Strong first-quarter earnings across corporate America are reinforcing the case for maintaining exposure to U.S. large-cap equities, according to a recent investor note from Citi.
The firm said S&P 500 (SP500) companies delivered 27% year-over-year earnings growth during the quarter, significantly
Reporting from Columbus, Ohio — Donald Trump romped to victory Tuesday in Florida, chasing Marco Rubio from the race, but Ohio Gov. John Kasich won his home state, raising hopes for those seeking to stop Trump and settle the presidential contest on the floor of the Republican National Convention.
Trump also won North Carolina and Illinois and was locked in a close fight with Sen. Ted Cruz in Missouri.
“I’m getting ready to rent a covered wagon, we’re going to have a big sail and have the wind blow us to the Rocky Mountains and over the mountains to California,” Kasich said at a jubilant rally outside Cleveland.
That is just the sort of extended nominating fight the GOP establishment sought to avoid by stacking the political calendar with big early contests, capped by Tuesday night’s winner-take-all primaries in Florida and Ohio. California votes on June 7, near the close of the primary season.
Now, many of those same party types see an inconclusive nominating contest as the best and perhaps only chance of thwarting Trump, even if it threatens to shred the GOP in the process.
The setback in Ohio, where Trump campaigned hard, was his most disappointing performance since he finished second to Cruz in February’s Iowa caucuses.
His unhappiness was evident as he addressed reporters at his posh Mar-a-Lago private club in Palm Beach, Fla., and complained about the miseries of running for president.
“Lies, deceit, viciousness. Disgusting reporters. Horrible people,” the Manhattan businessman and reality TV star said. “Some are nice.”
Cruz, speaking with 99% of the Missouri votes counted, once more insisted he was the only candidate who could defeat Trump.
“Starting tomorrow morning, every Republican has a clear choice. Only two campaigns have a plausible path to the nomination — ours and Donald Trump’s,” the Texas senator told supporters in Houston. “Nobody else has any mathematical possibility whatsoever. Only one campaign has beaten Donald Trump over and over again.”
With Trump’s unmatched string of victories, no other candidate is nearly as well positioned to win the nomination ahead of the July convention in Cleveland. He padded his overall delegate lead with Tuesday’s victories, putting him ahead of Cruz and Kasich, who had not won a state before Ohio.
But there were signs Tuesday that not just the establishment but rank-and-file Republicans have yet to rally around the party’s polarizing front-runner.
Nearly 3 in 10 Republican voters across the five states said they would not vote for Trump if he wins the party’s nomination, according to exit poll interviews. Four in 10 said they would consider voting for a third-party candidate if the choice came down to Trump or the Democratic front-runner, Hillary Clinton.
Defections of that magnitude could badly undermine Trump in the general election, and that prospect will probably be stressed by his opponents going forward into next week’s contests in Arizona and Utah.
Rubio spoke to the controversy surrounding the GOP front-runner as he departed the race.
In a Miami concession speech delivered less than half an hour after the polls closed in Florida, the freshman senator congratulated Trump, wagging a finger and shushing members of the audience who booed his kind words.
Ohio Gov. John Kasich votes Tuesday in Westerville, Ohio.
(Matt Rourke / Associated Press)
Rubio then devoted the bulk of his lengthy remarks to warn against succumbing to the anger and frustration that have fueled Trump’s improbable rise.
“The politics of resentment against other people will not just leave us a fractured party,” Rubio said, as disconsolate family members stood by onstage. “They’re going to leave us a fractured nation” where people hate each other for their political views.
“Do not give in to the fear,” Rubio said. “Do not give in to the frustration.”
The son of Cuban immigrants and, at age 44, the youngest candidate in the field, Rubio was seen as one of the GOP’s rising stars, with a capacity to broaden the party’s support among millennial voters and the nation’s fast-growing Latino population.
But he failed to win more than a few contests and was never seriously competitive in his home state. Trump captured 99 delegates in Florida’s winner take-all-primary, more than a quarter of those at stake in Tuesday’s balloting.
The victory in winner-take-all Ohio gave Kasich 66 delegates, more than doubling his total but still leaving him well behind Trump. His goal is to build momentum with a series of wins positioning him as the strongest candidate heading into the Cleveland convention even if, as seems inevitable, Kasich is shy of the 1,237 delegates needed to win the nomination outright.
Pennsylvania, where Kasich was born, is the next big target on April 26.
The results Tuesday followed one of the oddest, most contentious weeks in a campaign that has been filled with strange and surreal moments.
The precipitating event was a racially charged near-riot at a Trump rally Friday night in Chicago, which was canceled out of security concerns.
Trump’s opponents quickly seized on the moment and the violent imagery that played around the world to once more challenge his temperament and fitness to be president. They accused him of fomenting the unrest through belligerent remarks that seemed to egg on his audiences into physically confronting dissenters.
Trump denied any responsibility, blaming the violence on what he called professional agitators linked to Democratic hopeful Bernie Sanders. He said the protesters provoked his supporters and were stifling their rights to free speech and assembly.
“I don’t condone violence,” Trump said repeatedly, though he sympathized with backers who chose to “be effective” with protesters in the audience. (Previously he used more pugilistic language.)
Trump said he might even pay the legal fees for a supporter who sucker-punched a demonstrator at a North Carolina rally, drawing widespread condemnation. He won the state anyway.
Indeed, for weeks increasingly desperate Republican opponents have mounted an effort to stop Trump, to seemingly little effect.
More than $10 million in negative ads blazed across the Florida airwaves in just the last week alone, attacking Trump for his ethics, the failings of his business empire and his all-over-the-map political ideology.
Those meant nothing to Mark Owens, who stepped into the Miami Beach sunshine Tuesday and lighted a cigar after casting a ballot for the political neophyte.
“We’ve trusted politicians for 200 years to run our country,” Owens said. “It’s time to give someone else a shot.”
With polls suggesting Florida was firmly in Trump’s grasp, much of the campaign focused on Ohio, another traditional fall battleground.
Trump laid on extra events, including an election-eve rally outside Youngstown in place of a planned Florida appearance, and he turned his attention to attacking Kasich after long ignoring the Ohio governor.
He assailed him for his support as a congressman for the North American Free Trade Agreement, a pact with Canada and Mexico that, Trump said, devastated the state’s economy. He also laid on personal insults in a bid to snatch a victory in Kasich’s home state and clear the governor from the race.
Kasich, whose strategy centered on staying above the salvos flying among other candidates, accused Trump of creating a “toxic” political atmosphere and, wrapping himself in the establishment mantle, spent Monday stumping alongside Mitt Romney, the party’s 2012 nominee.
With Kasich suddenly a factor in the GOP contest, the skirmishing here in Ohio seems a likely preview of what is to come.
While he pledged to take the high road at his victory party Tuesday night, Kasich sent a different message speaking to reporters earlier in the day.
He said, “I will be … forced going forward to talk about some of the deep concerns I have about the way this campaign has been run by some others — by one other in particular.”
As Russia held its most scaled-back Victory Day parade in years with Vladimir Putin suggesting the war on Ukraine is ‘coming to an end’, Theresa Fallon argues Volodymyr Zelenskyy has played a bad hand of cards very well in order to gain momentum against Moscow.
Xavier Becerra, a former cabinet secretary in President Biden’s administration, appears to be surging in the curiously unsettled California governor’s race.
Until recently, the former U.S. Health and Human Services secretary had been mired in the single digits in polling to replace termed-out Gov. Gavin Newsom and lead the nation’s most populous state.
But after former Rep. Eric Swalwell, (D-Dublin) dropped out of the race earlier this month amid accusations ofsexual assault and other misconduct Becerra has seen a boost in polls, fundraising and endorsements.
On Tuesday, Assembly Speaker Robert Rivas endorsed Becerra alongside 14 Democratic members of the legislative body.
Arguing that Californians are under constant threat from President Trump’s policies, Rivas cited Becerra’s decades-long record in public office, including defending Obamacare and young immigrants, or dreamers, to argue that Becerra is best positioned to lead the state.
“There’s no time to learn on the job — we need a governor who’s ready to fight back on day one,” Rivas said in a statement, noting that Becerra sued the Trump administration 122 times while he was California’s attorney general. “We have a strong Democratic field for governor. But right now, we need someone ready on day one. Xavier Becerra is that leader.”
Becerra said he was honored to receive the legislators’ backing.
“I look forward to working with the Speaker and legislators on Day One to tackle the problems Californians care about most — from the skyrocketing cost of groceries and housing to our unyielding fight against the Trump Administration’s disastrous policies,” he said in a prepared statement. “Californians need an experienced and trusted leader who doesn’t need on-the-job training.”
Despite Becerra’s long tenure in state and federal office, the unflashy politician is not well-known among California voters. He was among the underdogs in the 2026 gubernatorial race. Swalwell, by contrast, was among the leading Democratic candidates.
Amy Thoma, a former Republican strategist who is no longer affiliated with a political party, noted that Becerra’s surge comes at a critical moment in the election, shortly before ballots land in Californians’ mailboxes.
“Voters are starting to tune into the race. Yes, they want someone who will stand up to Trump, but it also seems they want someone with experience who can address the very real issues facing the state,” Thoma said.
She added that Becerra’s life story is “incredibly compelling.”
“The word authentic is overused, but every time he talks about his love for this state, for his family and wanting to make California work for everyone, it comes across incredibly sincere,” Thoma said. “Voters can see through candidates who fake it.”
Becerra was respected by colleagues across the aisle, including former GOP legislative leader and state Republican party chairman Jim Brulte. Both men were elected to the state Assembly in 1990 and though their politics often sharply differed. However, they had a warm relationship.
“He was progressive and I am a conservative,” Brulte said. “We never agreed much on policy, but he is a good man with a great heart.”
The 2026 governor’s race has been unlike any in recent memory, with no clear front-runner in a crowded field of candidates and voters just beginning to pay attention to the contest shortly before the June 2 primary.
There were two prominent Republicans and eight prominent Democrats in the race, leading to fears among Democratic leaders in the state that their party’s candidates could be shut out of the governor’s race in the general election because of California’s unique primary system. The two candidates who win the most votes in the June 2 primary will move onto the November general election, regardless of party affiliation.
Democratic leaders remain concerned that despite California’s sapphire-blue tilt, the number of their party’s candidates in the race could lead to a splintering of Democratic voters that results in two Republicans advancing to the November ballot.
Six prominent Democrats remain in the race, after Swalwell and former state Controller Betty Yee dropped out.
The race — lacking a global superstar such as Arnold Schwarzenegger or the scion of a storied political family and former governor like Jerry Brown — is ephemeral. Anything can happen before the June 2 primary.
But Becerra is having a moment. In addition to the new endorsements, he has seen notable movement in polls, most recently in a survey released Monday by the state Democratic party. Becerra jumped nine points from the party’s last poll, tying with billionaire Tom Steyer at 13%.
While Becerra will never be able to match Steyer’s deep pockets, he raised more than $1 million on ActBlue, the top Democratic fundraising platform, in the week ending on April 18, making him the biggest fundraiser on the site in the nation.
“Ninety-seven percent were first-time donors,” Becerra’s campaign said in a statement. “This is not a donor base being recycled. It is a movement being born.”