Trump tariffs live updates: Trump claims India offered zero tariffs, urges Apple to stay in US

Image source: Wikimedia Commons

In a surprising turn of events, President Trump on Thursday said India has offered to drop tariffs on US goods as part of a potential trade deal.

💾 Nvidia-backed CoreWeave whipsaws as investors digest $23 billion capital expenditure plan: CoreWeave stock dropped as much as 8% in premarket trading Thursday, even after executives exceeded Wall Street’s capital expenditure forecasts. The Nvidia -backed AI data center firm is rapidly spending cash to acquire more AI chips.

CoreWeave executives said in a call that the company expects to spend $20 billion to $23 billion in 2025, more than the $18.3 billion projected by Wall Street analysts, according to Bloomberg consensus estimates. Yahoo Finance reports.

🛍️ Trump’s tariffs are changing the way Americans spend: American consumers, battle-scarred by the pandemic and the subsequent surge in inflation, are already changing their spending patterns and delaying some purchases due to President Donald Trump’s chaotic tariff policy and the broader economic uncertainty, new survey data shows.

The shift in spending plans was among the findings from tax and audit firm KPMG’s second annual American Perspectives survey released early Thursday. CNN reports.

💻 Cisco lifts annual forecast on AI boost, names insider Patterson as new CFO: Cisco Systems stock rose 4% before the bell on Thursday after its finance chief Scott Herren announced retirement from the company in July, and raised its annual results forecast, betting on steady demand from cloud customers for its networking equipment, driven by the artificial intelligence boom. Yahoo Finance reports.

⛹️‍♂️ Dick's Sporting Goods to buy Foot Locker for $2.4 billion: Dick's Sporting Goods has agreed to buy smaller rival Foot Locker for $2.4 billion, the companies said on Thursday. Shares of Foot Locker surged 75% to $22.50 premarket after the announcement, while Dick's Sporting fell 9%.

The sporting goods retailer has offered $24 per share of Foot Locker, representing an 86% premium to the stock's last close. Foot Locker has lost about 40% of its value so far this year. Yahoo Finance reports.

🛢️ Oil prices fall 4% after Trump raises hopes of a U.S.-Iran nuclear deal: Oil prices fell sharply on Thursday on expectations that the U.S. and Iran may soon reach a deal over Tehran’s nuclear program. International benchmark Brent crude futures with July expiry were last seen trading 3.6% lower at $63.67 a barrel, while U.S.

West Texas Intermediate futures stood at $60.64, down 4% for the session. Speaking in Doha, Qatar during his Middle East trip, U.S. President Donald Trump said the U.S. was getting close to securing a nuclear deal with Iran. CNBC reports.

🛍️ Retailers rush to save US summer shopping season: U.S. retailers including Walmart tab and several clothing brands are racing to secure China-made merchandise for the busy summer shopping season starting in late May after Washington and Beijing agreed to temporarily slash tariffs.

The agreement on Monday to lower U.S. tariffs on shipments from Chinato 30% from 145% for the next three months prompted a restart in orders and shipments for sundresses, bathing suits, clogs and sunscreens from Chinese factories, according to logistics company Portless, which helps U.S. e-commerce brands import goods from China via air. Reuters reports.

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Benzinga reports.

1) $FL: Foot Locker

Total gain: +81.97%

2) $ISSC: Innovative Solutions

Total gain: +33.19%

3) $AYTU: Aytu BioPharma

Total gain: +28.88%

4) $KWM: K Wave Media

Total gain: +19.61%

5) $NXTT: Next Technology Holding

Total gain: +17.74%

The closing price of the top three market percent gainers trading near or above $3 on May 14.
Benzinga reports.

*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time

1) $SEPN: Septerna

Total gain: +51.11%

The stock appeared to be moving on no notable news.

2) $BLUE: bluebird bio

Total gain: +50.19%

The company and SK Capital Partners announced they have amended their definitive agreement, pursuant to which Carlyle and SK Capital will purchase all of the outstanding shares of bluebird. Under the terms of the amended agreement, bluebird stockholders can elect to receive either (x) the original offer of $3.00 per share in cash plus a contingent value right of $6.84 per share in cash, payable upon achievement of a net sales milestone, or (y) $5.00 per share in cash. Benzinga reports.

3) $LUCY: Innovative Eyewear

Total gain: +44.45%

The company, developer of smart eyewear under the Lucyd, Nautica, Eddie Bauer, and Reebok brands, announced its unaudited Q1 2025 financial results. Net revenue for the quarter ended March 31, 2025, was $454,501, an increase of 19% from $383,471 in the quarter ended March 31, 2024. Benzinga reports.

Time (ET) / Report / Period

8:30 am - Initial jobless claims - May 10

8:30 am - U.S. retail sales - April

“You don’t need to be a genius to trade well. You need to have the right mindset, discipline, and risk management.”

- Jack D. Schwager

Sourced in: “Hedge Fund Market Wizards: How Winning Traders Win.”, by Jack D. Schwager,
published in 2012.