Latest news with #SolusAlternativeAssetManagement
CNBC
30-04-2025
- Business
- CNBC
Watch CNBC's full discussion with the 'Closing Bell' panel
CNBC's Steve Liesman; Stephanie Link, Hightower Advisors chief investment strategist; and Dan Greenhaus, Solus Alternative Asset Management chief strategist and economist, join 'Closing Bell' to discuss market outlooks, how much to read into the most recent GDP print, and more.
CNBC
30-04-2025
- Business
- CNBC
Stephanie Link: Underlying data in GDP report is better than headline
CNBC's Steve Liesman; Stephanie Link, Hightower Advisors chief investment strategist; and Dan Greenhaus, Solus Alternative Asset Management chief strategist and economist, join 'Closing Bell' to discuss market outlooks, how much to read into the most recent GDP print, and more.
CBS News
11-03-2025
- Business
- CBS News
Dow loses nearly 500 points Tuesday in another day of reckoning with tariff uncertainty
Stocks racked up heavy losses for a second day on Tuesday in a volatile session that had investors fixated on President Trump's ever-evolving trade war with Canada and the direction of the U.S. economy. "Unless and until we know where the goal posts actually are on trade and tariffs, this uncertainty will continue to weigh on markets," Art Hogan, chief market strategist at B. Riley Wealth, told CBS MoneyWatch. After a 662-point drop, the Dow Jones Industrial Average closed at 41,433, down 478 points, or 1.1%, with 24 of its 30 components in the red. Verizon fronted blue-chip losses, dropping 6.6%, after the telecom warned of "soft" subscriber growth. After a brief turn higher, the S&P 500 shed 42 points, or 0.8%, to finish at 5,572. At its daily low, the index was 10% below its record close notched last month. "Ten percent declines happen more than people think," said Dan Greenhaus, chief strategist at Solus Alternative Asset Management. The current decline comes after an extended six-month rally for stocks, he noted. "We've basically gone straight up." Sectors including energy and manufacturing were hit especially hard by Mr. Trump's decision to hike tariffs even more on imports of steel and aluminum from Canada to 50% in response to the country's largest province, Ontario, on Monday announcing a 25% surcharge on electricity exports to the U.S. Ontario's premier on Tuesday backed down and said he would pause the levy, with President Trump in turn dialing back the additional hike. The Nasdaq Composite also switched to positive terrain, only to revert to losses by the close, falling 32 points, or 0.2%, to 17,436. Mr. Trump also said he would "substantially increase" other tariffs on Canada on April 2 if it did not rescind tariffs on U.S. dairy products and other goods. "The market has been down for three weeks in a row, largely driven by uncertainty about where trade policy lands, full stop. We've been inundated with tariff announcements that, unlike the 2018 playbook, are actually being applied universally versus the surgical approach we saw with term 1.0," offered Hogan. Shares of Stellantis thudded lower. The manufacturer of Jeep and Dodge vehicles has multiple production plants in Canada, and could be impacted by the latest escalation. "That's kind of the problem for the market, now we have to wait until April 2" to learn of possible reciprocal actions, said Greenhaus, chief strategist at Solus Alternative Asset Management. "So there's three weeks to make it worse." The sell-off came as Citigroup strategists lowered their view of U.S. equities, echoing other banks including JPMorgan Chase in curtailing bullish takes for 2025. Stocks had plunged on Monday morning, continuing three consecutive weeks of losses, with the technology-laden Nasdaq marking its worst day since September 2022 and the Dow shedding 890 points to close beneath its 200-moving average for the first time since late 2023. The losses came a day after Mr. Trump declined to say whether he expects a recession this year, telling Fox News that "I hate to predict things like that. There is a period of transition, because what we're doing is very big." Guidance from Delta Air Lines added to concerns about the economy, with the carrier cutting its earnings outlook amid weaker U.S. demand.
CBS News
11-03-2025
- Business
- CBS News
Dow drops nearly 600 points as Trump escalates trade war with Canada
U.S. stocks caved again on Tuesday as President Trump escalated his trade war with Canada, with the Dow Jones Industrial Average falling nearly 600 points and as the S&P 500 approached correction territory. "We have a pretty good sized correction," said Dan Greenhaus, chief strategist at Solus Alternative Asset Management. Still, "10% declines happen more than people think," according to Greenaus, who noted that the current drop comes after a sizable six-month rally for stocks. "We've basically gone straight up." The hardest-hit sectors included energy, materials and industrials. All three sectors fell amid news that Mr. Trump was hiking tariffs on imports of steel and aluminum from Canada to 50% in response to the country's largest province, Ontario, on Monday announcing a 25% surcharge on electricity exports to the U.S. The president also said he would "substantially increase" other tariffs on Canada on April 2 if it does not rescind tariffs on U.S. dairy products and other goods. "That's kind of the problem for the market, now we have to wait until April 2" to learn of possible reciprocal actions, said Greenhaus, chief strategist at Solus Alternative Asset Management. "So there's three weeks to make it worse." Shares of Stellantis thudded lower. The manufacturer of Jeep and Dodge vehicles has multiple production plants in Canada, and could be impacted by the latest escalation. "The market has been down for three weeks in a row, largely driven by uncertainty about where trade policy lands, full stop. We've been inundated with tariff announcements that, unlike the 2018 playbook, are actually being applied universally versus the surgical approach we saw with term 1.0," Art Hogan, chief market strategist at B. Riley Wealth, told CBS MoneyWatch. "Unless and until we know where the goal posts actually are on trade and tariffs, this uncertainty will continue to weigh on markets." Approaching midday, the Dow was off 450 points, or 1.1%, at 41,461. The blue-chip index earlier was down nearly 560 points, extending losses that had the Dow on Monday closing down 890 points. The S&P 500 was lately down 39 points, or 0.7%, to 5,575.53, and the Nasdaq Composite fell 33 points, or 0.2%, to 17,431. The sell-off came as Citigroup strategists lowered their view of U.S. equities, echoing other banks including JPMorgan Chase in curtailing bullish takes for 2025.
Yahoo
07-03-2025
- Business
- Yahoo
Trump to put tariff exemptions on certain goods from Canada, Mexico
President Trump on Thursday exempted most goods from Canada and Mexico covered under the U.S.-Mexico-Canada Agreement (USMCA) from his 25% tariffs for the next month. The tariffs went into effect earlier this week and will now be reinstated April 2. On Tuesday, Trump imposed the 25% tariffs on the United States' largest trading partners. Trump Exempts Mexico From Tariffs For Usmca Goods Until April 2 "If you are the administration and are trying to achieve — the outcomes they are trying to achieve, refused fentanyl, lower border crossings — these are a tool in the arsenal," Dan Greenhouse of Solus Alternative Asset Management told Fox News Thursday. Doug Holtz-Eakin, the president of the American Action Forum, didn't agree. Read On The Fox News App Tariffs Could Play A Significant Role In An Already Shaky Housing Market He told Fox News, "In the end, we've got taxes on American consumers and businesses. Those taxes are substantial. I think people underappreciate that this round taken at face value would be roughly four times larger than anything he did in his first presidency. The impacts would be substantial." Holtz-Eakin said it would add to inflation and slow economic growth. "Those are not things that the American people want," he said. Canada said earlier this week it will issue 25% retaliatory tariffs. A Canadian source told Reuters the country wouldn't respond until it had seen the entirety of Trump's amended tariff order. Trump announced the tariffs on his first day in office in January after declaring fentanyl deaths a national emergency. He said the drug makes its way from China to the U.S. via Mexican and Canadian imports. "I can confirm that we will continue to be in a trade war that was launched by the United States for the foreseeable future," Canadian Prime Minister Justin Trudeau, who will step down Sunday, told reporters Thursday. Trump has also imposed a 20% tariff on all Chinese goods. Trump had mentioned an exemption for Mexico earlier Thursday, but the new amendment also covers Canada. "After speaking with President Claudia Sheinbaum of Mexico, I have agreed that Mexico will not be required to pay Tariffs on anything that falls under the USMCA Agreement," Trump wrote Thursday before including Canada in the exemption. "This Agreement is until April 2nd. I did this as an accommodation, and out of respect for, President Sheinbaum. Our relationship has been a very good one, and we are working hard, together, on the Border, both in terms of stopping Illegal Aliens from entering the United States and, likewise, stopping Fentanyl. Thank you to President Sheinbaum for your hard work and cooperation!" Reuters contributed to this report. Original article source: Trump to put tariff exemptions on certain goods from Canada, Mexico
