US equity futures are firmer, with the S&P up around 1% in premarket trading. European equity markets are steady in holiday-thinned trade, with only the UK FTSE open. Asian markets ended higher. US after-hours earnings dominated the session with Microsoft and Meta posting better-than-expected results, while Qualcomm sold off following its update. The White House trade representative confirmed the administration is nearing an announcement on the first tranche of trade deals. Separately, the US and Ukraine signed an economic partnership agreement on critical minerals and natural resources. Markets also reacted to soft Q1 US GDP data, which increased recession concerns and pushed rate cut pricing to ~100 bps by year-end.

Companies mentioned: Apple, Tesla, Olo, Oracle, Toast

S&P futures are pointing to a softer open, down (0.2%), as investors brace for a heavy slate of corporate earnings. European equities are firmer in early trades, extending recent rallies. Meanwhile, Asian equities were mixed, with Japan and Australia logging small gains, while the Hang Seng edged higher after paring early losses. The Shanghai Composite and South Korea's Kospi both finished lower.

Companies Mentioned: Blackstone, JetBlue, United Airlines, Sunnova Energy

S&P futures are pointing to a higher open, up +0.2% as market sentiment is buoyed by optimism over potential relief on U.S. auto tariffs. Asian equities were mixed, with solid gains in Australia and South Korea, while Greater China markets and the Hang Seng edged lower. European equities are mostly higher, with the STOXX 600 up +0.2% and German DAX up +0.5%. Market focus has shifted to corporate earnings and significant economic data releases. S&P 500 Q1 earnings are expected to show solid growth, but forward guidance has been largely negative. Earnings and macro data remain centered on the impacts of tariffs.

Companies Mentioned: Amazon, Ford, Flotek Industries

S&P futures are pointing to a softer open, down (0.3%). Asian markets were mixed, with Japan and Australia posting gains while mainland Chinese indices edged lower. European equities are firmer in early trades, with major indices all up near +0.3%. The state of U.S.-China trade negotiations remains unclear, with conflicting reports and statements contributing to uncertainty. President Trump and Treasury Secretary Bessent have maintained that negotiations are ongoing, with Trump claiming multiple discussions with President Xi and emphasizing China's willingness to make a deal.

Companies Mentioned: Spirit AeroSystems, Airbus, Springworks Therapeutics, Merck, Exxon Mobil

US equity futures are pointing to a higher open today, adding to solid gains for the week. European markets are slightly firmer, following three consecutive days of gains. Asian markets traded higher. Markets are taking encouragement from a function of select tariffs and Trump toning down the Fed rhetoric. China is reportedly weighing the option to exempt some goods from the 125% tariff, including chip-related products. US trade talks with other Asian officials seem to have yielded progress.

Companies mentioned: Eastern Bankshares, HarborOne Bancorp, Apple

US equity futures are softer Thursday following two consecutive sessions of gains. European equity markets opened lower. Asian markets ended mixed. The US-China trade narrative continued to evolve with reports the White House is considering cutting China tariffs by more than 50%. Trump reiterated that a deal would bring substantial reductions, though not elimination of tariffs. Treasury Secretary Bessent emphasized any rollback would be conditional and that a full trade agreement could take 2–3 years. Separate trade talks with Japan, Vietnam, and South Korea continued. In earnings, TSLA’s results were weak but in line with expectations, with Musk pledging to shift focus from DOGE in May. On policy, Fed Chair Powell's position appeared secure following Trump’s comments, while the Fed’s Beige Book cited stable activity but highlighted tariff-driven uncertainty.

Companies mentioned: WW International, Columbia Banking System, Pacific Premier Bancorp, Ford, General Motors, Tesla

US equities are mostly higher with S&P and TSX futures pointing up. US 2-year yield stays at 3.8% and 10-year down 5 bps to 4.4%. Gold finished down 2.6%, bitcoin futures was up and WTI crude settled up 1.4%. European equity markets are firmer, follows broad strength in Asia, with decent gains for Nikkei and Hang Seng. Attention to the White House, President Trump said he never intended to fire Fed Chair Powell. He repeated his criticisms of Powell and said that he'd like him to be more active in terms of lowering interest rates, but that even if Powell doesn't, it would not result in his termination. Sell-side firms warned firing Powell risked inviting fresh market turbulence though there was also lingering scepticism that Trump would carry out threat to remove Powell given financial repercussions that would follow.

Companies mentioned: Voyager Acquisition, VERAXA, Fonterra Co-operative Group, Intel

US equity futures are firmer with S&P 500 up around 1%. European equity markets are mostly lower and Asian markets ended mixed. Focus remains on Fed independence after Trump again called for Chair Powell to lower rates and reports surfaced he may consider firing Powell. The “Sell America” trade theme gained traction, reinforcing market concerns about eroding US exceptionalism. Meanwhile, the US pressed forward with trade talks with Asian partners, with reported progress in discussions with India. However, White House complaints about non-tariff barriers and unclear negotiation terms are creating friction. New US tariffs were levied on solar imports from Vietnam and Thailand.

Companies mentioned: Amazon, Walmart, Boeing, Brookfield Asset Management

S&P futures and TSX are pointing down. US 2-year yield stays at 3.8% and 10-year yield climbing 4 bps to 4.4%. Gold settles up 2% and WTI Crude down 1.6%. Treasuries were weaker with some curve steepening, dollar index was little changed. Asia markets are mixed today. More scrutiny is on waning US exceptionalism symbolized by dollar's ongoing retreat. Bearish dollar narrative is broadening beyond tariffs to concerns about Fed's independence. Tariff headline volatility continued as President Trump on Truth Social listed eight categories that would qualify as non-tariff barriers. Japan markets are particularly sensitive to currency manipulation which was at the top of the list. Yen strengthened to a seven-month high amid growing expectations the topic will come up during the meeting between Finance Minister Kato and Treasury Secretary Bessent on the side-lines of this week's Washington G20 meeting of finance minister and central bank governors.

Companies mentioned: Tesla, Alphabet, Ford Motor

US equity futures are higher. European markets opened mostly weaker and Asian equities ended broadly higher, led by gains in Japan and Hong Kong. Trade concerns continue to weigh on sentiment. NVDA disclosed a $5.5B revenue hit from US restrictions on its H20 chips, part of broader export controls targeting China. A US House report labeled AI firm DeepSeek a national security threat and called on NVDA to disclose more detail on related sales. Trump said there is "big progress" in talks with Japan, with similar outreach ongoing to South Korea, India, and the UK. ECB is widely expected to cut rates today, while Fed Chair Powell and other officials signaled caution on the inflation impact of tariffs.

Companies mentioned: Pinterest, DigitalBridge Group, Perplexity AI, Samsung Electronics, Lenovo