US stocks climbed Wednesday after the Federal Reserve held rates steady at its May meeting.
The Dow gained 0.7%, the S&P 500 rose 0.4%, and the Nasdaq edged up 0.3%.
Trump announced a US-UK trade deal this morning, causing DOW futures to rise 300 points. He said that other deals are in “serious stages of negotiation.”
Alphabet and Apple shares plunged 7% when Apple SVP of Services Eddy Cue testified that generative AI could replace search engines like Google. He was defending Apple’s use of Google as the default search engine in Safari—a deal that brings Apple $20 billion a year.
The Fed held rates steady at 4.25% to 4.5%, citing increased risks of stagflation. Fed Chair Jerome Powell emphasized there was no “hurry” to cut rates, calling economic uncertainty “extremely elevated.” Trump called him “a fool” for not easing rates.
President Trump refused to lower 145% China tariffs ahead of trade talks in Switzerland this weekend—meanwhile, China injected “tactical” liquidity to buoy its economy. Treasury Secretary Scott Bessent clarified that the meeting will be focused on de-escalation.
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Morocco emerged as China’s backdoor to Europe for electric vehicles, drawing more than $10 billion in Chinese investment as firms leveraged Morocco’s EU free-trade deal.
The US Trade Representative’s proposal to charge Chinese vessels up to $1.5 million for port entry sparked concern among seafood importers.
Ford Motor raised sticker prices by as much as $2,000 on its Mustang Mach-E, Maverick, and Bronco Sport models built in Mexico, citing President Donald Trump’s tariffs and mid-year pricing actions.
President Trump floated exemptions for baby products such as car seats, cribs, and strollers, but warned against too many carve-outs that could blur his universal tariff policy.
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📊 Alternative Investing News
Lone Star Funds returned $3.5 billion to investors after netting over 3x on its investment in specialty chemicals firm AOC.
House Republicans added a provision to their tax cut package allowing massive amounts of public land to be sold in Nevada and Utah, lowering royalty rates for oil, gas, and coal extraction.
The US continues to try and pressure Iran into a nuclear program deal by sanctioning two small Chinese refiners who bought Iranian oil.
🤖 AI/Future/Tech News
The FDA announced it completed its first AI-assisted review, part of a broader push to shorten drug approval timelines.
🇹🇼 Taiwan's currency surge signaled Asian de-dollarization as investors fled US investments.
🇵🇱 Poland's central bank slashed interest rates by half a percentage point ahead of the presidential election.
🇮🇳 Indian stock markets rallied while Pakistan's KSE 100 plunged sharply following India's Operation Sindoor.
🇩🇪 German companies in China stated that their China strategy of localizing operations shielded them from direct trade fallout and kept investment plans on track.
🎤 What you said last time
🚚 Market movers
Apple planned to add AI-powered search options to Safari, including OpenAI and Perplexity.
Nvidia shares rose in response to the Trump administration’s rescinding of the Biden-era “AI diffusion rule,” which would restrict chip exports.
Tesla launched the cheaper Model Y in the US, clocking in at ~$44,990 (pre-tax break).
Disney is planning to launch a theme park and resort in Abu Dhabi (its 7th overall).
Nintendo predicts it will sell 15 million Switch 2 units at $449.99 each—but that depends on what the US’s tariffs are like at launch in June.
Microsoft won its appeal against the FTC, clearing the way for its $69 billion acquisition of Activision Blizzard.
WeightWatchers wrote off $1.15 billion in debt through a bankruptcy filing as demand for its programs collapsed under pressure from weight-loss drugs.
Rite Aid entered bankruptcy for the second time in two years and began layoffs at its Pennsylvania headquarters.
📊 Earnings this week
Burger King, Popeyes, and Tim Hortons all experienced lower same-store sales than expected.
Arm beat Q4 estimates, but issued weak Q1 guidance; shares lifted 1.4%.
DoorDash missed revenue expectations and announced two acquisitions, including Deliveroo and SevenRooms; shares fell 6.9%.
Carvana posted record Q1 results, driven by a 46% jump in unit sales and strong used car demand—shares lifted a tiny 0.14%.
AppLovin crushed Q1 expectations and shares jumped more than 13% after hours.
Oscar Health reported a 42% revenue increase, with membership up over 47% year-over-year, and shares gained over 30%.
Unity beat on adjusted EBITDA, but revenue fell 6%; shares tumbled 3.1%.
🧠Miscellanea
Physicists at MIT captured the first-ever free-range atoms, freezing them mid-motion with lasers to photograph individual particles.
A 113-million-year-old hell ant fossil found in Brazil revealed scythe-like jaws and forward-facing mandibles.
Scientists developed a new solar coating using AI-designed nanostructures that cut light reflection to just 2%.
A Texas cat named Oscar broke the Guinness World Record with an 8-foot-5 leap after two years and over 1,000 practice jumps.
📺 What to watch today
Longest jump by a cat is over 2.5 metres!
That’s all for today. Did I miss anything? Smash the reply button to let me know.
