Business Rundown: A Red Day On Wall Street
On the final day of the first quarter of 2025, the major market indexes lost more ground on fears of President Trump's April 2nd tariff plans and broader questions about the direction of the U.S. economy.
FOX Business' Big Money Show co-anchor Taylor Riggs speaks with Annex Wealth Management chief economist Brian Jacobsen about why the selloff is 'a function of the Q1 calendar,' the renewed interest in buying gold, and calming down the concerns about recession or stagflation.
Photo Credit: AP
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Hamilton Spectator
19 minutes ago
- Hamilton Spectator
NDP leader says Carney needs to keep Parliament in the loop on trade talks
OTTAWA - Interim NDP Leader Don Davies is accusing Prime Minister Mark Carney of not being transparent about negotiations with the U.S. on getting President Donald Trump's tariffs lifted. Davies said Wednesday that Parliament has not been kept in the loop on what Carney and Trump are talking about behind closed doors, or whether Ottawa has involved stakeholders in negotiations with the U.S. 'Previous Liberal governments have made quite a deal out of appointing different stakeholders from society to be present in advising them. Yet we don't know anything about that in these negotiations,' Davies told reporters outside the House of Commons just ahead of question period. 'It's time that Carney government became more transparent with Canadians, let us know who's negotiating, and definitely explain to Canadians why he's pursuing deeper military and economic integration with the United States when he promised Canadians that he would do exactly the opposite.' Carney declared during the recent federal election that Canada's old relationship with the United States, based on deepening economic integration and military cooperation, had come to an end and he vowed to stand up to Trump in the face of steep U.S. tariffs. CBC/Radio-Canada reported earlier Wednesday that the U.S. and Canada are hashing out a 'working document' that outlines details of a potential trade deal and states that Canada will participate in Trump's Golden Dome missile defence project. The prime minister's office is neither confirming nor denying that report. Asked by reporters about talks on the U.S. tariffs, Finance Minister François-Philippe Champagne said the government's 'endgame' is to have all of Trump's tariffs removed, but he referred journalists to Carney and Intergovernmental Affairs Minister Dominic LeBlanc for the most up-to-date information. 'It's a very dynamic situation,' Champagne said. 'We've been engaging with our friends in the United States. You know, we talk to different people in the administration.' But Carney and Foreign Affairs Minister Anita Anand breezed past reporters who shouted questions at them on Wednesday, while LeBlanc was not seen in Parliament. Ontario Premier Doug Ford publicly confirmed the secret, top-level discussions last week, saying that Carney and Trump are in 'deep discussions' on trade and working 'around the clock to get a deal.' 'They're right at the brink,' Ford said in Toronto on June 5. Pete Hoekstra, Trump's ambassador to Canada, said in an armchair talk at the Canadian Club of Ottawa on Wednesday that he thinks there's a 'possibility to have a great deal.' He said that 'all indications' are that the two countries could reach a 'very positive agreement,' but couched that 'there's also the possibility you could end up with something like no deal or whatever.' 'Until a deal is announced, you really won't know what's it in it,' Hoekstra said. Trump has insisted that Canada could join his unbuilt Golden Dome continental missile defence program at a cost of $61 billion. Carney confirmed last month that he is in talks with Trump about the project. 'It's something that we are looking at and something that has been discussed at a high level,' Carney said at a press conference in Ottawa on May 21. This report by The Canadian Press was first published June 11, 2025.
Yahoo
20 minutes ago
- Yahoo
How the $1,000 ‘Trump accounts' for American babies compare to 529s and custodial Roth IRAs
President Donald Trump and American business leaders this week celebrated a provision in his tax bill that would create and fund investment accounts for babies born in the next few years. The accounts would be allowed to compound and grow tax-deferred, similar to the way some retirement accounts work. 'In addition to the substantial financial benefits of investing early in life, extensive research shows that children with savings accounts are more likely to graduate high school and college, buy a home, start a business and are less likely to be incarcerated,' Trump said. 'Trump accounts will contribute to the lifelong success of millions of newborn babies.' Here's what you should know about these 'baby 401(k)s' and how they compare to other savings plans for children. The so-called Trump accounts are part of Trump's 'One Big Beautiful Bill Act' that passed through the House of Representatives last month. Republicans are aiming to get the bill through the Senate and signed by Trump by July 4th. Here's how the accounts would work: The federal government would contribute $1,000 to an investment account for every American baby born between Jan. 1, 2025, and Dec. 31, 2028. An additional $5,000 in after-tax contributions could be made annually to the accounts by parents, employers or other private entities. The money would be invested in index funds that track the overall U.S. stock market. Accounts would be controlled by a child's legal guardians until age 18. Earnings would grow tax-deferred and qualified withdrawals would be taxed at the long-term capital gains rate. 'The compounded growth of an initial $1,000 investment at the time of birth, at an average annual return of 8 percent, would amount to nearly $4,000 by age 18, more than $10,000 by age 30, and over $148,000 by age 65,' according to Bankrate Chief Financial Analyst Greg McBride. 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Withdrawals from Trump accounts would have fewer restrictions on their uses, but are taxed at long-term capital gains rates. Contribution limits: Annual contributions for Trump accounts would be limited to $5,000, while 529 plans allow for much higher limits, from about $235,000 to more than $600,000, depending on the state that sponsors the plan (these are lifetime limits; there's no annual limit for 529s). Many people assume that the maximum 529 plan contribution is $19,000 per child in 2025 — or $38,000 if you file jointly — but that's the maximum amount you can contribute without exceeding the annual gift tax limit. (If you give someone more than that limit in any given year, then you're required to file a gift tax return, though you likely still won't owe taxes on the gift.) Here's what else you should know about using a 529 plan to save for your kids' education. 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Yahoo
22 minutes ago
- Yahoo
NVIDIA (NVDA) Gets Buy Rating as AI Data Center Demand Surges Past $50 Billion
NVIDIA Corporation (NASDAQ:NVDA) is one of the 10 AI Stocks on Wall Street's Radar. One of the most notable analyst calls on Tuesday, June 10, was for NVIDIA Corporation (NASDAQ:NVDA). Bank of America reiterated the stock as 'Buy,' stating that data center demand trends remain robust for Nvidia. 'Developing AI infrastructure leveraging local datasets and workforces is a rapidly growing global phenomenon and we expect it to contribute $50bn+ annually or 10%+ of long-term AI addressable market.' A powerful aerial view of the company's data center, exemplifying the digital services and informatics being offered. In other latest news, Nvidia Corporation and Hewlett-Packard Enterprise said on Tuesday that they are partnering with the Leibniz Supercomputing Centre to build a new supercomputer using Nvidia's next-generation chips. While we acknowledge the potential of NVDA as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure: None.
