TL;DR

Apple loses App Store appeal; Trump tax bill faces CBO warning; MongoDB surges on strong results.

Highlights

• • Apple must comply with App Store antitrust injunction after Ninth Circuit denies stay; shares down ~0.9% after hours.1
• White House stands by Trump’s tax bill despite Musk’s criticism; CBO estimates $2.4T added to debt, 10.9M more uninsured by 2034.214
• BLS reduces CPI sample and suspends some regional inflation data due to federal hiring freeze, raising concerns over inflation data reliability.3
• Senate confirms Michelle Bowman as Fed Vice Chair for Supervision (48-46), signaling a deregulatory tilt for bank oversight.4
• President Trump enacts travel ban on 12 countries, moves to ban Chinese-made drones (notably DJI), and ends TSA ‘Quiet Skies’ program.5
• Hackers leak data of 86M AT&T customers, including 44M decrypted Social Security numbers, tied to Snowflake breach.6
• MongoDB beats Q1 expectations, raises guidance, expands buyback; shares surge 13%+ after hours.7
• Five Below tops Q1 estimates but guides Q2 EPS below consensus; CFO transition announced.8
• U.S. vetoes UN Security Council Gaza ceasefire resolution, maintaining status quo in Middle East tensions.9
• Pentagon redirects anti-drone tech from Ukraine to U.S. forces in Middle East, citing Iran/Yemen risks.10
• Ukraine parliament approves budget changes to implement U.S. minerals deal, granting U.S. access to critical resources.11
• Education Department cites Columbia University for Title VI violation, putting accreditation and federal funding at risk.15
• Trump withdraws NASA administrator nominee Isaacman; Steven Kwast seen as likely replacement.13

Commentary

After hours, macro and policy developments remain in focus. The White House’s continued push for Trump’s tax bill, despite sharp criticism from Elon Musk and a negative CBO scorecard, signals ongoing fiscal expansion.214 The CBO projects the bill will add $2.4 trillion to the national debt and leave 10.9 million more Americans uninsured by 2034, which could weigh on Treasuries and influence rate expectations as deficit and healthcare concerns mount.14

The BLS’s reduction in CPI and PPI data collection—due to a federal hiring freeze—raises reliability issues for upcoming inflation prints.3 This introduces additional uncertainty for fixed income and macro traders who rely on these data for positioning, and may complicate the Fed’s policy calculus.3

On the regulatory front, Apple ’s loss in its App Store antitrust case could pressure margins and set a precedent for other platform companies, with shares already slipping after hours.1 The Senate’s confirmation of Michelle Bowman as Fed Vice Chair for Supervision points to a more deregulatory stance in bank oversight, potentially benefiting financials but reigniting debate over systemic risk.4 MongoDB ’s strong results and raised outlook led to a notable after-hours rally, highlighting continued demand in the cloud and data infrastructure space.7 Five Below ’s Q1 beat is overshadowed by softer Q2 guidance and a CFO transition, as discounter peers report stronger quarters.8

Geopolitics and security risks remain elevated. The U.S. veto of the Gaza ceasefire resolution and the Pentagon’s redirection of anti-drone technology to U.S. forces in the Middle East underscore persistent regional tensions, with potential implications for defense and energy sectors.910 The new travel ban and moves to ban Chinese-made drones (notably DJI) further tighten U.S. security and tech policy, with supply chain and sector-specific impacts.5 The massive AT&T data breach highlights ongoing cybersecurity risks for large-cap consumer and infrastructure names, tied to Snowflake .6 The U.S.-Ukraine minerals deal advances with new budget provisions, supporting U.S. access to strategic resources.11 In education, the Department of Education’s action against Columbia University adds regulatory risk for the sector, with potential funding implications.15

Traders should monitor Treasury yields, inflation data reliability, and headline risk in tech, defense, and cybersecurity names as policy and geopolitical developments drive cross-asset positioning.