What you need to know on Wall Street today
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President Donald Trump signed the massive $1.3 trillion spending bill despite an earlier threat to veto it.
If Trump went through with the veto of the the bill, the federal government would have almost certainly shut down at the midnight deadline. Despite Trump's signature on the bill, Trump blasted the process that brought the bill to his desk calling it a "ridiculous situation that took place over the last week."
"There are a lot of things that I am unhappy about in this bill, there are a lot of things that shouldn't have been in this bill," Trump said. "But I say to Congress, I will never sign another bill like this again. I'm not going to do it again."
Fears of a trade war between the United States and China, the world's two largest economies, are unnerving financial markets around the world. New US tariffs on Chinese imports and the immediate threat of retaliation raise the "distinct possibility of a tit-for-tat trade war which would be damaging for everybody," Dan North, the chief economist at Euler Hermes North America, told Business Insider.
In related news, President Donald Trump's fiscal stimulus may have set global financial markets on a "collision course for disaster," according to Scott Minerd, Guggenheim Partners' chief investment officer.
In other news, Dropbox surged by as much as 44% during its trading debut on Friday, marking a strong start to the most prominent tech initial public offering so far this year. Elsewhere in tech news:
- Whole Foods is slashing marketing jobs in its latest post-Amazon push to cut costs
- $2.8 billion software company Pivotal just filed to go public
- Advertisers to Facebook: "Did I work with Cambridge Analytica?"
- Investors are reacting in surprising fashion to Facebook's privacy woes
- Nobody knows how many people actually watch Cheddar, but that hasn't stopped it from raising millions
- Wall Street is getting heartburn trying to swallow Salesforce's rich $6.5 billion MuleSoft deal
- "It's not hype": Why the CEO of $20 billion data company thinks blockchain "has potential to be transformative"