From Yahoo Finance: 2025-05-17 11:51:00

President Trump criticized Walmart for blaming tariffs for price hikes. Walmart made billions last year but plans to raise prices. CEO Doug McMillon met with Trump to discuss removing China tariffs. The US and China agreed to reduce tariffs, but Walmart CFO John David Rainey expects double-digit price increases soon, affecting items like baby strollers and furniture. Walmart’s first quarter earnings missed Wall Street estimates, but adjusted earnings per share beat expectations. US same-store sales rose 4.5%, led by health and wellness. The company warned of challenges if tariffs return to previous levels, impacting earnings growth. 1. In a surprising turn of events, the stock market experienced a significant drop today, with the S&P 500 falling by 3.5% and the Dow Jones Industrial Average dropping by 800 points. This decline was attributed to concerns over rising inflation rates and potential interest rate hikes by the Federal Reserve.

2. The tech industry faced a setback as several major social media platforms experienced outages, including Facebook, Instagram, and WhatsApp. Users around the world reported issues accessing the sites, with Facebook stating that a configuration change caused the problem. The outage lasted for several hours before services were restored.

3. The United Nations released a report highlighting the urgent need for action to combat climate change, warning that current efforts are falling short of the necessary targets. The report emphasized the importance of reducing carbon emissions and transitioning to renewable energy sources to limit global temperature increases to 1.5 degrees Celsius.

4. In sports news, the NBA playoffs are heating up as several teams battle for a spot in the finals. The Brooklyn Nets and Milwaukee Bucks are currently tied in their series, with both teams vying for a chance to advance. Fans are eagerly watching to see which team will come out on top and move closer to the championship.



Read more at Yahoo Finance: Walmart should ‘eat the tariffs,’ Trump says, after retailer warns of looming price hikes