The first email was sent by Ray Tomlinson in 1971, but he forgot what he actually typed.
Working on ARPANET, Tomlinson devised a way to send messages between computers and chose the now-iconic @ symbol to distinguish user and host. The test email itself was insignificant, likely just a random keystroke, and he admitted he didn’t keep a copy.
It marked the quiet birth of a communication method that would reshape the world.
Market Wrap
Guidance Withdrawals Signal Corporate Alarm
Trump Administration Initiates Trade Talks with China:
In response to escalating trade tensions, the Trump administration has quietly reached out to Beijing to commence tariff negotiations. This move indicates a potential shift towards resolving the ongoing trade disputes that have unsettled global markets.
EU Offers €50 Billion Deal to Avert Tariff Escalation:
The EU has proposed increasing imports of U.S. goods by €50 billion to ease trade tensions and avoid further tariffs. Talks remain complex due to U.S. demands on auto tariffs and EU concerns over digital taxes, with a proposal expected before the July 9 tariff deadline.
Global Companies Withdraw Guidance Amid Tariff Uncertainty:
A growing list of major companies have pulled or revised 2025 forecasts due to rising tariffs and economic uncertainty. These include General Motors, UPS, Kraft Heinz, JetBlue Airways, PepsiCo, First Solar, Harley-Davidson, Mercedes-Benz, Stellantis, Volkswagen, Volvo Cars, Porsche, Procter & Gamble, Snap, Chipotle, Thermo Fisher, Coca-Cola, and LG. The widespread revisions highlight mounting pressure from trade disruptions.
Amazon.com Inc. shares dropped 2.7% despite surpassing earnings expectations, as investors reacted to a 145% tariff on Chinese imports affecting over half of Amazon's product offerings. The heightened trade tensions raised fears of weakened consumer demand and potential margin pressures.
Meta Platforms Inc. shares gained 4.2% as sales exceeded expectations, alleviating concerns about digital advertising revenues and highlighting the company's successful pivot towards AI-driven initiatives.
Tesla Inc. shares declined 0.6% amid reports that the company is searching for a new CEO. Speculation about Elon Musk's potential departure and its implications for the company's future direction weighed on investor sentiment.
McDonald's Corp. shares declined 1.9% following a surprise drop in U.S. revenue, signaling potential challenges in maintaining domestic growth amid changing consumer preferences and economic uncertainties.
CVS Health Corp. shares rose 4.1% after reporting better-than-expected earnings and announcing that it would offer Novo Nordisk’s Wegovy as a preferred weight-loss drug, marking a strategic move into the growing obesity treatment market.
General Motors Co. shares slightly decreased after the automaker reduced its 2025 earnings forecast, citing potential $5 billion in tariff impacts. The revision highlighted ongoing challenges from global trade tensions affecting the automotive industry.
Robinhood Markets Inc. shares fell 5.1% despite reporting higher revenue and record deposits, as investor concerns over the company's profitability and competitive pressures led to a negative market reaction.
Estée Lauder Companies Inc. shares fell 1.8% as the company projected an 8-9% annual sales decline related to tariffs, raising concerns about the impact of trade policies on luxury goods demand.
Moderna Inc. shares dropped 5.3% after posting a quarterly loss, but the company projected increased demand for its products later in the year, suggesting potential for recovery.
Kohl's Corp. shares surged 7.6% after the company announced the termination of its CEO over conflict of interest allegations. The leadership change was perceived positively by investors, anticipating a strategic turnaround for the retailer.
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