Hello, my most beloved subscribers!

Did you have a good Memorial Day Weekend? I hope so! And now here’s the…

News you Need2Know

• Trump’s latest tariff threats knock stocks, Apple

• Disney puts Venezuelan workers on leave

• Boeing’s get-out-of-jail-free card over crashes

• Homeowners can’t sell so they’re renovating

• Microsoft can buy ‘Call of Duty’ maker after all

Repeat after me: Four-day week!

—Matt Davis, Need2Know Chedditor

Companies mentioned in today’s newsletter

 $SPX ( ▼ 0.56% )  $AAPL ( ▲ 0.11% )  $CAC40 ( 0.0% )  $ROST ( ▼ 1.15% )  $DIS ( ▼ 0.75% )  $BA ( ▲ 0.23% )  $MSFT ( ▼ 0.72% )  $SNE ( ▲ 0.8% )  $NTDOF ( ▼ 0.38% )  

Trump’s latest tariff threats knock stocks, Apple

You know when you can’t help running your big mouth?

Like, in last Thursday’s squash match, I was up 10–6 with four game balls. I’d been pretty quiet the whole match and my opponent, a German dude called Stefan whose nickname is, as we all know, “The Rottweiler,” had played well. I was about to go 2–2 and take us into a deciding fifth game. I turned to Stefan and said: “Hey Stefan, I bet you’re thinking, How hard should I try to win this game when I’m probably going to lose it anyway?”

And then I choked harder than Jalen Brunson at a hotdog-eating contest. The Rottweiler growled his way through to win the game and the match outright, and I went home with my tail between my legs, bracing myself for days of mockery in the “Squash4Playboys” group chat. It’s still continuing.

ALL BECAUSE I COULDN’T KEEP MY BIG MOUTH SHUT.

In possibly (or unpossibly?) related news, President Donald Trump casually threatened to end the past several weeks of relative economic calm with a Truth Social post announcing “straight 50% tariffs” against the European Union starting June 1. Why? Because, he said, trade talks “were going nowhere.”

Naturally, markets reacted the way you'd expect: The S&P 500 $SPX ( ▼ 0.56% ) slid 0.4%, while Apple $AAPL ( ▲ 0.11% ) nosedived 2.6%, carrying the weight of Trump’s specific warning that iPhones better start being made in U.S. factories — or else. “A tariff of at least 25% must be paid by Apple to the U.S.,” he announced, undoubtedly with the enthusiasm of someone flipping the Monopoly board over mid-game. I have literally done that myself. So I, more than anyone else in the world, know where Trump is coming from.

Europe wasn’t spared. France’s CAC 40 $CAC40 ( 0.0% ) (get a better name for your stock market, guys?) fell apart faster than good crepes, dropping 1.7%.

The ripple effect also spread across sectors last week. Jim Conroy, CEO of Ross Stores $ROST ( ▼ 1.15% ) , lamented, “The volatility of trade policies and the corresponding impact on the economy... is highly unpredictable.” His company’s stock fell 11% after he pulled its full-year financial forecasts, joining the growing club of companies bracing for another round of “guess the rules!” from Washington.

The irony of all this is that Wall Street was almost back to its record highs after all the previous tariff drama. Now we’re back to panic. At this point I do want to point out that Trump played two seasons of squash at Fordham University in the 1960s and is our country’s only ever squash-playing president. I wonder what his nickname was?

Disney puts Venezuelan workers on leave

Disney $DIS ( ▼ 0.75% ) has put nearly four dozen Venezuelan workers on leave after the Supreme Court upheld the Trump administration's decision to strip them of their Temporary Protected Status.

“We are committed to protecting the health, safety, and well-being of all our employees who may be navigating changing immigration policies and how they could impact them or their families,” a statement from Disney said.

They won’t get paid, of course, which could make navigating anything challenging, although Disney will continue to pay them benefits. Union reps including Julee “No Nickname Required” Jerkovich, secretary-treasurer of the United Food and Commercial Workers, emphasized the lack of choice in Disney’s actions. "Disney is being made to be the bad guy, but they didn’t have any choice,” said Jerkovich.

The court’s order potentially exposes as many as 350,000 Venezuelans to deportation. Earlier this month, the government asked the court to allow it to end humanitarian parole for hundreds of thousands of immigrants from Cuba, Haiti, Nicaragua and Venezuela, setting them up for potential deportation as well.

Temporary Protected Status allows people already in the United States to live and work legally because their native countries are deemed unsafe for return due to natural disaster or civil strife. Last year Trump said Venezuela is being run by a dictator, which at the time everyone took as him being critical of the country.

“These workers — our colleagues, friends, and neighbors — have contributed immensely to the success of the Walt Disney Company and to the vibrant culture of central Florida,” a coalition of unions at Disney World said in a statement. “No worker should have to live in fear of losing everything after building a life here.”

Today on the ‘gram: Looks like a Concorde!

But does it land in Croydon?

Post of the day: The mask IS kinda cool, tho…

Quote of the Day

Boeing’s get-out-of-jail-free card over crashes

Boeing $BA ( ▲ 0.23% ) has struck another deal with the Justice Department, allowing the aviation giant to dodge criminal prosecution for allegedly misleading federal regulators about the 737 Max jetliner, whose crashes killed 346 people. Boeing will pay $445 million to victims’ families and invest $1 billion in safety measures under the terms of the agreement.

“Ultimately… we are confident that this resolution is the most just outcome with practical benefits,” said the Justice Department.

Victims’ families, however, are not buying it. Paul Cassell, an attorney representing several families, described the financial restitution as insufficient, insisting that “it is more important for Boeing to be held accountable to the flying public.”

Boeing’s alleged lies about its faulty software led to nose-dives that pilots couldn’t correct.

Should you check your 401(k) today?

👎️ 

No.

Homeowners can’t sell so they’re renovating

For now, it seems homeowners are choosing their hammers over for-sale signs. Despite a wave of economic uncertainty, homeowners across the U.S. are bucking the trend of tightening wallets, opting to pour money into renovations and repairs instead. Elevated mortgage rates and soaring home prices have left homeowners hesitant to sell, but as fewer homes change hands, everybody’s fixing up their houses.

Sales at building materials and garden supply retailers rose 0.8% in April, marking the biggest gain since 2022, and were up 3.2% compared to the same time last year. Meanwhile, U.S. retail sales overall rose by only 0.1%, signaling that the home improvement market is defying the broader consumer slump. Rising costs of labor and materials haven’t deterred homeowners, either.

Interestingly, Harvard’s Joint Center for Housing Studies predicts spending on renovations will continue its upward trajectory, forecasting $526 billion in spending by the first quarter of next year—a 2.5% increase. However, as Carlos Martín from the center cautions, “Broader economic turbulence… would almost certainly temper our expectations.”

Microsoft can buy ‘Call of Duty’ maker after all

The Federal Trade Commission has officially abandoned its effort to block Microsoft's $69 billion acquisition of Activision Blizzard, marking the end of a high-stakes legal battle that began during the Biden administration. In an order issued Thursday, the FTC said, “the public interest is best served by dismissing the administrative litigation in this case,” allowing Microsoft’s purchase of the “Call of Duty” maker to move forward.

Brad “No Nickname Possible” Smith, Microsoft’s $MSFT ( ▼ 0.72% ) vice chairman and president, celebrated the FTC’s announcement, calling it a victory for gamers and “common sense in Washington D.C.” in a statement posted on X.

The acquisition is one of the largest in tech history and is aimed at bolstering sales of Microsoft’s Xbox gaming console, which has long trailed behind competitors like Sony’s $SONY ( ▼ 0.9% ) PlayStation and Nintendo’s products $NTDOF ( ▼ 0.38% ) .

The FTC’s initial lawsuit under former Democratic chair Lina “Miss Me?“ Khan argued the transaction would suppress competition in the gaming industry, granting Microsoft excessive control over subscription content. Now under a Republican-majority leadership, the FTC has taken a notably different approach.

Polls of the Day!

Poll Results: “Glassholes” it is…

We asked what you thought of Google's new smart glasses. You voted:

🟩🟩🟩🟩🟩🟩 They are a tired relaunch of an already f-AI-led product, and the firm should be ashamed of itself. (236 votes)

 🟨⬜️⬜️⬜️⬜️⬜️ Sound kinda cool. Sign me up! (39 votes)

275 Votes via @beehiiv polls

Coming soon: The Disruptors

Airing on Tuesday Jun 3 at 8:30 p.m. ET wherever you watch Cheddar, The Disruptors dives deep into the lives and minds of visionary entrepreneurs, innovators, and change-makers who are revolutionizing industries and shaping the future. Each episode will profile a different disruptor, exploring their personal journeys, motivations, challenges, and the groundbreaking solutions they’ve brought to the world. Find out more at the Disruptors website!