Markets Resist Trump's Tough Talk on Trade Ahead of G7
*By Michael Teich*
President Trump's tough talk on trade at the start of the Group of Seven summit was not enough to dampen markets, said Daniel Ives, the chief strategy officer and head of technology research at GBH Insights.
Major stock indexes closed on a high note Friday, locking in gains for the week. Equities edged up despite trade tensions stoked by Trump's comments before arriving in Quebec for the G-7 that he would "deal with the unfair trade practices."
"Tariffs have been a black cloud, but it's becoming background noise," Ives said Friday in an interview with Cheddar.
He said he sees potential for mergers and acquisitions in the big data and consumer industries after Microsoft's $7.5 billion purchase of GitHub, which he described as a "no-brainer."
Microsoft, Netflix, and Google are all in positions of strength to make acquisitions, Ives said.
New York Attorney General Letitia James announced a lawsuit against PepsiCo Inc. on Wednesday, accusing the soda-and-snack food giant of polluting the environment and endangering public health after its single-use plastics were found along the Buffalo River.
Voting on a tentative contract agreement between General Motors and the United Auto Workers union that ended a six-week strike against the company appears too close to call after the latest tallies at several GM factories were announced Wednesday.
