Morning Business Report: Stock market struggles as tariffs take a toll

Stocks plunged, oil tumbled, and the dollar dropped as the markets reacted to President Trump’s aggressive tariff strategy.

(LILIAMAX)- Stocks plunged, oil tumbled, and the dollar dropped as the markets reacted to President Trump’s aggressive tariff strategy. On Thursday, the combined losses of the “Magnificent Seven” stocks—Apple, Meta, Tesla, and others—totaled over $800 billion. Apple saw an 8% drop, Meta lost 6%, and Tesla fell by 5%. The biggest losers in the market were companies like Restoration Hardware, which saw a staggering 40% drop, Wayfair down 27%, and Carvana losing 17%.

Billionaire investor Bill Ackman has advice for foreign leaders wanting to deal with the tariffs: give President Trump a call. Ackman described Trump as a “tough, but fair negotiator” with a proven track record for making deals. Trump’s son, Eric, added, “I wouldn’t be the last country to try and negotiate a deal; you will lose.”

In response to the tariffs, Jeep announced it will lay off workers at its plants in Canada and Mexico, focusing on expanding operations within the U.S. Meanwhile, Volvo’s CEO stated the company needs to be “better-prepared to get around U.S. import tariffs” and pledged to make more cars in the U.S. After moving to an all-electric vehicle lineup, Volvo’s share price has fallen to record lows.

In other news, the FDA is recalling thousands of pounds of “Our Family” coffee, mis-labeled as “decaffeinated,” which was sold in 15 states.

A new survey reveals that homeowners have a deep connection to their homes. According to Talker Research’s survey for System Pavers, 80% of homeowners view their homes as an extension of themselves, with 70% saying they love their backyard the most. Millennials, in particular, are more eager to spend time outdoors compared to Baby Boomers. And 87% say the “pride” of their home lies in the front yard.