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.”
Walt Disney Co. named former PepsiCo veteran Hugh Johnston as its new chief financial officer.
The PlayStation 5 Slim will be reportedly released on Friday.
With the holiday season approaching, many are in the market for a new TV. Cheddar News breaks it all down.
Credit card usage is sure to tick up ahead of the holiday season. With cashback, airline miles and points to be earned, reward credit cards could give you a bonus. Grant Gallagher, associate vice president and head of financial well-being with Affinity Federal Credit Union, spoke with Cheddar News about why it's important to take advance of those rewards.
Tesla is increasing wages for factory workers in Germany.
People are making travel plans and booking tickets as the holiday season nears. Johannes Thomas, CEO of Trivago, joined Cheddar News to provide tips on saving when booking lodging ahead of Thanksgiving and Christmas.
Elon Musk unveiled 'Grok,' his new A.I. chatbot over the weekend, adding that it will be more rebellious than its counterparts. Cheddar News breaks it down.
Heinz is combining two popular flavors for its new condiment, pickle ketchup.
Federal health officials are expanding an investigation into potentially lead-tainted pouches of apple cinnamon fruit puree marketed for children amid reports of more illnesses and additional product recalls.
Berkshire Hathaway, the conglomerate run by businessman Warren Buffett, reported its operating earnings in its most recent quarter jumped more than 40% from a year ago but posted its first net quarterly loss in a year.
