Presidential debate live updates: DJT stock price surges before Trump and Harris showdown

As the election ramps up, many investors are focused on capital gains taxes and how proposals from both parties could impact their assets.  

Democratic presidential nominee Vice President Kamala Harris last week proposed a 28% tax on long-term capital gains, or profits from the sale of assets owned for more than one year, for those making more than $1 million annually. The plan would raise the top rate from 20%.

Read the full story here.

— Kate Dore

National Security Council spokesman John Kirby says it was “dangerous” for Republican vice presidential nominee Vance to share a false conspiracy theory that Haitian immigrants were stealing and eating other people’s pets.

“What’s deeply concerning to us is you’ve got now elected officials in the Republican Party pushing, you know, yet another conspiracy theory that’s just seeking to divide people based on lies, and, let’s be honest, based on an element of racism,” Kirby tells reporters.

Vance is partially walking back his claims after local police denied the unfounded rumors about immigrants in Springfield, Ohio.

“In the last several weeks, my office has received many inquiries from actual residents of Springfield who’ve said their neighbors’ pets or local wildlife were abducted by Haitian migrants.”

“It’s possible, of course, that all of these rumors will turn out to be false,” Vance says.

Read the full story here.

— Josephine Rozzelle

Harris’ running mate Walz said she will benefit from the fact that Trump has done so many general elections debates that the Democratic nominee will know what to expect from him.

“Let’s just all be very clear — this is the most qualified person who’s ready to do the job,” the Minnesota governor said of Harris.

“Tonight, we’ll get an opportunity to see that,” Walz said. “Now, look, Donald Trump’s a showman, this is his seventh general election debate. No one in modern times has done more of these.”

“The good news is that this is his seventh debate, and we know exactly what to expect.”

— Dan Mangan

Former Republican Rep. Liz Cheney tore into Trump’s running mate Vance, for suggesting he would have had states submit pro-Trump “alternative” electors, rather than automatically certifying the results of the 2020 presidential election.

“Let’s be clear: This is illegal and unconstitutional,” Cheney wrote on social media platform X in reply to Vance’s remarks on the “All-In Podcast” published Monday. “The Vice President has no constitutional authority to tell states to submit alternative slates of electors because his candidate lost.”

“That is tyranny,” wrote Cheney, who said Friday that both she and her father, former Vice President Dick Cheney, would vote for Harris.

“Trump picked JD Vance because Vance will do whatever Trump wants, including violating the Constitution. They are both far too dangerous to serve. It’s our duty to stop them,” Cheney wrote.

The former congresswoman from Wyoming became Trump’s most vocal conservative critic after his many attempts to overturn his loss to Biden culminated in the Jan. 6, 2021, Capitol riot.

Vance has previously made similar suggestions about how he would have handled the certification process versus then-Vice President Mike Pence, who concluded that the Constitution provides no basis for him to challenge the electoral results.

— Kevin Breuninger

Shares of Trump Media, the social media company majority owned by Trump, surged more than 10% in intraday trading ahead of the debate.

The positive turn for the Truth Social owner comes amid a weekslong slump that saw the company’s stock crater as much as 75% from its peak in late March.

Trump Media trades on the Nasdaq as DJT, and it is widely seen as a meme stock and a barometer for Trump’s political fortunes. Tuesday’s gains could point to optimism among Trump Media shareholders that the debate will go well for him.

Despite posting multimillion-dollar losses and scant revenue, Trump Media still boasts a market capitalization of nearly $4 billion, making Trump’s nearly 59% stake in the company worth about $2.3 billion at Tuesday’s intraday price.

Trump and other company insiders will soon be free to start selling their shares. But if they do, they may tank investor confidence and drive down the company’s value.

Legendary duo The White Stripes sued Trump and his presidential campaign for the alleged “flagrant misappropriation” of the band’s stadium-rock anthem, “Seven Nation Army.”

The civil lawsuit in New York federal court was filed Monday after Trump’s social media accounts posted videos of the Republican boarding a plane, backed by the hit song’s iconic guitar riff.

The videos used the musical snippet to burnish Trump’s public image “and generate financial and other support for his campaign and candidacy on the backs of Plaintiffs” without seeking their permission, read the lawsuit from Jack White and Meg White.

Trump should have known they would not authorize him to use the song, since they had previously publicly denounced him when a pro-Trump campaign video used the same song during the 2016 election.

The latest video has created a new association that is “even more offensive,” the band alleges, because they “vehemently oppose the policies adopted and actions taken by Defendant Trump when he was President and those he has proposed for the second term he seeks.”

They accuse Trump of copyright infringement, and ask that he be held liable for “significant monetary damages, attorney’s fees, and costs.”

The Trump campaign did not immediately respond to CNBC’s request for comment.

Many other artists have demanded that Trump stop using their music.

— Kevin Breuninger

It won’t just be Harris bashing Trump in Philadelphia.

Her campaign is bringing two former Trump administration officials to the debate to warn voters about what they see as the grave threat posed by the Republican nominee, NBC News reported.

Anthony Scaramucci briefly served as Trump’s communications director. Olivia Troye is a former top aide to then-Vice President Mike Pence, who also served on Trump’s Covid-19 task force.

Both Scaramucci and Troye will speak to the press as Harris surrogates on Tuesday night.

Both former officials have long been vocal critics of Trump. Troye also spoke during the Democratic National Convention.

The Harris campaign is simultaneously airing a new ad on Fox News that features several other former Trump officials — including Pence, former Defense Secretary Mark Esper, former national security advisor John Bolton and former Joint Chiefs of Staff Chairman Gen. Mark Milley — criticizing him.

“Listen, don’t take it from us: Take it from the ones who know Donald Trump the best and who are telling the American people exactly how unfit Trump is to serve as president,” Harris campaign spokesman Michael Tyler said in a statement.

Trump will not see Scaramucci and Troye during the debate, which will take place without a live audience.

When Harris and Trump take the debate stage tonight, expect an onslaught of talking points about the U.S. economy.

Both Harris and Trump have been rolling out new economic proposals and sharpening their policy platforms so that they have ample ammunition for tonight’s faceoff.

As the candidates ready their attack lines, CNBC has a list of the key data about U.S. inflation, jobs, wages, deficits, GDP and more, that are likely to be raised, and fought over, later tonight.

Read the full Trump-Harris economic cheat sheet here.

— Rebecca Picciotto

The Harris-Walz campaign is debuting new billboards across Philadelphia ahead of tonight’s debate in the city.

The billboard mocks Trump and his rally crowd sizes with a nod to the beloved local convenience store chain Wawa.

— Ece Yildirim

The Harris campaign released a new ad this morning featuring clips of former President Barack Obama’s speech at the Democratic National Convention in August.

“Here’s a 78-year-old billionaire who has not stopped whining about his problems,” Obama says in the 30-second spot, which uses one of the most viral moments from his speech.

Among other issues, Obama drags Trump for what he says is the former president’s “weird obsession with crowd sizes.”

The Harris campaign says the ad, which is called “Crowd Size,” is airing nationally, including on Fox News and in the West Palm Beach local media market.

While Florida is not a Democratic target this November, running the ads in Trump’s backyard appears to be an attempt by the Harris campaign to provoke the former president, who watches the network on TV at his Mar-a-Lago resort.

— Josephine Rozzelle

Kentucky Republican Sen. Rand Paul says he supports Trump but that his concerns about the federal deficit have tempered his enthusiasm for the GOP presidential nominee.

“I think there’s no question that Donald Trump is better than Kamala Harris,” Paul said on CNBC’s “Squawk Box.”

“But as far as my enthusiasm, I’m a deficit hawk,” Paul added. “The Trump administration added $8 trillion. The Biden administration is going to add $8 trillion.”

Trump approved $8.8 trillion of new borrowing during his administration, but cancelled out some of it with $443 billion of deficit reduction measures, according to a report by the nonpartisan Committee for a Responsible Federal Budget.

The net total $8.4 trillion of Trump spending included roughly $3.6 trillion for Covid-19 pandemic relief and stimulus packages.

Meanwhile, Biden approved $6.2 trillion of new borrowing in his first three years and five months in office, balanced out with $1.9 trillion of deficit reduction, per the CRFB.

— Rebecca Picciotto

As his running mate counts down the hours until her debate with Trump, Tim Walz will continue campaigning in key battleground states today.

The Minnesota governor is set to speak at campaign events in Las Vegas and Phoenix on Tuesday. His last event in Pheonix is schedule to begin at 8:30 p.m. ET, a half hour before the highly anticipated debate begins.

— Josephine Rozzelle

Nearly three-quarters of American voters say they will watch the debate tonight, according to the latest poll by NPR, PBS News and Marist.

The debate between Trump and Biden earlier in June drew 51.3 million viewers, down from the record 73.1 million viewers who tuned in to watch the first debate between them in September 2020. That was the third-most watched debate ever, according to Statista.

— Ece Yildirim

Police in Springfield, Ohio, deny JD Vance‘s claim in a post on social media site X that people in the city have had their “pets abducted and eaten by people who shouldn’t be in this country.”

“There have been no credible reports or specific claims of pets being harmed, injured or abused by individuals within the immigrant community,” the Springfield Police Department said in a statement. The police also denied that immigrants in the city had been squatting, littering or disrupting traffic.

The Vance campaign has responded with a statement of its own, saying the Ohio senator has received “a high volume of calls and emails” about an influx of Haitian immigrants in the city.

The campaign does not mention anything about pets being stolen and eaten.

— Josephine Rozzelle

Similar to the June presidential debate between Trump and Joe Biden, candidates’ microphones will be muted when they are not speaking tonight, according to rules released by ABC News.

The debate will last 90 minutes with two commercial breaks, during which time Trump and Harris cannot interact with members of their staff. There is no live audience.

The nominees will have two minutes to answer each question, two minutes for rebuttal and an extra minute for follow-ups, clarifications or responses.

Trump won the coin toss and has chosen the last word. Harris has chosen to be on the right side of viewers’ screens tonight. Neither of them will give an opening statement.

— Josephine Rozzelle

Jessica Leeds, who has previously testified that Donald Trump sexually assaulted her on an airplane in the late 1970s, calls him “a sexual predator” who does not understand the “psychological damage” done to women victimized in that way.

“We cannot let this person back in the White House,” Leeds, 82, said at a press conference outside of Trump Tower in Manhattan on Monday afternoon. 

Leeds spoke days after Trump lashed out at her in connection with her testimony at his trial last year for a sexual abuse and defamation lawsuit by writer E. Jean Carroll, who accused him of raping her in a New York department store in the 1990s.

Trump called Leeds’ allegation that he groped her on a flight a “totally made up story,” and said she “would not have been the chosen one.”

On Monday, Leeds said, “He assaulted me 50 years ago and continues to assault me today.”

Asked if she would sue Trump for his comments about her while denying her allegation, Leeds said, “We’re considering a number of options because of his latest remarks, but no decision has been made at this time.”

Carroll has sued Trump twice, and has been awarded more than $88 million in damages for defamation and sexual abuse.

— Dan Mangan

Vice President Kamala Harris’ ally Commerce Secretary Gina Raimondo says the debate could turn into a battle over Trump’s proposed tariff policies.

“If I were a businessperson and I heard a 20% tariff on every import, and I watched [Trump] be so erratic and unpredictable — I think that’s scary,” Raimondo said on CNBC’s “Squawk Box.“

“Every businessperson deserves predictability,” she added. Trump has proposed tariffs from 10% to 20% on imports from U.S. trading partners.

Harris’ team has said she would “employ targeted and strategic tariffs to support American workers, strengthen our economy and hold our adversaries accountable.”

— Brian Schwartz

The presidential debate will be hosted by ABC News in collaboration with local affiliate WPVI-TV/6ABC.

It will air live beginning at 9 p.m. ET on ABC, and the broadcaster will be live streaming the debate on ABC News Live, Disney+ and Hulu. It will also be available on the ABC app and website, abc.com.

Other major broadcasters will simulcast the debate, including NBC, CNN, CBS and Fox News.

— Ece Yildirim