Plus: Duty and the beast. Good morning, Quartz readers! Meta Reels in revenue. Meta kicked off the year with a strong first-quarter earnings report that signaled continued momentum in AI and its core businesses. On cloud nine. Microsoft blew past Wall Street’s quarterly earnings expectations, fueled by relentless demand for cloud and AI. Red numbers, blue blame. President Donald Trump said that he isn’t to blame for the cratering stock market — former President Joe Biden is.
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Good morning, Quartz readers!

Meta Reels in revenue. Meta kicked off the year with a strong first-quarter earnings report that signaled continued momentum in AI and its core businesses.
On cloud nine. Microsoft blew past Wall Street’s quarterly earnings expectations, fueled by relentless demand for cloud and AI.
Red numbers, blue blame. President Donald Trump said that he isn’t to blame for the cratering stock market — former President Joe Biden is.
The long way ’round. GM and other big automakers are stuck in a tariff “Twilight Zone,” according to Wedbush analysts, even after Trump offered a glimpse at some industry reprieve.
Not their strongest brew. Starbucks has a “grande” problem: Its stock plunged after a lackluster Q1 earnings report. But CEO Brian Niccol says the company remains on track.
GLP-1s lighten the load. A study of health insurance claims found that weight-loss drugs like GLP-1s could pay off for employers who cover their prices by cutting overall medical spending.

From power tools to pretty dresses, American consumers are starting to see rising prices. The sweeping trade war — including 145% tariffs on Chinese goods and the end of the de minimis exemption — is sending shockwaves through global supply chains.
More than 1,000 Amazon items have jumped in price — a 30% hike, on average. Fast-fashion retailers Shein and Temu have drastically raised some prices, while Ford and Volkswagen are signaling that car prices will soar. Stanley Black & Decker, Nintendo, Best Buy, Hermès, and Procter & Gamble all have signaled or implemented increases, too.
All told: The president’s trade policies are making it more expensive to be a consumer right now. Quartz’s Ben Kesslen has more on which companies are putting spending under siege.

Big, red warning lights are flashing for the U.S. economy amid tariffs and broader geopolitical concerns.
Recently released economic data paints a picture of a wide-ranging slowdown: Quarterly GDP contracted for the first time since 2022, private-sector hiring is slumping, Chinese factories are idling, and consumer confidence is cratering. This data is the most tangible fallout from Trump’s tariffs — a universal 10% levy on all imported goods and a steep 145% duty on Chinese goods.
The GDP results reported by the Commerce Department were worse than economists expected, and markets dropped on the news, although they mostly recovered by the end of the day. Payroll processor ADP said in a report that private employers added just 62,000 jobs in April, less than half of what was expected.
Meanwhile, the U.S. manufacturing industry is taking a hit as factories in China show severe slowdowns, which Chinese officials have said are due to “sharp changes in the external environment.” And while consumer spending is holding on as shoppers rush to beat tariffs, their confidence isn’t.