Today's News You Need2Know

• Trump blames market slump on “Biden overhang”

• Wait…Microsoft and Meta lead markets higher

• Visa wants to give AI ‘agents’ your credit card

• Nvidia CEO says China is right behind U.S. on AI

• How to navigate summer travel uncertainty and win

Companies mentioned in today’s newsletter

$MORN ( ▲ 0.39% )  $SPX ( ▲ 0.0% )  $MSFT ( ▲ 0.77% )  $META ( ▼ 0.05% )  $CVS ( ▲ 0.4% )  $CARR ( ▲ 0.28% )  $V ( ▲ 0.74% )  $BKNG ( ▲ 0.86% )  $AIRBNB ( 0.0% )  $GOOGL ( ▲ 0.21% )  $JPM ( ▼ 1.09% )  

Trump blames market slump on “Biden overhang”

Donald Trump took credit for the stock market’s success on his election but has now blamed a “Biden overhang” for the market’s contraction since, despite analysts agreeing that his tariffs are responsible. “This is Biden’s Stock Market, not Trump’s,” the president wrote on Truth Social.

Reporters pressed him on the, shall we say, pivot at a White House cabinet meeting on Wednesday. “You frequently took credit for the stock market highs. You said it was a reflection of how well you were doing in the polls,” The Independent’s Andrew Feinberg asked the president. “And then after you were elected, you said the stock market highs were a reflection of how well the transition was going and the American people’s confidence in your upcoming administration.”

“Now the stock markets are not doing so well, and you’re saying it’s the Biden stock market. Yet you are the president. Can you explain that?” asked Feinberg.

Mr. Trump responded that he wasn’t “taking credit or discredit for the stock market.” “I’m just saying that we inherited a mess,” he said.

Have your say in today’s poll! 👇🏻

Wait…Microsoft and Meta lead markets higher

I hate to tell all you market pessimists this (yesterday 80% of you said you weren’t “buying the dip”), but the S&P500 $SPX ( ▲ 0.0% ) is still up 11% over the last year. Sure, it’s down 10% since February. But 11% in a year isn’t a bad return, if you ask me. Yesterday, stronger than expected results from two tech giants drove markets up yet again.

Microsoft $MSFT ( ▲ 0.77% ) saw its stock rise by 8.6% after announcing strong revenue growth, fueled by its cloud computing and artificial intelligence (AI) sectors. Meta $META ( ▼ 0.05% ) , parent company to Facebook and Instagram, followed with a 5.1% stock increase, reporting higher-than-expected profits and AI-driven advertising revenue boosts. Being two of the largest companies in the S&P 500, these stocks contribute significantly to overall market performance.

Other companies, such as CVS Health $CVS ( ▲ 0.4% ) and Carrier Global $CARR ( ▲ 0.28% ) , also joined the wave of better-than-expected earnings, helping stabilize Wall Street. All I’m saying here is that sentiment is one thing, but earnings and revenue are also important.

The question is: Who do we credit or blame for the latest market developments? I’m all confused now.

Today on the ‘gram:

Post of the day: Tim Walz

Visa wants to give AI ‘agents’ your credit card

My friend Dave thinks there’s no such thing as free will, so he’s going to love this new idea. Imagine this: Your AI assistant, let’s call it HAL, is out shopping while you lounge on the couch. It grabs a sweater for the fall, books your holiday flights, and maybe even swings by the virtual grocery store. Sounds dreamy, right? Well, Visa $V ( ▲ 0.74% ) thinks so, too.

I’m also thinking you could blame HAL for, say, running up a bar tab? This could have potential, come to think of it. Visa wants AI agents to not just suggest things but actually make purchases on your behalf. "Set a budget," they say. "The AI won’t overspend," they promise. Totally reassuring — until HAL decides you needed a $1,500 ergonomic chair because you once Googled "back pain."

Visa has thought of that, too. Initially, your AI will “double-check” with you before buying that airplane ticket. Over time, though, your buddy might just go rogue and say, “Relax, I got this.”

So, next time you find an AI buying your groceries or comparing laptops for you, don’t fret. Your credit card is in semi-trustworthy robot hands. And hey, at least HAL hasn’t signed you up for a yacht loan yet.

Should you check your 401(k) today?

👍️ 

Yep

Nvidia CEO says China is right behind U.S. on AI

Nvidia $NVDA ( ▲ 0.02% ) CEO Jensen “it’s not a leather jacket, it’s a whole personality” Huang says China isn’t lagging behind in AI, and they’re “right behind” the U.S.

Huang didn’t mince words at a tech conference in Washington, saying Chinese firm Huawei is a tech juggernaut with skills that should make Silicon Valley sweat. Huawei is cooking up an AI chip, and given their track record, it’s probably going to be a good’n. Meanwhile, Nvidia is facing export bans, trade wars, and tariffs.

But don’t worry, America’s secret weapon is “willpower,” Huang said. The company said earlier this month that it will assemble AI servers with its manufacturing partner Foxconn near Houston. Trump also called Huang “my friend Jensen” on Wednesday.

Quote of the Day: Donald Trump

How to navigate summer travel uncertainty and win

I booked a $5,000 summer vacation in Italy this week on Booking dot com $BKNG ( ▲ 0.86% ) , and let me tell you, the hotel people were back to me with a grateful confirmation within 15 seconds. “Grazie mille,” they said, except in English, because they evidently realize the U.S. is a huge source of tourism income even if they hate us for ruining their culture.

That’s right. It’s not just Europeans turning their back on America this summer travel season. Americans, too, are reluctant to book anything amid “economic uncertainty,” which may or may not be somebody’s fault. Or somebody else’s. You choose.

We spoke with Skift Editor Sarah Kopit.

"I think you hit on it right there when you said the word uncertainty," Sarah began. "This is one of the biggest issues when it comes not only to the economy, but to people's travel because the two are linked, right? People need money to go on vacation."

Right! We do need that!

Economic whiplash and shifting political landscapes are major factors influencing travel decisions. Many summer trips are booked months in advance, but Sarah emphasized there's still "very much a wait-and-see element."

Falling gas prices could sway travel choices. Sarah noted, "One of the things that we've really seen or that we're thinking about, especially with the uncertainty, is that people may be far more likely to go on short haul where they can drive in their car."

This could lead to "a possible boon for short-term rentals, Airbnbs $AIRBNB ( 0.0% ) ," as people opt for closer destinations. The strength of the dollar is another factor, but Sarah believes it needs to be a "really, really big swing" to significantly impact decisions.

For those looking for bargains, Sarah's "biggest travel tip" is “use Google” $GOOGL ( ▲ 0.21% ) , a monopoly search engine which yesterday told a federal judge it wouldn’t break up its company because that would “stifle innovation.” Apparently the service’s flight search tool is fantastic, but I recommend paying hundreds of dollars a year for the Chase $JPM ( ▼ 1.09% ) Sapphire Reserve credit card and then paying your rent on it so that you can use the points to go to Europe. Hypothetically.

Let’s win the summer, eh, Cheddheads?

Poll of the Day: Whose economy is this?

Results from Thursday’s poll: You’d rather take the wheel than trust a self-driving car

We asked: Do you want a self-driving car?

You answered:

🟨⬜️⬜️⬜️⬜️⬜️ Heck yes. I hate driving. Let the robot do it! (151 votes)

🟩🟩🟩🟩🟩🟩 Heck no. I don't trust these things, and the idea terrifies me. (617 votes)

768 Votes via @beehiiv polls