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Markets live: European stocks surge on Trump tariff relief
US stocks surged on Wednesday after Donald Trump backed down from his plans to hit trading partners with steep tariffs, but investors and analysts said uncertainty over the duties would persist.
The S&P 500 jumped 9.5 per cent on Wednesday, while the tech-heavy Nasdaq Composite jumped 12 per cent, the best days since 2008 and 2001, respectively, according to FactSet data.
Trump’s decision to pause his “reciprocal” tariffs on most countries for 90 days helped reduce some of the huge fall in equities, which had been prompted by Trump’s “liberation day” tariff announcement a week ago.
“This is Trump’s capitulation to markets. He has saved face by keeping tariffs on China,” said Andy Brenner, head of international fixed income at NatAlliance Securities.
Goldman Sachs also rapidly reversed its call that the US would enter a recession following Trump’s announcement on Wednesday.
Still, Trump on Wednesday increased tariffs on China, the world’s biggest exporter, to about 125 per cent and stuck with a series of other levies, including a 10 per cent universal duty.
Bob Michele, chief investment officer and head of global fixed income, currency and commodities at JPMorgan Asset Management, said there had not been a “huge shift” in the bond market.
“There is still so much uncertainty out there. The bond market is focused on inflation going well above the [Federal Reserve’s] target and the Fed is telling us they’re not cutting rates,” he added.
Citigroup echoed that sentiment, saying in a note to clients, “pausing reciprocal tariffs excluding China does not mean the US economy has avoided a slowdown in growth and rise in inflation”.
The Wall Street bank added: “Uncertainty over trade will persist and non-China imports may now surge, damping growth in the second quarter.”
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Man Charged With Posting Bomb Instructions Used in New Orleans Attack
Federal prosecutors have filed charges against a former Army serviceman they accused of distributing instructions on how to build explosives that were used by a man who conducted a deadly attack in New Orleans on New Year’s Day last year.
The former serviceman, Jordan A. Derrick, a 40-year-old from Missouri, was charged with one count of engaging in the business of manufacturing explosive materials without a license; one count of unlawful possession of an unregistered destructive device; and one count of distributing information relating to manufacturing explosives, according to a criminal complaint unsealed on Wednesday. The three charges together carry a maximum sentence of 40 years in federal prison.
Starting in September 2023, the authorities said, Mr. Derrick was using various social media sites to share videos of himself making explosive materials, including detonators. His videos provided step-by-step instructions, and he often engaged with viewers in comments, sometimes answering their questions about the chemistry behind the explosives.
The authorities said that Mr. Derrick’s videos were downloaded by Shamsud-Din Bahar Jabbar, 42, who was accused of ramming a pickup truck into a crowd on Bourbon Street in New Orleans on Jan. 1, 2025, in a terrorist attack that killed 14 people and injured dozens. Mr. Jabbar was killed in a shootout with the police. Before the attack, Mr. Jabbar had placed two explosives on Bourbon Street, the authorities said, but they did not detonate.
The authorities later recovered two laptops and a USB drive in a house that Mr. Jabbar had rented. The USB drive contained several videos created by Mr. Derrick that provided instructions on making explosives. The authorities said the explosives they recovered were consistent with the ones Mr. Derrick had posted about.
Mr. Derrick’s lawyers did not respond to requests for comment.
Mr. Derrick was a combat engineer in the Army, where he provided personnel and vehicle support, the authorities said. He also helped supervise safety personnel during demolitions and various operations. He was honorably discharged in February 2013.
The authorities did not say whether Mr. Derrick had any communication with Mr. Jabbar, or whether the men had known each other. In some of Mr. Derrick’s videos and comments, he indicated that he was aware that his videos could be misused.
“There are a plethora of uh, moral, you know, entanglements with topics, any topic of teaching explosives, right?” he asked in one video, according to the affidavit. “Of course, the wrong people could get it.”
The authorities also said that an explosion occurred at a private residence in Odessa, Mo., on May 4, and the occupant of the residence told investigators that he had manufactured explosives after watching online tutorials from Mr. Derrick.
Mr. Derrick’s YouTube account had more than 15,000 subscribers and 20 published videos, the affidavit said. He had also posted content on other platforms, including Odysee and Patreon. Some videos were accessible to the public for free, while others required a paid subscription to view.
“My responsibility to my countrymen is to make sure that I serve the function of the Second Amendment to strengthen it,” Mr. Derrick said in one of his videos, according to the affidavit. “This is how I serve my country for real.”
Outside of the income he received through content creation, Mr. Derrick did not have any known employment. He did receive a monthly disability check from Veterans Affairs, the affidavit stated.
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The Girls: “This isn’t ringing alarms to y’all?” : Embedded
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Chud the Builder, Known for Racist Confrontations, Charged With Attempted Murder
A streamer known for hurling racist slurs in public settings under the nickname “Chud the Builder” was charged with attempted murder after a shooting outside a Tennessee courthouse on Wednesday, the authorities said.
The streamer, Dalton Eatherly, 28, was involved in a confrontation with an unidentified man that escalated to gunfire outside the Montgomery County Court in Clarksville, about 50 miles northwest of Nashville, the Montgomery County Sheriff’s Office said in a statement. Both men sustained gunshot wounds and were in stable condition, the office said.
In addition to attempted murder, Mr. Eatherly was charged with employing a firearm during dangerous felony, aggravated assault and reckless endangerment with a deadly weapon, the sheriff’s office said.
Mr. Eatherly, who is white, has accumulated an online audience by livestreaming confrontations in which he uses racist language toward Black people in public.
Law enforcement did not provide any details about the second man involved in Wednesday’s shooting. Mr. Eatherly posted an audio recording online of paramedics treating his wounds in which he claims he shot the man in self-defense.
A video posted by the website Clarksville Now shows Mr. Eatherly on a stretcher with a microphone attached to his lapel.
Mr. Eatherly is being held at the Montgomery County Jail, pending arraignment, the sheriff’s office said.
According to court records, Mr. Eatherly was scheduled to appear for a court hearing on Wednesday morning in an unrelated case brought by Midland Credit Management, a collections agency.
A lawyer listed in court records from a separate harassment case in which Mr. Eatherly was a defendant in November did not respond to a request for comment.
On Sunday, three days before the shooting in Clarksville, Mr. Eatherly was arrested in Nashville. According to a police affidavit, Mr. Eatherly live streamed his meal at a restaurant, Bob’s Steak and Chop House, on Saturday even though the restaurant had asked him ahead of time not to do so.
When he was confronted, Mr. Eatherly “became disruptive and started making racial statements, yelling, screaming and otherwise creating a scene,” according to the affidavit.
He then refused to pay for his $370 meal. Mr. Eatherly was charged with theft of services, disorderly conduct and resisting arrest. He was released on $5,000 bond.
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