Boeing CEO Senate Hearing, Trump Tariffs Impact Looms.

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Top Stories

Stock futures slip ahead of Trump tariffs: Live updates - CNBC

  • Stock futures declined ahead of the anticipated rollout of President Trump's tariffs, with the S&P 500 dropping 0.6% and Nasdaq-100 futures falling 0.8% as traders prepared for possible tariff rates that are still under consideration.

  • Treasury Secretary Scott Bessent indicated that the announced tariffs would serve as a “cap,” allowing room for adjustments by affected countries, while the administration contemplates imposing tariffs of around 20% on most imports.

  • The market remains volatile amid uncertainty from the tariff plans, with investors also looking forward to the ADP employment report, which is expected to show an increase of 120,000 jobs in March, indicating an interest in economic conditions.

Boeing CEO faces Senate hearing on plane maker's recovery - CNBC

  • Boeing CEO Kelly Ortberg is set to testify before a Senate committee regarding the company's improvements in manufacturing and safety standards following significant issues, including a near-catastrophic incident in 2024.

  • Despite recent contracts and production enhancements, Boeing faces ongoing scrutiny from lawmakers and regulators who are concerned about the company's reputation and commitment to safety.

  • The FAA has imposed a production cap on Boeing's 737 Max planes due to past safety incidents, and plans to maintain oversight of the company’s manufacturing practices.

Trump's new tariffs are poised to hit an already-battered economy - Business Insider

  • President Trump's anticipated tariffs, dubbed "Liberation Day," are causing significant strain on American consumers and businesses, leading to a notable drop in consumer sentiment as fears of rising prices and inflation grow.

  • The University of Michigan's consumer survey indicated an 11.9% decrease in outlook from February and a staggering 28.2% decline year over year, highlighting the mounting economic uncertainty.

  • Experts warn that while companies may absorb some additional costs, consumers can expect higher prices on everyday goods, complicating financial planning and investments amid the volatility in market reactions to tariff announcements.

CNBC’s Jim Cramer Warns New Trump Tariffs Would Be “Horrendous For The Economy” - Deadline

  • Jim Cramer expressed grave concerns about a potential 20% global tariff on imports, citing a Wall Street Journal report that discussed Trump's upcoming tariff package. He warned that such a blanket tariff could severely harm the economy and consumers, calling it reminiscent of the disastrous Smoot-Hawley Tariff Act of 1930, which contributed to the Great Depression. Cramer emphasized that the jobs tariffs are meant to protect have largely vanished due to automation, and purchasing American-made products would only lead to higher costs for consumers.

Investors are turning bearish on the U.S. dollar as Trump tariffs loom - CNBC

  • The rollout of President Trump's tariffs is negatively impacting confidence in the U.S. dollar, leading investors to favor foreign currencies, particularly the euro, which is expected to strengthen against the dollar amid concerns over a trade war.

  • Analysts predict that while the dollar may experience a short-term rally following the implementation of tariffs, overall, it is likely to weaken as the repercussions of the trade conflict unfold and stagflation risks grow.

  • The British pound and currencies from Australia and New Zealand may also see gains, as the UK might be less affected by tariffs, and both Australia and New Zealand are seen as having sound economic fundamentals that could attract investment amidst global uncertainties.

Meta’s head of AI research stepping down - AP News

  • Joelle Pineau, head of Meta's AI research division, announced her resignation effective at the end of May after eight years with the company, amid growing competition in the AI sector.

  • Her departure comes as Meta prepares for new initiatives, including the upcoming LlamaCon AI conference, and follows her leadership in promoting an open-source approach to AI development.

  • Meta has not yet commented on her exit or named a successor, and Pineau’s resignation marks a significant change for the AI research group, originally established by notable figures like Yann LeCun.

Qualcomm acquires generative AI division of Vietnamese startup VinAI - TechCrunch

  • Qualcomm has acquired the generative AI division of VinAI, enhancing its presence in the AI tooling sector and following a similar acquisition earlier this year.

  • The acquisition will integrate VinAI's generative AI and machine learning expertise into Qualcomm's products, which span software and chips for various industries, including automotive and consumer electronics.

  • VinAI's CEO, Hung Bui, will join Qualcomm, contributing to the development of innovative AI solutions that Qualcomm believes will significantly influence how consumers live and work.

Hooters files for bankruptcy - CNN

  • Hooters has filed for Chapter 11 bankruptcy with plans to sell its 100 company-owned restaurants to franchisee groups, while aiming to exit bankruptcy within 90-120 days.

  • The company cites rising costs and lawsuits related to discrimination as ongoing challenges, and it may close some locations as it evaluates its operational footprint during the bankruptcy process.

  • Hooters' new leadership, including original founders, intends to shift the brand toward a more family-friendly image, asserting that the iconic restaurant will remain open and operational.

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