US stocks wipe out steep losses that followed Trump’s ‘liberation day’

What we can take away from today is that the U.S. economy has entered the trade war on strong footing,

said Rebecca Patterson, a senior fellow at the Council on Foreign Relations and former chief investment strategist at Bridgewater Associates

Companies large and small have put warnings on their forward projections of earnings going forward. That’s companies telling us, ‘We don’t know. We are uncertain. And we expect [earnings] are going to fall,

Mackintosh said

Consumer confidence declined for a fifth consecutive month in April, falling to levels not seen since the onset of the COVID pandemic,

Stephanie Guichard, a senior economist at The Conference Board, said in a statement

People wanted to front-load and bring in more material before the tariff hike,

said Stuart Mackintosh, the executive director of the Group of Thirty, a financial think tank

Any potential cuts to programme like Medicaid could threaten those jobs in the future,

Fulton said

The administration has been cutting funding for institutions, like in higher education, in research institutions. They’ve been cutting grants that have gone out for grants for particular communities, for mental health services for children,

said Jessica Fulton, a senior fellow at the Joint Center for Political and Economic Studies, a think tank that focuses on Black communities

Those are job-sustaining investments,

Fulton explained

Employers are trying to reconcile policy and consumer uncertainty with a run of mostly positive economic data,

she explained

I want to be very nice and respectful to the Fed,

he added

Jerome Powellfed Chair

I have a Fed person who is not really doing a good job,

Trump said at a rally in Michigan on Tuesday, without ever mentioning Powell by name

The question now is how long the labor market can withstand rising uncertainty across the economy,

WaPo’s Abha Bhattarai writes

If the U.S. wants to talk, it should show sincerity to talk,

a spokesperson said

When I spoke with Fetterman in April and shared those concerns, he denied anything was amiss. He told me that he felt like the ‘best version’ of himself and later texted that the staff turnover at his office was typical of Washington. ‘Why is this a story?’ he asked.”

Fetterman’s response

April's payroll report provides a snapshot of labor demand in the run-up to the April 2 tariff announcements, rather than an early assessment of their impact,

Tombs added

Nearly three-quarters of employees are paid either biweekly, semimonthly or monthly, so they would still count on April payrolls even if employers moved quickly to cut jobs after the April 2 tariff announcements,

Tombs wrote

Karoline Leavittwhite House press secretary

This is the second month in a row where the

Karoline Leavitt, the White House press secretary, said

Another stronger-than-expected jobs report is encouraging, although definitely not top of mind considering the ongoing uncertainty around tariffs and global trade,

Joe Gaffoglio, CEO and president at Mutual Of America Capital Management, said in a statement

Wages are continuing to rise and labor force participation is increasing,

she said

The data for this release was collected during the week following Liberation Day, meaning it would be too soon to expect substantial fallout to emerge just as higher tariffs were being implemented,

wrote Jeff Schulze, head of economic and market strategy at ClearBridge Investments, in emailed comments

In the here and now, solid labor market data provides the Fed with scope for patience,

said Lindsay Rosner, head of multisector fixed income investing at Goldman Sachs Asset Management