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📰 Market Headlines

Markets slid on Wednesday ahead of Nvidia's highly anticipated earnings report.

• The Dow rose 1%, the S&P 500 rose 1.6%, and the Nasdaq jumped 1.6%.
  

• Nvidia shares rose 5% on an earnings report that was "good enough to avoid disappointment," according to analyst Ryan Mellor.

“TACO” hits Wall Street — and Trump’s nerves. Wall Street has a new term for Trump’s tariff moves: TACO, for “Trump Always Chickens Out.” The acronym reflects Trump’s pattern of threatening steep tariffs, waiting for markets to panic, and then backing off, sending stocks soaring. When asked about it this week on live TV, Trump called the question “nasty” and insisted it’s just negotiation. Here’s the original clip.

US trade court rules Trump must take down tariffs. The court stated that he didn’t have the authority to enact them in the first place. The White House was given 10 days to stop the tariffs—but Trump has already appealed the ruling. Furthermore, here’s why Goldman Sachs thinks the White House will find a way around it using four key tools.

Elon Musk is officially leaving the Trump administration. The news comes just one day after the Tesla CEO expressed disappointment with Trump’s recent bill: “I think a bill can be big or it could be beautiful, but I don’t know if it could be both,” he said. Alternative press covered what’s next for the world’s richest man here.

😱 Fear and Greed Index

🧠 Make yourself heard

🤖 AI/Future/Tech News

• Meta AI just reached a massive new user count milestone—here’s what’s next for Zuckerberg’s tech titan.

• President Trump’s “One Big Beautiful Bill” set a 10-year freeze on state AI laws, threatening over 60 existing rules on algorithmic bias and public-sector AI.

• Honor entered robotics with its $10 billion AI push, helping Unitree break the humanoid speed record at 4 meters per second.

• Infosys launched Agentic AI Foundry to deploy custom AI agents, cutting support times by 50% and boosting customer satisfaction by 24% for early users.

• Mortgage debt is in crisis—how much did 3 huge Seattle offices miss in payments, and why is special servicing on mortgages double what it was just two years ago?

• Patria Investments raised $314 million for its first Latin America-focused private credit fund and has already lent out half the capital.

• Bravo Property Trust secured $400 million from a Middle Eastern sovereign wealth manager to fund US property loans in the bridge, multifamily, and healthcare sectors.

📈 Most Penny Stocks are Trash—but…

A lot of the time, it’s best to stay away from penny stocks.

But AltIndex gave some of them a really high AI score using a combination of alternative data and technical analysis—so we’re paying attention to them.

Want to see which penny stocks the AI is a fan of?

⚔️ Trade Wars

• Why are vessel cancellations in California worse than they were during COVID?

• Secretary of State Marco Rubio announced restrictions on foreign officials who "censor Americans," including those targeting US tech companies.

• President Trump’s administration ordered US chip designers to halt sales to Chinese groups, according to the Financial Times.

• Congress introduced the ANTE Act, aiming to close loopholes that let China-backed firms dodge Section 301 tariffs by shifting production to third countries.

 💡 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

“Trump is a transactional person who can't help himself. He must be on the "winning" end of any relationship. The win can't be powerful either. It has to be tactile, favors, goods, and transactions. However, he then brags about how he 'won', because he's a tactless buffoon, and grates the relationship of all but them most sycophantic tin-pot-dictators. ”

🚚 Market movers

• e.l.f. Beauty bought Hailey Bieber’s Rhode for $1 billion, gaining a Gen Z brand that brought in $212 million last year.

• Ford recalled 1.1 million vehicles over a rearview camera glitch, with update letters going out June 16 and fixes arriving in Q3.

• General Mills signaled layoffs with a $70 million severance charge as shoppers shift to cheaper brands and growth slows.

• Stellantis dropped Amazon for Google’s Android in its car software after a stalled three-year partnership, but kept AWS for cloud services.

📊 Earnings this week

• e.l.f. Beauty posted fiscal 2025 net sales growth of 28% and Q4 sales up 4%; shares jumped 6%.

• Nvidia crushed estimates as data center sales rocketed 73%; the stock climbed about 3% after hours.

• Abercrombie & Fitch smashed Q1 expectations, fueled by a 23% surge in Hollister comparable sales; shares catapulted 32%.

• Salesforce raised its fiscal 2026 outlook after a Q1 revenue beat; shares advanced 3% in late trading.

• Dick’s Sporting Goods saw Q1 net sales rise 5.2%, marking a fifth straight quarter of 4%+ comp growth; shares wobbled, closing down 1%.

🐦️ Curated Finance Twitter Roundup

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

1. Wild graph detailing average US home prices in BTC over the years

2. Some very unusual (insider?) trading on Nvidia’s new partnership

📺 What to watch today