Traders hold their breath waiting for the tariff announcement. Although U.S. data is poor and tariffs are imminent, technology stocks ultimately drive a rebound in U.S. stocks.
The U.S. labor market continues to show signs of a slow cooling, with February job openings hovering near a four-year low; the March U.S. ISM Manufacturing Index shrank for the first time this year, and the price index hit a nearly three-year high. Following the data release, U.S. Treasury yields fell across the board, and the dollar index quickly turned lower. After the speeches by Carney and Sinbaum, the Canadian dollar and Mexican peso hit their respective daily highs.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/e663d217-9a48-4761-a33c-69d8f65fb5de.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/e663d217-9a48-4761-a33c-69d8f65fb5de.png"/>
Investors remain confused about the details of the similar tariff plan that Trump will announce on Wednesday afternoon. Although the S&amp;P 500 and Nasdaq rose supported by technology stocks, this was accompanied by an increase in volatility. Investors are caught in a dilemma due to Trump's previous changes in tariff hints.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/cae5fb14-bc96-4ce8-bb34-07037f42abff.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/cae5fb14-bc96-4ce8-bb34-07037f42abff.png"/>
The biggest question is whether the U.S. will impose uniform reciprocal tariffs on all trading partners or tailor tax rates based on specific countries. Notably, the actual tariff rates in the U.S. could reach their highest level since the 1940s, which would put greater pressure on an already slowing U.S. economy facing persistent inflationary pressures.
With tightening supply and trade shocks, tin prices in London hit their highest level since 2022. Due to an earthquake in Myanmar and the suspension of operations at a major mine in the Democratic Republic of the Congo, LME tin prices rose by 2.5%, marking six consecutive increases. In other metals, gold prices hit intraday historical highs for four consecutive days before turning lower during U.S. trading hours. Copper prices retraced early gains from Tuesday, slightly declining. Crude oil fell back, ending a two-month high.
The U.S. stock market's Magnificent 7 drove the overall rise of the S&amp;P 500. Johnson &amp; Johnson fell 7.6%, dragging the Dow slightly lower. The Nasdaq halted four consecutive declines, with Tesla leading the tech giants, and NVIDIA rose over 1%, ending a five-day decline. New stock Newsmax surged over 2000% in the two days following its IPO, while CoreWeave rebounded nearly 42% on its third day of listing; the Chinese concept index reversed two consecutive declines, with Pinduoduo rising over 3%.
<blockquote>
The three major U.S. stock indices had mixed results:
<ul>
<li>
The S&amp;P 500 closed up 21.22 points, an increase of 0.38%. The Dow closed down 11.80 points, a decrease of 0.03%. The Nasdaq closed up 150.60 points, an increase of 0.87%.
</li>
<li>
The Nasdaq 100 index closed up 157.98 points, an increase of 0.82%. The Nasdaq Technology Market Capitalization Weighted Index closed up 1.11%. The Nasdaq Biotechnology Index closed down 2.63%.
</li>
<li>
The Russell 2000 index closed up 0.02%.
</li>
<li>
The VIX volatility index closed down 2.29%
</li>
</ul>
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/03f6deb2-5529-4451-8537-1bb877928ef2.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/03f6deb2-5529-4451-8537-1bb877928ef2.png"/>
U.S. Stock Industry ETFs:
<ul>
<li>
The Consumer Discretionary ETF rose by 1.04%, the Internet Stock Index ETF, Global Technology Stock Index ETF, and Technology Sector ETF rose at least 0.73%, while the Energy Sector ETF and Semiconductor ETF rose about 0.5%.
</li>
<li>
The Financial Sector ETF, Banking Sector ETF, and Regional Bank ETF fell by up to 0.76%, the Global Airline Industry ETF fell by 1.59%, the Healthcare Sector ETF fell by 1.83%, and the Biotechnology Index ETF fell by 2.73%.
</li>
</ul>
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/09754a05-e06d-4de3-a5c9-0078c399594d.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/09754a05-e06d-4de3-a5c9-0078c399594d.png"/>
&#34;Tech Seven Sisters&#34;:
<ul>
<li>
The index of the seven tech giants in the U.S. (Magnificent 7) rose by 1.4%.
</li>
<li>
Tesla rose by 3.59%, Microsoft, Meta Platforms, NVIDIA, Google A, and Amazon rose between 1.81% and 1%, while Apple rose by 0.48%.
</li>
</ul>
Chip Stocks:
<ul>
<li>
The Philadelphia Semiconductor Index rose by 0.28%, closing at 4282.46 points.
</li>
<li>
TSMC ADR rose by 1.59%, and AMD rose by 0.04%.
</li>
</ul>
AI Concept Stocks:
<ul>
<li>Applovin rose by 6.69%, Palantir reversed its intraday decline and closed slightly up by 0.33%, while Tempus AI fell by 2.11%.</li>
</ul>
Chinese Concept Stocks Reverse Two-Day Decline:
<ul>
<li>
The Nasdaq Golden Dragon China Index rose by 0.50%.
</li>
<li>
Among ETFs, the Chinese Internet Index ETF (KWEB) rose by 0.32%, the China Technology Index ETF (CQQQ) rose by 0.23%, while the &#34;China Dragon&#34; Roundhill China Dragons ETF (DRAG) fell by 0.52%.
</li>
<li>
Among popular Chinese concept stocks, Xiaomi Group ADR fell by about 5.79%, and Lei Jun responded to the Anhui SU7 incident.
</li>
<li>
Miniso rose by 3.57%, NetEase rose by 3.33%, Pinduoduo rose by 3.24%, Zai Ding Medicine rose by 3.18%, Li Auto and Yum China rose by up to 1.75%, Nio rose by 1.57%, Beike rose by 1.39%, Autohome rose by 1.19%, and XPeng and Tencent Holdings ADR rose by 1.16%.
</li>
</ul>
Other Key Stocks:
<ul>
<li>
Berkshire Hathaway Class B shares, owned by Buffett, rose by 0.08%.
</li>
<li>
The U.S. &#34;Trump Tariff Losers&#34; Index rose by about 1.0%.
</li>
<li>
New stock Newsmax rose 179%, accumulating a 2230% increase in the two days after its listing, while CoreWeave, which fell 7.3% on Monday, rebounded nearly 42% on its third day of trading.
</li>
</ul>
</blockquote>
European stock markets are preparing for the final deadline of U.S. tariffs, with all major sectors in Europe rising except for a slight decline in the media sector, led by gains in banking and technology stocks. The pan-European index rose 1.07%, with Deutsche Bank's stock price increasing by 7.4%, driving the German stock market up by 1.7%.
<blockquote>
Pan-European Index:
<ul>
<li>The pan-European STOXX 600 index closed up 1.07%, marking a new low since January 28. The blue-chip Eurozone STOXX 50 index rose 1.37%.</li>
</ul>
National Indices:
<ul>
<li>National indices rebounded on Tuesday, with the indices of Germany, France, Italy, Spain, and Denmark all rising over 1%. The UK index rose by 0.6%.</li>
</ul>
Sectors and Stocks:
<ul>
<li>
The technology sector rose by 1.7%, with Europe's highest market capitalization tech stock SAP rising, ASML listed in the Netherlands rising, and Novo Nordisk ending a nine-day decline with a 1.9% increase.
</li>
<li>
Defense stocks: Thyssenkrupp rose by 6.03%, RENK rose by 3.77%, Leonardo rose by 2.7%, Rheinmetall rose by 2.65%, and Saab rose by 2.57%, leading European defense stocks.
</li>
<li>
In German stocks, Deutsche Bank led with a 7.39% increase, followed closely by Siemens Energy, Airbus, and Adidas, which all rose over 3%, while Porsche P911 fell by 0.67% and Brenntag fell by 1.04%.
</li>
</ul>
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/d8b3dffd-712f-4cc0-8b49-af4d4caa3c89.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/d8b3dffd-712f-4cc0-8b49-af4d4caa3c89.png"/>
</blockquote>
On Tuesday, the U.S. 10-year benchmark Treasury bond showed a fluctuating downward trend throughout the day, with the yield breaking below 4.14% after the release of disappointing U.S. ISM manufacturing index and weak job vacancy data, marking the lowest level since March 4.
<blockquote>
U.S. Bonds:
<ul>
<li>
The yield on the U.S. 10-year benchmark Treasury bond fell by 4.02 basis points to 4.1651%.
</li>
<li>
The yield on the two-year U.S. Treasury bond fell by 1.24 basis points to 3.8708%.
</li>
</ul>
European Bonds:
<ul>
<li>
In the European market's late trading, the yield on the German 10-year government bond fell by 5.1 basis points to 2.687%, trading within a range of 2.732%-2.656% during the day, mostly fluctuating at low levels.
</li>
<li>
The yield on the two-year German bond fell by 2.5 basis points to 2.022%, trading within a range of 2.040%-1.993% during the day.
</li>
</ul>
</blockquote>
After a day of fluctuations, the U.S. dollar ultimately closed flat. Cryptocurrencies rose alongside stocks, with Bitcoin breaking the $85,000 mark multiple times during the day. Risk aversion sentiment continued to drive the appreciation of the yen. Commodity currencies rose, with the Australian dollar up about 0.5% and the Canadian dollar up about 0.6%.
<blockquote>
US Dollar:
<ul>
<li>
At the New York close, the ICE US Dollar Index rose 0.05% to 104.262 points, with an intraday trading range of 104.019-104.369 points.
</li>
<li>
The Bloomberg Dollar Index fell 0.07% to 1273.34 points, with an intraday trading range of 1275.68-1272.03 points.
</li>
</ul>
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/f8a91d0d-f498-4447-93f5-021d29739e7e.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/f8a91d0d-f498-4447-93f5-021d29739e7e.png"/>
Non-US Currencies:
<ul>
<li>
At the New York close, the euro fell 0.23% against the US dollar, reporting at 1.0792.
</li>
<li>
The British pound rose 0.05% against the US dollar, reporting at 1.2924.
</li>
<li>
The US dollar fell 0.07% against the Swiss franc, reporting at 0.8837.
</li>
<li>
Commodity currencies: the Australian dollar rose 0.48% against the US dollar, the New Zealand dollar rose 0.34% against the US dollar, and the US dollar fell 0.59% against the Canadian dollar.
</li>
</ul>
Japanese Yen:
<ul>
<li>
The US dollar fell 0.25% against the Japanese yen, reporting at 149.60 yen, with an intraday trading range of 150.14-148.98 yen.
</li>
<li>
The euro fell 0.47% against the Japanese yen, reporting at 161.44 yen; the British pound fell 0.20% against the Japanese yen, reporting at 193.346 yen.
</li>
</ul>
Offshore Renminbi:
<ul>
<li>At the New York close, the offshore renminbi (CNH) against the US dollar reported at 7.2808 yuan at 04:59 Beijing time, down 149 points from Monday's New York close, with an overall intraday trading range of 7.2633-7.2840 yuan.</li>
</ul>
Cryptocurrency:
<ul>
<li>Cryptocurrencies rose alongside stocks, with Bitcoin breaking above $85,400 at the end of the early trading session in the US stock market, rising over $3,000 from the intraday low in the Asian market, an increase of nearly 4% .</li>
</ul>
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/0358b711-0730-4c29-87e2-4f9a24facc29.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/0358b711-0730-4c29-87e2-4f9a24facc29.png"/>
</blockquote>
The oil and gas market overall closed lower, with crude oil prices slightly declining, falling from the closing high set on Monday, which was the highest in over two months. US natural gas futures fell nearly 4%, following the official end of the heating season in Europe on Monday.
<blockquote>
Crude Oil:
<ul>
<li>Crude oil futures that rebounded on Monday fell back. WTI May crude oil futures closed down 0.39% at $71.20 per barrel. Brent June crude oil futures closed down 0.37% at $74.49 per barrel.</li>
</ul>
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/cbac9bc4-390b-45ab-a3ec-a8d58afe75ad.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/cbac9bc4-390b-45ab-a3ec-a8d58afe75ad.png"/>
Natural Gas:
<ul>
<li>US May natural gas futures closed down nearly 4.08% at $3.9510 per million British thermal units
The market is waiting for the latest details on Trump's global trade order actions. On Tuesday during the Asia-Pacific session, gold prices hit an intraday historical high for the fourth consecutive trading day, while U.S. stocks turned lower in early trading. The Philadelphia Gold and Silver Index rose 0.09%, closing at 177.31 points, showing a W-shaped trend throughout the day.</li>
</ul>
</blockquote>
<blockquote>
Gold:
<ul>
<li>
At the New York close, spot gold fell 0.15% to $3,118.95 per ounce, quickly giving back gains and dropping to $3,100.99, refreshing the daily low.
</li>
<li>
COMEX gold futures for June rose 0.06% to $3,152.30 per ounce, reaching an intraday high of $3,177.00, continuing to set an intraday historical high, before turning to drop to $3,130.50.
</li>
</ul>
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/98839e09-85ab-4a2c-9324-c2f74835e35d.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/98839e09-85ab-4a2c-9324-c2f74835e35d.png"/>
Silver:
<ul>
<li>
COMEX silver futures fell 0.62% to $34.395 per ounce.
</li>
<li>
Spot silver fell 1.20% to $33.6830 per ounce.
</li>
</ul>
Other Metals:
<ul>
<li>
COMEX copper futures rose 0.05% to $5.0365 per pound, reaching a daily high of $5.1155 at 15:54.
</li>
<li>
Futures tin prices on the London Metal Exchange (LME) rose 2.3%, settling at $37,479 per ton, earlier reaching as high as $37,565, the highest since May 2022.
</li>
<li>
LME copper futures closed down $17 at $9,693 per ton. LME aluminum futures closed down $26 at $2,507 per ton. LME zinc futures closed down $30 at $2,822 per ton
</li>
</ul>
</blockquote>

NVDA

NVIDIA rose over 1%, ending a five-day decline; Johnson & Johnson fell 7.6%, dragging the Dow Jones down; Newsmax surged over 2000% in two days since its listing. After the U.S. manufacturing index, the yield on the 10-year U.S. Treasury hit a four-week low, and the U.S. dollar index turned lower. Bitcoin surged over $3000 during the session, breaking through the $85,000 mark. Crude oil bid farewell to a two-month high. London tin rose over 2%, marking six consecutive days of gains and reaching a nearly three-year high

- U.S. markets reacted to mixed economic data, with tech stocks driving a rebound despite concerns over impending tariffs.  
- The labor market showed signs of cooling, with job vacancies at a four-year low and the ISM manufacturing index contracting for the first time this year.  
- Investors are uncertain about the specifics of Trump's tariff plans, which could significantly impact the economy amid rising inflation and supply chain disruptions.

Wallstreetcn

NVIDIA

S&P 500

NIO-SW

Berkshire Hathaway B

Amazon

MNSO

Alphabet - C

Taiwan Semiconductor

Palantir Tech

Tempus AI

XIAOMI-W

YUM CHINA

Apple

GraniteShares 2x Long NVDA Daily ETF

BEKE-W

ASML

Roundhill China Dragons ETF

Johnson & Johnson

SAP AG-Sponsored

ZAI LAB

XPENG-W

YieldMax NVDA Option Income Strategy ETF

Adidas

Alphabet

Microsoft

Porsche

Before the announcement of tariffs, the S&P staged a thrilling close with a rise, Tesla surged over 3% supporting the Nasdaq's rebound, Xiaomi fell nearly 6%, and gold turned down after hitting four consecutive highs