Trump-Musk Fight Tears Markets Apart

đŸ€Ż And stablecoin issuer Circle's shares doubled post-IPO

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📰 Market Headlines

Stocks were choppy on Thursday as the President Trump-Musk feud escalated and investors weighed the fallout.

  • The Dow fell nearly 0.3%, the S&P 500 was down more than 0.5%, and the Nasdaq dropped over 0.8%.

Trump & Elon are at each other’s throats. The relationship between the world’s most powerful man and the world’s richest man blew up on X yesterday. After blasting Trump’s “beautiful” bill, Elon accused him of being on Epstein’s list. Trump fired back with a threat to cut Tesla’s tax breaks, saying Musk went “crazy.” The President is reportedly not interested in taking Musk’s calls right now.

Circle has more than doubled from its IPO price. The stablecoin issuer is seeing massive support from a newly crypto-friendly political climate. Its stablecoin USDC currently has the 7th largest market cap of all cryptocurrencies at $61 billion—just behind Coinbase’s market cap of $62 billion.

President Xi talked with Trump yesterday, who said it was a “very good” 90 minute call. The two world leaders agreed that officials from their respective countries will be meeting soon to continue trade talks. Which is a good thing indeed—the White House may have extended the tariff pause by a month to August, but the clock is ticking.

The Nintendo Switch 2 has taken over the free time and social feeds of millennials, Gen Zers, and Gen Alphas around the world. They lined up to received their preorders last night at 12:00 AM. Nintendo expects to sell 15 million consoles by March 2026, but analysts think this is an underestimate.

đŸ˜± Fear and Greed Index

🧠 Make yourself heard

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📊 Chart of the day

Today, we have an in-depth visual breakdown of how the “Big, Beautiful Bill” is actually set to play out.

Zerohedge said on X that the tax cuts would come into play on the front end, while the next president will be left to deal with spending cuts (in 2029).

đŸ€– AI/Future/Tech News

  • Rippling lodged an 84-page amended complaint against HR tech rival Deel, accusing it of operating a "criminal syndicate".

  • Amazon revealed plans for humanoid robots to deliver packages directly to customers' doors, with testing set to begin in San Francisco.

📊 Alternative investing news

  • Gold fell nearly 1% to $3,347.79 an ounce after U.S. President Donald Trump and Chinese leader Xi Jinping agreed to further trade talks.

  • Anduril raised $2.5 billion in a Series G round led by Founders Fund, doubling its valuation to $30.5 billion after revenue hit $1 billion in 2024.

💡 When Insiders Buy Shares, We Pay Attention

We’d be willing to bet you haven’t heard of at least some of these stocks—but insiders are buying, so we’re sharing their tickers with you.

None of them have very good AI Scores, but insider buying can signal confidence in a company’s future from top executives—a data point worth considering.

Click to go to the AltIndex website and see more on each company.

Always do your own research.

⚔ Trade wars

  • US imports plunged 20% in April, marking their largest monthly drop on record as businesses adjusted to the wave of tariffs.

  • Mexico's steel industry warned its exports to the US were cut in half last month as more and more appears to ride on the US Steel-Nippon deal.

đŸȘ™ Crypto

  • Trump Media filed for a Bitcoin ETF with the SEC, to be managed under its fintech brand Truth.Fi, in partnership with Yorkville Advisors and Crypto.com.

  • Improving US regulatory clarity may catapult Bitcoin past $150,000 during the current market cycle, according to Foresight Ventures' Alice Li.

  • Private equity has strayed from its roots, said Thoma Bravo founder Orlando Bravo. He pointed to leaders fixated on macro trends and longer asset holds.

  • New jobless claims jumped to 247,000 in the past week, the highest since October and up 8,000 from the prior week.

🌍 International Markets

  1. 🇹🇳 China granted production approval for its first home-grown AES100 helicopter engine as Beijing works to counter US export restrictions.

  2. đŸ‡ș🇬 World Bank reinstated loans to Uganda despite the country's harsh anti-LGBTQ laws, saying new mitigation measures will ensure funding doesn't discriminate.

  3. đŸ‡ŻđŸ‡” Japan is preparing to offer the US a cooperation package focused on supply chains for Chinese rare earths and American LNG at their next tariff talks.

  4. đŸ‡©đŸ‡Ș The dollar tumbled against the euro Thursday after the European Central Bank signaled a possible end to its year-long policy easing cycle.

đŸŽ€ What you said last time

“I have literally never heard of them and have no idea what they do. That kind of blind investing is a recipe for disaster.”

🚚 Market movers

  • Suzuki halted Swift production through June 12 due to rare earths shortages tied to Chinese export restrictions. Partial output resumes June 13.

  • Nvidia extended its lead in AI chip performance, topping new MLCommons benchmarks for training large-scale systems.

📊 Earnings this week

  • Broadcom smashed Q2 earnings expectations and saw a price target increase; shares still slumped 0.44%.

  • Lululemon Athletica ended its 5-day streak as investors failed to find confidence in the niche; shares fell 1.3%

  • Duluth Holdings posted quarterly losses just below expectations; shares plunged over 17%.

  • Lands' End hit analyst targets with quarterly earnings but missed revenue projections, shares still jumped 13.2%

đŸŠïž Curated finance Twitter roundup

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

  1. Why Nvidia CEO Jensen Huang had a private meeting with Taiwan’s President

  2. Chart depicting the US’s rapid rise in debt accumulation over 220 years

  3. The Kobeissi Report’s analysis on the weakening job market

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đŸ“ș What to watch today

That’s all for today. Did I miss anything? Smash the reply button to let me know.

Cheers,
Brandon with Stefan & Wyatt

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