Oops, something went wrong Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly: Easily identify stocks' risks and opportunities. Discover stocks' market position with detailed competitor analyses. AUTO TARIFFS: President Trump told CEOs of some of the country's top automakers during a call earlier this month that the White House would look unfavorably on car prices being raised as a result of tariffs, leaving some of them rattled and worried they would face punishment if they increased prices, Josh Dawsey and Ryan Felton of Wall Street Journal report, citing people with knowledge of the call. Trump told the CEOs they should be grateful for his elimination of what he called former President Joe Biden's electric-vehicle mandate, according to the Journal. He made a pitch for how they would actually benefit from tariffs, two people on the call told the paper. Publicly traded companies in the space include Ford (F), General Motors (GM), Honda (HMC), Mercedes-Benz (MBGYY), Nissan (NSANY), Stellantis (STLA), Tesla (TSLA), Toyota (TM) and Volkswagen (VWAGY). PURE CHAOS: After speaking to auto industry experts from the U.S., Europe, and Asia, Wedbush concluded President Trump's 25% tariff on all cars and parts made outside the U.S. “would send the auto industry into pure chaos.” The move will raise the average price of cars between $5,000 on the low end and $10,000-$15,000 on the high end, the firm tells investors in a research note. Wedbush believes every auto maker in the world will have to raise prices selling into the U.S. while the supply chain logistics of the tariff announcement is “hard to even put our arms around at this moment.” A U.S. car with all U.S. parts made in the U.S. “is a fictional tale not even possible today,” according to the firm. Wedbush thinks it would take three years to move 10% of the auto supply chain to the U.S. and cost hundreds of billions “with much complexity and disruption.” It adds, “The concept of this auto tariff in our view would be a back breaker and Armageddon for the auto industry globally and throws the supply chain into pure panic mode.” Wedbush believes the winner from these tariffs “is no one.” Even Tesla will be hit and will be forced to raise prices, the firm predicts. The news will continue to put “major pressure” on General Motors and other auto makers and suppliers until more clarity is learned from the White House, Wedbush says. POSITIVE FOR AUTO PARTS: Mizuho believes President Trump's 25% tariff announcement on new vehicles made outside the U.S. “represents another positive” for the domestic aftermarket auto parts operators. The tariffs should facilitate an older cohort of cars on the road and, therefore, the need for ongoing repairs, the firm tells investors in a research note. Mizuho believes AutoZone (AZO) and its top pick O'Reilly Automotive (ORLY) “remain growthy safe havens amid a still uncertain spending backdrop and fears around demand destruction from reciprocal tariffs.” Channel checks indicate foot traffic data has picked up for both companies over the last few weeks, the firm adds. Mizuho also sees “developing positives” for CarMax (KMX) given the likelihood higher prices for new vehicles will ultimately lead to a shift towards the relative value of used car transactions. This will also benefit Valvoline (VVV) as new dealers can own the oil change relationship for the first several years post a new vehicle purchase, according to the firm. CONCESSIONS: European Union officials are identifying concessions the bloc is willing to make to Donald Trump's administration to secure the partial removal of the U.S. tariffs that have already started hitting exports and are set to increase after April 2, according to Bloomberg. EU representatives were told at meetings this week in Washington that there was no way to avoid new auto and so-called reciprocal tariffs that Trump is launching next week, people familiar with the talks told Bloomberg‘s Alberto Nardelli and Shawn Donnan, but discussions also began on what the contours of a potential deal to reduce them should eventually look like. LICENSE: The Trump administration, which has already expressed its desire to retake the Panama Canal and assume control of Greenland, is being nudged by the Metals Company (TMC) to disregard the The International Seabed Authority and grant the company a license to start mining in international waters as soon as 2027, reported The New York Times. Gerard Barron, the CEO at the Metals Company, “announced the maneuver Thursday after it became clear that it could still be years before the Seabed Authority finalizes mining regulations,” the Times noted. Barron said executives had already met with Trump administration officials to promote their plan, which would also require a permit from the National Oceanic and Atmospheric Administration, the Times added. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See the top stocks recommended by analysts >> Read More on F: Disclaimer & DisclosureReport an Issue Ferrari (NYSE:RACE) Gathers Admiring Glances on Wall Street Notable open interest changes for March 28th Wedbush sees ‘pure chaos' in auto industry from tariffs Trump to Automakers: Don't You Dare Raise Prices Elon Musk says Tesla (NASDAQ:TSLA) “Not Unscathed by Tariffs”

Oops, something went wrong Elon Musk's attempt to remake the Social Security system appears to be deeply informed by his time at a company that helped him become a leading figure in Silicon Valley: PayPal (PYPL). His tenure at the digital payments upstart more than two decades ago was marked by a fight against fraud, which he and his then-colleagues considered an existential threat to their enterprise. "Fraud wasn't just a storyline at early PayPal — it was the storyline," said Jimmy Soni, an author of a book about the company that turned into a tech star in the late 1990s and early 2000s. "It represented survival or catastrophe." How Musk and his PayPal cohort tried to deal with financial cheating in that era has clear echoes today as Musk's DOGE team has embarked on a search for fraud across the federal government and in the Social Security system in particular. While available data shows that fraud is a much smaller relative issue in the federal government now than at early PayPal — where losses indisputably represented a sizable piece of the startup's balance sheet — Musk rarely offers commentary these days that doesn't make charges of widespread wrongdoing around the government. "This is happening all day, every day," he said just this past week during a Fox News appearance, adding, "It's because of all the fraud loopholes in the Social Security system." In that interview with Musk and his DOGE colleagues, fraud came up 28 times, according to a search of the transcript, with Musk adding his view that if the issue is not addressed "we're going to go bankrupt." Similarly, when Musk talked about his time at PayPal for Soni's 2022 history of the company, he recalled thinking that "if the fraud thing is not solved, we're going to die." Musk's PayPal history began in 1999 when he co-founded a company called X.com that had a mission of becoming an online bank for an early internet adopter audience. X.com later merged with a competitor that called its payments application PayPal. Musk briefly led the combined entity but was pushed out shortly afterward, with the company eventually renaming itself PayPal. The connections between PayPal and Social Security may be tenuous — both in their history and documented levels of fraud — but it's a connection many Trump allies have eagerly embraced. Social Security began in 1935 and is a weekly part of life for millions of citizens; in 2025, the agency sent out about $1.6 trillion in benefits to around 69 million Americans. A hearing this week for Trump's pick to lead Social Security was notable for repeated descriptions of Social Security as — in the words of one senator — "a payment system at its core." Nominee Frank Bisignano called the agency he aims to lead "fundamentally ... a payment-based customer-facing program" in language that could also describe PayPal. The PayPal connection is one that Commerce Secretary Howard Lutnick, a close Musk ally, has drawn most sharply. In recent comments on the podcast "All-In", the Commerce secretary floated the idea of cutting off Social Security payments as a potentially good means to find fraud because he feels that most Americans, unlike fraudsters, "wouldn't call and complain." "All the guys who did PayPal, like Elon, knows this by heart," Lutnick added. "Anybody who's been in the payment system and the process system knows the easiest way to find the fraudster is to stop payments and listen." Soni said that his work suggests a different lesson from PayPal's fights against fraud — more about the value of exploiting the evidence that fraudsters leave. "PayPal's brilliance was in building sophisticated detection systems that could identify those suspicious patterns while minimizing disruption to legitimate users," Soni added, saying PayPal succeeded by "finding that sweet-spot balance between fraud prevention and user friction." Indeed, PayPal's work to combat fraud was ahead of its time. The company pioneered things like challenge-response tests to tell computers and humans apart (known as CAPTCHAs) and other methods, like random deposit verification for bank accounts, still in use today. Musk has also used his time at PayPal as a bona fide for his current access to highly sensitive government data. In February, he posted that if he wanted to sift through personal data, "I could have done that at PAYPAL. Hello???" Lutnick's idea of cutting off payments is not something that Musk himself appears to have embraced, and he has also talked about applying technical solutions to many of the government's fraud problems. Musk — who likes to brand his DOGE effort as "tech support" — often says technical solutions like closing fraud loopholes and creating better-connected computer systems will take care of many problems. But Musk has also often repeated claims of widespread stealing at the agency, charges President Trump also regularly echoes. Musk has said Social Security may represent "the biggest fraud in history" and added in a Fox Business appearance that waste and fraud in entitlement spending is "the big one to eliminate." By contrast, the Social Security Administration's internal inspector general has studied fraud at the agency and recently released an audit of improper payments that found a much more limited picture. It found fraudulent payments amounted to about 0.84% of total benefits paid from 2015 to 2022, which nonetheless totaled nearly $72 billion in that span, given the large financial footprint of the agency. Bisignano embraced the inspector general's findings during his recent hearing — subtly downplaying Musk and Trump's claims of bigger fraud — and repeatedly said that even the 1% level of fraud is much too high. Bisignano, who has called himself "fundamentally a DOGE person," also said during the hearing he was open to working with Musk's team but that he would be willing to reverse decisions made by them. Musk's time at PayPal also appears to have been a precursor to Musk's disdain for government inefficiency. In his history, Soni recounts an episode where PayPal discovered a fraudster operating just miles from their headquarters. "We got all the evidence necessary," Musk told the author, adding for emphasis: "Crime in progress!" But Musk also remembered that it took "forever" for authorities to act on what he recalled as an open-and-shut case. "This wasn't just parallel frustration with fraud and government — these frustrations were fused," Soni noted this past week. Soni said that the experience led many of PayPal's leaders to "develop a particular institutional skepticism now embedded in tech culture: a wariness of processes that value procedural consistency over rapid adaptation." The alumni of the company — now often referred to as the "PayPal Mafia" — include multiple prominent figures in Trump's orbit, such as White House AI and crypto czar David Sacks and venture capitalist Peter Thiel, who was the CEO of PayPal until its sale to eBay (EBAY) in 2002. Indeed, this frustration with government — and suspicion of fraud — has become a driver for Musk throughout his career. As Musk put it in a 2013 tweet, he says he got rich during this early stage of his career, which included PayPal, and he did it with "zero govt anything." Ben Werschkul is a Washington correspondent for Yahoo Finance. Every Friday, Yahoo Finance's Madison Mills, Rick Newman, and Ben Werschkul bring you a unique look at how US policy and government affect your bottom line on Capitol Gains. Watch or listen to Capitol Gains on Apple Podcasts, Spotify, or wherever you find your favorite podcasts. Click here for political news related to business and money policies that will shape tomorrow's stock prices Read the latest financial and business news from Yahoo Finance

Oops, something went wrong More than 9 million Americans could see “substantial declines” in their FICO scores in the coming months as delinquent student loans begin showing up on credit reports for the first time since the pandemic, according to a new analysis by the Federal Reserve Bank of New York. The report finds that over 15% of all student loan holders are likely now behind on debts, slightly more than before the pandemic. Those affected could face a tougher time getting access to home or auto loans or see their credit card limits lowered. Borrowers have been required to make normal monthly payments on their student loans for well over a year, since the Biden administration ended the COVID-era pause on the program. But they temporarily benefited from a so-called “onboarding” phase, during which loan servicers were not allowed to report late or missed payments to credit agencies. That grace period ended in September. Since servicers cannot report a loan as delinquent until it is 90 days past due, late student loan payments are only just now showing up on Americans' credit scores. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy For those who are behind, the impact on their creditworthiness could be significant. In its report, the New York Fed's researchers found that a student loan delinquency can knock more than 150 points from the FICO score of someone with around average credit. For subprime borrowers — those with scores below 660 — it can subtract 87 points. The Biden administration took several steps aimed at helping student borrowers get current on their loans as repayment resumed. Those included the Fresh Start program, which allowed people who had defaulted on their debts to get current without facing penalties. But only about 900,000 individuals took advantage of the offer, according to the Department of Education, leaving millions more lingering in default. Recent confusion around the state of the student loan program may not be helping matters. For the past month, for instance, the administration had blocked access to income-driven repayment plans, which cap what borrowers owe each month at a percentage of their earnings, in response to a court ruling, leaving many with fewer options to manage their debts. Those applications finally reopened on Wednesday. Learn more: How to pay off your student loans quickly The Trump administration is also widely expected to restart involuntary collections on defaulted student loans sometime this year, though it's unclear if they have a plan worked out for resuming that process, which can involve garnishing paychecks and government benefits like Social Security payments. The administration's recent announcement that the student loan program would be moved out of the Department of Education to the Small Business Administration has made things additionally murky. The New York Fed has traditionally tracked the number of delinquent student loans based on credit bureau data. But that was effectively made impossible during the pandemic payment pause and onboarding period, since late payments were no longer being reported to the agencies. For its new estimate, it combined information on delinquencies on loans not owned by the government as well as the Department of Education's own data on its student debt portfolio. The credit modeling company VantageScore similarly estimated that there are about 9 million delinquent loans outstanding. Jordan Weissmann is a Senior Reporter at Yahoo Finance. Sign up for the Mind Your Money newsletter Click here for the latest personal finance news to help you with investing, paying off debt, buying a home, retirement, and more Read the latest financial and business news from Yahoo Finance Sign in to access your portfolio

Oops, something went wrong Millennials' wealth has been booming. According to Federal Reserve data, millennials' total net worth has nearly quadrupled since 2019, increasing from $4.54 trillion in 2019 to $16.26 trillion in 2024. Find Out: I'm a Financial Advisor: 4 Investing Rules My Millionaire Clients Never Break Read Next: 8 Common Mistakes Retirees Make With Their Social Security Checks This increase in wealth is particularly notable for millennial investors. A Wealthfront study found that for their millennial investing clients, the proportion of millionaires increased by 144% over the past five years. This is a much larger increase than other generations experienced — the proportion of Gen X millionaires only increased by 31% over the same time period, and it decreased among baby boomers. Here are the strategies millennial investors have been using to become millionaires. The key factor driving millennials' financial success is their approach to investing. “When comparing asset allocations across generations, data shows that millennials are holding a larger portion of their wealth in equities than older generations were at the same age,” said David Fortunato, CEO of Wealthfront. “By taking advantage of investments that offer higher risk adjusted returns, millennials have been able to accumulate wealth faster than previous generations.” Learn More: Suze Orman: 3 Biggest Mistakes You Can Make as an Investor Millennials are also saving more aggressively than prior generations. “Data shows that their savings rate is significantly higher when compared with the savings rate of older generations,” Fortunato said. “This is a trend we expect to continue as millennials advance in their careers and continue building wealth.” Millennials' housing wealth grew by $2.5 trillion between 2020 and 2024, The Wall Street Journal reported. “Housing is the biggest item in most budgets, and whether those funds are used to buy or rent a home can have a large impact on long-term financial outcomes,” Fortunato said. “While renting is typically less costly on a monthly basis, buying a home offers a number of financial benefits that can help millennials reach their financial goals. “Crucially, mortgage payments contribute to owning a long-term asset that has historically increased over time,” he continued. “Recent increases in home values have already benefited millennials in just the past few years.” Among Wealthfront's millennial clients, the average home value increased by more than 40% between March 2020 and February 2025. “Data also shows that real estate wealth is expected to keep increasing as millennials age, making it a smart addition to a long-term wealth building strategy,” Fortunato said. Since March 2020, the average millennial Wealthfront client's IRA balance has grown by more than 110%; Gen X's average IRA balance only grew by 52% over that time period. “Retirement outcomes are greatly impacted by three key factors: asset allocation, tax optimization and fees,” Fortunato said. “IRAs are one of the most powerful tools to save for retirement because they are designed to address each of those factors — IRAs offer significant tax advantages, and when compared with 401(k) plans, IRAs typically have lower fees and offer more investment options. “Millennials are about two decades away from retirement, which means this generation still has many years for the benefits of investing in an IRA to compound over time.” Saving in IRAs is just one aspect of many millennials' retirement planning strategy. Overall, the generation's investors are on track to have long-term financial success. “As millennials age, data shows that millennials' retirement assets are expected to become the biggest contributor to their overall wealth when also including 401(k) assets,” Fortunato said. “In just the last five years, our millennial clients have increased their IRA assets by 110% on average, driven by consistent investments in Wealthfront's diversified portfolios. By taking advantage of smart investment strategies, millennials are putting themselves in a strong position to be well-prepared for retirement.” More From GOBankingRates 4 Things To Watch for as Elon Musk Takes on Social Security 12 SUVs With the Most Reliable Engines Warren Buffett: 10 Things Poor People Waste Money On 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on GOBankingRates.com: Millennial Investors Are Becoming Millionaires Fast: 4 Strategies They're Using Sign in to access your portfolio

Oops, something went wrong Target has announced it will reduce bonuses for salaried employees due to weak consumer spending and inflationary pressures. Bloomberg, citing sources with knowledge of the situation, said employees will receive 87% of their eligible 2024 bonuses, a sharp decline from the previous year, when workers received 100% of their bonuses, with some even seeing their payouts double. Read More Nothing drives down a drug's price like competition. According the U.S. Food and Drug Administration (FDA), a drug's wholesale price drops by an average of 39% after just one generic competitor enters the market. With four generic competitors, prices tumble by 79%. These reductions translate into billions of dollars in savings for American consumers. Read More Novo Nordisk (NVO), the maker of the blockbuster drug Ozempic, is cutting the price of its weight loss drug by more than half for even more patients that pay without insurance. Read More Delaware lawmakers on Tuesday night passed a bill restructuring its corporate code, as the state tries to prevent companies like Meta (META) from exiting the state. Read More Walmart wants shoppers to celebrate Easter, even if eggs aren't included in this year's basket. The company says its holiday meal for Easter 2025 is cheaper than last year's, adding that it has something for “everybunny.” This year, Walmart's (WMT) nine-item meal kit will feed eight for less than $6 per person, with a complete meal priced under $40. In comparison, last year's kit included 15 items, including eggs, and served up to 10 people, with a total cost of under $80, or less than $8 per person. Read More A Berkshire Hathaway (BRK.A) employee has finally won Warren Buffet's $1 million jackpot for the company's March Madness bracket. The employee, who was not named, works for a Berkshire Hathaway subsidiary called FlightSafety International. The worker won the jackpot for correctly guessing 31 of the 32 first-round games. Read More In Starbucks (SBUX)' most recent earnings call, CEO Brian Niccol hit on the company's “Back to Starbucks” theme, an effort to return the chain to its roots. Read More President Donald Trump's new auto tariffs will have a “significant” effect on Tesla (TSLA), CEO Elon Musk says. “Important to note that Tesla is NOT unscathed here,” Musk said on his X on Wednesday evening. “To be clear, this will affect the price of parts in Tesla cars that come from other countries. The cost impact is not trivial,” he added in another post. Read More kinjavideo-197511 Old Navy says its in-store experience is getting a taste of artificial intelligence kinjavideo-197509 The expansion comes as Tesla and other automakers push for a federal approach to regulation For the latest news, Facebook, Twitter and Instagram.

Oops, something went wrong Last November, Hudson Bay Capital released a 41-page document that outlined a plan to restructure the global trading system with a juicy premise for Wall Street. Complicated and dense, "A User's Guide to Restructuring the Global Trading System" touches on everything from US debt to interest rates to re-shoring of US manufacturing but with a central idea of a "Mar-a-Lago accord" built around tackling dollar "overvaluation" and what author Stephen Miran wrote could be "a 21st Century version of a multilateral currency agreement." "Many argue that tariffs are highly inflationary," he wrote at another point, but "that not need be the case," especially if currency issues are also addressed. The idea quickly gained steam on Wall Street, with prominent backers on Wall Street like Jim Bianco of Bianco Research urging investors to read it. Bianco said in February it was a signal that the young administration is "thinking very big," as he put it on a podcast called MacroVoices. The thesis was also bolstered by Miran's subsequent selection to head Trump's Council of Economic Advisers, a sort of in-house think tank at the White House. The issue, at least so far? That fuller plan outlined in the paper has been belied by the administration's own actions since taking office. President Trump is clearly aiming to upend the global trading system and is full speed ahead on one side of Miran's thesis — the implementation of tariffs — but has put the corollary currency piece on ice and even offered some skeptical comments since taking office. Miran himself acknowledged as much in a series of recent comments. He told the Washington Post recently, "Anyone thinking what I wrote in November is the policy agenda we're secretly implementing right now is just looking for something to write about." He added to Bloomberg of his ideas that "some of them are easy, some are tough," and downplayed the importance of his paper, saying instead that Trump is "solely" focused on tariffs right now. Yet the paper has remained a source of positivity, even as Bianco said from the get-go it could never happen. Miran even wrote about tariffs being a first priority before policy "becomes dollar negative." It was cited often by those needing a silver lining amid the current uncertainty of market volatility, sticky inflation, and nervousness about the possibility of a recession as Trump touts his coming April 2 "Liberation Day" plans. Columbia University historian Adam Tooze went so far in a recent Substack post as to compare the continued market focus on Miran's paper with Stockholm Syndrome, the psychological phenomenon where a hostage develops positive feelings toward their captor. "Call it Mar-a-Lago (Accord) Syndrome," Tooze wrote. Miran in his paper argued that tackling the currency question could rebound in America's favor on a variety of fronts — from the national debt to national security arrangements to providing a boost to US businesses. The goal is to ensure the dollar remains supreme as a global reserve currency while at same time correcting what he viewed as an "overvalued dollar" that makes US manufacturing less competitive. The US, he argued, could convince other countries to help with that devaluation in exchange for security guarantees or a pledge to drop punitive tariffs — what he called the "multilateral" approach to a new trading landscape but one that it's very unclear other countries would go along with willingly. He also wrote in detail about how the administration could, if needed, unilaterally act "if it is willing to be creative" to address the problem of undervalued foreign currencies — pointing to possible measures in the International Emergency Economic Powers Act of 1977 (IEEPA). But it's a detail that has perhaps unwittingly underlined Trump's focus elsewhere so far in his second presidency. The president has indeed relied on IEEPA law for dramatic actions in his early weeks in office — but almost solely the tariff provisions in the law, to impose tariffs on China, Canada, and Mexico, without significant action on currency. And in another recent appearance, on CNBC, Miran didn't weigh in on currency at all and even sounded firmly in line with Trump's overall message of downplaying any economic effects from tariffs. "My view is that the country on which we are imposing those tariffs ultimately pays those tariffs as opposed to having any negative economic consequence on the United States," he offered. Trump likes to promise to keep aloft "the mighty U.S. Dollar" and maintain its status as the global reserve currency. But in other settings, Trump has suggested an openness to a devaluation case and acknowledged in a campaign interview that the gap between the US and other currencies has created a "tremendous burden" on companies. In any case, a meaningful push for currency measures or devaluation hasn't emerged from the White House so far even as Wall Street interest has remained high. In his recent comments to Bloomberg, Miran seemed amused that he was still being asked about the paper as he downplayed its chances in the near term. It's "taken on a life of its own, against all my intents," he quipped. But hope perhaps springs eternal, with Miran adding of the currency side of the equation, "Could it be something that is entertained down the road? Sure." Ben Werschkul is a Washington correspondent for Yahoo Finance. Every Friday, Yahoo Finance's Madison Mills, Rick Newman, and Ben Werschkul bring you a unique look at how US policy and government affect your bottom line on Capitol Gains. Watch or listen to Capitol Gains on Apple Podcasts, Spotify, or wherever you find your favorite podcasts. Click here for political news related to business and money policies that will shape tomorrow's stock prices Read the latest financial and business news from Yahoo Finance