Fred Smith wrote a term paper at Yale University outlining his concept for an overnight delivery service and received a C grade from his professor.
In 1965, as an undergraduate at Yale, Smith submitted an economics paper proposing a hub-and-spoke model for shipping small packages overnight, a concept that later became FedEx. His professor acknowledged the idea as well-formed but deemed it impractical, resulting in a mediocre grade.
Despite the low grade, Smith pursued his vision and founded FedEx in 1971, revolutionizing global logistics.
Steel Tariffs Double to 50%: President Trump announced that steel and aluminum tariffs would double to 50%, effective June 4, intensifying trade tensions and bolstering U.S. steelmakers’ shares while pressuring automakers and related sectors.
EU Prepares Expanded Retaliatory Tariffs: The European Union announced it is preparing an expanded list of retaliatory tariffs on U.S. imports—including potential levies on agricultural and industrial goods—to take effect as soon as July 14, in direct response to President Trump’s decision to double steel and aluminum tariffs to 50%.
Zero-for-Zero Tariff Negotiations: EU Trade Commissioner Maroš Šefčovič will meet U.S. Trade Representative Jamieson Greer in Paris to seek a negotiated “zero-for-zero” deal that would eliminate tariffs on all industrial goods, even as both sides maintain firm positions on steel, aluminum, and value-added tax concessions.
USTR Calls for Best Offers by July 8: The United States Trade Representative urged trading partners to submit their best offers by Wednesday ahead of a July 8 deadline, signaling a push to expedite negotiations and adding uncertainty for industries reliant on imported goods.
Treasury Secretary Optimistic on US-China Talks: Treasury Secretary Scott Bessent expressed optimism that diplomatic talks between President Trump and President Xi Jinping would resume, offering a potential easing of trade-related headwinds if successful.
Waller Sees Possible 2025 Rate Cuts: Governor Christopher Waller said that interest rate cuts remain a possibility later in 2025, despite uncertainties stemming from newly introduced tariffs, noting that temporary inflation spikes from tariffs should not hinder monetary policy adjustments.
Oil Prices Surge on OPEC+ Supply Hold: OPEC+ elected to maintain current production levels, sending crude oil prices up over 3%, benefiting energy stocks while raising input cost concerns for transportation and manufacturing sectors in U.S. markets.
ISM Manufacturing Index Contracts: The Institute for Supply Management reported that its May manufacturing index fell to 48.5, down from 48.7 in April, marking the third consecutive month of contraction and signalling continued weakness in factory activity.
April Construction Spending Declines: The U.S. Census Bureau’s June 2 release showed that April construction put-in-place spending declined by 0.4% month-over-month, reflecting softer outlays for both residential and non-residential projects.
Meta Platforms Inc. shares climbed 3.6% after the company unveiled plans to fully automate ad creation and targeting using artificial intelligence by late next year, boosting growth expectations.
Leidos Holdings Inc. shares fell 4.6% after the defense contractor completed its acquisition of Kudu Dynamics and simultaneously received a stock downgrade from analysts.
Steel Dynamics Inc. shares surged 10.3% as markets reacted to the planned increase in steel tariffs to 50%, positioning domestic producers to benefit from reduced imports.
First Solar Inc. shares dropped 5.3% following reports that federal support for renewable energy was being scaled back, weighing on solar sector sentiment.
Blueprint Medicines Corp. shares soared 27% after French drugmaker Sanofi announced a $9.5 billion acquisition deal, reflecting strong demand for Blueprint’s rare immunology pipeline.
Cleveland-Cliffs Inc. shares jumped 23% following President Trump’s announcement that steel tariffs would double to 50%, boosting sentiment across U.S. steelmakers.
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