The one opponent Trump couldn't ignore in his first 100 days

• This post originally appeared in the Business Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Good morning. Intel's new CEO is making big changes after taking over the chipmaker last month. In a Thursday memo to employees, Lip-Bu Tan detailed his plan for the company's culture: more time in the office, less admin, and leaner teams.

In today's big story, we're closing in on the final stretch of President Donald Trump's first 100 days of his second term. So far, his most formidable opponent hasn't been Congress or the courts. It's been the markets.

What's on deck

Markets: What to know about "mini private equity" before you jump in.

Tech: Meta is laying off Reality Labs workers while still hiring hundreds more.

Business: Earnings are in for Google's parent company, Alphabet.

But first, almost 100 days of Trump 2.0.

If this was forwarded to you, sign up here.

The big story

Trump's biggest foe

They were friends… once. But now, the markets stand as the Trump administration's greatest foil.

When Trump's sweeping April 2 tariffs sent shockwaves through the global economy, it wasn't Congress that forced a pivot — it was the cold, hard glare of the bond market.

We saw it happen again when White House economic advisor Kevin Hassett said the administration was exploring ways to fire Fed Chair Jerome Powell before his term ends. Stocks cratered and Trump's tune soon changed: "I have no intention of firing him."

And when Elon Musk shifted his focus from Tesla to gutting the federal government, it wasn't investor hand-wringing that got him to step back from DOGE. It was the markets speaking in a language Musk couldn't overlook: a brutal first-quarter earnings report.

"No doubt about it," Peter Berezin, the chief global strategist at BCA Research, said. "If stocks go down too much, the bond yields rise. That tempers Trump's behavior. But then, when stocks rally back, yields start to retreat, that probably invigorates Trump to turn back to some of his more market-friendly policies."

From Trump's trade war to his plans for the Federal Reserve, BI explored how markets have affected his agenda as his first 100 days wind down.

3 things in markets

1. The stock market might flash an ultra-rare bullish signal. The Zweig Breadth Thrust Indicator measures broad stock market participation in an ongoing rally. If the signal does flash — which is on the verge of happening — it suggests strong S&P 500 gains in the coming months.

2. JPMorgan thinks the "sell America" narrative is overblown. Many have speculated that foreign investors have been ditching US assets following political uncertainty. But JPMorgan disagrees. Instead, the bank is pointing its finger at hedge funds.

3. The dos and don'ts of "mini private equity." Search funds are having a moment, especially with enterprising young MBA grads. But they're not right for everyone — half of all search funds fail. Here's what to know before you jump in.

3 things in tech

1. Layoffs sweep Meta's Reality Labs. The company laid off workers on teams behind Meta's VR gaming and fitness apps, though 495 Reality Labs roles remained open. A spokesperson told BI affected employees are eligible for internal roles, and many have been matched for interviews.

2. A Bezos-backed startup just unveiled a $25,000 EV pickup truck. Slate Auto introduced its first vehicle — a low-cost pickup truck — on Thursday, which could go for even less than $25,000 with potential tax credits. The company hopes to start delivery by the end of 2026.

3. ChatGPT is beating Google in the AI race — or is it? It all comes down to whether you're looking at native app data or broader platform distribution. But things are getting messier as the DOJ cracks down on Google's distribution tactics.

3 things in business

1. Google's Q1. Alphabet reported its results, sharing how revenues mostly exceeded initial estimates. Google CEO Sundar Pichai said the company has its AI commitment to thank for the results. Another thing: BI's Peter Kafka noticed an extra $8 billion wasn't addressed on the call.

2. Tesla dethroned as Europe's No. 1 EV seller. Volkswagen bolted past Elon Musk's car company during the first three months of 2025 in Europe. Registrations for the German company's EVs shot up 157%, while Tesla's fell by 38%. The UK was the main driver of growth.

3. Hasbro's CEO isn't playing around with tariffs. In an earnings call, CEO Christian Cocks said tariffs could hit the toy industry as hard as the 2008 recession. Even though customers are still spending, Hasbro isn't the first company to warn of potential effects.

In other news

• Gucci is still out of fashion as sales slump again.
• Alcohol, anxiety, and abuse: Flight attendants say travelers are more freaked out than ever.
• Ex-Waymo CEO shoots back after Elon Musk's Tesla earnings diss.
• Citi is shuttering an office on the Spanish coast intended to improve work-life balance after just three years.
• A new AI app that helps you cheat in conversations is slick, a little creepy, and not quite ready for your next meeting.
• Apple's iPhone stars in the most Gen Z royal portrait ever.
• How college basketball star Flau'jae Johnson scored more than 40 NIL deals and is putting her money to work for her.
• Trump wants to overhaul the way colleges receive federal student loans and grants as part of DEI crackdown.
• A Gen Zer swears by a LinkedIn trick that helped him be among the first to apply for roles. Experts say he's onto something.
• CEOs can't stop saying these four words on earnings calls.

What's happening today

• Former Republican Rep. George Santos sentenced after pleading guilty to wire fraud and aggravated identity theft.
• Luigi Mangione is set to be arraigned in federal court.
• Stagecoach Festival begins in Indio, California.