TL;DR

Trump tariff threats hit markets; US nuclear stocks surge; Oracle orders $40B Nvidia chips for OpenAI.

Highlights

• Trump threatens 50% tariffs on all EU imports and 25% on Apple iPhones starting June 1; Dow futures drop 500 points, S&P futures down 1.5%, Apple shares fall 3%1.
• Trump invokes Defense Production Act, signs four orders to expand US nuclear power; Oklo, NuScale, and uranium ETFs surge double digits2.
• Oracle to purchase $40B in Nvidia chips for OpenAI’s US data center, reinforcing demand for Nvidia and AI infrastructure3.
• Booz Allen Hamilton to cut 2,500 jobs after Q4 revenue miss and lowered guidance, citing Trump administration spending cuts; shares drop6.
• US House Republicans advance $700B Medicaid cuts with stricter work rules, triggering layoffs at public health systems13.
• US Baker Hughes rig count falls to 566, oil rigs at lowest since Nov 2021, indicating further contraction in US drilling5.
• JBS shareholders approve dual NYSE/São Paulo listing amid political scrutiny over Trump ties7.
• Bitwise projects nation-states and institutions will own over 20% of all Bitcoin by 202618.
• German court allows Meta to use European user posts for AI training starting May 274.
• Russia-Ukraine conduct largest prisoner swap to date; Russia strikes Odesa port, violating Black Sea ceasefire912.
• UN warns Gaza is nearing famine, with only 115 of 400 authorized aid trucks reaching warehouses; British Airways suspends Israel flights until end of July1011.

Commentary

US markets are under pressure into the close following Trump’s broad tariff threats against the EU and Apple , which have driven a sharp selloff in both European and US equity futures. The proposed 50% tariff on EU imports and 25% on iPhones directly targets major sectors including tech, autos, and consumer goods, impacting multinationals with significant EU exposure. Apple ’s 3% decline and notable drops in Dow and S&P futures reflect investor concerns about supply chain disruptions and retaliatory measures1.

In contrast, nuclear and uranium-linked equities are seeing outsized gains after Trump’s executive orders to expand US nuclear power and reduce reliance on Russian and Chinese uranium. The move is positioned as a response to energy security concerns and the anticipated power needs from AI data centers, as highlighted by Oracle ’s $40B Nvidia chip order for OpenAI. This underscores ongoing capital flows into AI infrastructure and semiconductors, keeping Nvidia and related names in focus23.

On the fiscal side, Booz Allen Hamilton ’s job cuts and weak outlook, along with advancing Medicaid cuts and layoffs in public health, point to tightening government spending and a challenging environment for contractors and healthcare providers613. The continued decline in the US rig count signals persistent weakness in traditional energy, supporting the rotation toward alternative energy themes5.

Other notable developments include JBS’s dual listing approval amid political scrutiny7, further institutionalization of Bitcoin holdings18, and regulatory clarity for Meta ’s AI data use in Europe4. Geopolitical risks remain elevated with ongoing Russia-Ukraine conflict and instability in the Middle East affecting travel and aid logistics9101112.

Traders should remain alert to tariff headlines, sector rotation in energy and tech, and ongoing policy uncertainty as the week closes.