Military Spending Ramp Up
Live Blog Update #1 Published
The White House has unveiled a $1.5 trillion defense budget for FY 2027, the largest military spending proposal in American history, representing a 44% jump for the Department of Defense. The plan breaks down into $1.15 trillion in discretionary spending, up 28% from last year, and $350 billion in mandatory outlays. On the shipbuilding front, the budget earmarks $65.8 billion to add 18 battle force ships and 16 non-battle force vessels, including a Trump-class battleship and next-generation frigates. Service members are also in line for raises, with E-5 and below getting a 7% bump, E-6 through O-3 receiving 6%, and O-4 and above seeing 5%. Rounding out the priorities: funding for the Golden Dome missile defense system, restocking of 12 critical munitions, and investment in critical minerals supply chains.
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Mark Zuckerberg plans on monitoring Meta’s (Nasdaq: META) workforce but is letting them know first. The company is rolling out new tracking software on the computers of all U.S. employees in an attempt to train AI models, according to Reuters. The tool monitors a range of work-related apps and websites, capturing mouse movements, keystrokes and screenshots of whatever employees have on their screens. Meta confirmed the tool is being deployed in service of training its AI systems. Meta stock is up 0.09%.
The Nasdaq Composite is down about 0.35% this afternoon.
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Fed Chairman nominee Kevin Warsh has set the record straight on interest rates. In response to a question during a Senate hearing, Warsh revealed that President Trump didn’t ask him to make any promises on interest rate cuts. He went on to say that most presidents would support interest rate cuts and that it’s up to the Fed to remain independent.
The markets have turned lower as the oil price has crept higher, with the Nasdaq Composite now down 0.08%. Apple is a drag, down 1.8% on the Tim Cook resignation announcement.
Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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