📰 Market Headlines

US stocks tumbled sharply yesterday as President Trump's tariff policies spooked investors.

• The S&P 500 fell 2.2%, the Dow dropped 1.7%, and the Nasdaq sank over 3%.

Fed Chair Powell warned of higher inflation and slower growth as Nvidia reported a $5.5 billion hit from US chip export controls, dragging tech stocks down over 7%.

Quotes from Powell’s speech include: "For the time being, we are well positioned to wait for greater clarity" on the impact of policy changes in areas such as immigration, taxation, regulation and tariffs. Powell reiterated that the Trump administration's tariffs are "significantly larger than anticipated." "The same is likely to be true of the economic effects, which will include higher inflation and slower growth.”

TLDR: it sounds like interest rates are not going to be cut in the near term by Fed Chair Powell, in opposition of Trump’s wishes.

In response, Trump says Powell’s termination can’t happen soon enough.

Chinese freight cancellations jumped, with 80 sailings scrapped and US container imports projected to fall by up to 800,000 units.

California sued President Trump’s administration to block new tariffs, arguing they caused economic harm and violated constitutional limits on presidential trade powers.

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 📊 Ideas, trends, and analysis

🧠 Make yourself heard

There’s clearly an escalation and a strong difference in opinions between the president and the fed chair. What would you like to see happen with Jerome Powell and Trump?

😱 Fear and Greed Index

📊 Earnings this week

• Abbott Labs beat Q1 estimates and announced a US facility investment; shares surged 4%.

• Alcoa beat Q1 EPS estimates; shares rose 1.58% before sliding 1.03% after hours.

• ASML beat Q1 earnings but issued weak Q2 sales guidance; shares tumbled 7.1%.

• Citizens announced the sale of $1.9 billion in student loans; shares advanced 1.2%.

• Progressive reported Q1 net income up 10%; shares climbed 2.8%.

• Travelers posted Q1 profit despite record wildfire losses; shares jumped 4%.

Market movers

• Temu slashed US ad spend and dropped in App Store rankings after President Trump announced 145% tariffs.

• OpenAI entered talks to acquire AI coding startup Windsurf for $3 billion.

• Interior Secretary Burgum halted Empire Wind construction, citing flawed environmental review.

• eBay partnered with Checkout.com to expand payments across 190 global markets.

• The US opened an investigation into DeepSeek’s access to Nvidia chips, threatening tech restrictions.

• Hyundai launched a tariff-focused Assurance Program to shield US customers, backed by expanded production in Alabama and Georgia.

🎤 What you said last time

“Product quality matters. I switched to an NVIDIA card two years ago and now I am a believer. Customer experience is worth billions just ask Apple.”

📺 What to watch today