Latest news with #JimBaird
Qatar Tribune
11 hours ago
- Business
- Qatar Tribune
US stocks edge toward records with inflation data in focus
Agencies New York The US stock rebound has driven key indexes to the cusp of record levels, with fresh economic data and trade and fiscal policy developments set to test whether equities will get an extra push higher in thenear term. A monthly US inflation report headlines the events for markets in the coming week. Equities have bounced back from a steep fall in April, sparked by concerns about the economic fallout from President Donald Trump's tariff plans. Stocks ended the week on a high note, with the S&P 500 closing on Friday above 6,000 for the first time since late February, buoyed by a monthly US jobs report that calmed worries about theeconomy. The benchmark S&P 500 ended on Friday 2.3 percent off its record closing high from February. 'I'd still say it's a cautious tone' in the market, said Jim Baird, chief investment officer with Plante Moran Financial Advisors. Despite a 'recovery off the lows, I still think it's a market that is looking for greater clarity.' Some uncertainty stems from how the US economy is weathering the shifting trade backdrop. Trump has eased back on some of the harshest tariffs since his April 2 'Liberation Day' announcement sent stocks tumbling, but investors are waiting to see how other levies may be rippling through the economy. The consumer price index report for May, due on Wednesday, could give insight into the tariff impact at a time investors are wary of any flare-ups in inflation. 'Consumers are feeling the impact of higher prices and if there are indications that near-term inflation could re-accelerate, that is going to put further pressure on discretionary spending and ultimately could lead to a more pronounced slowdown in growth,'Baird said. The CPI report will be one of the last key pieces of data before the Federal Reserve's June 17-18 meeting. The US central bank is widely expected to hold interest rates steady at that meeting, but traders are pricing in nearly two 25-basis point cuts by the end of the year. 'If we see inflationary data that defies what people are concerned about based on this tariff talk and it comes in cooler, then that could also be a catalyst to at least test those old highs,' said Jay Woods, chief global strategist at Freedom Capital Markets. US stocks closed higher on Friday, with the Dow and S&P 500 gaining 1 percent and the Nasdaq climbing 1.2 percent. For the year, the S&P 500 is up 2 percent. But the index has stormed back over 20 percent since April 8, at the depth of the stock market's plunge on concerns over the tariff fallout. Investors also are grappling with uncertainty over a sweeping tax-cut and spending bill under review in the US Senate. Wall Street is monitoring how much the legislation could stimulate economic growth, but also inflate the country's debt burden as widening fiscal deficits have become a central concern for markets in recent weeks. 'As debt increases, it has a greater negative impact on growth,' said Kristina Hooper, chief market strategist at Man Group. The legislation also appeared to be the source of a severe rift between Trump and Tesla chief Elon Musk, which weighed on stock indexes. Former Trump ally Musk called the bill at the heart of Trump's agenda a 'disgusting abomination,' while Trump said he was 'disappointed' by the billionaire's public opposition. Trade talks also remain at the forefront of markets, with a 90-day pause on a wide array of Trump's tariffs set to end on July 8. Trump said on Friday three of his cabinet officials will meet with representatives of China in London on Monday to discuss a trade deal. 'When it comes to policy from Washington, there are still big question marks,' said Bob Doll, chief investment office at Crossmark Global Investments.
CBS News
27-05-2025
- General
- CBS News
New police chief in Colorado accidentally fired gun 2 weeks ago: "Not how anyone wants to start"
The City of Thornton will swear in a new police chief Tuesday evening, but prior to that, CBS News Colorado has learned that Jim Baird accidentally fired a new gun at his apartment on May 14, something the City of Thornton had not previously disclosed. "It's definitely not how anyone wants to start," said Kylynn McTague, public information officer for the Thornton Police Department. According to an account of what happened provided to CBS News Colorado, Baird was in his apartment the evening of May 14 when he unintentionally fired a new gun. The bullet went through a kitchen cabinet inside the apartment, and nobody was injured. Jim Baird Thornton Police According to a statement by the City of Thornton, Baird immediately tried to contact neighboring residents to make sure nobody had been hit. He then reported the incident to the interim Thornton police chief, who came to the scene with a sergeant. From the Thornton Police Department. Thornton said, "An investigation was launched to assess the circumstances... the investigation confirmed Mr. Baird's account of the incident." Baird was not an employee of the City of Thornton at the time of the May 14 incident. Baird was not cited or arrested, "as the investigation found no evidence of negligence or criminal conduct." The Thornton Police Department was then tasked with making sure the gun was functioning properly. "Mr. Baird has been transparent and has taken accountability," read the city statement. It went on to state that city leaders remain confident in Baird. Baird previously served as the police chief in Breckenridge and was the chief of police in Ann Arbor, Michigan. Thornton has 258 sworn officers and another 88 civilian employees. Baird's swearing-in is set for Tuesday, May 27 at 7 p.m. Asked why Thornton had not released any information about the discharge incident until contacted by the media, McTague said it was "A choice of leadership."
TimesLIVE
24-04-2025
- Business
- TimesLIVE
Bessent says China tariffs are not sustainable as US signals willingness to de-escalate
The White House is open to discussing a significant rate cut on Chinese imports to advance negotiations with Beijing but will not do so alone, according to a person familiar with the conversations. That person would not say how low the White House might be willing to go, but the Wall Street Journal reported the figure could be as low as 50%. A White House spokesperson dismissed any reports as 'pure speculation', and said news on tariffs would come from Trump himself. 'We are going to have a fair deal with China,' Trump told reporters, but did not outline any specifics. The tariff levels outlined in the Journal report would likely still be high enough to deter a significant chunk of trade between the world's two largest economies. German shipper Hapag-Lloyd said on Wednesday that 30% of its US-bound shipments from China have been cancelled. Separate talks between the two countries over tackling the fentanyl epidemic have not yielded results so far, sources say. The apparent US softening on China tariffs was a welcome sign for markets battered by Trump's erratic trade policies. The benchmark S&P 500 finished the day 1.67% higher at 5,375.86, but is still more than 12% below its February record close. 'It's about all of the political and policy uncertainty and what it could mean for the economy in the near term,' said Jim Baird of Plante Moran Financial Advisors. SEEKING CLARITY Bessent said the third quarter of this year is a 'reasonable estimate' for achieving clarity on the ultimate level of Trump's tariffs. In addition to the steep tariffs on China, Trump has also imposed a blanket 10% tariff on all other US imports and higher duties on steel, aluminium and autos. He has suspended targeted tariffs on dozens of other countries until July 9 and floated additional industry-specific levies on pharmaceuticals and semiconductors. That has roiled financial markets and raised fears of recession. On Wednesday, the Trump administration said in a Federal Register post that it had launched a probe into whether imports of medium- and heavy-duty trucks and parts for them pose a national security risk, a precursor to imposing tariffs on them. At the same time, Trump is planning to spare carmakers from some tariffs, The Financial Times reported, citing two people with knowledge of the matter. The move would exempt car parts from the tariffs Trump is imposing on China over fentanyl and also from tariffs on steel and aluminium, the report said. The EU, which Trump has threatened with 20% tariffs, would respond with countertariffs if it cannot reach a deal with the US before the July 9 deadline, economy minister Valdis Dombrovskis said on Wednesday. He said the 27-member trade bloc has offered to buy more liquefied natural gas from the US and reduce tariffs on certain goods. Other countries are looking to negotiate as well. Vietnam's trade minister spoke to US trade representative Jamieson Greer on Wednesday, state media reported. Twelve states, including New York, Arizona and Illinois, filed suit against the Trump administration on Wednesday in the US Court of International Trade saying that tariffs established through the International Emergency Economic Powers Act are illegal. The states joined California, which filed a separate suit against the government last week, in challenging the tariffs. The International Monetary Fund said Wednesday the tariffs will slow growth and push debt higher across the globe. S&P Global found that US business activity slowed to a 16-month low in April while prices charged for goods and services soared. The Federal Reserve said it found economic activity in the US to be steady over the past month, despite 'pervasive' uncertainty about trade. The central bank's survey found a drop in international visitors in some areas, and the outlook in several of the Fed's 12 regional districts 'worsened considerably'. A Reuters/Ipsos poll found Americans souring on Trump's economic performance. Just 37% of respondents approve of his handling of the economy, down from 42% when he took office in January.
