Hertz (HTZ) shares tumbled 11% Monday morning, giving back gains from last week’s rally sparked by Bill Ackman’s hedge fund taking a significant position in the rental car giant. Ackman, the CEO of Pershing Square Capital Management, shared on social media that his company had built a 19.8% stake in Hertz after accumulating shares since
US stocks fell sharply Monday as President Trump hurled more social media insults towards Fed Chair Jerome Powell, sparking concerns of Fed independence at a time when markets are still reacting to the president’s whipsawing tariff’s policy. The S&P 500 (^GSPC) was down over 2%, while the tech-heavy Nasdaq (IXIC) sank 2.6%, leading the way
As Trump escalates his protectionist trade agenda, foreign citizens are taking matters into their own hands by boycotting US products and limiting tourism — a phenomenon that could significantly impact US growth and individual businesses. In a note published on Monday, Goldman Sachs estimated foreign boycotts could amount to as much as 0.3% of domestic
Data out Tuesday showed activity in the manufacturing sector slipped into contraction and costs continued to surge as suppliers weighed the impact of President Trump’s tariff policy. The Institute for Supply Management’s manufacturing PMI registered a reading of 49.0 in March, down from February’s 50.3 reading and below the 49.5 economists polled by Bloomberg had
The pound was little changed against the dollar in early European trading on Tuesday, changing hands at $1.2920, as investors braced for US president Donald Trump to unveil reciprocal tariffs on 2 April. Trump is set to announce sweeping country-based duties on Wednesday, which he has dubbed “Liberation Day”. Trump’s varying comments on the nature