Stock market news today October 1

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Trump lashes out at ‘babies’ complaining about tariffs,
which he says led to the massive new trade deal with Canada and
Mexico

President Donald Trump on Monday
slammed critics of his restrictive trade policy during a
press conference discussing the
new trade agreement reached by the US,
Canada, and Mexico.

Trump said his recent steel
and aluminum tariffs as well
as threats
of tariffs on imported cars were a key
reason the three
countries were able to come to an agreement
on an update to NAFTA that
Trump is calling the US-Mexico-Canada Agreement.

“By the way, without tariffs, we wouldn’t be talking about a
deal,” Trump said. “Just for those babies out there that talk
about tariffs. That includes Congress. ‘Oh please don’t charge
tariffs.’ Without tariffs, we wouldn’t be standing here.”

Trump launched the renegotiation
of the North American Free Trade Agreement just
days after taking office, and official
talks kicked off in August 2017. Little progress was made during
the first year of talks, but a furious
push to wrap up the deal before the end of
Mexican President Enrique Peña Nieto’s term at the end of
November helped to break the impasse.

General Electric removes John Flannery as CEO

Struggling General
Electric just ousted CEO John
Flannery after less than a year. The
company said on Monday that
H. Lawrence Culp, Jr. would take over as chairman and CEO
effective immediately.

But the company’s problems date back much further than Flannery’s
tenure.

Since achieving a peak market cap of $594 billion way back in
August 2000, GE has seen its value tumbled by almost $500
billion. As of Friday’s close, the company was worth just $98
billion.

Facebook just appointed a 10-year company veteran to
replace Kevin Systrom as the head of Instagram

Instagram
has named Adam Mosseri, the current VP of product, to head up the
photo sharing platform.

In a blog
post Monday afternoon, Instagram said Mosseri would be taking
over following the surprise announcement last week that
co-founders Kevin Systrom and Mike
Krieger would
be departing the company.

The two co-founders left
Instagram following growing tensions with
Facebook CEO Mark Zuckerberg. The social media giant acquired
Instagram in 2012 for $1 billion.

Mosseri first joined on to Facebook’s design team in 2008. In his
new role, Mosseri will “oversee all functions of the business and
will recruit a new executive team including a head of
engineering, head of product and head of operations.”

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