Wall Street sees wild week amid US-China trade uncertaintyPosted: Updated:
Here's a look at your top business and tech headlines from Cheddar on News 12:
It was a wild ride this week on Wall Street. Companies are bracing for tariffs that could raise prices for consumers and limit business with China. Earlier this week, following China's announcement that it would impose retaliatory tariffs on $60 billion of U.S. goods, markets saw their worst fall since Jan. 3.
Meanwhile, the Trump administration is taking aim at Chinese tech giant Huawei. The president issued an executive order Wednesday that declares a national emergency over threats against U.S. technology. It bans U.S. companies from using telecom equipment made by firms that pose a national security risk.
Amazon is leading a funding round for British delivery startup Deliveroo. The tech giant joins T. Rowe Price, Fidelity and Green Oaks to invest another 45 million pounds, or $575 million, in the U.K.-based startup. It brings Deliveroo's valuation to $4 billion as it seeks to take on rivals like Uber Eats and Just Eat in the U.K.
And the honeymoon for Pinterest seems to be over. Shares cratered in the social media company's first earnings report as a public firm. It beat estimates on revenue, but reported wider than expected losses and lowered its guidance. Monthly active users rose 22% from a year earlier, to 291 million users, topping estimates.