American Eagle reports fourth quarter earnings

American Eagle Outfitters Inc. on Wednesday reported fiscal fourth-quarter earnings of $104.3 million. The Pittsburgh-based company said it had net income of 54 cents per share.

The teen clothing retailer posted revenue of $1.6 billion in the period. For the year, the company reported profit of $329.4 million, or $1.68 per share. Revenue was reported as $5.33 billion.

Canada will announce more than $20B in tariffs

Canada will announce Canadian $29.8 billion or $20.7 billion in retaliatory tariffs in response to the 25% steel and aluminum tariffs that U.S. President Donald Trump has leveled.

The European Union on Wednesday also announced retaliatory trade action with new duties on U.S. industrial and farm products.

Canada’s incoming PM: Trump meeting possible

Incoming Canadian Prime Minister Mark Carney says he’s ready to meet with U.S. Donald Trump if he respects Canadian sovereignty and is open to talk about a common approach to trade.

Trump has declared a trade war on his northern neighbor and continues to call for Canada to become the 51st state, a position that has infuriated Canadians. Trump has threatened economic coercion in his annexation threats and suggested Tuesday the border is a fictional line.

Trump to choose top bank regulator at Fed

The Trump administration is expected to choose Federal Reserve governor Michelle Bowman to be the central bank’s top financial regulator, according to a person familiar with the decision.

Bowman, who has been a member of the Fed’s governing board for six years, would replace Michael Barr, an appointee of former President Joe Biden who stepped down last month.

Wall Street rises, but uncertainty remains

U.S. stock indexes rose after getting some relief from an encouraging inflation update. But even on a rare up day for the market, President Donald Trump’s tariffs still knocked stocks around on Wednesday.

The S&P 500 climbed 0.5% after skidding between an even bigger early gain and a later loss. The Dow Jones Industrial Average also pinballed between gains and losses, before winding up with a 0.2% dip. The Nasdaq composite rallied 1.2%.

Affordable housing at risk as program halted

The Associated Press has obtained a document showing that the Trump administration is halting a $1 billion program that helps preserve affordable housing.

The cuts could jeopardize projects across the country intended to keep 25,000 units energy-efficient, livable and affordable for low-income Americans. The details of how the program will be wound down remain unclear.

Intel hires former board member as new CEO

Struggling chipmaker Intel has hired former board member and semiconductor industry veteran Lip-Bu Tan as the latest in a succession of CEOs to attempt to turn around the company that helped define Silicon Valley.

Tan, 65, will take over the daunting job next Tuesday, more than three months after Intel’s previous CEO, Pat Gelsinger, abruptly retired.

EPA head says he’ll roll back regulations

The head of the Environmental Protection Agency has announced a series of actions to roll back landmark environmental regulations, including rules on pollution from coal-fired power plants, climate change and electric vehicles.

EPA Administrator Lee Zeldin said Wednesday his actions will eliminate trillions of dollars in regulatory costs and “hidden taxes.”