Shares of U.S. banks tumbled to multi- month lows, after President Donald Trump's sweeping tariffs plan sparked fears of a recession and a slowdown in consumer spending that could hurt earnings. Big U.S. banks will start reporting earnings this month, with JPMorgan, Wells Fargo and Morgan Stanley announcing their first quarter earnings on April 11.
The moves mark a sharp reversal of fortunes for the banking industry, which as recently as a few months ago had projected a bright outlook for 2025 on hopes of M&A deregulation and lower corporate taxes. But uncertainty fueled by Trump's 10% baseline tariff on all imports crushed the economy-sensitive bank stocks, while raising fears of a global trade war as some countries vowed to retaliate. Citigroup fell 11.91% to $63.21, JPMorgan dropped 6.97% to $228.69, while Goldman Sachs slipped 9.38% to $510.29.
Intel and Taiwan Semiconductor Manufacturing recently reached a preliminary agreement to form a joint venture to operate the U.S. firm's chipmaking facilities, the Information reported, citing two people involved in the discussions. TSMC will take a 20% stake in the new company, the report added. Reuters said in an exclusive report in March that TSMC had pitched U.S. chip designers Nvidia, Advanced Micro Devices and Broadcom to take stakes in a joint venture that would operate Intel's factories. The Trump administration initiated the Intel-TSMC talks in an effort to revitalize Intel, the report said.
The Trump administration's decision on an American buyer for the short-video social media site TikTok will come before a weekend deadline, Vice President JD Vance said. Bidders for TikTok are piling up as Saturday's deadline approaches for TikTok to secure non-Chinese ownership under threat of being banned from the United States. "It'll come out before the deadline," Vance said in an interview with Fox News. "I think that we're in a good place. We're going to keep on working at it. "We've got a couple days to continue working on it, to finalize some things and, of course, we're going to let the president announce whatever we ultimately decide," he told "Fox & Friends." Amazon and, separately, a consortium led by OnlyFans founder Tim Stokely are the latest to throw their hats into the ring for TikTok.
Tesla sales in Germany dropped in March compared with the same time last year and were marginally lower in the UK, despite a spike in overall EV sales in both markets, data showed. Elon Musk's all-electric brand sold 2,229 cars in Germany and 7,220 in Britain, down respectively 42.5% and 0.6% from March 2024, adding to a slump in European markets that contributed to its lowest quarterly sales in almost three years. Billionaire CEO Musk, a close ally of U.S. President Donald Trump, has stirred controversy by courting far-right parties in Europe, which has deterred potential buyers ahead of the much-anticipated launch of its Model Y mid-size SUV. Analysts said his rumoured departure from the U.S. Department of Government Efficiency might help Tesla's stock recover some losses, after it dropped around 30% so far this year.
Conagra Brands missed Wall Street expectations for third-quarter sales and profit, hurt by softening demand for its snacks and supply-chain disruptions in frozen food and refrigerated business. The Slim Jim maker is facing a double whammy of slowing sales growth as budget-conscious Americans switch to cheaper private-label brands, and manufacturing challenges at one of its primary facility, which prepares and cooks chicken used in frozen meals, impacting its ability to meet demand. The company's overall volumes decreased 3.1% during the quarter, while average prices fell 2.1%. Conagra's third-quarter net sales fell 6.3% to $2.84 billion. Analysts estimated $2.90 billion, according to data compiled by LSEG. It posted adjusted earnings of 51 cents per share, missing expectation of 53 cents.
Amazon criticised a book delivery fee imposed by France two years ago, telling Europe's top court the measure was discriminatory, protectionist and a breach of European Union law. France's efforts to protect its cultural heritage and traditions have frequently put it at odds with tech and online companies, notably one of the biggest Amazon. Paris introduced the $3.31 fee in October 2023 to help local independent bookstores counter competition from Amazon, which had until then charged a euro cent on book deliveries in France. The French fee does not apply for purchases above 35 euros. Separately, the U.S. National Highway Traffic Safety Administration (NHTSA) said it has closed its probe into 258 Zoox vehicles over a braking issue, after the Amazon self-driving car unit recalled them and updated their software.
