CNN

The United Nations expects that millions of potential jobs will vanish this year because of an economic slowdown triggered by President Donald Trump’s trade war. The International Labour Organization, a UN agency, predicts in a new report that 53 million jobs will be created worldwide in 2025 — 7 million fewer than previously thought — owing to a shakier economic outlook caused by trade disruptions and geopolitical tensions. Read more: https://cnn.it/43XNGqf

A divergence is taking hold in markets: While Wall Street is sending money abroad, Main Street is leaning in to America, doubling down on a “buy-the-dip” strategy that has, for now, paid off. Wall Street heavyweights continue to warn that the trade war could hurt the economy, posing a threat to markets. A Bank of America survey in April showed the largest number of global fund managers on record intending to decrease their holdings of US stocks. Seventy-three percent of respondents said they think US exceptionalism had peaked. Yet retail investors, or individuals investing their own money, are giving stocks a big lift. They seemingly haven’t cared much about what Wall Street thinks, and have steadily scooped up US stocks this year, including taking the steep market downturn in early April as a chance to buy while stocks were relatively cheap. As individuals bought the dip while fund managers showed caution, Main Street and Wall Street split in their views of America’s future — and its assets. The divergence shows just how much uncertainty President Donald Trump has caused in his second term. Whether small-scale investors or deep-pocketed institutions come out on top is still in doubt as policy whiplash from the White House and a global trade war realign the world financial order. Read more: https://cnn.it/3SmlBn5

Stellantis has named its North American chief, Antonio Filosa, as its new chief executive, as it seeks to revive the performance and shares of the multinational automaker. Filosa, an Italian national, replaces Carlos Tavares, who stepped down in December after a fall in profits and sales. He will officially be CEO from June 23, when he will also announce a new leadership team, the company said. The tasks are daunting as the global car industry seeks to navigate the chaotic trade war launched by US President Donald Trump. Read more: https://cnn.it/43wlytU

Companies are warning investors about the risks of becoming the next target of angry customers. Corporate America is required to disclose risks to their businesses in their annual regulatory filings. This year, Walmart, Target, Home Depot, Corona-parent Constellation Brands join an increasing number of companies advising investors about customer and legal backlash to their diversity, equity and inclusion policies, and environmental, social and governance initiatives. They’re also giving notice of the risks of rolling back these programs. Businesses typically warn shareholders about economic downturns, data breaches, natural disasters, and tax code changes. But companies are adding new risk disclosures in response to the intense political divide over corporate efforts to increase diversity in the workplace, promote LGBTQ rights and slow down climate change, corporate governance and risk management researchers say. “Companies face a Catch-22 situation,” said Kristen Jaconi, director of the Peter Arkley Institute for Risk Management at USC. “Consumers may be dissatisfied if a company takes a particular position on a social issue or if a company takes no position at all.” Consumer brands are trying to avoid damaging boycotts like those against Bud Light, Tesla, and Target. They are also reacting to opposition to DEI on the right, including the Trump administration’s threats to investigate companies with “illegal” DEI programs, conservative lawsuits and activist shareholder proposals against companies, and right-wing activists like Robby Starbuck targeting companies with DEI programs. Read more: https://cnn.it/43wloTk

Regrouping after two consecutive explosions, SpaceX launched the 9th test flight of Starship, the most powerful rocket ever built. The mission marks the first time the company reused a Super Heavy booster from a previous flight. https://cnn.it/4jiurwZ

Three tombs dating back thousands of years have been unearthed in an ancient Egyptian burial complex. https://cnn.it/44QruAi

What scientists understand about the voracious feeding habits of the colossal megalodon could be up for some revision. The prehistoric predator that went extinct about 3.6 million years ago was not hunting only large marine mammals such as whales as researchers widely thought, a new study has found. https://cnn.it/43xYISJ

President Donald Trump stunned European officials and caught some of his own senior advisers off guard with his snap decision Friday to reignite his market-rattling trade war with the European Union. Three days later, he got exactly what he wanted.

Accio, TV stars! After a long search, HBO has found a trio of young actors to play Harry Potter, Hermione Granger and Ron Weasley in its upcoming TV series about the magical world of witchcraft and wizardry. https://cnn.it/3ZE9xRU

For reduced risk of chronic disease and a better chance at a longer life, midlife weight loss may be helpful, a new study suggests. https://cnn.it/3Z2fIPF