Suit & Times Daily Briefing – May 9, 2025

📬 What We’re Covering Today

✝️ Habemus Papam: America’s First Pope, Leo XIV
Cardinal Robert Prevost becomes the first U.S. pope, choosing the name Leo XIV and calling for peace in his first address from the Vatican balcony.

💸 “Too Late Powell” in the Crosshairs Again
Trump slams Fed Chair Jerome Powell for not cutting interest rates, saying a cut would be “jet fuel” for markets amid economic uncertainty.

🔍 Google Stock Slides After Apple Testimony — But Analysts Say Don’t Panic
Shares dip following Apple’s courtroom testimony, but analysts still see long-term value as the tech giant faces increasing antitrust pressure.

🪙 Crypto Bill Crashes in Senate as Democrats Pull Support
The GENIUS Act collapses in a key Senate vote, casting doubt over stablecoin legislation and the broader crypto policy agenda.

🍩 Krispy Kreme Puts McDonald’s Doughnut Rollout on Pause
Citing profitability concerns, Krispy Kreme halts its McDonald’s expansion after disappointing performance at 2,400 locations.

💷 Bank of England Cuts Rates Amid Trump Trade Turmoil
The UK central bank lowers rates to 4.25% as global growth weakens under Trump’s tariffs and hopes rise for a new US–UK trade deal.

📈 The Ledger

Tracking key market indexes to give you a pulse on global financial movements. 

These indexes cover U.S. markets, global equities, small-cap stocks, volatility, and economic trends, offering a snapshot of where the market is heading.

🔹 Why These Indexes Matter:

• Broad Market Trends: The S&P 500, Dow Jones, and Nasdaq show how major U.S. companies are performing.

• Volatility & Risk: The VIX measures market uncertainty and investor sentiment.

• Global Perspective: FTSE 100, Nikkei 225, and MSCI World reflect international market health.

✝️ Habemus Papam: America’s First Pope, Leo XIV

The Story: In a historic vote, Cardinal Robert Prevost has been elected as the first American pope, taking the name Leo XIV after white smoke signaled the conclave’s decision from the Sistine Chapel on day two of deliberations. The 69-year-old Chicago native, who also holds Peruvian citizenship and spent decades as a missionary in Peru, delivered his first papal blessing in Italian, Spanish, and Latin, calling for peace to “enter your hearts” around the world. President Trump and Mayor Brandon Johnson both celebrated the moment as a proud milestone for the U.S.

Why it matters:

• 🇺🇸 First U.S. pope in Catholic Church history, surprising Vatican observers.

• 🌎 A deeply global figure, Pope Leo XIV brings decades of missionary and pastoral experience from Latin America.

• 🕊️ His message emphasized unity, humility, and global peace at a politically and spiritually divided moment for the Church.

🔗 Read the full story → NPR

💸 “Too Late Powell” in the Crosshairs Again

The Story: President Trump slammed Federal Reserve Chair Jerome Powell for refusing to cut interest rates, calling him a “fool” and jokingly dubbing him “Too Late Powell,” arguing a rate cut would act like “jet fuel” for the economy amid uncertainty caused by his own tariffs.

Why it matters:

• 🚫 The Fed held rates steady at 4.25–4.5%, citing risks of higher inflation and unemployment, frustrating Trump’s push for looser policy.

• 🔥 Trump’s barbs are raising fears about Fed independence, though he insists he won’t remove Powell before his term ends in 2026.

• 🌍 While global central banks like the ECB and Bank of England are cutting rates, the Fed is holding firm—deepening the rift between Trump and Powell.

🔗 Read the full report → CNBC

🔍 Google Stock Slides After Apple Testimony — But Analysts Say Don’t Panic

The Story: Shares of Google-parent Alphabet dropped 7% after Apple’s Eddy Cue testified that Safari search volume fell in April for the first time in over 20 years, citing a shift toward AI tools — but Jefferies analysts say the selloff is overblown.

Why it matters:

• 📉 Alphabet lost $155 billion in market value after Cue suggested Apple may one day integrate AI alternatives like ChatGPT directly into Safari.

• 📱 Google disputes the Safari search dip and points to 15% YoY growth in iOS app usage.

• 💼 Jefferies says Chrome’s 66% global market share cushions any Apple blow, and Google’s AI-based search still monetizes at a healthy rate.

• 💰 The stock now trades near its 10-year valuation lows, making it an attractive buy according to Jefferies: “The market reaction is excessive.”

🔗 Read the full story → QZ

🪙 Crypto Bill Crashes in Senate as Democrats Pull Support

The Story: The GENIUS Act — once seen as a landmark bipartisan breakthrough for stablecoin regulation — suffered a major blow Thursday as key Democrats withdrew support ahead of a procedural vote, effectively halting its path to law.

Why it matters:

• 🧨 The failure to advance the bill could tank momentum for all crypto-related legislation, including market structure proposals and a House version of the stablecoin bill.

• 🤝 Co-sponsors like Gillibrand and Alsobrooks pulled out last-minute, citing incomplete bill language and lack of transparency.

• 🔥 Democrats were also reportedly angered by new Trump family crypto ventures, sparking accusations of conflicts of interest and politicization.

• 💸 Crypto industry PACs are now threatening to go all-in on GOP candidates in 2026, after months of courting bipartisan allies.

• 🚫 The setback may shelve what was expected to be a ceremonial crypto bill signing in Trump’s Rose Garden this summer.

🔗 Read the full story → Decrypt

🍩 Krispy Kreme Puts McDonald’s Doughnut Rollout on Pause

The Story: Krispy Kreme is halting its ambitious expansion into McDonald’s locations across the U.S., pausing the rollout after reaching 2,400 stores and reassessing the financial viability of the partnership.

Why it matters:

• 📉 Krispy Kreme stock plunged 25% following the announcement, capping off a brutal 73% decline over the past year.

• 🍔 The original plan was to get doughnuts into all 13,000 U.S. McDonald’s by 2026 — now that goal is on hold.

• 💵 Both chains are struggling with changing fast-food economics; McDonald’s just posted its worst quarter since Covid, and Krispy Kreme is cutting dividends to save $6M per quarter.

• 🛑 No new McDonald’s locations will be added in Q2 as Krispy Kreme tries to “achieve a profitable business model for all parties.”

• 🗣️ Despite the pause, the company says it still believes in the “long-term opportunity” of the partnership — but clearly, something isn’t adding up in the short term.

🔗 Read the full story → CNN

💷 Bank of England Cuts Rates Amid Trump Trade Turmoil

The Story: The Bank of England lowered its main interest rate to 4.25%, the fourth cut since last August, as global trade tensions—especially U.S. tariffs—begin to chill economic outlooks.

Why it matters:

• 📉 Rate cuts signal concern: Inflation may be cooling in the UK, but the bigger worry is what Trump’s trade war is doing to global growth.

• 🌍 The central bank cited rising “uncertainty surrounding global trade policies” as a drag on investment and consumer confidence.

• 🇬🇧 Governor Andrew Bailey welcomed the potential for a UK–U.S. trade deal later today, calling it a “first of many” needed to stabilize markets.

• 🚢 With U.S. tariffs potentially redirecting cheap exports toward the UK, inflation could drop further, giving the bank even more flexibility to cut.

• ⚠️ The IMF recently downgraded global growth forecasts, adding to a growing chorus of warnings about economic fallout from American tariff escalation.

🔗 Read the full story → CNN

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💡 That’s it for today’s briefing. Stay sharp, stay informed, and we’ll see you tomorrow!