Earlier this year, President Trump imposed 10% tariffs on aluminum imports and 25% tariffs on steel imports. The tariffs imposed under Section 232 of the Trade Expansion Act of 1962 were intended to boost domestic steel and aluminum production. To be sure, US steel and aluminum producers like Alcoa (AA) have cited Chinese overcapacity coupled with the allegedly subsidized Chinese exports for a long time as their biggest woe.
Microsoft and Google jumped on earnings late after the market rally attempt showed resilience Thursday amid Meta's sell-off.
The chemical maker said low costs for natural gas and natural gas liquids (NGLs) should continue to benefit margins from LyondellBasell's North American and Middle East production in the second-quarter. U.S. gas futures were down about 20.4% during the quarter compared to the corresponding period in 2023.
T Rowe Price's first-quarter profit beat expectations as an upswing in markets boosted its assets under management and softened the hit from outflows, it said on Friday. Asset managers have seen money leave their funds as high interest rates boost the appeal of safe-haven assets like cash. But assets under management, which determines the fees managers charge, have still grown due to an increase in the value of investments.
Global stocks were teetering on Friday towards their worst month since September, although futures markets predicted strong tech earnings would spark a Wall Street relief rally later in the day and help traders recoup some losses. Japan's yen was volatile, hitting a fresh 34-year low after the Bank of Japan (BOJ) kept monetary policy loose at its latest policy meeting, spiking briefly as traders speculated that Japanese authorities may intervene, then sliding again.
The Swiss National Bank remains sceptical about buying bitcoins, Chairman Thomas Jordan said on Friday, despite calls from campaigners to change Swiss law and allow cyptocurrencies to be added to its currency reserves. Buying bitcoin to add to the gold, foreign currencies, bonds and shares the SNB holds in its reserves was not without potential downsides like carbon emissions, Jordan said, pointing to the energy consumption of bitcoin mining and transactions. A campaign group wants the SNB to hold part of its currency reserves in bitcoin, and to put the issue to a referendum.
Our tarot reader gives her verdict for what to expect for your star sign in May 2024.
Americans collectively had $1.61 trillion in auto loan debt last year, study says.
Coinbase is on track for a strong first quarter, driven by renewed crypto interest after the spot bitcoin ETF launches.
Some investors think General Motors and Ford might be better off dead. But the S&P 500 automakers are still beating Tesla where it counts.
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