Market Beats | US Retail Sales Soar 1.7% in March as Tax Refunds Counteract Gas Price Shock; Tim Cook to Step Down as Apple CEO in September; CATL Unveils 1,500km Range Battery as EV Tech Race Intensifies; Harvard Graduate Students Begin Strike Over Pay; Trump Backs Aid for Spirit Airlines; UnitedHealth Profits Blow Past Estimates as Medical Costs Stabilize; Kevin Warsh Calls for Fed “Regime Change” During Senate Confirmation Hearing

—— US Retail Sales Soar 1.7% in March as Tax Refunds Counteract Gas Price Shock; Tim Cook to Step Down as Apple CEO in September; CATL Unveils 1,500km Range Battery as EV Tech Race Intensifies; Harvard Graduate Students Begin Strike Over Pay; Trump Backs Aid for Spirit Airlines; UnitedHealth Profits Blow Past Estimates as Medical Costs Stabilize; Kevin Warsh Calls for Fed “Regime Change” During Senate Confirmation Hearing

1. US Retail Sales Soar 1.7% in March as Tax Refunds Counteract Gas Price Shock

Jersey Mike’s Subs, the rapidly growing sandwich chain with over 3,300 locations, has officially submitted a confidential filing for an initial public offering (IPO) with the U.S. Securities and Exchange Commission. Backed by Blackstone Inc., the company is reportedly targeting a valuation of at least $12 billion and aims to raise more than $1 billion in the offering. Leading financial institutions, including Morgan Stanley and JPMorgan Chase, are spearheading the process, with the debut potentially occurring as early as the third quarter of this year.

The move marks a significant milestone for the brand, which was acquired by Blackstone early last year for approximately $8 billion. Under the guidance of founder Peter Cancro—who recently transitioned to chairman after nearly 50 years at the helm—the company is in the midst of an aggressive expansion phase. This includes a recent partnership to open 400 stores across the UK and Ireland. As the IPO market continues to show signs of life, Wall Street is watching closely to see if Jersey Mike’s can sustain its premium valuation amid a competitive fast-casual landscape.

As IMF officials call for AI safety to be prioritized on the international agenda, the focus for central banks is shifting toward building resilience against autonomous, AI-driven cyber threats.

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2. Tim Cook to Step Down as Apple CEO in September

Tim Cook will step down as Apple CEO in September, marking the end of a transformative 15-year era that saw the company’s valuation soar to $4 trillion. Cook, who succeeded Steve Jobs in 2011, will transition to the role of executive chair. Under his leadership, Apple turned the iPhone into a global juggernaut and built a massive services business while navigating complex geopolitical tensions. The company announced late Monday that John Ternus, Apple’s hardware engineering chief and a 25-year veteran of the firm, has been named his successor.

Ternus inherits the helm at a critical juncture. He must navigate renewed pressure from President Donald Trump to onshore manufacturing while simultaneously recalibrating Apple’s AI strategy following several high-profile missteps in the technology’s integration. Cook praised Ternus as “without question the right person” to lead, citing his technical expertise and leadership integrity.

Despite the magnitude of the succession news, Apple shares slipped only 0.5% in early Tuesday trading, suggesting that investors had largely anticipated Ternus as the heir apparent for Europe’s most valuable tech partner.

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3. CATL Unveils 1,500km Range Battery as EV Tech Race Intensifies

CATL announced a major technological leap on Tuesday, unveiling a new EV battery capable of a 1,500km range on a single charge. This latest iteration of its condensed Qilin battery significantly pushes the boundaries of current technology, exceeding the previous 1,000km limit. The Chinese battery giant is also setting new benchmarks for charging speed; its upgraded Shenxing battery can charge from 10% to 98% in just six and a half minutes, outperforming the recently unveiled Blade battery from chief rival BYD.

The advancements underscore China’s tightening grip on the global EV supply chain, as CATL and BYD—who together control over half the market—invest billions in R&D. Beyond cell chemistry, CATL is doubling down on infrastructure, pledging to build 100,000 charging and battery-swapping stations by 2028 in partnership with domestic automakers.

Founder Robin Zeng emphasized that the company is far from reaching the physical limits of battery performance, aiming to eliminate consumer concerns regarding long-distance travel and performance in extreme weather conditions.

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4. Harvard Graduate Students Begin Strike Over Pay

A strike organized by the Harvard Graduate Students Union-United Auto Workers (HGSU-UAW) commenced on Tuesday morning following a deadlock in negotiations over compensation and union security. The union, representing teaching fellows and research assistants, is pushing for a $55,000 base salary for all workers and a mandatory union membership fee for all eligible student employees. These demands follow nearly two dozen bargaining sessions that failed to resolve the divide between student labor and university administration.

The financial gap remains significant: currently, teaching fellows earn $26,300, while the union’s proposal seeks to more than double that figure for some members. Harvard leadership, led by Provost John Manning, has countered that PhD students already receive total support packages—including tuition grants and healthcare—exceeding $425,000 over five years. While the university has offered a 10% raise over four years, it remains firm on its “open shop” policy, arguing that union dues should not be a requirement for employment.

With only about 32% of represented workers currently choosing to pay dues, the outcome of this strike could redefine the financial and structural relationship between Ivy League institutions and their graduate workforce.

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5. Trump Backs Aid for Spirit Airlines

President Trump’s comments regarding a possible “super-merger” between United and American Airlines mark his first public stance on the matter since reports surfaced that United CEO Scott Kirby floated the idea during a White House meeting in late February. While Kirby reportedly viewed the consolidation as an opportunity to better compete with international carriers, Trump dismissed the prospect, aligning with broader antitrust concerns. American Airlines has also moved to distance itself from the rumors, stating it has no interest in a combination that would “harm competition and consumers.”

The crisis at Spirit Airlines has been exacerbated by the ongoing conflict in Iran, which has driven jet fuel prices to nearly $3.80 per gallon, rendering the carrier’s previous restructuring plans “mathematically implausible.” With its cash reserves dwindling to roughly $337 million against mounting fuel costs, the airline’s survival remains precarious.

While the administration appears hostile to consolidation among the industry’s giants, Trump’s willingness to consider a government stake in Spirit suggests a strategic preference for maintaining a diverse, competitive marketplace for budget travelers.

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6. UnitedHealth Profits Blow Past Estimates as Medical Costs Stabilize

UnitedHealth Group reported a stellar first quarter on Tuesday, with adjusted earnings of $7.23 per share significantly outpacing even the most optimistic Wall Street forecasts. The healthcare conglomerate’s robust performance, highlighted by a medical-loss ratio of 83.9%, signals a strong recovery following its operational challenges a year ago. Following the announcement, the company raised its full-year adjusted profit outlook to a minimum of $18.25 per share, a move Leerink analysts described as more aggressive than anticipated for this stage of the year.

The positive report triggered a relief rally across the managed-care sector, with Humana and Centene also seeing notable gains. CFO Wayne DeVeydt credited the outperformance to active medical management, a relatively mild flu season, and over $500 million in favorable reserves from prior periods. Both the UnitedHealthcare insurance arm and the Optum services division reported revenue and operating income that exceeded consensus views.

While management remains “prudent” about further guidance hikes pending Q2 data, the current results suggest the company is successfully navigating the headwinds that previously clouded its growth narrative.

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7. Kevin Warsh Calls for Fed “Regime Change” During Senate Confirmation Hearing

The four-member crew of NASA’s Artemis II mission—Reid Wiseman, Victor Glover, Christina Koch, and Jeremy Hansen—has already secured its place in history by shattering human deep-space distance records. Beyond their technical achievements, the astronauts have also earned acclaim as skilled photographers, capturing breathtaking high-resolution images of Earth and the moon from a distance of approximately 252,760 miles. Operating from within the Lockheed Martin-built Orion capsule, the crew has provided a rare glimpse into daily life and work during this historic lunar journey.

The imagery sent back to Earth has inspired global awe, with one particular shot of the moon eclipsing the sun drawing significant attention. In a post on X, the White House described the vantage point as “a view few in human history have ever witnessed.”

As Artemis II continues its mission, these visual records serve as a powerful testament to the progress of the Artemis program and humanity’s return to deep-space exploration.

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