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Stock market flat ahead of Trump’s ‘Liberation Day’ tariffs

April 2, 2025 by WDNY Radio

(NEW YORK) — U.S. stocks stood essentially unchanged in trading on Wednesday hours before President Donald Trump’s expected announcement of sweeping tariffs, which the White House has dubbed “Liberation Day.”

The Dow Jones Industrial Average ticked up 7points, or 0.02%, while the S&P 500 climbed 0.05%. The tech-heavy Nasdaq inched up 0.02%.

Tesla, the electric carmaker led by billionaire Trump-advisor Elon Musk, fell nearly 2%. The stock decline came minutes after the company reported a 13% drop in car deliveries over the past three months compared to the same period a year ago.

The S&P 500 and NASDAQ both posted their first quarterly losses since 2022 this week as investors prepared for the new measures and economists warned of the possibility of a recession — with major potential knock-on effects for other economies around the globe.

Canada vowed Tuesday to respond with retaliatory tariffs if Trump slaps additional levies on Canadian goods.

Europe has a “strong plan” to retaliate against Trump’s planned tariffs, Ursula von der Leyen, president of the European Commission, said in a speech on Tuesday.

Trump is set to make his tariff announcement in the White House Rose Garden on Wednesday at 4 p.m. ET, after the stock market closes.

Abroad, the British FTSE 100 index dropped by more than 0.6% on Wednesday morning, with Germany’s DAX index down by 1.2%. The French CAC 40 index was down more than 0.5%.

Japan’s Nikkei index rose nearly 0.3%, but South Korea’s KOSPI index dropped by more than 0.6%.

On Tuesday, the Dow Jones ended at 41,989.96 down 0.03%. The S&P 500 ended at 5,633.07 up 0.38% and the NASDAQ ended at 17,449.89 up 0.87%.

Automakers and pharmaceutical companies have reportedly been lobbying the Trump administration for carve outs and a phase-in approach for the promised tariffs.

World leaders have threatened a response while pressing the White House for clarity.

Trump privately indicates Elon Musk could step back from current role: Sources

April 2, 2025 by WDNY Radio

(WASHINGTON) — President Donald Trump has indicated to top advisers that Elon Musk could be taking a step back from his current role in the administration, sources familiar with the matter told ABC News.

Musk is employed by the government as a “special government employee” — meaning his appointment is not to exceed 130 days. His term would be up around the end of May, but it was widely rumored that the White House could take steps to keep him on or extend his employment status in some way.

As ABC News has previously reported, Musk’s decision-making has divided Trump’s top aides and at times has sparked rifts among those closest to the president.

Some of Musk’s defenders in the White House caution reporting that Musk is being pushed out is overblown, sources said.

Trump remains pleased with what Musk and his Department of Government Efficiency team have done with their cost-cutting across the government, despite the backlash publicly and in the courts, according to sources.

Politico was first to report the news that Trump had told top advisers that Musk would likely be taking a step back from his role in the coming weeks.

Trump said publicly on Monday that Musk will likely have to go back and run Tesla at some point. The president was asked specifically about the 130-day special government employee time limit.

“Well, I think he’s … amazing. But I also think he’s got a big company to run. And so, at some point he’s going to be going back. He wants to.” Trump said.

ABC News previously reported that some White House officials who had grown frustrated with Musk had resigned themselves that the billionaire is unlikely to be reined in anytime soon and had instead focused on managing the situation as best they can until his special government contract comes to an end in May.

This is a developing story. Check back for updates.

Shares in Trump social media company sink following concerns about insider selloff

April 2, 2025 by WDNY Radio

(WASHINGTON) — Shares in Donald Trump’s social media company sank in morning trading on Wednesday, a day after the company filed paperwork with the Securities and Exchange Commission that could allow the president’s trust to sell more than $2 billion of shares.

Trump Media and Technology Group filed a registration with the SEC on Tuesday that would open the door for the president’s trust to sell up to nearly 115 million shares, which are worth more than $2.3 billion.

The filing does not guarantee the sale of the shares nor provide any information about a future sale. Since Trump took office, he transferred his stake of the company into the Donald J. Trump Revocable Trust, which is controlled by his son, Donald Trump Jr.

A sell-off from Trump, the company’s largest individual shareholder, could panic investors and damage the company’s stock price.

As of midday Wednesday, the company’s stock price was down about 5%.

Trump Media and Technology Group pushed back on the possibility that Trump may attempt to sell any shares in a statement on Wednesday.

“Legacy media outlets are spreading a fake story suggesting that a TMTG filing today is paving the way for the Trump trust to sell its shares in TMTG. To be clear, these shares were already registered last June on an S-1 form, and today TMTG submitted a routine filing that re-registers them on an S-3 form in order to keep the Company’s filings effective. In fact, there currently is no open window for any affiliate to sell shares,” the statement said.

The president also has previously said he plans to hold his stake in the company.

“I don’t want to sell my shares. I don’t need money,” Trump told reporters in September.

Man who hates big pharmacies allegedly guns down Walgreens worker: Police

April 2, 2025 by WDNY Radio

(MADERA, Calif.) — A man who said he hates big pharmacies allegedly gunned down a Walgreens worker in California, according to police.

Narciso Gallardo Fernandez had a handgun in his pocket when he went into a Walgreens in Madera, shooting out a security camera before he allegedly shot and killed employee Erick Velasquez around 9:30 p.m. Monday, Madera police said.

Fernandez then fired his gun at other store employees as they fled, police said.

Velasquez died at the store, where bystanders were sheltering in place, police said.

Responding officers found the 30-year-old suspect in the parking lot, reloading his gun, according to police. Fernandez was taken into custody to be booked for homicide, police said.

Madera is about 25 miles outside of Fresno.

The victim and suspect didn’t appear to know each other, but Fernandez allegedly told investigators he hates big pharmacies, Madera Police Chief Giachino Chiaramonte told ABC News.

Chiaramonte said he does not believe this shooting was inspired by Luigi Magione, who is accused of the targeted killing of UnitedHealthcare CEO Brian Thompson in December.

Velasquez was a Walgreens worker, but not a pharmacist, the chief noted. The pharmacy was closed at the time of the shooting and the victim was not shot in the pharmacy area, he added.

Fernandez is expected to appear in court on Wednesday.

Tesla deliveries drop 13% amid backlash against CEO Elon Musk

April 2, 2025 by WDNY Radio

(NEW YORK) — Deliveries of Elon Musk’s Tesla vehicles dropped about 13% compared to a year ago, according to a new release from the company. The decline comes amid criticism of Musk and increased competition.

On Wednesday, Tesla reported it produced over 362,000 vehicles and delivered over 336,000 in the first quarter of 2025. That performance marked a decline compared to the same period one year ago, when Tesla produced over 433,000 vehicles and delivered about 387,000.

Shares of Tesla fell 2.5% in early trading on Wednesday.

The company has faced fierce backlash — including violence and vandalism against its cars and dealerships– as its CEO Elon Musk works in Washington alongside Donald Trump to slash the federal government.

Dan Ives, a managing director of equity research at the investment firm Wedbush, a longtime Tesla bull, slammed the report and sharply criticized the company in a note to clients on Wednesday.

“We are not going to look at these numbers with rose colored glasses,” Ives said. “They were a disaster on every metric.”

“The time has come for Musk,” Ives added.” It’s a fork in the road moment.”

In its release today, Tesla made no mention of its CEO but did say that a “changeover of Model Y lines across all four of our factories led to the loss of several weeks of production in Q1.” But, it said “the ramp of the New Model Y continues to go well.”

“Thank you to all our customers, employees, suppliers, shareholders and supporters who helped us achieve these results,” the release said.

This is a developing story. Check back for updates.

Once-in-a-generation storm to bring historic rainfall, flooding: Latest forecast

April 2, 2025 by WDNY Radio

(OKLAHOMA CITY, OK) — A once-in-a generation extreme weather event is beginning Wednesday with a tornado outbreak and will continue into the weekend with four days of dangerous flooding pounding the same region.

First, wind gusts up to 50 mph are possible all day Wednesday for more than 65 million Americans across 13 states from Texas to Ohio.

A tornado watch is in place for Oklahoma, eastern Kansas and northwest Missouri on Wednesday morning. At least two tornadoes have already been reported in Missouri on Wednesday morning.

There’s a rare high risk (level 5 of 5) warning for destructive storms, which could bring strong, long-track tornadoes of EF3+ strength, very large hail up to the size of tennis balls and destructive winds greater than 70 mph.

Wednesday’s high risk area spans Jonesboro, Arkansas, to Memphis, Tennessee, to Paducah, Kentucky. The high risk lasts from Wednesday afternoon until midnight.

A level 5 of 5 high risk is issued less than 1% of days; people within the area are three times more likely to be hit by a tornado than in a 1 of 5 risk area.

A level 4 of 5 warning is in effect from Little Rock, Arkansas, to Louisville, Kentucky.

Kentucky Gov. Andy Beshear has declared a state of emergency.

“We’re really concerned about people’s safety, especially in the overnight, because when storms or tornadoes hit while people are asleep, that’s sadly when we’ve lost the most people,” he said in a statement. “So, everybody out there, be really careful.”

But the biggest threat is from the rain.

Historically high rainfall will create a particularly dangerous situation, or PDS, for flooding Wednesday through Sunday.

Nearly 4 million Americans are under the PDS flood watch in Arkansas, northern Mississippi and western Tennessee through Sunday morning. Cities in the PDS flood watch include Memphis, Little Rock, Jonesboro and Union City.

On Wednesday, a moderate risk for excessive rainfall (level 3 of 4) is in place from Little Rock to Memphis to Nashville to Louisville.

Overall, more than 32 million Americans are under a general flood watch until Sunday morning. Major cities in this general flood watch include Louisville, Indianapolis, Cincinnati, Cleveland and Detroit.

On Thursday, the flood threat grows even more extreme over the same area. A rare high risk (level 4 of 4) from excessive rainfall will be in place from Jonesboro to the Memphis suburbs to Paducah.

On Friday, a moderate risk (level 3 of 4) for excessive rainfall is in place from just north of Dallas to Jonesboro to St. Louis.

On Saturday, the final day of this multiday life-threatening event will bring even more heavy rain from Jonesboro to Memphis to Louisville to Cincinnati.

The four-day event will leave 10 to 15 inches of rain or more over the bull’s-eye area from Jonesboro to Paducah. Seven to 10 inches of rain is possible from Little Rock to Memphis to Louisville to Cincinnati.

The system will finally be on the move Sunday afternoon, bringing rain to the Southeast on Sunday evening, Monday and Tuesday.

Mayor Eric Adams’ case dismissed with prejudice despite Trump admin’s request to allow for later prosecution

April 2, 2025 by WDNY Radio

(NEW YORK) — A federal judge in New York on Wednesday dismissed corruption charges against Mayor Eric Adams, but not in the way the Trump administration wanted.

Judge Dale Ho dismissed the case with prejudice, meaning it cannot be revived.

The Justice Department sought to have the case dismissed to free up Adams to cooperate with the mayor’s immigration agenda, however, the department wanted the case dismissed without prejudice, meaning it could be brought again.

Adams was indicted last year in the Southern District of New York on five counts in an alleged long-standing conspiracy connected to improper benefits, illegal campaign contributions and an attempted cover-up. He had pleaded not guilty.

Ho declined to endorse the DOJ’s desired outcome.

“In light of DOJ’s rationales, dismissing the case without prejudice would create the unavoidable perception that the Mayor’s freedom depends on his ability to carry out the immigration enforcement priorities of the administration, and that he might be more beholden to the demands of the federal government than to the wishes of his own constituents. That appearance is inevitable, and it counsels in favor of dismissal with prejudice,” Ho decided.

Ho’s 78-page opinion dismantled the Justice Department’s stated rationale for dismissal: so Adams could focus on the Trump administration’s immigration priorities.

The judge said he could find no other example of the government dismissing charges against an elected official to enable the official to facilitate federal policy goals.

“DOJ’s immigration enforcement rationale is both unprecedented and breathtaking in its sweep,” Ho said. “And DOJ’s assertion that it has ‘virtually unreviewable’ license to dismiss charges on this basis is disturbing in its breadth, implying that public officials may receive special dispensation if they are compliant with the incumbent administration’s policy priorities. That suggestion is fundamentally incompatible with the basic premise of equal justice under the law.”

Ho also made clear he was not weighing the facts of the case and said his decision “is not about whether Mayor Adams is innocent or guilty.”

Still, Adams’ lawyer celebrated the decision to drop the charges without the fear of them being revived after the mayoral election in November — as the Justice Department had threatened.

“The case against Eric Adams should have never been brought in the first place — and finally today that case is gone forever,” Alex Spiro, Adams’ lawyer, said in a statement. “From Day 1, the mayor has maintained his innocence and now justice for Eric Adams and New Yorkers has prevailed.”

The decision to dismiss the charges came just days after Adams’ lawyer had pushed for them to be dismissed ahead of the April 3 deadline for petitions to be submitted for mayoral candidates to get on the June primary ballot. Adams has said he will run as a Democrat in the primary despite criticism from opponents he has cozied up to the Trump administration in recent months, meeting with the president and attending his Inauguration instead of scheduled Martin Luther King Day events in the city.

The decision by Ho followed the recommendation from Paul Clement, who served as solicitor general under the Bush administration and was appointed by Ho to make an independent assessment of the case.

“A dismissal without prejudice creates a palpable sense that the prosecution outlined in the indictment and approved by a grand jury could be renewed, a prospect that hangs like the proverbial Sword of Damocles over the accused,” Clement said.

The eventual dismissal came after a scathing letter from acting U.S. Attorney Danielle Sassoon to U.S. Attorney General Pam Bondi, suggesting acting Deputy Attorney General Emil Bove and other members of DOJ leadership were explicitly aware of a quid pro quo suggested by Adams’ attorneys, saying Adams’ vocal support of Trump’s immigration policies would be boosted by dismissing the indictment against him.

Sassoon, who was appointed by President Donald Trump, resigned in protest along with several other career DOJ officials.

Spiro, Adams’ lawyer, balked at the notion of a quid pro quo following Sassoon’s resignation: “The idea that there was a quid pro quo is a total lie. We offered nothing and the department asked nothing of us.”

Judge temporarily restores funding for legal aid for migrant children

April 2, 2025 by WDNY Radio

(WASHINGTON) — A federal judge has temporarily blocked the Trump administration from cutting funding to the program that provides legal representation to tens of thousands of unaccompanied migrant children.

In her ruling Tuesday night, U.S. District Judge Araceli Martinez Olguin said the groups that sued the U.S. Department of Health and Human Services over the cuts “have suffered near-immediate financial impacts, and they have thus made a sufficient showing of concrete and imminent economic injury.”

“The irreparable harm resulting from Defendants’ actions weighs in favor of temporary injunctive relief,” Judge Olguin said.

Judge Olguin said that the government’s termination of funding for direct legal representation directly interferes with the groups’ mission, “impeding their ability to provide the direct legal representation of unaccompanied children in immigration proceedings.”

“The Court additionally finds that the continued funding of legal representation for unaccompanied children promotes efficiency and fairness within the immigration system,” the judge said.

Last week, groups that have collectively received over $200 million in federal grants were told that the program’s contract was partially terminated, ending the funding for legal representation and for the recruitment of attorneys to represent migrant children in immigration proceedings.

Currently, 26,000 migrant children receive legal representation through the funding.

Michael Lukens, the executive director for the Amica Center, which represents migrant children in the Washington, D.C., area, called the ruling “a win” for advocates who work with unaccompanied children every day.

“While we recognize that this is the first step in this fight, we are grateful to see the courts are recognizing the immense damage that the government’s decision in canceling this funding means to children and our organizations,” said Lukens. “There should be no political divide over protecting children.”

Trump Media filing opens door for president to sell $2B in stock

April 2, 2025 by WDNY Radio

(WASHINGTON) — Donald Trump’s social media company on Monday filed paperwork with the Securities and Exchange commission that could allow the president’s trust to sell more than $2 billion of shares.

Trump Media and Technology Group filed a registration with the SEC that would open the door for the president’s trust to sell up to nearly 115 million shares, which are worth more than $2.3 billion.

A sell-off from Trump, the company’s largest individual shareholder, could panic investors and damage the company’s stock price.

Trump Media could not be immediately reached for comment.

Stock market futures slip ahead of Trump’s ‘Liberation Day’ tariffs

April 2, 2025 by WDNY Radio

(NEW YORK) — Stock markets struggled into Wednesday morning as it became clear that President Donald Trump intended to announce a slew of tariffs on America’s trading partners, with the White House preparing to mark what it is calling “Liberation Day.”

The Dow Jones, S&P 500 and NASDAQ futures were all slipping on Wednesday morning, with Dow Jones futures down by about 100 points.

Trump is set to make his tariff announcement in the White House Rose Garden on Wednesday after the stock market closes.

Abroad, the British FTSE 100 index dropped by more than 0.6% on Wednesday morning, with Germany’s DAX index down by 1.2%. The French CAC 40 index was down more than 0.5%.

Japan’s Nikkei index rose nearly 0.3%, but South Korea’s KOSPI index dropped by more than 0.6%.

On Tuesday, the Dow Jones ended at 41,989.96 down 0.03%. The S&P 500 ended at 5,633.07 up 0.38% and the NASDAQ ended at 17,449.89 up 0.87%.

Automakers and pharmaceutical companies have reportedly been lobbying the Trump administration for carve outs and a phase-in approach for the promised tariffs.

World leaders have threatened a response while pressing the White House for clarity.

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