Finance

President Donald Trump’s global trade fight risks spoiling the reputation of the U.S. and its government bond market, according to Ken Griffin, founder and CEO of Citadel.
Treasury yields have risen and the dollar has weakened against its global counterparts this month in a sign that investors may be moving away from the U.S. as the safest place to invest.

Citadel CEO Ken Griffin speaks during the Semafor World Economy Summit 2025 at Conrad Washington on April 23, 2025 in Washington, DC.
Kayla Bartkowski | Getty Images

Ken Griffin, founder and CEO of Citadel, said President Donald Trump’s global trade fight risks spoiling the reputation of the country and its government bond market.
“The United States was more than just a nation … it’s a universal brand. Whether it’s our culture, our financial strength, our military strength, America rose beyond just being a country,” Griffin said at Semafor’s World Economy Summit in Washington, D.C., on Wednesday. “It was like an aspiration for most of the world, and we’re eroding that brand right now.”

Trump’s rollout of the highest tariffs on imports in generations shocked the world earlier this month, triggering extreme volatility on Wall Street. Days later, the president announced a sudden 90-day pause on much of the increase, except for China, as the White House sought to make deals with countries.
In reaction to the political tensions, Treasury yields rose and the dollar weakened against its global counterparts in a sign that investors are moving away from the U.S. as the safest place to invest.
“In the financial markets, no brand compared to the brand of the U.S. Treasury market, the strength of the U.S. dollar. The strength, the credit worthiness of U.S. Treasurys, no brand came close. We put that brand at risk,” Griffin said.
Griffin, whose hedge fund had more than $65 billion in assets under management at the beginning of 2025, voted for Trump and was a megadonor to Republican politicians. However, he has been highly critical of Trump’s trade policy, calling the president’s rhetoric “bombastic.”
“The President and the Secretary of Treasury and the Secretary of Commerce need to be very thoughtful when you have a brand, you need to behave in a way that respects that brand, that strengthens that brand because when you tarnish that brand, it can be a lifetime to repair the damage that has been done,” Griffin said.

Get Your Ticket to Pro LIVEJoin us at the New York Stock Exchange!Uncertain markets? Gain an edge with CNBC Pro LIVE, an exclusive, inaugural event at the historic New York Stock Exchange.
In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12.
Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!

Don’t miss these insights from CNBC PRO More

As the panic fades, investors’ nerves are still jangling. For the time being, stockmarkets have stopped convulsing and the prices of American Treasury bonds are no longer in freefall. Yet share indices across America, Asia and Europe have hardly recovered their poise (see chart 1); instead, day-to-day drops of a percentage point or more have become unremarkable. The VIX index—Wall Street’s “fear gauge”, which measures expected volatility using the market price of insurance against it—has fallen from its nerve-shredding peak reached a fortnight ago. It is nevertheless at a level last seen in 2022, amid a grinding bear market (see chart 2). The price of gold has been breaking record after record. Investors, in other words, are offloading risk wherever they can and preparing for a drawn-out slump. More

All-America Economic Survey

Tesla and CEO Elon Musk are struggling with negative perceptions, according to the CNBC All-America Economic survey.
Half of the public has a negative view of Musk, compared with 36% who see him positively and 16% who are neutral.
Many potential Tesla customers are far more positive about electric vehicles than they are about the company.

SpaceX CEO Elon Musk attends a cabinet meeting held by U.S. President Donald Trump at the White House on March 24, 2025.
Win McNamee | Getty Images

The broad public and investors have something in common these days: They don’t have a lot of love for either Tesla or CEO Elon Musk.
Tesla’s stock has undergone a withering sell-off, and the CNBC All-America Economic survey finds more than 47% of the public have a negative view of the company. Another 27% are positive on the electric vehicle maker, while 24% are neutral. That compares with a third of the public who have a positive view of General Motors with 51% neutral and 10% negative.

Tesla has been under pressure with concern that its founder’s controversial political activities in cutting government employment and backing President Donald Trump and Republicans could be alienating prospective buyers. Protests have sprung up across the nation at Tesla offices.
The survey found Musk to be a highly polarizing figure. Half of the public has a negative view of Musk, compared with 36% who see him positively and 16% who are neutral. Among Democrats, Musk’s net approval (positive minus negative) is -82 and -49 for independents. GOP respondents are +56.
The biggest problem for Tesla may be that many groups who are potential customers are far more positive about electric vehicles than they are about the company.
“Where Tesla is strongest is among the people least likely to buy an EV,” said Micah Roberts, partner at Public Opinion Strategies, the Republican pollster for the survey.
Overall, 35% of Americans are negative on EVs and 33% are positive. Men, however, are +11 in net approval of EVs but evenly divided on Tesla. Young people aged 18-34 are +19 on EVs but -23 on Tesla. The gap is most stark among Democrats, who are +20 on EV’s but -74 on Tesla.

Further complicating the issue: Republicans are strongly positive on Tesla, but net negative on EVs.
The survey of 1,000 people nationwide was conducted April 9 through April 13 and has a margin of error of +/-3.1%.
Tesla did not immediately respond to a request for comment.

Don’t miss these insights from CNBC PRO More

Climate activists hold a protest at the Charging Bull statue in Bowling Green near the New York Stock Exchange on April 22, 2025.
Michael M. Santiago | Getty Images

Wall Street’s iconic Charging Bull statue on Tuesday was vandalized by a group of environmental activists who sprayed the bronze sculpture with neon green paint.
The group, called Extinction Rebellion, painted the words “Greed=Death” on the body of the bull, the symbol of a surging stock market that is located in Bowling Green park near the New York Stock Exchange. Tuesday marks the 56th annual “Earth Day,” first observed in 1970.

“Good morning from the resistance. We came to Wall Street to call out the bulls—,” the activist group said on social media site X. “Bulls— told by the 1% who gamble with our futures. Bulls– to bailouts for those who wrecked our economy.”
One protester, who climbed up and sat on the neck of the bull, was told to dismount by a New York City police officer.
Later Tuesday, the group of activists cleaned the green paint off the bull after their demonstration.
The sculpture, made by Arturo Di Modica, a Sicilian immigrant to New York, was originally installed in front of the stock exchange in 1989, but was later moved a couple of blocks south to its current location, according to the city’s Department of Parks and Recreation.

Climate activist hold a protest at the Charging Bull statue in Bowling Green near the New York Stock Exchange on April 22, 2025.
Michael M. Santiago | Getty Images

Climate activists hold a protest at the Charging Bull statue in Bowling Green near the New York Stock Exchange in New York City on April 22, 2025.
Michael M. Santiago | Getty Images

Climate activists hold a protest at the Charging Bull statue in Bowling Green near the New York Stock Exchange in New York City on April 22, 2025.
Michael M. Santiago | Getty Images

Members of the climate activist group Extinction Rebellion clean up after vandalizing the Charging Bull, as part of an “Earth Day” protest against Wall Street’s alleged complicitness in climate change, in New York City on April 22, 2025.
Brendan Mcdermid | Reuters More

DONALD TRUMP can rarely resist the urge to engage in name-calling. Typically his barbs are more juvenile than consequential. But his designation of Jerome Powell, chair of the Federal Reserve, as “Mr Too Late, a major loser” is no mere insult. It might be the harbinger of an assault on the central bank, and it is one more reason to worry about the American economy. When markets opened on April 21st, after a long Easter weekend, American stocks, Treasury bonds and the dollar all sharply declined—another example of the “sell America” trade. More

Capital One secured approvals from banking regulators Friday for its $35 billion acquisition of Discover Financial — a deal that analysts believe could have far-reaching benefits beyond just the Club holding. The news Wells Fargo research analysts said the greenlights from the Federal Reserve and the Office of the Comptroller of the Currency highlight a softer regulatory environment under the Trump administration. That bodes well for investment banking businesses in large U.S. banks such as fellow portfolio name Goldman Sachs . In a Sunday note, the analysts described the Capital One-Discovery merger as a “clearing event” for more bank deals that should likely “kick off further bank consolidation.” They added, “The approval is a down payment on the improved regulatory environment from the new administration.” Research analysts at Wells Fargo said the Discover acquisition will not only boost Capital One’s earnings potential but also provide “more than enough cushion to protect” it from an uncertain macroeconomic environment. The analysts reiterated their buy-equivalent rating on shares of Capital One, which said it has all the necessary approvals now and plans to close the Discover purchase on May 18. Capital One, which reports earnings after Tuesday’s closing bell, has three main segments: credit cards, consumer banking and commercial banking. It gets most of its revenue from credit cards. The merger development was not enough to boost financial stocks as concerns about President Donald Trump’s so-called reciprocal tariffs continue to rattle the market. Capital One shares, which shot up more than 5% shortly after Monday’s open, reversed lower and spent the afternoon around the flat line. Goldman was little changed after the open but saw declines accelerate as the S & P 500 sank more than 3%. COF 1Y mountain Capital One 1 year Big picture Coming into 2025, investors had high hopes that Trump’s more lenient stance on antitrust issues would lead to more mergers and acquisitions (M & A) and initial public offerings (IPOs). But with tariff and recession concerns gripping the market, deal activity has not rebounded as much as expected during the president’s first few months in office. Investment banks make money by offering M & A advisory services and IPO underwriting. Case in point: Heightened uncertainty about the outlook for the economy has disrupted plans for big-name IPOs like fintech firm Klarna and ticketing platform StubHub over the past month. Last week, Goldman also posted weaker-than-expected revenue for its investment banking division during the first quarter . CEO David Solomon acknowledged that dealmaking expectations have not panned out yet. “We are entering the second quarter with a markedly different operating environment than earlier this year,” Solomon said during the post-earnings conference call. Corporate clients are “concerned by the significant near-term and longer-term uncertainty that has constrained their ability to make important decisions,” the exec said. Bottom line We’re thrilled that bank regulators have decided to move forward with the Discover deal. It’s a key reason the Club first started a position in Capital One. The acquisition should support earnings growth and price-to-earnings multiple expansion over the long run. Upon completion of the transaction, Capital One, a major credit card issuer in its own right, will own Discover’s payment network, which will decrease its reliance on Mastercard and Visa . On Monday, we added to our Capital One position . “We got the catalyst we wanted in Capital One,” Jim Cramer said during the Morning Meeting. “The stock didn’t move [much]. That’s an opportunity.” GS 1Y mountain Goldman Sachs 1 year Like analysts, we’re also hoping this is a positive sign about the U.S. regulatory backdrop. Fewer deals blocked by regulators means more upside for Goldman’s crucial investment banking business. But for a material rebound, more clarity on tariff policy is needed. “What Goldman excels at is helping clients in a time of turmoil, and they did great there,” Jim said after the firm’s earnings last Monday. “But .. when you take a look at investment banking, they’re just not making a lot of money.” Thankfully, the weakness was offset by Goldman’s trading business due to the stock market’s volatility. WFC 1Y mountain Wells Fargo 1 year Finally, Club holding Wells Fargo also stands to benefit from a more lenient regulatory regime. Wells has been working to convince the Fed to lift the $1.95 trillion asset cap imposed in 2018 for misdeeds at the bank that predated CEO Charlie Scharf’s tenure. We think Scharf and his team have done a great job cleaning things up. It’s only a matter of time until the asset cap is lifted, which would allow Wells to expand its balance sheet. When that happens, Wells can grow its budding fee-based business like investment banking and not rely so heavily on interest-based revenues, which are at the mercy of the Fed’s monetary policy decision. (Jim Cramer’s Charitable Trust is long COF, GS, WFC. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

Screens display the logos and trading information for Capital One Financial and Discover Financial as traders work on the floor at the New York Stock Exchange on Feb. 20, 2024.
Brendan Mcdermid | Reuters

Capital One secured approvals from banking regulators Friday for its $35 billion acquisition of Discover Financial — a deal that analysts believe could have far-reaching benefits beyond just the Club holding. More

The backlash against remote work, when it came, was swift and fierce. After a post-pandemic honeymoon, when many companies flirted with the idea of letting staff work from home for ever, bosses began summoning employees back to the office. “I’ve had it with this…I’ve been working seven days a goddamn week since covid and I come in and—where’s everybody else?” groused Jamie Dimon, boss of JPMorgan Chase, in leaked comments from a recent townhall at the bank. More

The backlash against remote work, when it came, was swift and fierce. After a post-pandemic honeymoon, when many companies flirted with the idea of letting staff work from home for ever, bosses began summoning employees back to the office. “I’ve had it with this…I’ve been working seven days a goddamn week since covid and I come in and—where’s everybody else?” groused Jamie Dimon, boss of JPMorgan Chase, in leaked comments from a recent townhall at the bank. More