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📰 Market Headlines

Markets bounced back on Thursday as investors digested Nvidia’s earnings and tariff drama.

•  The Dow added 0.3% yesterday, while the S&P 500 and Nasdaq rose about 0.4% each.

A federal appeals court has already reinstated Trump’s tariffs just one day after a trade court blocked them. But we’re noticing that the dramatic tariff-induced market swings don’t seem as big as before. It appears the market might be getting a bit numb to the extreme shifts in policy. And after all the TACO (“Trump Always Chickens Out”) headlines, Trump’s tone has shifted: “China HAS TOTALLY VIOLATED ITS AGREEMENT WITH US,” he posted. “So much for being Mr. NICE GUY!” Here’s a breakdown of the current tariff situation.

The SEC has officially dropped its case against crypto exchange Binance—the same lawsuit that led to former CEO Changpeng Zhao, aka CZ, stepping down. It’s the latest in a string of cases the agency is walking back under its new, more crypto-friendly leadership. CZ celebrated by clowning former SEC chair Gary Gensler on Twitter.

Trump met with Fed Chair Jerome Powell on Thursday to push for rate cuts. Powell pushed back, stressing the Fed’s independence—despite Trump’s pressure and public name-calling. The President seems convinced lower rates are the key to economic growth (and maybe lower Treasury yields). But what happens if the Fed cuts—and nothing improves?

😱 Fear and Greed Index

🧠 Make yourself heard

🤖 AI/Future/Tech News

• Here’s why generative AI’s greatest critic thinks it can never deliver on its huge promises.

• Honor unveiled plans to invest $10 billion over five years to evolve from a smartphone maker into an AI-powered ecosystem company.

• Victoria's Secret took down its US website and online customer service operations after a cybersecurity incident.

• Read why the US Department of Energy is building (another) supercomputer, using Nvidia and Dell technology.

• AMD announced its Radeon AI PRO R9700 GPU, designed specifically for the Chinese market, following Nvidia's lead in creating export-compliant AI chips.

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⚔️ Trade Wars

• Senator Marco Rubio announced plans to purge visas for Chinese students, particularly those with connections to the Chinese Communist Party.

• Canada quietly scaled back its retaliatory tariffs against the US, granting a six-month reprieve for goods used in manufacturing and other key sectors.

• The Trump administration severed access for American companies selling semiconductor design software to China and Chinese military end users globally.

✨ Should You Buy the Magnificent Seven?

The Magnificent Seven got their name for a reason—but only one of them is worthy of a “buy” signal right now, according to AltIndex.

You probably already know it’s not Tesla (AI Score of 33/100).

Amazon doesn’t seem to be doing too well either (43/100).

Maybe you’ve already guessed which one of the seven seems worth buying—but even if you have, click to see the stock below, and sign up for a free trial to see its AI Score.

 💡 Ideas, trends, and analysis

📗 Recommended Reading

Do you like newsletters? We do.

We put together a list of newsletters that our readers tend to enjoy, covering topics like:

💸 Finance
🤖 AI
💰️ Wealth building
❤️ Health
✅ And more.

Check them out to add more high-value reading to your daily routine.

🎤 What you said last time

“Dude don't chicken, but he never does anything at the scale he says he will.”

🚚 Market movers

• Meta announced plans to expand its retail footprint with a goal to open more physical stores, aiming to boost hardware sales like VR headsets and smart glasses.

• LinkedIn, owned by Microsoft, cut 270 jobs across Bay Area offices. These layoffs followed Microsoft’s 6,000 global job cuts announced earlier in May.

• Volvo Cars reduced its workforce by about 3,000 positions, or 15% of its office staff, as part of a $1.88 billion cost-saving plan amid tariff uncertainty.

📊 Earnings this week

• American Eagle Outfitters posted earnings that beat estimates, shares climbed 0.1%.

• Best Buy missed revenue expectations and cut full-year guidance; shares plunged 7.3%.

• Burlington Stores beat expectations with strong revenue growth, raising full-year guidance; shares still fell 4.5%.

• Dell Technologies delivered strong EPS, topping forecasts, though revenue came in light; shares edged down 0.1%.

🐦️ Curated Finance Twitter Roundup

We’ve gone through and picked out some Twitter posts we think you’ll get value from.

1. Video footage of the Vice-Chair of the DNC calling out Pelosi on insider trading

2. The seller-buyer gap in the housing market just broke a record

3. The latest update on why quantum computing could render Bitcoin useless

📺 What to watch today