It’s been a rocky year for investors, but one bank is betting that 2025 will end on a rosier note.
A group of Deutsche Bank strategists upped their forecast for the S&P 500 this week, suggesting the index could surge 10% this year to a record high. The prediction boost was tied to an idea gaining momentum on Wall Street: President Donald Trump often backs down from his biggest tariff threats.
Some investors are trading based on this premise, referred to as TACO, which stands for “Trump Always Chickens Out.” The S&P 500 has risen 20% since April 8, when it closed at a 12-month low before Trump announced a pause on most of his “Liberation Day” tariffs.
FIRST UP
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Investors and everyday Americans have soured on Elon Musk. In a new poll, 51% of people said they’d view Tesla more favorably if Musk were replaced as CEO. And some of the company’s biggest shareholders, including unions whose members participate in pension funds, believe the electric vehicle maker’s board is to blame.
To power its multibillion dollar generative AI initiatives, Facebook parent Meta inked a deal with Constellation Energy, the largest nuclear power plant operator in America, to purchase 20 years’ worth of energy from a single plant. Though financial terms were not disclosed, Constellation’s shares surged after the announcement, as the company has been one of the biggest winners on Wall Street due to AI’s transformation of the business world.
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BUSINESS + FINANCE
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The U.S. doubled tariffs on steel and aluminum Wednesday from 25% to 50%, as key trading partners like the European Union and Canada have criticized the measures. The White House described the hike in tariffs as a move to counter “trade practices that undermine national security.”
MORE: President Donald Trump said Wednesday that Chinese President Xi Jinping was being very tough to make a deal with, raising concerns about the state of trade talks between the two countries after they agreed to a 90-day truce in an escalating trade war. Treasury Secretary Scott Bessent acknowledged last week that trade talks with China were “a bit stalled,” and suggested that a direct intervention by Trump and Xi was needed to finalize a deal.
MONEY + POLITICS
Elon Musk escalated his criticism of President Donald Trump’s sweeping budget bill just days after formally leaving the White House, warning Republicans that voting for the legislation could cost them their jobs. Musk, who spent more than $250 million to help elect Trump last year, has been critical of the legislation adding to the deficit, warning in a post on X that “In November next year, we fire all politicians who betrayed the American people.”
In Trump’s latest move targeting the media, the White House asked Congress to claw back $1.1 billion in funding for the Corporation for Public Broadcasting, which provides federal funding to NPR and PBS. Trump signed an executive order in May ordering the CPB to stop funding NPR and PBS, and both outlets have sued to block the president from cutting funds.
SCIENCE + HEALTHCARE
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The Trump Administration’s decision to pause new visa appointments last week put thousands in limbo, including foreign-born and educated doctors, for whom most residencies officially begin July 1. The U.S. is currently facing a physician shortage, and around a quarter of doctors practicing in the U.S. were educated in foreign medical schools, but they must complete a U.S. residency before they can practice.
DAILY COVER STORY
The Unlikely Path From Iranian Revolution To Billionaire Biotech CEO
Mauricio Candela for Forbes
Iranian-born billionaire Maky Zanganeh has navigated a life filled with more twists and turns than a Persian bazaar. Before landing in the No. 23 spot on Forbes’ list of America’s Richest Self-Made Women, Zanganeh was a dentist, worked in robotic surgery, launched a blockbuster cancer drug and survived breast cancer.
Along with her billionaire husband Bob Duggan, she’s co-CEO of Miami-based Summit Therapeutics, a Nasdaq-listed biotech that has minted her a $1.5 billion fortune of her own.
Zanganeh and Duggan have become biotech stars. Key to their success: licensing an overlooked cancer drug candidate from a company in China. That drug, ivonescimab, now seems likely to be a blockbuster. In a clinical trial last year, it outperformed Keytruda, the world’s best-selling drug, which generated nearly $30 billion in 2024 sales for Merck. Investors have driven up Summit shares 575% over the past 12 months, giving it a recent market capitalization of nearly $21 billion, despite having no revenue.
Ivonescimab is now in multiple Phase III trials for different forms of lung cancer, and Summit plans to submit an application for FDA approval by the end of the year.
WHY IT MATTERS “Better drugs to treat lung cancer can’t come too soon,” says Forbes assistant managing editor Kerry Dolan. “Even after advances in treatment and detection of lung cancer over the past two decades, 125,000 Americans die from the disease each year—more than twice the number of deaths from any other cancer, per the National Cancer Institute.”
“Summit’s drug isn’t promising to provide a cure, but to help patients live longer. Data in a clinical trial showed that those taking the drug have been able to live a median of 11 months before the cancer returned, compared to just under six months for those taking the current approved drug, Keytruda.”
MORE America’s Richest Self-Made Women
FACTS + COMMENTS
Japan cut its economic growth estimate for this year, preparing for the impacts of tariffs from the U.S., its largest export market. Still, a strong yen helped boost the collective fortunes of those on Forbes’ list of the country’s 50 richest people:
37: The number of people on the list who are wealthier this year than in 2024
$10 billion: The amount Uniqlo billionaire Tadashi Yanai added to his fortune, bringing it to an all-time high of $48.2 billion. Yanai is Japan’s richest person
137%: The year-over-year surge in net profit for the year ended March for Hello Kitty maker Sanrio, returning founder Shintaro Tsuji to the ranks of the richest list
STRATEGY + SUCCESS
One-on-one meetings with your manager can be a valuable tool for advancing your career. First, take ownership of the agenda: It allows you to demonstrate initiative, strategic thinking and leadership potential. In addition to providing updates on specific tasks, make sure to take time to discuss professional development, and ask for continuous feedback.
VIDEO
QUIZ
Plush toys inspired by Nordic mythology are the latest product to go viral on TikTok, reselling for thousands of dollars online. What are the toys called?
A. Labubus
B. Jellycat
C. Squishmallows
D. YouTooz
Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.