Markets wrapped up last week on a high note, with the S&P 500 going down 3% and marking its longest positive streak since November 2004, erasing all post-“Liberation Day” tariff losses.
Retailers urged shoppers to buy now before President Trump's 145% tariffs sparked price hikes.
Warren Buffett Steps Down. Buffett announced he’ll be passing the CEO baton to Greg Abel, the current vice chairman of non-insurance ops for Berkshire Hathaway—and BH shares dropped 2%. He also shared his much-anticipated thoughts on tariffs, stating that “trade should not be a weapon” and that tariffs “can be an act of war.”
Trump fighting for Hollywood? The U.S. will impose a 100% tariff on foreign-made films— rump labeled them a “national security threat” and “propaganda.” Netflix and other media stocks slid as investors wait to see if the tariff will be paired with incentives for domestically shot productions or not.
AI photo controversy. The White House ignited backlash by posting an AI-generated image of President Trump depicted as the pope on Friday. The White House defended the president, stating that he’s “been a staunch champion for Catholics and religious liberty.”
And at the Derby… Sovereignty won the 151st Kentucky Derby on Saturday, finishing in two minutes and 2.31 seconds. The total amount of money wagered on the race amounted to $222.60 million.
Vegetable and Butcher is building the next great brand in healthy prepared meals — subscription-based, chef-crafted, nutrient-packed, and ready to eat.
President Trump signed an order removing tariffs on auto parts manufactured in Mexico or Canada and used in US vehicle production.
Trump also stated that trade deals could be coming very soon with some countries, though he has no plans to talk with Xi Jinping, President of China.
EU officials revived plans to forge a strategic partnership with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
Nike, Adidas, and 74 other members of The Footwear Distributors and Retailers of America sent a letter to the White House saying that tariffs are an “existential threat” to their businesses.
📊 Alternative Investing News
Office property values have plummeted 37% from their peak, with seriously delinquent loan payments reaching nearly 10%.
Pedro Pascal’s helmet from The Mandalorian sold for $138K in a Star Wars auction this weekend.
🤖 AI/Future/Tech News
Apple teamed up with Anthropic on an AI coding tool for Xcode.
Airbnb cut live-agent calls by 15% after rolling out its AI customer service bot to half its US users.
🪙 Crypto
Brown University picked up a $4.9 million position in BlackRock's spot Bitcoin ETF IBIT.
Nine Senate Democrats who previously supported GOP-led stablecoin legislation backed off.
The SEC shut its investigation into PayPal's PYUSD stablecoin.
💡 Ideas, trends, and analysis
Pershing Square is set to buy 9 million new shares of real estate company Howard Hughes at a share price 48% higher than where the stock closed last Friday.
Trump has doubled down on his decision not to replace Federal Reserve Chairman Jerome Powell before his term is up in May 2026, stating: “Why would I do that? I get to replace the person in another short period of time.”
🌍 International Markets
🇯🇵 The Bank of Japan cut its 2025 GDP growth forecast to 0.5% from 1.1% and delayed its inflation target by a year.
🇺🇦 Ukraine’s rare earth deal with the US won’t dent China’s dominance, as the country lacks processing capacity and scale.
🇪🇺 Europe faced its first grid crisis, raising concerns about energy reliability heading into summer.
🎤 What you said last time
🚚 Market movers
Apple sources nearly 60 million iPhones annually for the US market from assembly facilities in India.
ElectroCore completed its acquisition of NeuroMetrix, paying $4.49 per share plus contingent value rights.
Cleveland-Cliffs idled its Riverdale steel mill, laying off approximately 300 workers.
📊 Earnings this week
🧠Miscellanea
A child visiting Rotterdam's Museum Boijmans van Beuningen left visible scratches on a Mark Rothko painting worth about $50 million.
Astronomers have discovered about a dozen mysterious cow flares in space.
ChatGPT exhibits nearly half of the common human cognitive biases, according to a new study.
📺 What to watch today
Child damages $56 million painting at museum in Rotterdam
That’s all for today. Did I miss anything? Smash the reply button to let me know.
