Price action

• Bitcoin displayed strong upward momentum, climbing from 92,600 to 94,300 and breaking above key technical levels including the 50-day and 200-day moving averages. Despite slight bearish sentiment in the derivatives market and minimal long liquidations, solid spot buying could drive the price past 95,000.
• Ethereum posted modest gains from 1,756 to 1,786, trading with low volatility above its 20-day moving average but still below major resistance. A move toward the 50-day MA at 1,821 is possible if support holds, while a drop below current levels could open downside toward 1,417.
• Top movers today include CETUS(+52.5%), AIXBT(+31%), VIRTUAL(+28.5%), SUI(+23.3%), and ONDO(+15.5%).

Friday 

• U.S. stock futures wavered after a three-day rally as traders faced mixed earnings results and uncertain trade developments.
• S&P 500 futures flattened after an earlier 0.8% gain. Intel dropped nearly 8% premarket on weak guidance, while Alphabet rose on better-than-expected earnings. Skechers fell 7% after pulling its annual forecast due to tariff-related uncertainty. Europe’s Stoxx 600 ticked higher.
• The dollar gained strength as demand for haven currencies like the yen and Swiss franc faded. Gold dropped 1.5%, and Treasuries extended Thursday’s gains.
• On trade, Bloomberg reported China may pause its 125% tariff on certain U.S. goods. However, a Chinese official said no current talks are happening, contradicting Trump’s earlier comments and highlighting the ongoing confusion in U.S.-China trade headlines.
• Markets found some support from growing expectations of Fed rate cuts. Traders now anticipate a June cut and three total by year-end. Fed Governor Christopher Waller said he’d back cuts if Trump’s tariff policies start harming jobs. Cleveland Fed President Beth Hammack echoed that rate moves could come as early as June with more economic clarity.
• Although the dollar is set for its first weekly rise in a month, Bank of America strategists advised caution, warning that lasting upside in stocks and the greenback may be limited.
• Asian stocks gained, with regional benchmarks recovering all losses since Trump’s April 2 tariff announcement amid improving trade sentiment.

Thursday

• A global stock rally lost momentum as hopes for swift progress in US-China tariff negotiations faded.
• European equities fell after Treasury Secretary Scott Bessent downplayed the chances of a quick resolution to the trade dispute, and China confirmed that no formal talks are underway. US futures edged lower, and Asian markets ended a five-day winning streak. Meanwhile, the dollar weakened, prompting investors to seek safety in the Swiss franc, yen, and gold. Treasuries saw modest gains.
• European markets also reacted to a wave of corporate earnings. Unilever climbed on better-than-expected sales, while Nestle declined. BNP Paribas dropped after reporting lower profits. In the US, IBM shares slid 8% in premarket trading after missing high expectations.
• The stock dip follows Wednesday’s rally, sparked by signs President Trump might soften his hardline approach on trade and the Federal Reserve. However, inconsistent messaging from the White House continues to unsettle investors.
• Trump suggested Wednesday night that China could receive a revised tariff rate in the next few weeks, aiming for a “fair deal.” Bessent, however, clarified that the US isn’t planning to lift tariffs unilaterally and said rebalancing trade with China may take two to three years.
• In response, China demanded the US remove all unilateral tariffs and demonstrate genuine intent if it wants to resume trade talks.

Wednesday

• Wall Street traders are ramping up risk-on bets as signs emerge that Donald Trump is softening his stance, with the White House striking a more conciliatory tone on both trade and the Federal Reserve. This shift sparked a rally in both stocks and bonds.
• The S&P 500 jumped 3%, marking its strongest advance in two weeks, as Trump reassured markets that he doesn’t intend to fire Fed Chair Jerome Powell. Reports suggesting the US may lower tariffs on Chinese goods further fueled investor optimism.
• Global markets followed suit, with equities in Asia and Europe climbing and the US dollar stabilizing. Trump and Treasury Secretary Scott Bessent appeared to ease tensions with China, prompting hopes for de-escalation in the trade conflict that had triggered a $10 trillion market selloff and recession fears.
• US Treasury yields declined, with the 10-year dropping 10 basis points to 4.30% as pressure on Powell seemed to ease. Bitcoin surged past $90,000 for the first time since March, while gold slipped and oil dipped after Kazakhstan signaled it may prioritize domestic production over OPEC+ quotas.
• Economic data revealed US business activity expanded at its slowest pace since 2023.
• Tesla shares rose after Elon Musk said he would reduce his involvement in government matters to focus more on the company. Meanwhile, Trump signaled a friendlier approach to China, suggesting tariffs would fall if a deal is reached and that final duties wouldn’t reach the previously suggested 145% level.

Tuesday

• Stocks rebounded while bonds and the dollar steadied, as a rare moment of calm returned to Wall Street following Monday’s sharp selloff. Investors remained cautious amid concerns over slowing global growth and mounting tensions between the White House and Fed Chair Jerome Powell.
• The S&P 500 gained 1.9% and the Nasdaq 100 rose over 2%, led by a rally in major tech stocks ahead of Tesla’s earnings release later today. Despite the bounce, tech shares remain heavily beaten down this year, with options traders increasingly seeking downside protection.
• Safe-haven assets stayed in demand — gold surged to a record above $3,500, and Bitcoin rose 3.9%. Moves in Treasuries and the dollar were more muted, following Monday’s turmoil sparked by fears that President Trump might attempt to oust Powell over frustration with the Fed’s pace on rate cuts.
• Comments from central bank officials were also in focus. ECB President Christine Lagarde said inflation is nearly back to the 2% target, though flexibility remains key in a volatile environment. Fed Vice Chair Philip Jefferson emphasized that stable prices and full employment help promote economic mobility, while Philadelphia Fed President Patrick Harker noted that poverty metrics often miss the depth of lower-income struggles.
• While markets saw some relief Tuesday, investor anxiety lingered around speculation that Trump could remove Powell — adding further pressure to markets already rattled by his aggressive tariff policies.
• Tesla’s earnings after the close are now a key focus, with the stock down over 40% this year amid controversy around Elon Musk’s government ties and weakening global demand.

Monday

• The dollar fell to its lowest level since January 2024, and U.S. stock futures slipped after President Donald Trump’s renewed attacks on the Federal Reserve sparked concerns about the central bank’s independence.
• The greenback weakened against all major currencies following comments from National Economic Council Director Kevin Hassett, who said Trump is exploring whether he can fire Fed Chair Jerome Powell. Traders said hedge funds reacted by selling dollars on Monday, while gold surged to a record high.
• U.S. Treasury yields declined, and safe-haven currencies like the yen, euro, and Swiss franc rallied, with the euro reaching its highest level in three years.
• Trump, frustrated with the Fed’s refusal to cut rates, recently wrote on social media that Powell’s “termination cannot come fast enough.” Analysts warn that such criticism risks politicizing monetary policy and unsettling markets by undermining the Fed’s independence.
• The drop in U.S. assets suggests that confidence in the “America-first” trade—buying U.S. assets amid strong domestic performance—is fading. This shift follows Trump’s escalation of tariffs, which has disrupted bond markets and erased trillions from global equities. The dollar had already been under pressure for three straight weeks as trade tensions mounted.
• While Trump hasn’t confirmed whether he will try to remove Powell before his term ends in May 2026, he told reporters he has the power to do so if he chooses.