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US markets closed lower ahead of Labor Day amid tech sell-off and mixed inflation data. The S&P 500 dipped from record highs due to concerns over rising tariffs and slowing consumer confidence. Tech shares Nvidia and Marvell led losses amid AI sector jitters. Energy and consumer staples showed relative strength, while rate cut expectations influenced volatility.
Federal courts repeatedly rule against Trump’s global tariffs, declaring them illegal under emergency power usage, prompting legal challenges and political backlash. These rulings have significant implications for US trade and economic policy, stirring bipartisan controversy and potential Supreme Court review.
45% – Spirit Airlines’ share plunge after bankruptcy announcement.
Spirit Airlines struggles continue as the budget carrier files for bankruptcy protection for the second time in under a year, reflecting financial instability worsened by tariffs and failed turnarounds, sending shares plummeting.
Federal Reserve Governor Lisa Cook fights to retain her position amid President Trump’s attempts to fire her, highlighting a potential shift in Fed independence and escalating legal challenges, with federal courts delaying rulings.
Alibaba Cloud AI Powers 26% Revenue Surge, Unveils Homegrown AI Chip
Alibaba reports strong AI-driven cloud growth and announces new domestic AI chip development, signaling China’s tech advancement amid global competition.
More on marketwatch.com
Alibaba surges on strong AI cloud growth and announces a new AI inference chip to reduce dependence on Nvidia, signaling China’s push for technology self-reliance amidst intensifying US-China tech competition.
Caterpillar and other manufacturers warn of rising costs and margin pressures from Trump-imposed tariffs, foreseeing broader pricing impacts across industries and challenging profit forecasts.
Spirit Airlines Files Second Bankruptcy Filing in Under a Year
Spirit Airlines struggles financially, filing for bankruptcy protection again within a year, reflecting ongoing instability in budget air travel sector.
More on cbsnews.com
Meta updates its AI chatbot policies to restrict inappropriate interactions with teens following Senate investigations and public backlash over reported ‘romantic’ conversations with minors.
Tesla faces legal challenges as the company asks courts to toss out a $243 million verdict over a fatal crash, amid criticism over Autopilot safety, while sales continue to slump in Europe amid consumer pushback against Musk.
End of US de minimis exemption imposes tariffs on low-value imports under $800, disrupting global e-commerce and shipments. Trump administration cancels $679 million in offshore wind funding, signaling continued federal retrenchment on clean energy.
US government escalates immigration enforcement tactics, including ICE arrests in workplaces, visa refusals for Palestinian officials before UN meetings, and expansion of deportation programs facing legal roadblocks.
Nvidia stock reacts sharply to mixed earnings and increasing competition from Alibaba’s AI chip, with analysts warning the AI-hype may be peaking amid broader tech sell-offs.
“He’s using his old recipe of manufactured chaos to justify his expansion of power.”
— Michael Steele on Trump’s immigration enforcement expansion
US Federal Reserve officials signal potential interest rate cuts with inflation data steady but core pressures rising, influencing markets as investors watch rate-cut expectations closely.
Labor Day sees US gas prices at their lowest since 2020 amid oil price slumps, giving consumers respite despite inflation concerns and trade tariffs weighing on other sectors.
Spirit Airlines repeatedly struggles financially, filing bankruptcy protection again and issuing executive bonuses despite mounting losses, highlighting instability in the no-frills airline sector.
Legal and political turmoil intensifies around Trump’s tariffs, with multiple courts ruling them illegal but allowing tariffs to stay temporarily, while Trump decries rulings and warns of economic consequences.
Cracker Barrel reverses its controversial new logo and removes Pride and DEI sections from its website following national backlash, highlighting cultural divisions in corporate America.
Bank shares tumble on fears of new UK taxation plans, with calls for windfall taxes and rising borrowing costs exacerbating investor jitters amid economic uncertainty.
Elon Musk’s xAI sues former engineer for alleged theft of Grok chatbot technology secrets, raising concerns about intellectual property battles in AI developments.
US cancels $679 million funding for offshore wind projects, marking continued pushback by the Trump administration on clean energy funding amid broader climate policy rollbacks.
Major retail e-commerce reform as the ‘de minimis’ tariff exemption on shipments under $800 ends, triggering tariff application on low-value imports and shipping disruptions worldwide.
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