen a notable decline since the president’s first full day in office. NBC News’ Brian Cheung reports.
Ukrainian forces targeted Moscow this morning with what Russian authorities are describing as the largest ever drone attack on the Russian capital.
The Russian Defense Ministry said that it downed 337 drones overnight with 91 one of those unmanned aerial vehicles (UAVs) coming down in the Moscow region, with at least two people killed in the city, fires sparked, and air and rail travel suspended amid the disruption.
Even so, the bombardment of at least 10 Russian regions came as Ukraine headed into pivotal talks with the United States today in a tough spot.
At the negotiating table, Trump and his team are demanding significant concessions, while publicly asking little of their Russian counterparts despite the president saying he was considering additional sanctions on Moscow. On the battlefield, Kremlin forces are pushing back Ukrainian troops who had launched a counter invasion into Russian soil.
Read the full story.
The House is set to vote today a stopgap spending bill that would continue to fund the government through Sept. 30.
Congress must pass a spending bill by the end of this week to avoid a government shutdown and continue to fund federal agencies at current levels through the the remainder of the fiscal year.
Speaker Mike Johnson is relying on the slim Republican majority in the House, where the measure only requires a simple majority. In the Senate, however, it needs 60 votes — meaning at least seven Democrats would need to back the bill if all 53 Republicans support it.
Trump and his top aides have been placing calls to undecided Republicans, urging them to back the spending bill. Congressional Democrats have blasted the bill.
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