Happy Monday and welcome back to The Daily Courant, your afternoon assortment of Puck’s best new reporting. First up today, Bill Cohan checks the pulse of Wall Street executives, lawyers, and M&A bankers amid one of the wildest sell-offs in modern market history… and walks away with a half-dozen contradictory theories about Trump’s trade war. The one constant: C.E.O.s are nervous, very nervous, about where we’re headed next. Plus, below the fold: Leigh Ann Caldwell tracks the emerging backlash among Republicans as G.O.P. pollsters warn of a midterm wipeout. Dylan Byers diagnoses the trouble at Vanity Fair amid Radhika Jones’s exit. Marion Maneker hits the Chelsea party circuit to assess fashion icon Matty Boy’s reinvention as a bona fide artiste. And Sarah Shapiro susses out the retail boom at the Bay Area’s Marin Country Mart. Meanwhile, on the pods: John Ourand connects with NHL commissioner Gary Bettman on The Varsity to discuss the league’s Four Nations tournament success and the impacts of the Canada-U.S. trade war. On The Town, Matt ranks the best and worst CinemaCon studio presentations with Sean Fennessey and Amanda Dobbins. On Fashion People, Lauren Sherman and Basic.Space founder Jesse Lee parse Virgil Abloh’s lasting impact and Gucci’s Demna. And on The Powers That Be, Jon Kelly links up with Peter Hamby for an inside look at the Vanity Fair succession question and 30 Rock’s tug-of-war over Steve Kornacki.

WALL STREET

In the two days following Donald Trump’s tariff announcement, U.S. stocks shed some $7 trillion in value, ratcheting global tensions and recession probabilities to new heights. But beyond the immediate panic-selling in the market, many on Wall Street are expressing deeper concerns about the second-order effects of an uber-tariffed world: domestic job losses, diminished corporate earnings, and threats to the very economic and political frameworks that keep capital flowing. The theories behind the Trump administration’s shock therapy approach vary, as does insiders’ advice on how to best navigate the headwinds. “Man, buckle your seatbelt,” said one banker, “this is going to be one rough ride.” Read Now

WASHINGTON

After a brief honeymoon period, the clouds rolled in for Republicans last week after the president’s swift and severe imposition of tariffs slashed the party’s congressional confidence. For lawmakers across the G.O.P.—especially those up for reelection—swagger has been replaced by existential dread at the thought of explaining to constituents why they stand by higher costs and lower retirement account balances, and what the blowback portends for the 2026 midterms. While some Republicans are keeping quiet in the hope that Trump’s tactics are transitory, the first cracks in the party’s unity are already showing, with senators flirting with anti-tariff resolutions and even Ted Cruz expressing economic concern. Read Now

MEDIA

In the wake of Radhika Jones’s “mission accomplished” announcement at Vanity Fair, Dylan turns back the clock to his 2018 meeting with the soon-to-be former editor, offering a telling reflection of the editorial vision she would chart at the magazine… and why it ultimately failed. While successfully making its pages and contributors more youthful and diverse, Jones never articulated a real thesis for VF, and was unable to leverage the storied brand into the commercial success that defined her predecessor’s tenure. As Dylan writes, it was probably impossible to rise above the broader media industry’s erosion, especially amid the battle for top-tier talent within Condé Nast. But even by the standards of VF’s embattled peers, this was hardly a well-managed decline… Read Now

ART

A funny thing happened on Marion’s way to the Ross + Kramer gallery last Tuesday: A street party erupted on West 27th Street, flooding the block with content creators, luxury vehicles, and hopeful gallery entrants swarming outside the doors. The hubbub coalesced around Matt DiGiacomo—better known as Matty Boy—whose inaugural New York art show was set to open that evening in concurrence with his new streetwear line, Anti-Promo. As the former creative director of the much-hyped brand Chrome Hearts, DiGiacomo is no stranger to finding novel ways to create value, launching his artistic platform on the back of his fashion success. Like KAWS, Jeff Koons, and Murakami before him, Matty Boy has the opportunity to cross over into the realm of the art world’s most prominent dealers and collectors. By the looks of his show’s crowd-catalyzing opening, he’s taken an intriguing first step. Read Now

FASHION

In this NorCal dispatch, Sarah focuses her lens on the Marin Country Mart, a one-stop shop for Bay Area residents seeking premium additions to their wardrobes. In addition to including destinations like the newest Dôen and trendy boutiques like Hero Shop, developer Jim Rosenfield has also positioned the Mart to be a dining, self-care, and community hub for all ages. Furthermore, its proximity to the headquarters of The RealReal, Levi’s, Gap, and Williams-Sonoma emphasizes the mall’s status as an influential touchpoint for retail titans and consumers alike. While future development plans remain rumors, it’s evident that the Saturday “mayhem at the mart” won’t be settling down anytime soon. Read Now

SPORTS

NHL commissioner Gary Bettman swings by The Varsity to gab about the league’s recent successes, including the Four Nations tournament and his $11 billion media rights deal with Rogers Communications. Then Bettman wades into NHL’s international plans… and addresses how Trump’s trade war on Canada could impact the league’s economics. Plus: the future of hockey on ESPN, WBD, local TV, and more! Listen Now

HOLLYWOOD

Matt is joined by The Ringer’s Sean Fennessey and Amanda Dobbins of the Big Picture podcast to recap their recent trip to Las Vegas for CinemaCon and discuss which studio presentations were the most impressive, concerning, and confusing. Listen Now

FASHION

Lauren welcomes Jesse Lee, founder of Basic.Space and owner of Design Miami, back to the pod for a live taping at Design.Space LA, a shoppable fair that took place in late March 2025 at the Pacific Design Center, one of the freakiest buildings in Los Angeles. They discuss Jesse’s theory that “design is the new luxury,” Virgil Abloh’s lasting impact, the culture of club promotion in the 2000s, and why Jesse believes Demna is the right choice for Gucci. (He called it two years ago, I swear.) Listen Now

MEDIA

Jon and Peter reunite to chew over Radhika Jones’s departure from Vanity Fair and the 30 Rock custody battle over Steve Kornacki. Listen Now

Need help? Review our FAQ page or contact us for assistance. For brand partnerships, email ads@puck.news. You received this email because you signed up to receive emails from Puck, or as part of your Puck account associated with . To stop receiving this newsletter and/or manage all your email preferences, click here.

Puck is published by Heat Media LLC. 107 Greenwich St, New York, NY 10006