The S&P 500 slipped 0.6%, ending its longest winning streak in over 20 years. The Dow slid 0.3% and the Nasdaq fell 0.8%.

If trade talks fail, the EU is planning tariffs for $113B in US goods.

“We haven’t seen anything like this since the disruptions of summer 2020,” said Kyle Henderson, CEO of trade tracker Vizion, about the US’s tariff-induced import & export slump.

Temu halted all Chinese-made shipments to the US after the May 2 de minimis expiration, shifting to US-based sellers to dodge 145% tariffs.

Mattel pulled investor guidance and warned of price hikes as it fast-tracked moves out of China amid tariff uncertainty.

US de minimis imports hit 1.36 billion parcels in 2024, more than double 2020 levels, with brands like Oh Polly already raising US prices by 20%.

Citi resumed lending to private equity and credit funds, reentering the market with commitment-backed loans to compete with JPMorgan and Goldman.

A fire at Anglo’s Moranbah North mine threatened Peabody Energy’s $3.78 billion deal, as the shutdown led to a material adverse change declaration.

Lundin Mining and BHP announced their Filo del Sol site as the largest copper discovery in 30 years, with over 13 million tons identified and drilling ongoing.

OpenAI confirmed its nonprofit parent would keep control while restructuring its for-profit arm to attract new investment.

Apple appealed a US court order requiring third-party payment options in the App Store after backlash over its limited compliance.

Meta AI launched a public site featuring user prompts and image results, revealing a chaotic blend of social experimentation and basic queries.

Ferrari posted a 17% increase in profits—but also warned that upcoming US tariffs on imported cars could significantly affect the company’s performance.

Bristol Myers committed $40 billion to US R&D, tech, and manufacturing over five years as tariff risks escalated.

Doordash announced its $1.2B purchase of SevenRooms, the restaurant booking platform, and a $3.9B purchase of Deliveroo, the British food delivery service company.

Skechers accepted a $9.42 billion buyout at $63/share, marking the sneaker industry’s biggest deal.

Waymo opened a 239,000-sq-ft Arizona plant to retrofit 2,000 Jaguar EVs with autonomous tech by 2026.

Credit Suisse paid $511 million to settle US DOJ tax evasion charges tied to its 2014 plea deal; UBS expected a partial credit.

PwC cut 1,500 US jobs, according to the Financial Times.

Rite Aid prepared for a second Chapter 11 filing and began HQ layoffs as store closures continued.

CNA Financial reported lower Q1 earnings per share, with shares slipping due to unfavorable commercial auto claims.

Ford beat Q1 earnings expectations, with shares climbing despite a broader yearly decline.

Hims & Hers Health posted strong Q1 growth and subscriber gains, sending shares higher on raised guidance and bold long-term goals.