Markets Whipsaw on Tariff Fears (And Nvidia Joins a $40 Billion AI Power Deal)
Markets swung over 600 points as tariff fears reignited, with Treasury Secretary Scott Bessent saying a stock decline won’t stop U.S. pressure on China. United Airlines beat earnings but missed on revenue, while Salesforce gained on a bullish long-term forecast. Apple launched M5-powered MacBooks and iPads as Anthropic unveiled a cheaper AI rival, and OpenAI faced backlash for loosening adult content rules. Tesla stayed quiet as competitors warn of collapsing EV demand, leaving investors uneasy ahead of next week’s earnings. Nestlé announced 16,000 layoffs in a sweeping cost-cutting plan under its new CEO. Cooking oil stocks surged after Trump proposed banning Chinese imports, escalating trade tensions. Nvidia, Microsoft, BlackRock, and Elon Musk’s xAI joined forces in a $40 billion data center acquisition—the largest in history. And food giants are rebranding snacks like Pop-Tarts and Doritos with protein labels to cash in on fitness trends.
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