The IRS has proposed an update to the Form W-4 that it says will increase its accuracy and reduce its complexity. But experts caution that it will feel different to employees and may prove a bit more difficult for some.
The stock market stumbled Friday to its first losing month of 2019 in May, primarily due to President Donald Trump's decision to broadly wield his tariff powers, first against China over trade and then against Mexico over immigration.
It was only a month ago that the S&P 500 hit a record high and underlined its claim as the longest bull market for stocks on record, at more than a decade long. The market had climbed steadily through 2019 amid rising investor confidence that a deal with China was at hand and that the Federal Reserve would not tip the economy into recession by raising interest rates too aggressively.
The S&P 500 index fell 36.80 points, or 1.3%, to 2,752.06. It's the first time the S&P 500 has dropped for four straight weeks since autumn 2014. The new tariffs on Mexican goods shocked investors who were already nervous about a global trade war crimping economic growth. Energy companies sank following another broad slide in oil prices. Occidental Petroleum fell 4.1% and Valero Energy dropped 3.4%.
Economists say China may be drawing up its own list of retaliatory targets among U.S. companies. The worry is that a trade war fought on multiple fronts around the world will be a drag on corporate profits and on a U.S. economy that's been supported by a solid job market.
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