Here are the most important news items that investors need to start their trading day:
1. Rebounding
The major averages began to rebound Friday on a down week for the markets. The Dow Jones Industrial Average rose 0.8%, a day after its worst session in over a year. The S&P 500 and the Nasdaq Composite climbed 1.11% and 1.24%, respectively. All three indexes posted a losing week despite Friday's bounce. The Dow sank 2.27%, its worst weekly performance in 2024. The S&P 500 dipped 0.95%, while the Nasdaq lost 0.8%. Friday's jump came after the Labor Department reported job growth of 303,000 in March, much greater than the expected increase of 200,000. Follow live market updates.
2. More hikes possible?
The central bank may not be done hiking interest rates, according to Federal Reserve Governor Michelle Bowman. Bowman said in remarks Friday that rates may have to increase to control inflation. "While it is not my baseline outlook, I continue to see the risk that at a future meeting, we may need to increase the policy rate further should progress on inflation stall or even reverse," she said in prepared remarks for a New York speech. Bowman's comments come as markets are on edge about future Fed policy. Statements last week from several officials, including Fed Chair Jerome Powell, showed a cautious approach to cutting rates.
3. All on the table
U.S. Treasury Secretary Janet Yellen said she would not rule out potential tariffs on China's green energy exports. "I wouldn't rule out anything out at this point. We need to keep everything on the table. We want to work with the Chinese to see if we can find a solution," she said when asked by CNBC's Sara Eisen if the U.S. will impose tariffs if China does not change its approach to industry incentives. "I'm not thinking so much of export restrictions, as some shifts in their macroeconomic policy, and a reduction in the amount of, particularly local government subsidies, to firms," Yellen said. Yellen made the comments in Beijing and has been in China for the past several days meeting with officials.
4. Chips funding
TSMC's Arizona subsidiary will receive up to $6.6 billion in government funding under a preliminary agreement announced by the Biden administration Monday. The financing of the Taiwanese multinational semiconductor company is under the Chips and Science Act, a $53 billion package passed in 2022 to build the domestic chip industry. The funds announced Monday will support TSMC's more than $65 billion investment in three fabrication plants in Phoenix. The package will include $50 million to train and develop talent in Arizona, adding to the more than 25,000 jobs TSMC has created in the state.
5. Deal or no deal
Skydance Media, RedBird Capital and KKR have entered exclusive talks for a stake in Paramount Global. The consortium wants to acquire a stake in a deal that will keep Paramount publicly traded. Skydance CEO David Ellison and Redbird's Jeff Shell, the former CEO of NBCUniversal, would have leadership roles if the deal is approved, sources told CNBC. The proposed deal would not be the complete takeover of Paramount that the company's board prefers.
Disclosure: Comcast is the owner of NBCUniversal and CNBC.
— CNBC's Pia Singh, Alex Harring, Jeff Cox, Karen Gilchrist, Ruxandra Iordache, Dylan Butts and Alex Sherman contributed to this report.
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