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By Lauren Schwahn, NerdWallet

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President Donald Trump’s “one big, beautiful bill” is launching a new way to save for children’s futures: the “Trump Account.” This investment account gives kids who meet certain requirements $1,000 courtesy of the federal government.

But a Trump Account may not be a superior replacement for existing investment tools just yet.

What is a Trump Account?

Formerly called “Money Accounts for Growth and Advancement,” or “MAGA accounts,” the Trump Account is a special trust designed to give children a head start financially. Money contributed to these accounts gets invested in the stock market.

The Trump Accounts Contribution Pilot Program starts eligible kids off with a one-time $1,000 credit. The money comes from the Department of the Treasury. read more

By STAN CHOE, AP Business Writer

NEW YORK (AP) — President Donald Trump sent the U.S. stock market on a jagged round trip Wednesday after saying he had “talked about the concept of firing” the head of the Federal Reserve. Such a move could help Wall Street get the lower interest rates it loves but would also risk a weakened Fed unable to make the unpopular moves needed to keep inflation under control.

The S&P 500 rose 0.3% after whipping through an earlier drop and subsequent recovery.

The Dow Jones Industrial Average gained 231 points, or 0.5%, and the Nasdaq composite added 0.3% to its record set the day before.

Stocks had been rising modestly in the morning, before news reports saying that Trump was likely to fire Fed Chair Jerome Powell quickly sent the S&P 500 down by 0.7%.

When later asked directly if he was planning to fire Powell, Trump said, “I don’t rule out anything, but I think it’s highly unlikely.” That helped calm the market, and stocks erased their losses, though Trump added that he could still fire Powell if “he has to leave for fraud.” Trump has been criticizing a $2.5 billion renovation project underway of the Fed’s headquarters. read more

By PAUL WISEMAN, AP Economics Writer

WASHINGTON (AP) — U.S. wholesale inflation cooled last month, despite worries that President Donald Trump’s tariffs would push prices higher for goods before they reach consumers.

The Labor Department reported Wednesday that its producer price index was unchanged last month from May after rising 0.3% the previous month. June wholesale prices rose 2.3% from a year earlier, the smallest year-over-year gain since September. Both measures came in below what economists had expected.

Excluding volatile food and energy prices, so called core producer prices were also unchanged from May and up 2.6% from June 2024.

The report on wholesale inflation arrived a day after the Labor Department reported that consumer prices last month rose 2.7% from June 2024, the biggest year-over-year gain since February, as Trump’s sweeping tariffs pushed up the cost of everything from groceries to appliances.

Consumer prices and producers prices do not always move in tandem, however. read more

By ELAINE KURTENBACH and WYATTE GRANTHAM-PHILIPS, Associated Press

BANGKOK (AP) — Nvidia’s CEO Jensen Huang says the technology giant has won approval from the Trump administration to sell its advanced H20 computer chips used to develop artificial intelligence to China.

The news came in a company blog post late Monday, which stated that the U.S. government had “assured” Nvidia that licenses would be granted — and that the company “hopes to start deliveries soon.” Shares of the California-based chipmaker were up over 4% by midday Tuesday.

Huang also spoke about the coup on China’s state-run CGTN television network, in remarks shown on X.

“Today, I’m announcing that the U.S. government has approved for us filing licenses to start shipping H20s,” Huang told reporters in Beijing.

He added that half of the world’s AI researchers are in China. “It’s so innovative and dynamic here in China that it’s really important that American companies are able to compete and serve the market here,” he said. read more

By CLAIRE SAVAGE, Associated Press

The federal agency responsible for enforcing laws against workplace discrimination will allow some complaints filed by transgender workers to move forward, shifting course from earlier guidance that indefinitely stalled all such cases, according to an email obtained by The Associated Press.

The email was sent earlier this month to leaders of the U.S. Equal Employment Opportunity Commission with the subject line “Hot Topics,” in which Thomas Colclough, director of the agency’s Office of Field Programs, announced that if new transgender worker complaints involve “hiring, discharge or promotion, you are clear to continue processing these charges.”

But even those cases will still be subject to higher scrutiny than other types of workplace discrimination cases, requiring approval from President Donald Trump’s appointed acting agency head Andrea Lucas, who has said that one of her priorities would be “defending the biological and binary reality of sex and related rights.” read more