|  | Nasdaq | 19,113.77 | |
|  | S&P | 5,911.69 | |
| | Dow | 42,270.07 | |
| | 10-Year | 4.416% | |
| | Bitcoin | $104,699.14 | |
| | Oil | $62.49 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 2:00am ET. Here's what these numbers mean. | - Markets: Did Christopher Nolan write the stock market script this year? Because it's been nearly impossible to follow the plot. Somehow, all of the following is true: The S&P 500 just had its best month since 2023 and its best May since 1990, per Bloomberg. At the same time, the index has posted one of its worst starts to a year since the '50s and trails global stocks by the widest gap since 1993 at this point in the calendar. Figures that the S&P enters the week essentially flat for 2025.
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ECONOMY President Trump held a rally Friday evening at a US Steel plant in West Mifflin, PA, and announced he would double the current tariff rate on imported steel and aluminum from 25% to 50% as of June 4. Now, some Canadian, EU, and British leaders may end up with "We Are Never Ever Getting Back Together" on their Spotify Wrapped this year: - Canadian Prime Minister Mark Carney met with Trump in the Oval Office last month to mend fences after the US' 25% tariff on steel and aluminum went into effect. The head of the Canadian Steel Producers Association called the additional increase "catastrophic." Canada is the US' largest supplier of steel and aluminum.
- The UK thought it was sitting pretty after becoming the first nation to secure a trade deal with Trump three weeks ago with the help of new PM Keir Starmer, which allegedly included a zero-tariff provision for steel and aluminum. The BBC reported that it was agreed to, but never signed.
- On Saturday, the European Commission released a statement saying it received the news with strong regret and that the tariff increase "undermines ongoing efforts" to reach amicable trade resolutions. It said the bloc would implement countermeasures.
The potential 2x of the tariff is aimed at increasing US production of steel and aluminum. S&P Global analysts said levies could lead to supply security and job creation, but reducing foreign sources of the metals might translate to higher production costs for "downstream" manufacturers (such as automakers), supply chain disruptions, and higher prices for consumers. Additionally, no cost-effective domestic plants are sitting idle, so either new ones would need to be built (not quick) or inefficient plants would have to be reactivated (not cheap). Cool for the summer? Goldy Hyder of the Business Council of Canada said that the best response to the weekend's development was "not to take the bait" and that "these moving goalposts is just a strategy to try and get Canada to give more" in trade negotiations.—HVL | | |
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WORLD  Attack on a Colorado demonstration for Israeli hostages in Gaza injures eight. About 20 people were assembled for a weekly demonstration at the Pearl Street pedestrian mall in downtown Boulder, CO, which raises awareness for the Israeli hostages who remain in Gaza, when a man with a makeshift flamethrower descended on the group. The suspect, Mohamed Sabry Soliman, was taken into custody, and the FBI is investigating the incident as a terrorist act. Soliman allegedly yelled "Free Palestine" while holding the weapon, and threw at least one explosive device into the crowd. Authorities said the victims were between the ages of 67 and 88, and some suffered serious injuries.
 JPMorgan CEO predicted calamity for US bond market. Jamie Dimon, who has served as the bank's chief executive since 2006, did not go quietly into a summer Friday last week. He appeared at the Reagan National Economic Forum in Simi Valley, CA, and predicted that the US bond market is going to crack. "I just don't know if it's going to be a crisis in six months or six years," he said. Dimon pointed to the tax legislation currently wending its way through Congress, post-Covid overstimulation of the economy, and regulations on banks set following the 2008 financial crisis that make it harder for them to hold bonds as contributors to the problem. Treasury Secretary Scott Bessent, however, played down Dimon's concerns on Face the Nation yesterday, saying, "For his entire career he's made predictions like this. Fortunately none of them have come true."
 Billionaire businessman Jared Isaacman's nomination to lead NASA goes kaput. Isaacman, a private astronaut and ally of Elon Musk's, led SpaceX's first all-civilian spaceflight in 2021 and became the first private citizen to complete a spacewalk on the Polaris Dawn mission for the company in 2024. Isaacman's Senate confirmation vote was set for after Memorial Day, and he was expected to be a shoo-in. However, Musk's departure from Washington and reports that Isaacman had recently made donations to Democrats led the Trump administration to rescind the nomination. On Saturday, White House spokesperson Liz Huston said, "It's essential that the next leader of NASA is in complete alignment with President Trump's America First agenda and a replacement will be announced directly by President Trump soon." Following the news, an anonymous leader inside NASA told the publication Ars Technica, "NASA is f---ed."—HVL
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TRAVEL The Wright brothers almost never flew together, but it turns out one of the aviation industry's newer innovations is to charge you more for going it alone. Bring a buddy, save some money? The booking site Thrifty Traveler reports that the US' three largest carriers—American Airlines, United Airlines, and Delta—often charge passengers more money if they're traveling alone. For example, if you wanted to book a flight from Chicago O'Hare to Peoria, IL, next month, it would cost: - $269 if you're flying alone
- $181 if others are joining you
The practice wasn't consistent across every flight, but it was an undeniable trend, according to Thrifty Traveler, which revealed its findings late last week. Since that report, Delta and United have quietly pivoted to charging solo passengers the same as members of larger groups. As of Friday, American Airlines was sticking to its pricing strategy. So, sorry, Wicked fans: If you are flying solo, you are most definitely not flying free.—BC | | |
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CALENDAR The final(s) countdown: It's a veritable sports smorgasbord this week, with several championships on the line. On Wednesday, the NHL's Florida Panthers and Edmonton Oilers face off in a repeat of last year's Stanley Cup Final. On Thursday, the NBA Finals tip off, pitting the Oklahoma City Thunder against the Indiana Pacers. The French Open women's final is on Saturday, followed by the men's on Sunday. In horse racing, Sunday's Belmont Stakes is expected to feature both Sovereignty, the Kentucky Derby winner, and Journalism, who won the Preakness Stakes. Jobs report highlights economic calendar: With earnings season wrapped up, investors will turn their attention to the May jobs report, out on Friday. Companies are expected to have hired at a healthy clip, with projections of 130,000 jobs added last month, though that'd be down from 177,000 in April. May was also the first full month of employment data with Liberation Day tariffs in effect, so economists will be looking for clues on how different types of businesses have been dealing with those extra costs. The Tony Awards will celebrate a record-breaking year for Broadway: On Sunday, all your theater-kid friends will be watching the Tonys, and they've got reason to throw jazz hands. The 2024–2025 season is expected to be the highest grossing in Broadway history, with its $1.89 billion in ticket sales topping the previous mark of $1.82 billion set in the 2018–2019 season. Sure to be a highlight at the awards ceremony: The original cast of Hamilton will reunite for the show's 10th anniversary. Everything else… - Starting on Tuesday, United Airlines customers will be required to check in at least 45 minutes before departure for domestic flights. Previously, the deadline was 30 minutes.
- Muslim pilgrims will converge on Mecca, Saudi Arabia, for the annual Hajj, starting Wednesday.
- The Nintendo Switch 2 will be released on Thursday.
- Friday marks 81 years since D-Day, when the Allies invaded the beaches of Normandy, France, in World War II.
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STAT If you use the word "summer" as a verb, you may already be aware that unrented homes are collecting on the eastern end of New York's Long Island, as CNBC reports. Local real estate brokers are blaming bad weather and economic uncertainty brought on by tariffs, but they're confident things will snap back later in the summer as renters give up on finding a better deal. Buying a vacation home isn't as trendy as it used to be, either. In the US last year, new mortgages for second homes were down 66% from their pandemic highs, according to Redfin.—BC |
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NEWS - "Tariffs are not going away," Commerce Secretary Howard Lutnick said on Fox News Sunday, in response to recent legal challenges.
- Ukrainian secret services said the country inflicted $7 billion in damage on Russian air bases in drone strikes launched on Sunday.
- Stanley Fischer, a prominent economist and former central banker in the US and Israel, died on Saturday. He was 81.
- Inside the NBA on TNT aired for the last time on Saturday night after nearly 40 years on the network. The show will appear on ESPN and ABC next season.
- Lilo & Stitch, the live-action remake, surpassed Sinners to become the second-highest-grossing film at the US box office so far this year. It still trails the shooting star that is A Minecraft Movie.
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GAMES Turntable: We can neither confirm nor deny that Jack chose today's pangram because your mother called and told him you needed one. Figure out what we're talking about when you play Turntable here. On this day… The following events happened on June 2, but in different years. Can you put them in chronological order? - Sgt. Pepper's Lonely Hearts Club Band was released in the US.
- Elizabeth II was crowned queen of the UK.
- Wayne Brady was born.
- Babe Ruth announced his retirement.
- Congress passed the Indian Citizenship Act, which granted citizenship to Native Americans born in the US.
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ANSWER The events in chronological order are: 5) The Indian Citizenship Act is enacted. (1924) 4) Babe Ruth announced his retirement. (1935) 2) Elizabeth II's coronation (1953) 1) Sgt. Pepper's Lonely Hearts Club Band's US release (1967) 3) Wayne Brady's birth (1972) Word of the Day Today's Word of the Day is: veritable, meaning "being truly or very much so." Thanks to Eric Leigh from Boise, ID, and the 11 other readers who undeniably made the suggestion. Submit another Word of the Day here.
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