Good morning, you're listening to Markets Desk.
General Motors is taking a hard hit today, posting its worst single-session decline in over a year after the automaker slashed its full-year profit outlook and announced plans to pause production on certain truck lines. Tariff pressures and demand uncertainty are clearly weighing on the Detroit giant's near-term calculus.
Shifting to tech, Ramp has formally applied for a national bank trust charter, joining a growing wave of fintechs seeking direct access to the federal banking system. The expense management platform is specifically targeting fiduciary investment management and digital asset custody — a significant strategic pivot that signals where embedded finance is heading next.
And in geopolitics with real market implications, Trump envoy Tom Barrack delivered a pointed message to Gulf allies this week, warning that Washington cannot guarantee their security indefinitely. With tensions following the Iran conflict still raw, that signal introduces fresh uncertainty into a region that underpins global energy supply chains — and traders in oil markets will be watching closely.
That's the tape. Markets Desk, signing off the floor.
