The worst day for Nvidia’s stock since last spring

The worst day for Nvidia’s stock since last spring dragged the U.S. market lower, even though most stocks rose. The S&P 500 fell 0.5% Thursday. The Dow Jones Industrial Average added 17 points, and the Nasdaq composite sank 1.2%. Nvidia delivered another stellar profit report and gave a forecast for revenue that again topped analysts’ expectations. But such blowout performances have become typical for the AI chip company, and its stock fell to its worst day since April.

Woman: on social media ‘all day long’ as a child

A 20-year-old woman is seeking to hold social media companies responsible for harms to children who use their platforms. She began using the platforms as a young child and claims her early use of social media addicted her to the technology and exacerbated depression and suicidal thoughts. Meta and YouTube are the two remaining defendants in the case, which TikTok and Snap settled. The woman, who has been identified by her first name, Kaley, and initials, KGM, has testified before a jury in the unprecedented case, saying she was on social media “all day long” as a child.

IRS broke law by disclosing confidential information

A federal judge said that the IRS broke the law by illegally sharing thousands of taxpayers’ addresses with Immigration and Customs Enforcement. On Thursday, Judge Colleen Kollar-Kotelly found the IRS disclosed confidential address data “approximately 42,695 times.” Her finding cites a sworn declaration from the IRS’ chief risk and control officer that revealed that the IRS had given ICE additional address information in violation of privacy rules created to protect taxpayer data. The founder of the Center for Taxpayer Rights, which has sued the government over the disclosure, says the judge’s finding confirms that the IRS has an unlawful policy.

FedEx will return refunds to customers from tariffs

Delivery company FedEx said in a statement on Thursday that it will return any tariff refund it might get to shippers and customers who paid them. The statement came after FedEx filed suit in the U.S. Court of International Trade to request a refund on what it paid for tariffs set by President Donald Trump under the International Emergency Economic Powers Act. On Friday, the Supreme Court ruled that the IEEPA tariffs are illegal. More than 1,000 companies have filed suit in the U.S. Court of International Trade in efforts to recoup costs from the illegal tariffs.

Canada warns USMCA could face annual reviews

Canada’s minister for U.S. trade says the Canada-U.S.-Mexico Agreement could be subject to annual review and that uncertainty could be the objective of the Trump administration. LeBlanc told a business audience in Toronto that he will meet with U.S. Trade Representative Jamieson Greer late next week in Washington ahead of the mandatory review of the Canada-U.S.-Mexico Agreement in July.

NTSB chair slams House aviation bill after 67 deaths

The head of the National Transportation Safety Board said Thursday it’s misleading for members of the House to say their package of aviation safety reforms would address the recommendations that her agency made in January to prevent another midair collision like the one last year near Washington, D.C., that killed 67 people.

NTSB Chairwoman Jennifer Homendy said the House bill’s “watered-down” requirements wouldn’t do enough to prevent a future tragedy, and wouldn’t be nearly as effective as a Senate bill that came up just one vote short of passing in the House earlier this week.