US News Headlines May 2nd 2025
Economic and Market Developments
Stock Market Activity
On May 2, U.S. stock futures experienced gains, with the S&P 500 and Dow Jones Industrial Average each rising approximately 0.4%, and the Nasdaq Composite increasing by 0.2%. This uptick followed reports that China is considering re-engaging in trade negotiations with the United States, potentially easing tensions heightened by recent tariff implementations. Apple Inc. reported a decline of over 3% in its share price after CEO Tim Cook indicated that current tariff policies could result in costs nearing $900 million. Conversely, Reddit's stock surged nearly 7% in premarket trading following a 60% increase in first-quarter revenue and a positive outlook for the second quarter.
Trade Policy Adjustments
The U.S. government announced the revocation of duty-free access for low-value imports from China and Hong Kong. Additionally, President Trump issued an executive order directing the Corporation for Public Broadcasting to cease federal funding to National Public Radio (NPR) and the Public Broadcasting Service (PBS), citing legal allowances.
Political and Legal Updates
Administrative Changes
President Trump removed Michael Waltz from the position of National Security Adviser, nominating him as the U.S. Ambassador to the United Nations. Secretary of State Marco Rubio was appointed as interim National Security Adviser.
Legal Proceedings
A Vermont judge ordered the release of Columbia University student Mohsen Mahdawi, who had been detained by Immigration and Customs Enforcement (ICE) during his final interview for U.S. citizenship.
Social Movements and Protests
May Day Demonstrations
On May 1, nationwide May Day protests occurred across the United States, organized by the 50501 movement and various labor and immigrant rights groups. Demonstrations took place in numerous cities, including New York, Los Angeles, Chicago, and Seattle, addressing concerns over labor rights, immigration policies, and recent administrative actions.
International Relations
U.S.-Ukraine Economic Agreement
The United States and Ukraine finalized an agreement granting the U.S. a share of revenue from Ukraine's mineral deposits. The deal also includes the establishment of a joint investment fund aimed at bolstering economic collaboration between the two nations.
U.S.-Iran Negotiations
Ongoing negotiations between the United States and Iran continued, with discussions focusing on nuclear program constraints and economic sanctions. Iran proposed preliminary meetings with European representatives prior to direct talks with the U.S., while President Trump expressed openness to meeting with Iran's Supreme Leader, Ali Khamenei.
Sports and Entertainment
Boxing Event in Times Square
On May 2, a boxing match between Ryan Garcia and Rolly Romero was held in Times Square, New York City. The event, titled "Fatal Fury," featured additional bouts with fighters Devin Haney and Teófimo López. Heavyweight champion Mike Tyson participated as a guest analyst. The match was accessible to the public via large outdoor screens and streamed on DAZN pay-per-view.
Formula 1 Miami Grand Prix
The Formula 1 Miami Grand Prix commenced on May 2 at the Miami International Autodrome, scheduled to run through May 4. Notable drivers, including Max Verstappen, Lando Norris, and Oscar Piastri, participated in the event. The main race was set for May 4 at 4 p.m. EST, with coverage provided by ESPN and ABC networks.