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Speaker Johnson moves on Senate’s Trump budget bill as House GOP rebels threaten to defect

Politics 4 Mins Read

House Republican leaders are rallying GOP lawmakers around a plan to enact a broad swath of President Donald Trump’s agenda, after the legislation was passed by the Senate in the early hours of Saturday morning.

‘More than a year ago, the House began discussing the components of a reconciliation package that will reduce the deficit, secure our border, keep taxes low for families and job creators, reestablish American energy dominance, restore peace through strength, and make government more efficient and accountable to the American people. We are now one step closer to achieving those goals,’ Speaker Mike Johnson, R-La., and his top lieutenants wrote to House Republicans.

‘Today, the Senate passed its version of the budget resolution. Next week, the House will consider the Senate amendment.’

Congressional Republicans are pushing a conservative policy overhaul via the budget reconciliation process. Traditionally used when one party holds all three branches of government, reconciliation lowers the Senate’s threshold for passage on certain fiscal measures from 60 votes to 51.

As a result, it’s been used to pass sweeping policy changes in one or two massive pieces of legislation.

Senate Republicans passed a framework for a reconciliation bill just after 2 a.m. ET on Saturday, after hours of debate and votes on amendments to the measure.

It’s similar to the version House Republicans passed in late February; but mechanisms the Senate used to avoid factoring in the cost of extending Trump’s 2017-era tax cuts as well as a lower baseline for required federal spending cuts has some House conservatives warning they could oppose the bill.

The Senate’s version calls for at least $4 billion in spending cuts, while the House’s version mandates a floor of $1.5 trillion to $2 trillion.

Both bills also include Trump priorities on border security, energy, and new tax policies like eliminating penalties on tipped and overtime wages.

‘If the Senate’s ‘Jekyll and Hyde’ budget is put on the House floor, I will vote no,’ Rep. Chip Roy, R-Texas, wrote on X.

‘In the classic ways of Washington, the Senate’s budget presents a fantastic top-line message – that we should return spending back to the pre-COVID trajectory (modified for higher interest, Medicare, and Social Security) of $6.5 Trillion, rather than the current trajectory of over $7 Trillion – but has ZERO enforcement to achieve it, and plenty of signals it is designed purposefully NOT to achieve it.’

But House GOP leaders insist that the Senate’s passage of its framework simply allows the House to begin working on its version of the bill passed in February – and that it does not impede their process in any way.

‘The Senate amendment as passed makes NO CHANGES to the House reconciliation instructions that we voted for just weeks ago. Although the Senate chose to take a different approach on its instructions, the amended resolution in NO WAY prevents us from achieving our goals in the final reconciliation bill,’ the letter said.

‘We have and will continue to make it clear in all discussions with the Senate and the White House that—in order to secure House passage—the final reconciliation bill must include historic spending reductions while protecting essential programs.’

House GOP leaders have pointed out that passing a framework is just the first step in a long process, one that just lays out broad instructions for how money should be spent.

Now that similar frameworks have passed the House and Senate, the relevant congressional committees will work out how to achieve the final reconciliation policy goals under their given jurisdictions.

‘We have made it clear the House will NOT accept nor participate in an ‘us versus them’ process resulting in a take it or leave it proposition from the Senate,’ House leaders warned.

‘Immediately following House adoption of the budget resolution, our House and Senate committees will begin preparing together their respective titles of the reconciliation bill to be marked up in the next work period.’

The letter reiterated Johnson’s earlier goal of having a bill on Trump’s desk by the end of May.

House Budget Committee Chairman Jodey Arrington, R-Texas, called the Senate’s resolution ‘unserious and disappointing,’ noting it only mandated $4 billion in ‘enforceable cuts.’

He vowed to work with congressional leaders to find the best path forward, however.

‘I am committed to working with President Trump, House leadership, and my Senate counterparts to address these concerns and ensure the final reconciliation bill makes America safe, prosperous, and fiscally responsible again,’ Arrington said.

This post appeared first on FOX NEWS

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Politics

Here’s what happened during Trump’s 11th week in office

Politics 5 Mins Read

President Donald Trump marked the week by unveiling an unprecedented wave of tariffs on imports to the U.S., aligning with his long-held position that other countries have taken advantage of the U.S. in trade. 

Trump disclosed the historic tariffs in a ceremony at the White House’s Rose Garden for a ‘Make America Wealthy Again’ event, asserting these new duties would generate new jobs for U.S. workers. 

‘For nations that treat us badly, we will calculate the combined rate of all their tariffs, nonmonetary barriers and other forms of cheating,’ Trump said Wednesday.

‘And because we are being very kind, we will charge them approximately half of what they are and have been charging us,’ he said. ‘So, the tariffs will be not a full reciprocal. I could have done that. Yes. But it would have been tough for a lot of countries.’

The tariff plan establishes a baseline tax of 10% on all imports to the U.S., along with customized tariffs for countries that place higher tariffs on American goods. The baseline tariffs of 10% will take effect Saturday, while the others will take effect Wednesday. 

The Trump administration previously imposed a 25% tariff on imported vehicles, up to 25% tariffs on certain goods from Mexico and Canada and a 20% tariff on shipments from China. The tariffs already imposed on Canada and Mexico remain unaffected, but the new tariffs on China will be added on top of the previous duties on Beijing, according to the White House. 

The tariffs have faced backlash from both parties in Congress, and allies, including Canada and Australia. A bipartisan group of senators introduced legislation Friday called the Trade Review Act of 2025 that would require the executive branch to provide Congress a 48-hour notice before imposing tariffs. Likewise, the measure would permit tariffs to expire after 60 days, unless Congress moves to approve a joint resolution codifying the duties. 

Treasury Secretary Scott Bessent urged countries against imposing retaliatory tariffs against the U.S. in response. 

‘My advice to every country right now: Do not retaliate,’ Bessent said in an interview Wednesday with Fox News. ‘If you retaliate, there will be escalation.’

Here’s what also happened this week: 

National Security Council firings 

Trumpalso disclosed that several members of the National Security Council, headed by National Security Advisor Mike Waltz, were fired Thursday. Trump said the firings affected a small number of employees, and he still had a high level of confidence in his national security team. 

‘Always, we’re going to let go of people we don’t like or people we don’t think can do the job or people who may have loyalties to somebody else,’ Trump told reporters on Air Force One when asked about media reports on the firings.

The firings come amid scrutiny over Waltz’s use of a Signal group chat to discuss strikes in Yemen after a journalist was accidentally added to the group. 

Waltz created the group chat that included White House leaders like Vice President JD Vance and Secretary of Defense Pete Hegseth. The chat also included Atlantic editor-in-chief Jeffrey Goldberg.

The White House said classified information was not shared via the encrypted messaging service. However, The Atlantic published the full exchange of messages March 26. The messages included certain attack details, including specific aircraft and times of the strikes. 

Still, the White House has defended Waltz and said the White House is no longer looking into the incident. 

‘As the president has made it very clear, Mike Waltz continues to be an important part of his national security team,’ White House press secretary Karoline Leavitt told reporters Monday. ‘And this case has been closed here at the White House as far as we are concerned.’

Musk’s DOGE status 

The White House confirmed that SpaceX and Tesla CEO Elon Musk would depart his position spearheading the Department of Government Efficiency (DOGE) later this spring in response to reports from Politico that Trump was disclosing to those close to him that Musk would ‘step back’ from his role with DOGE in the forthcoming weeks. 

‘This ‘scoop’ is garbage,’ Leavitt posted on X Wednesday. ‘Elon Musk and President Trump have both *publicly* stated that Elon will depart from public service as a special government employee when his incredible work at DOGE is complete.’

Musk is a ‘special government employee.’ The executive or legislative branches are permitted to take on temporary employees to address short-term projects for up to 130 days in a single 365-day period. For Musk, that period of time will expire at the end of May.

Musk and Trump have previously said they anticipate Musk will complete the work necessary for DOGE within that window of time. 

Fox News’ Emma Colton contributed to this report. 

This post appeared first on FOX NEWS

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Musk says he hopes for ‘zero tariffs,’ freedom of trade zone between US and Europe

Politics 2 Mins Read

Billionaire Elon Musk says he hopes the U.S. and Europe can develop their economic relationship toward eliminating the need for tariffs.

Musk made the statement during a video interview with Italian Deputy Prime Minister Matteo Salvini on Saturday.The billionaire says he has advised President Donald Trump to bolster the relationship with European countries.

‘At the end of the day, I hope it’s agreed that both Europe and the United States should move ideally, in my view, to a zero-tariff situation, effectively creating a free trade zone between Europe and North America,’ Musk said.

He went on to say he would like to see greater freedom of movement between Europe and the U.S. as well.

‘If people wish to work in Europe or wish to work in North America, they should be allowed to do so in my view,’ Musk said, adding that this ‘has certainly been my advice to the president.’

Musk’s statement comes less than a week after Trump unveiled sweeping tariffs against virtually every major country on earth.

The initial 10% ‘baseline’ tariff took effect at U.S. seaports, airports and customs warehouses on Thursday. Higher taxes on goods from 57 larger trading partners are set to start later this week.

European Union imports will face a 20% tariff, while Chinese goods will be hit with a 34% tariff, bringing Trump’s total new taxes on China up to 54%.

World leaders in Europe and elsewhere have vowed to retaliate against the tariffs. China, hit harder than any other nation, promised to ‘take countermeasures to safeguard its own rights and interests’ last week.

European Commission President Ursula von der Leyen says Europeans ‘feel let down by our oldest ally.’

‘Uncertainty will spiral and trigger the rise of further protectionism. The consequences will be dire for millions of people around the globe,’ she said.

Fox News’ Landon Mion and Reuters contributed to this report.

This post appeared first on FOX NEWS

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Business

Buffett denies rumors after Trump shares wild claim that investor backs president crashing market

Business 3 Mins Read

Warren Buffett went on the record Friday to deny social media posts after President Donald Trump shared on Truth Social a fan video that claimed the president is tanking the stock market on purpose with the endorsement of the legendary investor.

Trump on Friday shared an outlandish social media video that defends his recent policy decisions by arguing he is deliberately taking down the market as a strategic play to force lower interest and mortgage rates.

“Trump is crashing the stock market by 20% this month, but he’s doing it on purpose,” alleged the video, which Trump posted on his Truth Social account.

The video’s narrator then falsely states, “And this is why Warren Buffett just said, ‘Trump is making the best economic moves he’s seen in over 50 years.’”

The president shared a link to an X post from the account @AmericaPapaBear, a self-described “Trumper to the end.” The X post itself appears to be a repost of a weeks-old TikTok video from user @wnnsa11. The video has been shared more than 2,000 times on Truth Social and nearly 10,000 times on X.

Buffett, 94, didn’t single out any specific posts, but his conglomerate Berkshire Hathaway outright rejected all comments claimed to be made by him.

“There are reports currently circulating on social media (including Twitter, Facebook and Tik Tok) regarding comments allegedly made by Warren E. Buffett. All such reports are false,” the company said in a statement Friday.

CNBC’s Becky Quick spoke to Buffett Friday about this statement and he said he wanted to knock down misinformation in an age where false rumors can be blasted around instantaneously. Buffett told Quick that he won’t make any commentary related to the markets, the economy or tariffs between now and Berkshire’s annual meeting on May 3.

While Buffett hasn’t spoken about this week’s imposition of sweeping tariffs from the Trump administration, his view on such things has pretty much always been negative. Just in March, the Berkshire CEO and chairman called tariffs “an act of war, to some degree.”

“Over time, they are a tax on goods. I mean, the tooth fairy doesn’t pay ’em!” Buffett said in the news interview with a laugh. “And then what? You always have to ask that question in economics. You always say, ‘And then what?’”

During Trump’s first term, Buffett opined at length in 2018 and 2019 about the trade conflicts that erupted, warning that the Republican’s aggressive moves could cause negative consequences globally.

“If we actually have a trade war, it will be bad for the whole world … everything intersects in the world,” Buffett said in a CNBC interview in 2019. “A world that adjusts to something very close to free trade … more people will live better than in a world with significant tariffs and shifting tariffs over time.”

Buffett has been in a defensive mode over the past year as he rapidly dumped stocks and raised a record amount of cash exceeding $300 billion. His conglomerate has a big U.S. focus and has large businesses in insurance, railroads, manufacturing, energy and retail.

This post appeared first on NBC NEWS

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Business

Retirees ‘stunned’ as market turmoil over tariffs shrinks their 401(k)s

Business 5 Mins Read

Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s after President Donald Trump’s escalation of tariffs.

As the impending tariffs shook the global economy Friday, people who were planning on their retirement accounts to carry them through their golden years said the economic chaos was hitting too close to home.

Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.

“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.

Paula, who spoke on the condition of anonymity because she feared retaliation for speaking out against Trump administration policies, said she was worried about what lies ahead.

“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”

Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.

As Wall Street reeled Friday after China hit back with tariffs against the U.S., millions of Americans with 401(k)s watched their retirement funds diminish along with the stock market.

“I looked at my 401(k) this morning and in the last two days that’s lost $58,000. That’s stressful,” said Victor Fettes, 54, of Georgia, who retired last week as a senior director of risk management and compliance at Verizon. “If that continues, I can’t stay retired.”

Trump has said the tariffs will force businesses to relocate manufacturing and production back to the U.S. and bring back jobs. Some investors and business groups have pushed back, saying they are likely to lead to higher prices for U.S. consumers.

“Our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike,” Trump said recently. “But it is not going to happen anymore.”

The president has acknowledged the potential pain coming to some Americans’ wallets, but he continues to staunchly defend his agenda.

“MY POLICIES WILL NEVER CHANGE,” he posted to social media Friday. Later, he wrote, “ONLY THE WEAK WILL FAIL.”

Trump’s tariffs are steeper and more widespread than any in modern American history. They are potentially even broader than the tariffs of 1930 that historians said worsened the Great Depression.

Some Americans thinking about retirement told NBC News they feel their economic stability is being played with.

“I don’t want to have to worry that everyone is constantly changing my financial reality,” said Alison Carey, 64, of Oregon, a freelancer in the theater industry. “Let the economy do its machinations, but don’t put me in the gears.”

Paula said she and other older Americans are living with “anxiety about something where you don’t really know what’s going to happen. You can’t do anything though.”

She and her husband have decided to pause and reduce spending on big-ticket items. They are reconsidering vacations and home renovations.

“We can’t change anything right now, except our spending,” she said. “I’m sure there are consumers across the board that want to be cautious, too. Then it becomes a vicious cycle. Consumer confidence goes down.”

One in five Americans age 50 and over have no retirement savings, and more than half, 61%, are worried they will not have enough money to support them in retirement, according to a survey published by the AARP last April.

“It makes you realize how out of touch the current administration is with regular people,” said Benajah Cobb, 63, Carey’s husband, who also works in the theater industry.

He said he hoped the last few days of stock market turmoil would motivate lawmakers to put more checks and balances on the president.

“It’s happening so quickly. Things are falling apart so quickly,” he said. “I’m hoping Congress will try to step up a bit, the Republicans in Congress.”

Fettes said he has been calling his representatives about the tariffs and other issues “to make sure that as a constituent, our voices are being heard.”

“We believe firmly in our family that a democracy is a participatory game, and so we want to make sure that our representatives understand where we’re at and what we would like for them to do to represent,” he said.

Paula said that as she and her husband continue to monitor their retirement accounts, their biggest fear is how Trump’s policies could impact the quality of the rest of their lives — and when their funds will run out.

“That’s my big worry, when is that shortfall going to happen now?” she said.

This post appeared first on NBC NEWS

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Stock

Demystifying Tariff Impact: Essential Insights for Every Investor

Stock 6 Mins Read

The stock market hoped for curtailment of tariffs on Wednesday, but that didn’t happen. Even the better-than-expected March non-farm payrolls weren’t enough to turn things around.

The stock market slid sharply with the S&P 500 ($SPX), Nasdaq Composite, and Dow breaking through key technical support levels and closing very close to the low of the day’s range.

The StockCharts MarketCarpets was a sea of deep red with a few small green islands. All S&P sectors were trading lower on Friday. 

The selloff was across the board and precious metals, which soared in the early part of the week, got slammed after the tariff announcement. When investors sell off equities and precious metals, it’s a sign of elevated fear, which is reflected in the spike in the Cboe Volatility Index ($VIX). It closed at 45.12, close to its high of 45.56.

Not a Pretty Picture

The adage, “The stock market takes the stairs up and the elevator down,” rings true. Unfortunately, things got ugly quickly. It’s a volatile environment, and if your portfolio includes mostly equities, you’re probably beside yourself. But it’s not time to let your emotions get the better of you. Neither is it the time to engage in dip buying. If you look at any chart of the market, it’s clear which direction the market is heading. 

The three-year weekly chart of the S&P 500 ($SPX) below shows the index has dropped below its August lows. 

FIGURE 1. THREE-YEAR WEEKLY CHART OF THE S&P 500 INDEX. It was a rough week in the stock market with the S&P 500 closing below its 100-week simple moving average. Chart source: StockCharts.com. For educational purposes.

In March, the S&P 500 crossed below its 40-week simple moving average (SMA), the equivalent of the 200-day SMA. Wednesday’s tariff announcements sent the index even lower, breaching its 100-week SMA, approximately a two-year average. Another concerning point is that Friday’s close is below the August 2024 low. This increases the probability of the index dropping further, perhaps as low as its 150-week SMA. But then again, you never know what the market is going to do. 

A smart investor is always engaged with the market in good times and bad. It’s important to observe the price action at key support levels to get an insight into when buyers come back into the market. 

Looking at Market Breadth 

The Bullish Percent Index (BPI), a breadth indicator that gives a bird’s eye view of the internals of different indexes and sector ETFs, isn’t encouraging, at the moment. The only sectors or indexes at or above 50, as of this writing, are the S&P Consumer Staples Sector BPI ($BPSTAP) and the S&P Utilities Sector BPI ($BPUTIL). Despite the slightly bullish values, the corresponding ETFs are trading below their 50-day SMA. 

The chart below displays $BPUTIL with the chart of the Utilities Select Sector SPDR Fund (XLU). Even though the BPI of the Utilities sector is above 50, it’s still trending lower and XLU just crossed below its 50-day SMA.

FIGURE 2. THE UTILITIES SECTOR IS ONE SECTOR WITH A BPI OVER 50. While a BPI over 50 indicates bulls are in favor, the chart of XLU has fallen below its 50-day SMA. Generally, breadth is leaning towards bearishness. Chart source: StockCharts.com. For educational purposes.

Sellers are in control across the board. The key will be to identify when buyers are in favor. And for that, you need to monitor the BPI and other breadth indicators.  

Investor sentiment got overly bearish quickly. When this occurs, investors usually look for signs of capitulation. We’re not seeing those signs yet, but it’s worth adding sentiment indicators to your toolkit. 

Sentiment Check

At some point, the selling will stop and buyers will come back in. The worst action to take now is to enter positions when you think the market has hit its low, only to catch a falling knife.

When markets are at extreme levels of fear or greed, sentiment indicators such as the VIX can be helpful. Besides the VIX, the American Association of Individual Investors (AAII) Sentiment Survey helps identify when investors are extremely optimistic or pessimistic. Generally, when emotions reach extreme levels, it may be an alert to move in the opposite direction of the crowds.

The five-year weekly chart below displays the S&P 500 with the AAII bullish minus bearish sentiment in the lower panel.

FIGURE 3. S&P 500 AND BULLISH VS. BEARISH SENTIMENT. Bearish sentiment is relatively high and the S&P 500 could fall if the bearish sentiment persists. Chart source: StockCharts.com. For educational purposes.

The lower panel shows that investor sentiment is negative, similar to between April 2022 and September 2022. Note how the market went through a correction before resuming its uptrend. 

The price action in the S&P 500 coincides with extreme bearish sentiment and could remain this way for an extended period. How will you know if sentiment has reached extreme levels? It can be challenging but constant monitoring of market breadth and sentiment indicators can reveal a shift in behavior. When buyers come back in, the indexes break above resistance levels, and momentum indicators turn bullish, there’s a chance the bullish trend will resume. 

The Bottom Line  

Investors should stay on the sidelines until the unwinding of positions is in the rearview mirror. As painful as it may be to watch your portfolio lose value, at some point the selling will stop and buyers will get back in. Look for signs of this occurring before adding any positions to your portfolio. Congratulations to investors who followed the traditional 60% stocks, and 40% bonds portfolio mix. Rising bond prices provide some cushion to falling equity prices. 

End-of-Week Wrap-Up

  • S&P 500 down 9.08% on the week, at 5074.08, Dow Jones Industrial Average down 7.86% on the week at 38314.86; Nasdaq Composite down 10.02% on the week at 15,587.79.
  • $VIX up 109.28% on the week, closing at 45.31.
  • Best performing sector for the week: Consumer Staples
  • Worst performing sector for the week: Energy
  • Top 5 Large Cap SCTR stocks: Corcept Therapeutics, Inc. (CORT); Elbit Systems, Ltd. (ESLT); MicroStrategy, Inc. (MSTR); Palantir Technologies, Inc. (PLTR); XPeng, Inc. (XPEV)

On the Radar Next Week

  • Earnings season kicks off with Delta Air Lines, Inc. (DAL), J.P. Morgan Chase (JPM), Wells Fargo (WFC), and others reporting
  • March CPI
  • March PPI
  • FOMC minutes
  • Several Fed speeches

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

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Stock

Three Stocks to Watch: Utilities, Banks, Airlines

Stock 3 Mins Read

American Water Works (AWK)

Why focus on a utility that isn’t reporting earnings this week? It’s because the biggest question of the week is where should you put your money when markets are in turmoil. Hence, we review American Water. 

Do you want safety with a 2% dividend, a little international exposure, and no tariff implications? Then I give you Jersey’s finest, American Water Works Co, Inc. (AWK). 

Technically, the stock is breaking out to new highs and trying to hold on. If this market sell-off is more prolonged, then this is a good place to hide out and is also a nice diversification for your portfolio. It won’t run like a tech stock, but the risk/reward set-up is favorable. 

Use the $146 level to set stops on the downside with upside targets based on the breakout from this rounded bottom formation at roughly $175. The candle formation put in on Friday to close the week was not ideal but may be worth the risk given the volatility.

And if you like lagging indicators, a “golden cross” formed last week and is another technical reason to look positively on the stock.

Delta Air Lines (DAL)

Delta Air Lines (DAL) shares have nosedived 50% from its January peak as it heads into earnings week. Shares fell 16% when the company slashed its first-quarter outlook in early March.

Delta cited declining consumer confidence amid growing uncertainty over the economy, which resulted in weaker domestic demand. It cut its revenue guide to rise between 3% and 4% compared to an outlook of 7–9%.

Technically, the damage has been done. The stock has been oversold since March and is beginning to show a bullish divergence. In this case, price makes a new low but the RSI does not. Look for a break above 30 in the RSI as a buy signal.

The risk/reward is good but not great. DAL has tested and held a support area just above $35 going back to early 2024. A break and close below $35 and downside risk takes the price to $30. 

A sharp V-shaped rally could happen with good earnings results and positive guidance. That’s a big IF, given the continued air of uncertainty. A small rally could see the stock get back to $44. 

Historically the trends in the airline stocks last for months and are rarely neutral. Follow the trend higher if it changes. Otherwise, a landing lower is likely. 

J.P. Morgan Chase

J.P. Morgan Chase (JPM) will be one of the most watched earnings of the quarter. Not only is it one of the largest weighted financial stocks in the world, but its CEO, Jamie Dimon, isn’t one to mince words. 

Shares have fallen 25% from its February 9 peak as the market has corrected in the face of tariff uncertainty and a global trade war. Dimon has been somewhat quiet but is always one to give a great sound bite or two, come the conference call. 

Technically, we have a problem

Shares have broken a 16-month uptrend. The stock price breached its 50-day moving average in March, then failed to recapture it—old support became resistance. After one successful test of its rising 200-day moving average, the stock broke through it last week with some vigor. 

On a rally, look for that 200-day moving average at $228 to become resistance. The sellers are now in charge until something changes. To the downside, we have a target of $180 based on a head and shoulders topping pattern as outlined above. 

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Investing

CEOL Application Process Update

Investing 3 Mins Read

CleanTech Lithium PLC (AIM: CTL), a lithium exploration and development company operating in Chile, further to its announcement on 15 January 2025 (‘Application RNS’), provides an update regarding the Special Lithium Operating Contract (‘CEOL’) application process for the Laguna Verde project.

As outlined in the Application RNS, the Company expected the simplified procedure for the CEOL Award Mechanism to be as follows: Submission of applications closed on 31 January 2025 following which the Ministry IT and legal departments had 5 business days to register and organise the submittal. The Ministry´s Lithium and Salar Unit then has 45 business days to review and analyse the request. Once this analysis is completed and the Lithium and Salar Unit verifies that all the information and documents needed to enter the simplified procedure have been submitted then an administrative act to accept the application will be made.

This timetable indicated that an update from the Government was expected at the beginning of April confirming which applicants will enter direct negotiation on the CEOL with the Ministry. So far, no such update has been made and following recent discussions between CleanTech Lithium and the Ministry, the Company understands that the administration process is still progressing for all applicants. The Company will inform the market as soon as official communication is received.

Steve Kesler, Executive Chairman and Interim CEO, CleanTech Lithium said:

‘Clearly, the process is taking a little longer than we had initially anticipated but we look forward to the response when the Ministry has completed its review process.’

For further information contact:

CleanTech Lithium PLC

Steve Kesler/Gordon Stein/Nick Baxter

Jersey office: +44 (0) 1534 668 321

info@ctlithium.com

Chile office: +562-32239222

Beaumont Cornish Limited (Nominated Adviser)

Roland Cornish/Asia Szusciak

+44 (0) 20 7628 3396

Fox-Davies Capital Limited (Joint Broker)

Daniel Fox-Davies

+44 (0) 20 3884 8450

daniel@fox-davies.com

Canaccord Genuity (Joint Broker)

James Asensio

+44 (0) 20 7523 4680

Beaumont Cornish Limited (‘Beaumont Cornish’) is the Company’s Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Notes

CleanTech Lithium (AIM:CTL) is an exploration and development company advancing lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium’s mission is to scale battery grade lithium at its flagship project, Laguna Verde, using Direct Lithium Extraction technology powered by renewable energy.

CleanTech Lithium is committed to utilising Direct Lithium Extraction (‘DLE’) with reinjection of spent brine resulting in no aquifer depletion. Direct Lithium Extraction is a transformative technology which removes lithium from brine with higher recoveries, short development lead times and no extensive evaporation pond construction. For more information, please visit: www.ctlithium.com

Click here for the full release

This post appeared first on investingnews.com

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Investing

Editor’s Picks: Gold Hits Another New High, Then Takes Tariff Turmoil Blow

Investing 5 Mins Read

The gold price surged this week, rising to yet another new all-time high of more than US$3,160 per ounce ahead of tariff updates from US President Donald Trump.

The yellow metal’s latest move follows a strong Q1, during which it continually hit new records amid widespread uncertainty and achieved its best quarterly performance since 1986.

However, Trump’s Wednesday (April 2) tariff announcement took some of the wind out of gold’s sails. While it showed resilience on Thursday (April 3), rebounding back above US$3,100 after falling below that level, the yellow metal lost substantial ground on Friday (April 4), sinking to just above US$3,020.

Major US indexes have also taken hits — the S&P 500 (INDEXSP:.INX), Dow Jones Industrial Average (INDEXDJX:.DJI) and Nasdaq Composite (INDEXNASDAQ:.IXIC) have all seen steep declines this week.

Bullet briefing — Tariffs rock global markets

Trump’s ‘Liberation Day’

There’s still much uncertainty surrounding tariffs, but here’s what we know at this point.

After declaring a national economic emergency, Trump has put tariffs of at least 10 percent on all countries. Higher tariffs have been levied on about 60 nations that have large trade deficits with the US and have been deemed the ‘worst offenders.’

While Trump has called the tariffs reciprocal, that’s not exactly how they’ve panned out.

A tariff calculation formula published by the White House indicates that the math involves taking the trade deficit for the US in goods with a particular country, dividing that by the total goods imports from that country and then dividing that number by two. A BBC explainer shows how the formula works for the EU, where the US has instated a 20 percent tariff based on what it believes the EU charges.

The situation is more complex for countries like China, which already had a 20 percent tariff in place from the US. Trump has now added a further 34 percent tariff, bringing China’s total rate to 54 percent. Canada and Mexico, which have also already faced tariffs from the US, avoided further charges this week.

Gold, copper excluded from tariffs

While Trump’s new tariffs are sweeping in nature, there are exclusions — among them are steel, aluminum, copper, pharmaceuticals and semiconductors, as well as bullion, which includes gold, plus ‘energy and other certain minerals’ not available in the US.

The news that gold won’t face levies is reportedly cooling its flow from London to New York. In recent months, traders have been rushing to bring the metal into the US ahead of potential tariffs; with this week’s clarity, the transfers no longer appear necessary.

A Section 232 investigation into copper tariffs is ongoing.

Will tariffs cause inflation?

Trump has referred to Wednesday as ‘Liberation Day,’ saying that tariffs will help reinvigorate the US manufacturing industry and help the country grow.

‘Jobs and factories will come roaring back into our country, and you see it happening already. We will supercharge our domestic industrial base. We will pry open foreign markets and break down foreign trade barriers, and ultimately, more production at home will mean stronger competition and lower prices for consumers’ — Trump

However, there are widespread concerns that the tariffs will boost inflation in the US, putting pressure on Americans who are already struggling with high prices.

Let’s take a look at it from both angles.

Keith Weiner of Monetary Metals noted that while he doesn’t define inflation as an increase in consumer prices, that’s the standard definition. In his view, tariffs could boost consumer prices in several ways:

If inflation is defined as an increase in consumer prices, and you’ve forced them to manufacture in a high-cost jurisdiction with much higher regulatory costs, and then deport a lot of labor to drive up the price of labor even more, then you’re going to find consumer prices have a one-two punch.

The third punch is — what is everybody’s solution from a monetary policy perspective to so-called inflation? Hiking interest rates. Which means hike the cost of financing new factories, and hike the cost of automation … Every company when faced with massively increased demand for labor and massively higher labor (costs) is going to want to automate. Well, the cost of financing the automation is going to be hiked. So we’re going to see a one-two-three punch for the forces pushing up consumer prices.

Jim Thorne of Wellington-Altus took a different approach to the question. He explained the relationship between tariffs and inflation as follows:

Tariffs slow growth — one. So that’s why we’ve been talking about a growth scare. We’ll have a balance sheet recession in Canada, we will have a slow growth period in the US.

What tariffs do is they change the relative prices in an economy, they don’t change the general price level. And so no, they’re not inflationary. And Tiff Macklem knows that, and Jay Powell knows that, because that’s third year macro.

Click the links above to watch the full interviews with Weiner and Thorne.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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Crypto Market Recap: Circle, Klarna and Chime May Delay IPOs Amid Global Uncertainty

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Here’s a quick recap of the crypto landscape for Friday (April 4) as of 9:00 p.m. UTC.

Bitcoin and Ethereum price update

At the time of this writing, Bitcoin (BTC) had recovered to US$83,879.15, up 2.3 percent in 24 hours. The day’s range has brought a low of US$81,950.04 and a high of US$84,497.52.

Bitcoin performance, April 4, 2025.

Chart via TradingView.

The crypto market staged an apparent recovery by the end of Friday’s trading session. US President Donald Trump’s announcement of new global tariffs has unsettled financial markets, as reflected in risk assets.

Ethereum (ETH) is priced at US$1,808.88, a 1.3 percent increase over 24 hours. The cryptocurrency reached an intraday low of US$1,772.16 and a high of US$1,823.14.

Altcoin price update

  • Solana (SOL) is currently valued at US$122.36, up 6.2 percent over the past 24 hours. SOL experienced a low of US$114.16 and a high of US$123.31 on Friday.
  • XRP is trading at US$2.12, reflecting a 3.5 percent increase over the past 24 hours. The cryptocurrency recorded an intraday low of US$2.04 and a high of US$2.15.
  • Sui (SUI) is priced at US$2.27, showing a 2.4 percent increase over the past 24 hours. It achieved a daily low of US$2.18 and a high of US$2.30.
  • Cardano (ADA) is trading at US$0.6606, reflecting a 3.5 percent increase over the past 24 hours. Its lowest price on Friday was US$0.6667, with a high of US$0.6325.

Crypto news to know

Trumps tap crypto after Trump Organization’s ‘cancellation’

Eric Trump has revealed to CNBC that his family’s business pivoted toward the cryptocurrency sector following what he describes as ‘unprecedented financial deplatforming.’

After the Trump Organization faced legal scrutiny and banking restrictions — including the closure of over 300 accounts by Capital One Financial (NYSE:COF) — the Trump brothers decided to turn to digital assets.

This led to the creation of World Liberty Financial, a US dollar-backed stablecoin venture, and American Bitcoin, a new Bitcoin-mining company co-founded with Hut 8 (NASDAQ:HUT) CEO Asher Genoot.

According to Eric Trump, the shift to crypto was as much about financial opportunity as it was about resistance.

He claims that during what he calls a ‘war on the industry,’ major banks were shutting down accounts simply for holding Bitcoin, and regulatory agencies were targeting crypto firms through aggressive lawsuits.

Now, with Donald Trump back in the White House, the US has taken a more crypto-friendly stance, including signing an executive order to establish a strategic Bitcoin reserve and pardoning Silk Road founder Ross Ulbricht.

Atkins moves closer to SEC chair position

US lawmakers in the Senate Committee on Banking voted to advance Paul Atkins as chair of the US Securities and Exchange Commission (SEC) on Thursday (April 3) through a final vote of 13 to 11.

If approved, Atkins will take over for Gary Gensler, who resigned as chair on January 20. Gensler’s term ends in June 2026, after which Atkins will serve a second consecutive term that will terminate in 2031.

Atkins’ nomination will now move to a full Senate vote on a yet-to-be-determined date. Experts predict a likely confirmation. Interim Chair Mark Uyeda is currently sitting in the role.

Coinbase files for XRP futures contracts

Crypto exchange Coinbase Global (NASDAQ:COIN) filed on Thursday with the US Commodity Futures Trading Commission (CFTC) to launch futures contracts tracking Ripple’s token, XRP.

“We’re excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify XRP futures — bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets,” Coinbase said in an X post that day, adding that it anticipates that the contract will go live on April 21.

Monthly-settled, margined contracts will trade under the symbol XRP. Each contract will represent 10,000 XRP, worth about US$20,000 at the current value. Trading will halt if the spot XRP price deviates over 10 percent in an hour.

In other news, Grayscale filed an S-1 application with the SEC on Friday to convert its Grayscale Solana Trust into a spot SOL exchange-traded fund trading under the ticker symbol GSOL.

Circle, Klarna and Chime may delay IPOs

A Friday report from the Wall Street Journal suggests that stablecoin firm Circle may delay its initial public offering (IPO). The event was originally slated for April 11, according to the firm’s S-1 filing.

“Circle had been nearing its next steps in going public but is now watching anxiously before deciding what to do,” the news outlet’s report reads, before suggesting that fintech companies Klarna and Chime may also postpone their IPOs amid ongoing market turmoil triggered by the unfolding global trade war.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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