President Donald Trump is preparing significant tariff cuts and new trade deals to address high food prices. The administration has announced framework agreements with Argentina, Guatemala, El Salvador and Ecuador to reduce tariffs on items such as beef, bananas and coffee beans.

US stocks suffered their worst day in a month as the relief from the end of the government shutdown faded, with the S&P 500 and Dow Jones Industrial Average dropping 1.7% each and the Nasdaq Composite falling 2.3%. Investors are now worried about a deluge of delayed economic data potentially affecting market stability and the likelihood of an interest rate cut in December, which has dropped to 50%.

Minneapolis Fed President Neel Kashkari remains undecided about supporting a rate cut at the Federal Reserve's December meeting. Citing unexpectedly strong economic activity and ongoing resilience, Kashkari explained that recent data does not clearly support another cut, but also does not rule one out. San Francisco Fed President Mary Daly also expressed uncertainty, although Boston Fed President Susan Collins and other officials advocated for holding rates steady to balance inflation and labor market weakness.

Top contenders to replace Federal Reserve Chair Jerome Powell under President Trump are coalescing around a push to limit the Fed's balance-sheet footprint, even as Trump himself has historically favored aggressive easing. Candidates including Kevin Warsh and Michelle Bowman have argued for curbing quantitative easing, highlighting a growing GOP debate over whether the next Fed chief should reduce the central bank's market influence or preserve maximum firepower in future downturns.

US-listed spot bitcoin ETFs saw $869 million in outflows Thursday, their second-largest on record, as bitcoin fell below $100,000 and market risk aversion increased. The funds have lost $2.64 billion over the past three weeks, with ether ETFs also seeing their biggest withdrawal in a month.

Fanatics is reportedly in early talks with Crypto.com to launch a prediction market platform, a move that would expand the sports merchandising group into a fast-growing sector spanning sports, politics, and entertainment. The effort comes as Fanatics accelerates its global expansion and follows similar moves by industry players, including Flutter's new partnership with CME Group.

Citigroup is experiencing rapid growth in China, driven by renewed interest from investors and companies, CEO Jane Fraser says. The bank focuses on serving Chinese companies expanding overseas and clients with cross-border needs, Fraser says, adding that Citigroup's balance sheet remains strong amid recent challenges in the US financial sector.