The first secure online purchase was a Sting CD sold on NetMarket in 1994.
On August 11, 1994, Dan Kohn sold a copy of Sting’s Ten Summoner’s Tales to a friend in Philadelphia for $12.48 plus shipping. This transaction marked the first time encrypted credit card data was used for an online retail purchase, laying the groundwork for modern e-commerce.
It marked the humble beginnings of what would become a multi-trillion-dollar online economy.
Market Wrap
Stocks Rise Despite Consumer Gloom and Trade Risks
Consumer Sentiment Declines:
The University of Michigan's final Index of Consumer Sentiment tumbled 8.4% in April to 52.2, the fourth consecutive monthly decline. This drop reflects widespread anxiety over economic outlook and inflation expectations.
Trump Administration Streamlines Tariff Negotiations:
The Trump administration introduced a standardized framework to streamline trade negotiations concerning reciprocal tariffs. This approach, developed by the U.S. Trade Representative’s office, aims to bring consistency and efficiency to ongoing and future tariff discussions.
Conflicting U.S.-China Trade Statements Increase Uncertainty:
President Trump claimed that tariff negotiations with China are ongoing, suggesting he spoke with President Xi Jinping. However, China's Foreign Ministry denied any talks are taking place, urging the U.S. to stop creating confusion. Despite the inconsistencies, there are indications of easing tensions; China recently exempted certain U.S.-made pharmaceuticals from steep retaliatory tariffs and is reportedly considering additional product exemptions.
Federal Reserve Identifies Trade Tensions as Top Financial Stability Risk:
A recent Federal Reserve survey highlighted global trade tensions, policy uncertainty, and U.S. debt sustainability as the primary risks to financial stability.
China Announces Economic Stimulus Measures:
President Xi Jinping unveiled a comprehensive plan to bolster China's economy amid escalating trade tensions with the U.S. The strategy includes increasing unemployment benefits, raising incomes for low- and middle-income groups, enhancing financing support for enterprises, and stimulating domestic demand. Additionally, China signaled potential tariff exemptions on certain U.S. goods, such as semiconductors and medical equipment, aiming to ease trade frictions.
World Bank Highlights Emerging Market Debt Concerns:
The World Bank's chief economist, Indermit Gill, warned that rising trade uncertainty, compounded by increasing debt levels and sluggish growth, poses significant risks to emerging markets and developing countries. He suggested that reducing tariffs could provide a substantial boost to these economies.
Apple Inc. shares were unchanged 1% after reports emerged that the company plans to shift all U.S.-bound iPhone assembly to India by 2026. This strategic move aims to mitigate the impact of escalating tariffs on Chinese imports, signaling a significant shift in Apple's supply chain strategy.
Alphabet Inc. shares rose 1.7% after the company reported a 50% increase in quarterly profits, driven by strong growth in its search and advertising segments, reaffirming its commitment to AI investments.
Tesla Inc. shares surged nearly 10% as the electric vehicle maker led a tech rally, contributing to the S&P 500's fourth consecutive day of gains. The stock's rise was fueled by investor optimism surrounding Tesla's performance amid easing trade tensions.
Procter & Gamble Co. shares decreased 3.7% despite reporting earnings in line with estimates, as the company warned of potential headwinds from tariffs affecting future profits.
Intel Corporation shares fell 6.7% following a disappointing outlook and ongoing uncertainty in the semiconductor industry, raising concerns among investors.
Charter Communications Inc. shares surged 11.4% after reporting better-than-expected revenue and strong mobile subscriber growth. Despite modest broadband losses, investors were encouraged by the stabilization of subscriber trends and the company's continued expansion in its mobile business.
Eastman Chemical Company shares declined after the company reported a cautious outlook, attributing its concerns to macroeconomic uncertainties and the ongoing trade war. The announcement led to a negative investor reaction, reflecting apprehension about future earnings.
Skechers USA Inc. shares dropped following the company's announcement of a first-quarter earnings miss and the withdrawal of its full-year forecast. The company cited uncertainties stemming from trade policy tensions as a primary concern affecting its outlook.
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