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Stocks dropped significantly today, with major players reacting to the aftereffects of President Donald Trump’s broad reciprocal tariffs. The market movement is in response to one of the president's key promises made during the campaign—to tackle what has been perceived as unfair trade practices, potentially nudging manufacturers to return to the US (see previous write-up).
Major stock indexes dropped during regular trading (S&P 500 -4.8%, Dow -4.0, Nasdaq -6.0%), largely on fears of higher costs for importing goods. Administration officials have argued the temporary economic pain will be offset by manufacturers choosing to relocate—or at least relocate supply chains—to the US.
As of this writing, a number of major companies with manufacturing supply chains in the hardest-hit countries saw their shares slide. Some of the biggest drops include Nike (-14%), Apple (-9%), and Deckers Outdoor (-14%).
Trump has remained open to using the trade taxes as negotiating levers. See updates here. |
Springsteen's Lost Albums |
Bruce Springsteen announced yesterday the upcoming release of “Tracks II: The Lost Albums,” a box set featuring seven previously unreleased albums, including 83 songs—74 of them never heard before. Spanning recordings from 1983 to 2018, the collection includes material that was fully recorded but ultimately shelved. The album, a follow-up to his 1998 “Tracks” box set, is set for release June 27.
Springsteen, often called "The Boss," is known for his gritty voice, anthemic rock, and themes of working-class life. He rose to fame with the 1975 breakthrough album “Born to Run” and has since released 21 studio albums, including “Born in the USA,” which produced seven top 10 US singles—among them its often-misinterpreted title track.
The 75-year-old has sold more than 140 million records worldwide and performed thousands of live shows, including marathon concerts lasting up to four hours. He has won 20 Grammy Awards, an Academy Award, and a Tony Award, and was inducted into both the Rock & Roll Hall of Fame and the Songwriters Hall of Fame in 1999. Listen to the first single here. |
Social video app TikTok faces a deadline to sell its US business by tomorrow or face a ban in the country. Last-minute bids were reported this week from Amazon, mobile tech company AppLovin, and AI search engine Perplexity. Several investors also reportedly offered bids, including major investors Marc Andreessen and Oracle’s Larry Ellison. YouTuber MrBeast is also reportedly in the mix.
US lawmakers passed a law last April—upheld by the Supreme Court in January—forcing TikTok to divest from its US business or be barred from US app stores over national security concerns. TikTok shut down the app Jan. 18—a day before the ban was set to take effect—but it was restored after President-elect Donald Trump signaled he would delay enforcement. In a day-one executive order, Trump gave TikTok 75 days to reach a deal, a move legal analysts questioned.
Trump has said he would extend the delay if a sale isn’t reached. It is unclear if TikTok is willing to sell at this stage. |
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In partnership with Med-X |
'MXRX' Planning To List On The Nasdaq |
Med-X is gearing up for a possible Nasdaq listing (ticker: MXRX). But the real opportunity is now—before they hit the big stage.
The company’s groundbreaking all-natural pesticides are outperforming chemical alternatives in certain use cases. That’s a big deal because chemical pesticides are linked to diseases in humans and consumers want a less risky alternative. With the pesticide market worth $17B, delivering that alternative could be lucrative. Just look at Med-X’s 200% revenue growth over five years. And they aren’t slowing down. Their pesticides will soon reach 41 international markets thanks to e-commerce partnerships with companies like Walmart, Amazon, and Kroger.
But you can’t wait to invest. Today is the final day to become an early Med-X shareholder before this current opportunity comes to a close.* |
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Sports, Entertainment, & Culture |
> Women's Final Four tips off tonight with South Carolina taking on Texas (7 pm ET, ESPN) and UCLA taking on Connecticut (9 pm ET, ESPN) (More) | Men's Final Four is set for tomorrow with Florida vs. Auburn (6 pm ET, CBS) and Duke vs. Houston (9 pm ET, CBS) (More) |
> London's Tate Modern museum receives largest donation since 1969 as a Miami-based philanthropist gifted the museum a collection of works, including a six-meter-wide Joan Mitchell painting (More) |
> The US tapped to host 2031 FIFA Women's World Cup and the UK to host 2035 Cup as both countries were the lone bidders to host the world soccer tournament (More) |
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> ChatGPT users have generated more than 700 million images in roughly 10 days since OpenAI launched the image generation feature; company previously had to throttle access due to overuse (More) | The Studio Ghibli controversy, explained (More) |
> Scientists develop test to identify HIV in minutes, at quicker speeds and lower costs than existing technology; device builds on coronavirus and water pollution sensors (More) |
> Scientists discover female hormones can stimulate natural opiates; findings may lead to new pain treatment therapies (More) |
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In partnership with NativePath |
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> Stellantis pauses production for two weeks at assembly plants in Mexico, Canada as it assesses President Donald Trump's new 25% tariffs on auto imports (More) |
> Number of announced layoffs in the US jumps 205% in March to third-highest ever recorded (behind April and May 2020), following federal government's reduction-in-force effort, per report (More) |
> Hershey strikes $750M deal to buy healthier snacks maker LesserEvil; comes after a string of similar deals from Hershey as the chocolate company seeks to expand into salty snacks (More) |
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> President Donald Trump reportedly fires group of national security officials deemed insufficiently loyal (More) | Pentagon watchdog to review Defense Secretary Pete Hegseth’s use of Signal app to convey US plans against Houthi rebels (More) | Senate confirms Mehmet Oz to lead Medicare and Medicaid agencies (More) | New York City Mayor Eric Adams to run for reelection as an independent (More) |
> At least seven dead in Tennessee, Indiana, and Missouri after severe thunderstorms swept across the Midwest to the mid-South, leaving nearly 250,000 people without power (More) | See photos (More) | See storm tracker (More) |
> Hungary to withdraw from the International Criminal Court; comes hours after Israeli Prime Minister Benjamin Netanyahu, who faces an international arrest warrant, lands in the country (More) | How the ICC works (More) |
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> The Value of Boredom
The Flaw | Nelson Reed. Corporations profit off boredom by sharing the idea that products can cure us of the condition. This article reflects on negative narratives about boredom while also highlighting its motivating qualities. (Read)
> How Talking Machines Got Their Gendered Voices
The MIT Press Reader | Sarah A. Bell. A history of audio recordings, from female voices issuing warnings in US fighter jets to virtual assistants like Siri, illustrates how technology reflects social biases and reinforces stereotypes. (Read) |
> Breaking Down the Impact of Auto Tariffs
WSJ | Staff. Industry experts explain the difficulty of making a 100% American-made car—using an F-150 from American manufacturer Ford Motor Company as an example—and what that means for the US auto industry. (Watch)
> The Enduring Appeal of The Grimms’ Weird Tales
Novel Approaches | Colin Burrow, Thomas Jones. Once upon a time, The Brothers Grimm shared bizarre fairy tales like “Rumpelstiltskin” and “Hansel and Gretel." Explore the story of their lives and why they continue to be read today. (Listen) |
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In partnership with Med-X |
Natural Solutions & Nasdaq Bound |
Natural pesticides are turning heads on Wall Street as Med-X gears up for a major milestone: a planned Nasdaq listing (ticker: MXRX). You can still invest while they’re private—but you have just a few hours left before the current opportunity ends tonight.
With triple-digit revenue growth (200%) over five years and nationwide ecommerce partnerships, the company is also expanding to 41 new international markets as we speak. Don’t miss this chance to become an early Med-X shareholder and get in ahead of the crowd.* |
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