Stocks stumbled last week as Treasury yields surged and President Trump revived tariff threats.
The Nasdaq and Dow each fell 2.4% while the S&P 500 slid about 2.6%.
Trump is extending the EU’s tariff deadline after threatening a 50% rate.
Markets may be closed for memorial day, but it’s going to be a huge week nonetheless. Here are the key economic reports and metrics coming out over the next four days.
Tuesday: Consumer confidence reading and May’s durable goods manufacturers’ report
Wednesday: FOMC minutes
Thursday: First revision of the US’s Q1 GDP, unemployment claims, home sales
Friday: The PCE (personal consumption expenditures) price index, a major measure of inflation
Importers are legally gaming the tariff system. The “first sale rule” allows importers to calculate final tariff dues using the initial factory price (lower) rather than the vendors’ price (higher). The decades-old law is gaining renewed traction under Trump’s latest tariff push, especially among luxury and high-margin goods makers like Moncler, Traeger, and Kuros Biosciences.
Trump approved the purchase of US Steelby Nippon Steel last Friday, and US Steel shares skyrocketed 20% in response. The acquisition had been blocked by the previous administration due to supply chain risks. It’s estimated that the merger will bring $14 billion to the US’s economy.
😱 Fear and Greed Index
🧠 Make yourself heard
What's your overall outlook on the US economy right now?
Trump’s $148 million meme coin dinner did not do much for his token.
Cetus Protocol posted a $5 million bounty for identifying a hacker who extracted $223 million from its Sui network DEX.
AI agents in crypto, projected to top 1 million by 2025, exposed fresh attack surfaces as SlowMist identified Model Context Protocol (MCP) vulnerabilities.
💡 Ideas, trends, and analysis
Here’s why Texans might be legally required to put the Ten Commandments up in all of their classrooms.
Nearly 4 in 10 Americans said they wanted an “adventurous retirement”, favoring active, travel-heavy lifestyles over traditional leisure.
A surge of Americans planned to retire abroad, with Portugal topping the list.
🌍 International Markets
🇰🇼 Kuwait authorized its Kuwait Investment Authority to borrow in foreign currencies, setting a debt ceiling of 30 billion Kuwaiti dinars ($97.9 billion).
🇨🇳 China escalated its response to Washington's new AI chip ban last week, threatening to punish organizations through its anti-sanctions law.
🇬🇧 British sterling gained 0.6% against the dollar as retail sales unexpectedly jumped 1.2% in April, while GfK's consumer confidence index also improved.
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“I wouldn’t mind seeing them, but most of the time, due to the filing requirements, the data is months or weeks out of date already, which can make a huge difference in returns. It’s clear they are all insider trading though. Insane that it’s even remotely legal.”
🚚 Market movers
Here’s why Anthropic reversed its ban on using AI in job applications.
Walmart cut 1,500 tech jobs at its Arkansas HQ and global tech hubs to speed up decision-making and reduce internal friction.
📊 Earnings this week
🐦️ Curated Finance Twitter Roundup
We’ve gone through and picked out some Twitter posts we think you’ll get value from.
