Morning Business Report: Markets Swing as tariff war heats up, inflation cools, and banks prepare to report

Stocks continue their turbulent run as trade tensions between the U.S. and China intensify.

(LILAMAX)-Stocks continue their turbulent run as trade tensions between the U.S. and China intensify, rattling investors and raising fears of a prolonged economic standoff. The effective U.S. tariff rate on Chinese imports has now reached a staggering 145%, signaling that the world’s two largest economies are settling in for a drawn-out dispute that could last for months.

The uncertainty surrounding the trade war has cast a shadow over markets, with the Dow plunging 1,000 points Thursday—erasing much of the momentum from Wednesday’s historic rally. Despite the volatility, all three major stock indexes remain on track for solid weekly gains.

 New data offers a mixed picture of the economy. Inflation cooled to a six-month low in March, largely thanks to a steep drop in energy prices, particularly gasoline. However, economists warn that the full impact of tariffs has yet to be felt—and could push inflation back up in the coming months.

As Wall Street reacts to the trade drama, all eyes are also on the banks. Earnings season kicks off today, with reports expected from Wells Fargo, JPMorgan Chase, and Morgan Stanley. Bank of America will follow next week. Investors will be closely watching how trade uncertainty is affecting consumer behavior, as well as trends in loan demand and deal-making activity.

A new survey from Talker Research reveals that 38% is America’s “panic percentage” when it comes to phone battery life. That’s the threshold where most people start to feel anxious or search for a charger. Interestingly, a third of Americans are comfortable letting their battery dip below 20% before worrying, while a quarter get uneasy before their phone even hits 50%.