Business
Stock Market Has Worst Weekly Drop in Months as Tariffs Hang Over Wall St.
The stock market suffered its worst week in many months, after a series of dizzying policy shifts on tariffs from the White House amid simmering concerns about the health of the economy.
The S&P 500 seesawed throughout the day on Friday, marking a volatile end to a turbulent week, as investors parsed the latest employment data and comments from the Federal Reserve chair, Jerome H. Powell, about the direction of interest rates.
Even though the index ended the day with a gain, the S&P 500 notched its third consecutive week of losses with a drop of 3.1 percent, its sharpest weekly decline since early September.
There has been a sharp mood shift since the index hit a record high less than a month ago, as investors have become worried about the trajectory for economic growth, made worse by tariffs on imports from the country’s largest trading partners. Surveys have also showed mounting concern among consumers.
On Friday, investors appeared to take solace from Mr. Powell’s comments after he struck a positive tone, saying “despite elevated levels of uncertainty, the U.S. economy continues to be in a good place.” He reiterated the Fed’s commitment to keep rates steady as it works to bring down inflation. Another positive sign on Friday came from the labor market. With 151,000 jobs added in February, the data showed a pace of hiring moderate enough to temper fears about resurgent inflation, yet robust enough to avoid exacerbating worries about a slowing economy.
Lara Castleton, U.S. head of portfolio construction and strategy at Janus Henderson Investors, said the jobs data would probably ease “overly sour expectations” about the economy. “After confidence on the economy has taken a turn,” she said, “market participants were looking to either confirm or reverse that sentiment.”
It had already been a bruising week for investors after 25 percent tariffs came into force on Mexico and Canada on Tuesday, and an additional 10 percent tariff on China. Concessions were made on Thursday, suspending the tariffs on many goods from Canada and Mexico, but it failed to stoke a rally.
There were other signs of strain. The U.S. dollar suffered its worst week in more than two years, sliding more than 3 percent against a basket of currencies of the United States’ major trading partners. Both the Mexican peso and Canadian dollar strengthened against the U.S. dollar, after two weeks of losses.
And other areas of the markets that had initially benefited after Mr. Trump’s election have also come under pressure. Tesla, the electric car company run by Elon Musk, has halved its value since December. Bitcoin is down roughly 20 percent over the same period.
“I think the markets are essentially taking President Trump a bit more seriously on tariffs,” said Jim Caron, chief investment officer of the portfolio solutions group at the Morgan Stanley Investment Institute. He said that despite the recent sell-off, major stock indexes remained close to record highs and the economy remained in good shape.
Much of the sell-off has been driven by big technology companies, which, because of their size, have a big effect on broad indexes. Since the S&P 500 peaked on Feb. 19, the index has fallen just over 6 percent. A separate measure that gives all of the stocks an equal weight in the index had fallen 4.4 percent over the same period.
What isn’t clear is whether investors are selling because they see the tide turning for tech companies or because of broader concerns. Tech giants, buoyed by opportunities in artificial intelligence, had enjoyed a sharp rise until this year when it appeared more competition may be entering the A.I. market.
The threat of competition created some selling pressure, but investors may also be pulling back because they are worried about the broader trajectory of the market.
All 11 sectors of the S&P 500 except health care stocks ended the week in the red, with financials and consumer discretionary stocks joining tech among the worst performing.
The Russell 2000 index of smaller companies more exposed to the ebb and flow of the economy has fallen even further than the S&P 500. The index fell 3.8 percent this week and is now almost 15 percent below its recent peak reached in November.
“In the last couple of weeks, and maybe for the next couple of weeks, we have gone through a very challenging news cycle,” Mr. Caron said. “We need to get through that and assess how much damage there is to markets.”
Business
David Ellison hits CinemaCon, vowing to make more movies with Paramount-Warner Bros.
Paramount Skydance Chief Executive David Ellison made his case directly to theater owners Thursday, pledging to release a minimum of 30 films a year from the combined Paramount and Warner Bros. Discovery company during a speech at the CinemaCon trade convention in Las Vegas.
“I wanted to look every single one of you in the eye and give you my word,” Ellison said in a brief on-stage speech, adding that Paramount has already nearly doubled its film lineup for this year with 15 planned releases, up from eight in 2025.
He also said all films will remain in theaters exclusively for 45 days, starting Thursday. Films will then go to streaming platforms in 90 days. The amount of time that films stay in theaters — known as windowing — has been a controversial topic for theater owners, as some studios reduced that period during the pandemic. Theater operators have said the shortened window has trained audiences to wait to watch films at home and cuts into theater revenues.
“I have dedicated the last 20 years of my life to elevating and preserving film,” said Ellison, clad in a dark jacket and shirt with blue jeans. “And at Paramount, we want to tell even more great stories on the big screen — stories that make people think, laugh, dream, wonder and feel — and we want to share them with as broad an audience as possible.”
Ellison’s CinemaCon appearance comes as more than 1,000 Hollywood actors and creatives have signed a letter opposing Paramount’s proposed acquisition of Warner Bros. Supporters of the letter have said the deal would reduce competition in the industry and “further consolidate an already concentrated media landscape.”
Some theater operators have also questioned whether the combined company could achieve its goal of releasing 30 films a year, particularly after the cost cuts that are expected after the merger closes.
“People can speculate all they want — but I am standing here today telling you personally that you can count on our complete commitment,” Ellison said. “And we’ll show you we mean it.”
The speech came after a star-studded video directed by “Wicked: For Good” director Jon M. Chu that was shot on the Paramount lot on Melrose Avenue and showcased directors and actors including Issa Rae, Will Smith, Chris Pratt, James Cameron and Timothée Chalamet that are working with the company.
The video closed with “Top Gun” actor Tom Cruise perched atop the Paramount water tower.
“As you saw, the Paramount lot is alive again,” Ellison said after the video. “And we could not be more excited.”
Business
Video: Why Your Paycheck Feels Smaller
new video loaded: Why Your Paycheck Feels Smaller
By Ben Casselman, Nour Idriss, Sutton Raphael and Stephanie Swart
April 18, 2026
Business
Civil case against Alec Baldwin, ‘Rust’ movie producers advances toward a trial
Nearly two years after actor Alec Baldwin was cleared of criminal charges in the “Rust” movie shooting death, a long simmering civil negligence case is inching toward a trial this fall.
On Friday, a Los Angeles Superior Court judge denied a summary judgment motion requested by the film producers Rust Movie Productions LLC, as well as actor-producer Baldwin and his firm El Dorado Pictures to dismiss the case.
During a hearing, Superior Court Judge Maurice Leiter set an Oct. 12 trial date.
The negligence suit was brought more than four years ago by Serge Svetnoy, who served as the chief lighting technician on the problem-plagued western film. Svetnoy was close friends with cinematographer Halyna Hutchins and held her in his arms as she lay dying on the floor of the New Mexico movie set. Baldwin’s firearm had discharged, launching a .45 caliber bullet, which struck and killed her.
The Bonanza Creek Ranch in Santa Fe, N.M. in 2021.
(Jae C. Hong / Associated Press)
Svetnoy was the first crew member of the ill-fated western to bring a lawsuit against the producers, alleging they were negligent in Hutchins’ October 2021 death. He maintains he has suffered trauma in the years since. In addition to negligence, his lawsuit also accuses the producers of intentional infliction of emotional distress.
Prosecutors dropped criminal charges against Baldwin, who has long maintained he was not responsible for Hutchins’ death.
“We are pleased with the Court’s decision denying the motions for summary judgment filed by Rust Movie Productions and Mr. Baldwin,” lawyers Gary Dordick and John Upton, who represent Svetnoy, said in a statement following the hearing. “He looks forward to finally having his day in court on this long-pending matter.”
The judge denied the defendants’ request to dismiss the negligence, emotional distress and punitive damages claims. One count directed at Baldwin, alleging assault, was dropped.
Svetnoy has said the bullet whizzed past his head and “narrowly missed him,” according to the gaffer’s suit.
Attorneys representing Baldwin and the producers were not immediately available for comment.
Svetnoy and Hutchins had been friends for more than five years and worked together on nine film productions. Both were immigrants from Ukraine, and they spent holidays together with their families.
On Oct. 21, 2021, he was helping prepare for an afternoon of filming in a wooden church on Bonanza Creek Ranch. Hutchins was conversing with Baldwin to set up a camera angle that Hutchins wanted to depict: a close-up image of the barrel of Baldwin’s revolver.
The day had been chaotic because Hutchins’ union camera crew had walked off the set to protest the lack of nearby housing and previous alleged safety violations with the firearms on the set.
Instead of postponing filming to resolve the labor dispute, producers pushed forward, crew members alleged.
New Mexico prosecutors prevailed in a criminal case against the armorer, Hannah Gutierrez, in March 2024. She served more than a year in a state women’s prison for her involuntary manslaughter conviction before being released last year.
Baldwin faced a similar charge, but the case against him unraveled spectacularly.
On the second day of his July 2024 trial, his criminal defense attorneys — Luke Nikas and Alex Spiro — presented evidence that prosecutors and sheriff’s deputies withheld evidence that may have helped his defense . The judge was furious, setting Baldwin free.
Variety first reported on Friday’s court action.
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