Squawk on the Street SOTS 2nd Hour: Tariffs Whiplash: Latest Developments, GDP Breakdown + Nvidia Earnings Takeaways 5/29/25
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May 29, 2025 Megan Cassella, a trade and tariffs reporter, teams up with Jeremy Siegel, Professor Emeritus of Finance at Wharton, to explore the ripple effects of a court ruling that blocks many of Trump's tariffs. They discuss the implications for consumer prices and the stock market, highlighting a tech rally led by Nvidia's promising AI prospects. As the duo breaks down GDP concerns and housing market trends, they also touch on Boeing's recovery strategies and the evolving landscape of American economic policies.
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Housing Market Faces Headwinds
- Pending home sales fell 6.3% in April due to higher mortgage rates and tariff-related market uncertainty.
- Inventory hit a five-year high, but rates remain above 7%, causing some buyers to hold off.
GDP Revision Signals Consumer Slowdown
- Q1 GDP was revised down to -0.2%, mainly due to lower consumer spending.
- Consumer-driven economy's slowdown suggests uncertainty affecting demand heading into Q2.
Court Blocks Key Tariffs
- Latest court ruling blocks most of Trump's reciprocal tariffs, increasing market uncertainty.
- Some key tariffs remain in place under different legal mechanisms, keeping trade tensions complicated.