For: May 16, 2025
>>Trading Week Winding Down
(New York, NY) -- The opening bell rings this morning after another day of mixed trading on Wall Street. The S&P 500 finished higher for a fourth straight session after the U.S. and China temporarily cut tariff rates. It's also after last month's producer price index showed point-half-percent decline. At the closing bell, the Dow Jones Industrial Average gained 271 points to 42-322. The S&P 500 rose by 24 points to 59-16. The Nasdaq lost 34 points to 19-112.
>>Fed Chair On Persistent Supply Shocks
(Washington, DC) -- Federal Reserve Chair Jerome Powell is signaling there's a "possibility that inflation could be more volatile going forward." Speaking at a conference on Thursday, Powell said the economy may be entering a period of more volatile inflation and more regular supply shocks relative to recent decades, in which inflation and unemployment remained low. However, the Federal Reserve Chair didn't get into the specifics of what may be driving the increased frequency of the supply shocks, but he has previously stressed the significant policy changes implemented by the Trump administration. Powell cautioned the public to keep inflation expectations low.
>>Walmart CFO: Tariff Effects Will Be Felt Soon
(Bentonville, AR) -- Walmart says it will soon raise prices due to tariffs. During the retail giant's earnings call Thursday, CEO Doug McMillion said, "Even at the reduced levels announced this week, we aren't able to absorb all the pressure given the reality of narrow retail margins." McMillion said Walmart will do its best to keep prices as low as possible. He added the tariffs are raising costs for electronics and toys from China as well as some food due to tariffs on Colombia, Costa Rica and Peru. Customers will start to see the higher prices take effect later this month.
>>New Jersey Transit Strike
(Newark, NJ) -- New Jersey Transit Train engineers are on strike, with it's 350-thousand daily riders now having to find other options. The engineer's union announcing the walkout overnight, saying they want wages competitive with engineers in New York make. New Jersey Governor Phil Murphy and NJ Transit CEO Kris Kolluri noted after talks ended Thursday night that paying the engineers more would mean they have to pay every other union more, which could cripple the agency. Murphy and Kolluri say they were expecting the union to call for a walkout. They also say they're willing to keep talking anytime, including Sunday, when the National Mediation Board has asked both sides to restart talks.
>>FAA Approves Additional SpaceX Missions
(Starbase, TX) -- The FAA is giving SpaceX some good news and some bad news about upcoming Starship launches. The agency announced yesterday that it has approved the company's plan to launch up to 25 missions a year from its Starbase in South Texas. The FAA also approved modifications planned for the next Starship launch. At the same time, the agency said it won't allow that mission until a mishap report for the eighth test launch is completed. A social media post from SpaceX CEO Elon Musk indicates another Starship launch will happen next week.
