Business News Archives - Page 3 of 12

Wall Street tumbles after Trump escalates his trade war; S&P 500 sinks 1.2%, and Dow drops 500

NEW YORK (AP) — Wall Street’s sell-off is accelerating after President Donald Trump upped the stakes in his trade war. Not even a double-shot of good news on the U.S. economy could stop the bleeding, and the S&P 500 fell 1.2% Thursday. The index is threatening to close more than 10% below its record, which would be its first such drop since 2023. The Dow Jones Industrial Average fell 507 points, and the Nasdaq composite lost 1.6%. Trump’s escalating trade war is raising worries about the economy’s strength, though reports came in better than expected during the morning on both inflation and joblessness in the United States.… Continue Reading

Trump halts doubling of tariffs on Canadian metals, after Ontario suspends electricity price hikes

WASHINGTON (AP) — President Donald Trump says he will double his planned tariffs on steel and aluminum from 25% to 50% for Canada. He’s escalating a trade war with the United States’ northern neighbor and standing unmoved by recent stock market turmoil and rising recession risks. Trump said on social media that the increase of the tariffs set to take effect on Wednesday is a response to the price hikes that the provincial government of Ontario put on electricity sold to the United States. That prompted Ontario on Tuesday to back down on its planned surcharges on electricity sold to the United States.… Continue Reading

Stocks’ sell-off worsens as Wall Street wonders how much pain Trump will accept for the economy

NEW YORK (AP) — Wall Street’s sell-off is worsening. The S&P 500 fell 2.2% Monday as worries build about how much pain President Donald Trump is willing to endure on the economy in order to get what he wants. The Dow Jones Industrial Average dropped 530 points, and the Nasdaq composite sank 3.6%. The losses follow the worst week for U.S. stocks since September on concerns that on-and-off-again tariffs will either hurt the economy directly or create enough uncertainty to freeze it. Elon Musk’s Tesla fell to one of the market’s sharpest losses, as did airlines and other companies that need U.S. shoppers feeling confident enough to spend.… Continue Reading

Elon Musk claims X being targeted in ‘massive cyberattack’ as service goes down

Hours after a series of outages that left X unavailable to thousands of users, Elon Musk is claiming that the social media platform is being targeted in a “massive cyberattack.” Musk said on a post Monday that the attacker is either a large, coordinated group or a country. Complaints about outages spiked Monday at 6 a.m. Eastern and again at 10 a.m, with more than 40,000 users reporting no access to the platform, according to the tracking website Downdetector.com. A sustained outage appeared to begin just after noon Eastern.… Continue Reading

Flu season in the US is the most intense it’s been in at least 15 years

NEW YORK (AP) — The U.S. winter virus season is in full force, and by one measure is the most intense in about 15 years. One indicator of flu activity is the percentage of doctor’s office visits driven by flu-like symptoms. According to data posted Friday, that level last week was higher than the peak of any winter flu season since 2009-2010. So far this season, the CDC estimates, there have been 13,000 flu deaths — including at least 57 children. The flu has forced schools to shut down in some states. One Texas district closed for three days because 650 students and 60 staff were out one day last week.… Continue Reading

Stock market today: Wall Street finishes mixed as strong fashion, tobacco stocks offset Ford’s drop

NEW YORK (AP) — Wall Street drifted through a mixed day of trading as rising fashion and cigarette stocks worked against drops for Ford Motor and Qualcomm. The S&P 500 rose 0.4% Thursday following healthy gains for stock markets across much of Europe and Asia. The Dow Jones Industrial Average fell 0.3%, and the Nasdaq composite rose 0.5%. Gains for Tapestry, Ralph Lauren and Philip Morris International pushed upward on indexes. Ford and Qualcomm fell even though both reported stronger profit for the latest quarter than analysts expected. Treasury yields held relatively steady in the bond market ahead of Friday’s looming report on U.S. job growth.… Continue Reading

NC-based Honeywell, one of the few remaining US industrial conglomerates, will split into three companies

Honeywell plans to separate its automation and aerospace technologies businesses from the U.S. industrial conglomerate, following similar actions by companies such as General Electric and Alcoa. Honeywell said Thursday that the move means there will be three publicly listed companies, when also accounting for its previously announced plan to spin off its advanced materials business.… Continue Reading

New NC facility part of Toyota’s EV and battery push in China and U.S.

TOKYO (AP) — Toyota is developing and making electric vehicles and EV batteries in China under a new partnership with the Shanghai government. It’s also producing batteries for EVs, hybrids and plug-ins at a new $14 billion facility in North Carolina. Wednesday’s announcements highlight Toyota’s aggressive push in electric cars, a sector where some critics have said it’s fallen behind rivals like Tesla and Byd. Toyota is setting up a company in Jinshan District in southwest Shanghai for that effort, with production of the new Lexus EVs starting in 2027. Toyota’s quarterly profit jumped 61% from the previous year to 2.19 trillion yen, or $14 billion.… Continue Reading

Trump agrees to pause tariffs on Mexico, but import taxes still in place for Canada and China

WASHINGTON (AP) — Mexican President Claudia Sheinbaum said Monday that after a conversation with U.S. President Donald Trump that the planned tariffs are on hold for a month, a statement confirmed by the White House. Sheinbaum says on X, “Mexico will reinforce the northern border with 10,000 members of the National Guard immediately, to stop drug trafficking from Mexico to the United States, in particular fentanyl.” She says the U.S. committed to stopping high powered weapons from reaching Mexico. The pause added to the drama as Trump’s tariffs against Canada and China are still slated to go into effect on Tuesday.… Continue Reading

Tech stocks tumble as a Chinese competitor threatens to upend the AI industry; Nvidia down 16%

NEW YORK (AP) — Wall Street’s superstars are tumbling as a competitor from China threatens to upend the artificial-intelligence frenzy they’ve been feasting on. The S&P 500 fell 1.7% Monday. Big Tech stocks took some of the heaviest losses, with Nvidia down 16%, and they dragged the Nasdaq composite down 3.2%. Stocks outside of AI-related industries held up much better, though, and the Dow Jones Industrial Average was up 137 points. A Chinese company called DeepSeek said it had developed a large language model that can compete with U.S. giants at a fraction of the cost.… Continue Reading