By STAN CHOE

NEW YORK (AP) — Wall Street edged higher in a quiet Tuesday after roaring the day before on hopes that President Donald Trump’s tariffs may not be as sweeping as earlier feared.

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The S&P 500 added 0.2% after jumping 1.8% Monday to one of its best days of the last year. The Dow Jones Industrial Average inched up by 4 points, or less than 0.1%, and the Nasdaq composite rose 0.5%.

U.S. stocks have recovered a chunk of their losses since falling 10% below their all-time high earlier this month, for their first “correction” since 2023. The S&P 500 is now down 6% from its record, and that drop has left the market looking less expensive than before, which had been a major criticism following its euphoric rise in earlier years.

But strategists along Wall Street warn that more sharp swings are still likely on the way with an April 2 deadline looming. That’s what Trump has called “Liberation Day,” when he will begin tariffs on trading partners that he says will roughly equal what he sees as the burden each of them puts on the United States. Monday’s spurt for Wall Street came on hopes that Trump’s “reciprocal” tariffs may be more targeted than had earlier been feared.

“We think markets are underplaying the risk of a tariff shock in early April,” according to Ajay Rajadhyaksha, global head of research at Barclays. He points not only to traders’ expectations for upcoming volatility in the stock market but also to the values of the Mexican peso and Canadian dollar, which haven’t weakened substantially from the last postponement of tariffs.

Even if Trump’s tariffs do end up being less painful for the global economy than feared, all the dizzying talk about them has already soured confidence among U.S. households and businesses. The fear is that could lead them to cut back on their spending and freeze the economy.

A report on Tuesday showed that pessimism among U.S. households is only worsening. The Conference Board’s measure of consumer confidence fell by more than expected, mostly because of a tumble for expectations about upcoming conditions in the short term. That dropped to its lowest level in 12 years and is sitting “well below the threshold of 80 that usually signals a recession ahead.”

Like other recent surveys, the data showed U.S. households are much more concerned about where the economy is heading than where it is currently. So far, actual economic activity and the job market seem to be holding up despite the worsening moods of U.S. companies and consumers.

On Wall Street, Trump Media & Technology Group climbed 8.9% after the company behind the president’s Truth Social platform said it had reached an agreement with Crypto.com to offer a suite of “America-First” investment funds.

The exchange-traded funds will hold bitcoin and other digital assets, along with what TMTG called “securities with a Made in America focus spanning diverse industries such as energy.” Crypto.com will support the backend technology, provide custody and supply the cryptocurrencies for the ETFs, which will operate under TMTG’s Truth.Fi brand.

Tesla rose 3.4% after drifting between modest gains and losses following more grim sales figures from Europe. Its stock nevertheless remains down nearly 29% for 2025 so far.

European sales of Tesla’s electric vehicles dropped by nearly half during the first two months of the year, compared with a year earlier, even as the overall market for battery-powered cars grew, according to the European Automobile Manufacturers Association.

In addition to an aging model line, drops in sales may be due in part to CEO Elon Musk’s endorsement of Germany’s far-right party in last month’s national election, his embrace of fringe political movements and a gesture during a Trump event in January that many saw as a Nazi salute. Tesla is also facing increasing competition from Chinese carmakers such as BYD.

Homebuilder KB Home dropped 5.2% after reporting weaker profit and revenue for the latest quarter than analysts expected. Already mired in a slump, homebuilders may face potentially rising costs due to tariffs, which they will have to pass on to buyers. A report on Tuesday morning said U.S. sales of new homes last month were slightly weaker than economists expected.

All told, the S&P 500 rose 9.08 points to 5,776.65. The Dow Jones Industrial Average rose 4.18 to 42,587.50, and the Nasdaq composite climbed 83.26 to 18,271.86.

In stock markets abroad, indexes rose in much of Europe following a mixed finish in Asia.

In the bond market, Treasury yields eased. The yield on the 10-year Treasury fell to 4.31% from 4.34% late Monday.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

By SUSAN HAIGH

The U.S. Postal Service is facing an uncertain future after the resignation this week of Postmaster General Louis DeJoy and the suggestion by President Donald Trump and Elon Musk, who heads the Department of Government Efficiency, that the mail service could be privatized.

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Unions representing postal workers have balked at the idea of privatization, staging protests across the country.

While they support modernization efforts, including those initiated by DeJoy, union leaders warned that allowing private corporations to run the U.S. mail will ultimately harm everyday citizens, especially the estimated 51 million people living in rural areas who depend on the Postal Service.

“It’s a terrible idea for everyone that we serve,” National Association of Letter Carriers President Brian L. Renfroe said during a panel discussion at the National Press Club in Washington, D.C., on Tuesday.

What happens next may depend on who becomes the next postmaster general. The U.S. Postal Service Board of Governors, an independent establishment of the executive branch that oversees the Postal Service, has retained a global consulting firm to conduct a search for the 76th postmaster general and CEO.

USPS currently employs about 640,000 workers tasked with making deliveries from inner cities to rural areas and even far-flung islands.

Trump and Musk look to make big changes to the USPS

In February, Trump said he may put the U.S. Postal Service under the control of the Commerce Department in what would be an executive branch takeover of the agency, which has operated as an independent entity since 1970.

“We want to have a post office that works well and doesn’t lose massive amounts of money,” Trump said during the swearing-in ceremony for Commerce Secretary Howard Lutnick. “We’re thinking about doing that. And it’ll be a form of a merger, but it’ll remain the Postal Service, and I think it’ll operate a lot better.”

While he didn’t say anything about privatization at the event, the president has voiced support for the idea in the past. In December, he suggested privatizing the service given the competition it faces from Amazon, UPS, FedEx and others.

“It’s an idea a lot of people have had for a long time. We’re looking at it,” the president said.

Musk, meanwhile, voiced support this month at a tech conference for privatizing the Postal Service, saying, “We should privatize anything that can reasonably be privatized,” the New York Times reported.

Postal workers protest, warn Americans may lose a beloved service

Across the country, postal workers have been staging protests in recent days, many chanting “U.S. mail not for sale,” and some holding signs that read: “The post office belongs to the people, not billionaires,” a reference to Musk.

FILE – Letter carrier Fred Moss holds up signs during a protest, part of a national series of rallies against the Trump administration’s plans to privatize or restructure the U.S. Postal Service, Sunday, March 23, 2025, in Las Vegas. (Steve Marcus/Las Vegas Sun via AP, File)

Renfroe said the goal of the protests is to make the American public aware that drastic changes are being considered for the Postal Service.

“Our message is: ‘No.’ Private business is interested in doing things that are profitable, as they should be,” he said.” But that is the distinction between private business and what we are, a public service, where we serve everyone, everywhere, no matter where they live, for the same price every day.”

How did the USPS end up in such a bad financial position?

Since a reorganization in 1970, the USPS has been largely self-funded. The bulk of its annual $78.5 billion budget comes from customer fees, according to the Congressional Research Service. Congress provides a relatively small annual appropriation — about $50 million in fiscal year 2023 — to subsidize free and reduced-cost mail services.

Amid challenges that include the decline in profitable first-class mail and the cost of retiree benefits, the Postal Service accumulated $87 billion in losses from 2007 to 2020. However, the service reported a $144 million profit last quarter, attributing it to DeJoy’s 10-year plan to modernize operations and stem losses. The service had reported a net loss of $2.1 billion for the same quarter last year.

“By steadily improving our product portfolio, we are increasing our competitive position in the shipping marketplace,” DeJoy said in a written statement February accompanying the first quarter results for Fiscal Year 2025.

Union leaders said Wednesday that they hope the next postmaster general sticks with the modernization plan and considers harnessing the Postal Service to provide other services to the public, including basic banking, electric vehicle charging and even U.S. Census work.

“Our network of physical locations, retail locations … our delivery network, puts us in a position to do so many different things,” Renfroe said.

NEW YORK (AP) — A brand that was notoriously connected to music piracy before reemerging as a subscription music service has been sold to Infinite Reality for $207 million.

The tech startup announced Tuesday it had bought Napster in hopes of transforming the streaming service into a social music platform where artists can connect with fans and better monetize off their work.

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“The internet has evolved from desktop to mobile, from mobile to social, and now we are entering the immersive era. Yet, music streaming has remained largely the same. It’s time to reimagine what’s possible,” said Napster CEO Jon Vlassopulos in a blog post.

Among its plans to update Napster, Infinite Reality said it will create virtual 3D spaces that will allow fans to attend concerts, and give musicians or labels the ability to sell digital and physical merchandise. Artists will also receive a wider range of metrics and analytics to better understand the behavior of platform users.

“We can think of no better use case for our technology than putting it in the hands of music artists who are constantly pushing the boundaries of what’s possible,” said Infinite Reality Chief Business Officer Amish Shah.

Napster was launched in 1999 by Shawn Fanning and Sean Parker and quickly became the first significant peer-to-peer file-sharing application. It shuttered in early 2000s after the record industry and popular rock band Metallica sued over copyright violations. Rhapsody later bought the brand in 2011 and relaunched it as a music streaming service.

All signs point to J.J. McCarthy being the starting quarterback for the Vikings moving forward.

The situation got much more clear last week when multiple reports revealed that the Vikings were no longer pursuing Aaron Rodgers.

That said, McCarthy offered up an interesting nugget to television personality Kay Adams on Tuesday morning before his group teed off at NFLPA Classic in Mayakoba, Mexico. Asked during his appearance on the Up & Adams Show when he found out he was going to the starter, McCarthy replied, “They haven’t told me.”

“I’m happy they didn’t because I try to earn it every single day,” McCarthy added. “I never want that to be given to me. It’s such a privilege and opportunity for them to give me that chance. I’m just going to make the most of it.”

It’s not necessarily surprising that the Vikings haven’t committed to McCarthy as their starter next season considering he doesn’t have much experience under his belt.

Though he was selected with the No. 10 pick in the 2024 NFL Draft, and seemed to be trending in the right direction during training camp, McCarthy still hasn’t taken an official snap after suffering a torn meniscus during an exhibition game as a rookie.

As frustrating as the injury was for McCarthy at the time, he said he has found a silver lining in the fact that it grounded him and reminded him what was important in life.

“It was the ultimate blessing because it’s such a time of stillness,” McCarthy said. “It’s huge for young guys to find that routine that they can rely on and stay consistent with. So, I would say that was the biggest thing for me.”

It helped that McCarthy got to learn the ropes of the position from afar last season while Sam Darnold rewrote the narrative on his career while leading the Vikings to the playoffs. That should pay dividends whenever it’s time for McCarthy to take over under center.

Where is he at with the recovery process?

“I would say I’m 100 percent,” McCarthy said. “Just staying consistent with the rehab process and not wavering from that.

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