Another round of proposed tariffs, another market meltdown. That seemed to be the theme of the day...and the week.
On Friday, the Dow Industrials, the S&P 500, and the Nasdaq all fell by more than two percent, capping off another down week.
The latest declines came on the heels of President Trump saying he’s considering tariffs on an additional $100 billion worth of Chinese goods as a response to that country’s “unfair retaliation” to his initial tax proposal.
Comments from Secretary of Treasury Steve Mnuchin acknowledging the possibility of a trade war suggested that, this time, there may be real consequences to Trump’s proposal.
“This runs the risk of overplaying his hand,” said Clayton Allen, Vice President, Special Situations at Height Capital Management.
“This is a fear that’s possibly driven more by the concept of the worst possible outcome rather than by the realistic expectation of where this goes over the next three months.”
Another factor that pressured markets was the March jobs report, which showed the U.S. economy far fewer jobs last month than expected.
And if a trade war between the U.S. and China were to escalate, more jobs could be on the line, said Allen.
“Companies in the U.S. that...build things out of components shipped from China would...have a less competitive advantage if the price of those shipments goes up.”
The European Union is investigating Elon Musk's X over alleged illicit content and disinformation on its platform. Cheddar News breaks it all down and discusses what it could mean for users.
Adobe and Figma called off their $20 million merger, Southwest Airlines gets fined, Nippon Steel is buying U.S. Steel and oil and gas prices surge after a pause in shipments.
With more employees being called back to the office, many workers are suddenly protesting by being in the office for as little time as possible. As the term suggests, coffee-badging means coming in for just enough time to have a cup of coffee, show your face, and swipe your badge.
Japan's Nippon steel is buying U.S. Steel for $14.9 billion.
Southwest Airlines will pay a $35 million fine as part of a settlement over a 2022 holiday season disaster that saw the airline cancel thousands of flights and leave millions of people stranded.
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Stocks opened slightly higher after Monday's opening bell after several weeks of gains as the year closes out.
Big Business This Week is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
Citi told most of its employees that they could work from home at the end of the month, according to CNBC.
Chobani paid $900 million to purchase ready-to-drink coffee maker La Colombe.
