In tumultuous trading on Monday, stocks dropped in response to President Donald Trump's tariff announcements. The S&P 500 as a whole dropped 0.8%, while the Dow Jones Industrial Average fell 0.3%. 1.2% was lost by the tech-heavy Nasdaq 100. Wall Street's fear barometer, the Cboe Volatility Index, which predicts significant market swings, surged past 18 and approached two-year highs. Gold reached a record high of $2,818.27 an ounce. Following a sell-off that lasted through the night and into Monday morning, bitcoin prices also increased. With a 10% levie on Canadian energy imports, Trump imposed a 25% tariff on all commodities imported from Canada and Mexico, the two biggest trading partners in the United States, on Saturday. A 10% tax on all Chinese-sourced goods was also announced by ...

In order to better distribute regular cash to regular individuals, President Donald Trump announced Monday that he would establish a sovereign wealth fund, which would be a collection of assets similar to those found in other nations. However, comprehensive information about the fund's operation was not readily available. During a ceremony in the Oval Office, Trump made the news. During his 2024 presidential campaign, he had proposed the establishment of such a fund. At the event, Treasury Secretary Scott Bessent gave a quick overview of the fund. "It will be a combination of liquid assets, assets that we have in this country as we work ... to bring them out for the American people," he stated. "The extraordinary size and scale of the U.S. government and the business it does with companies...

As part of a broader drive to reduce federal bureaucracy, the Trump administration has threatened to close the U.S. Agency for International Development as an independent agency and possibly transfer it under the U.S. State Department. This has left the agency at the heart of a political controversy. At a fraction of the total federal budget, USAID sends billions of dollars in humanitarian help abroad, which advocates say is a vital lifeline to over 100 countries. However, tech entrepreneur Elon Musk, who leads his government efficiency program, termed USAID a criminal organization, and President Donald Trump denounced it over the weekend as being managed by a group of extremist lunatics. The future of the agency is unknown. More than a dozen individuals have told NBC News that officials i...

Millennials are doing very well financially by many metrics. Nonetheless, fewer young folks are considering traditional retirement. According to Wells Fargo's head of consulting and planning, Michael Liersch, retirement is becoming less important. "That was always the top goal ten or fifteen years ago," he remarked. Nowadays, embracing life in the now is more important. The ultimate goal may not be to stop working and rest in my Adirondack chair, he added, despite the fact that this generation is highly focused on accumulating riches. It might not be that. According to a 2024 survey from Edelman Financial Engines, 37% of Americans expect their retirement to look different than it did in prior generations. A more active and adventurous lifestyle is what most people think that entails. Acco...

Former Senator Kyrsten Sinema, a Democrat who later became an independent, spent much in the desert in the months leading up to her retirement. This included Saudi Arabia as well as Arizona, the state she served as a representative for in Congress for over 10 years. Approximately 10% of the nearly $700,000 Sinema's campaign reported spending in the last three months of 2024 went toward hotel, including over $20,000 at the upscale Le M Ridien in Riyadh, Saudi Arabia. According to her campaign finance filing, an additional $756 was sent to a limited liability business associated with Marriott that operates in the nation. Although it's unknown where the services were incurred, the report reveals that Sinema's campaign also paid $4,000 on car services to two international businesses, one in Pa...

Washington Sen. Brian Schatz, a Democrat from Hawaii, announced Monday that he is putting President Donald Trump's nominations for the State Department on a blanket hold, delaying his plans to swiftly appoint people to important jobs. Elon Musk, Trump's billionaire adviser, has said that he and the president will shut down the U.S. Agency for International Development. Schatz, who now serves on the Foreign Relations Committee, said his action is in protest of Musk's announcement. It is against the law and compromises our security to dismantle USAID. Congress provides funding for USAID, which was established by federal law. Schatz stated in a statement that Elon Musk and Donald Trump cannot simply wish it away with a single word; legislation must be passed. He went on, "I will be putting ...

Economists predict that consumers may not benefit from a break from high borrowing costs this year due to tariffs that go into force on Tuesday. On Saturday, President Donald Trump signed orders imposing tariffs on the United States' top three trading partners: a 10% duty on China, and 25% tariffs on imports from Canada and Mexico. Economists predict that if such tariffs are imposed and maintained, they will result in higher pricing for American consumers. Economists predicted that the Federal Reserve may decide to halt its interest rate-cutting campaign for the foreseeable future due to the increasing pressure on inflation at a time when it hasn't yet returned to its target level. Consumer borrowing costs for credit cards and other debt are influenced by the Fed's benchmark interest rate....

Due to high mortgage interest rates, a limited number of available properties, and historically high home prices, the U.S. housing market was already having difficulties. Now, further pressure is being added by building material tariffs. The United States imports about 30% of its softwood lumber, mostly from Canada. Gypsum, also referred to as wallboard, is supplied from Mexico. President Donald Trump's 25% tax on goods from the two major trading partners will increase the cost of such commodities. Mexico tariffs are still a possibility even though they were put on hold for a month on Monday. Carl Harris, the head of the National Association of Home Builders, stated in a press release that over 70% of the imports of two crucial components used by home builders—softwood timber and gypsum—co...

Washington The appointment of Treasury Secretary Scott Bessent as the acting director of the Consumer Financial Protection Bureau by President Donald Trump seems to be another attempt to centralize sections of the federal government. Trump appointed Bessent as the acting head on Friday, the CFPB announced in a statement on Monday. In a letter to the president on Saturday, Rohit Chopra, the agency's former head, confirmed his departure. He was appointed in 2021 by then-President Joe Biden and has one year left in his five-year tenure. The Washington Post was the first to report about Bessent taking over the CFPB. Last Monday, Bessent, a former executive at a hedge fund, took the oath of office as Treasury Secretary. Requests for comment from the CFPB, Treasury Department, and White House ...

Some of our favorite tech stores are offering equipment from high-rated companies at a discount in anticipation of the big game this month and awards season, so you can enjoy the greatest possible viewing experience from the comfort of your own home. Take advantage of early President's Day bargains on products across all categories and shop sales on TVs, speakers, and soundbars from Best Buy, Amazon, and more. These sales and more are included below, along with bestsellers, NBC Select staff picks, and previously suggested companies. Keep in mind that some items can have a limited-time sale, and you should be aware of the holiday shipping dates. GO Ahead and SkipBest deals from NBC Select's top brands | Best deals on clothing and accessories | Best deals on kitchenware and home furnishings ...