Morning Business Report: Trump targets Fed Chair Powell as markets slide and bankruptcies rise

President Trump is once again taking aim at Federal Reserve Chair Jerome Powell, threatening legal action over what he calls “gross incompetence”

(LILAMAX)- President Trump is once again taking aim at Federal Reserve Chair Jerome Powell, threatening legal action over what he calls “gross incompetence” tied to costly renovations at Federal Reserve buildings.

The president claims the renovation costs have ballooned far beyond their original scope. Powell has pushed back, saying the project was first approved in 2017 and has been reviewed and approved annually by the Federal Reserve’s Board of Governors.

Meanwhile, on Wall Street, General Motors is leading the auto industry in stock performance this year. GM shares are up 55 percent so far in 2025 — outpacing Tesla’s 17 percent gain, Ford’s 34 percent increase, and Stellantis, which is down 15 percent.

Stocks overall, however, moved lower Monday. Investors pulled back from tech stocks, taking profits after recent gains. Precious metals also reversed course, with gold and silver falling after hitting record highs.

In labor news, minimum wages are set to increase in 19 states starting January 1. Alaska, Florida, and Oregon will follow with wage hikes later in 2026. Washington state will retain the highest minimum wage in the nation at $17.13 an hour, using a formula tied to inflation to determine annual increases.

At the same time, corporate bankruptcies are surging. New data from S&P Global Market Intelligence shows at least 717 U.S. companies filed for bankruptcy through November, a 14 percent increase compared to the same time last year — and the highest total since 2010.

Several major companies have already filed this year, including Rite Aid, 23andMe, and Spirit Airlines.