Daily summary: Tech sparks optimism, dolar rebounds, gold in the red (01.05.2025)

Recent Big Tech earnings have filled Wall Street with broad optimism. The Nasdaq is up (+2.15%), S&P 500 (+1%), Dow Jones (+0.6%), and Russell 2000 (+0.5%).

Today’s star performer is Microsoft (MSFT.US), surging 9.5% after issuing better-than-expected revenue growth forecasts, especially for its Azure cloud segment. Microsoft has now overtaken Apple as the world's most valuable company by market capitalization. Meanwhile, Meta (META.US) is up 5.6%, driven by stronger-than-expected revenue, mainly from its advertising segment.

Apple and Amazon will report earnings after the session. Apple’s results are especially important to investors due to its significant exposure to tariff costs from China, Vietnam, and India—the highest among the Magnificent 7. Amazon, on the other hand, recently attracted attention after a media report that it would display tariff amounts on listed products. A White House spokesperson called this move a "hostile and political act." Amazon later denied the report.

Tesla is up 0.3% after firmly denying reports that it is seeking a replacement for CEO Elon Musk. The company and board chair Robyn Denholm labeled the claims false and reiterated full support for Musk and the company's growth strategy.

The ISM manufacturing index beat expectations (48.7 vs. forecast 48, previous 49), while the PMI remained flat (50.2 vs. forecast 50.7).

Ukraine and the U.S. signed a strategic mineral cooperation deal, creating a joint investment fund offering preferential access to Ukraine’s natural resources for American companies. Market impact is expected to be moderate in the medium term due to issues such as damaged infrastructure and lack of concrete peace guarantees.

On the forex market: the dollar is strengthening against all G10 currencies (USDIDX: +0.77%) following reports that the Trump administration has reached out to China regarding tariff negotiations. The yen is the biggest loser (USDJPY: +1.8%) after the Bank of Japan kept rates at 0.5% and lowered its 2025 GDP forecast from 1.1% to 0.5%. EURUSD is down 0.4% to 1.1282.

Gold is retreating 2% to $3,222 per ounce amid dollar strength; silver also falls (-0.9% to $32.33/oz).

Brent and WTI crude oil are up 2%, while NATGAS futures jump 3.5% following a gas inventory build nearly twice the five-year average in the U.S.

Most cryptocurrencies are in the green: Bitcoin gains 2.15% to $96,640, and Ethereum rises 3.3% to $1,853. Dogecoin futures (+5%), Chainlink (+4%), Solana (+2.9%), and Polygon (+1.8%) are also trading higher.