By CNN Business
From CNN Business' Rich Barbieri
Welcome to the last day of May. It's been a lousy month in markets. From two of my favorite market data geeks, CNN Business' Christine Romans and David Goldman:
The Dow is on track to close lower this week — for the sixth week in a row. That would be the worst losing streak since summer 2011.
With one day left, the Dow has fallen 5.35% in May. The last time stocks fell in May was in 2012, when the Dow fell 6.21%. It’s the worst month since December, when the Dow fell 8.66%. Remember December?
From CNN Business' Rich Barbieri
The US Chamber of Commerce, the most powerful business lobby in Washington, wasted no time responding to President Donald Trump's threatened tariffs on Mexican imports.
Neil Bradley, the chamber's chief policy officer:
“Imposing tariffs on goods from Mexico is exactly the wrong move. These tariffs will be paid by American families and businesses without doing a thing to solve the very real problems at the border. Instead, Congress and the president need to work together to address the serious problems at the border.”
From CNN Business' Charles Riley
Shares in global automakers slumped sharply on Friday after President Donald Trump said he would impose a 5% tariff on goods from Mexico, a move that could affect a huge number of vehicle exports.
Companies including Volkswagen, Fiat Chrysler, Nissan, Kia, Toyota, Mazda and Honda have plants in Mexico, which produce cars for export markets including the United States. US automakers Ford and General Motors also have factories in Mexico.
Shares in Mazda (MZDAF) plunged more than 7% in Japan. Nissan's (NSANF) stock dropped over 5%, while Honda (HMC) dipped 4% and Toyota (TM) shed nearly 3%. Volkswagen stock plunged 3.6% in Frankfurt and Fiat Chrysler gave up nearly 5% in Milan.
According to Goldman Sachs, the United States imports roughly $93 billion of goods related to autos each year from Mexico. That's by far the most valuable category shipped north from Mexico.
From CNN Business' Julia Horowitz
A tariff threat from President Donald Trump is roiling markets again.
US stock futures and global stock markets, including shares of Asian and European automakers, tumbled Friday after President Donald Trump said the United States will impose a 5% tariff on all Mexican imports.
US markets finished modestly higher yesterday, recovering a small portion of the week's losses. But despite the gains, all three major indexes are still down on the week.
The Dow is on track for its sixth consecutive weekly decline, its longest streak of that kind since June 2011.
From CNN Business' Julia Horowitz
A tough week for US retailers drags on.
Even so, a recent string of bad results from retail companies, including Abercrombie & Fitch (ANF) and Canada Goose (GOOS), are sparking fears about consumer spending.
New data could provide more information. US personal income and personal spending data for April comes out at 8:30 a.m. ET today.
And a final read of the University of Michigan's consumer sentiment index for May hits at 10 a.m. ET.
From CNN Business' Julia Horowitz
Crude oil prices are on track for their first monthly loss of the year.
Brent crude oil, the global benchmark, dropped 3.5% today to $64.52 on new global trade fears. US oil fell more than 2.5% to $55.16.
Driving the decline: concern that an escalating global trade fight will ding economic growth. Investors are also nervous about excess supply.