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.
Kevin Warsh, former governor of the US Federal Reserve, during the International Monetary Fund (IMF) and World Bank Spring meetings on Friday, April 25, 2025. (Tierney L. Cross/Bloomberg via Getty Images)
(WASHINGTON) — President Donald Trump’s selection to chair the Federal Reserve, Kevin Warsh, will testify in a Senate confirmation hearing on Tuesday as his nomination faces bipartisan opposition centered on a federal criminal investigation into the central bank’s current leader.
The probe into Fed Chair Jerome Powell, which focuses on alleged false testimony to Congress about an office renovation, threatens to derail or delay Warsh’s nomination.
Powell, who was appointed by Trump in 2017, has rebuked the probe as a politically motivated effort to influence interest-rate policy.
Warsh, a former Fed official, will likely face scrutiny from some lawmakers eager for assurance that he will set interest rates based on economic conditions, even if it puts him out of step with Trump’s preference for low interest rates.
Sen. Thom Tillis, R-N.C., a potentially decisive vote on the committee, says he will not move to advance the nomination until the Department of Justice resolves its unprecedented investigation into Fed Chair Jerome Powell.
Powell’s term as Fed chair ends on May 15, but he said last month he would stay in the position until Warsh is confirmed. For his part, Trump told Fox Business last week he would fire Powell if the current Fed chair attempts to remain in office past the end of his term.
Sen. Elizabeth Warren, D-Mass., the top Democrat on the committee, voiced concern in a statement last week about what she considers Warsh’s perceived lack of independence, saying he may end up being “Donald Trump’s sock puppet.”
By contrast, Sen. Tim Scott, R-S.C., the chairman of the Senate Banking Committee, has dismissed such worries in a post on X last week.
Under Warsh, Scott said, the Fed will “be focused solely on strengthening the American economy.”
Warsh, who previously worked on Wall Street and in the George W. Bush administration, brings experience in finance and policymaking.
He is currently a fellow at a conservative think tank called the Hoover Institution, which is based at Stanford University. He also works as a partner at the Duquesne Family Office, an investment firm founded by billionaire and former hedge fund manager Stanley Druckenmiller.
In 2006, Bush appointed Warsh to serve on the Fed’s Board of Governors, a top policymaking body that helps set the level of interest rates, where he served until 2011. His tenure overlapped with the 2008 financial crisis, during which he helped manage the central bank’s response under then-Chair Ben Bernanke.
The nomination of Warsh arrives at a delicate moment for the Fed, as it grapples with a challenging combination of elevated inflation and sluggish hiring. An interest-rate hike could help ease inflation but risks a further cooldown of the labor market, while a rate cut may boost hiring but threatens higher inflation.
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.
Those remarks came before the U.S.-Israeli war with Iran, however, which sent inflation soaring last month.
The rapid acceleration of price increases could complicate interest rate policy at the Fed, which may be reluctant to lower borrowing costs as inflation climbs.
The Dow Jones Industrial Average logo appears on the screen of a smartphone in Reno, United States, on December 1, 2024. (Photo by Jaque Silva/NurPhoto via Getty Images)
(NEW YORK) — The Dow Jones Industrial Average closed above 50,000 for the first time ever on Friday.
A surge in markets reversed a selloff that hammered tech stocks earlier in the week.
The Dow closed up 1,206 points, or 2.4%, while the S&P 500 climbed 1.9%. The tech-heavy Nasdaq increased 2.1%.
In a post on social media, President Donald Trump touted the high-water mark for the Dow, celebrating the feat as “the first time in History.”
“CONGRATULATIONS AMERICA!” Trump said.
Shares of some tech companies worldwide plummeted in recent days after Anthropic unveiled an artificial intelligence tool viewed by some investors as a potential replacement for widely-used software products.
The selloff came in response to a set of new plugins for a digital tool called Claude Cowork, an AI-fueled workplace assistant that can author documents and organize files. The plugins, released last Friday, allow customers to adapt the tool for narrow sectors like legal, finance or data marketing.
Investors appeared to shrug off the AI-related worries in a buying spree on Friday.
AI chip giant Nvidia surged nearly 8%, recovering most of its losses earlier in the week.
Enterprise-software company Workday ticked up more than 2% on Friday, after a selloff in previous days triggered by the release of Claude Cowork.
Some crypto prices also rallied on Friday, ending a days-long plunge for many digital currencies. Bitcoin and Ether — the world’s two largest cryptocurrencies — each soared about 10% on Friday.
Igor Golovniov/SOPA Images/LightRocket via Getty Images
(NEW YORK) — Some Verizon customers were experiencing a service outage on Wednesday afternoon, according to the company.
Verizon said it was not immediately clear how long the service would be down.
“We are aware of an issue impacting wireless voice and data services for some customers,” Verizon said in a statement to ABC News. “Our engineers are engaged and are working to identify and solve the issue quickly. We understand how important reliable connectivity is and apologize for the inconvenience.”
Many Verizon customers said on social media that their phones showed “SOS” in place of network bars.
According to Downdetector at least 175,000 Verizon customers were affected at one point, but that number has since gone down. Downdetector, a site that tracks outages, said Verizon customers began noticing interrupted service around noon Eastern time.
New York Emergency Management (NYCEM) officials said the outage is affecting some users calling 911.
“Verizon is working to solve the issue,” NYCEM said in a statement. “If you have an emergency and cannot connect using your Verizon Wireless device, please call using a device from another carrier, a landline, or go to a police precinct or fire station to report the emergency. In the meantime, you can check the website or social media account of your cellphone carrier for updates.”
