U.S. markets reversed early losses Monday, the first trading day of the third quarter, despite concerns over trade policies.
"We're in this scenario where the underlying economic drivers of the market look very, very good," said Rick Wedell, CIO of RFG Advisory Group. "And that's all being offset by continuing talk around trade, tensions around tariffs, which are incredibly hard to model. You don't know which sector might get hit, you don't know which sector might be a target."
Over the weekend, tariffs from Canada ー on everything from ketchup to whiskey to maple syrup ー kicked in, and the U.S.'s largest business group criticized the Trump administration for moves it says could spark a global trade war.
The U.S. Chamber of Commerce, which has historically been a supporter of the Republican party and its policies, launched a campaign Monday, presenting a state-by-state analysis of where the impact would be most felt. Texas, for example, could see $3.9 billion worth of exports hit with in-kind tariffs; South Carolina could face $3 billion.
Monday's sell-off comes after weeks of tariff threats and announcements from the White House, aimed both at adversaries like China and allies like Canada and Europe. Canada's parry went into effect on Sunday, and China is expected to start levying a 25 percent tax on soybeans later this week. while Mexico will begin to charge pork imports.
In a statement to Reuters the president of the Chamber of Commerce said, “The administration is threatening to undermine the economic progress it worked so hard to achieve. We should seek free and fair trade, but this is just not the way to do it.”
While the Dow was down nearly 200 points at its lows of the day, it managed to eke out a gain of 34 points. The S&P 500 was up about 0.3 percent.
For full interview, [click here](https://cheddar.com/videos/stocks-end-the-day-near-session-highs).
One of the most self-made and success stories in the country, Emma Grede, has worked along with the Kardashian Jenner family on many of their best-known brands. Grede, CEO and co-founder of Good American, gave back to the next generation of business leaders as a featured speaker at the Chase for Business Make Your Move summit last week. She spoke with Cheddar News about her career, her company's fashion brand, working with the famous Kardashian-Jennifer family and balancing her own family life.
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.
Elon Musk's company XaI has announced a new chatbot called Grok.
SAG-AFTRA said over the weekend that it received the studios' last best and final offer following a meeting on Saturday, with the union saying it's reviewing it and considering a response "within the context of the critical issues addressed in our proposals."
Stocks rose slightly as Wall Street looks to continue its momentum with earnings season winding down.
Tyson Foods is recalling about 30,000 of its dino-shaped chicken nuggets after some consumers reported finding small metal pieces in those nuggets.
Google on Monday will try to protect a lucrative piece of its internet empire at the same time it’s still entangled in the biggest U.S. antitrust trial in a quarter century.
Before the SAG-AFTRA strike, this was the weekend “Dune: Part Two” was supposed to open. When Warner Bros. and Legendary pushed that opening back to March 2024 and no other blockbuster stepped in to take its spot.
A growing number of Californians are planting agave to be harvested forz use in spirits. The trend is fueled by the need to find hardy crops that don’t need much water and a booming appetite for premium alcoholic beverages.
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. This week we highlight Paramount, Maersk, Starbucks, Uber, Lyft and Beyond Meat.
