Crypto News: Piling on the pressure

Good morning. Markets are spooked by the latest round of tariff threats. The rich are spending like crazy but there may be a price. And we preview Hollywood's biggest night. Listen to the day's top stories.

Markets Snapshot

S&P 500 Futures

5,898.25

Bloomberg Dollar Spot Index

1,295.94

+0.12%

Market data as of 06:39 am EST.

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Tariff update: China vowed to counter Donald Trump's latest trade threats "with all necessary measures," which could mean anything from additional tariffs to tighter export controls. It's worth noting that Chinese President Xi Jinping is playing the long game, in which he won't let China get pushed around by the US. After all, Trump's presidency has less than four years to run.

For investors, the shortest month is ending with a bump, and not in a good way. The S&P 500 is headed for its worst month since April and the crypto rout shows no sign of slowing, with Bitcoin down 25% from its all-time high. The Security and Exchange Commission has a message for the more adventurous market player—it expressed concern about a private credit exchange-traded fund from State Street and Apollo.

As Trump lashes out at government agencies, one of his favorite first-term targets–the Federal Reserve–has been getting a relatively easy ride. The president has called for lower interest rates, criticized the Fed for failing to get a grip on inflation and opined that it's not much good at regulation. But that's mild stuff from a man who once called US central bankers "boneheads."

President Volodymyr Zelenskiy arrives at the White House today with a personal appeal to persuade Trump not to sell out his country in the rush to make a peace deal with Russia. The worst fears seemed to fade a bit as the American president walked back his previous denunciation of his Ukrainian counterpart as a "dictator." Still questions loom around obtaining a security "backstop" to protect Ukraine from further attacks.

US-Russia Thaw Sends Investors Hunting for Sanctions Workarounds

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Bittersweet. Paris's oldest chocolate shop has occupied a street corner in the ninth arrondissement since 1761. Now it's at risk of bankruptcy as tight cocoa supplies drive up prices. And market participants don't expect any near-term relief as prices hit a record. It's even impacting Hershey and other big names as they trim the use of chocolate to pare costs.

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Deep Dive: Big Spender

Rich people are firing a cash cannon at the US economy—but at what cost?

The wealthiest 10% of American households—those making more than $250,000 a year, roughly—are now responsible for half of all consumer spending and at least a third of the country's gross domestic product.
High earners spending disproportionately large amounts of money is nothing new. But the disconnect between this group's buying habits and the rest of the country has become more extreme in recent years.
Such a huge concentration of financial resources presents risks with such a group having an outsize ability to bring everyone else down with them. "I'm not comfortable with it," according to Mark Zandi, chief economist for Moody's Analytics.

The Big Take

The production line at the Renault Nissan Automotive manufacturing plant in Chennai, India. Photographer: Dhiraj Singh/Bloomberg

Once saved by Renault and Carlos Ghosn, Nissan is again in crisis as the CEO faces a possible ouster. With a looming debt wall and failed merger talks with Honda, the automaker desperately seeks a new savior.

The Big Take Podcast

When a Small Town Gets a Big Data Center

Opinion

Photographer: Anthony Prieto/Bloomberg

Unpredictable and inconsistent economic policies aren't just annoying. They also frustrate business planning, writes John Authers. President Trump's ambitions for oil are relatively straightforward—he wants it to be cheaper. But unending tariffs are getting in the way.

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Before You Go

Conan O'Brien participates in the rolling out of the red carpet for the 97th Annual Academy Awards. Photographer: Patrick T. Fallon/AFP/Getty Images

The Oscars take place on Sunday with host Conan O'Brien tasked withsetting the right tone in the wake of the devastating Los Angeles fires. Anora, Conclave and The Brutalist enter the home stretch as the favorites to win best picture. Find out more about Hollywood's biggest night.