An unfounded claim that President Donald Trump was considering pausing the implementation of sizable tariffs briefly sent U.S. stocks skyrocketing on Monday, an indication of just how volatile the current economic situation has become.
The major U.S. equity indexes were lower midday Monday, as the Trump administration showed no signs of pulling back from sweeping reciprocal tariffs.
BlackRock CEO Larry Fink said stock markets could fall 20% farther as steep U.S. tariffs lead some investors to believe the U.S. economy may already be contracting. "Most CEOs I talk to would say we are probably in a recession right now," Fink told the Economic Club of New York on Monday. Still, the leader of the world's largest asset manager said stock market weakness since the tariff announcement on Wednesday was "more of a buying opportunity than a selling opportunity," in the long run and did not pose systemic risks.
Markets were gripped by volatility as investors looked for any clue as to whether the White House might change course.
The unverified rumor, since debunked, came from an anonymous X account named Walter Bloomberg.
Oppenheimer cuts Walmart target due to anticipated impact of tariffs and the negative effect on discretionary spending later in the year.
(Bloomberg) -- European stocks plunged to the lowest in more than a year on Monday, as President Donald Trump issued a fresh tariff threat to China and foreign leaders raced to the negotiating table to persuade him to lower his steep tariff charges. Most Read from BloombergHousing Agency Aims to Relocate Its DC HeadquartersThis Skinny Mexico City Tower Is Just 14 Feet Wide on One SideThe Irish Hot Press Is the Low-Tech Laundry Trick the World NeedsBoston Mayor Wu Embraces Trump Resistance as Cam
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As a sea of red engulfed stock market trading screens on Monday, Donald Trump had a simple message for investors: “Don’t panic.”
"Unless the functioning of financial markets, such as the flow of credit, begins to seize up, there isn’t much the Fed can do."