Gina Heeb

U.S. markets fall as President Trump renews his attacks on the Federal Reserve. Plus, how American megabanks may become collateral damage to a global trade war.

U.S. markets fall as President Trump renews his attacks on the Federal Reserve. Plus, how American megabanks may become collateral damage to a global trade war.

And why cryptocurrency firms want to start acting like banks. It's Monday, April 21st. I'm Pierre Bien-Aimé for The Wall Street Journal, filling in for Alex Osola. This is the PM edition of What's News, the top headlines and business stories that moved the world today. The sell America trade picked back up today. U.S. stocks fell. The dollar hit fresh multi-year lows against major currencies.

And why cryptocurrency firms want to start acting like banks. It's Monday, April 21st. I'm Pierre Bien-Aimé for The Wall Street Journal, filling in for Alex Osola. This is the PM edition of What's News, the top headlines and business stories that moved the world today. The sell America trade picked back up today. U.S. stocks fell. The dollar hit fresh multi-year lows against major currencies.

Yields on longer-term treasuries rose and gold surged to another record high. Markets are on edge about President Trump's tariff war as well as his threats to fire Fed Chief Jerome Powell. In a post on social media today, Trump demanded lower rates, saying costs are trending downward and the economy could slow, quote, unless Mr. Too Late, a major loser, lowers interest rates now.

Yields on longer-term treasuries rose and gold surged to another record high. Markets are on edge about President Trump's tariff war as well as his threats to fire Fed Chief Jerome Powell. In a post on social media today, Trump demanded lower rates, saying costs are trending downward and the economy could slow, quote, unless Mr. Too Late, a major loser, lowers interest rates now.

The Dow dropped almost 1,000 points. The index is on pace for its worst April since 1932. The Nasdaq took the biggest hit, falling around 2.6%. Big tech shares fell, with Nvidia and Tesla leading the losses. The S&P 500 closed down about 2.4%. While the U.S. imports more manufactured goods than it exports, it runs a big surplus in one notable business, financial services.

The Dow dropped almost 1,000 points. The index is on pace for its worst April since 1932. The Nasdaq took the biggest hit, falling around 2.6%. Big tech shares fell, with Nvidia and Tesla leading the losses. The S&P 500 closed down about 2.4%. While the U.S. imports more manufactured goods than it exports, it runs a big surplus in one notable business, financial services.

According to Dealogic, last year, U.S. banks grabbed the top five spots for investment banking revenue worldwide and were seven of the top ten. So when it comes to a global trade war, U.S. megabanks could become collateral damage. Heard on the street columnist Telus Demos has the story. So tell us, how is it exactly that American banks could lose out on business overseas?

According to Dealogic, last year, U.S. banks grabbed the top five spots for investment banking revenue worldwide and were seven of the top ten. So when it comes to a global trade war, U.S. megabanks could become collateral damage. Heard on the street columnist Telus Demos has the story. So tell us, how is it exactly that American banks could lose out on business overseas?

You mentioned that this isn't a process that will happen overnight. What kind of resilience might US banks enjoy?

You mentioned that this isn't a process that will happen overnight. What kind of resilience might US banks enjoy?

And who would maybe pick up the pieces of this global market share for underwriting for all kinds of financial services and banking?

And who would maybe pick up the pieces of this global market share for underwriting for all kinds of financial services and banking?

Telus, thanks so much. Thanks for having me. Meanwhile, preliminary trade data out of South Korea suggests that the effects of President Trump's new tariffs are starting to be felt across the world. In the first 20 days of April, exports fell 5.2% from a year earlier. Imports plunged 12%, leading to a trade deficit.

Telus, thanks so much. Thanks for having me. Meanwhile, preliminary trade data out of South Korea suggests that the effects of President Trump's new tariffs are starting to be felt across the world. In the first 20 days of April, exports fell 5.2% from a year earlier. Imports plunged 12%, leading to a trade deficit.

While South Korean exports to Europe continued to grow in the first few weeks of April, those to the U.S. and China declined. The data from its customs office came as Seoul gears up for high-level tariff negotiations in Washington this week. Coming up, why crypto firms are looking to act more like banks. That's after the break.

While South Korean exports to Europe continued to grow in the first few weeks of April, those to the U.S. and China declined. The data from its customs office came as Seoul gears up for high-level tariff negotiations in Washington this week. Coming up, why crypto firms are looking to act more like banks. That's after the break.

We exclusively report that a host of crypto firms, including Circle and BitGo, plan to apply for bank charters or licenses. That's according to people familiar with the matter. Other people said the crypto exchange Coinbase Global and stablecoin company Paxos are considering similar moves. That comes as the Trump administration seeks to incorporate crypto into mainstream finance.

We exclusively report that a host of crypto firms, including Circle and BitGo, plan to apply for bank charters or licenses. That's according to people familiar with the matter. Other people said the crypto exchange Coinbase Global and stablecoin company Paxos are considering similar moves. That comes as the Trump administration seeks to incorporate crypto into mainstream finance.