Markets
Headlines and Quotations
WSJ
Apple Says Most of Its Devices Shipped Into U.S. Will Be From India, Vietnam
- Tariffs are expected to add $900 million to Apple’s costs in the June quarter, potentially worsening in future quarters.
Trump Ousts National Security Adviser Mike Waltz
- Waltz lost favor after adding a journalist to a sensitive military operation chat.
Tesla Board Opened Search for a CEO to Succeed Elon Musk
- Tesla didn’t provide a statement before publication. Hours after this article was published, Tesla issued a denial on X. Musk also criticized the article in a post on X.
Trump Wants a New Air Force One So Badly He’s Refurbishing a Qatari Plane
- The U.S. government has commissioned L3Harris LHX -0.05%decrease; red down pointing triangle to overhaul a Boeing 747 formerly used by the Qatari government.
Amazon Shares Drop on Tariff Concerns Despite Strong Quarter
RFK Jr. Bets $500 Million on Universal Vaccines in Shift From Covid-19 Funding
- The project involves producing vaccines from chemically inactivated whole viruses, a throwback to how flu vaccines were made decades ago. The goal, one that scientists have chased unsuccessfully for decades, is to make “universal” vaccines that protect against multiple strains of a virus at once.
Stock Market Today: Meta, Microsoft Earnings Help Ease Fears of Tariff Hit to Magnificent Seven
- Facebook parent Meta reported strong sales and said growth would remain steady, assuaging concerns tariffs would harm its digital-ads business—a chunk of which comes from Chinese companies. Microsoft, meanwhile, indicated that big corporate clients aren’t slashing technology budgets just yet.
CNBC
Nvidia says Anthropic is telling ‘tall tales’ in its defense of U.S. AI chip restrictions on China
“American firms should focus on innovation and rise to the challenge, rather than tell tall tales that large, heavy, and sensitive electronics are somehow smuggled in ‘baby bumps’ or ‘alongside live lobsters,’ ” a spokesperson for Nvidia said.
Anthropic, the AI startup backed by billions from Amazon, argued for tighter controls and enforcement, saying in a blog post Wednesday that Chinese smuggling tactics involved chips hidden in “prosthetic baby bumps” and “packed alongside live lobsters.”
- “China, with half of the world’s AI researchers, has highly capable AI experts at every layer of the AI stack. America cannot manipulate regulators to capture victory in AI,” the spokesperson said.
Trump says any country that buys oil from Iran will not be allowed to do any business with U.S.
- Trump’s comments are clearly directed at China, which is importing more than 1 million barrels per day from Iran, said Scott Modell, CEO of consulting firm Rapidan Energy. Modell said U.S. sanctions are unlikely to have an impact on Iranian oil flowing to China unless the White House targets Beijing’s state-owned enterprises and infrastructure.
U.S. and Ukraine sign landmark minerals deal after months of fraught negotiations
- The U.S. and Ukraine have signed a long-awaited minerals deal, providing Washington with preferential access to Kyiv’s natural resources in exchange for the formation of a reconstruction investment fund.
Weekly jobless claims surge to 241,000, more than expected, in latest sign of economic trouble
South Korea presidential race rocked by court ruling, resignations
- South Korea’s top court cast doubt on Thursday on frontrunner Lee Jae-myung’s eligibility to run for the presidency, while the resignations of the prime minister and finance minister shook the interim government in place since December’s martial law.
- Eli Lilly topped first-quarter earnings and revenue estimates as sales of its weight loss drug Zepbound and diabetes treatment Mounjaro spiked.
