Texas and NY judges halt deportations under wartime powers. Federal...
Texas and NY judges halt deportations under wartime powers. Federal judges in separate cases in the two states temporarily barred the deportation of Venezuelans the government alleges are members of the Tren de Aragua gang to give them time to plead their cases. The decisions came after the Supreme Court ruled last week that the Trump administration could deport people using the rarely invoked 1798 Alien Enemies Act, but said they had to be given notice and a chance to challenge the decision. The ACLU filed cases seeking time to make such challenges in New York and in the Texas district where a facility the government has used to detain migrants prior to deportation is located, and won the rulings from the judges.
At least 124 people died when the roof collapsed at a Dominican Republic nightclub.
Delta pulled its full-year guidance and Walmart yanked its guidance for Q1, saying their performance would be harmed by tariffs before the president made his pause announcement.
The White House said it froze $1 billion in federal funding for Cornell University and $790 million for Northwestern University amid investigations into the universities’ alleged insufficient responses to antisemitism.
Microsoft is pulling back from data center construction, including a $1 billion project planned for Ohio.
The Supreme Court said the president doesn’t have to rehire two Democratic members of federal labor agencies while it reviews whether he has the power to permanently fire them.
The National Recording Registry’s latest additions include the original cast recording of Hamilton, a Miles Davis record, and the sounds from the Minecraft video game.
Craziness in the bond market may sound like an oxymoron, but for once,...
Craziness in the bond market may sound like an oxymoron, but for once, the usually quiet world of fixed income is the one in the spotlight.
Despite the Trump administration’s efforts to lower 10-year Treasury yields, they have surged wildly over the past few days. The 10-year yield jumped above 4.5% overnight as tariffs against international trading partners went into effect, concluding its largest three-day jump since December 2001.
By this afternoon, the yield on 10-year Treasury notes had fallen to 4.39%—still well above its 4.2% yield last Wednesday, aka Liberation Day. And if you think that’s wild, the 30-year Treasury was on track for its biggest gain today since 1982.
Even after markets sank this week, some investors are sitting pretty.
Short sellers betting against the stock market have raked in about $159 billion in profits over the last six days. “81% of every short trade was profitable, and 97% of every dollar shorted was a profitable trade,” according to Bloomberg. That basically makes this the investing equivalent of people betting the over on the first games of the season with the Yankees using torpedo bats.
Oil prices fall, then recover, after Trump announces 90-day tariff pause
Oil prices swung wildly on Wednesday, sinking to a four-year...
Oil prices swung wildly on Wednesday, sinking to a four-year low in anticipation of slowing economic growth due to a burgeoning trade war, before jumping 2% after President Donald Trump announced a 90-day pause on most of his tariffs.
U.S. benchmark crude followed U.S. markets higher in the afternoon, rising 2%, or $1.20, to $60.79 per barrel after the latest reversal by the Trump administration.
That's after it declined 4.3% to $56.98 per barrel as late as midday on the New York Mercantile Exchange. Prices had fallen further earlier in the day to levels not seen since February 2021, the depth of the COVID-19 pandemic.
Energy prices have mostly declined since Trump's inauguration in January, with the cost of a barrel of oil sliding about $20 since the start of the year. At this time last year, a barrel of U.S. crude cost $85. A barrel was going for around $71 at the beginning of April, before tariffs were launched.
Brent crude, the European standard, also climbed into positive territory Wednesday to $63.90 per barrel.
Dow books 2,900-point gain, Nasdaq up 12% as stocks soar on Trump's tariff pause
The Dow Jones Industrial Average jumped by almost 3,000...
The Dow Jones Industrial Average jumped by almost 3,000 points on Wednesday, its most ever for one day, after President Donald Trump's 90-day pause on most reciprocal tariffs and a surprisingly strong Treasury auction.
The Nasdaq Composite and S&P 500 also secured their biggest one-day point gains on record. The Nasdaq had its best day in 24 years, while Wednesday was the S&P 500's best day in more than 16 years.
The Dow Jones rose 2,962.86 points, or 7.9%, to close at 40,608.45, based on preliminary data. That exceeded the 2,112.98-point gain seen on March 24, 2020.
The S&P 500 rose 474.13 points, or 9.5%, to end at 5,456.90, breaking a four-session streak of losses. That was its biggest percentage gain since Oct. 28, 2008.
The Nasdaq Composite jumped 1,857.06 points, or 12%, to finish at 17,124.97. That was its largest percentage gain since Jan. 3, 2001.
Trump Backs Down on Most Reciprocal Tariffs for 90 Days
On Wednesday, President Trump said he would pause his...
On Wednesday, President Trump said he would pause his reciprocal tariffs for most countries for the next 90 days, backing down on his policy that had sent markets into a tailspin and threatened to upend global trade. However, Mr. Trump said his break did not include China, announcing he would raise tariffs on its exports to 125 percent after Beijing announced a new round of retaliation.
The White House press secretary, Karoline Leavitt, said the tariff level would be brought down to a universal 10 percent—a significant reduction for many countries.
