Richard Branson started his first business at 16 with a magazine called Student.
He launched Student magazine in 1966, offering recommendations and advice to his peers. The publication covered topics such as music, fashion, and student issues and gained him early entrepreneurial recognition.
This early venture laid the foundation for his future business empire.
Market Wrap
Tariff Talks and Tumbles: Trade Call Fizzles as Jobless Claims Rise
Trump–Xi Trade Call:
On June 5, President Trump and Chinese President Xi Jinping held a 90-minute phone call to restart trade negotiations and discuss easing mutual trade barriers. The call yielded a commitment to further talks rather than immediate policy changes, underscoring that any tangible changes will take time and could still face political hurdles.
Trade Deficit Narrows Sharply:
The U.S. goods and services trade deficit for April shrank by 55.5% to $61.6 billion from $138.3 billion in March, driven by a 16.3% drop in imports and a 3.0% rise in exports, reflecting some of the first measurable impacts of tariffs.
Jobless Claims Mixed:
Weekly initial jobless claims unexpectedly increased by 8,000 to 247,000 in the week ending May 31—the highest level since October 2024—suggesting a cooling in the labor market, while continuing claims fell by 3,000 to 1.904 million, indicating fewer workers remained unemployed after their initial benefit week.
Trump–Musk Feud Escalates:
President Trump publicly feuded with Elon Musk on June 5, threatening to cut government contracts and labelling Musk’s criticism of his budget "disgusting"; the confrontation triggered a 14% plunge in Tesla shares, reverberating through broader tech equities.
ECB Cuts Interest Rates:
On June 5, 2025, the European Central Bank cut its deposit facility rate by 25 basis points to 2.00%, citing falling eurozone inflation and rising downside risks to growth. The decision signals a divergence from the Federal Reserve’s tighter stance, causing the euro to weaken against the dollar and pressuring European equities and global commodity prices, which in turn can weigh on U.S. multinational firms’ revenues.
Tesla Inc. shares fell 14% after a public feud between CEO Elon Musk and President Donald Trump led to threats of cutting government contracts, exacerbating concerns over the company’s international sales performance.
Procter & Gamble Co. shares fell 1.9% following the announcement of a plan to cut 7,000 jobs over two years as the consumer goods giant braces for uncertain consumer spending conditions driven by escalating tariffs.
Kimberly-Clark Corp. shares dropped 2.3% after the company sold a majority interest in its international tissue business to focus on core product categories, signaling a shift in strategy amid challenging global markets.
Dollar Tree Inc. shares surged 9.1% after JPMorgan upgraded the stock and raised its price target, highlighting stronger-than-expected same-store sales trends and investor optimism around discount retail demand.
MongoDB Inc. shares jumped 13% after the database software provider raised its annual guidance on the back of stronger-than-expected earnings and robust enterprise demand for its cloud services.
Brown-Forman Corp. shares plunged 15% after the spirits maker issued a warning about a tough macroeconomic outlook and forecasted declining revenue, citing weakening consumer demand amid tariff pressures.
Five Below Inc. shares rose after the specialty discount retailer reported better-than-expected profit and sales for the latest quarter and raised its full-year outlook, driven by strong new store performance.
PVH Corp. shares fell 18% after the apparel company cut its profit forecasts due to anticipated margin pressures from new U.S. tariffs on imported goods, raising concerns about future profitability.
Winnebago Industries Inc. shares dropped 6% after the recreational vehicle maker announced plans to reduce its workforce amid falling demand for RVs, underscoring concerns about a slowdown in discretionary spending.
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