Judge finds mass firings likely to be unlawful

A federal judge in San Francisco finds the mass firings of probationary employees were likely unlawful.

Thursday’s decision grants some temporary relief to a coalition of labor unions and organizations that has sued to stop the Trump administration’s massive trimming of the federal workforce. U.S. District Judge William Alsup ordered the Office of Personnel Management to inform certain federal agencies that it had no authority to order the firings of probationary employees, including the Department of Defense.

Congress votes to kill Biden-era methane fee

Congress sent to President Donald Trump’s desk a repeal of a fee on excess methane emissions from oil and gas production.

The Senate on Thursday followed the House and passed a Congressional Review Act resolution to repeal key part of the Biden administration’s climate policy aimed at controlling a planet-warming “super pollutant.” The fee was expected to bring in billions.

Wall Street falls sharply as Nvidia tumbles 8.5%

U.S. stock indexes fell sharply as Wall Street’s frenzy around artificial-intelligence technology faltered some more.

The S&P 500 sank 1.6% Thursday for its fifth drop in six days after setting an all-time high last week. The Dow Jones Industrial Average fell 0.4%, and the Nasdaq composite tumbled 2.8%. Nvidia and other high-momentum AI stocks weighed heavily on the market Thursday as Wall Street’s biggest stars keep dimming.

CFPB drops several enforcement lawsuits

The Consumer Finance Protection Bureau has dropped several enforcement actions against companies like Capital One and Rocket Homes, just weeks under new leadership and turmoil at the agency caused by orders from Trump administration.

In notices of voluntary dismissals filed on Thursday, the CFPB dropped lawsuits it had brought against Capital One, Rocket Homes, Vanderbilt Mortgage and Finance, owned by Warren Buffett’s Berkshire Hathaway, and more.

EU pushes back hard against tariff threats

The European Union is insisting that the 27-nation bloc is not out to undermine the United States as U.S. President Donald Trump put it.

The EU says instead that the bloc was the world’s largest free market that has created an economic windfall for U.S. companies working on and with the continent. The bloc also said that it would vigorously fight a wholesale tariff of 25% on all EU products headed for the United States.

Estimate of US growth confirms 2.3% expansion

The American economy grew at a solid 2.3% annual rate the last three months of 2024, supported by a burst of year-end consumer spending, the government said, leaving unchanged its initial estimate of fourth-quarter growth.

The outlook for 2025 is cloudier as President Donald Trump pursues trade wars, cutbacks in the federal workforce and mass deportations. The Commerce Department reported Thursday that growth in gross domestic product decelerated from a 3.1% pace in July-September 2024.

Average US rate on 30-year mortgage falls

The average rate on a 30-year mortgage in the U.S. eased for the sixth week in a row, a welcome boost in purchasing power for home shoppers just as the annual spring homebuying season gets going.

The average rate fell 6.76% from 6.85% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.94%.