Morning Business Report: Americans pull back on spending as tariffs loom, gold prices surge

As the country braces for the impact of new tariffs, Americans are pulling back on spending.

(LILAMAX)-As the country braces for the impact of new tariffs, Americans are pulling back on spending. Federal data shows that consumers are increasingly anxious about the economy, curbing their spending on dining out, hotel stays, and other non-essential expenses. With President Trump’s new tariffs set to be announced tomorrow, White House Press Secretary Karine Jean-Pierre confirmed that the tariffs will be rolled out on a country-by-country basis at 3 PM.

 Gold prices have been soaring, hitting a new high of over $3,100 an ounce. The precious metal has gained more than 18% so far this year, benefiting from its status as a safe haven amid economic and geopolitical uncertainty.

The stock market is also feeling pressure. The S&P 500 and NASDAQ ended the worst first quarter since the spring of 2022. While the Dow and S&P 500 closed higher after a volatile trading day, tech stocks continued to struggle as investors questioned their high valuations.

In the vaccine sector, stocks took a hit on Monday following the resignation of key FDA official Peter Marks, a strong supporter of vaccines. Marks stepped down in protest against Health and Human Services Secretary Robert F. Kennedy’s skepticism about vaccines. Wall Street analysts are concerned about the potential impact on the approval process for new vaccines.

A new study reveals that one in 10 young Americans schedules “worry time” as a way to manage anxiety. The research, conducted by Talker Research and Avocado Green Mattress, found that setting aside specific time for worry can help reduce stress and improve mental health. In contrast, only 3% of Baby Boomers and Gen X respondents reported using this technique.