Price Action

• Bitcoin is holding steady near $97,000, trading within a narrow range, though negative funding rates point to growing bearish sentiment in the derivatives market. Technical indicators remain mixed, with support anchored at key moving averages—leaving room for a potential move toward $108,300 if support holds, or a drop to $81,400 if it breaks.
• Ethereum remains range-bound between $1,813 and $1,875, staying above its 20-day moving average but below the 200-day, with mildly negative funding rates indicating cautious sentiment. A push toward $1,940 is possible if buying momentum picks up, though a slip below support could drive it down to $1,417.
• Today’s standout movers include AIXBT (+6.6%), VIRTUAL (+3.0%), PENDLE (+2.6%), CETUS (-9.2%), and BEAM (-8.2%).

News

• Wall Street shifted back into risk-on mode as upbeat jobs data and signs of easing US-China trade tensions lifted stock futures and Treasury yields.
• S&P 500 futures climbed 1.3%, while the dollar index slipped and the two-year Treasury yield rose seven basis points to 3.77%.
• April’s nonfarm payrolls beat expectations, showing a labor market that’s cooling but still strong—helping ease concerns about the economic impact of President Donald Trump’s tariffs.
• Markets also responded positively to signs of improving US-China relations. China indicated it’s open to resuming trade talks and has begun exempting some US goods from tariffs to cushion its own economy.
• Despite this, bond traders have been pricing in a potential economic slowdown caused by Trump’s trade policies, expecting the Fed to cut interest rates multiple times this year. However, solid economic data continues to challenge those expectations.

• US stock futures surged Thursday, lifted by strong tech earnings and easing concerns over the Trump administration’s toughest tariff plans.
• Futures on the S&P 500 and Nasdaq 100 climbed over 1%, fueled by early gains in Microsoft and Meta following better-than-expected results. General Motors cut its full-year profit forecast, citing the impact of auto tariffs — one of the largest tariff-related hits disclosed so far. McDonald’s slipped 1.5% premarket after missing sales expectations.
• Investors are closely watching Apple’s earnings, due after the close, for insight into how tariffs are affecting its China-heavy supply chain.
• Markets also found support in expectations for Federal Reserve rate cuts, especially after data showed the US economy contracted for the first time since 2022 and jobless claims hit their highest since February.
• The White House indicated it’s close to announcing a first round of trade deals aimed at easing some planned tariffs. Optimism was further supported by reports of active outreach to China, even as President Trump insisted he won’t rush trade agreements to soothe market jitters, stating volatility has “nothing to do with tariffs.”
• Separately, the US and Ukraine reached an agreement granting US access to Ukraine’s natural resources — a move aimed at reinforcing support amid peace talks with Russia.

• 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.