Musk, Bessent in White House Shouting Match

 

A reported shouting match between Elon Musk and Treasury Secretary Scott Bessent over an IRS appointment led to the ouster of Gary Shapley, Musk's pick, and the appointment of Bessent's deputy. The White House downplayed the incident, calling it "healthy debate." Multiple sources described a heated argument, with...

PepsiCo Cuts Forecast Amid Weak North American Sales

 

PepsiCo reported mixed Q1 results, with international sales offsetting weaker North American demand. Earnings per share were slightly below expectations ($1.48 vs $1.49), while revenue slightly exceeded predictions ($17.92B vs $17.77B). The company lowered its full-year earnings forecast due to tariffs, economic volatility, and cautious consumers. North...

China Denies US Trade Talks; Markets Tumble

 

Global markets experienced a downturn on Thursday, reversing recent gains, after China denied ongoing trade negotiations with the US. Asian markets showed mixed results, while European benchmarks fell. US futures indicated a lower opening for the S&P 500. This follows market volatility driven by President Trump's trade comments....

Trump's Trade War Dampens Oil Boom Hopes

 

Oil companies initially anticipated a boom under Trump's administration, but rising costs due to the trade war and economic uncertainty are dampening enthusiasm. The San Juan Basin, an old drilling area, is struggling, with smaller companies surviving while larger ones moved to more profitable regions. While some hope...

Trade War Clouds Southwest's Financial Forecast

 

Southwest Airlines, along with other US carriers like Alaska Air Group, Delta, and Frontier, withdrew its financial forecast due to macroeconomic uncertainty stemming from President Trump's trade war. Weakening travel demand, particularly in the domestic leisure market, is impacting airlines' ability to predict future earnings. Southwest cited softening bookings...

Lilly Sues Telehealth Firms Over Weight-Loss Drug Copies

 

Eli Lilly is suing four telehealth companies – Mochi Health, Willow Health, Fella Health, and Delilah and Henry Meds – for illegally selling compounded versions of its weight-loss drug, tirzepatide. These companies allegedly sold unauthorized copies, altered dosages and formulations, and made misleading claims about their products. Lilly...

Trump Seeks Fair Trade Deal with China Amid Tariff Concerns

 

President Trump announced the U.S. will seek a "fair deal" with China, signaling a potential de-escalation of the trade war. High tariffs on Chinese goods, reaching 145%, are deemed unsustainable due to supply chain disruptions and rising consumer prices. While initial market reactions were positive following Trump and...

Southwest Cuts Capacity Amid Weaker Bookings

 

Southwest Airlines announced a reduction in its second-half capacity due to weaker domestic bookings. The airline anticipates flat to 4% lower unit revenue in the second quarter compared to the previous year and has withdrawn its earnings forecast for 2025 and 2026, citing macroeconomic uncertainty and unpredictable booking trends....

Stock Market Rallies on Trump's Softer Stance

 

US stocks surged, with the Nasdaq and S&P 500 gaining 3% and 2%, respectively, following President Trump's softened stance on China tariffs and assurance that he won't remove Federal Reserve Chairman Jerome Powell. Trump indicated that the 145% tariff on Chinese imports will decrease, although not to zero. ...

US-China Trade War: No Unilateral Tariff Cuts, Says Bessent

 

US Treasury Secretary Scott Bessent insists any US-China trade war de-escalation must be mutual, contradicting reports of President Trump unilaterally cutting tariffs. Bessent stated the current high tariffs are unsustainable and akin to an embargo, emphasizing no unilateral US action is planned. Trump, while acknowledging daily contact with China,...