(back)
Here's what I've been reading, watching, and listening to:
The advancements with mRNA vaccines are astonishing, especially in areas of focus like cancer. These research cuts coupled with recent (massive) budget cuts (specifically NIH, CDC, HHS) feel like a giant step backwards for the US.
Ford Motor paid out more than $800 million in tariffs last quarter, despite manufacturing most of its vehicles in the U.S. The tariff bill came from parts imported from outside of the country as well as from fees on steel and aluminum. The hit helped wipe out the company’s net profit, leading to its first quarterly loss since 2023.
The company said tariff-related costs will cut about $2 billion from its annual earnings, more than the $1.5 billion it predicted three months ago. The company reported a net loss of $29 million, compared with $1.8 billion in net income a year ago. Revenue rose to $50.2 billion, from $47.8 billion a year ago. Ford shares are down 3.4% in after-hours trade.
Tariffs are a tax on American consumers and businesses.
Smart — let candidates use the tools they’ll be using daily in the interview process
The automaker beat expectations but saw a 35% decrease in net income due to tariffs, and is expecting a bigger hit next quarter
We’ve lost decency. We’ve lost civility. We’ve lost respect for the rule of law. We’ve normalized verbal abuse. We’ve normalized bullying. Out the window goes character, integrity. We’re supposed to elect the best of us, not the worst of us.
While stocks may be due for a breather, we believe the bull market remains intact. We maintain our June 2026 S&P 500 price target of 6,500, and recommend using volatility as an opportunity to phase into markets.
Let’s not kid ourselves. The idea of “reciprocity” in global trade — tit-for-tat tariffs, perfectly balanced flows — is conceptually clean but economically delusional. We import goods others produce more cheaply. We export what they can’t. Trying to equalize trade balances through blunt-force tariffs is like trying to fix the weather with duct tape.
What this approach does do is sow long-term uncertainty. For U.S. businesses trying to plan sourcing and investment decisions, the fog is thickening. As Matt Priest from the Footwear Distributors and Retailers of America noted, the lack of clarity is paralyzing: “We need to understand the full bingo card.”
Spoiler alert: there is no bingo card. There is only a coin flip between escalation and reprieve every few weeks.