It's the end of Extend and Pretend. Laks Ganapathi, the founder and CEO of Unicus Research, joins me to talk about the severe crisis that is brewing in all corners of consumer credit. From Student Loans to Buy Now Pay Later and even auto loans, we are seeing increasingly strapped consumers unable to access more credit and lenders are under increasing stress due to a surge in delinquencies and defaults despite their best efforts to hide the truth from the investing public. Now that tariffs are here, there may be no avoiding a severe consumer credit crisis.

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Tech Stocks are leading the market higher this morning on news of a pending trade deal announcement between the US and the UK. Details are scarce at the moment, but it appears Big Tech will be among those to benefit from such a deal. Elsewhere Google parent Alphabet stock nosedived yesterday after an Apple executive said the company was considering replacing Google search on it's Safari platform with AI.

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The market is (somewhat) optimistic this morning following news that US and Chinese officials will meet in Switzerland over the weekend in the first sign of any serious dialogue between the world's two largest economies following the onset of the trade war. Elsewhere, missiles were flying last night as India attacked targets in Pakistan in retaliation for the terrorist attack in Kashmir that killed 26 civilians. The market seems entirely unphased by this development.

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The bifurcated economy is on full display this morning as Ford has joined the other Big 3 automakers in withdrawing or lowering their guidance amid the trade war and declining sales. Meanwhile Ferrari is reported significant year over year growth, notably in custom builds.

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The Taiwan Dollar is making record moves for the second day in a row and nobody really knows what's happening. There are several theories prevailing at the moment, but the government and central bank has been relatively quiet. Elsewhere oil prices are falling on a larger than expected OPEC production increase and Warren Buffet has announced his retirement as CEO of Berkshire Hathaway at the tender young age of 94.

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David Morgan, author or The Morgan Report, joins me to talk about the trade war and the effect it’s had on the silver market and other precious metals.

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The US economy added 177K jobs in the month of April, ahead of the 130K expected. But the old trend of big downward revisions to prior months appears to be back as March and February numbers were revised lower by 58K combined. When accounting for revisions, the jobs number is a miss. Elsewhere the is (the illusion of) progress in trade negotiations between the US and China and we've also got big tech and big oil earnings this morning.

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Freight Waves founder and CEO Craig Fuller joins me to talk about the effect the trade war is already having on the logistics world and what it means for US Consumers, small business, and the job market.Check out Freightwaves.comFollow Craig Fuller on Twitter(X): https://x.com/FreightAlley

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Stocks are higher ahead of the open this morning after earnings from Microsoft and Meta beat expectations across the board after the close yesterday. Meanwhile the US has sealed the deal with Ukraine for critical minerals, reopening the flow of arms shipments to the war-torn country.

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The economic data does not look good this morning. First quarter GDP came in negative, showing the first official decline in overall economic activity since 2022. PCE rose to 3.6%, showing elevated inflation. The labor market is looking weak as well with ADP Private Payrolls and JOLTS coming in well below expectations.

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