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| Happy Tuesday, N2K reader! | This week’s world-famous news haiku competition™ is, in somewhat timely news, about the Supreme Court ruling that emergency powers don’t cover imposing tariffs. Send me your entry — to our spiffy email address, haiku at cheddar dot com — by noon ET Thursday, for consideration by your Cheddar peers. | Now let’s get on with this. | Matt Davis — Need2Know Chedditor | | News You Need2Know | | | What’s the stock market up to, eh? | $SPX ( ▼ 1.04% ) $DJI ( ▼ 1.66% ) $NDX ( ▼ 1.13% ) | | Companies mentioned in today’s newsletter | $CRWD ( ▼ 9.85% ) $PANW ( ▼ 3.07% ) $ZS ( ▼ 10.31% ) $NFLX ( ▼ 3.37% ) $AAPL ( ▲ 0.61% ) $CAT ( ▼ 0.43% ) $ETFC ( ▼ 1.58% ) $BNB ( ▼ 3.06% ) $LLY ( ▲ 4.86% ) $JPM ( ▼ 4.22% ) $SHW ( ▲ 1.01% ) | | Stocks plummet as worries flare on new tariffs | You can just imagine I led this story with a picture of a concerned stock market trader. We’ve all seen them so often that I figure I can just write the description and you’ll play along. No? Okay. Okay. Here: |  | That’s what’s happening! (Note: I did not make this myself. It’s from Giphy.) |
| Wall Street stumbled Monday, with major indices experiencing a sharp decline tied to tariff tensions and concerns surrounding AI competition. The Dow Jones Industrial Average $DJI ( ▼ 1.66% ) dropped 835 points (1.7%), while the Nasdaq $NASDAQ ( 0.0% ) composite shed 1.3%. The S&P 500 $SPX ( ▼ 1.04% ) also fell 1.4%, underscoring broad investor unease across sectors. | Tech stocks led the declines as artificial intelligence developments raised disruption fears. Cybersecurity leader CrowdStrike $CRWD ( ▼ 9.85% ) experienced an 11.4% dip amid speculation about tools from Anthropic that could challenge industry players. Other companies in the sector also suffered, with Palo Alto Networks $PANW ( ▼ 3.07% ) slipping 4.3% and Zscaler $ZS ( ▼ 10.31% ) losing 6.7%. Beyond tech, streaming giant Netflix $NFLX ( ▼ 3.37% ) fell 2.1%, continuing its volatile trend amidst cost-cutting measures. | The markets were further rattled by President Trump's controversial new tariff policies, a 15% tariff on select imports for up to 150 days. Apple $AAPL ( ▲ 0.61% ) , relying heavily on global supply chains, saw a 2.9% drop, and manufacturing giant Caterpillar $CAT ( ▼ 0.43% ) was down 3.6%. Kim Jung-kwan, South Korea’s trade minister, cautioned, “Uncertainty may worsen if the Trump administration continues imposing new tariffs under alternative laws." | Chris Larkin from E*Trade $ETFC ( ▼ 1.58% ) captured market sentiment well, telling the AP, “It quickly became clear that the decision was simply going to open a new chapter in the trade saga, not end it.” | | | Whoops! Binance finds $1.7B in crypto was sent to Iranian entities |  | By me! |
| Binance $BNB ( ▼ 3.06% ) , the world’s largest cryptocurrency exchange, is facing renewed, let’s say, criticism after internal investigators uncovered troubling connections between its platform and Iranian entities tied to terrorism. | Last year, investigators discovered that more than 1,500 Iranian accounts accessed Binance, with approximately $1.7 billion flowing from two accounts to entities potentially violating international sanctions, one of which was linked to a Binance vendor. | Despite reporting these findings to executives, Binance retaliated against fired or suspended at least four employees involved in the investigation. The company cited “violations of company protocol” regarding client data handling. Rachel Conlan, a Binance representative, responded, stating, “Any suggestion that Binance knowingly allowed sanctionable activity to continue unchecked is incorrect and defamatory.” | She confirmed that flagged accounts were removed and authorities were notified. | This revelation comes years after Binance admitted to violating money-laundering laws in 2023 and paid $4.3 billion in penalties. These recent findings raise questions about its ongoing commitment to compliance and security — but not defamatory ones, you understand. | The situation has drawn more attention due to Binance’s ties with President Donald Trump’s crypto startup, World Liberty Financial $WLFI ( ▼ 8.06% ) . Trump also pardoned Binance’s founder, Changpeng Zhao, who in 2024 pleaded guilty to violating money-laundering laws. | | | Quote of the Day | | | Shoot a month’s weightloss drugs in one ‘pen’ | | Eli Lilly $LLY ( ▲ 4.86% ) announced the launch of a new device for its blockbuster obesity drug, Zepbound, offering patients a more convenient option: A month’s worth of |
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