The first item ever sold on eBay was a broken laser pointer that fetched $14.83.
Pierre Omidyar listed the nonfunctional pointer on AuctionWeb in September 1995 as a test of his new auction site, honestly noting it didn’t work even with fresh batteries. A surprise bidding war drove the final price to $14.83, and the buyer later revealed he collected broken laser pointers.
This modest sale launched what would grow into a multibillion-dollar e-commerce empire.
Market Wrap
Trade Truce, Tepid Inflation & Bond Rush
New US–China Trade Deal Announced: President Trump declared on June 11 that negotiators had agreed in principle to a new trade pact with China, combining existing levies and new charges into a total of 55% tariffs on Chinese imports while China would impose 10% duties on U.S. goods; the surprise announcement briefly lifted futures on major U.S. indexes before markets closed slightly lower as investors awaited formal details and Chinese approval.
Consumer Price Index: The U.S. Bureau of Labor Statistics reported that consumer prices rose just 0.1% in May and 2.4% year-over-year, with core CPI also up 0.1%, as cheaper gasoline partly offset higher rents. This softer-than-expected monthly reading drove 10-year Treasury yields lower and capped equity gains on Wednesday.
Treasuries Rally: The 10-year U.S. Treasury yield dropped about 6 basis points to roughly 4.42%, as investors piled into government bonds following the softer CPI report.
Global Fund Reallocations: In May 2025, global investors pulled $24.7 billion out of U.S. equity mutual funds and ETFs and redirected $21 billion into European equity funds, while emerging-market ETFs saw $3.6 billion in inflows. Since the start of 2025, this shift is reflected in MSCI Europe’s ≈20% year-to-date gain versus the U.S. at 2.7% and Asia Pacific at 10%, highlighting the broad reallocation away from U.S. equities.
Broadcom Inc. shares advanced 3.4% as the chipmaker reported record quarterly revenue from AI-focused semiconductor products, even as it cautioned investors about near-term supply constraints.
Tesla Inc. shares unchanged after CEO Elon Musk expressed regret over previous comments about political figures, soothing some investor concerns over leadership volatility.
Lockheed Martin Corp. shares declined 4.3% following news that the U.S. Department of Defense reduced its planned F-35 jet procurement, cutting short-term revenue visibility for the defense contractor.
Starbucks Corp. shares rose 4.3% on the unveiling of Green Dot Assist, an AI-powered virtual barista assistant, and indications of a potential stake sale in its China business to boost balance sheet flexibility.
Intel Corp. shares fell 6.3% amid concerns over its ongoing restructuring efforts and slowing sales, as the semiconductor giant faces headwinds from trade tensions and supply chain disruptions.
Nucor Corp. shares dropped 6.1% after reports that the U.S. and Mexico are considering replacing existing 50% steel tariffs with a quota system, raising worries about future revenue for the steelmaker.
Warner Bros. Discovery Inc. shares surged 5% after announcing plans to split its studio and television operations into two separate divisions, a move aimed at unlocking shareholder value.
Oxford Industries Inc. (OXM): shares plunged 8% in after-hours trading on June 11 after the company slashed its full-year profit outlook, blaming heightened consumer caution and U.S. tariffs for weaker discretionary‐spending trends.
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