Daily Rewind: Wall Street reacts to Trump
📉 The Dow had its worst day of the year following a series of increasingly serious, self-inflicted White House crises. But Wall Street isn’t giving up on Trump just yet. Here are the details:
How markets are reacting to the White House controversy:
- The Dow had its worst day of the year today, sinking 372 points at the market close. Stocks were also down sharply in midday trading.
- The VIX, a measure of market volatility that helps to inform CNNMoney’s Fear & Greed Index, spiked nearly 20% this morning.
- The dollar dropped 1.4% against the Japanese yen today. It also slipped 0.5% against the euro.
- Still, investors aren’t panicking about President Trump just yet. The S&P 500 and Nasdaq closed at record highs two days ago. Plus, consumer confidence is solid and corporate earnings have been finishing strong.
Need a quick explainer on what’s going on in the White House? See live updates here.
Other important business news:
Google announces new features. Google unveiled updates to its voice assistant feature (cleverly named “Assistant”) in an effort to compete with Alexa and Siri. The features were announced at Google’s annual I/O developer conference. Google also revealed updates to Google Photos, including new sharing and printing powers. And it introduced Google Lens, which will use image recognition to detect objects and show relevant information. Read more from CNN Tech’s Heather Kelly.
Ford is cutting 1,400 jobs. Ford plans to lay off about 1,400 workers — roughly 10% of its salaried staff — as it trims costs. Ford expects to use early retirement and other buyout packages to cover most of the cuts. The firings will take place mostly in North America and Asia, and the majority of workers affected will leave by the company by end of September. Read more from CNNMoney’s Chris Isidore.
Want more important news? Check these stories out:
*Facebook again tries to get rid of clickbait headlines (Recode)
*Americans’ appetite for household debt is back (NYT)
*Chelsea Manning released from prison (The Washington Post)
That’s all for now. We’ll catch you again tomorrow!
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