Stocks shift into reverse with Trump set to announce new auto tariffs
CBSN
Stocks skidded in afternoon trading after the White House signaled that President Trump on Wednesday would announce more tariffs, with the latest salvo targeting U.S. auto imports.
The S&P 500 dropped 64 points, or 1.1%, to close at 5,712, the Dow Jones Industrial Average fell 0.3% and the Nasdaq Composite nosed down 2% as investors pulled back from major technology players.
Shares of automakers also slid, with General Motors sinking 3.2% and Stellantis, the parent company of Chrysler, Dodge, Jeep and Ram, dropping 3.5%. The Detroit automakers' manufacturing plants and supply chains are spread across North America, so additional tariffs would raise their costs and crimp profits.
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The U.S. beekeeping industry is in crisis over the shocking and unexplained deaths of hundreds of millions of bees over the last eight months.
A Delta Air Lines flight departing Ronald Reagan National Airport near Washington, D.C., experienced a close call with an Air Force jet just after takeoff Friday afternoon, authorities confirmed. Both flights ultimately continued to their destinations without incident.
Dr. Peter Marks, the Food and Drug Administration's top vaccine official, was forced to resign Friday, multiple people familiar with the matter told CBS News.
President Trump commuted the sentence of Ozy Media co-founder Carlos Watson, a White House official confirmed to CBS News Friday, just before Watson was due to report to prison for a nearly 10-year sentence in a financial conspiracy case.
Drenching rain along the Texas-Mexico border let up Friday, but rescues were still ongoing a day after severe storms trapped residents in their homes, forced drivers to abandon their vehicles on flooded roads and shut down an airport. At least three people died.
The entire staff of the federal government's Office of Infectious Disease and HIV/AIDS Policy is expected to be laid off, multiple federal health officials told CBS News Friday. The moves are part of a broader restructuring plan ordered by Health and Human Services Secretary Robert F. Kennedy Jr. that involves cutting 20,000 HHS positions.
U.S. District Judge Amy Berman Jackson issued a preliminary injunction Friday that blocks the Trump administration from dismantling the Consumer Protection Financial Bureau.
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The Beehive State became the first to prohibit flying the LGBTQ pride flag at schools and all government buildings after its Republican governor said he was allowing a ban on unsanctioned flag displays to become law without his signature.
The aftereffects of Hurricane Helene are still being felt in South Carolina as downed trees and vegetation fuel wildfires in the state, officials said in a news briefing on Friday.
Billionaire Elon Musk said he plans to hold a rally in Wisconsin to "personally hand over" $2 million to a pair of voters who have already cast their ballots in the state's hotly contested Supreme Court race, despite a state law that prohibits giving anything of value in exchange for voting.