Speaker of the House Mike Johnson, R-La., takes questions on tariffs while meeting with reporters at a news conference, at the Capitol, in Washington, Tuesday, April 1, 2025. (AP/J. Scott Applewhite)
- House Republicans approved their budget framework, overcoming GOP opposition to tax breaks without further spending cuts.
- U.S. stocks fell as Wall Street reacted to a global trade war that still threatens the economy.
- Egg prices reached a record high of $6.23 per dozen, though Agriculture Secretary expects a temporary rise.
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House Republicans narrowly approved their budget framework on Thursday, a political turnaround after Speaker Mike Johnson worked into the night to satisfy GOP holdouts who had refused to advance trillions of dollars in tax breaks without deeper spending cuts.
U.S. stocks are giving back some of their historic gains from the day before as Wall Street weighs a global trade war that has cooled in temperature but is still threatening the economy.
The S&P 500 was down 2.3% early Thursday, a day after surging 9.5% following President Donald Trump ’s decision to pause many of his tariffs worldwide. The Dow Jones Industrial Average was down 685 points, and the Nasdaq composite was down 2.9%.
Here’s the latest:
S&P 500 Slumps 5% After White House Clarifies the US Is Tariffing China at 145%
U.S. stocks are giving back much of their historic gains from the day before as Wall Street weighs a trade war that has cooled in temperature but is still threatening the economy.
The S&P 500 fell 5% on Thursday.
The Dow Jones Industrial Average dropped 1,746 points, and the Nasdaq composite sank 5.8%.
Even a better-than-expected report on inflation wasn’t enough to get U.S. stocks to climb further. Losses for stocks accelerated after the White House clarified that Chinese imports will be tariffed at 145%, not the 125% rate that Trump had earlier written about.
Agriculture Secretary Suggests March Rise in Egg Prices Are a Blip
U.S. egg prices increased in March to reach a record high of $6.23 per dozen, even with a drop in wholesale prices and no egg farms having bird flu outbreaks.
Agriculture Secretary Brooke Rollins on Thursday suggested the rise in egg prices will be temporary, however. She pointed to the Consumer Price Index more broadly showing a slight dip for goods and services cost across the U.S. economy in March.
“We’re also moving into the Super Bowl of eggs, which is Easter,” Rollins said. “So from the beginning, I’ve said this is sort of the high price for retail for eggs, but we feel very confident that will continue to come back down.”
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