Hello, Tuesday-N2K’ers!

The stock market hit a record last week, and I remember thinking vaguely, “How long until President Donald Trump says or does something to bring it back from that record?”

Really I should have just set an alarm for the next possible opportunity, of course. The good news is there are four more days in the week, and anything could happen by Friday!

—Matt Davis, Need2Know Chedditor

News You Need2Know

• Wall Street falls as Trump mulls new tariffs

• Trump–Musk reignited feud burns Tesla investors 🔥

• It’s Prime Day so get ur dealllllzzzz on

• TikTok developing new app for the U.S

• Meta’s Threads has DMs now lol

Companies mentioned in today’s newsletter

$SPX ( ▼ 0.28% )  $TSLA ( ▲ 1.15% )  $AMZN ( ▲ 1.44% )  $META ( ▼ 1.16% )  

Wall Street falls as Trump mulls new tariffs

Mondays after a three-day weekend are bad enough, but Wall Street had the financial equivalent of stepping on a Lego yesterday, with the S&P 500 $SPX ( ▼ 0.28% ) suffering its biggest losses in weeks, courtesy of a fresh batch of trade drama.

It all started when President Trump announced new 25% tariffs on Japan and South Korea, also threatening to add more tariffs if either nation decides to raise theirs.

“If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge,” Trump wrote in his Emily Post-inspired letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung.

“Just bringing back that meaty topic (tariffs) back into focus, after a strong week last week, has given a little bit of a pause in the market,” said Bill Northey, senior investment director at U.S. Bank Asset Management.

Song of the day: I’m the problem

I'm the Problem is a song by American country music singer Morgan Wallen. It was released on January 31, 2025, through Big Loud, Republic, and Mercury Records, as the third single from his fourth studio album of the same title, which has now spent seven weeks at number one of the Billboard charts. Fans have dubbed the song his "narcissist" song due to its lyrical content.

“It got me thinking, if I’m the problem, you might be the reason,” Wallen sings.

“In just a few short but smash-filled years, he has become the most prominent and committed miserablist in pop,” says the New York Times. “The contemporary star most preoccupied with failure, and the most adept at turning it into something like beauty.”

My editor Sydney said she hates him!

Trump–Musk reignited feud burns Tesla investors 🔥

The Musk/Trump feud is getting so spicy it sent Tesla $TSLA ( ▲ 1.15% ) shares down 7% on Monday as Musk announced he’s forming a third political party. Evidently Musk feels his exploding rocket launches to Mars aren’t spectacular failures enough.

The feud really took off when Musk trashed the Republican spending bill, calling it a job-killer. Trump, not one to let insults go unanswered, fired back.

“I am saddened to watch Elon Musk go completely ‘off the rails,’ essentially becoming a TRAIN WRECK over the past five weeks,” Trump said in a post on Truth Social late Sunday. “The one thing Third Parties are good for is the creation of complete and total disruption and chaos.”

Investors are over it.

“With the autonomous future ahead and the AI Revolution in full force Musk/Tesla do not need to keep poking the bear as Trump can create more hurdles for Musk/Tesla/SpaceX over the coming years if this political battle gets nastier heading into mid-terms in 2026,” Wedbush Securities analyst Dan Ives wrote in a note to clients.

Tesla’s problems don’t stop with politics. Sales have dropped 13% twice this year, and Chinese automakers like BYD are eating Tesla’s EV lunch. The New York Times also exposed Musk’s drug habit recently, running headlines including “What to Know About the Effects of Ketamine.”

Tesla investors like Trump ally James Fishback say Elon’s political ambitions are at odds with his leadership of the company, and have written to the board.

Today on the ‘gram: 🐶🍕

Post of the day: This man is 77 years old

Quote of the Day

It’s Prime Day so get ur dealllllzzzz on

Today through Friday is Amazon $AMZN ( ▲ 1.44% ) Prime “Day” (it’s now four days…but whatever…this is CAPITALISM). Sure, Americans are carrying bigger credit card balances right now but what are you, French? How can you resist deals like $5 lipstick and a cheap vacuum cleaner? I’ve hand-picked the five best deals that'll put your "Add to Cart" reflex into overdrive and save you, let’s say, $400. Assuming you were ever going to buy any of this stuff regardless? No? Whatever BUY BUY BUY.

1. Apple AirPods Pro 2 ($160, orig. $250)
Do you like hearing your favorite podcast in stunning clarity while ignoring your coworkers? Let’s do this.

2. Shark FlexStyle Air Styler ($289, orig. $380)
Who needs overpriced salon visits? This multitasking hot air brush will make your hair look like Steven Tyler’s for a fraction of the price.

3. Eufy Robot Vacuum 11S Max ($150, orig. $280)
Finally, a robot that actually does something useful.

4. Levi’s Wedgie Straight Jeans ($36 down from $80)
OMG YOUR BUTT LOOKS AMAZING IN THOSE.

5. Magic Bullet Blender ($40, orig. $50)
Master smoothies, sauces, and questionable protein shakes while pretending you’re a chef. Your kitchen deserves it.

Should you check your 401(k) today?

👎️ 

Sadly not. See above. Grrr.

TikTok developing new app for the U.S

TikTok is reportedly developing a new version of its app specifically for U.S. users in anticipation of a planned sale to a group of investors. The new app is set to launch on September 5 (Sydney’s anniversary), while the existing app will cease functioning by March next year, although that might change.

U.S. users will be required to download the new app to continue accessing TikTok's services. It follows an announcement by President Donald Trump, who mentioned that he would begin discussions with China about a potential deal. The president indicated that the government “pretty much” has an agreement on the sale of the short-video app, although he didn’t mention any specifics.

The sale comes after multiple attempts by the U.S. government to ban TikTok over concerns related to data privacy and national security. President Trump recently extended the TikTok ban deadline for the third time, to September 17.

Meta’s Threads has DMs now lol

Meta's $META ( ▼ 1.16% ) social media baby, Threads, just had its big glow-up moment: DMs are here!

That’s right. After two years of buildup you can finally send your pal a private message to say, “Hey, are we still doing that thing we said we’d do?”

(You’re not.)

Only users aged 18+ can DM. Oh, and you need to be mutual followers, because Meta knows we don’t need more random strangers sliding into our inboxes. That’s what ads sold by Meta to its advertisers are for. Group chats are in the mix, too! Just like on WhatsApp, which Meta also owns.

So, are DMs the future of Threads? Maybe. Like, I remember when Threads was going to be the next Twitter, and look how that turned out. Remember when they changed the name of Facebook to Meta and started selling smart glasses nobody wanted? I do because that was all quite recent actually.

Poll of the Day: This is related to the poll result below, which I sorta can’t BELIEVE, tbh

Poll Results: You actually answer the phone

We asked: Your phone rings, it's somebody you know. How do you react?

You answered:

🟩🟩🟩🟩🟩🟩 Answer it and have a grown-up conversation (510 votes)

 🟨⬜️⬜️⬜️⬜️⬜️ LOL! Obviously, anyone you actually know would know not to call you on the phone without first texting (128 votes)

638 Votes via @beehiiv polls