Trump announces plans to speak with China and keep TikTok 'alive'
President Trump told reporters on Air Force One that he plans to speak to China about TikTok on Wednesday. "There's a lot of people interested in TikTok, and I think we have a chance of doing something good. And we'll be speaking to China about that also because they're a party to it obviously. But it would be great to keep TikTok alive, sell it to somebody that's going to do a great job with it," he said Wednesday. The president issued an executive order back in January to extend the period before the app was set to be banned to make a deal.
Dow falls 450 points as inflation and tariff fears hit Main Street
US stocks fell Thursday after the world’s largest retailer warned that 2025 would be a rollercoaster ride and said it expected sales to slow this year amid fears that consumers are tapped out. The sour forecast from Walmart (WMT) dragged down the Dow by more than 650 points, or 1.5%, before ending the day 451 points lower. The S&P 500 and Nasdaq Composite dropped by 0.43% and 0.47%, respectively, and Walmart stock closed with a loss of 6.5%. The decline in stocks came as investors fear a slowdown in consumer spending — which makes up two-thirds of the economy — as shoppers pull back in the face of even higher prices.
Trump wants to ‘abolish’ the IRS and replace it with tariffs. Can it work?
No one wants to pay taxes, and practically every American dislikes the IRS. But, as the saying goes, the only guarantees in life are death and taxes. So the IRS is here to stay. Right? Well, maybe not, according to Commerce Secretary Howard Lutnick. “Donald Trump announced the External Revenue Service, and his goal is very simple: to abolish the Internal Revenue Service and let all the outsiders pay,” Lutnick said on Fox News Wednesday night. In other words: America will raise so much money from President Donald Trump’s tariff plan that Americans will no longer need to pay income taxes.
Elon Musk may be on the brink of achieving the impossible: Salvaging his $44 billion investment in X
In October 2022, Elon Musk paid $44 billion to buy Twitter — almost certainly an overpayment — and he promptly made significant changes that plunged the company into chaos and sent its ad business and valuation into a tailspin. Two and a half years later, Musk appears close to pulling off a minor miracle: The company, now called X, may once again be worth about what he paid for it. Bloomberg on Wednesday reported that X is in talks to raise money that would value the company at $44 billion. The anonymous sources Bloomberg cited acknowledged that the ongoing talks could break down, and it’s not clear whether X will actually fetch that valuation.
Walmart warns of a slower 2025. That’s a bad sign for America’s economy
During America’s inflation crisis, shoppers have flooded to Walmart for groceries and clothing, looking for good deals on all manner of essentials. But Walmart said Thursday 2025 will be trickier as consumers grow increasingly frustrated with inflation and concerned about President Donald Trump’s tariffs. Walmart warned Thursday that its sales and profit growth will slow this year. The forecast sent its stock tumbling around 6% during early trading. It also dragged down the Dow, which fell more than 1%.
Mortgage rates fall for fifth week in a row, hover near 7%
Mortgage rates fell for a fifth consecutive week, hitting the lowest level since December but remaining elevated near 7%. Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage edged down to 6.85% from last week's reading of 6.87%. The average rate on a 30-year loan was 6.9% a year ago.
LARRY KUDLOW: Give President Trump what he wants
A month into President Donald Trump's golden-age second term, his economic policy has become very clear: shrink the government, and turn the savings over to taxpayers. Two points stand out. First, there's a DOGE dividend in the cards, perhaps $5,000 per head from $2 trillion worth of savings as Elon Musk and company blow up all the waste, fraud, abuse, and corruption endemic to the DC swamp. And second, Mr. Trump wants his tax cuts. And he wants them now. And no Republicans in the Senate or House should stand in the way of these Trumpian priorities.
These housing markets were the hottest in January, according to Realtor.com
The U.S. was home to some lively housing markets in January, but several areas emerged as the hottest, according to Realtor.com. Realtor.com put out a report last week identifying January’s "hottest" real estate markets across the country, looking at unique views that properties drew on its site for demand and how long listings were live for each of the markets. The top five spots on its ranking were largely dominated by places in the Northeast, with a city in Wisconsin also securing a spot, the report showed.
These housing markets were the hottest in January, according to Realtor.com
The U.S. was home to some lively housing markets in January, but several areas emerged as the hottest, according to Realtor.com. Realtor.com put out a report last week identifying January’s "hottest" real estate markets across the country, looking at unique views that properties drew on its site for demand and how long listings were live for each of the markets. The top five spots on its ranking were largely dominated by places in the Northeast, with a city in Wisconsin also securing a spot, the report showed.
Walmart gets boost from higher earners but stock falls on weaker forecast
Walmart on Thursday reported strong quarterly results, continuing to benefit from an increase in higher earners who were purchasing more groceries and discretionary items during the condensed holiday shopping period. Shares slipped after the company forecast a lower-than-expected profit for the full year. The company reported U.S. revenue rising 4.1% to $180.6 billion for the fourth quarter, meeting Wall Street expectations. The company's adjusted operating income rose 9.4% on a constant currency basis during the three-month period and 9.6% for the full fiscal year. However, profit growth is expected to be lower this fiscal year. Walmart expects net sales to grow 3% to 4% for fiscal year 2026 and for adjusted operating income to increase between 3.5% to 5.5% on a constant currency basis.