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Wall Street gained on the first trading session after the long weekend. The rally is a delayed response to President Trump’s decision to postpone the threat of a 50% tariff on imports from the European Union. European indices also closed higher, following the U.S. momentum. Germany’s DAX rose more than 0.8%.
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In the evening session, the US500 is up 0.60% to 5930 points, while the US100 is gaining 0.80% to 21450 points. The biggest winner is the small-cap index US2000, which is climbing 1.10% to 2090 points.
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Beyond the U.S. stock indices, the dollar is also strengthening. The USDIDX is up nearly 0.6%, putting downward pressure on the euro. Meanwhile, 10-year Treasury yields are falling more than 6 basis points today, despite strong data out of the U.S.
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Data from ACEA (the European Automobile Manufacturers’ Association) shows a sharp drop in Tesla sales in Europe in April 2025. Tesla saw a nearly 49% YoY decline across the continent, and over 52% in the EU alone.
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Despite that, Tesla shares are up more than 6% today, after Elon Musk announced he is refocusing on the company and its core ventures.
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Strong U.S. data – consumer confidence from CB exceeded forecasts (98 vs 87.05 expected and 86 prior). One-year inflation expectations declined, though they remain elevated (still well above 6%). Durable goods orders in May dropped less than expected.
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Markets are also preparing for upcoming macroeconomic data, including Nvidia earnings (due tomorrow after the U.S. session), Fed meeting minutes, the latest PCE inflation reading, and revised GDP figures.
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Fed officials remain cautious – Minneapolis Fed President Neel Kashkari urged holding off on rate decisions until the impact of new tariffs on inflation becomes clearer.
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The housing price index suggests easing inflation pressure, fueling hopes for lower CPI readings — Home prices m/m: -0.1% vs 0.1% forecast and 0.1% previous.
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Trump Media and Technology Group (DJT.US) announced a private stock offering worth $2.5 billion, targeting 50 institutional investors to build one of the largest Bitcoin treasuries among publicly traded companies.
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Following the announcement, Bitcoin bounced from around $109,000 to above $110,000. At the time of publication, investor attention is shifting to smaller projects and Ethereum, which is up 5.20% to $2700.
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Chicago wheat futures are down nearly -2.5% today, resuming their downward trend as supply concerns in Russia and China eased amid favorable weather patterns in key growing regions.
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Oil prices are slightly retreating by just over 1%, while natural gas futures are up nearly 0.7%. Gold prices are down over 1.2% on stronger risk appetite; silver is also lower, down about 0.8% today.
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