The S&P dropped nearly 10% in the two days after Trump's tariff package landed and China retaliated with 34% tariffs of its own. Over $6 trillion in market value was vaporized, the largest 2-day loss in US market history. The Nasdaq subsequently entered bear marketBear MarketA sustained decline of 20% or more from a market's recent peak. Signals broad loss of investor confidence — not just a bad day, but a shift in the underlying economic outlook. territory. Trump posted on social media that he is crashing the market on purpose to force the Fed to cut interest rates, but the Fed has yet to respond. Asian markets open tonight, and if they sell off, Monday's opening will be ugly.
Trump gave Iran a 48-hour ultimatum to make a deal or open the Strait of HormuzStrait of HormuzA narrow waterway between Iran and Oman through which roughly 20% of the world's daily oil supply passes. Iran closed it to US-allied ships after the February 28 strikes — the single biggest driver of current gas prices., or to face the consequences. The issue was complicated when 2 US-pilots were shot down over Iran; however, both have been recovered. The US strike on Iran's Mahshahr Petrochemical ZoneMahshahr Petrochemical ZoneOne of Iran's largest industrial complexes. Produces feedstock for plastics, fertilizer, and fuel. Striking it marks a significant escalation beyond nuclear and military targets. shows a significant escalation beyond nuclear and military targets. Gas is still rising nationally, with California already having over $6 in some areas. With these events, we do not know when gas prices may come down.
While everyone is keeping an eye on Iran, Russia launched a massive wave of drone and missile strikes across Ukraine over Easter Weekend. The timing is deliberate: Russia is taking advantage of the world's attention being elsewhere. Ukraine's air defenses intercepted many of the drones but civilian casualties have been reported.
Trump's new budget request was released today: $1.5 trillion in military spending, a 40% increase. It is paired with cuts to domestic programs, including cuts to NASA, State DepartmentState DepartmentThe US agency responsible for foreign policy, diplomacy, and international relations. Manages embassies, foreign aid, and global health programs. Proposed cut: 30%. & international programs, EPAEPAThe Environmental Protection Agency — oversees environmental regulation, clean air and water standards, and climate policy. Proposed cut: more than half., Department of LaborDepartment of LaborOversees workplace safety, wages, unemployment insurance, OSHA, and job training programs. Publishes the monthly jobs report., Housing and Urban DevelopmentHousing and Urban DevelopmentFunds affordable housing programs, administers Section 8 vouchers, and supports community development. Proposed cut: $10.7 billion.. The budget also renamed the Department of Defense as the "Department of War," but Congress has yet to approve of the name. For context: the entire US federal budget is about $7 trillion. Military spending would be roughly 1 in every 5 dollars the government spends.
A California jury found Instagram and YouTube deliberately designed their platforms to be addictive and held them liable for mental health damage they have caused a young woman who started using the apps at the age of 9, resulting in $6 million in damages.
NYC's youngest mayor in over a century is running one of the most closely watched municipal experiments in modern American politics. Starting Monday, we break it down one section per day — values, facts, incentives, and a question for you at the end of each. One tab unlocks every morning.