Exclusive-US lawmaker demands action against Chinese chip firm CXMT after Micron

By Stephen Nellis and Karen Freifeld WASHINGTON (Reuters) -The U.S. Commerce Department should put trade curbs on Chinese memory chip maker Changxin Memory Technologies (CXMT) after Beijing earlier this week banned the sale of some chips by U.S.-based Micron Technology Inc, the chair of the U.S. House of Representatives’ committee on China said on Tuesday. … Read more

There is ‘zero chance’ of the US defaulting on its debt, Wharton professor Jeremy Siegel says

Jeremy SiegelScott Mlyn/CNBC/NBCU Photo Bank/NBCUniversal via Getty Images There is zero chance the US debt-ceiling deadlock won’t get resolved, Jeremy Siegel said in his WisdomTree commentary. The timeline will be extended or the debt limit will be raised, the Wharton finance professor predicted. US lawmakers are still sparring over the conditions they want for lifting … Read more

Target removes some LGBTQ merchandise from stores ahead of June Pride month after threats to workers

NEW YORK (AP) — Target is removing certain items from its stores and making other changes to its LGBTQ merchandise nationwide ahead of Pride month, after an intense backlash from some customers including violent confrontations with its workers. “Since introducing this year’s collection, we’ve experienced threats impacting our team members’ sense of safety and well-being … Read more

Dow Jones Futures: Market Rally Retreats Amid Debt-Ceiling Drama; Nvidia Earnings Due

Dow Jones futures tilted higher after hours, along with S&P 500 futures and Nasdaq futures. Ongoing debt-ceiling talks are in focus. Palo Alto Networks (PANW) rose on earnings Tuesday night, with Nvidia (NVDA) earnings due Wednesday. PTC Therapeutics (PTCT) dived on disappointing clinical trial data. X The stock market rally retreated Tuesday, with a number … Read more

Apple is investing billions in US-made 5G components as it looks to move manufacturing out of China

Apple, helmed by longtime CEO Tim Cook, plans to invest more than $400 billion in the US economy over the next five years. Apple has unveiled a multibillion-dollar deal with Broadcom to produce new 5G radio frequency components in the US. The May 23 announcement comes as Apple—the world’s largest consumer electronics company—looks to spend … Read more

‘It’ll Cost Us Our System As We Know It:’ Billionaire Ray Dalio Warns Of A ‘Social Problem’ Because Of The Debt Ceiling Crisis. Here’s How He’s Positioning His Portfolio

The U.S. is on track to default on its payments obligations if the debt ceiling is not raised. But according to Ray Dalio, founder of the world’s largest hedge fund Bridgewater Associates, the problem could extend beyond a debt crisis. “The debt ceiling negotiations is ridiculous because it’s not dealing with the problem,” he said … Read more