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.”
New data shows job openings fell in October even though hiring remains healthy.
The holiday season is here and it could be a stressful time as people plan shopping, cooking and traveling. Sally Holmes, editor-in-chief of InStyle Magazine, joined Cheddar News to discuss a new social media trend #Treatculture that helps people take a moment to treat themselves and how that is a psychological benefit to relieve stress.
English Wikipedia raked in more than 84 billion views this year, according to numbers released Tuesday by the Wikimedia Foundation, the non-profit behind the free, publicly edited online encyclopedia. And the most popular article was about ChatGPT (yes, the AI chatbot that’s seemingly everywhere today).
Wikipedia has released its list of most viewed articles for 2023 with the site seeing over 84 billion visits. The most searched topic was ChatGPT with nearly 50 billion page views
Closing arguments are happening in a federal trial over whether Jetblue Airways will be allowed to buy Spirit Airlines for $3.8 billion.
Johnson and Johnson is reportedly looking to settle multiple lawsuits claiming that its baby powder causes cancer, according to Bloomberg.
Wells Fargo said it could face nearly $1 billion in severance costs in the fourth quarter.
The Supreme Court on Tuesday dismissed a case surrounding a Maine hotel that could have made it harder for people with disabilities to learn in advance whether a hotel's accommodations meet their needs.
The highly-anticipated trailer for Grand Theft Auto VI is out earlier than expected.
AT&T announced a new partnership with Swedish communications company Ericsson.
