US stocks are trading near their records as Wall Street takes Donald Trump’s latest talk about tariffs in stride, even if they could roil the global economy were they to take effect.
Stock markets abroad were down, but mostly only modestly, after President-elect Trump said he plans toon Mexico, Canada and China as soon as he takes office. Stock indexes were down 0.1 per cent in Shanghai and nearly flat in Hong Kong, while Canada’s main index was down 0.4 per cent. Beyond the pain such tariffs would cause US households and businesses, they could also push the Federal Reserve to slow or even halt its cuts to interest rates. The Fed had just begun cutting its main interest rate from a two-decade high a couple of months ago to offer support to the job market. While lower interest rates can boost the overall economy and prices for investments, they can also offer more fuel for inflation.
Kohl’s tumbled 20.4 per cent after its results for the latest quarter fell short of analysts’ expectations. CEO Tom Kingsbury said sales remain soft for apparel and footwear, which helped drag its revenue lower. Kingsbury said a day earlier that he plans to step down as CEO in January. Ashley Buchanan, CEO of Michaels and a retail veteran, will replace him.
Big Tech stocks also helped prop up US indexes. Gains of 2.7 per cent for Amazon and 1.9 per cent for Microsoft were two of the strongest forces lifting the S&P 500.
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