April CPI came in hotter than expected at 3.8%, pushing the 10-year Treasury yield to 4.46%. Tech stocks took the biggest hit, with names like Micron, AMD, and Qualcomm dropping on the news. This happens just as Kevin Warsh was confirmed to take over as Fed Chair from Jerome Powell this Friday. In corporate news, GameStop made a $56 billion bid to buy eBay. eBay rejected the offer, saying they were concerned about the massive debt load required to fund the deal. Hims & Hers stock dropped over 12% after posting a $92 million net loss. The company is dealing with a tough transition after settling with Novo Nordisk to stop selling high-margin compounded weight-loss drugs. They now have to switch to branded GLP-1s, which is squeezing their margins. Amazon is making more moves in logistics. They are opening their delivery network to outside businesses and launching a 30-minute delivery service. UPS shares slipped slightly on the news. On the positive side, On Holding had a strong quarter. They crossed CHF 800 million in quarterly sales and pushed gross margins up to 64.2%. The company raised full-year guidance and the stock went up over 5%.