Instagram was originally called Burbn before the founders focused the app solely on photo sharing.
The app, launched by Kevin Systrom and Mike Krieger in early 2010, started as a location-based check-in service with features like earning points and making plans. They stripped away extra functionality after realizing users loved the photo feature most and rebranded as Instagram in October 2010.
This strategic pivot set the stage for Instagram's rapid growth into a global platform for visual storytelling.
Market Wrap
Trillion-Dollar Vote Looms as Bond Yields Surge
House Speaker Mike Johnson announced that the House could vote on former President Trump’s expansive tax-cut and spending bill as early as Wednesday evening, raising the stakes for a package estimated to add nearly $3.8 trillion to the federal debt and putting additional pressure on markets already rattled by fiscal concerns
Weak Demand for 20-Year Bonds: The Treasury sold $16 billion of 20-year notes at a high yield of 5.047% but attracted below-average demand, with a bid-to-cover ratio of just 2.46, signaling investor jitters over rising federal deficits and fiscal sustainability. The lackluster auction drove 20-year yields to their highest level since November 2023, while the 10-year note climbed to around 4.595%, exacerbating upward pressure across the yield curve and lifting borrowing costs
Fed officials expect recent U.S. import tariffs to feed through into higher consumer prices and urged a “wait and see” approach before any change in policy, with Atlanta Fed’s Raphael Bostic noting that corporate stock-piling strategies are running their course and St. Louis Fed’s Alberto Musalem warning that inflation expectations must be watched closely
OPEC+ announced plans to increase oil production to undercut higher-cost U.S. shale producers, a move that has already pressured rig counts and could weigh on energy stocks if it keeps global prices below $60/barrel
Chinese battery giant CATL’s IPO in Hong Kong surged 16% on its first day, highlighting robust Asian demand for clean-energy names and potentially diverting capital away from U.S. clean-tech equities
At Computex, Nvidia’s CEO Jensen Huang called U.S. chip export restrictions on China “a failure,” warning they’re accelerating domestic Chinese chip development and stoking fears of a deeper U.S.-China tech decoupling
Alphabet Inc. shares gained 2.8% on renewed optimism from Google I/O developments, with analysts raising forecasts following the rollout of new AI-powered search features.
UnitedHealth Group Inc. shares dropped following a credit rating downgrade and news of a Department of Justice probe into alleged Medicare fraud, compounded by the CEO’s surprise resignation mid-session.
Lowe’s Companies Inc. shares declined 1.7% despite beating profit estimates, as the home-improvement giant reaffirmed its outlook but warned that tariffs and supply-chain pressures could weigh on future margins.
Palo Alto Networks Inc. shares dropped nearly 7% even after the cybersecurity firm beat earnings and revenue forecasts, as CFO remarks highlighted slowing subscription growth and higher renewal costs.
Snowflake Inc. shares jumped over 6% in after-hours trading after the cloud data platform topped revenue forecasts and issued a robust full-year outlook, underscoring strong enterprise demand for data services.
Fair Isaac Corp. shares plunged 16% after the analytics software maker announced a fee increase and delivered weaker-than-expected quarterly results, spurring concerns over enterprise spending.
Target Corp. shares fell 5.2% after the retailer lowered its full-year revenue forecast and reported mixed first-quarter results, citing softer store traffic and heightened tariff costs.
XPeng Inc. shares surged 13% in response to better-than-expected delivery numbers and a sharp narrowing of quarterly losses, boosting confidence in the EV startup’s growth trajectory.
VF Corp. shares dropped 16% after the apparel conglomerate reported soft demand, poor inventory management and lowered its full-year profit outlook amid rising tariff headwinds.
Wolfspeed Inc. shares plummeted after reports the silicon carbide chip maker was exploring a Chapter 11 bankruptcy filing amid mounting debt and missed revenue expectations.
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