For Thursday, May 1st, 2025
>>Stocks Close Mixed
(New York, NY) -- Wall Street is closed Wednesday with stocks mixed to end the month. It comes after the release of the latest GDP report that showed a decline of point-three-percent. Some investors noted the numbers were skewed by a surge in imports recently as companies attempted to get ahead of the White House's tariffs. At the closing bell, the Dow Jones Industrial Average gained 141 points to 40-669. The S&P 500 rose by eight points to 55-69. The Nasdaq fell by 14 points to 17-446.
>>2 Reports Point To Uncertain U.S. Economy
(Washington, DC) -- New reports have the U.S. economy heading into uncertain waters this summer. The GDP, the sum of the value of goods and services produced, fell point-three percent over last year. Growth had originally been predicted by economists, but outlooks were revised to negative thanks to reaction to President Trump's global tariffs. A separate report from payroll processor ADP showed job creation slowed to 62-thousand positions last month, about half of what economists were expecting.
>>Trump Defends Tariffs After GDP
(Undated) -- President Trump says an economic "boom" will take a while after tariffs he implemented start kicking in. It comes after new data showed the U.S. economy contracted last quarter. In a Truth Social post, the President told the public to "be patient." Trump also placed blame on former President Biden for the current state of the stock market, noting that he did not take office until January 20th. His comments come after the U.S. Department of Commerce reported that gross domestic product fell at a point-three-percent annualized pace in the first three months of the year. Despite the recent data, Trump said "when the boom begins, it will be like no other."
>>Ukraine Minerals Deal Signed
(Washington, DC) -- Ukraine and the U.S. have signed a minerals agreement. It means the U.S. will have access to Ukraine's rare earth minerals. The Trump administration says the deal also addresses the 175-billion-dollars in aid the U.S. has given Ukraine since the start of its war with Russia and establishes an economic partnership. The administration adds the deal signals to Russia that the White House is committed to a peace process that is centered on a free and prosperous Ukraine. It comes almost two months after a White House meeting between Trump and Zelensky derailed talks on the deal.
>>President Meet With Top Executives
(Washington, DC) -- President Trump promoted an "Investing in America" event at the White House Wednesday. Trump said businesses from around the world have invested over five-trillion dollars in the U.S. Trump met with executives of major companies, that have pledged to build plants America. The Trump administration wants to use the "Investing in America" event to tout Trump's achievements and push back on uncertainty that some investors have over his global tariff policies.
>>Third Arizona TSMC Plant Breaks Ground
(Phoenix, AZ) -- Construction is underway for the new Taiwan Semiconductor Manufacturing facility in Arizona. It marks the third manufacturing plant in Phoenix, and comes after the chip maker recently announced an additional 100-billion dollar investment into the U.S. Attending Tuesday's groundbreaking ceremony was U.S. Commerce Secretary Howard Lutnick. He called the occasion "the return of American manufacturing." Some big name tech companies, like Apple and NVIDIA, are customers of TSMC.
>>Stellantis Reports Low First Quarter Revenue
(Detroit, MI) -- Stellantis is reporting a 14-percent drop in first quarter revenue. The automaker is also suspending financial guidance for the rest of the year due to uncertainties surrounding tariffs. Chief Financial Officer Doug Osterman says they are still absorbing tariff adjustments that were announced on Tuesday, which may provide some relief to the company. Osterman says they have paused the shipment of some vehicles affected by tariffs and are relying on current inventory. The first quarter report was only a partial release with the full report expected in July.
