Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
J.P. Morgan chief Jamie Dimon on Tuesday praised the strength of the U.S. consumer following the largest U.S. bank's strong quarterly earnings report.
"We continue to see positive momentum with the U.S. consumer — healthy confidence levels, solid job creation and rising wages — which are reflected in our Consumer & Community Banking results," Dimon said in the earnings statement. "Double-digit growth in credit card sales and merchant processing volumes reflected healthy consumer spending and drove 8% growth in credit card loans, while mortgage and auto originations showed solid improvement, and we continued to attract new deposits, up 3%."
J.P. Morgan reported better-than-expected second-quarter results before the bell, largely attributed to strong consumer spending. The bank posted earnings per share of $2.82 on revenue of $29.57 billion. Wall Street expected earnings per share of $2.50 on revenue of $28.9 billion, according to Refinitiv. The shares traded 1.7% lower in Tuesday's premarket on the bank's worse-than-expected forecast for net interest income.
Double-digit growth in credit card sales and merchant processing further demonstrated that U.S. consumer spending is healthy. Credit card sales volume rose 11% this quarter and merchant processing volume increased 12%, the bank said.
Dimon was less optimistic about the global economy but wasn't outright bearish either.
"It's not that bad," Dimon said of the current macro environment. "Uncertainty is a constant...uncertain going forward and geopolitical tensions is kind of a constant," said Dimon on a call with media.
Dimon said global growth has been averaging around 3% but expects it to be around 2.5% this year.
"The business sentiment is a little bit worse mostly probably driven by the trade war," Dimon said.
— with reporting from Hugh Son and Wilfred Frost.