Crypto News: Can't catch a break

Good morning. It's looking like another rocky day for stock investors. Elon Musk explains why he's having a tough time right now. And the Apple doctor will see you shortly. Listen to the day's top stories.

Markets Snapshot

S&P 500 Futures

5,567.75

Bloomberg Dollar Spot Index

1,272.68

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Market data as of 06:34 am EST.

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Another red day for markets, mainly because investors are freaking out over Donald Trump's plan for fresh tariffs coming Wednesday. Liberation Day, he's calling it. Strategists at Goldman Sachs cut their S&P 500 target for a second time this month, citing a higher recession risk and levy-related uncertainty. It may be a dismal quarter for stock investors, but it's all good news for haven assets like gold.

Why the Gold Rally Is Set to Continue

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About those Trump tariffs: The president plans to start his reciprocal push with "all countries," tamping down speculation he might limit the initial scope. He said he "couldn't care less" if automakers hike prices because he expects buyers will switch to American-made cars. Maybe think twice before forking out for that dream Ferrari.

And in his first public criticism of Vladimir Putin, Trump told NBC he's "pissed off" and "very angry" with the Russian president for casting doubt on Ukrainian President Volodymyr Zelenskiy's legitimacy. But he later told reporters on Air Force One that he doesn't think Putin will "go back on his word," which appeared to take some of the edge off his criticism.

Elon Musk delivered an unexpected win for X investors, who've endured more than two years of uncertainty since his takeover of the social media platform. His artificial intelligence startup, xAI, will buy X in a deal valuing the company at $33 billion, excluding debt. It means X investors now own shares in a nascent AI startup with much more potential upside.

But spare a thought for Elon. He said his role in Trump's effort to cut the size of government is "costing me a lot" in terms of his job as CEO of Tesla. "What they're trying to do is put massive pressure on me, and Tesla I guess, to you know, I don't know, stop doing this," Musk told a town hall event in Wisconsin. One thing that a keen Tesla watcher does know is this: There are no winners (including Tesla) when it comes to Trump's tariffs on car imports.

Developing News

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Deep Dive: The iDoc Will See You Now

Apple's current Health app.

Apple is working to revamp its Health app. The updated software would include a health coach powered by a new artificial intelligence agent that would replicate—to some extent—a real doctor. A release could come as early as spring or summer of next year, Bloomberg's Mark Gurman writes in the Power On newsletter.

The plan fits into CEO Tim Cook's broader vision—that the company will make its greatest contributions to society in health care. Consider, for instance, its work on a long-awaited no-prick glucose monitor.
The Health app plan first emerged a few years ago. Right now, the tech giant is training the agent with data from on-staff physicians.
But it's worth noting that Apple has struggled to catch up to peers on AI. The firm delayed promised updates to Siri for the foreseeable future.

Bloomberg Tech: Join top tech decision-makers and influencers on June 4-5 in San Francisco. Decode technology's evolving role across business, culture and healthcare as we discuss the advances transforming industries and how they impact society. Learn more .

The Big Take

Illustration: Tameem Sankari

Currency heavyweights are worried that the rise of trading platforms and the widespread use of automation is creating an illusion of market depth. Major players are warning of a liquidity mirage that risks causing a system-wide crisis.

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JD Vance has emerged as a main character in his own right, creating his own lane and narrative, and has become Trump's attack dog, hype man, and heir apparent, Nia-Malika Henderson writes. He's betting on being more Trump than Trump, but his trolling and own-the-libs approach comes with risks, especially if he doesn't emerge as his own man.

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