🌏 Gold rush

Good morning, Quartz readers!

Here’s what you need to know

Steering into trouble. Tesla reported its Q1 earnings after markets closed Tuesday — the automaker reported a drastic net income slide and missed key estimates.

Tarrif-ic trouble ahead. The IMF just slashed its U.S. economic forecast, warning that a trade war will “significantly slow global growth” and tariffs will shock economies.

Rotten Apple. A firm that recently downgraded Apple shares to a “sell” designation is now warning that the company’s stock still has a long way to fall — perhaps 30%.

Bitcoin’s ‘block’ party. Bitcoin’s price just punched through the $90,000 mark for the first time in six weeks, and experts say it could be on the edge of a broader comeback.

Defense stocks bomb in the S&P 500. Northrop Grumman and RTX were among Tuesday’s big losers after earnings revealed profit shocks, soaring program costs, and rising tariff risks.

Roche swallows a big pill. The pharma giant announced a $50 billion investment in the U.S. to help quell tariff fears in the health care industry.

Both feet on the gas pedal! Chevron CEO Mike Wirth says there are no signs that we’re in — or close to — a recession, despite the U.S. economy’s slowing growth.

Welcome to the Golden Years

All that glitters is gold — at least, today’s markets seem to think so. Gold prices just surged past $3,500 an ounce for the first time, with a perfect storm of stock market volatility, Fed policies, Trump’s tariffs, and trade war concerns sending the precious metal into a frenzy.

It seems investors are flocking to gold as a safe-haven asset.

Historically, the price of gold rallies as confidence falters (think: the 1970s inflation crisis, the Great Recession, and the pandemic panic). Gold’s surge this year — up more than 30% — is flashing those same warning signs. Economies are showing slowing global growth, and the U.S. is dealing with stubborn inflation, a weakening dollar, and growing distrust in monetary and political leadership. As a result, investors are reaching for what’s tangible: gold.

Now, markets are racing to keep up with the demand. Quartz’s Catherine Baab has more on why gold’s allure isn’t just about shiny profits.

Trump to Powell: You’re fired?

The relationship between President Donald Trump and Federal Reserve Chair Jerome Powell continues its downturn from cordial to chaotic. The president has taken to Truth Social to complain that the Fed chair won’t lower interest rates — calling Powell a “major loser” and “Mr. Too Late.” There has been marked economic instability as a result of the feud.

The administration has said it’s looking into ways to remove Powell from his post, and last week, Trump said, “If I want him out, he’ll be out of there real fast, believe me.” But this isn’t The Apprentice, and the president can’t just fire Powell with a tweet — as much as he might want to.

The Federal Reserve’s independence is guaranteed by law, and a Supreme Court case has set a precedent that would likely mean that Trump would face a protracted legal battle if he tried to fire Powell. The Fed chair, for his part, has said he’s in it for the long haul — until his term expires in May 2026. Quartz’s Catherine Arnst has more on whether this feud has legs or whether it’s all bark and no bite.

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❌ How the stock market crash is deepening Gen Xers’ career crisis

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