Following Trump's election victory in November, the market jumped on prospects of diminished regulation and favorable tax policies. The Nasdaq climbed to a record close on Dec. 16, capping a more than 9% rally over about six weeks after the election.
Since then, electric car maker Tesla has lost close to half its value, despite — or perhaps because of — the central role that CEO Elon Musk is playing in the Trump administration.
The Nasdaq's high point for the year came on Feb. 19, about a month into Trump's second term. But it finished that week lower and has continued its precipitous decline.
Here's how the seven megacaps have fared over that stretch:
Apple, the world's most valuable company and the only remaining member of the $3 trillion club, has lost $529 billion in market cap since the close on Feb. 19. The iPhone maker is down 14%.
Microsoft, which was previously worth more than $3 trillion, has fallen by $267 billion in the past three weeks, a drop of close to 9% for the software giant.
Nvidia, the chipmaker that's been the biggest beneficiary of the artificial intelligence boom, also slid below $3 trillion over the course of losing $577 billion in value, the biggest dollar decline in the group. The stock is down 17% since the Nasdaq peaked.
Amazon is down by $347 billion, falling by 14%, while Alphabet is off by $275 billion after a 12% decline. Meta has shed $286 billion in market cap, a 16% drop.
Tesla has seen by far the biggest percentage decline at 33%, equaling $386 billion in value.
Goldman Sachs on Wednesday referred to the group as the "Maleficent 7." David Kostin, the firm's chief U.S. equity strategist, noted that the basket now trades at its lowest valuation premium relative to the S&P 500 since 2017. Goldman cut its price target on the benchmark index to 6,200 from 6,500. The S&P 500 closed on Thursday at 5,521.52.
"To be able to get scale, we need to consolidate a fragmented market like the telecoms market in Europe," Murtra added. "And for that, we need a regulation that allows us to consolidate. So what we do ask is: please unleash us. Let us gain scale. Let us invest in technology and bring upon productive change."
Christel Heydemann, CEO of French carrier Orange, said that while some mega-deal activity is starting to gather pace in Europe, more needs to be done to guarantee the continent's competitiveness on the world stage.
Last year, Orange closed a deal to merge its Spanish operations with local mobile network provider Masmovil. Meanwhile, more recently, the U.K.'s Competition and Markets Authority approved a £15 billion ($19 billion) merger between telecoms firms Vodafone and Three in the U.K., subject to certain conditions.
A chart comparing the share price performance of T-Mobile, America's largest telco by market cap, with that of Germany's Deutsche Telekom and France's Orange.
"We need a reform of the of the competition policy," Höttges said onstage at MWC. "We have to be allowed to consolidate our activities."
"There is no reason that every market has to operate with three or four operators," he added. "We should build a European single market ... because, if we cannot increase our consumer prices, if we cannot charge the over-the-top players, we have to get efficiencies out of the scale which we created."
At MWC, many mobile network operators talked up their usage of AI to improve network quality, better serve their customers and gain market share from competitors.
Still, Europe's telco bosses say they could be accelerating their digital transformation journeys if they were allowed to combine with other large multinational players.
"There's this real focus now around European competitiveness," Luke Kehoe, industry analyst for Europe at network intelligence firm Ookla, told CNBC on the sidelines of MWC last week. "There's a goal to mobilize policy to improve telecoms networks."
In January, the European Commission, the executive body of the European Union, issued its so-called "Competitiveness Compass" to EU lawmakers.
The document calls for, among other things, "revised guidelines for assessing mergers so that innovation, resilience and the investment intensity of competition in certain strategic sectors are given adequate weight in light of the European economy's acute needs."
Meanwhile, last year former European Central Bank President Mario Draghi released a long-awaited report that urged radical reforms to the EU through a new industrial strategy to ensure its competitiveness.
Jensen Huang, co-founder and CEO of Nvidia, displays the new Blackwell GPU chip during the Nvidia GPU Technology Conference in San Jose, California, on March 18, 2024.
The company has never explained its naming convention, and hasn't emphasized the diversity aspect of its choices, but Nvidia's chip names that highlight women and minority scientists are one of the most visible efforts to honor diversity in the tech industry during a period where diversity, equity and inclusion, or DEI, initiatives are being slashed by the Trump administration.
Rubin discovered a lot of what is known about "dark matter," a form of matter that could make up a quarter of the matter of the universe and which doesn't emit light or radiation, and she advocated for women in science throughout her career.
Before revealing a new architecture, Nvidia CEO Jensen Huang usually gives a one-sentence biography of the scientist it's named after.
"I'd like to introduce you to a very, very big GPU named after David Blackwell, mathematician, game theorist, probability," Huang said at last year's GTC conference. "We thought it was a perfect name."
Rubin is a fitting name for Nvidia's next chip, which comes as the company tries to solidify the gains it has made in recent years as the leader in AI hardware. "Vera" will refer to Nvidia's next-generation central processor, and "Rubin" will refer to Nvidia's new GPU.
Born in Philadelphia in 1928, Rubin studied deep space and worked with other scientists to develop better telescopes and instruments that could collect more detailed data about the universe. In 1968, according to a Nova documentary, she started observing the Andromeda galaxy and collecting the data that would upend science's understanding of our universe.
Her primary claim to fame came after she observed how quickly galaxies rotate.
"The presumption was that the stars near the center of a galaxy would be orbiting very rapidly, and stars at the outside would be going very slowly," Rubin said in 1987.
But Rubin realized that she was observing that outer stars were moving quickly, contrary to expectations. They weren't flying out of orbit, which meant that there had to be more mass scientists weren't observing — confirming the concept of dark matter.
In order to keep growth rising, Nvidia needs to deliver a next-generation chip that justifies its cost and improves on the previous generation's speeds, power efficiency and cost of ownership.
The company has targeted 2026 for a rollout of the Vera chips, according to an investor presentation last fall. In addition to Vera Rubin, Nvidia is expected to discuss Blackwell Ultra, an updated version of its Blackwell chips that analysts expect the company to start selling later this year.
Huang also teased during an earnings call last month that he'll show the "next click" after Vera Rubin. That architecture will likely be named after a scientist, too.
In fact, cybersecurity firm Trend Micro has seen a 900% increase in searches for "toll road scams" in the last three months, meaning, the company says, that these scams are hitting everyone, everywhere, and hard.
"It is obviously working; they are getting victims to pay it. This one apparently seems to be going on a lot longer than we normally see these things," said Jon Clay, vice president of threat intelligence at Trend Micro.
In this case, the "they" are likely Chinese criminal gangs working from wherever they can find a foothold, including Southeast Asia, which Clay says Chinese criminal gangs are turning into a hot spot.
"They are basically building big data centers in the jungle," Clay said, and staffing them with scammers.
Clay also says that absent a big news event that scammers can latch onto, the toll scam fills the void. But he said tax-time scams will soon really ramp up.
What really makes the toll scam effective is that it is cheap and easy for scammers to utilize. They can buy numbers in bulk and send out millions of texts. A handful of people will be persuaded to pay the $3 toll fee to avoid the (fictional) threat of fines or licensing revocation. But Clay says they aren't just interested in the $3; it's your personal information that you'll enter that has far more value.
"Apple doesn't do anything about it. ... Android will add it to their spam list so you won't get texts from the same number, but then the scammers will just change numbers," Clay said. "Apple has done a wonderful job of telling everyone their phone is secure, and they are, but not from this kind of attack," Clay added.
Across the 241 miles of the Ohio Turnpike, the scam first appeared on the state's radar in April 2024, but it has been ramping up recently, said a spokesman for the Ohio public road system.
"Over the past two weeks, our customer service center has received a record number of calls from customers and mobile device users in area codes across Ohio and elsewhere about the texting scam," the spokesman said. The good news, he says, is that the calls have been tailing off in recent days, likely because of growing awareness, and he said personally he knows of few who have fallen for the scam.
However, the issue has become acute enough that the Ohio Turnpike and Infrastructure Commission produced a public service video to raise awareness.
Louisiana and Vermont are among states where top government officials have recently issued warnings to residents.
NASA, SpaceX Retry Launch to Bring Astronauts Home
NASA and SpaceX are planning a Crew-10 launch to bring home astronauts stranded on ISS for nine months.
NASA and SpaceX on Friday will count down to a long-awaited crewed rocket launch that will allow them to bring home U.S. astronauts Butch Wilmore and Suni Williams, who have been stuck on the International Space Station for nine months.
SpaceX and the U.S. space agency had planned on Wednesday to launch from Florida a replacement crew of four astronauts, a mission called Crew-10, but a last-minute issue with the rocket's ground systems forced a delay.
Now slated for liftoff at 7:03 p.m. ET Friday (2330GMT), the Crew-10's arrival to the ISS on Saturday night will allow the return of Wilmore and Williams, two veteran NASA astronauts and U.S. Navy test pilots who in June 2024 were the first humans to test-fly Boeing's Starliner spacecraft to the ISS in June.
But problems with Starliner's propulsion system during its flight to the ISS delayed what was expected to be an eight-day stay. NASA deemed it too risky for the astronauts to fly home on the Boeing craft, which led to the current plan to bring them home in a SpaceX capsule.
It has also become entangled in politics as President Donald Trump and his adviser Elon Musk, SpaceX's CEO, claim without evidence President Joe Biden left "Butch and Suni" on the station for political reasons.
When the new crew arrives aboard the station, Wilmore, Williams and two others - NASA astronaut Nick Hague and Russian cosmonaut Aleksandr Gorbunov - can return to Earth in a capsule that has been attached to the station since September, as part of the prior Crew-9 mission.
If Crew-10 launches as planned on Friday, it will dock to the ISS at 11:30 pm Saturday, followed by a traditional handover ceremony that will allow for the Crew-9 crew's departure March 19.
Wilmore and Williams cannot leave until the new Crew-10 craft arrives so that the ISS staffed with enough U.S. astronauts for maintenance, according to NASA.
Trump Warns Putin, Russia: 'Spare Their Lives!'
President Donald Trump asked Russian President Vladimir Putin to order Moscow forces to refrain from killing Ukrainian troops who have been surrounded.
President Donald Trump asked Russian President Vladimir Putin to order Moscow forces to refrain from killing Ukrainian troops who have been surrounded.
Russian troops recaptured 28 settlements in its western Kursk region in the past week and took control of the village of Noven'ke in Ukraine's adjacent Sumy region, the Russian Defense Ministry said Friday.
The news came amid reports that Putin met with U.S. envoy Steve Witkoff to discuss details of the American proposal for a 30-day ceasefire in the war with Ukraine, asking him to convey Moscow's thoughts to Washington.
However, Ukrainian President Volodymyr Zelenskyy on Thursday warned that Putin will drag out a deal for a ceasefire because he is not interested in peace, The New York Times reported.
Zelenskyy added that Putin has demanded so many preconditions that "nothing will work out at all, or that it will not work out for as long as possible."
Classified U.S. intelligence reports as recently as this month said Putin continues to focus on his maximalist goal of bringing Ukraine into Russia's security and economic orbit despite Trump's attempts to end the war through negotiations, The Washington Post reported Thursday.
Russia has sharply accelerated a push to drive Ukrainian forces out of Kursk, where they took control of about 100 settlements in a surprise incursion into Russian territory last August.
50-50 Chance of Recession This Year: Larry Summers
Former Treasury Secretary Larry Summers sees a 50-50 chance of a recession in 2025 due to President Trump’s tariffs, immigration policies and federal government layoffs.
“I’d say there’s a 50-50 chance of a recession starting this year,” Summers told Bloomberg. “When economic revisions start being revised in a direction, there tends to be momentum, and all the revisions are going one way, pointing towards less growth and real uncertainty.”
The steep decline in the stock market and erosion of consumer confidence are also indicators of a possible recession, said Summers, who was Treasury Secretary during the Clinton administration and served as White House Economic Council director under Obama.
“We have seen a sea change in perception in the two months since Trump was inaugurated,” said Summers, who was president of Harvard University from 2001 to 2006. When Trump came into office, “the prevailing view was a very strong economy, possibly inflation risk, and United States exceptionalism and outperformance relative to the rest of the world.
“But the combination of the substantial immigration restrictions, substantial federal government layoffs, the damage to U.S. competitiveness and U.S. production done by tariffication, and, above all, a big increase in risk premiums, have led to sharp reductions in consumer and business spending.”
Summers slammed Trump’s “steadfastness on tariffs, economic nationalism and vast, wide interpretation of government” reach for creating market uncertainty.
“Every time he recommits [to the tariffs], pessimism increases,” Summers said.
Eggs US decreased 0.91 USD/DOZEN or 15.71% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Eggs US reached an all time high of 8.17 in March of 2025. source: USDA
WTI crude oil futures climbed above $67 per barrel on Friday, rebounding from losses in the previous session, supported by fresh US sanctions on Iranian oil and shipping. Washington targeted Iran’s Oil Minister Mohsen Paknejad and Hong Kong-flagged vessels linked to a shadow fleet concealing Tehran’s crude exports. Further boost came from fading hopes for a swift resolution to the Ukraine war, which could have restored Russian energy supplies. Meanwhile, macroeconomic uncertainties kept oil under pressure, with the International Energy Agency warning of a growing supply surplus as an escalating trade war weakens demand while OPEC+ boosts production. The IEA projects global supply to exceed demand by 600,000 bpd this year, with demand expected to rise just 1.03 million bpd, 70,000 bpd below last month’s forecast. For the week, oil is on track for its longest losing streak since August 2015.
The Nikkei 225 Index climbed 0.71% to close at 37,053, while the broader Topix Index edged up 0.65% to 2,716 on Friday, as investors snapped up beaten-down technology stocks. Despite the rebound, market sentiment remained fragile amid escalating global trade tensions. In the latest trade dispute, US President Donald Trump threatened to impose a 200% tariff on all alcoholic products from the European Union, retaliating against the bloc’s 50% tariff on American whiskey. Meanwhile, investors continued to monitor Bank of Japan policy signals, as Governor Kazuo Ueda reaffirmed plans to reduce the central bank’s massive balance sheet. Leading the tech rally were Fujikura (8.1%), Advantest (+5.3%), Disco (+3.7%), SoftBank Group (1%), and Tokyo Electron (+0.8%). Still, the Nikkei and Topix indexes ended the week little changed, inching up 0.45% and 0.27%, respectively.
WTI crude oil futures climbed above $67 per barrel on Friday, rebounding from losses in the previous session, supported by fresh US sanctions on Iranian oil and shipping. Washington targeted Iran’s Oil Minister Mohsen Paknejad and Hong Kong-flagged vessels linked to a shadow fleet concealing Tehran’s crude exports. Further boost came from fading hopes for a swift resolution to the Ukraine war, which could have restored Russian energy supplies. Meanwhile, macroeconomic uncertainties kept oil under pressure, with the International Energy Agency warning of a growing supply surplus as an escalating trade war weakens demand while OPEC+ boosts production. The IEA projects global supply to exceed demand by 600,000 bpd this year, with demand expected to rise just 1.03 million bpd, 70,000 bpd below last month’s forecast. For the week, oil is on track for its longest losing streak since August 2015.
US natural gas futures dropped 9% to a two-week low below $4/MMBtu this week, pressured by near-record output and forecasts for milder weather over the next two weeks. Production in the Lower 48 states rose to 105.7 billion cubic feet per day (bcfd) in March, surpassing February's record of 105.1 bcfd. However, gas flows to U.S. LNG export plants also reached 15.6 bcfd, matching last month's record. The latest EIA report showed US utilities withdrew 62 billion cubic feet (bcf) of gas for the week ending March 7, exceeding forecasts of 50-55 bcf. As a result, storage levels remain 27% lower than the same period last year and 11.9% below the five-year average.
US gasoline futures climbed above $2.1 per gallon, after data showed US gasoline inventories fell by nearly 6 million barrels to the lowest since early January, indicating robust consumer consumption. Crude oil stocks increased by 1.5 million barrels, below market expectations, while reserves at the Cushing hub declined. Meanwhile, markets weighed the potential impact of tariffs on Canadian oil, which could disrupt domestic supply and strain refining capacity in the Northern US. According to fuel distributor TACenergy, gasoline stations in New England faced higher costs on Canadian fuel shipments due to anticipated tariffs from US President Donald Trump. In geopolitical developments, Ukraine agreed to a US-backed 30-day truce with Russia, while Yemen’s Iran-backed Houthis threatened to resume attacks on Israeli ships.
Heating oil futures in the US fell toward $2.15 per gallon in March, reaching a three-month low, as rising global oil supply, trade uncertainties, and weakening demand weighed on prices. OPEC+ plans to increase output by 138,000 barrels per day in April, with Kazakhstan surpassing its quota, further boosting global supply and placing a cap on crude oil feedstock costs. Uncertainty surrounding US tariffs on Canadian oil has added volatility, raising concerns about potential disruptions to US supply and refining. Meanwhile, increased US natural gas production, combined with forecasts for milder weather in the next two weeks, is adding further pressure on heating oil prices, as natural gas competes for market share. Additionally, distillate stocks fell by 1.6 million barrels for the week ending March 7th, surpassing market expectations of a 1.3 million barrel decline, while heating oil inventories decreased by 183,000 barrels, marking the second consecutive drop.
Gold touched a $3,000 per ounce milestone on Friday, a fresh record high driven by risk aversion and rising expectations of Federal Reserve rate cuts. In the latest escalation of US President Donald Trump’s multi-front trade war, he warned of a 200% tariff on European wine and other alcoholic beverages after the EU imposed a 50% tax on American whiskey exports. Meanwhile, recent PPI and CPI data signaled easing price pressures in February, giving the Fed more room to cut rates and boosting the appeal of non-yielding gold. Further supporting the metal are strong ETF demand and sustained central bank buying, with China extending its purchases for a fourth consecutive month. For the week, bullion is set for a gain of nearly 3%.
Silver climbed toward $33.90 an ounce, its highest level since late October, as investors sought safe-haven assets amid rising tariff tensions and growing bets on Federal Reserve rate cuts following weaker-than-expected U.S. inflation data. Trade tensions escalated after President Trump threatened 200% tariffs on European wines, champagnes, and other alcoholic beverages in response to the EU’s 50% tariff on American whiskey. Meanwhile, U.S. Commerce Secretary Howard Lutnick stated that a recession would be "worth it" to implement Trump’s economic policies. On the economic front, U.S. producer prices were unexpectedly flat in February, while consumer inflation rose just 0.2%, below forecasts. Additionally, jobless claims fell again last week, signaling a still strong labor market.
Copper futures rose to above $4.9 per pound on Friday, a nine-month high, and more than $0.4 higher than comparable contracts at the LME on expectations that the US will impose tariffs on copper, a move that would pressure the limited capacity for local smelters. President Trump signed an executive order to initiate a review on copper imports after noting he would tariff the metal in an earlier speech before Congress. The signals suggested that levies would be imposed later in the year, but the escalation on base metal tariffs on Canada sporadically announced by the White House ramped up concerns that barriers on copper may be expedited. Such a move would increase dependency on domestic capacity, which is limited to only two major smelters, as the US imports nearly half of its copper. In China, supply remained ample. Treatment charges by smelters were still below zero, reflecting the large extent of overcapacity in refined copper production in the major producer.
Soybean futures rebounded to $10.00 per bushel, attempting to recover from a recent sell-off after Argentina lowered its production forecast below USDA estimates. Argentine soybean output for 2024/25 is now expected at 46.5 million metric tons (mmt), down from last month’s forecast of 47.5 mmt and below the USDA’s 49 mmt projection, as drought impacts persist despite signs of recovery. Adding support, the USDA's weekly Export Sales report showed stronger-than-expected U.S. soybean sales, with China leading purchases, followed by Indonesia and the Netherlands. Meanwhile, investors continued to assess the latest tariff announcements, with President Donald Trump escalating trade tensions with the EU and threatening 200% tariffs on European wines, champagnes, and other alcoholic beverages.
Wheat futures climbed above $5.50 per bushel, touching their highest level since February 26th, as investors welcomed signs of strong international demand. The USDA’s latest weekly Export Sales report showed U.S. wheat sales surged 84% above the prior four-week average and exceeded expectations, with major purchases from Panama, South Korea, and unidentified buyers. Year-to-date sales are now 69 million bushels ahead of last year, with the USDA projecting a 128-million-bushel increase. Meanwhile, Algeria secured at least 450,000 metric tons in a Wednesday tender, while Tunisia was seeking 100,000 tons in a tender on Thursday. On the supply side, Statistics Canada reported that Canadian farmers plan to expand wheat planting in 2025. Investors also monitored escalating trade tensions, as President Trump threatened 200% tariffs on European wines, champagnes, and other alcoholic beverages.
Newcastle coal futures fell to $101 per tonne, returning toward the near four-year low of $99 from February 28th as selected output curbs were not enough to outweigh the view that thermal coal is increasingly oversupplied. China announced that its output is set to expand 1.5% to 4.82 billion tons in 2025 following a record-setting 2024, aiming to expand mining capacity to avoid availability risks from carbon emission limits and mine shutdowns for safety protocol breaches. The development occurred as utilities already deal with record-high coal inventories, which rose by 12% in the two months ending October. Also, Indonesian output rose to a record high 836 million tonnes in 2024, 18% above its target, while the country’s increasing investment in alternative power sources limited the outlook for coal demand. Consequently, Glencore noted that multiple Australian coal producers, which especially impact the Newcastle grade, were considering shitting down as lower prices reduce margins.
Steel rebar futures were at CNY 3,220 per tonne, remaining close to the two-month lows of CNY 3,200 touched on March 11th amid concerns of lower demand. Consumer and producer prices in China fell more than expected in February to underscore the poor demand for manufactured goods in the world's top consumer. In the meantime, US President Trump imposed 25% tariffs on steel, spurring retaliatory measures from the EU. The measures have a muted impact on the Chinese rebar market due to existing barriers Trump's first term. Still, the move added to a rising trend of protectionist policies that do impact Chinese mills, particularly due to the rising dependency on exports to meet their sales targets as slowing construction activity dampened domestic rebar buying. Tariffs were imposed or threatened by Taiwan, Vietnam, South Korea, and Brazil. Steel exports grew 7% in the first two months to 17 million tons, following a record-setting record-high 130 million tons in 2024.
David Tuthill Jennings (June 8, 1952 – June 19, 2013) was an American professional football player who was a punter in the National Football League (NFL) from 1974 to 1987. He played for the New York Giants and the New York Jets.[1] He later worked as a radio color commentator for Jets and Giants games until 2007. He died of complications with Parkinson's disease in 2013.
William Ray Guy (December 22, 1949 – November 3, 2022) was an American professional football punter who played for the Oakland / Los Angeles Raiders of the National Football League (NFL). Guy was a first-team All-American selection in 1972 as a senior for the Southern Miss Golden Eagles, and is the only pure punter ever to be drafted in the first round of the NFL draft, when the Raiders selected him with the 23rd overall pick in the 1973 NFL draft. He won three Super Bowls with the Raiders. Guy was elected to both the College Football Hall of Fame and the Pro Football Hall of Fame in 2014. An eight-time All-Pro, Guy is widely considered to be the greatest punter of all time.
With his induction to the Hall of Fame on August 2, 2014, he became the first pure punter to be so honored.
European natural gas futures rose over 8% to above €42/MWh this week, ending a four-week losing streak, as colder weather increased heating demand and the market monitored potential ceasefire talks between Ukraine and Russia. Concerns persist over Europe's ability to refill gas storage ahead of winter, with current levels below 36% and a 90% target set for November 1. Hopes for a quick end to the Ukraine war, which could restore Russian gas flows, remain low. While Russian President Vladimir Putin expressed conditional support for a US-proposed ceasefire, his demands suggest no imminent resolution.
U.S. stocks are rallying Friday, but nowhere nearly by enough to keep Wall Street from a fourth straight losing week, which would be its longest such streak since August.
The S&P 500 was 1.77% higher in early trading at 11:28 a.m. EST, a day after closing more than 10% below its record for its first “ correction ” since 2023. The Dow Jones Industrial Average was up 561.43 points, or 1.38%, and the Nasdaq composite was 371.19 points or 2.16% higher.
One piece of uncertainty hanging over Wall Street may be clearing after the Senate made moves to prevent a possible partial shutdown of the U.S. government. A deadline is looming at midnight for it.
Economists say China needs consumers to spend more to get the economy out of its doldrums, although most have advocated broader, more fundamental reforms such as increasing wages, social welfare and support for public health and education.
In the bond market, Treasury yields rose to recover some of their sharp recent losses. The yield on the 10-year Treasury climbed to 4.30% from 4.27% late Thursday and from 4.16% at the start of last week.
Yields have been swinging since January, when they were approaching 4.80%. When worries worsen about the U.S. economy’s strength, yields have fallen. When those worries lessen, or when concerns about inflation rise, yields have climbed.
Lumber futures eased toward $630 per thousand board feet, retreating from a two-and-a-half-year high of $658, as tariff policies from President Trump and retaliatory measures from Canada and the European Union strain global trade and stoke recession fears in the U.S. and Canada. However, the U.S. Producer Price Index recorded a softwood lumber surge of 11.7% over the past year, marking four consecutive months of double-digit annual growth. Tariff uncertainties have led builders to stockpile lumber to avoid potential tariffs on Canadian imports—a strategy that has historically pushed prices up by as much as 25%. Mills are preemptively hiking prices by 25% to 65% amid shifting trade policies and supply chain disruptions. Additionally, the Department of Commerce’s proposal to nearly triple anti-dumping duties on Canadian softwood—from 14.5% to a potential 52%—adds further uncertainty, given that Canada supplies 30% of the softwood used in the U.S. for housing and furniture.
Duffy traveled to Washington and met with Boeing CEO Kelly Ortberg, along with acting FAA Administrator Chris Rocheleau, following last year's mid-air panel blowout on a new Alaska Airlines 737 MAX 9 airplane that was missing four key bolts.
Ortberg will testify April 2 before Congress.
"They've lost trust," Duffy said. "They have to take a look at how they're manufacturing. They have to look at their quality. They have to get it up to a place where the FAA and the American people and the airlines feel like they're producing incredibly safe airplanes."
Duffy noted that Boeing has new leadership.
"They are making efforts and strides to bring quality back to their aircraft," he said.
Blanche added that federal law enforcement had executed a search warrant on Thursday night as part of a separate probe into whether Columbia University harbored undocumented immigrants on its campus.
This isn't what Wall Street was expecting.
Following Trump's election victory in November, the market jumped on prospects of diminished regulation and favorable tax policies. The Nasdaq climbed to a record close on Dec. 16, capping a more than 9% rally over about six weeks after the election.
Since then, electric car maker Tesla has lost close to half its value, despite — or perhaps because of — the central role that CEO Elon Musk is playing in the Trump administration.
The Nasdaq's high point for the year came on Feb. 19, about a month into Trump's second term. But it finished that week lower and has continued its precipitous decline.
Here's how the seven megacaps have fared over that stretch:
Apple, the world's most valuable company and the only remaining member of the $3 trillion club, has lost $529 billion in market cap since the close on Feb. 19. The iPhone maker is down 14%.
Microsoft, which was previously worth more than $3 trillion, has fallen by $267 billion in the past three weeks, a drop of close to 9% for the software giant.
Nvidia, the chipmaker that's been the biggest beneficiary of the artificial intelligence boom, also slid below $3 trillion over the course of losing $577 billion in value, the biggest dollar decline in the group. The stock is down 17% since the Nasdaq peaked.
Amazon is down by $347 billion, falling by 14%, while Alphabet is off by $275 billion after a 12% decline. Meta has shed $286 billion in market cap, a 16% drop.
Tesla has seen by far the biggest percentage decline at 33%, equaling $386 billion in value.
Goldman Sachs on Wednesday referred to the group as the "Maleficent 7." David Kostin, the firm's chief U.S. equity strategist, noted that the basket now trades at its lowest valuation premium relative to the S&P 500 since 2017. Goldman cut its price target on the benchmark index to 6,200 from 6,500. The S&P 500 closed on Thursday at 5,521.52.
"To be able to get scale, we need to consolidate a fragmented market like the telecoms market in Europe," Murtra added. "And for that, we need a regulation that allows us to consolidate. So what we do ask is: please unleash us. Let us gain scale. Let us invest in technology and bring upon productive change."
Christel Heydemann, CEO of French carrier Orange, said that while some mega-deal activity is starting to gather pace in Europe, more needs to be done to guarantee the continent's competitiveness on the world stage.
Last year, Orange closed a deal to merge its Spanish operations with local mobile network provider Masmovil. Meanwhile, more recently, the U.K.'s Competition and Markets Authority approved a £15 billion ($19 billion) merger between telecoms firms Vodafone and Three in the U.K., subject to certain conditions.
A chart comparing the share price performance of T-Mobile, America's largest telco by market cap, with that of Germany's Deutsche Telekom and France's Orange.
"We need a reform of the of the competition policy," Höttges said onstage at MWC. "We have to be allowed to consolidate our activities."
"There is no reason that every market has to operate with three or four operators," he added. "We should build a European single market ... because, if we cannot increase our consumer prices, if we cannot charge the over-the-top players, we have to get efficiencies out of the scale which we created."
At MWC, many mobile network operators talked up their usage of AI to improve network quality, better serve their customers and gain market share from competitors.
Still, Europe's telco bosses say they could be accelerating their digital transformation journeys if they were allowed to combine with other large multinational players.
"There's this real focus now around European competitiveness," Luke Kehoe, industry analyst for Europe at network intelligence firm Ookla, told CNBC on the sidelines of MWC last week. "There's a goal to mobilize policy to improve telecoms networks."
In January, the European Commission, the executive body of the European Union, issued its so-called "Competitiveness Compass" to EU lawmakers.
The document calls for, among other things, "revised guidelines for assessing mergers so that innovation, resilience and the investment intensity of competition in certain strategic sectors are given adequate weight in light of the European economy's acute needs."
Meanwhile, last year former European Central Bank President Mario Draghi released a long-awaited report that urged radical reforms to the EU through a new industrial strategy to ensure its competitiveness.
Jensen Huang, co-founder and CEO of Nvidia, displays the new Blackwell GPU chip during the Nvidia GPU Technology Conference in San Jose, California, on March 18, 2024.
The company has never explained its naming convention, and hasn't emphasized the diversity aspect of its choices, but Nvidia's chip names that highlight women and minority scientists are one of the most visible efforts to honor diversity in the tech industry during a period where diversity, equity and inclusion, or DEI, initiatives are being slashed by the Trump administration.
Rubin discovered a lot of what is known about "dark matter," a form of matter that could make up a quarter of the matter of the universe and which doesn't emit light or radiation, and she advocated for women in science throughout her career.
Before revealing a new architecture, Nvidia CEO Jensen Huang usually gives a one-sentence biography of the scientist it's named after.
"I'd like to introduce you to a very, very big GPU named after David Blackwell, mathematician, game theorist, probability," Huang said at last year's GTC conference. "We thought it was a perfect name."
Rubin is a fitting name for Nvidia's next chip, which comes as the company tries to solidify the gains it has made in recent years as the leader in AI hardware. "Vera" will refer to Nvidia's next-generation central processor, and "Rubin" will refer to Nvidia's new GPU.
Born in Philadelphia in 1928, Rubin studied deep space and worked with other scientists to develop better telescopes and instruments that could collect more detailed data about the universe. In 1968, according to a Nova documentary, she started observing the Andromeda galaxy and collecting the data that would upend science's understanding of our universe.
Her primary claim to fame came after she observed how quickly galaxies rotate.
"The presumption was that the stars near the center of a galaxy would be orbiting very rapidly, and stars at the outside would be going very slowly," Rubin said in 1987.
But Rubin realized that she was observing that outer stars were moving quickly, contrary to expectations. They weren't flying out of orbit, which meant that there had to be more mass scientists weren't observing — confirming the concept of dark matter.
In order to keep growth rising, Nvidia needs to deliver a next-generation chip that justifies its cost and improves on the previous generation's speeds, power efficiency and cost of ownership.
The company has targeted 2026 for a rollout of the Vera chips, according to an investor presentation last fall. In addition to Vera Rubin, Nvidia is expected to discuss Blackwell Ultra, an updated version of its Blackwell chips that analysts expect the company to start selling later this year.
Huang also teased during an earnings call last month that he'll show the "next click" after Vera Rubin. That architecture will likely be named after a scientist, too.
In fact, cybersecurity firm Trend Micro has seen a 900% increase in searches for "toll road scams" in the last three months, meaning, the company says, that these scams are hitting everyone, everywhere, and hard.
"It is obviously working; they are getting victims to pay it. This one apparently seems to be going on a lot longer than we normally see these things," said Jon Clay, vice president of threat intelligence at Trend Micro.
In this case, the "they" are likely Chinese criminal gangs working from wherever they can find a foothold, including Southeast Asia, which Clay says Chinese criminal gangs are turning into a hot spot.
"They are basically building big data centers in the jungle," Clay said, and staffing them with scammers.
Clay also says that absent a big news event that scammers can latch onto, the toll scam fills the void. But he said tax-time scams will soon really ramp up.
What really makes the toll scam effective is that it is cheap and easy for scammers to utilize. They can buy numbers in bulk and send out millions of texts. A handful of people will be persuaded to pay the $3 toll fee to avoid the (fictional) threat of fines or licensing revocation. But Clay says they aren't just interested in the $3; it's your personal information that you'll enter that has far more value.
"Apple doesn't do anything about it. ... Android will add it to their spam list so you won't get texts from the same number, but then the scammers will just change numbers," Clay said. "Apple has done a wonderful job of telling everyone their phone is secure, and they are, but not from this kind of attack," Clay added.
Across the 241 miles of the Ohio Turnpike, the scam first appeared on the state's radar in April 2024, but it has been ramping up recently, said a spokesman for the Ohio public road system.
"Over the past two weeks, our customer service center has received a record number of calls from customers and mobile device users in area codes across Ohio and elsewhere about the texting scam," the spokesman said. The good news, he says, is that the calls have been tailing off in recent days, likely because of growing awareness, and he said personally he knows of few who have fallen for the scam.
However, the issue has become acute enough that the Ohio Turnpike and Infrastructure Commission produced a public service video to raise awareness.
Louisiana and Vermont are among states where top government officials have recently issued warnings to residents.
NASA, SpaceX Retry Launch to Bring Astronauts Home
NASA and SpaceX are planning a Crew-10 launch to bring home astronauts stranded on ISS for nine months.
NASA and SpaceX on Friday will count down to a long-awaited crewed rocket launch that will allow them to bring home U.S. astronauts Butch Wilmore and Suni Williams, who have been stuck on the International Space Station for nine months.
SpaceX and the U.S. space agency had planned on Wednesday to launch from Florida a replacement crew of four astronauts, a mission called Crew-10, but a last-minute issue with the rocket's ground systems forced a delay.
Now slated for liftoff at 7:03 p.m. ET Friday (2330GMT), the Crew-10's arrival to the ISS on Saturday night will allow the return of Wilmore and Williams, two veteran NASA astronauts and U.S. Navy test pilots who in June 2024 were the first humans to test-fly Boeing's Starliner spacecraft to the ISS in June.
But problems with Starliner's propulsion system during its flight to the ISS delayed what was expected to be an eight-day stay. NASA deemed it too risky for the astronauts to fly home on the Boeing craft, which led to the current plan to bring them home in a SpaceX capsule.
It has also become entangled in politics as President Donald Trump and his adviser Elon Musk, SpaceX's CEO, claim without evidence President Joe Biden left "Butch and Suni" on the station for political reasons.
When the new crew arrives aboard the station, Wilmore, Williams and two others - NASA astronaut Nick Hague and Russian cosmonaut Aleksandr Gorbunov - can return to Earth in a capsule that has been attached to the station since September, as part of the prior Crew-9 mission.
If Crew-10 launches as planned on Friday, it will dock to the ISS at 11:30 pm Saturday, followed by a traditional handover ceremony that will allow for the Crew-9 crew's departure March 19.
Wilmore and Williams cannot leave until the new Crew-10 craft arrives so that the ISS staffed with enough U.S. astronauts for maintenance, according to NASA.
Trump Warns Putin, Russia: 'Spare Their Lives!'
President Donald Trump asked Russian President Vladimir Putin to order Moscow forces to refrain from killing Ukrainian troops who have been surrounded.
President Donald Trump asked Russian President Vladimir Putin to order Moscow forces to refrain from killing Ukrainian troops who have been surrounded.
Russian troops recaptured 28 settlements in its western Kursk region in the past week and took control of the village of Noven'ke in Ukraine's adjacent Sumy region, the Russian Defense Ministry said Friday.
The news came amid reports that Putin met with U.S. envoy Steve Witkoff to discuss details of the American proposal for a 30-day ceasefire in the war with Ukraine, asking him to convey Moscow's thoughts to Washington.
However, Ukrainian President Volodymyr Zelenskyy on Thursday warned that Putin will drag out a deal for a ceasefire because he is not interested in peace, The New York Times reported.
Zelenskyy added that Putin has demanded so many preconditions that "nothing will work out at all, or that it will not work out for as long as possible."
Classified U.S. intelligence reports as recently as this month said Putin continues to focus on his maximalist goal of bringing Ukraine into Russia's security and economic orbit despite Trump's attempts to end the war through negotiations, The Washington Post reported Thursday.
Russia has sharply accelerated a push to drive Ukrainian forces out of Kursk, where they took control of about 100 settlements in a surprise incursion into Russian territory last August.
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50-50 Chance of Recession This Year: Larry Summers
Former Treasury Secretary Larry Summers sees a 50-50 chance of a recession in 2025 due to President Trump’s tariffs, immigration policies and federal government layoffs.
“I’d say there’s a 50-50 chance of a recession starting this year,” Summers told Bloomberg. “When economic revisions start being revised in a direction, there tends to be momentum, and all the revisions are going one way, pointing towards less growth and real uncertainty.”
The steep decline in the stock market and erosion of consumer confidence are also indicators of a possible recession, said Summers, who was Treasury Secretary during the Clinton administration and served as White House Economic Council director under Obama.
“We have seen a sea change in perception in the two months since Trump was inaugurated,” said Summers, who was president of Harvard University from 2001 to 2006. When Trump came into office, “the prevailing view was a very strong economy, possibly inflation risk, and United States exceptionalism and outperformance relative to the rest of the world.
“But the combination of the substantial immigration restrictions, substantial federal government layoffs, the damage to U.S. competitiveness and U.S. production done by tariffication, and, above all, a big increase in risk premiums, have led to sharp reductions in consumer and business spending.”
Summers slammed Trump’s “steadfastness on tariffs, economic nationalism and vast, wide interpretation of government” reach for creating market uncertainty.
“Every time he recommits [to the tariffs], pessimism increases,” Summers said.
Eggs US decreased 0.91 USD/DOZEN or 15.71% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Eggs US reached an all time high of 8.17 in March of 2025. source: USDA
WTI crude oil futures climbed above $67 per barrel on Friday, rebounding from losses in the previous session, supported by fresh US sanctions on Iranian oil and shipping. Washington targeted Iran’s Oil Minister Mohsen Paknejad and Hong Kong-flagged vessels linked to a shadow fleet concealing Tehran’s crude exports. Further boost came from fading hopes for a swift resolution to the Ukraine war, which could have restored Russian energy supplies. Meanwhile, macroeconomic uncertainties kept oil under pressure, with the International Energy Agency warning of a growing supply surplus as an escalating trade war weakens demand while OPEC+ boosts production. The IEA projects global supply to exceed demand by 600,000 bpd this year, with demand expected to rise just 1.03 million bpd, 70,000 bpd below last month’s forecast. For the week, oil is on track for its longest losing streak since August 2015.
The Nikkei 225 Index climbed 0.71% to close at 37,053, while the broader Topix Index edged up 0.65% to 2,716 on Friday, as investors snapped up beaten-down technology stocks. Despite the rebound, market sentiment remained fragile amid escalating global trade tensions. In the latest trade dispute, US President Donald Trump threatened to impose a 200% tariff on all alcoholic products from the European Union, retaliating against the bloc’s 50% tariff on American whiskey. Meanwhile, investors continued to monitor Bank of Japan policy signals, as Governor Kazuo Ueda reaffirmed plans to reduce the central bank’s massive balance sheet. Leading the tech rally were Fujikura (8.1%), Advantest (+5.3%), Disco (+3.7%), SoftBank Group (1%), and Tokyo Electron (+0.8%). Still, the Nikkei and Topix indexes ended the week little changed, inching up 0.45% and 0.27%, respectively.
WTI crude oil futures climbed above $67 per barrel on Friday, rebounding from losses in the previous session, supported by fresh US sanctions on Iranian oil and shipping. Washington targeted Iran’s Oil Minister Mohsen Paknejad and Hong Kong-flagged vessels linked to a shadow fleet concealing Tehran’s crude exports. Further boost came from fading hopes for a swift resolution to the Ukraine war, which could have restored Russian energy supplies. Meanwhile, macroeconomic uncertainties kept oil under pressure, with the International Energy Agency warning of a growing supply surplus as an escalating trade war weakens demand while OPEC+ boosts production. The IEA projects global supply to exceed demand by 600,000 bpd this year, with demand expected to rise just 1.03 million bpd, 70,000 bpd below last month’s forecast. For the week, oil is on track for its longest losing streak since August 2015.
US natural gas futures dropped 9% to a two-week low below $4/MMBtu this week, pressured by near-record output and forecasts for milder weather over the next two weeks. Production in the Lower 48 states rose to 105.7 billion cubic feet per day (bcfd) in March, surpassing February's record of 105.1 bcfd. However, gas flows to U.S. LNG export plants also reached 15.6 bcfd, matching last month's record. The latest EIA report showed US utilities withdrew 62 billion cubic feet (bcf) of gas for the week ending March 7, exceeding forecasts of 50-55 bcf. As a result, storage levels remain 27% lower than the same period last year and 11.9% below the five-year average.
US gasoline futures climbed above $2.1 per gallon, after data showed US gasoline inventories fell by nearly 6 million barrels to the lowest since early January, indicating robust consumer consumption. Crude oil stocks increased by 1.5 million barrels, below market expectations, while reserves at the Cushing hub declined. Meanwhile, markets weighed the potential impact of tariffs on Canadian oil, which could disrupt domestic supply and strain refining capacity in the Northern US. According to fuel distributor TACenergy, gasoline stations in New England faced higher costs on Canadian fuel shipments due to anticipated tariffs from US President Donald Trump. In geopolitical developments, Ukraine agreed to a US-backed 30-day truce with Russia, while Yemen’s Iran-backed Houthis threatened to resume attacks on Israeli ships.
Heating oil futures in the US fell toward $2.15 per gallon in March, reaching a three-month low, as rising global oil supply, trade uncertainties, and weakening demand weighed on prices. OPEC+ plans to increase output by 138,000 barrels per day in April, with Kazakhstan surpassing its quota, further boosting global supply and placing a cap on crude oil feedstock costs. Uncertainty surrounding US tariffs on Canadian oil has added volatility, raising concerns about potential disruptions to US supply and refining. Meanwhile, increased US natural gas production, combined with forecasts for milder weather in the next two weeks, is adding further pressure on heating oil prices, as natural gas competes for market share. Additionally, distillate stocks fell by 1.6 million barrels for the week ending March 7th, surpassing market expectations of a 1.3 million barrel decline, while heating oil inventories decreased by 183,000 barrels, marking the second consecutive drop.
Gold touched a $3,000 per ounce milestone on Friday, a fresh record high driven by risk aversion and rising expectations of Federal Reserve rate cuts. In the latest escalation of US President Donald Trump’s multi-front trade war, he warned of a 200% tariff on European wine and other alcoholic beverages after the EU imposed a 50% tax on American whiskey exports. Meanwhile, recent PPI and CPI data signaled easing price pressures in February, giving the Fed more room to cut rates and boosting the appeal of non-yielding gold. Further supporting the metal are strong ETF demand and sustained central bank buying, with China extending its purchases for a fourth consecutive month. For the week, bullion is set for a gain of nearly 3%.
Silver climbed toward $33.90 an ounce, its highest level since late October, as investors sought safe-haven assets amid rising tariff tensions and growing bets on Federal Reserve rate cuts following weaker-than-expected U.S. inflation data. Trade tensions escalated after President Trump threatened 200% tariffs on European wines, champagnes, and other alcoholic beverages in response to the EU’s 50% tariff on American whiskey. Meanwhile, U.S. Commerce Secretary Howard Lutnick stated that a recession would be "worth it" to implement Trump’s economic policies. On the economic front, U.S. producer prices were unexpectedly flat in February, while consumer inflation rose just 0.2%, below forecasts. Additionally, jobless claims fell again last week, signaling a still strong labor market.
Copper futures rose to above $4.9 per pound on Friday, a nine-month high, and more than $0.4 higher than comparable contracts at the LME on expectations that the US will impose tariffs on copper, a move that would pressure the limited capacity for local smelters. President Trump signed an executive order to initiate a review on copper imports after noting he would tariff the metal in an earlier speech before Congress. The signals suggested that levies would be imposed later in the year, but the escalation on base metal tariffs on Canada sporadically announced by the White House ramped up concerns that barriers on copper may be expedited. Such a move would increase dependency on domestic capacity, which is limited to only two major smelters, as the US imports nearly half of its copper. In China, supply remained ample. Treatment charges by smelters were still below zero, reflecting the large extent of overcapacity in refined copper production in the major producer.
Soybean futures rebounded to $10.00 per bushel, attempting to recover from a recent sell-off after Argentina lowered its production forecast below USDA estimates. Argentine soybean output for 2024/25 is now expected at 46.5 million metric tons (mmt), down from last month’s forecast of 47.5 mmt and below the USDA’s 49 mmt projection, as drought impacts persist despite signs of recovery. Adding support, the USDA's weekly Export Sales report showed stronger-than-expected U.S. soybean sales, with China leading purchases, followed by Indonesia and the Netherlands. Meanwhile, investors continued to assess the latest tariff announcements, with President Donald Trump escalating trade tensions with the EU and threatening 200% tariffs on European wines, champagnes, and other alcoholic beverages.
Wheat futures climbed above $5.50 per bushel, touching their highest level since February 26th, as investors welcomed signs of strong international demand. The USDA’s latest weekly Export Sales report showed U.S. wheat sales surged 84% above the prior four-week average and exceeded expectations, with major purchases from Panama, South Korea, and unidentified buyers. Year-to-date sales are now 69 million bushels ahead of last year, with the USDA projecting a 128-million-bushel increase. Meanwhile, Algeria secured at least 450,000 metric tons in a Wednesday tender, while Tunisia was seeking 100,000 tons in a tender on Thursday. On the supply side, Statistics Canada reported that Canadian farmers plan to expand wheat planting in 2025. Investors also monitored escalating trade tensions, as President Trump threatened 200% tariffs on European wines, champagnes, and other alcoholic beverages.
Newcastle coal futures fell to $101 per tonne, returning toward the near four-year low of $99 from February 28th as selected output curbs were not enough to outweigh the view that thermal coal is increasingly oversupplied. China announced that its output is set to expand 1.5% to 4.82 billion tons in 2025 following a record-setting 2024, aiming to expand mining capacity to avoid availability risks from carbon emission limits and mine shutdowns for safety protocol breaches. The development occurred as utilities already deal with record-high coal inventories, which rose by 12% in the two months ending October. Also, Indonesian output rose to a record high 836 million tonnes in 2024, 18% above its target, while the country’s increasing investment in alternative power sources limited the outlook for coal demand. Consequently, Glencore noted that multiple Australian coal producers, which especially impact the Newcastle grade, were considering shitting down as lower prices reduce margins.
Steel rebar futures were at CNY 3,220 per tonne, remaining close to the two-month lows of CNY 3,200 touched on March 11th amid concerns of lower demand. Consumer and producer prices in China fell more than expected in February to underscore the poor demand for manufactured goods in the world's top consumer. In the meantime, US President Trump imposed 25% tariffs on steel, spurring retaliatory measures from the EU. The measures have a muted impact on the Chinese rebar market due to existing barriers Trump's first term. Still, the move added to a rising trend of protectionist policies that do impact Chinese mills, particularly due to the rising dependency on exports to meet their sales targets as slowing construction activity dampened domestic rebar buying. Tariffs were imposed or threatened by Taiwan, Vietnam, South Korea, and Brazil. Steel exports grew 7% in the first two months to 17 million tons, following a record-setting record-high 130 million tons in 2024.
David Tuthill Jennings (June 8, 1952 – June 19, 2013) was an American professional football player who was a punter in the National Football League (NFL) from 1974 to 1987. He played for the New York Giants and the New York Jets.[1] He later worked as a radio color commentator for Jets and Giants games until 2007. He died of complications with Parkinson's disease in 2013.
William Ray Guy (December 22, 1949 – November 3, 2022) was an American professional football punter who played for the Oakland / Los Angeles Raiders of the National Football League (NFL). Guy was a first-team All-American selection in 1972 as a senior for the Southern Miss Golden Eagles, and is the only pure punter ever to be drafted in the first round of the NFL draft, when the Raiders selected him with the 23rd overall pick in the 1973 NFL draft. He won three Super Bowls with the Raiders. Guy was elected to both the College Football Hall of Fame and the Pro Football Hall of Fame in 2014. An eight-time All-Pro, Guy is widely considered to be the greatest punter of all time.
With his induction to the Hall of Fame on August 2, 2014, he became the first pure punter to be so honored.
European natural gas futures rose over 8% to above €42/MWh this week, ending a four-week losing streak, as colder weather increased heating demand and the market monitored potential ceasefire talks between Ukraine and Russia. Concerns persist over Europe's ability to refill gas storage ahead of winter, with current levels below 36% and a 90% target set for November 1. Hopes for a quick end to the Ukraine war, which could restore Russian gas flows, remain low. While Russian President Vladimir Putin expressed conditional support for a US-proposed ceasefire, his demands suggest no imminent resolution.
US Stocks Rally After Their Epic Selloff
U.S. stocks are rallying Friday, but nowhere nearly by enough to keep Wall Street from a fourth straight losing week, which would be its longest such streak since August.
The S&P 500 was 1.77% higher in early trading at 11:28 a.m. EST, a day after closing more than 10% below its record for its first “ correction ” since 2023. The Dow Jones Industrial Average was up 561.43 points, or 1.38%, and the Nasdaq composite was 371.19 points or 2.16% higher.
One piece of uncertainty hanging over Wall Street may be clearing after the Senate made moves to prevent a possible partial shutdown of the U.S. government. A deadline is looming at midnight for it.
Economists say China needs consumers to spend more to get the economy out of its doldrums, although most have advocated broader, more fundamental reforms such as increasing wages, social welfare and support for public health and education.
In the bond market, Treasury yields rose to recover some of their sharp recent losses. The yield on the 10-year Treasury climbed to 4.30% from 4.27% late Thursday and from 4.16% at the start of last week.
Yields have been swinging since January, when they were approaching 4.80%. When worries worsen about the U.S. economy’s strength, yields have fallen. When those worries lessen, or when concerns about inflation rise, yields have climbed.
Lumber futures eased toward $630 per thousand board feet, retreating from a two-and-a-half-year high of $658, as tariff policies from President Trump and retaliatory measures from Canada and the European Union strain global trade and stoke recession fears in the U.S. and Canada. However, the U.S. Producer Price Index recorded a softwood lumber surge of 11.7% over the past year, marking four consecutive months of double-digit annual growth. Tariff uncertainties have led builders to stockpile lumber to avoid potential tariffs on Canadian imports—a strategy that has historically pushed prices up by as much as 25%. Mills are preemptively hiking prices by 25% to 65% amid shifting trade policies and supply chain disruptions. Additionally, the Department of Commerce’s proposal to nearly triple anti-dumping duties on Canadian softwood—from 14.5% to a potential 52%—adds further uncertainty, given that Canada supplies 30% of the softwood used in the U.S. for housing and furniture.
Duffy traveled to Washington and met with Boeing CEO Kelly Ortberg, along with acting FAA Administrator Chris Rocheleau, following last year's mid-air panel blowout on a new Alaska Airlines 737 MAX 9 airplane that was missing four key bolts.
Ortberg will testify April 2 before Congress.
"They've lost trust," Duffy said. "They have to take a look at how they're manufacturing. They have to look at their quality. They have to get it up to a place where the FAA and the American people and the airlines feel like they're producing incredibly safe airplanes."
Duffy noted that Boeing has new leadership.
"They are making efforts and strides to bring quality back to their aircraft," he said.
Blanche added that federal law enforcement had executed a search warrant on Thursday night as part of a separate probe into whether Columbia University harbored undocumented immigrants on its campus.