The first iPhone nearly included a physical keyboard, but Steve Jobs scrapped it in favor of a touchscreen.
Early Apple engineers were prototyping devices with physical keyboards, inspired by the success of BlackBerry phones. But Jobs pushed for a revolutionary interface and insisted that a touchscreen would allow for more flexibility and innovation.
This bold decision helped redefine the entire smartphone industry and set the standard for mobile design.
Market Wrap
Wall Street Roars Back
CPI Cools More Than Expected:
The U.S. Bureau of Labor Statistics reported that the Consumer Price Index (CPI) increased by 0.2% in April 2025, slightly below expectations. Core CPI, which excludes food and energy, also rose by 0.2%. These figures suggest easing inflationary pressures, potentially influencing the Federal Reserve's monetary policy decisions.
U.S. Reduces Tariffs on Small Chinese Parcels:
The U.S. government announced a significant reduction in tariffs on small parcels imported from China and Hong Kong, lowering the rate from 120% to 54%. This move is part of a broader 90-day trade truce between the U.S. and China, aiming to ease tensions and stimulate economic activity. The reduction benefits e-commerce retailers like Shein and Temu, potentially lowering costs for consumers and businesses.
$600 Billion U.S.-Saudi Arms Deal Signed:
President Donald Trump signed a $600 billion arms deal with Saudi Arabia, marking a substantial expansion in defense trade between the two nations. The agreement is expected to bolster the U.S. defense industry and strengthen geopolitical ties in the Middle East, potentially influencing defense-related stocks.
Senator Ted Cruz Proposes $1,000 Investment at Birth:
U.S. Senator Ted Cruz introduced a proposal to provide every American newborn with a $1,000 investment account to be used for stock market investments. The initiative aims to promote financial literacy and long-term wealth accumulation, potentially increasing future participation in the stock market.
China's Engagement with Latin America:
Following the trade agreement with the U.S., Chinese President Xi Jinping hosted a summit with Latin American and Caribbean leaders, announcing a $9 billion investment credit line and expanded visa-free travel. This move aims to strengthen China's economic ties with the region, potentially impacting U.S. trade relations and market dynamics.
EBRD Lowers Growth Forecasts:
The European Bank for Reconstruction and Development (EBRD) reduced its economic growth forecast for emerging Europe, Central Asia, the Middle East, and Africa due to global economic challenges, including tariffs and geopolitical conflicts.
S&P 500 Erases Year-to-Date Losses:
The S&P 500 rose 0.7% on Tuesday, closing at 5,886.55—its highest level in over two months—driven by easing inflation data and optimism around a U.S.-China trade truce. The gain was enough to push the index back into positive territory for 2025, marking a key psychological milestone for investors.
NVIDIA Corporation shares surged 5.6% after announcing a partnership with Saudi Arabia's sovereign wealth fund-owned AI startup, Humain, to supply 18,000 chips for a new data center project. This deal underscores NVIDIA's expanding global footprint in the AI sector and bolstered investor confidence.
UnitedHealth Group Inc. shares plummeted 17.8% following the abrupt resignation of CEO Andrew Witty and the company's suspension of its full-year financial forecast due to rising medical costs. The unexpected leadership change and financial uncertainty rattled investors, leading to a significant sell-off.
Palantir Technologies Inc. shares gained 8.1% as investors reacted positively to its recent earnings report, highlighting continued dominance in AI software and rising government demand. The company's strong performance and increased fair value estimate contributed to the stock's upward momentum.
Coinbase Global Inc. shares jumped after the announcement of its inclusion in the S&P 500 index, replacing Discover Financial Services. This milestone marks a significant recognition for the cryptocurrency exchange, signaling its growing prominence in the financial sector.
Super Micro Computer Inc. shares soared 16% after Raymond James initiated coverage with an 'outperform' rating, citing its leadership in AI infrastructure. The endorsement from a major analyst firm boosted investor confidence in the company's growth prospects.
Exelixis Inc. shares rose in after-market trading, after reporting a 191.67% increase in quarterly earnings per share compared to the same quarter last year. The significant earnings growth signaled strong operational performance, attracting investor interest.
Enphase Energy Inc. shares declined following a downgrade from Barclays, which cited concerns over residential solar product demand. The downgrade raised questions about the company's future revenue growth, leading to a decrease in stock value.
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