Morning Business Report: Markets react to Trump’s Greenland decision, Bank of America stock awards, and consumer trends
President Donald Trump says he will not move forward with tariffs that were set to take effect February 1.
(LILAMAX)- President Donald Trump says he will not move forward with tariffs that were set to take effect February 1, citing what he calls a “framework of a future deal” with NATO involving Greenland and the Arctic region.
The president suggested the framework could include U.S. access to mineral rights, as well as support for the Trump administration’s proposed “Golden Dome” missile defense system.
Financial markets responded quickly. Stocks rose overnight, while gold and silver prices fell.
Meanwhile, Bank of America announced it will award $1 billion in company stock to non-executive employees through its Sharing Success Program. The move will distribute nearly 19 million shares of Bank of America stock to workers.
CEO Brian Moynihan said the program helps employees feel like partial “owners” of the company.
This marks the ninth year Bank of America has issued Sharing Success awards, with total payouts nearing $7 billion since the program launched in 2017.
Stocks also surged following the president’s speech at the World Economic Forum, where he took military action in Greenland off the table and reaffirmed U.S. support for NATO — easing concerns on Wall Street.
At the same time, some Americans are embracing a trend known as “No Buy January,” a challenge that encourages people to avoid non-essential purchases for the entire month. Google searches for the term have reached a five-year high, with Gen Z and Millennials leading the movement.
In the fast-food industry, Wendy’s has revamped its value menu to appeal to budget-conscious consumers. The chain’s new “Biggie Deals” offer customization across three price points: $4, $6, and $8. Customers can choose from the $4 Biggie Bites, $6 Biggie Bag, and $8 Biggie Bundle at participating locations nationwide.
Last September, McDonald’s also reintroduced its Extra Value Meals, offering eight meal bundles for breakfast, lunch, and dinner.
