Wall Street stumbled midday Friday, shaken by a fresh wave of trade war fears after President Donald Trump proposed aggressive new tariffs on Apple Inc. (NASDAQ:AAPL)
At the current sales pace, the market reflected 8.1 months of supply in April, down from 9.1 months in March, but still higher than the 7.7-month supply level recorded a year earlier.
This comes after Apple CEO Tim Cook announced that the iPhone maker plans to move its manufacturing from China to India after President Trump’s reciprocal tariffs were announced on April 2.
The U.S. President noted there was “a century of drilling left, with Aberdeen as the hub,” where he owns a golf course and has previously fought offshore wind farms in court, arguing they would spoil the view from his property.
Craig Shapiro, the macro strategist at the Bear Traps Report, made a case for holding Bitcoin (CRYPTO: BTC) as he explained how the value of the traditional currencies was constantly being challenged by growing debt and inflation.
Mixed U.S. markets closed as Treasury yields eased concerns about deficits. Jobless claims fell, while PMIs show strong economic momentum. Asian markets up.
President Donald Trump's "big beautiful bill" has been approved by the House, marking a significant step towards its potential impact on Americans' finances.
The economic calendar for the day is fairly light, with speeches by a few Federal Reserve officials and the Commerce Department’s new home sales report for April on tap.
Dan Wang, the China director at political risk consultancy Eurasia Group, reportedly said the talks are a positive sign, although they do not indicate a breakthrough in the ongoing trade negotiations.
President Trump has been at odds with Powell over the central bank’s decision not to lower the Fed funds futures rate despite the slowing inflationary pressure.
U.S. equity strategist Michael Wilson predicts that while the S&P 500 could hover around 6,100 in the first half of 2025, it will begin its progression toward 6,500 in the second half.
