Daily Summary: Tech Tariff Pause Reignites Market Hopes

Tech stocks rallied after Trump paused import duties on smartphones, computers, and other electronics, though he warned the exemption is temporary and new semiconductor tariffs could be announced within a week. US100 added 0.38%, US500 rose by 0.78% while US30 was 0.68% higher.

Oil markets fluctuated with WTI trading near $61 per barrel and Brent below $65, caught between Trump's temporary tariff exemptions and the prospect of increased Iranian crude exports following "constructive" nuclear talks in Oman.

Inflation expectations rise as Americans now anticipate 3.6% inflation over the next year (up from 3.1%), according to the NY Fed's Survey of Consumer Expectations, reaching levels not seen since October 2023.

Fed's Waller warns of tariff impact calling the new policy "one of the biggest shocks to affect U.S. economy in decades" and projecting inflation could peak near 5% under the current 25% average tariff rate, potentially requiring earlier and deeper rate cuts if economic slowdown follows.

Bessent to prioritize UK, Australia, South Korea for trade deals per WSJ.

Dollar weakens to six-month low with the USDIDX down 8.29% year-to-date, heading for its largest annual decline since 2017 as traders position for further weakness amid trade policy uncertainty.

Goldman Sachs reported strong Q1 earnings with a 15% jump in net profit, driven by record equities revenue as traders capitalized on market volatility.

Chinese gold ETF inflows surge exceeding all of Q1's inflows in just eleven days of April (29.1 metric tons), surpassing US-listed fund inflows (27.8 tons) as gold hits record high of $3,245.42 per ounce.

Nvidia announces major US manufacturing push committing to produce AI chips in Arizona and build supercomputers in Texas, planning to make up to half a trillion dollars of AI infrastructure domestically within four years.

LVMH reports disappointing Q1 results with organic sales falling 3% to €20.31 billion against expectations of 2% growth, sending stock down as its key Fashion & Leather Goods segment declined 5%.

Intel sells majority stake in Altera agreeing to divest 51% of its programmable chip business to Silver Lake for $4.46 billion, valuing Altera at $8.75 billion—nearly half what Intel paid in 2015—as new CEO Lip-Bu Tan works to streamline the struggling chipmaker.

Cryptocurrencies gain on market optimism. Bitcoin rises 1.22% to $84,500, while Ethereum gains 3% and reaches $1,638.