The market is seeing red again. On the first trading day of the second quarter, the Dow slipped by more than 400 points, and the tech-heavy Nasdaq ended the day nearly three percent lower. “We saw overnight China announced a tariff of up to 25 percent on about...130 U.S. products,” explained Matthew Battipaglia, Portfolio Manager at Washington Crossing Advisors. China’s new tariffs hit a myriad of American goods, including fruits and pork, imports of which amount to around $3 billion. The announcement comes merely weeks after President Trump slapped taxes on aluminum and steel imports from China and announced plans to tax $50 billion more worth of Chinese goods. These trade war warning shots from two of the world’s largest economies worried investors Monday. They also added pressure to a market that was already heading downwards on negative news from the tech world. Reports of Apple potentially ditching Intel and using its own chips for Mac computers drove Intel’s shares down by as much as nine percent. [Tesla, Facebook, and Amazon](https://cheddar.com/videos/facebooks-data-policies-are-like-cigarette-labels) also resumed their downward spirals to start the quarter.

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Nestlé dismisses CEO after he has relationship with a subordinate
Nestlé has dismissed its CEO Laurent Freixe after an investigation into an undisclosed relationship with a direct subordinate. The company announced on Monday that the dismissal was effective immediately. An investigation found that Freixe violated Nestlé’s code of conduct. He had been CEO for a year. Philipp Navratil, a longtime Nestlé executive, will replace him. Chairman Paul Bulcke stated that the decision was necessary to uphold the company’s values and governance. Navratil began his career with Nestlé in 2001 and has held various roles, including CEO of Nestlé's Nespresso division since 2024.
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