CWS Market Review – May 6, 2025
Posted by Eddy Elfenbein on May 6th, 2025 at 5:51 pm

(This is the free version of CWS Market Review. If you like what you see, then please sign up for the premium newsletter for $20 per month or $200 for the whole year. If you sign up today, you can see our two reports, “Your Handy Guide to Stock Orders” and “How Not to Get Screwed on Your Mortgage.”)

Over the weekend, Warren Buffett announced that he’s stepping down as CEO of Berkshire Hathaway. On January 1, Greg Abel will take over. Berkshire’s board unanimously approved Buffett’s suggestion. Buffett is 93 years old.

Yesterday, the A shares of Berkshire fell $40,000. I guess that’s a good sign of Wall Street’s respect for Buffett.

Buffett’s track record is simply amazing. Since 1965, Berkshire has gained 5.5 million percent while the S&P 500 has gained a measly 39,000%. That means that if Berkshire fell by 99% tomorrow, it would still be outperforming the market.

Until the big sector rotation earlier this year, CWS had (barely) outperformed Berkshire over a seven-year run. As for the other 60 years, ol’ Warren’s got a big edge.

To be fair, most of Berkshire’s really big years came decades ago. Even Buffett has conceded that his portfolio won’t do as well as it did. Before Monday’s big drop, one share of Berkshire was worth more than $800,000.

I wish Mr. Buffett a happy retirement.

Yesterday, the stock market snapped its nine-day winning streak. The decline wasn’t that bad (-0.64) but it was the first daily drop since April 21.

On Friday, the Labor Department said that the U.S. economy added 177,000 nonfarm payrolls last month. That news surprised Wall Street. Economists had been expecting an increase of just 133,000.

The figure for March was revised lower by 43,000 to 185,000. The February number was lowered by 15,000.

The unemployment rate held steady at 4.2%, which is low by historic standards. In fact, the unemployment rate last month was lower than every single month from 1971 to 1998.

The key stat I like to watch is average hourly earnings. After all, worker pay eventually translates to revenue for a company. Last month, average hourly earnings rose by 0.3% which was 0.1% below expectations. Over the last year, average hourly earnings increased by 3.8% which isn’t much higher than inflation.

The labor force participation rate increased to 62.6% and the broader U-6 rate dropped to 7.8%. Wall Street has been looking hard for signs of the impact of tariffs but so far, it hasn’t found anything.

Here are some details:

Health care continued to be a leader in job creation, adding 51,000 jobs. Other sectors posting gains included transportation and warehousing (29,000), financial activities (14,000), and social assistance.

The federal government reported a loss of 9,000 jobs on the month amid Trump’s efforts, led by Elon Musk and the Department of Government Efficiency, to trim payrolls in the public sector. Federal government jobs have declined by just 26,000 since January, as employees furloughed but still receiving severance are not counted as unemployed, according to the BLS.

Manufacturing saw a slight loss of 1,000 jobs as well.

President Trump took to Truth Social, “Consumers have been waiting for years to see pricing come down. NO INFLATION, THE FED SHOULD LOWER ITS RATE!!!”

He may get his rate cut soon. The Federal Reserve began its two-day meeting today. The Fed will release its policy statement tomorrow afternoon. I don’t expect to see a rate cut this time, but one may be coming at the Fed’s June meeting, in six weeks.

Traders currently place the odds of a rate cut next month at 68%. All told, traders see the Fed lowering rates by a total of 0.75% by the end of the year. At the June meeting, the Fed will also update its economic projections for the next few years.

Does Job Growth Tell Us When Recessions Are?

I was curious to see how changes in nonfarm payrolls have historically aligned with recessions and expansions.

I reviewed the last 1,000 months’ worth of data. Of those 1,000 months, job growth was negative 219 times. Of those 219 months, the U.S. economy was in a recession for 113 months which is about half the time.

Even when the economy is shedding jobs, that only indicates a roughly 50% chance that the economy is officially in a recession.

For April, job growth was 0.11% which comes in 616th out of the last 1,000 months. The important takeaway is that recessions almost never line up with that type of job growth. To get a real recession, you need more than job losses – the economy needs to be shedding jobs.

Looking at the data, it seems that job growth of -0.13% is the turning point. In today’s terms, that’s a loss of 207,00 jobs. Of the last 1,000 months, there have been 125 months with that level of job losses, and 71% of those months have come during a recession.

Just going by the jobs report, the economy very likely isn’t in a recession. The next big test for the market comes a week from today when the government releases its CPI report for April. The last report showed a tiny bit of deflation.

That’s all for now. I’ll have more for you in the next issue of CWS Market Review.

– Eddy

Morning News: May 6, 2025
Posted by Eddy Elfenbein on May 6th, 2025 at 7:04 am

China Services Sector Gauge Slips to Seven-Month Low Amid Trade Spat

French Industry Produced More Ahead of Tariffs

U.S. Could Collect More Than $100 Billion With Broader Tariffs, EU Trade Official Says

EU Targets €100 Billion of US Goods With Tariffs If Talks Fail

Tariff Fears Loom Large at Milken as Executives Try to Stay Calm

UPS and FedEx Once Handled a Deluge of Packages From China. That’s Changing.

Trade War Turbulence Masks China’s Long-Term Metal Demand

The Cost of Trump’s Trade War on Just One Ship

The Closer We Get to Zero Tariffs, the Greater We Become

Marathon Petroleum Swings to Loss on Lower Refining Margins

Why Has Taiwan’s Dollar Soared in Value, and Who Benefits?

Tariffs Could Wreck What Bangladesh’s Garment Workers Have Gained

Immigration Crackdowns Put an $800 Billion Lifeline at Risk

Fed Confronts Lose-Lose Scenario Amid Haphazard Tariff Rollout

The Stock Market’s Fear Gauge Is Misunderstood

Goldman Says Bear Market Rallies Are the Norm

Cowboy Boots, Baby Clothes, Flight Simulators: Berkshire Hathaway Is Everywhere

Telemarketers Are Using a Weird Trick to Sell Bare-Bones Health Plans

Tech’s Strong Earnings Results Obscured by Tariff Uncertainty

Microsoft Is Key Holdout for OpenAI Restructuring Plan

Palantir Technologies Raises Outlook on Continued AI Demand

China’s Pony AI Is Uber’s Latest Robotaxi Partner in Middle East

Welcome the Driverless Trucks

Ford Says Tariffs Will Cost Company $1.5 Billion in 2025

Ferrari Backs Guidance as Earnings Beat Forecasts

Boise Cascade Reports Lower Sales, Profit as Home Construction Slows

Philips Cuts Earnings Margin Target On China-U.S. Trade War

DoorDash Agrees to Buy Deliveroo in $3.9 Billion Deal

DoorDash Swings to a Profit and Plans to Buy SevenRooms For $1.2 Billion

Trump Walks Back His Idea for Film Tariffs Amid Mass Confusion

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Morning News: May 5, 2025
Posted by Eddy Elfenbein on May 5th, 2025 at 7:05 am

Oil Prices Slide Further on OPEC Plans to Increase Supply

OPEC+ Supply Hike Forces Wall Street to Redo Sums, Yet Again

Democrats Have Been at War With Oil for Too Long

Taiwan’s Markets Jolted as Currency Surges Most Since 1980s

US Seeks to Weaken Global Development Finance Efforts, UN Document Shows

Inside the Dizzying Chaos of Running a Freight Business Under Trump

The World’s Top Jet Fighter Is About to Get More Expensive

Effort to Close De Minimis US Tariff Loophole ‘Could Get Messy’

Trump Says He Will Put 100% Tariff on Movies Made Outside U.S.

Trump Downplays Economic Concerns as He Looks to Cut Trade Deals

Trump Suggests Some Trade Deals May Come as Soon as This Week

Economic Concerns Are Mounting, but the Fed Isn’t Cutting Rates Proactively

Kevin Warsh Is Viewed As A Future ‘Adult’ At The Fed. That’s Dangerous

This Earnings Season Is a Rorschach Test for Investors

Trump’s Tariffs Are Lifting Some U.S. Manufacturers

Corporate America Is Leaving More Jobs Unfilled

CEOs Celebrate Buffett as He Calls a Close on 5,500,000% Run

Buffett’s Astonishing Track Record in Five Charts

Warren Buffett to Remain Berkshire Hathaway Chairman

How Warren Buffett Changed the Way Investors Think of Investing

The Buffett View of Trade Deals

Who Is Gregory Abel, Warren Buffett’s Successor?

As Buffett Steps Down, Omaha Is Grateful—and a Little Worried

Erste Acquires 49% Stake in Santander’s Polish Unit for $7.7 Billion

Sunoco to Buy Canadian Fuel Seller Parkland for $9.1 Billion

As Iowa Farmers Plant, They Consider Rain, Rates, Tariffs and Trump

The Antitrust Stranglehold on America’s Tech Sector

AI Spending Is the Only Certainty in Silicon Valley Right Now

It’s The End of Cheap Flying as Americans Tire of Budget Airlines

Tyson’s Profits Jump as Chicken Gains Outweigh Beef Losses

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Morning News: May 2, 2025
Posted by Eddy Elfenbein on May 2nd, 2025 at 7:01 am

South Korea Inflation Flat in April, Possibly Paving Way for Policy Easing

Trump Ends Chinese Tariff Loophole, Raising the Cost of Online Goods

How a U.S. Tax Loophole Supercharged China’s Exports

Asia Factory Activity Sputters as Trump Tariffs Hit

Head of the Port of LA Sees a Brewing Trade Storm

U.S. Payoff for Ukraine Minerals Deal Faces Many Hurdles

Eurozone Inflation Holds Close to Target, Lining Up New Rate Cuts to Counter Tariffs

EU Could Offer to Buy $56 Billion of U.S. Products to End Trade War, Top Negotiator Says

The Brickbats Keep Coming for Oil Market Bulls

Exxon and Chevron Report Lower Profits While Girding for Tariffs

At a Dubai Conference, Trump’s Conflicts Take Center Stage

The MAGA Cheering Squad Is Losing Faith

DOGE’s Damage Makes Way for Serious Government Reform

GDP: A Worthless Number Meets Mindless Economic Policy

Corporate America Owes the Rest of Us $87 Trillion

U.S. Job Growth Expected to Have Slowed in April

Middle-Income Consumers Feel Pinched. That’s Bad for Some of America’s Best Known Brands.

Home Builders Are Piling on Discounts as They Struggle to Entice Buyers

Everyone Could Use a Little Rudyard Kipling In Their Financial Planning

Trump Says Harvard Will Lose Its Tax-Exempt Status

Colleges Know How Much You’re Willing to Pay. Here’s How.

NatWest Narrows Guidance After Profit Beat

Amazon, Apple Show Big Tech Not Immune From Tariff Pain

Apple to Source Billions of US-Made Chips in Supply Chain Shift

DuPont de Nemours Sees Tariffs Costing $60M

BASF Confirms Outlook But Warns of Tariff Uncertainty

Cigna Group Swings to Profit, Posts Higher Revenue

Wendy’s Adds to Restaurant Pullback on ‘Challenging’ US Market

How an Israeli Hostage Negotiator Outsmarts Ransomware Hackers

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Morning News: May 1, 2025
Posted by Eddy Elfenbein on May 1st, 2025 at 7:06 am

Trump’s ‘Unprecedented’ Tariffs Lead Japan to Slash Its Growth Forecast

Why Reciprocal Trade Negotiations Will Fail

U.S. Economy Shrank in First Quarter, in Reading Clouded by Messy Trade Data

A Flashing Economic Warning and a Sharp Political Jolt

Under Trump, Stocks Have the Worst Start to a Presidential Term Since 1974

Fed Should Ditch Current Policy Framework, Group of Former Top Central Bankers Says

Musk Says DOGE ‘Should Definitely’ Examine Federal Reserve Costs

US Economic Weakness Is Being Exaggerated – For Now

Morgan Stanley Plans to Offer Crypto Trading to E*Trade Clients

CEO of $41 Billion Payments Giant Swings Series of Megadeals in M&A Standstill

AI’s Second Boom: How the Next 24 Months Could Transform Your Portfolio

Zuckerberg Pushes Full Tilt on AI Spending in Face of Economic Uncertainty

Judge Rebukes Apple and Orders It to Loosen Grip on App Store

Gates Foundation Is Rattled by Trump’s Threat to Its Mission

Gen Z’s Hole in the Labor Market Could Soon Grow

The Rising Cost of ICE Flying Immigrants to Far-Flung Detention Centers

Blackouts in Spain and Portugal Show the Need to Supercharge Grid Upgrades

How the U.S. Oil Industry Has Taken a Beating Under Trump, in Charts

Rio Tinto Shareholders Reject Activist Bid for Review of London Listing

Chinese Automakers Report Robust Sales Growth in April

BYD Posts Best Month of Sales Yet in 2025 With Pure EVs a Hit

European Automakers Scrap Forecasts Amid Tariff Uncertainty

GM Expects Tariffs to Cost Up to $5 Billion in 2025, Slashes Outlook

Harley Pulls Guidance Amid Tariff Worries as Sales Tumble

Lilly Cuts Earnings Guidance on Research Costs, Shares Fall

Arm & Hammer Owner Church & Dwight Slashes Growth, Profit View as Growth Slows

McDonald’s U.S. Sales Decline in Shaky Economy

Hershey Expects Tariffs to Cost Up to $20 Million in 2Q

As a Shipping Loophole Closes, Small Online Sellers Scramble

Rory McIlroy Dives Deeper Into Private Equity

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Morning News: April 30, 2025
Posted by Eddy Elfenbein on April 30th, 2025 at 7:03 am

Thai Central Bank Cuts Rates To Support Economy Amid Uncertainty

Canada’s Election Challenges Trump’s Theory of Trade War

Trump Bashes Powell, Touts Tariffs at Rally Marking 100 Days

Trump Predicts China Would ‘Eat’ Tariffs, Lessening US Impact

Big Price Hikes Undermine Trump’s Bet China Will Absorb Tariffs

What Trump’s New Port Fees Mean for Chinese Shipping and World Trade

West Coast Ports Brace for China Tariffs to Dent Import Volume Within Days

Vietnam Used to Be a Safe Haven for Trade. Now It Might Not Be.

Israel to Expand Trade Eastward as It Looks Beyond War Economy

Foreign Demand for US Assets Will Wane Unless the Dollar Slides More: Goldman Sachs

C.E.O.s Face a New Trump Conundrum, Over Prices

A $10 T-Shirt Could Become a $24.50 T-Shirt as a Key Tariff Loophole Closes

Retailers Fear Toy Shortages at Christmas as Tariffs Freeze Supply Chain

How the Common Wheelbarrow Holds Lessons for Trump’s Tariff Wars

Europe’s Trading Desks Score Gains in Midst of Trump Tumult

UBS Profit Tops Forecasts on Trading Boost, But Sees Unpredictable Path Ahead

Credit Agricole’s Mixed Results Disappoint

Mark Mobius Says His Funds Hold 95% in Cash on Trade War Risks

Be Minimally Extractive

Big Oil’s Profits Are Taking a Hit Even Before Trump’s Tariffs Start to Bite

NYC Lost $9 Billion of Income to Miami, Palm Beach in Five Years

A $6 Billion Shortfall Has US Mass Transit Facing a Death Spiral

Meta Earnings Have High Bar to Clear After Shares Outperform

Caterpillar Sees Slightly Lower Sales for 2025 Under Tariffs

Stanley Black & Decker Raising Prices to Offset Tariff Costs

Humana Reports Lower Medical Costs, Bucking Industry Trend

Starbucks Needs a Jolt. It Got Some Cold Brew.

DoorDash’s Bid for Deliveroo Marks End of Europe’s Food Delivery Boom

Yum Brands Posts Higher Profit, Revenue Amid Complex Environment

Newell Brands Says Tariffs Can Benefit Business, While Certain Levies May Dent 2025 Results

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CWS Market Review – April 29, 2025
Posted by Eddy Elfenbein on April 29th, 2025 at 5:49 pm

(This is the free version of CWS Market Review. If you like what you see, then please sign up for the premium newsletter for $20 per month or $200 for the whole year. If you sign up today, you can see our two reports, “Your Handy Guide to Stock Orders” and “How Not to Get Screwed on Your Mortgage.”)

Wall Street continues to chill out from the recent turbulence, but I’m not ready to sound the “all clear” alarm — at least not yet. The trade war is still causing problems, but even there, tensions are subsiding.

There was a minor kerfuffle today between the White House and Amazon. The online retail giant said it was going to start listing the tariff costs of each item sold. The White House was furious, and President Trump called Jeff Bezos to voice his displeasure. Amazon said it’s not happening, and it was merely a proposed idea.

The lesson here is that investors are picking up on the idea that tariffs hit consumers directly in the wallet. The Trump administration is looking to ease the “effect of auto tariffs by lowering taxes on foreign parts used in U.S.-made cars.”

The softening in the trade war has helped the bulls finally gained some momentum. On Tuesday, the S&P 500 rose 32 points, or 0.58% for its sixth daily gain in a row. Combined, that’s a gain of 7.8%. The index is now less than 1% away from breaking above its 50-day moving average (the blue line). The Volatility Index dropped below 24 earlier today. A week ago, it was over 32.

While that news is good to see, I’m not convinced that we’re out of the woods just yet. We’re in earnings season and the stock market just registered its worst gain of the first 100 days of a presidency in 50 years.

As you know, I’m skeptical of any relief rally until it breaks above the 200-day moving average (the red line). We still need a gain of close to 3.4% to hit that level.

Tariff politics have unnerved traders. Gold, for example, is near an all-time high, and the dollar is in rough shape. For the first time in many years, foreign stock markets are beating the U.S. market.

We got the Consumer Confidence report today and it was ugly. The index fell 7.9 points to 86. That’s the lowest it’s been in five years. Wall Street had been expecting a fall to 87.7.

The report also looks at “expectations” for the next six months, and that report cratered. The expectations index fell 12.5 points to 54.4. Expectations for stock market gains fell to a 14-year low. Respondents expect inflation to hit 7%.

Earlier today, the Labor Department said that job openings fell last month by 288,000 to 7.192 million. The number for February was revised lower by 88,000 to 7.48 million.

We’re in the thick of earnings season and so far, our Buy List’s earnings results have been quite good. Nine of our stocks have reported, and eight have beaten expectations.

Rollins, the owner of Orkin, was the only exception, and it reported in line with Wall Street’s forecast. At one point, Rollins was down 7% for the day even though it was a perfectly fine report. Cooler heads prevailed and Rollins made back everything it lost. In fact, it’s rallied from there. We now have a 21.5% YTD gain in Rollins and the stock hit a new 52-week high today.

This week, 180 stocks in the S&P 500 are due to report earnings, plus 11 stocks in the Dow Jones Industrial Average are due to report. Overall, earnings season is going well. For the fourth quarter in a row, net profit margins are running above 12%.

It’s still early, but the latest numbers I’ve seen indicated that 36% of the companies in the S&P 500 have reported earnings Q1 earnings. Of those, 73% have beaten expectations. That may sound impressive, but it’s below the average beat rate of 77% for the last five years.

Even though the beat rate is a tad below average, the size of the beats is quite good. The beat size is running at 10%. That compares with an average of 8.8% over the last five years, and 6.9% over the last 10 years.

Bear in mind that Wall Street is very adept at getting expectations exactly where it wants them. They do this so they can later claim they’re beating expectations.

Earnings growth for Q1 is currently tracking at 10.1%. That’s up from 7% last week and 7.2% at the end of Q1.

Of the companies that have reported so far, 64% have beaten on revenue which is below the five-year average of 69%. Overall, companies are reporting sales that are 1% below expectations.

For Q1, revenue growth is tracking at 4.6%. If this holds up, it will mark the 18th quarter in a row of revenue growth. For 2025, Wall Street expects earnings growth of 9.7%.

Apple’s 20 Lost Years

Over the weekend, I posted on X:

If you had invested $10,000 in Apple on June 6, 1983, by April 17, 2003, you'd be sitting on $8,400.

— Eddy Elfenbein (@EddyElfenbein) April 25, 2025

I’ve posted that stat a few times before. This time, the tweet took off. At last count, the tweet has 4,100 “likes.”

There were some replies that told me I had to be incorrect or that I was purposely posting wrong information to get attention.

This is very odd to me because, as you surely know, your humble editor is a mild cupcake. I was even told that I was incredibly and unbelievably stupid because I failed to account for stock splits. You’d be amazed at how angry some people were.

Well, the information I posted is right, and my critics are wrong. Over a 20-year run, Apple’s stock fell 16%. Here are the details:

On June 6, 1983, Apple closed at an unadjusted price of $62.75 per share. Since then, Apple has split 224-1 giving it an adjusted price of 28 cents per share.

On April 17, 2003, Apple closed at an unadjusted price of $13.12 per share. Since then, Apple has split 56-1 giving it an adjusted price of 23.4 cents per share.

I did leave out dividends, but that was a very minor factor. Apple paid out a small dividend from 1987 to 1995, and then it stopped. The company didn’t resume a dividend payment until 2012.

The important lesson here is that the largest publicly traded company in the world, one that is valued at more than $3 trillion, was dead money for more than 20 years. Over the following 22 years, it rose 900-fold. The big change came in 1997 when Bill Gates bailed out Apple with an investment of $150 million. It sounds incredible, but it really happened. That’s something to bear in mind the time next you enter a trade.

This will be a particularly busy week for Wall Street. In addition to many more earnings reports, tomorrow we’ll get our first look at the Q1 GDP report. There’s a chance it could be negative although I’m expecting a number that’s low but positive. The consensus on Wall Street is for growth of 0.4%. Also on Wednesday, we’ll see the ADP report on private payrolls. Wall Street expects a gain of 140,000.

On Thursday, May 1, we’ll get the initial claims report. If we see any weakness in the labor market, it may show up here first. We’ll also get a look at the ISM Manufacturing Index. This has been weak but nothing too bad.

Then on Friday, we’ll get the April jobs report. Economists are expecting a gain of 133,000 and for the unemployment rate to hold at 4.2%. For wages, the consensus expects a gain of 0.3%.

The Federal Reserve meets again next week. Don’t expect any activity with interest rates, although a rate cut may be coming in June.

That’s all for now. I’ll have more for you in the next issue of CWS Market Review.

– Eddy

Morning News: April 29, 2025
Posted by Eddy Elfenbein on April 29th, 2025 at 7:03 am

Russia’s Oil Exports Edge Higher With Return of Sanctioned Ships

Zombie Ships Are Fast Becoming a Feature of Venezuelan Oil Trade

The World’s ‘Miracle’ Economy Loses Its Mojo

Ireland’s Economy Surges as U.S. Businesses Stockpile Ahead of Possible Tariffs

Spanish Economy Keeps Growing But Tariffs Set to Drag Momentum

Eurozone Business Sentiment Takes Hit From Tariffs

EU Bans Sale of ‘Golden Passports’ as Trump Opens Doors

China Vows to Stand Firm, Urges Nations to Resist ‘Bully’ Trump

Only in America — 100 Days of the Anti-Reagan

China Is the Wrong Model for the US Economy

Trump’s ‘Buoyant’ Trade Warrior Flexes His Power Over Global Business

Why Trump’s Economic Disruption Will Be Hard to Reverse

Goldman’s Solomon Says Markets Will ‘Settle Down’ After Disorder

America Needs to Be Strong. Why Weaken Its Banks?

HSBC Sounds Trump Tariff Alarm, Taking Shine Off Q1 Profit Beat and Buyback

White House Tech Bros Are Killing What Made Them (and America) Wealthy

As Musk Nears End of 130-Day DOGE Stint, He’s $113 Billion Down

Shadowy Crypto Companies Make Inroads in U.S. Under Trump

Secret Deals, Foreign Investments, Presidential Policy Changes: The Rise of Trump’s Crypto Firm

Housing on Federal Lands Aims to Ease Affordability Crisis

White House Looks to Take Steps to Ease Pain From Car Tariffs

G.M. Withdraws Profit Forecast as Trump Tariffs Take a Toll

Porsche and Volvo Become Victims of Deglobalization

Amazon Launches First 27 Project Kuiper Internet Satellites

UPS to Cut 20,000 Jobs After Amazon Breakup

JetBlue Withdraws Outlook, Expects Soft Demand

Pfizer Revenue Slides as Paxlovid Sales Fade

Altria Reaffirms Guidance as Cigarette Sales Drop Nearly 14%

Starbucks Says It’s Making Progress on Quest to Fulfill Orders More Quickly

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Morning News: April 28, 2025
Posted by Eddy Elfenbein on April 28th, 2025 at 7:04 am

Hungary Rejects US Pressure to Reduce Its Chinese Economic Ties

China Holds Off on New Stimulus, Shows Composure in US Trade War

Hegseth’s Reckless Leadership Endangers All Americans

Trump’s Missing Climate Invite Makes US Look Even More Isolated

Stop Scaring Future World Leaders Off US Campuses

‘Welcome to the Thunderdome’: Inside 100 Dizzying Days of Trump

Trump Promised a Markets Boom. 100 Days In, Stocks Have Only Seen Damage

Why We’re in ‘Trading Places’ Territory

Unhedged and Burned, Stock Investors Brace for More Dollar Pain

Trump Vs. Powell: Lots Of Misunderstanding Rooted In Lots Of Myth

The Dollar’s Weakness Creates an Opportunity for the Euro. Can It Last?

The Hidden Costs of Untimely Antitrust Enforcement

New Details Emerge on Trump Officials’ Sprint to Gut Consumer Bureau Staff

Trump China Tariffs Set to Unleash Supply Jolt on US Economy

US Shoppers Pay for Trump Tariffs on Temu, Doubling Some Prices

Tariffs Cut Both Ways for U.S. Upholstery Manufacturers

Why Making an All-American Product Is So Hard

Trump’s Tariffs Prompt Wave of Lawsuits as States and Businesses Fight Back

China’s Ant Group Enters Brokerage Business with $362 Million Bright Smart Buy

India’s Strengthening Supply-Chain Position Lures Even China

Zepto Offers 16% Yield to Investors in India Private Credit Deal

India Concludes $7.4 Billion Deal With France to Buy Rafale Jets

Airbus Reaches Deal to Buy Spirit AeroSystems Plants

Chinese Robotaxi Firm Pony AI on Faster Track to Profit After Cost Cuts, CTO Says

Intel CEO Targets Change in Corporate Culture to Shape Up

Sweetgreen’s C.E.O. on Robots, ‘MAHA’ and Why Salads Are So Expensive

Behind the ‘60 Minutes’ Upheaval, a Big Merger Seeking Approval

They’re on the Varsity Influencer Team

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Morning News: April 25, 2025
Posted by Eddy Elfenbein on April 25th, 2025 at 7:02 am

China May Exempt Some US Goods From Tariffs as Costs Rise

Chinese Electronics Makers Shrug, Joke and Wait for Tariff Chaos to Pass

BYD First-Quarter Profit Doubled on Strong EV Sales

Trump’s Tariffs Expected to Grind Germany’s Growth to a Halt

Congress Loved Tariffs Long Before President ‘Tariff Man’ Trump

What the Tomato Teaches Us About Free Trade

World’s Finance Ministers Are Dazed and Confused

Bessent Says He Wants Treasury Yields Down. Believe Him.

The ‘Shouting Match’ Between Musk and Bessent is Part of a Larger White House Problem

What Elon Musk Didn’t Budget For: Firing Workers Costs Money, Too

Prince Alwaleed Plots Next Act With Billions Riding on Elon Musk

Saudis Signal Oil’s Rout Won’t Hold Them Back

The US Stock Market’s Tariff Exposure Is About to Be Laid Bare

The Genius of TPI Can Only Be Realized With a Stable Dollar

Markets Rise on Hints of Easing Trade Tensions

BofA’s Hartnett Warns Sell the Rebound in US Stocks and Dollar

US Bank Regulators Pull Back Guardrails on Bank Crypto Activities

A Sign That Consumers Are Anxious: They’re Cutting Back on Snacks

As Recession Fears Rise, ‘No Buy’ Takes On New Urgency

Alphabet’s Sales Beat Estimates on Google Search Ad Business

Apple Aims to Build Most iPhones for US in India by End-2026

Accreditation Order Is Really About Controlling What’s Taught

North America’s Oldest Firm Meets Its End. Some Argue Its Fate Was Avoidable

WPP CEO Sees Client Unease Amid Tariff Uncertainty, But No Spending Cuts

‘More a Cheerleader Than a Regulator’: The FDA’s Untold Role in the Opioid Epidemic

Universal’s $775 Million Downtown Music Bid Set for EU Probe

No More Food Dye in Froot Loops? Not So Fast.

A New, Full-Bodied Fraud Comes in a Whisky Barrel

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