NEW YORK (AP) — U.S. stock indexes inched their way to more records on Monday to kick off a week full of profit updates from big U.S. companies.
The S&P 500 rose 0.1% and squeaked past its prior all-time high set on Thursday. The Dow Jones Industrial Average edged down by 19 points, or less than 0.1%, and the Nasdaq composite added 0.4% to its own record.
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Trader Vincent Napolitano works on the floor of the New York Stock Exchange, Friday, July 18, 2025. (AP Photo/Richard Drew)
Traders William Lawrence, second left, and Patrick Casey, third left, work on the floor of the New York Stock Exchange, Friday, July 18, 2025. (AP Photo/Richard Drew)
Shigeru Ishiba, Japan's Prime Minister and president of the ruling Liberal Democratic Party (LDP) meets the media at the LDP headquarters in Tokyo, Sunday, July 20, 2025. (Franck Robichon, Pool Photo via AP)
A currency trader reacts near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, July 21, 2025. (AP Photo/Ahn Young-joon)
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, right, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, July 21, 2025. (AP Photo/Ahn Young-joon)
A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, July 21, 2025. (AP Photo/Ahn Young-joon)
Verizon Communications helped lead the way and rose 4%. The telecom giant reported a stronger profit for the latest quarter than analysts expected, along with higher revenue than forecast. Following the better-than-expected performance, Verizon raised its forecasts for profit and other financial measures for the full year.
That helped offset a 5.4% drop for Sarepta Therapeutics, which continued to fall after the Food and Drug Administration said on Friday that it asked the company to voluntarily stop all shipments of Elevidys, its gene therapy for Duchenne muscular dystrophy, due to safety concerns.
Block, Jack Dorsey’s company behind Square, Cash App and other tech brands climbed 7.6% in its first trading after learning it will join the widely followed and imitated S&P 500 index. It will take the place of Hess, which Chevron bought, before trading begins on Wednesday.
Cleveland-Cliffs rallied 12.4% after the steel producer reported a smaller loss for the spring than analysts expected. It shipped a record 4.3 million net tons of steel during the quarter, and CEO Lourenco Goncalves said the company has begun to see “the positive impact that tariffs have on domestic manufacturing” and other things.
It’s a major supplier to the auto industry, and President Donald Trump’s tariffs steer companies hoping to sell cars in the United States toward steel made in the country.
Other U.S. companies, though, are navigating the downsides and complications of tariffs, which raise prices on all kinds of things imported to the United States. That includes General Motors, which will report its latest profit results later this week, along with such market heavyweights as Alphabet, Coca-Cola and Tesla.
Many of Trump’s stiff proposed tariffs are currently on pause after Trump extended the deadline for talks with other countries in order to give more time to reach potential trade deals that could lower the tax rates. The next big deadline, at least for now, is Aug. 1.
It’s still early days in this earnings reporting season, but most big U.S. companies have been topping analysts’ expectations, as is usually the case.
Some encouraging undertones may already be emerging. An upward inflection in demand for travel that United Airlines said it’s seen recently, combined with better-than-expected data on U.S. retail sales, may indicate that U.S. consumers remain in decent health, Bank of America strategist Savita Subramanian said in a BofA Global Research report. That could offer a strong source of support for the economy.
Companies will need to keep delivering solid profit growth to tamp down criticism that the U.S. stock market may be looking expensive again after prices reached records despite potential worries about tariffs and the economy.
All told, the S&P 500 rose 8.81 points to 6,305.60. The Dow Jones Industrial Average slipped 19.12 to 44,323.07, and the Nasdaq composite rose 78.52 to 20,974.17.
In the bond market, Treasury yields eased. The yield on the 10-year Treasury fell to 4.38% from 4.44% late Friday.
In stock markets abroad, indexes were mixed in Europe after finishing modestly higher in much of Asia.
Markets were closed for a holiday in Japan, where the ruling Liberal Democrats lost their coalition majorities in both houses of parliament for the first time since 1955 following Sunday’s upper house election and the loss of their lower house majority in October.
A grim Prime Minister Shigeru Ishiba has vowed to stay on after the drubbing by voters frustrated over rising prices and political instability. Analysts said they expect his weakened government to crank up spending, adding to Japan’s huge debt burden.
AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
Trader Vincent Napolitano works on the floor of the New York Stock Exchange, Friday, July 18, 2025. (AP Photo/Richard Drew)
Traders William Lawrence, second left, and Patrick Casey, third left, work on the floor of the New York Stock Exchange, Friday, July 18, 2025. (AP Photo/Richard Drew)
Shigeru Ishiba, Japan's Prime Minister and president of the ruling Liberal Democratic Party (LDP) meets the media at the LDP headquarters in Tokyo, Sunday, July 20, 2025. (Franck Robichon, Pool Photo via AP)
A currency trader reacts near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, July 21, 2025. (AP Photo/Ahn Young-joon)
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, right, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, July 21, 2025. (AP Photo/Ahn Young-joon)
A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, July 21, 2025. (AP Photo/Ahn Young-joon)
MINNEAPOLIS (AP) — President Donald Trump on Thursday threatened to invoke an 1807 law and deploy troops to quell persistent protests against the federal officers sent to Minneapolis to enforce his administration's massive immigration crackdown.
The threat comes a day after a man was shot and wounded by an immigration officer who had been attacked with a shovel and broom handle. That shooting further heightened the fear and anger that has radiated across the city since an Immigration and Customs Enforcement agent fatally shot Renee Good in the head.
Trump has repeatedly threatened to invoke the Insurrection Act, a rarely used federal law, to deploy the U.S. military or federalize the National Guard for domestic law enforcement, over the objections of state governors. In 2020, for example, he threatened to use the act to quell protests after George Floyd was killed by Minneapolis police, and in recent months he threatened to use it for immigration protests.
“If the corrupt politicians of Minnesota don’t obey the law and stop the professional agitators and insurrectionists from attacking the Patriots of I.C.E., who are only trying to do their job, I will institute the INSURRECTION ACT, which many Presidents have done before me, and quickly put an end to the travesty that is taking place in that once great State,” Trump said in social media post.
Presidents have invoked the law more than two dozen times, most recently in 1992 by President George H.W. Bush to end unrest in Los Angeles. In that instance, local authorities had asked for the assistance.
“I’m making a direct appeal to the President: Let’s turn the temperature down. Stop this campaign of retribution. This is not who we are,” Gov. Tim Walz, a Democrat, said on X.
Minnesota Attorney General Keith Ellison said he would challenge any such action in court. He's already suing to try to stop the surge by the Department of Homeland Security, which says officers have arrested more than 2,500 people since Nov. 29 as part of an immigration operation in the Twin Cities called Metro Surge.
The operation grew when ICE sent 2,000 officers and agents to the area early in January. ICE is a DHS agency.
In Minneapolis, smoke filled the streets Wednesday night near the site of the latest shooting as federal officers wearing gas masks and helmets fired tear gas into a small crowd. Protesters responded by throwing rocks and shooting fireworks.
Demonstrations have become common in Minneapolis since Good was fatally shot on Jan. 7. Agents who have yanked people from their cars and homes have been confronted by angry bystanders demanding they leave.
“This is an impossible situation that our city is presently being put in and at the same time we are trying to find a way forward to keep people safe,” Minneapolis Mayor Jacob Frey said.
The American Civil Liberties Union of Minnesota filed a class-action lawsuit on behalf of three people who said they were questioned or detained in recent days. The lawsuit says two are Somali and one is Hispanic; all three are U.S. citizens. The lawsuit seeks an end to what the ACLU describes as a practice of racial profiling and warrantless arrests. The government did not immediately comment.
Similar lawsuits have been filed in Los Angeles and Chicago and despite seeing initial success, have tended to fizzle in the face of appeal. In Chicago, for example, last year a judge ordered a senior U.S. Border Patrol official to brief her nightly following a lawsuit by news outlets and protesters who said agents used too much force during demonstrations. But three days later, an appeals court stopped the updates.
Homeland Security said in a statement that federal law enforcement officers on Wednesday stopped a driver from Venezuela who is in the U.S. illegally. The person drove off then crashed into a parked car before fleeing on foot, DHS said.
Officers caught up, then two other people arrived and the three started attacking the officer, according to DHS.
“Fearing for his life and safety as he was being ambushed by three individuals, the officer fired a defensive shot to defend his life,” DHS said. The confrontation took place about 4.5 miles (7.2 kilometers) from where Good was killed.
Police chief Brian O’Hara said the man who was shot did not have a life-threatening injury. O’Hara's account of what happened largely echoed that of Homeland Security, which later said the other two men were also in the U.S. illegally from Venezuela.
The FBI said several government vehicles were damaged and property inside was stolen when agents responded to the shooting. Photos show broken windows and insults made with paint. A reward of up to $100,000 is being offered for information. The FBI’s Minneapolis office did not immediately reply to messages seeking more details.
St. Paul Public Schools, with more than 30,000 students, said it would begin offering an online learning option for students who do not feel comfortable coming to school. Schools will be closed next week until Thursday to prepare for those accommodations.
Minneapolis Public Schools, which has a similar enrollment, is also offering temporary remote learning. The University of Minnesota will start a new term next week with different options depending on the class.
Madhani reported from Washington, D.C. and Golden reported from Seattle. Associated Press reporters Sophia Tareen in Chicago; Bill Barrow in Atlanta; Rebecca Santana in Washington; and Ed White in Detroit contributed.
Federal immigration officers confront protesters outside Bishop Henry Whipple Federal Building, Thursday, Jan. 15, 2026, in Minneapolis. (AP Photo/John Locher)
Law enforcement officers at the scene of a reported shooting Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/Adam Gray)
A woman covers her face from tear gas as federal immigration officers confront protesters outside Bishop Henry Whipple Federal Building, Thursday, Jan. 15, 2026, in Minneapolis. (AP Photo/Adam Gray)
A protester throws back a tear gas canister during a protest after a shooting on Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/John Locher)
Federal immigration officers confront protesters outside Bishop Henry Whipple Federal Building, Thursday, Jan. 15, 2026, in Minneapolis. (AP Photo/Adam Gray)
Minneapolis City Council Member Jason Chavez, second from left, blows a whistle with other activists to warn people of federal immigration officers Thursday, Jan. 15, 2026, in Minneapolis. (AP Photo/John Locher)
Tear gas surrounds federal law enforcement officers as they leave a scene after a shooting on Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/John Locher)
A child and family are escorted away after federal law enforcement deployed tear gas in a neighborhood during protests on Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/Adam Gray)
A protester holds an umbrella as sparks fly from a flash bang deployed by law enforcement on Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/Adam Gray)
Monica Travis shares an embrace while visiting a makeshift memorial for Renee Good, who was fatally shot by an ICE officer last week, Monday, Jan. 12, 2026, in Minneapolis. (AP Photo/John Locher)
A protester yells in front of law enforcement after a shooting on Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/John Locher)
Tear gas surrounds federal law enforcement officers as they leave a scene after a shooting on Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/John Locher)
Protesters shout at law enforcement officers after a shooting on Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/Abbie Parr)
Law enforcement officers stand amid tear gas at the scene of a reported shooting Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/Adam Gray)
