Stocks volatile after Trump pressures Powell for rate cuts, Tesla earnings on tap: Live Updates
The Dow, S&P 500 and Nasdaq Composite look to rebound after a sharp selloff Monday following another slap on Federal Reserve Chairman Jerome Powell by President Trump in a push to cut interest rates. Separately, Tesla earnings are due after the bell in what may be a make-or-break quarter for the automaker. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
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Beijing threatened South Korea with sanctions should it continue to export products that use China’s rare earth minerals to U.S. defense firms, the Korea Economic Daily reported on Tuesday.
The paper, citing government and company sources, said China’s commerce ministry delivered the message in letters to Korean companies that make use of China’s rare earths to produce power transformers, batteries, electronic displays, electric vehicles, aerospace and medical equipment.
China is using export restrictions on its rare earth minerals in retaliation to President Donald Trump’s tariffs, which total 145% on Chinese imports.
Reuters contributed to this report.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $38,753.12 | 582.71 | 1.53 |
| SP500 | $5,234.43 | 76.23 | 1.48 |
| I:COMP | $16,149.34 | 278.44 | 1.75 |
Traders work on the floor of the New York Stock Exchange in New York City (Reuters)
U.S. stocks climbed on Tuesday as investors hoped for a de-escalation of trade tensions.
The Dow Jones Industrial Average ended the trading session up more than 1,016.57 points, or 2.66%, while the S&P 500 and Nasdaq Composite climbed 2.51% and 2.71%, respectively.
The major indexes rose after Bloomberg, citing sources, reported that Treasury Secretary Scott Bessent told an investor summit that the trade war with China is unsustainable and that he expects the trade war to de-escalate.
In the prior session, stocks fell as investors watched for signs of progress on trade talks, and after President Donald Trump continued criticizing Federal Reserve Chairman Jerome Powell.
The Dow dropped 971.82 points, or 2.48%, while the S&P 500 and Nasdaq Composite were down 2.36% and 2.55%, respectively.
Trump, in a post on Truth Social, attacked Powell and claimed energy costs and food prices are "substantially lower" and that there is "virtually No Inflation."
"With these costs trending down so nicely, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW," Trump said.
The president's comments come after he said in a Truth Social post last week that Powell is "always TOO LATE AND WRONG" and that, " Powell's termination cannot come fast enough."
Trump's repeated criticisms of Powell and the Fed have raised concerns about the long-term independence of the central bank as it makes monetary policy decisions.
Walmart CEO Doug McMillon (L) and Target CEO Brian Cornell met with President Donald Trump at the White House on Monday (Getty Images)
| Symbol | Price | Change | %Change |
|---|---|---|---|
| WMT | $94.44 | 2.03 | 2.20 |
The chief executives of Walmart and Target met with President Donald Trump on Monday to discuss ongoing trade negotiations with other nations and the impact of tariffs imposed on imported products.
Walmart CEO Doug McMillon spoke with the president about the tariffs and their impact on the retail industry during the meeting at the White House, a source familiar with the matter told FOX Business. McMillon previously discussed a range of topics, including investing in the U.S., trade relations and innovation, with Trump in January before he was sworn into office.
A Walmart spokesperson said the meeting with Trump and his team was "productive," and that the company appreciated the chance to share its insights.
Target spokesperson Jim Joice also described CEO Brian Cornell's meeting with Trump and other retail leaders as "productive," noting that they discussed a "path forward on trade." "We remain committed to delivering value for American consumers," Joice said.
This is an excerpt of an article by FOX Business' Daniella Genovese
President Donald Trump speaks during a trade announcement event at the White House on April 2, 2025, in Washington, D.C. (Getty Images)
White House press secretary Karoline Leavitt said on Tuesday that the Trump administration has received 18 proposals "on paper" for trade deals.
Leavitt said that Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, U.S. Trade Representative Jamieson Greer, National Economic Council Director Kevin Hassett and trade adviser Peter Navarro are meeting with 34 countries this week.
"We are moving at Trump speed to, ensure these deals are made on behalf of the American worker and the American people," she said.
Gold, an inflation hedge, hit $3,500 an ounce for the first time in history as investors seek safety from volatile stocks and bonds as the trade war rages.
The SPDR Gold Trust ETF has gained over 30% this year, while the S&P 500, is down 11%.
As the U.S. dollar falls, investors are flocking into Bitcoin which rose above the $90,000 level Tuesday.
The move gave a lift to other major cryptocurrencies which rose in tandem, including Etheruem.
LIVE: CRYPTOCURRENCY DATA HERE
Bitcoin ETFs also saw a jump.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| BITO | $19.69 | 0.65 | 3.41 |
| IBIT | $51.44 | 1.72 | 3.45 |
| BITU | $38.81 | 2.47 | 6.80 |
The IMF headquarters (Reuters)
The International Monetary Fund on Tuesday cut its growth forecasts for the U.S. and other countries due to century-high tariff rates and trade uncertainty.
“This on its own is a major negative shock to growth,” the IMF said in the executive summary of its April 2025 World Economic Outlook. “The unpredictability with which these measures have been unfolding also has a negative impact on economic activity and the outlook and, at the same time, makes it more difficult than usual to make assumptions that would constitute a basis for an internally consistent and timely set of projections.”
The IMF’s update to its January 2025 World Economic Outlook comes after President Donald Trump announced tariffs on U.S. trading partners and their countermeasures to the duties.
The agency now sees the forecast for U.S. growth slowing to 1.8%, 0.9 percentage point lower than its January forecast.
It also cut its forecast for global growth by 0.5 percentage point to 2.8% for 2025.
Vice President JD Vance delivers remarks at the Rajasthan International Centre in Jaipur, India, on Tuesday, April 22, 2025. Kenny Holston/Pool via REUTERS
Vice President JD Vance on Tuesday said that President Donald Trump hopes the U.S. and India can work together and grow across trade, defense and energy toward a prosperous future.
Vance, who is on a largely personal four-day visit to India, gave the remarks in Jaipur, the capital of the northwestern state of Rajasthan, a day after meeting with Prime Minister Narendra Modi in New Delhi.
"If India and the United States work together successfully, we're going to see a 21st century that is prosperous and peaceful," Vance said. "But I also believe that if we fail to work together successfully, the 21st century could be a very dark time for all of humanity."
Vance also said the U.S. and India have finalized the terms of reference for trade negotiations.
India has sought to make an early trade deal with the U.S., the country’s largest trading partner, before the end of a 90-day pause on Trump’s reciprocal tariffs.
Reuters contributed to this report.
President Donald Trump is having a sit-down with several retailers regarding the tariffs he has imposed on goods imported from foreign countries.
Bloomberg reported the meeting on Monday will be between the president and big-name retailers like Target, Walmart, Home Depot and Lowe’s. Fox Business confirmed the meeting will take place.
Trump’s tariffs and their effect on companies will be at the center of the talks, according to the outlet. They will take place at the White House.
A spokesperson for Walmart confirmed to FOX Business that Doug McMillon, who has been the retailer’s CEO since 2014, will be in attendance.
This is an excerpt of an article by Fox Business’ Aislinn Murphy. To read more, click here.
The market for U.S. Treasuries plays a critical role in how the federal government finances its spending through debt and holds the title of the world's largest.
It also has the most liquid government bond market, though the sector has been in focus recently amid market volatility due to uncertainty over tariffs.
Here's what Treasury Department data from the end of February – before the recent sell-off in Treasuries – showed as the 10 largest foreign holders of U.S. Treasuries:
·Japan: $1.125 trillion
·China: $784 billion
·United Kingdom: $750 billion
·Cayman Islands: $418 billion
·Luxembourg: $413 billion
·Canada: $406 billion
·Belgium $395 billion
·France: $354 billion
·Ireland: $339 billion
·Taiwan: $295 billion
This is an excerpt of an article by Fox Business’ Eric Revell. To read more, click here.
Robotic arm works on the production line of solar panels at a workshop of Trina Solar on January 3, 2025 in Huai'an, Jiangsu Province of China. (Photo by Zhao Qirui/VCG via Getty Images)
Solar panels imported from four Southeast Asian countries may be slapped with steep tariffs of up to 3,521% to address Chinese companies accused of flooding the market with unfairly cheap goods, U.S. trade officials said Monday.
The U.S. Commerce Department announced the plans following an investigation into Chinese solar panel makers with operations in Cambodia, Thailand, Malaysia and Vietnam who were all accused of pricing their solar panels below the cost of production.
The proposed duties vary depending on the company and country. Jinko Solar products from Malaysia were hit with the lowest tariff of 41.56%.
Products from Trina Solar in Thailand face a 375.19% tariff. Solar panel exporters in Cambodia face the stiffest tariffs of 3,521% over what the Commerce Department said was a lack of cooperation with its investigation.
American Alliance for Solar Manufacturing Trade Committee, the group that called on the U.S. government to investigate the issue, praised the proposed tariffs.
"These are very strong results," Tim Brightbill, an attorney for the U.S. manufacturing group, said on a call with reporters. "We are confident that they will address the unfair trade practices of the Chinese-owned companies in these four countries, which have been injuring the U.S. solar manufacturing industry for far too long."
Reuters contributed to this report.
Investors licked their wounds Monday in what was another volatile session after President Trump called on Federal Reserve Chairman Jerome Powell to cut interest rates to avoid an economic slowdown.
Trump, in another slam on Powell, coined him "Mr. Too Late" in a reference to missed opportunities to cut rates.
All three of the major U.S. averages lost over 2%.
Market experts EP Wealth Advisors' Adam Phillips and Slatestone Wealth partner Kenny Polcari analyze tariff-fueled market volatility, the Fed's 'period of uncertainty' and earnings season.
Phillips says last week, the U.S. enjoyed a little bit more of a calm trading environment with the exception of Wednesday when Jay Powell spoke, but that there is still a period of uncertainty.
“We've seen a little bit of a rebound off the lows there on April 8th, but what we're telling clients is look buckle in that we were not getting off that easy. We're in this period of uncertainty, within that 90 days,” said Phillips. “It's really just delaying and postponing this period of uncertainty, so I think just like everyone else we're living headline to headline.”
As the U.S. dollar spirals to a three-year low, and gold continues its climb, touching another fresh record of over $3,400+ an ounce, the recipe for dangerous inflation is coming together. Forbes Media Chairman and Trump supporter, weighs in on what, if anything, the Federal Reserve can do.
Why experts say gold can keep going and going higher...
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