Good morning, Quartz readers!
Here’s what you need to know
Wall Street celebrated the market rebound too soon. Stocks came crashing back to Earth Thursday.
Big Tech’s meticulously designed supply chains remain threatened by tariffs. Apple, Nvidia, and more Magnificent 7 stocks slid after the rally kicked into reverse.
Meanwhile, eggs are still expensive. In fact, they just hit a record high. Compared with this time last year, they are up 60.4%.
The U.S. auto sector is also taking a beating. Goldman Sachs predicts new car prices will rise by $2,000-$4,000.
In the land of EVs, impending levies on auto parts are weighing on Tesla. Here’s what’s up with the automaker’s slippery stock price.
And Amazon wants to keep acting like “the world’s largest startup.” In his annual letter to shareholders, the CEO talked AI and corporate bureaucracy.
Apple’s race against the tariff clock
Apple flew more than a million iPhones out of India to beat tariffs. It chartered cargo planes to transport 600 tons of iPhones (equivalent to about 1.5 million units) to the U.S.
For perspective, according to the Pennsylvania Department of Transportation, a fully loaded school bus weighs about 20 tons on average, so Apple ferried the equivalent of 30 school buses worth of iPhones out of India.
You can’t blame Apple for the panic shipment. Analysts have been warning about what tariffs could do to the gadget industry, with one calling it a “category 5 price storm” for electronics.
Bank of America even went so far as to estimate how much it might cost to make iPhones in America. Apparently, that would increase the price 90% — while another analyst said iPhone models that cost roughly $1,000 today would cost as much as $3,500 if they were made in the U.S. Quartz’s Kevin Williams has more on the iPhone flight from India.
What’s all the fuss over the Trader Joe’s tote?
Sure, there’s a trade war going on. But let’s talk fashion. Trader Joe’s — yes, as in, the grocery store — is responsible for this season’s hottest accessory: its canvas tote bags.
Trader Joe’s released the limited edition bags earlier this month, selling them for $2.99. But they’re flying off the shelves, and getting resold for more than $1,500.
This month’s edition of the 11-by-13 tote bag comes in lively shades of green, blue, purple, and pink. The New York Times reports people camped out in front of stores for hours trying to get one. And videos of fans getting in physical altercation over them are floating around social media.
“When it comes to our reusable bags, our customers have made themselves abundantly clear: the smaller the tote, the bigger the sensation,” the Trader Joe’s product page reads.
TJ’s first released the Mini Canvas Tote last year. Quartz’s Shannon Carroll has more details on the fad.
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