Stocks Climb Late as Nvidia Reignites AI Hopes
Bloomberg Television brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today's guests are Kara Murphy, Kestra Investment, John Wobensmith, Genco Shipping & Trading, Olivia Tong, Raymond James, Yinan Na, Creatify & Jeffrey Katzenberg, Wndrco, Paul Christopher, Wells Fargo Investment Institute, John Belton, Gabelli Funds, Matt Bryson, Wedbush Securities, Andrew Ng, AI Fund, Sarah Kunst, Cleo Capital, Meredith Broussard, NYU Professor, Ed Ludlow, Bloomberg News. (Source: Bloomberg)
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Trump promises to hike steel and aluminum tariffs to 50%
Markets on Wall Street inched up quietly early Wednesday as President Donald Trump's 50% tariffs on imports of steel and aluminum were due to kick in and U.S and European trade officials met in Paris to negotiate their tariff spat. Futures for the S&P 500, the Dow Jones Industrial Average and Nasdaq all rose 0.2% in light trading before the bell. The European Union's top trade negotiator, Maroš Šefčovič, met Wednesday with his American counterpart, U.S. Trade Representative Jamieson Greer, on the sidelines of a meeting of the Organisation for Economic Cooperation and Development. Šefčovič said talks were 'advancing in the right direction at pace.' Few expect Brussels and Washington to reach a substantive trade agreement in Paris because the issues dividing them are too difficult to resolve quickly. There has been no official update on the status of the steel and aluminum tariffs as of early Wednesday morning. Those tariffs are expected to hit a broad range of businesses hard and likely push up prices for consumers. Foreign-made steel and aluminum is used in household products like soup cans and paper clips as well as big-ticket items like a stainless-steel refrigerators and cars. Economists warn that the latest tariffs will significantly squeeze the wallets of both companies and shoppers alike. Hopes remain high on Wall Street that Trump will reach trade deals with other countries that will ultimately lower tariffs, particularly with the world's second-largest economy. The U.S. side said Trump was expecting to speak with Chinese leader Xi Jinping this week. In equities trading, Wells Fargo rose 2.5% after the Federal Reserve lifted its asset cap on Tuesday and said the bank is no longer subject to the harsh restraints placed on it in 2018 for having a toxic sales and banking culture. Wells has spent the better part of a decade trying to restore its image with the public and convince policymakers that it had changed its ways. Shares of Dollar Tree dipped 1.8% before the bell despite Wednesday's strong first-quarter sales and profit report. Investors were spooked by the discount retailer's forecast, which estimated as much as a 50% drop in second-quarter earnings per share due to cost pressures from higher tariffs. A day earlier, rival Dollar General posted a quarterly sales record of $10.44 billion and upgraded its annual profit and sales outlook as Americans tighten their budgets and spend more at bargain stores. CrowdStrike, the cybersecurity company that Delta Air Lines has sued for a technology outage last summer, fell 7% after it issued lighter second-quarter guidance than analysts were expecting. Elsewhere, in Europe at midday, Germany's DAX and the CAC 40 in Paris each gained 0.7%, while Britain's FTSE 100 inched up 0.2%. South Korea's Kospi led gains in Asia, jumping 2.7% to 2,770.84 after the liberal opposition candidate Lee Jae-myung was elected president. Lee's victory caps months of political turmoil triggered by the stunning but brief imposition of martial law by the now-ousted conservative leader Yoon Suk Yeol. Top priorities will include government spending and trade negotiations with the United States. Tokyo's Nikkei 225 index surged 0.8% to 37,747.45 on gains for technology and pharmaceutical companies. Toyota Motor Corp.'s shares rose 1.9% after it announced it was buying Toyota Industries Corp., a maker of auto parts and lift trucks, for $33 billion and taking it private. Toyota Industries' shares tumbled nearly 12%. Chinese shares were modestly higher. The Hang Seng in Hong Kong added 0.6% to 23,654.03, while the Shanghai Composite index gained 0.4% to 3,376.20. In Australia, the S&P/ASX 200 closed 0.9% higher at 8,541.80. Taiwan's Taiex climbed 2.3%. Treasury yields held relatively steady following Tuesday's encouraging report on the U.S. job market. It's a cooldown from a sharp rise for yields over the last two months. Yields had been climbing in part on worries about how the U.S. government may be set to add trillions of dollars to its debt through tax cuts. Higher Treasury yields make it more expensive for U.S. households and businesses to borrow money and can discourage investors from paying high prices for stocks and other investments. In energy trading, U.S. benchmark crude oil added 3 cent to $63.44 per barrel. Brent crude, the international standard, rose 5 cents to $65.68 per barrel. The U.S. dollar rose to 144.19 Japanese yen from 144 yen. The euro rose to $1.1386 from $1.1370. Download the and apps to get breaking news and weather alerts. Watch or with the new . Follow us on social media: Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
CNBC
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The magic of an archive often has to do with discovery—of an idea that never made it out of a sketchbook, the behind-the-scenes lore only a handful of confidantes are privy to, and the mundane items that time transforms into holy grails. Now, the field of modern design has a new archive to salivate over, courtesy of MillerKnoll. Composed of over one million objects and held in a 12,000-square-foot facility at MillerKnoll's headquarters in Western Michigan, the archive includes visible storage; a reading room for researchers; and an exhibition space. There, visitors can spy everything from the streamlined objects Gilbert Rohde designed for the 1933 World's Fair to prototypes of the Eames Action Office and pattern-drenched postmodernist chairs by Denise Scott Brown and Robert Venturi. It's a who's-who list of modern design history, all under one roof. But the archive—designed in collaboration with the New York-based consultancy Standard Issue —is more than a repository for historic artifacts; it's something that can help develop new ideas and tell untold stories. 'The great excitement for me is not one particular item, not one particular narrative; but the endless opportunity that it presents to make more connections,' says Ben Watson, the chief creative and product officer at MillerKnoll. The Story of Modern Design History has been an important part of the individual brands that comprise MillerKnoll, which includes Herman Miller, Knoll, Design Within Reach, Hay, and Muuto, among others. In silos, they told a company-specific story; all together the collection represents the myriad narratives that shaped how modern furniture became a business, from ambitious ideas to the nuts and bolts of how objects actually get made. The extended deadline for Fast Company's Brands That Matter Awards is this Friday, June 6, at 11:59 p.m. PT. Apply today.
