CNBC Business News Update Markets Midday: Tariff Retaliation Tanks Stocks Again, Fed's Powell Says Rate Cuts Aren't Imminent, Apparel Makers Stage Partial Comeback 4/4/2025
Apr 4, 2025
The podcast dives into the sharp decline in stock markets following new tariffs imposed by China, stirring concerns about the economic outlook. It also highlights how certain apparel brands are managing to bounce back amid these uncertainties. Additionally, listeners hear insights from the Fed's Powell, emphasizing that rate cuts aren't on the horizon just yet. Overall, it's a blend of market reactions and industry resilience worth tuning into!
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Market Impact of Tariff Retaliation
- Stocks tanked following China's retaliatory tariffs against the US.
- Major indices like the Dow, S&P 500, and Nasdaq experienced significant losses.
Impact on Consumer Sectors
- Carrie Firestone observed an immediate negative impact on consumer-related sectors after the tariff announcement.
- She predicted that the impact will spread to other sectors.
Fed's Response to Tariffs
- Traders anticipated interest rate cuts by the Federal Reserve due to the tariffs.
- However, Fed Chairman Jerome Powell stated that the Fed needs more data to decide.