In 1956, IBM introduced the first-ever hard disk drive, a system the size of two refrigerators with just 5MB of storage.
The IBM 350 Disk Storage Unit was part of the RAMAC 305 system and marked a significant breakthrough in data handling. Its vast physical size contrasted sharply with its modest capacity, highlighting the early challenges of digital storage.
This pioneering device paved the way for the vast, high-capacity storage solutions that power our digital world today.
Market Wrap
Paycheck Inflation Rises, Fed Pressured to Slash Rates Regardless
Nonfarm Payrolls Growth Moderates: The U.S. Labor Department reported that nonfarm payrolls rose by 139,000 in May, slightly above expectations but below the 12-month average, illustrating a cooling from April’s pace. The unemployment rate held steady at 4.2%, signaling continued labor-market resilience despite trade-war and tariff uncertainties.
Wage Growth Stokes Inflation Concerns: Average hourly earnings increased 3.9% year-over-year, a bit hotter than forecasts, which dampened hopes for near-term Federal Reserve rate cuts. Higher wages pushed Treasury yields up and pressured equity valuations, tempering Friday’s stock gains.
Trump Presses Fed for Aggressive Rate Cut: President Donald Trump publicly urged the Federal Reserve to slash interest rates by a full percentage point, intensifying pressure on Chair Jerome Powell. Markets initially rallied on hopes of cheaper borrowing costs, but higher inflation concerns from sticky wage growth tempered gains.
U.S.-China Trade Dialogue: Cabinet-level envoys (Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and U.S. Trade Representative Jamieson Greer) will meet Chinese counterparts in London on June 9 to resume trade negotiations.
Currency Watchlist Expansion: In its semiannual report published June 6, the U.S. Treasury added Switzerland and Ireland to its list of countries under enhanced monitoring for potential currency manipulation.
Broadcom Inc. shares fell 5% after the chipmaker reported record revenue driven by AI infrastructure demand but faced profit-taking in post-earnings trading.
Lululemon Athletica Inc. shares plunged 19.8% after the athletic apparel maker issued disappointing sales and profit guidance, warning that cautious consumer spending and upcoming price increases would weigh on demand.
United Airlines Holdings Inc. shares rose 4.8% after the carrier announced a partnership with Spotify to offer in-flight streaming, boosting confidence in ancillary revenue growth.
Mosaic Co. shares dropped 4.4% as the fertilizer producer cut its 2025 phosphate production forecast due to operational challenges, signaling potential supply tightness.
Moderna Inc. shares jumped 5.1% following FDA approval of its new COVID-19 vaccine for high-risk populations, underscoring the company’s continued role in pandemic response.
Unlock Exclusive Insights - For Free!
Create a free account to view data on 1000s of other stocks
You can preview data without registering for the Magnificent Seven now :
