U.S. stocks are drifting higher Monday and recovering some of their sharp losses from last week.
The Associated PressPedestrians outside of the New York Stock Exchange in New York, US, on Monday, Feb. 3, 2025. US stock index futures declined on Monday after US President Donald Trump announced tariffs on Mexico, Canada and China that threaten to upend global trade. Photographer: Michael Nagle/BloombergNEW YORK —
Starbucks ticked up by 0.6% after saying it would cut 1,100 corporate jobs and leave several hundred more positions unfilled as it tries to become a leaner operation under new CEO Brian Niccol. Chief among them is Nvidia, the company that’s soared to become one of Wall Street’s most influential stocks because of what had been nearly insatiable demand for its chips. Wednesday will be the the company’s first profit report since a Chinese upstart, DeepSeek, upended the artificial-intelligence industry by saying it was able to developed a large language model that can compete with big U.S. rivals without having to use the top-flight, most expensive chips.
Recent reports have shown that consumer sentiment is weakening as expectations for inflation worsen, in part because of tariffs and other policies pushed by President Donald Trump. While lower rates can boost the economy, they can also encourage spending that puts upward pressure on inflation.
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