Twitter began as a podcasting platform called Odeo before pivoting into the microblogging service we know today.
Originally focused on audio content, Odeo’s team shifted direction after Apple’s entry into podcasting disrupted their model. The idea of sharing short status updates led to the birth of Twitter in 2006.
It’s a reminder that some of the most successful innovations come from knowing when to change course.
Market Wrap
Durables Jump, Fed Softens — Markets Rally
Durable Goods Orders Surge:
The U.S. Commerce Department reported a 16.4% increase in May durable goods orders—the strongest monthly gain in over a decade—driven largely by a surge in aircraft demand. Core orders excluding transportation rose 0.5%, signaling steady but moderate growth in business investment.
Dollar Weakness Tied to Fed Power Speculation and Dovish Shift:
Investor concerns over potential political interference at the Federal Reserve, including speculation about replacing Chair Powell, pushed the dollar to multi-year lows. At the same time, dovish remarks from Fed officials raised the likelihood of a July rate cut, helping support equities.
NATO Summit Boosts Defense Spending Outlook:
At the NATO summit in The Hague, all 32 member nations pledged to raise defense-related spending to 5% of GDP by 2035, marking a significant shift in strategic investment. The commitment lifted global defense stocks and heightened expectations of sustained military procurement demand.
Oil Prices Plummet, Stocks Rally:
U.S. crude prices dropped more than 14% over two days as easing Middle East tensions and ample supply calmed energy markets. The decline reduced inflation concerns and contributed to a broad equity rally, with the S&P 500 climbing over 22% from its April lows.
Coinbase Global Inc. shares surged ~5.5% after analysts raised price targets—citing strength in trading, custody and crypto infrastructure, and optimism about the recently approved Senate 'Genius Act.'
Equinix Inc. shares fell ~9.6% after the data-center REIT warned of slowing medium‑term growth and analysts downgraded the stock due to its capital-intensive expansion plans.
Freeport‑McMoRan Inc. shares jumped ~6.8% after copper prices rallied on strong industrial demand and supply worries, boosting mining and materials stocks.
McCormick & Co. shares jumped ~5.3% after the spice maker posted better‑than‑expected earnings and delivered upbeat guidance, helping lead the S&P 500's advance.
Enphase Energy Inc. shares soared ~12.8% after reports suggested lawmakers may preserve residential solar tax credits in the upcoming budget bill—lifting sentiment across clean-energy stocks.
Core Scientific Inc. stock leapt ~33% on reports it was in acquisition talks with rival CoreWeave, fueling investor optimism about consolidation in the AI‑mining sector.
QuantumScape Corp. shares jumped more than 30% following news of a breakthrough in its solid‑state battery technology, generating excitement around the company's progress toward next‑generation EV battery solutions.
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