Trump says he'll place 25% tariff on autos from the EU, accusing it of not complying with trade deal
WASHINGTON (AP) — President Donald Trump said on Friday that he will increase the tariffs charged on cars and trucks from the European Union next week to 25%, a move that could jolt the world economy at a fragile moment.
Trump said in a social media post that the EU “is not complying with our fully agreed to Trade Deal,” though he did not flesh out his objections in the post.
Read MoreWhy Iradimed Stock Topped the Market Today
Mechanical resonance imaging (MRI) equipment specialist Iradimed (IRMD +3.87%) ended the stock trading week in style on Friday. On the back of a well-received quarterly earnings report, investors traded the company’s shares up by more than 4%. That was robust enough to trounce the 0.3% gain of the bellwether S&P 500 index that trading session.
» Read more about: Why Iradimed Stock Topped the Market Today »
Read MoreS&P 500 logs best month since 2020 despite Iran oil shock
Wall Street closed out its strongest month in more than five years on Thursday, with the S&P 500 climbing 1% to a record close of 7,209.01 as earnings from Google and Caterpillar pushed stocks higher for a fourth consecutive week.
The S&P 500 gained 10.4% in April, its best monthly performance since November 2020.
» Read more about: S&P 500 logs best month since 2020 despite Iran oil shock »
Read MoreStock Market Today, May 1: Rivian Falls After Investors Focus on Cash Burn Despite Beating Q1 Expectations
Rivian Automotive (NASDAQ:RIVN), which develops and sells electric pickup trucks and SUVs, closed Friday at $15.02, down 8.41%. The stock moved lower as investors reacted to Q1 results. The company updated R2 production and funding plans, but concerns continue about cash burn and EV demand. Investors will closely watch execution of the R2 ramp and Rivian’s autonomous driving initiatives.
Read MoreFollow the action as Berkshire's shareholder meeting marks a new era without Buffett at the helm: Live updates
To watch the meeting in the Mandarin translation, click here.
CNBC will be livestreaming the Berkshire Hathaway annual shareholder meeting on Saturday, beginning with a pre-show at 9:15 a.m.
The Burst
Rare Discount on Sports-Betting Powerhouse
DraftKings has been one of the major winners of America’s sports-betting boom. But after dropping more than 30% over the past three months, investors are asking whether the selloff reflects genuine weakness, or a rare buying opportunity.
To answer that, it helps to focus on the bigger question: does DraftKings actually have a moat?
» Read more about: Rare Discount on Sports-Betting Powerhouse »
Read MoreThe Ivy
Which AI Stock Is Best?
If you follow the market’s biggest winners, you already know Alphabet and NVIDIA sit at the center of the AI boom. But despite being lumped together as “AI beneficiaries,” the two companies couldn’t be more different. One is a diversified digital empire with unmatched cash flow. The other is the indispensable hardware supplier powering the AI build-out.
» Read more about: Which AI Stock Is Best? »
Read MoreThe Spotlight
Why Novo May Be the Real Winner in Obesity Drug Boom
For decades, Novo Nordisk was known mainly within the medical community as a quiet Danish powerhouse in diabetes care. Fast-forward to today, and its brand names are practically pop culture references. Wegovy and Ozempic have become synonymous with rapid weight loss, with late-night comedians, TikTok influencers, and even Hollywood scripts weaving them into conversation. Yet the company’s stock,
» Read more about: Why Novo May Be the Real Winner in Obesity Drug Boom »