U.S. stocks experienced extreme volatility on Tuesday as Wall Street struggled to interpret President Trump’s ongoing trade war, leading to a sharp decline in the S&P 500 and Dow Jones Industrial Average after an initial surge. Global markets also experienced swings, with hope for successful negotiations driving early rallies. However, concerns remain as Trump’s threats of increased tariffs on China are set to become a reality, impacting companies with significant exposure to Chinese imports like Ralph Lauren and Best Buy. Despite this, health insurers saw gains following positive Medicare Advantage payment news. Bond yields rose amid the uncertainty, with the 10-year Treasury yield reaching 4.27%.
Full Article
Trump administration cutting nearly 90% of Consumer Financial Protection Bureau
President Trump's administration is significantly downsizing the Consumer Financial Protection Bureau (CFPB), cutting approximately 1,500 employees, nearly 90% of its workforce, to around 200. The agency, created post-2008 financial crisis to enforce consumer protection laws, will shift its focus primarily to mortgage issues, while reducing attention to medical debt, student loans, and digital payments. This move has faced criticism from former CFPB Director Rohit Chopra, who claims the cuts are aimed at weakening the agency's...
Read more