The Wall Street Journal

Slumping US stocks threaten a pillar of the economy: spending by the wealthy

Slumping US stocks threaten a pillar of the economy: spending by the wealthy
Signs suggest the rich are already spending less. (Image: Depositphotos)
The Wall Street Journal
By Matt GrossmanThe stock-market correction in recent weeks is more than a potential symptom of a slumping economy. It could cause a slump.After cheering President Donald Trump’s election in November, the market has sunk as investors worry that the White House’s aggressive and fast-changing tariff war could scuttle a soft landing. On Thursday, the S&P 500 closed down more than 10% from its February high, meeting the rule of thumb for a correction. It gained back some ground Friday. 'Risk of weakening condition...

More World

UK makes deal with US
World

UK makes deal with US

Both countries hailing this as a good outcome show how much the landscape has shifted.

Trump’s bad Hollywood trade movie
World

Trump’s bad Hollywood trade movie

His tariff proposal brings back the poltergeist of economic uncertainty.

OpenAI abandons planned for-profit conversion
Technology

OpenAI abandons planned for-profit conversion

The maker of ChatGPT will remain under the control of a nonprofit organisation.

Maybe Zelenskyy should write the Art of the Deal
World Opinion

Maybe Zelenskyy should write the Art of the Deal

Zelenskyy and his negotiators look to have neutralised a potentially fatal dispute.

Bloomberg 03 May 2025