Photo of Wall Street (Matteo Colombo/Getty Images)
(NEW YORK) — Stocks slid on Monday morning in the first trading session since President Donald Trump announced a new 15% tariff on most imported goods, intensifying his effort to impose levies that were struck down by the Supreme Court.
The Dow Jones Industrial Average fell 90 points, or 0.1%, while the S&P 500 dropped 0.1%. The tech-heavy Nasdaq declined 0.1%.
Cryptocurrency prices tumbled in early trading on Monday. The price of bitcoin fell nearly 2%, putting it at about $66,075.
Gold prices jumped to their highest level in three weeks as investors sought the safe-heaven asset amid heightened uncertainty.
In a social media post on Monday, Trump reiterated his criticism of the Supreme Court.
The Supreme Court, Trump said, “accidentally and unwittingly gave me, as President of the United States, far more powers and strength than I had prior.”
Trump retains the power to levy a 15% tariff for up to 150 days under the Trade Act of 1974, which allows the president to address trade disparities with other countries.
Hours after the Supreme Court ruling on Friday, Trump said he would sign an executive order enacting a new 10% “global tariff,” invoking authority under Section 122. On Saturday, Trump escalated the tariff to 15%.
This is a developing story. Please check back for updates.
: Traders work on the floor of the New York Stock Exchange during morning trading on April 17, 2026 in New York City. (Photo by Michael M. Santiago/Getty Images)
(NEW YORK) — Stocks surged and oil prices plunged in early trading on Friday after a senior Iranian official declared the Strait of Hormuz “completely open” for commercial traffic for the duration of the 10-day ceasefire between Israel and Lebanon.
The Dow Jones Industrial Average climbed 1,005 points, or 2%, while the S&P 500 jumped 1.2%. The tech-heavy Nasdaq increased 1.5%.
In a post on X on Friday, Iranian Foreign Minister Seyed Abbas Araghchi said: “In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire.”
President Donald Trump appeared to confirm the reopening of the strait in a message posted on social media on Friday morning.
“IRAN HAS JUST ANNOUNCED THAT THE STRAIT OF IRAN IS FULLY OPEN AND READY FOR FULL PASSAGE,” Trump said.
West Texas Intermediate futures, the benchmark index for U.S. oil prices, plunged more than 10%, registering at about $83 a barrel. The reading marked the index’s lowest level since mid-March.
Even so, U.S. oil prices remain about 30% higher than pre-war levels.
The U.S.-Israeli war prompted Iran’s effective closure of the strait, a critical waterway that facilitates the transport of 20 million barrels of oil per day, or about one-fifth of the global supply.
The move set off the “most severe oil supply shock in history,” the International Energy Agency said in a report this week. Oil prices notched their largest one-month rise ever in March, the Paris-based group said.
Gasoline prices in the U.S. registered at $4.07 on average per gallon on Friday, standing more than 30% higher than before the war, AAA data showed.
(WASHINGTON) — The Senate voted Wednesday to confirm Federal Reserve chair nominee Kevin Warsh, clearing the way for Warsh to replace central bank head Jerome Powell when his term ends later this week.
The Senate confirmed Warsh by a vote of 54 to 45. Sen. John Fetterman, D-Pa., was the lone Democrat to vote in favor of Warsh.
The vote comes weeks after the Department of Justice moved to drop its criminal probe into Powell. Before that, Warsh had faced a bipartisan stonewall in the Senate Banking Committee over the investigation.
The probe into Powell focused on alleged false testimony to Congress about an office renovation. Powell, whose term ends on Friday, called the investigation a politically motivated effort to influence interest-rate policy.
Last month, Washington U.S. Attorney Jeaninne Pirro said the investigation into the office renovation would be taken up by the Fed’s inspector general.
Sen. Thom Tillis, R-N.C., who previously vowed to oppose Warsh’s nomination on account of the investigation, said he would flip his vote after the investigation was set aside. Tillis greenlit the nomination in a committee vote last month, helping advance Warsh to a confirmation vote on the full Senate floor.
Powell said last month that he would stay on at the central bank’s board of governors after his term expires next month as the investigation into the central bank’s office renovation continues.
“I’ve said I won’t leave the board until this investigation is well and truly over with transparency and finality, and I stand by it,” Powell said at a press conference in Washington, D.C.
“My concern is really about the series of legal attacks on the Fed, which threaten our ability to conduct monetary policy without considering political factors,” Powell added.
Trump previously denied any involvement in the criminal investigation.
Powell could remain on the Fed’s 12-member policymaking board until 2028, retaining a role in the central bank’s interest-rate policy over that period.
Warsh, a former Fed official, will serve a 4-year term as chair. He is currently a fellow at the Hoover Institution conservative think tank, which is based at Stanford University.
During his term as a Fed governor in the late 2000s and early 2010s, Warsh gained a reputation as an interest-rate “hawk,” meaning he generally preferred higher interest rates as a means of ensuring low and stable inflation.
In recent months, however, Warsh has voiced support for lower interest rates, rebuking the Fed’s concern about inflation risk posed by a flurry of new tariffs issued last year.
Warsh is set to take the helm of the Fed in a challenging period for central bank policymakers.
Inflation rose for a second consecutive month as the U.S.-Israeli war with Iran continued to send gasoline prices surging in April, government data on Tuesday showed. Annual inflation jumped to its highest level in three years, according to the U.S. Bureau of Labor Statistics.
The Fed has opted to hold interest rates steady at three consecutive meetings since the outset of 2026. Before that, the Fed cut interest rates a quarter-point three straight times.
If the Fed moved to raise interest rates, it would hike borrowing costs for many consumer and business loans, risking an economic slowdown.
Markets forecast a roughly 60% chance of interest rates holding steady for the remainder of this year, according to the CME FedWatch Tool. The odds of an interest-rate hike by the end of the year stand at about 30%.
Photo taken on Aug. 12, 2024 shows the trading floor of the New York Stock Exchange NYSE in New York, the United States. (Liu Yanan/Xinhua via Getty Images)
(NEW YORK) — The Dow Jones Industrial average closed up more than 600 points on Monday after President Donald Trump claimed “productive conversations” had been held between the United States and Iran.
The major stock indexes each soared more than 2% in early trading but gave up some of those gains as a flurry of headlines about the U.S.-Israeli war with Iran elicited price fluctuations.
The peace talks — which Iranian officials denied — sent the price of oil plunging on Monday on hopes that negotiations could reopen the Strait of Hormuz and end a weeks-long global energy shock.
The Dow closed up 631 points or 1.3%, while the S&P 500 jumped 1.1%. The tech-heavy Nasdaq increased 1.3%.
Each of the indexes remained below where it stood before the U.S.-Israeli war with Iran began on Feb. 28.
A selloff cascaded across global markets in recent weeks as stockholders feared economic fallout from a potentially prolonged bout of elevated oil prices.
Global oil prices plunged more than 10% on Monday after Trump made his claim about ongoing negotiations with Iran. Still, the price of oil stood above $100 a barrel, marking a steep rise since the outbreak of war.
Trump, after postponing U.S. strikes on Iran’s energy infrastructure citing new negotiations with Tehran, said on Monday that talks will continue and that there are “major points of agreement.”
According to Iranian state media, Iran’s Parliament Speaker Mohammad Qalibaf said, “no talks with the U.S. have taken place; reports claiming otherwise are fake news aimed at influencing financial and oil markets and distracting from the challenges facing the U.S. and Israel.”
