⁠Wall St Engine
$AAPL sees ~$900M Q3 tariff hit, says full impact unclear. Guides June rev up low-mid single digits YoY; Gross Margin seen at 45.5%-46.5% vs 46.7% est.

Apple now expects most U.S.-sold iPhones to be made in India, with iPads, Macs, Watches, and AirPods shifting to Vietnam. https://t.co/7N02B1q3rM
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Amazon $AMZN CEO Andy Jassy: “Our AI business is now a multi-billion dollar run-rate, growing triple digits YoY. As fast as we add capacity, it’s being consumed. Demand is outpacing supply—we simply can’t build AI fast enough.” https://t.co/eLYtQaA87A
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Apple $AAPL plans to buy over $19B worth of chips from a dozen U.S. states this year, including tens of millions of advanced chips from Arizona. The move is part of a broader $500B U.S. investment over four years, which includes new sites and expansion across 10 states.
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REDDIT $RDDT EXEC:

“We do expect some bumps along the way from Google because we've already seen a few this year… the search ecosystem is under heavy construction... Through the month of Apr, we're seeing total DAUs growing in the high teens range YoY.” vs street est. of +24%
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Japan’s 🇯🇵 Finance Minister Kato says the country’s massive U.S. 🇺🇸 Treasury holdings are on the table as leverage in trade negotiations, but adds that whether they’ll actually play that card is a separate decision.
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U.S. VICE PRESIDENT VANCE: INDIA COULD BE AMONG ONE OF THE FIRST TRADE DEALS -FOX NEWS
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U.S. VICE PRESIDENT JD VANCE SAYS WALTZ JOB CHANGE NOT THE RESULT OF SIGNAL CHAT LEAK
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Forget earnings or macro. We’re now predicting how many times Elon tweets by May 2. We’ve officially hit peak capitalism, lol 😂 https://t.co/HTllYa5hn7
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Today's Key Events (All EST) — 05/02/2025

08:30: US Unemployment Rate (Est. 4.2%)
08:30: US Nonfarm Payrolls (Est. 138K)
08:30: US Average Earnings YoY
10:00: US Factory Orders MoM
10:00: US Durable Goods Revised

Before Open 👇
02:00: Shell $SHEL
05:00: Magna International $MGA
06:00: Cigna $CI
06:00: DuPont $DD
06:15: Chevron $CVX
06:30: Exxon Mobil $XOM
06:30: Eaton $ETN
06:30: Apollo Global Management $APO
06:30: Westlake Chemical $WLK
06:30: Cinemark $CNK
06:30: Westlake Partners $WLKP
06:55: Brookfield Renewable $BEP
07:00: Wendy's $WEN
07:00: T. Rowe Price $TROW
07:30: Cboe Global Markets $CBOE
08:00: Piper Sandler $PIPR
08:30: Franklin Resources $BEN
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TRUMP ENDS DE MINIMIS EXEMPTION FOR CHINA SHIPMENTS

Starting today, small-value packages from China and Hong Kong—like those from Shein and Temu—will no longer enter the U.S. duty-free. Trump called the loophole a “big scam,” and it’s now closed. Those parcels will face a 120% tariff or a flat fee starting at $100 and rising to $200 by June. The move hits low-cost imports hard, with Shein already hiking prices on top-selling items by 50% or more. $PDD Temu says its U.S. pricing won’t change—for now—as it shifts sales to local sellers.
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CHINA EVALUATING US TRADE TALKS

China’s MOFCOM said the U.S. 🇺🇸 “has recently taken the initiative to convey information to China 🇨🇳 through relevant parties,” seeking to reopen tariff talks. China is “currently conducting an assessment” and warns, “If the U.S. does not correct its erroneous unilateral tariff measures… it has no sincerity.” China added, “If we fight, we fight to the end. If we talk, the door is open.”
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US Secretary of State Rubio said on Fox News that China wants to meet and talk on trade and discussions will come up soon. "Our Treasury Secretary Scott Bessent is involved in those efforts, and their talks will come up soon," he said.
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China’s Ministry of Industry is telling automakers to ramp domestic chip use to 25% this year, up from just 15% in late 2024 — a tough ask, given reliance on U.S. and European suppliers. Beijing quietly exempted key American auto chips from tariffs last month after lobbying by Chinese carmakers, underscoring the country’s continued dependence despite a big localization push. One state-owned automaker put it bluntly: “We need to move faster to replace American parts from the system.”
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House Republicans plan to raise $15B+ by boosting oil, gas, coal, and timber lease sales—including 4 ANWR sales and resumed leasing in the Petroleum Reserve—to help fund Trump’s $4.5T tax cuts. Bill also aims to speed up major environmental permits and cut agency funding. - BBG
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Japan negotiators firmly opposed US proposal. Japan to take stance that negotiations on reducing US trade deficit are difficult unless tariffs on autos, steel, aluminium are on negotiating table- Nikkei.
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DOJ SUES AETNA, $HUM, $ELV OVER MEDICARE KICKBACKS - WSJ

Federal prosecutors say top Medicare insurers paid hundreds of millions in kickbacks to brokers to win sign-ups and avoid disabled enrollees seen as costly. From 2016–2021, brokers steered clients to the highest bidders, regardless of plan quality, per the DOJ complaint.
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