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Judge weighs whether to order Fani Willis to comply with lawmakers’ subpoenas over Trump case
NEW YORK (AP) — U.S. stocks rose to records Tuesday after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street, even if they could roil the global economy were they to take effect. The S&P 500 climbed 0.6% to top the all-time high it set a couple weeks ago. The Dow Jones Industrial Average added 123 points, or 0.3%, to its own record set the day before, while the Nasdaq composite gained 0.6% as Microsoft and Big Tech led the way. Stock markets abroad mostly fell after President-elect Trump said he plans to impose sweeping new tariffs on Mexico, Canada and China once he takes office. But the movements were mostly modest. Stock indexes were down 0.1% in Shanghai and nearly flat in Hong Kong, while Canada’s main index edged down by less than 0.1%. Trump has often praised the use of tariffs , but investors are weighing whether his latest threat will actually become policy or is just an opening point for negotiations. For now, the market seems to be taking it more as the latter. The consequences otherwise for markets and the global economy could be painful. Unless the United States can prepare alternatives for the autos, energy products and other goods that come from Mexico, Canada and China, such tariffs would raise the price of imported items all at once and make households poorer, according to Carl Weinberg and Rubeela Farooqi, economists at High Frequency Economics. They would also hurt profit margins for U.S. companies, while raising the threat of retaliatory tariffs by other countries. And unlike tariffs in Trump’s first term, his latest proposal would affect products across the board. General Motors sank 9%, and Ford Motor fell 2.6% because both import automobiles from Mexico. Constellation Brands, which sells Modelo and other Mexican beer brands in the United States, dropped 3.3%. The value of the Mexican peso fell 1.8% against the U.S. dollar. Beyond the pain such tariffs would cause U.S. households and businesses, they could also push the Federal Reserve to slow or even halt its cuts to interest rates. The Fed had just begun easing its main interest rate from a two-decade high a couple months ago to offer support for the job market . While lower interest rates can boost the economy, they can also offer more fuel for inflation. “Many” officials at the Fed’s last meeting earlier this month said they should lower rates gradually, according to minutes of the meeting released Tuesday afternoon. The talk about tariffs overshadowed another mixed set of profit reports from U.S. retailers that answered few questions about how much more shoppers can keep spending. They’ll need to stay resilient after helping the economy avoid a recession, despite the high interest rates imposed by the Fed to get inflation under control. A report on Tuesday from the Conference Board said confidence among U.S. consumers improved in November, but not by as much as economists expected. Kohl’s tumbled 17% after its results for the latest quarter fell short of analysts’ expectations. CEO Tom Kingsbury said sales remain soft for apparel and footwear. A day earlier, Kingsbury said he plans to step down as CEO in January. Ashley Buchanan, CEO of Michaels and a retail veteran, will replace him. Best Buy fell 4.9% after likewise falling short of analysts’ expectations. Dick’s Sporting Goods topped forecasts for the latest quarter thanks to a strong back-to-school season, but its stock lost an early gain to fall 1.4%. Still, more stocks rose in the S&P 500 than fell. J.M. Smucker had one of the biggest gains and climbed 5.7% after topping analysts’ expectations for the latest quarter. CEO Mark Smucker credited strength for its Uncrustables, Meow Mix, Café Bustelo and Jif brands. Big Tech stocks also helped prop up U.S. indexes. Gains of 3.2% for Amazon and 2.2% for Microsoft were the two strongest forces lifting the S&P 500. All told, the S&P 500 rose 34.26 points to 6,021.63. The Dow gained 123.74 to 44,860.31, and the Nasdaq composite climbed 119.46 to 19,174.30. In the bond market, Treasury yields held relatively steady following their big drop from a day before driven by relief following Trump’s pick for Treasury secretary. The yield on the 10-year Treasury inched up to 4.29% from 4.28% late Monday, but it’s still well below the 4.41% level where it ended last week. In the crypto market, bitcoin continued to pull back after topping $99,000 for the first time late last week. It’s since dipped back toward $91,000, according to CoinDesk. It’s a sharp turnaround from the bonanza that initially took over the crypto market following Trump’s election. That boom had also appeared to have spilled into some corners of the stock market. Strategists at Barclays Capital pointed to stocks of unprofitable companies, along with other areas that can be caught up in bursts of optimism by smaller-pocketed “retail” investors. AP Business Writer Elaine Kurtenbach contributed. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Get the latest local business news delivered FREE to your inbox weekly.
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This station earns commissions on purchases made through the link(s) on this page. Hallie Abrams , better known as The Wardrobe Consultant , is a true fashion expert. She’s the ultimate authority on curating a capsule wardrobe that reflects your creativity and lifestyle. Her approach centers on wearability and durability, with a keen eye for high-quality pieces designed to withstand countless wears and washes. And now that Cyber Weekend is here, Hallie is sharing the best deals to shop — from splurge-worthy leather bags to ultra soft rollneck sweaters you’ll be wearing all holiday season long. It’s also a great time to snag some holiday gifts although, let’s face it, who better to shop for than yourself? As a wardrobe stylist, I’ve gotten very good at shopping sales... and what I mean by that is I’ve gotten good at understanding what products are worth the money from a quality and style perspective. I gravitate towards things that feel timeless, with a lot of wearability that won’t pill or tear after a single wash. The other question I ask myself: would I buy this if it weren’t on sale? And if the answer is no, then I abandon cart and move on. I get a lot of questions from my clients and friends about what I recommend purchasing during Cyber Weekend and my answer is almost always the tried-and-true products that look great aesthetically but are also loved by hundreds, if not thousands, of reviewers. Here are the picks I’m shopping for myself and for my gifting list this season. Old Navy Rockstar Jeans (50% off all styles): The Old Navy Rockstar jeans are a tried-and-true classic that’s been a top-seller for ages, and that’s because the quality is impressive despite the affordable price tag. It’s a prime example of ‘bang for your buck’ because it combines the perfect amount of rigidity and stretchiness. I call them airplane jeans because they’re shockingly comfortable and still look put-together. They come in a bunch of washes and sizes (including kids!) and start at about $19. And if you’re looking to shop more Old Navy deals, this ponte knit jumpsuit is perfect for holiday parties and all three colors are the perfect neutral: black, camel, and dark cherry. It’s one of those classic styles you’ll get a ton of wear out of. Madewell Essential Bucket Bag (now $124, originally $178): This beauty may be a splurge, but I cannot say enough good things about the quality... and this coming from someone who has spent quite a lot of money on designer purses in the past. This is real leather, it’s the perfect work tote because it’s roomy enough for a laptop but isn’t too massive, and what better time to grab it than now, when it’s 30% off? If you’re planning to shop the rest of Madwell’s Black Friday sale, my recommendation is to stock up on basics: good t-shirts, solid sweaters. Good everyday essentials are the bread and butter of any wardrobe and Madewell, from the cuts to the fabrics, is very good in that department. J. Crew Rollneck Sweater (now $44.50, originally $98): My secret to getting dressed for any semi-casual holiday event is throwing on a really, really good sweater and tossing on your favorite earrings. This J. Crew option is beautiful. The yarn is extremely soft and cozy, the subtle rollneck gives it a sophisticated finish, and there are a ton of color options so you can pick whatever best suits your style. My recommendation would be the festive one of course: you can’t go wrong with lipstick red. J. Crew also has up to 60% off a ton of great accessories that can zhuzh up any look. And if you’re looking for practical stocking stuffers, what better than actual socks? It’s a gift we hated as kids but trust me, anyone that’s passed their teen years will appreciate this cozy three-pack . Calpak Luka Duffel (now $102, originally $128): If you have any travel plans coming up and have been carrying around the same tattered overnight bag for, well, forever — no judgment! — this Calpak Luka duffel is excellent. The material is easy to clean and durable so it won’t look worn after a single trip, and you’d be shocked by how much you can fit inside... an excellent investment if you’re an overpacker like me. The entire site is up to 60% off if you’re looking to invest in some luggage, too. It’s an excellent brand and their designs are easy to spot at baggage claim. BaubleBar (30% off everything): The easiest way to zhuzh up any simple outfit (and to enhance everyday dressing) is by curating a solid jewelry collection that feels reliable. BaubleBar has excellent options that won’t tarnish on your skin but also don’t cost a fortune. The Dalilah earrings are a beautiful, simple hoop that come in three sizes and the Bennet tennis bracelet is simply stunning for the price. It’s a strand of crystals that looks dainty but won’t break at the first sign of a snag. Hill House Home (30% off everything): This brand became mega popular for their iconic Nap Dress , and for very good reason. This is a timeless, classic dress that you’ll be able to wear for decades to come and as the name would imply, it’s so comfortable that you can nap in it. I’m loving the tartan print ahead of the holidays but you also can’t go wrong with a neutral like black. UGG (up to 50% off select styles): Listen, you can never go wrong with a good pair of UGGS. They’re basically like walking on a cloud, and they’re also the ultimate gift for pretty much everyone on your entire list. They’re offering up to 50% off select styles right now and you’ll be hard-pressed to find a more comfortable shoe to run errands or grab a coffee in. RELATED: These are the best early Black Friday deals on the internet so far AnaMaria Glavan was an editor at BuzzFeed Shopping and her work has been featured in Allure, Rolling Stone, HuffPost, InStyle, and more. She is also the co-founder of GAAN Creative, a company that contracts with the owner of this station to produce content. Product recommendations are based solely on the writer’s independent research and selection.