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The latest rhetoric out of the White House suggests China and the U.S. are on the brink of a trade war, though Donald Trump adviser Larry Kudlow tried to calm tensions with mention of back-channel talks. But the president’s suggestion that investors would face “a little pain” in exchange for America’s long-term gain didn't help to reassure markets, which tanked.—Katie Robertson
Trade bluster from the White House shakes Wall Street. The president’s renewed focus on trade dominated U.S. equity markets, with a tweet-induced selloff Friday sending the S&P 500 down 1.4 percent for the week. While Trump has rattled markets before, the White House is tackling areas where there’s far less support from Wall Street.
Tesla has another problem—and it’s not the Model 3. The company’s $2 billion SolarCity purchase came with a $2.9 billion debt load, and a chunk of that is soon coming due.
The U.S. imposed sanctions on Russian billionaire Oleg Deripaska, as well as other key associates of President Vladimir Putin. The measures will sever access to global financial markets for several friends of the Kremlin, but Deripaska bears the brunt.
Jay Powell backed gradual rate hikes in his first speech as Fed chair, saying the lack of a spike in wage gains showed the labor market was “not excessively tight.” Friday’s jobs report showed wages beginning to rise as hiring cooled in March.
Facebook will soon let you retract messages, after CEO Mark Zuckerberg was caught using an early version of an unsend function. The company said they would roll out the tool to all users—and stop deleting executives’ messages in the meantime. It also announced a plan to combat fake ads with more disclosure.
George Soros called cryptocurrencies a bubble in January. Now his $26 billion family office is planning to trade them, though sources said they have yet to make a wager.
A new luxury hotel 200 miles up and $792,000 a night. Houston-based Orion Span wants to launch an orbiting modular station billed as the “first luxury hotel in space” in late 2021 and welcome guests the following year. You don’t need to be an astronaut, but you will need $80,000 for the deposit.
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