Good morning, Quartz readers!
Here’s what you need to know
The Dow plummeted almost 900 points. Other other major market indexes saw even steeper losses with the S&P 500 sliding 2.9%, and the Nasdaq Composite falling 4.2%.
The Mag 7 also got hammered. Apple ended the day down nearly 5%, while Google parent Alphabet, Meta, and chipmaker Nvidia all fell more than 4%.
… Meanwhile, Tesla stock continued to fall. Backlash over CEO Elon Musk’s relationship with the president has erased all its post-election gains.
Not even Bitcoin was safe. The cryptocurrency sank about 5% on Monday falling under $79,000.
In other news, more eggs are coming to the U.S. Brazil is doubling its egg exports, as U.S. suppliers face shortages due to the bird flu outbreak.
Novo Nordisk’s Ozempic successor disappoints Wall Street again. CagriSema failed to meet expectations in a second clinical trial.
China shows off a new ‘completely autonomous’ AI agent. Manus AI says its general AI agent can perform tasks like planning trips and analyzing stocks.
Amazon can’t stop giving Trump money
Amazon announced Monday that Prime Video will be the exclusive streaming platform for “The Apprentice,” the reality TV show that played a key role in getting Donald Trump to the presidency.
While financial terms of the deal were not disclosed, Trump, as an executive producer of the show, is likely to benefit.
This marks Prime Video’s second significant deal involving the Trump family this year. In January, Amazon revealed it had acquired the rights to a documentary about — and executive produced by — Melania Trump. The tech giant also donated $1 million to Trump’s inauguration fund, becoming one of the first major public companies to do so.
What did Trump say about the news? Quartz’s Ece Yildirim has the details.
Wall Street is blaming Trump for the market’s troubles
President Donald Trump triggered Monday’s massive stock market sell-off with his shifting tariff policies, which market observers warned could spell trouble — whether they are a short-term tactical move or a long-term strategy.
The president’s sweeping tariffs on Canada, Mexico, and China last week — coupled with the threat of additional duties to come — unsettled markets and drew criticism from business groups. While some exemptions and delays were announced later in the week, Wall Street’s concerns persisted, especially after Trump declined to rule out a recession in an interview on Sunday.
Christopher Grisanti, Mai Capital Management’s chief market strategist, said short-term tariffs could delay companies from hiring and building factories.
How would long-term tariffs impact the economy ? Quartz’s Josh Fellman breaks it down.
More from Quartz
💊 Eli Lilly’s first weight loss pill could expand access to GLP-1s around the globe, executive says
⌚️ Mark Zuckerberg wore a $300,000 Rolex to a UFC match
📉 The S&P 500 could plunge 5%, Morgan Stanley warns
💸 Americans expect inflation to get worse this year as they grapple with high costs
🍔 7 of the best fast food value meals right now
🇨🇦 Donald Trump has united Canada — against Donald Trump
🏡 The top 5 luxury real estate markets in the world
💰The 5 states with the highest taxes in America — and the 5 states with the lowest taxes
🐯 Meet the ‘Six Tigers’ that dominate China’s AI industry
🔥 Elon Musk only has months before Trump ‘burns’ him, Anthony Scaramucci says
🫧 Is AI a bubble? It’s complicated
👨💼 Canada picks a new leader to replace Trump target Justin Trudeau
Did you know we have two premium weekend emails, too? One gives you analysis on the week’s news, and one provides the best reads from Quartz and elsewhere to get your week started right. Become a member or give a membership as a gift!
Our best wishes on a safe start to the day. Send any news, comments, “Apprentice” clips, or fries to talk@qz.com. Today’s Daily Brief was brought to you by Bruce Gil and Audrey McNamara.