As stocks tanked on tariff fears, Marjorie Taylor Greene showed her faith in the president not just with words but dollar bills.
The Republican congresswoman from Georgia, an avid supporter of the Trump administration's trade policies, not only bought stocks last week as others dumped them in a panic — she scooped up some of the biggest losers. Lululemon $LULU ( ▲ 1.72% ) , Dell Computer $DELL ( ▲ 3.79% ) , Amazon $AMZN ( ▲ 2.01% ) , the parent of Restoration Hardware $RH ( ▼ 4.34% ) and a few others hit hard by Trump's tariff threats were down 40% on average late last week when she pounced. Since then, the stocks have all rallied.
More than 80% of Democrats, Republicans and independent voters say members of Congress should be prohibited from trading stocks, according to recent polling. That's because members of the House and Senate — and other senior government officials, for that matter — have an unfair advantage in buying or selling stocks because of their early, and sometimes classified, access to information about market-moving events.
It is not known whether in this case Greene had advance knowledge that Trump would pause the tariffs, triggering a stock market rally that could have earned her a solid profit. Democrats, however, are calling for an investigation.
You know who gets rich in a gold rush? The guy selling the shovels. Likewise, when there's huge market uncertainty, it's the guy selling equities and other market positions.
On that note, JPMorgan Chase $JPM ( ▲ 4.0% ) reported a 9% increase in net income for the first quarter, amounting to $14.6 billion, surpassing Wall Street's expectations.
CEO Jamie Dimon attributed it all to the bank's markets division, despite the global economic uncertainties fueled by President Donald Trump's trade policies and geopolitical tensions. Dimon pointed out the volatility induced by Trump's "Liberation Day" tariffs and the broader trade war with China, emphasizing the challenges banks face in an unstable economic environment. Interestingly, this volatility played to JPMorgan's advantage in the short term, with the bank's markets revenue jumping 21%, including a 48% increase in equities revenue.
Dimon's performance on CNBC last week is reported to have been a factor in persuading the president to reverse course on tariffs.
Author F. Scott Fitzgerald publishes his new novel, The Great Gatsby.
Fitzgerald, who returned from Paris to New York just for the publication, is unhappy with the name; he preferred the title "Trimalchio in West Egg" but his editor, Maxwell Perkins, convinced him that "The
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Freak sell-off of 'safe haven' U.S. bonds is scary
A steep sell-off in U.S. treasuries, which are normally coveted for their stability, suggests that there is dwindling faith in America's 'safe haven' status amidst President Trump's unpredictable trade policies and the ongoing trade war with China.
Sharp shifts in bond sentiment may lead to higher interest rates for consumer loans, including mortgages and car financing, and potentially result in increased costs for corporations which could lead to job cuts if borrowing becomes more expensive.
The reasons for the sell-off include speculation about China possibly unloading US bonds in retaliation for trade disputes, and problems with hedge fund strategies. Experts also cite the United States' eroding image as a stable global partner.
Many believe it's too early draw concrete conclusions and suggest the sell-off could be temporary. Still, if you really want your money to be safe, I guess you could stash it under the bed. Then go out, and text me your address, and when you're thinking of getting home. Thanks. #NotFinancialAdvice
"The egg prices they were going through the sky. And you did a fantastic job," President Trump said to Agriculture Secretary Brooke Rollins before he announced the details of his tariffs at the White House last week. "Now we have lots of eggs and they are much cheaper now."
The problem is, they aren't. Egg prices are in fact up a lot, as we approach the Super Bowl of Eggs, a.k.a. Easter: U.S. egg prices have surged to a record high of $6.23 per dozen. The increase, reported in the Consumer Price Index, implies that consumers may not see immediate price relief despite a drop in wholesale prices and no recent reports of bird flu outbreaks at egg farms. High demand for eggs, traditionally peaking around Easter, may be contributing to the sustained prices.
Meanwhile, the high cost of eggs has consumers turning to alternatives, like (inedible) plastic eggs for Easter crafts, boosting sales by 20% over the previous year according to craft retailer Michaels. The ongoing investigation by the Department of Justice into egg price increases, involving major producer Cal-Maine Foods, adds another layer of complexity to the issue.
The Sonofai machine uses ultrasound and AI to determine the fattiness of tuna, a crucial factor in assessing the fish's quality and market price. Hisashi Ishida, president of Sonofai and head of Ishida Tec Co., emphasized the global surge in demand for quality sushi: "Fatty fish tastes good, feels better on your tongue, and is called toro."
Typically, the fattiness of tuna is manually measured by experienced workers using a saw-like knife to cut into the fish's tail, a process that takes about 60 seconds per fish. Sonofai significantly streamlines this procedure, reducing it to just 12 seconds and eliminating the need for specialized carving skills.
Developed by Fujitsu, Sonofai, which blends the words "sono" (sound), "F" for Fujitsu, and AI (artificial intelligence), offers a safer, more sanitary, and efficient method of assessing tuna quality. The machine operates by sending ultrasound waves through a tuna fish on a conveyor belt. Fatty tissues absorb fewer sound waves than lean tissues, allowing the machine's AI to evaluate and diagram the fish's fattiness on a screen.
Sonofai is expected to be marketed primarily to fish-processing facilities and fishing organizations, with initial sales targeted in Japan before expanding internationally. It is set to hit the market in June for about 30 million yen ($207,000) each, with future versions planned to test additional aspects like freshness and firmness of tuna and other fish varieties.
I suspect I could sell about 10 to hedge fund managers in the West Village tonight.
We asked: Who's going to win the trade war? You voted:
🟨⬜️⬜️⬜️⬜️⬜️ China (79 votes)
⬜️⬜️⬜️⬜️⬜️⬜️ America (48 votes)
🟩🟩🟩🟩🟩🟩 Nobody wins in a trade war, and they should find a way to make peace (526)
653 total Votes via @beehiiv polls
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