Good morning. Some relief for tech stocks, but also some confusion. Gold shows no signs of losing its luster. And why it may be time to resume your studies. Listen to the day’s top stories.
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Donald Trump paused additional import duties on consumer electronics, in what looks like a huge relief for Apple, though he later said the US will place those goods in a different “tariff bucket.” He plans to announce a tariff rate for semiconductors in the coming week and is open to discussing the matter with companies.
Finding it hard to cope with the whipsawing tariff moves from the White House? You’re not alone. Companies and manufacturers are getting “a bit tired” with Trump’s constantly shifting announcements, according to the CEO of logistics giant DHL.
Today’s market action looks good for tech stocks, but not so good for the dollar (again). Treasury yields may have peaked because foreign demand remains robust, according to the global head of fixed income at JPMorgan Asset Management. And Goldman analysts predict gold will continue its record rally to $4,000 an ounce by the middle of next year. Maybe unsurprisingly, bullion figures largely in our five key charts to watch in commodities this week.
Coming up: Goldman earnings top the agenda before the bell today. LVMH is set to show the company’s all-important fashion and leather-goods division posted another quarter of declines due to a slowdown in the US. The fourth quarter was a major disappointment. Watch for any commentary on how the tariffs are affecting business.
Also today, Blue Origin is set to launch a high-profile, all-women crew on its flagship space tourism rocket this morning. Crew members include pop star Katy Perry and Jeff Bezos’s fiancee Lauren Sanchez.
Bloomberg Tech: Join top tech decisionmakers and influencers on June 4-5 in San Francisco. Decode technology’s evolving role across business, culture and healthcare as we discuss the advances transforming industries and how they impact society. Learn more.
Deep Dive: Cuban Exiles
A demonstrator waves a Trump 2024 flag during a Freedom Rally showing support for Cubans protesting against their government, at Freedom Tower in Miami, on July 17, 2021. Photographer: Eva Marie Uzcategui/AFP
Migrants fleeing Cuba became a powerful force in Republican politics, helping deliver Florida to Trump in 2016 and 2024. And with Marco Rubio serving as Secretary of State, the community has never had more power.
The Cuban Adjustment Act of 1966 allows Cubans who have been in the US for a year to become permanent residents—far faster than most other nationalities.
But now as many as a half million recent arrivals risk deportation.
Reports of people being snatched from schools, work or even while taking out their trash by masked agents in unmarked cars, with no apparent due process, are only ramping up anxiety.
Many exiles are feeling that the country they fled to is behaving in ways similar to the place they fled from.
China has stopped retaliating against US tariffs and is considering a new strategy to counter the US, potentially using its $760 billion holdings in Treasury securities as a weapon, writes Shuli Ren. More creative escalations from the administration? No problem, sell some Treasuries when Asia wakes up, and Trump will feel the heat.
School’s in. When the job market looks bleak, head to grad school. That’s what happened after the global financial crisis, and early signs suggest it may be happening again.
