TL;DR

Tatum out, Celtics on brink; Pacers advance; Mavericks win NBA lottery; Baez powers AL-best Tigers.

Highlights

• Celtics' Jayson Tatum out for season (Achilles); Boston trails Knicks 3-1 in East semis.1
• Pacers eliminate top-seeded Cavs 4-1; Haliburton scores 31, Indiana to face Knicks/Celtics.2
• Thunder up 3-2 on Nuggets; Gilgeous-Alexander (31 pts), Jokic (44 pts) in Game 5.13
• Mavericks win NBA Draft Lottery (1.8% odds); expected to select Cooper Flagg or trade top pick.3
• NBA owners to discuss expansion (Seattle, Las Vegas); Portland Trail Blazers formally for sale.511
• MLB: Tigers’ Javier Baez homers twice (6 RBIs) in walk-off win; Detroit leads AL.18
• Dodgers: Clayton Kershaw to debut Saturday; Roki Sasaki to IL (shoulder); rotation depth tested.712
• Rangers’ Corey Seager to IL (hamstring); Kyle Higashioka activated.7
• MLB lifts posthumous bans on Pete Rose, Shoeless Joe Jackson; Hall of Fame eligibility restored.4
• UFC: Makhachev vacates lightweight title; Topuria vs. Oliveira for belt June 28; Du Plessis vs. Chimaev set for Aug. 16.89
• Stars’ Granlund nets playoff hat trick, Dallas leads Jets 3-1; Heiskanen returns from injury.1415
• NFL: Ravens’ S Ar’Darius Washington (Achilles) out for season; YouTube to stream Chiefs-Chargers Week 1 in Brazil for free.1910

Commentary

NBA playoff dynamics have shifted sharply with Jayson Tatum’s season-ending Achilles injury, leaving Boston down 3-1 to New York and raising questions about the Celtics’ near-term competitiveness.1 Indiana capitalized, knocking out the 64-win Cavaliers behind Tyrese Haliburton’s efficient 31-point night.2 Out West, Oklahoma City’s balanced attack and Gilgeous-Alexander’s consistency have the Thunder one win from the conference finals, despite Nikola Jokic’s high-volume production for Denver.13

The Mavericks’ improbable lottery win gives Dallas a high-leverage asset after trading Luka Doncic, with Cooper Flagg the likely target unless a trade emerges.3 Off-court, the NBA’s July expansion talks and the Portland Trail Blazers sale could accelerate league growth and affect franchise valuations.511 For fantasy and dynasty players, these developments may signal significant player movement and roster reshaping in the coming seasons.

In MLB, Javier Baez’s resurgence is driving the Tigers offense as Detroit paces the AL, making Baez a viable fantasy and DFS option.18 The Dodgers rotation faces instability: Clayton Kershaw returns from injury,12 but rookie Roki Sasaki heads to the IL,7 increasing volatility for both LA’s pitching and opposing hitters. The Rangers lose Corey Seager to a hamstring strain, impacting Texas’ lineup and fantasy depth.7 MLB’s decision to lift posthumous bans on Pete Rose and Shoeless Joe Jackson opens Hall of Fame consideration for several historic figures.4

The UFC lightweight division resets after Islam Makhachev vacates the title to pursue welterweight gold, setting up Topuria-Oliveira for the vacant belt and Du Plessis-Chimaev at middleweight.89 In the NHL, Mikael Granlund’s hat trick and Miro Heiskanen’s return have Dallas close to a conference finals berth.1415 In the NFL, the Ravens lose safety Ar’Darius Washington (Achilles), affecting their secondary depth,19 while YouTube ’s free global stream of Chiefs-Chargers in Brazil highlights expanding digital access for fans.10

TL;DR

U.S. CPI misses; U.S.-China tariff truce aids Tesla; Nvidia, AMD, Amazon, Qualcomm win Saudi AI deals.

Highlights

• U.S. April CPI and Core CPI both rose 0.2% MoM, below forecasts; YoY CPI at 2.3%1.
• Trump announces U.S.-China trade truce: 90-day tariff cut (145% to 30%), China to open markets2.
• Tesla to resume U.S. production with Chinese components for Cybercab and Semi after tariff rollback3.
• Nvidia, AMD, Amazon, Qualcomm secure multi-billion-dollar AI infrastructure deals in Saudi Arabia; U.S. eases chip export rules5.
• WTI crude falls to $60, below U.S. shale break-even; Trump seen favoring $40–$50 oil4.
• Foxconn Q1 profit up 91% on AI server demand; 2025 outlook trimmed due to tariffs, FX volatility11.
• Global EV sales up 29% YoY in April, led by China and Europe; BYD outpaces Tesla in both regions12.
• eToro raises $620M in Nasdaq IPO, valued at $4.2B, driven by strong crypto trading9.
• Abraxas Capital and Grayscale buy over $560M in Ethereum as ETH rallies 44%10.
• Sony reports record profit but guides for 13% decline next year on $6.8B tariff impact; $17B buyback announced13.
• House Republicans propose $700B Medicaid cut, potentially impacting 13.7M Americans; bill faces Democratic resistance16.
• EU approves new Russia sanctions targeting shadow oil fleet and cyber capabilities; France pushes for 500% Russian oil tariff617.

Commentary

Softer-than-expected U.S. CPI data for April supports a stable rates outlook, with both headline and core inflation coming in below consensus1. This should underpin risk sentiment at the open, with Treasury yields likely to edge lower and the dollar facing some pressure. The inflation print gives the Fed more flexibility, but does not by itself guarantee near-term rate cuts.

The U.S.-China tariff truce is a clear positive for U.S. manufacturing, tech, and autos, as evidenced by Tesla ’s rapid move to resume Chinese component imports23. The 90-day tariff reduction and China’s commitment to open its market should ease supply chain friction and support equities with China exposure2. However, Japanese officials are concerned about being deprioritized in U.S. trade talks, which could affect Japanese exporters and U.S.-Japan trade flows20.

AI and tech remain market drivers: U.S. chipmakers and cloud providers (Nvidia , AMD , Amazon , Qualcomm) landed major Saudi contracts, boosted by relaxed export controls5. Foxconn’s strong Q1 on AI server demand highlights global infrastructure buildout, but its cautious full-year view reflects ongoing tariff and FX headwinds11. Sony ’s record profit and buyback offer some support, but its outlook is weighed down by a $6.8B tariff hit13.

Commodities are under pressure, with WTI crude at $60—below U.S. shale break-even levels—raising questions about domestic energy sector profitability4. The EU’s new Russia sanctions and France’s push for a 500% tariff on Russian oil could further disrupt global flows and add volatility617. Meanwhile, global EV sales are robust, led by China and Europe, but U.S. EV demand is lagging, and Tesla is losing share to BYD12.

Crypto and IPO sentiment remain strong: eToro ’s successful Nasdaq debut and large institutional ETH buying (over $560M) amid a 44% ETH rally point to renewed risk appetite910. On the policy front, the proposed $700B Medicaid cut could become a headline risk for healthcare and broader markets if political tensions escalate16.

TL;DR

U.S.-Saudi $600B investment and AI deals, Ukraine-Russia ceasefire talks, U.S. eases AI chip export rules.

Highlights

• U.S. rescinds Biden-era AI chip export rule, but warns against use of Huawei chips and tightens supply chain guidance1.
• Trump and Saudi Arabia sign $600B investment pact and $142B arms deal; U.S. tech and defense firms included2.
• Saudi Arabia’s Humain AI venture secures 18,000 Nvidia chips for a 500MW data center; Nvidia shares rally13.
• Trump administration considers allowing UAE’s G42 to buy over 1 million Nvidia chips despite security concerns14.
• U.S. to lift all sanctions on Syria, potentially reopening trade and financial flows to Damascus3.
• Israel plans major ground operation in Gaza, rejecting ceasefire; humanitarian concerns rise4.
• Zelenskyy and Putin to meet in Turkey for Ukraine ceasefire talks; France and U.S. threaten 500% tariffs on Russian oil if talks fail516.
• U.S. imposes new sanctions on Iranian nuclear researchers and oil exporters to China; Iran proposes regional uranium enrichment consortium with Saudi Arabia and UAE67.
• South Korea’s KDI halves 2025 GDP forecast to 0.8% due to U.S. tariffs on autos, steel, and aluminum8.
• EU to reimpose tariffs on Ukrainian agricultural imports from June 6, risking €3.5B in annual Ukrainian revenue9.
• Tesla to resume importing Chinese components after U.S.-China tariff truce, restarting U.S. Cybercab and Semi production12.
• Colombia joins China’s Belt and Road Initiative, expanding infrastructure and trade ties11.
• Severe frosts damage Russian crops; PNAS study warns of global crop yield declines and climate-related risks15.
• UK-US trade deal cuts tariffs on steel, aluminum, and cars, but includes supply chain restrictions targeting China; Beijing objects10.
• Sweden proposes EU membership in CPTPP to counter U.S. tariffs; EU considers trade diversification17.

Commentary

Geopolitical and trade realignments are driving market focus. The U.S. is easing AI chip export restrictions, but the ongoing clampdown on Huawei and new supply chain guidance underscore persistent tech sector bifurcation1. The Gulf is emerging as a key AI and semiconductor demand center: Saudi Arabia’s $600B investment pact, record arms deal, and Humain’s Nvidia -driven data center project—alongside a potential UAE mega-purchase of Nvidia chips—are boosting U.S. tech and defense equities21314. Nvidia and AMD remain in the spotlight, with further upside possible as Gulf digital infrastructure spending accelerates1314.

Middle East policy shifts are significant. The lifting of U.S. sanctions on Syria could eventually re-open trade and capital flows, though near-term risks remain high given regional instability3. Israel’s planned escalation in Gaza and the lack of ceasefire progress keep geopolitical risk elevated4. Meanwhile, Ukraine-Russia ceasefire talks in Turkey are a key watch; failure could trigger severe new sanctions, including a proposed 500% tariff on Russian oil, with direct implications for energy markets and European inflation516.

Trade tensions remain a drag on Asia and Europe. South Korea’s sharp GDP downgrade reflects the impact of U.S. tariffs on key exports8. The EU’s reimposition of tariffs on Ukrainian agricultural goods will hit Kyiv’s revenue and may add to volatility in agri-commodities9. The UK-US trade deal offers targeted relief but complicates London’s China relations, while Sweden’s push for EU CPTPP membership signals broader attempts to hedge against U.S. protectionism1017. Tesla ’s resumption of Chinese component imports after a tariff truce points to selective easing in U.S.-China trade, but policy unpredictability persists12.

Climate and supply shocks are also in focus. Russian crop losses and a PNAS report highlighting the risk of global yield declines and catastrophic cooling scenarios may pressure global food prices and agri-equities15. Colombia’s Belt and Road accession and China’s new satellite launches reinforce Beijing’s global infrastructure and tech ambitions, with potential implications for emerging market capital flows1118.

Traders should monitor U.S. chip and defense stocks, energy and agricultural commodities, and FX in trade-exposed economies (KRW, UAH)89. Diplomatic outcomes in Turkey and the Middle East, as well as evolving U.S.-China and U.S.-EU trade policies, are likely to drive risk sentiment and cross-asset volatility in the near term.

TL;DR

US inflation drops to 2.3%; Boeing lands major orders; American Eagle guidance withdrawn, shares plunge.

Highlights

• U.S. April inflation slowed to 2.3% y/y, the lowest since 2021, surprising economists1.
• House Republicans proposed $4.9T in tax breaks, offset by cuts to Medicaid, food stamps, and green energy13.
• Tesla stock rose to $318, up 35–50% since March lows14.
• Boeing secured major orders: Saudi Arabia for 30 737 MAX jets (~$1.5B) and Qatar Airways for up to 200 wide-body planes2.
• American Eagle Outfitters Q1 revenue fell 5% to $1.1B; guidance withdrawn; shares dropped 18% after hours4.
• Chime filed for a Nasdaq IPO (CHYM), reporting $12.4M Q1 net income on $518.7M revenue6.
• Nubank Q1 net income rose 74% to $557M; shares fell 5% on higher loan loss provisions715.
• GigaCloud Q1 EPS $0.83, revenue up 8%, active buyers +81% y/y15.
• State Farm approved for 17% emergency rate hike on California homeowner policies after wildfire losses5.
• Ethereum surged nearly 70% in May, up 50% in 7 days, outperforming Bitcoin and Solana 9.
• Tether bought 4,812 BTC ($458M) ahead of launching crypto treasury venture Twenty One8.
• China criticized the new US-UK trade deal for targeting Chinese supply chains10.
• Iran and E3 to resume nuclear and sanctions talks in Istanbul on May 1611.
• EU economist flagged mounting economic pressure on Russia from sanctions and falling oil revenues12.
• 3M agreed to pay New Jersey up to $450M over 25 years to settle PFAS contamination claims3.

Commentary

A sharp drop in U.S. inflation to 2.3%—well below expectations—has shifted the macro outlook, giving equities room to rally and easing pressure on the Fed to maintain a restrictive stance1. This sets a constructive tone for risk assets, though sector performance remains uneven. Retail is under pressure: American Eagle 's revenue miss, inventory write-down, and guidance withdrawal triggered an 18% after-hours decline, with sector peers also weak4. In contrast, Tesla 's continued rebound and Boeing 's major Middle East orders highlight resilience and demand in select industrial and growth names142.

Legislative developments are in focus, as House Republicans advanced a $4.9T tax break plan funded by significant cuts to social and green programs13. If enacted, this could impact consumer spending and the renewable sector, while boosting after-tax corporate and individual incomes. State Farm's emergency rate hike in California underscores ongoing insurance sector stress from climate-related losses5.

The IPO window is reopening: Chime 's filing, backed by strong Q1 growth, signals improving sentiment in fintech and tech listings6. Nubank delivered robust customer and revenue growth, but higher provisions and credit risk led to a post-earnings selloff715. GigaCloud 's results point to continued strength in B2B e-commerce15.

Crypto markets remain volatile and active. Ethereum 's outperformance and Tether's large Bitcoin purchase ahead of a new treasury venture suggest institutional flows and speculative interest are supporting digital assets98.

On the geopolitical front, China’s criticism of the US-UK trade deal and renewed Iran nuclear talks add to headline risk1011. Meanwhile, EU warnings on Russia’s deteriorating fiscal position could affect energy markets and risk sentiment12. 3M ’s PFAS settlement has long-tail implications for industrials facing environmental liabilities3.

TL;DR

MicroStrategy, Tether, and BlackRock boost BTC holdings; SEC signals regulatory shift; Ethereum, Solana, memecoins surge.

Highlights

• MicroStrategy (now Strategy) bought 13,390 BTC for $1.34B, raising holdings to 568,840 BTC (2.7% of supply)1; Tether also surpassed 100,000 BTC after a $458.7M purchase via its new Twenty One Capital arm3.
• BlackRock’s IBIT spot Bitcoin ETF reached 621,600 BTC after 20 consecutive days of inflows; Goldman Sachs increased its IBIT stake to $1.4B, now controlling over half of U.S. spot Bitcoin ETF holdings5.
• Coinbase reported Q1 EBITDA of $930M and $66M net income, acquired Deribit for $2.9B, and joined the S&P 500; shares fell post-earnings2.
• SEC Chair Paul Atkins announced a shift toward clear crypto regulation, away from enforcement-first policies7; SEC delayed decisions on Solana, Litecoin, and Bitcoin ETFs and acknowledged a 21Shares Dogecoin ETF filing8.
• Ethereum surged nearly 70% in May and 50% in the past week, outperforming Bitcoin and Solana ; Solana DEX volume hit $35.6B with a 58% TVL increase; Aave set a new DeFi TVL record at $25B1112.
• Curve Finance suffered a DNS hijack attack targeting its $3B TVL, affecting user access but not smart contracts; Convex Finance was also impacted at the interface level4.
• Memecoins rallied: MOODENG (+536%), GOAT (+194%), Fartcoin above $1.30, with total memecoin market cap at $72B; Solana memecoin cap rose to $14.2B14.
• Pump.fun on Solana introduced a 50% revenue-sharing model for memecoin creators, with $7.3M potential rewards based on April volume15.
• VanEck launched $VBILL, a tokenized U.S. Treasury fund, across Ethereum, Avalanche, Solana, and BNB Chain, offering 24/7 liquidity17.
• Robinhood agreed to acquire WonderFi for C$250M (41% premium), expanding its crypto presence in Canada6.
• Stablecoins are projected for mainstream adoption in 2025, with U.S. legislation advancing and major banks forecasting over $1T in new Treasury purchases by 2030; Tether’s USDT supply surpassed $150B10.
• Yuga Labs transferred CryptoPunks IP to the nonprofit Infinite Node Foundation; floor price rose 5% post-announcement16.
• Metaplanet issued ¥2.25B zero-interest bonds to buy Bitcoin, targeting 10,000 BTC by year-end18.
• Anchorage Digital agreed to acquire Mountain Protocol, issuer of the yield-bearing USDM stablecoin, to support institutional stablecoin adoption19.
• Former Celsius CEO Mashinsky sentenced to 12 years for fraud; U.S. seeks 2 years for the SEC X account hacker20.

Commentary

Institutional flows into Bitcoin remain a central theme, with MicroStrategy 1, Tether3, and Metaplanet18 all increasing their BTC reserves, and BlackRock’s IBIT ETF seeing persistent inflows; Goldman Sachs ’ expanded IBIT stake signals continued mainstream financial engagement5, while VanEck’s launch of a tokenized Treasury fund17 and Anchorage’s acquisition of a yield-bearing stablecoin issuer19 highlight the growing intersection of traditional finance and digital assets.

Regulatory signals are mixed: the SEC’s new chair is promising clearer, rules-based oversight, which could reduce uncertainty for U.S. crypto firms and exchanges7. However, delays on Solana, Litecoin, and Bitcoin ETF decisions, and only incremental movement on new ETF filings, suggest the regulatory environment remains in flux and could continue to impact sentiment and flows around major altcoins8.

DeFi and altcoin markets are seeing renewed activity. Ethereum ’s sharp outperformance11, Solana ’s surge in DEX volumes and TVL12, and Aave ’s record deposits12 point to capital rotation out of Bitcoin and into higher-beta assets. The memecoin sector, especially on Solana, is in a strong risk-on phase, with new revenue-sharing models like Pump.fun fueling participation1514. Traders should be alert to the potential for sharp reversals and increased volatility as the market enters an “altseason” environment.

Security remains a concern as demonstrated by the DNS hijack at Curve Finance , which disrupted user access but left core smart contracts intact; Convex Finance was also affected at the interface level4. Such incidents may prompt temporary slowdowns in DeFi activity and reinforce the need for robust operational security at the interface level.

Stablecoins and tokenized assets are advancing, with legislative momentum in the U.S. and major banks projecting significant growth in Treasury-backed stablecoin demand10. Yuga Labs’ handoff of CryptoPunks IP to a nonprofit is notable for NFT market stability16, while Robinhood ’s WonderFi acquisition signals continued expansion by U.S. retail platforms into international crypto markets6.

TL;DR

Chime files for Nasdaq IPO; OpenAI restructures as PBC; Owner raises $120M at $1B valuation.

Highlights

• Chime files for Nasdaq IPO (CHYM ), reporting $12.4M Q1 net income on $518.7M revenue (+32% YoY), with 8.6M active users 1.
• Owner, a restaurant tech startup, raises $120M Series C at $1B valuation, $40M ARR, 10% monthly growth 2.
• OpenAI restructures for-profit arm as a public benefit corporation; Microsoft and SoftBank's $20B investment terms under review 3.
• SoftBank posts ¥1.15T annual profit, driven by AI and OpenAI investments, despite Vision Fund's full-year loss 4.
• Animoca Brands plans NYSE listing, citing U.S. crypto-friendly regulatory shift 6.
• Robinhood to acquire WonderFi (C$250M) to expand Canadian crypto presence; follows Bitstamp acquisition 7.
• Apple partners with Synchron to develop brain-computer interface for iPhone and Vision Pro, targeting accessibility use cases 8.
• AWS and Humain announce $5B+ investment to establish an AI Zone in Saudi Arabia, supporting AI startups and infrastructure 9.
• Ex-CIA investor Eric Slesinger launches $22M VC fund for early-stage European defense tech startups 10.
• Arbitrum launches $10M gaming fund (first tranche of $200M) to back blockchain gaming projects and infrastructure (Arbitrum - United States Dollar ) 11.
• VanEck launches $VBILL, a tokenized U.S. Treasury fund, on multiple blockchains, offering 24/7 liquidity to qualified investors 13.
• Basic Capital, backed by Lux, Ackman, and Kravis, introduces 4x leverage 401(k) product with 6.25% interest and layered fees 14.
• Yuga Labs transfers CryptoPunks IP to nonprofit Node Foundation; original creators join as advisors 15.
• Sonic Labs (ex-Fantom) raises $10M led by Galaxy for $S token expansion in U.S. DeFi market 12.
• Somite AI raises $47M Series A (Khosla-led) for AI-powered cell therapy platform targeting scalable regenerative medicine 5.

Commentary

Chime’s IPO filing, with strong YoY revenue growth and positive net income, signals renewed confidence in fintech exits and could prompt other late-stage fintechs to accelerate public market plans (CHYM ) 1. Owner’s rapid $120M Series C at a $1B valuation—driven by solid ARR and double-digit monthly growth—demonstrates sustained investor appetite for vertical SaaS and AI-enabled platforms, particularly those serving fragmented SMB markets 2.

AI remains central to both VC and strategic capital flows. OpenAI’s restructuring as a public benefit corporation introduces new governance dynamics and has direct implications for major partners like Microsoft and SoftBank, potentially affecting future investment terms and exit timing 3. SoftBank’s return to profitability, attributed largely to AI and OpenAI exposure, reinforces the sector’s role in driving portfolio performance, even as Vision Fund marks down some holdings 4.

Crypto and digital asset infrastructure continue to attract institutional and strategic capital. Animoca Brands’ planned NYSE listing and Robinhood’s acquisition of WonderFi highlight renewed cross-border activity and regulatory tailwinds in North America 67. VanEck’s on-chain U.S. Treasury fund and Arbitrum’s gaming initiative (Arbitrum - United States Dollar ) underscore ongoing efforts to bridge traditional finance, DeFi, and Web3 gaming 1311.

Frontier and defense tech are also drawing targeted VC attention. Slesinger’s new European defense fund and Apple’s partnership with Synchron for brain-computer interfaces show that investors are seeking differentiated bets in sectors shaped by geopolitical and demographic trends 108. Meanwhile, Somite AI’s large Series A in TechBio and Sonic Labs’ DeFi expansion illustrate the breadth of innovation attracting early-stage capital 512.

Deal velocity remains high across growth and early-stage rounds, especially for companies with clear regulatory paths, strong unit economics, or differentiated technology 14. VCs should closely monitor IPO market health, evolving AI partnership structures, and the impact of U.S. crypto policy on cross-border listings and M&A 36.

TL;DR

US CPI cools; equities and tech surge; yields volatile on debt worries; Trump, China agree tariff pause.

Highlights

• US April CPI rose 2.3% YoY (vs 2.4% expected), lowest since Feb 2021; core inflation steady at 2.8%1.
• Treasury yields volatile: 10-year at 4.5%, 30-year near 4.89%, as debt concerns persist despite softer inflation2.
• S&P 500 (+3.2%) and Nasdaq 100 (+4.3%) erased 2025 losses; Nasdaq 100 enters bull market7.
• Tech stocks rally: Tesla regains $1T market cap; Nvidia hits $3.1T; Amazon , Apple , Meta , Microsoft all up6.
• Goldman Sachs lowers US recession probability to 35%, now expects only one Fed rate cut in December; raises S&P 500 target to 6,10018.
• Trump announces 90-day tariff pause with China, and China agrees to open markets to US businesses3.
• US rescinds Biden-era AI chip export rule, warns on Huawei chip use, signals more open AI tech exports to allies4.
• Trump, Saudi Arabia sign $600B investment pact and $142B arms deal; Nvidia to supply 18,000 AI chips for Saudi AI factory1115.
• Microsoft to cut 6,000–7,000 jobs (3% of workforce) to streamline operations and focus on AI5.
• First Solar upgraded to Outperform (target $221) on IRA benefits and favorable tax bill; solar/wind stocks rally20.
• Robinhood to acquire WonderFi (C$250M) for Canadian crypto expansion; VanEck launches tokenized US Treasury fund ($VBILL)914.
• Geopolitical risks: Israel preps major Gaza operation, strikes hospital bunker; Russia launches hypersonic missiles at Odesa, Ukraine121613.

Commentary

A softer-than-expected US April CPI print (2.3% YoY vs 2.4% expected) provided a tailwind for equities, helping the S&P 500 and Nasdaq 100 erase year-to-date losses17. The Nasdaq 100 is now in a technical bull market, with mega-cap tech names leading gains—Tesla reclaimed a $1T market cap, Nvidia hit $3.1T, and Amazon , Apple , Meta , and Microsoft all posted strong advances6. The rally has been further supported by Goldman Sachs lowering recession odds to 35%, raising its S&P 500 target to 6,100, and now anticipating only one Fed rate cut (in December)18.

Despite the equity strength, Treasury yields remain elevated and volatile, with the 10-year at 4.5% and the 30-year near 4.89%, reflecting continued concerns over US fiscal sustainability and the $36T national debt2. While CPI data briefly pushed yields lower, persistent debt and deficit worries are keeping upward pressure on rates, which could limit equity upside if yields move above key resistance levels2.

Policy developments are in focus: the Trump administration’s 90-day tariff pause and China’s market-opening pledge have eased some trade tensions, benefiting US multinationals3. The rescinding of Biden-era AI chip export restrictions, paired with new guidance on Huawei, signals a more open approach to US AI technology exports for allies, supporting the sector’s momentum4. Major US-Saudi deals—including a $600B investment pact, a $142B arms agreement, and Nvidia ’s AI chip supply to Saudi AI factories—underscore deepening US-Middle East economic and tech ties1115.

Sector-wise, First Solar and renewables rallied on an Outperform upgrade and a less restrictive draft tax bill20. Microsoft ’s 3% workforce reduction highlights ongoing cost discipline and AI investment focus5. In digital assets, Robinhood ’s WonderFi acquisition and VanEck ’s launch of a tokenized Treasury fund ($VBILL) reflect continued institutional expansion into crypto and blockchain-based products914.

Geopolitical risks remain elevated, with Israel preparing a full-scale Gaza operation and Russia escalating missile attacks on Ukraine1213. These developments could impact energy and defense stocks and inject headline risk into broader markets. Traders should monitor yield levels, sector rotation, and any late-session moves tied to geopolitical headlines.

TL;DR

US may approve Nvidia chip exports to UAE/Saudi; OpenAI restructures as PBC; House GOP seeks 10-year state AI regulation ban.

Highlights

• US considers allowing UAE to import over 1 million advanced Nvidia AI chips, reflecting a shift in export controls1.
• Senator Tom Cotton’s Chip Security Act would require geo-tracking in AMD , Intel , and Nvidia AI chips to prevent smuggling to China2.
• House GOP proposes a 10-year federal ban on state AI regulations, preempting state laws and benefiting major tech firms3.
• Nvidia and Saudi AI firm Humain partner to build AI factories in Saudi Arabia; US lifts export restrictions, enabling shipment of 18,000 Nvidia Blackwell and GB300 chips56.
• Saudi Arabia launches Humain, a multibillion-dollar AI company backed by the $940B PIF, focused on Arabic-language LLMs and domestic AI infrastructure9.
• OpenAI restructures its for-profit arm into a public benefit corporation, impacting Microsoft and SoftBank’s partnership terms and paving way for a potential IPO4.
• Perplexity AI nears $500M funding at a $14B valuation, with Accel and Nvidia backing, intensifying competition in AI search8.
• Nvidia CEO Jensen Huang to announce Taiwan HQ and ARM-based N1X AI PC processor with MediaTek at Computex 20257.
• NRG Energy acquires $12B in natural gas assets to meet surging AI/data center power demand; data centers projected to use 8.6% of US electricity by 203510.
• Apple to launch AI-powered battery management in iOS 19, debuting with iPhone 17 Air11.
• Chegg to lay off 22% of workforce and close offices amid AI-driven competition and declining revenue12.
• Mass General Brigham’s FaceAge AI predicts cancer survival from facial photos, outperforming clinicians but facing bias and adoption hurdles13.
• NHTSA investigates Tesla ’s June robotaxi launch in Austin, focusing on FSD performance in poor visibility14.
• Meta launches AssetGen 2.0, a generative AI model for high-fidelity 3D asset creation on the Horizon platform15.

Commentary

US policy on AI chip exports is in transition, as the administration weighs allowing the UAE to import over a million Nvidia chips1 and lifts restrictions for Saudi Arabia6. These moves open new markets for US chipmakers while raising questions about long-term technology transfer and security. The Chip Security Act’s proposed geo-tracking requirements for AI chips highlight growing US concerns over Chinese access to advanced semiconductors2, but will introduce new compliance burdens for hardware vendors.

Regulatory alignment is also shifting. The House GOP’s proposed decade-long preemption of state AI regulation would centralize oversight at the federal level, reducing compliance complexity for large AI firms like OpenAI, Meta , and Google3. This could delay state-led consumer protections and slow regulatory fragmentation, but may limit local innovation and responsiveness to sector-specific risks.

Strategic investments and partnerships are shaping the AI infrastructure landscape. Saudi Arabia’s Humain, backed by the PIF and partnering with Nvidia 59, is building out domestic AI capabilities and Arabic-language LLMs, with significant chip imports now possible6. OpenAI’s restructuring to a public benefit corporation and ongoing negotiations with Microsoft and SoftBank signal evolving governance and investment models, potentially influencing future AI IPOs and partnership structures4.

Product innovation remains robust: Nvidia and MediaTek are targeting consumer AI PCs7, Apple is embedding AI in battery management11, and Meta is advancing generative 3D asset creation15. Meanwhile, surging AI workloads are driving major energy investments, as seen in NRG ’s $12B acquisition to support data center demand10. In the application layer, Perplexity’s rapid valuation growth underscores investor appetite for AI-native search8, while Chegg ’s layoffs reflect the disruptive impact of AI on traditional edtech12. Healthcare AI advances, such as FaceAge, show promise but also highlight ongoing challenges around bias and clinical integration13.

TL;DR

Mavericks win NBA lottery; Knicks up 3–1 as Tatum injured; Cowboys trade for WR Pickens.

Highlights

• Mavericks win 2025 NBA Draft Lottery with 1.8% odds; expected to select Duke’s Cooper Flagg at No. 1 1.
• Spurs secure No. 2 and No. 14 picks; reportedly interested in using assets to pursue Giannis Antetokounmpo trade 15.
• Knicks take 3–1 series lead over Celtics; Jayson Tatum exits late with right leg injury, MRI pending 2.
• Timberwolves go up 3–1 on Warriors as Anthony Edwards scores 30; Steph Curry remains out (hamstring) 4.
• Giannis Antetokounmpo open to leaving Bucks; Rockets, Spurs, Nets positioned as potential trade destinations 11.
• Cowboys acquire WR George Pickens from Steelers for 2026 third- and 2027 fifth-round picks 6.
• Bengals DE Trey Hendrickson (NFL sack leader) requests trade after failed contract talks; rookie Shemar Stewart unsigned 7.
• Browns LB Jeremiah Owusu-Koramoah out for 2025 season (neck injury); rookie Carson Schwesinger likely to fill in 8.
• Oilers shut out Golden Knights 3-0, lead series 3–1; Connor McDavid extends assist streak to eight games 5.
• Yankees’ Oswaldo Cabrera suffers severe ankle injury, exits by ambulance in win over Mariners 16.
• Djokovic and Murray end coaching partnership less than two weeks before French Open 9.
• NFL announces 2025 schedule highlights: Eagles host Cowboys in opener, Chiefs host Broncos on Christmas (Prime Video exclusive), Black Friday/Week 16 matchups set 1219.

Commentary

The NBA landscape is shifting after the Mavericks defied lottery odds to land the No. 1 pick, positioning them to draft Cooper Flagg and potentially reshape their roster around Luka Doncic 1. The Spurs , now holding the No. 2 and No. 14 picks, are reportedly considering a major move for Giannis Antetokounmpo , who is open to leaving Milwaukee after another early playoff exit 1511. Bettors and fantasy managers should closely track Giannis trade rumors, as any deal would have immediate implications for futures markets and player valuations.

In the NBA playoffs, the Knicks ’ comeback win and 3–1 series lead over Boston is overshadowed by Jayson Tatum’s late leg injury, with his MRI results likely to affect both series odds and DFS decisions 2. Anthony Edwards’ 30-point performance has the Timberwolves on the verge of eliminating the Warriors , with Steph Curry’s ongoing absence limiting Golden State ’s upside 4. Monitor injury news for both Tatum and Curry ahead of the next games.

NFL news centers on roster moves and injuries: the Cowboys ’ trade for George Pickens adds a new dimension to their passing game, boosting the outlook for Dak Prescott and CeeDee Lamb 6. The Bengals ’ Trey Hendrickson trade request and the Browns ’ season-ending loss of Jeremiah Owusu-Koramoah create volatility for both teams’ defenses and open up opportunities for rookies like Carson Schwesinger 78. The NFL’s 2025 schedule highlights—including the Eagles -Cowboys opener and Chiefs -Broncos on Christmas—will drive early betting and DFS interest 1219.

Elsewhere, the Oilers are one win from the Western Conference Finals, with Connor McDavid’s assist streak continuing to fuel Edmonton’s offense 5. In MLB, the Yankees ’ Oswaldo Cabrera suffered a significant ankle injury, impacting their infield depth and fantasy value 16. On the tennis front, Novak Djokovic will enter Roland Garros without Andy Murray in his coaching box, adding uncertainty to his French Open prospects 9.

TL;DR

U.S.-China 90-day tariff truce lifts Boeing ban; UnitedHealth drops 10%; S&P 500 target raised.

Highlights

• U.S. and China agree to a 90-day tariff truce: U.S. tariffs on Chinese goods drop to 30%, China cuts U.S. tariffs to 10%; sectoral tariffs on autos, steel, and others remain 1.
• U.S. reduces "de minimis" tariff on small China shipments to 54% from 120% for 90 days, impacting e-commerce firms like Shein and Temu 2.
• China lifts ban on Boeing deliveries; up to 50 aircraft shipments to resume immediately 3.
• UnitedHealth drops 10% pre-market after withdrawing 2025 outlook and CEO change; medical cost trends worsen 4.
• Goldman Sachs cuts U.S. recession odds to 35%, raises S&P 500 target to 6,500; expects only one Fed rate cut in December 6.
• Pacific container shipping volumes and freight rates surge as companies rush to ship ahead of tariff reset 15.
• Honda projects a 70% profit decline for 2026, citing $4.4B U.S. tariff impact; delays Canada EV supply chain 5.
• Fund managers reduce U.S. dollar exposure to 2006 lows, per BofA survey; soft landing expectations rise 16.
• Robinhood to acquire WonderFi for C$250M to expand crypto presence in Canada 7.
• Curve Finance hit by DNS hijack; $3B TVL at risk but no smart contract breach reported 8.
• JD.com beats Q1 estimates (revenue +16%, EPS $1.16); warns on new U.S. de minimis tariff 10.

Commentary

The U.S.-China 90-day tariff truce is the primary macro event for U.S. traders today. The reduction in headline tariffs (U.S. to 30%, China to 10%) provides near-term relief for global supply chains and U.S. importers, with an immediate impact on shipping activity—Pacific freight rates are up sharply as firms expedite shipments ahead of the truce’s expiration 115. The partial rollback of "de minimis" tariffs gives e-commerce platforms like Shein and Temu a temporary reprieve, though the sector remains exposed to policy volatility 2. Boeing is a clear winner as China lifts its delivery ban, unlocking pending aircraft orders 3.

Equity sentiment is mixed pre-market. The trade deal and Goldman Sachs ’ S&P 500 target hike support risk, but UnitedHealth’s 10% drop after pulling guidance and a sudden CEO change weighs on the Dow and healthcare 46. The insurer’s warning on accelerating medical costs highlights ongoing sector-specific risks, even as macro headwinds ease. Industrial and trade-exposed names may see rotation as tariff relief boosts near-term outlooks, while auto and supply chain names like Honda remain pressured by unresolved sectoral tariffs and currency headwinds 5.

On the currency front, global fund managers are reducing U.S. dollar exposure to multi-year lows, reflecting increased optimism for a soft landing and improved global growth prospects 16. This could add incremental pressure to the dollar as capital reallocates. In crypto, Robinhood’s WonderFi acquisition signals continued institutional expansion, while the Curve Finance DNS hijack is a reminder of persistent operational risks in DeFi 78. JD.com ’s strong results underscore resilience in Chinese e-commerce, but management flagged caution on the new U.S. tariff regime 10.

Traders should monitor logistics and shipping for volume spikes, watch for volatility in managed care and auto sectors, and stay alert for any shifts in Fed rate expectations as macro conditions evolve 615.

TL;DR

U.S.-China slash tariffs, S&P 500 surges; Ukraine-Russia, India-Pakistan ceasefires; global debt hits $324T.

Highlights

• Trump announces China will "fully open" markets to U.S. businesses; both sides cut tariffs sharply (U.S. from 145% to 30%, China from 125% to 10%); S&P 500 jumps 2.9% to 5,822 1.
• China lifts ban on Boeing deliveries post-trade truce; ~50 aircraft to be delivered in 2025 2.
• EU considers capital controls and tariffs to bypass Hungary’s veto on €200B Russia sanctions 3; plans to ban 25 Russian oil tankers from Baltic/North Seas over environmental risks 4.
• Zelensky and Putin scheduled for direct ceasefire talks in Istanbul on May 15; Trump may attend 5.
• Trump ends Operation Rough Rider against Houthis after $1B in costs and military setbacks; U.S. secures Red Sea ceasefire for American ships 6.
• Trump brokers ceasefire between India and Pakistan, leveraging U.S. trade incentives to avert escalation 7.
• India proposes retaliatory tariffs on 29 U.S. products amid steel/aluminum dispute, affecting $7.6B in trade 8.
• Honda forecasts FY2026 net profit to drop 70% on U.S. tariffs and yen strength; delays Canadian EV factory 10.
• Global debt rises $7.5T in Q1 2025 to a record $324T; U.S. mortgage debt exceeds $12.6T 15.
• Fitch upgrades Argentina’s debt to CCC+ after $20B IMF deal; inflation seen below 2%; Buenos Aires stocks rise 16.
• Robinhood acquires WonderFi for C$250M to expand crypto presence in Canada 18.
• SoftBank posts first annual profit in four years (¥1.15T), driven by T-Mobile share sales and AI investments 20.

Commentary

Risk sentiment has improved markedly following the U.S.-China trade reset. The mutual reduction in tariffs and China’s pledge to open its markets to U.S. businesses have triggered a broad rally in U.S. equities, with the S&P 500 up nearly 3% 1. Exporters, notably Boeing , stand to benefit immediately as China resumes aircraft deliveries 2. This trade thaw should support cyclicals and industrials globally, while also reducing pressure on supply chains 12.

Geopolitical tensions are moderating across several regions. Direct ceasefire talks between Ukraine and Russia, with possible U.S. involvement, and the U.S.-brokered ceasefire between India and Pakistan both reduce tail risks for commodities and EM assets 57. However, the EU’s efforts to maintain Russia sanctions—potentially via capital controls and new tariffs—and the ban on Russian tankers could keep volatility elevated in European energy and shipping markets 34.

Macro headwinds persist. Global debt has reached a new record, led by emerging markets and the U.S. mortgage sector, underscoring ongoing risks for fixed income and FX, especially if rates rise further 15. Honda ’s profit warning highlights the real impact of tariffs and currency moves on global manufacturers, with potential spillovers for auto sector equities and the yen 10.

Elsewhere, Argentina’s credit upgrade and successful IMF deal may draw selective EM inflows, but structural challenges remain 16. In digital assets, Robinhood ’s WonderFi acquisition signals continued consolidation and regulatory progress in the Canadian crypto market 18. SoftBank’s return to profit, driven by asset sales and AI exposure, reinforces the market’s focus on technology and capital allocation 20.

TL;DR

Coinbase joins S&P 500; Fed cut seen in December; Trump tariffs hit Shein, Temu US sales.

Highlights

• Coinbase to join S&P 500 on May 19, replacing Discover; shares jumped ~9% after hours 1.
• Goldman Sachs delays expected Fed rate cut to December 2025, raises US growth forecast to 1% y/y for Q4 3.
• Trump administration maintains 120% tariff on Chinese goods under $800, causing Shein and Temu US sales to drop 23% and 17% 2.
• NRG Energy acquires $12B natural gas portfolio, doubling capacity to meet AI/data center-driven electricity demand 6.
• Amazon partners with FedEx for deliveries after UPS pullback; FedEx stock up 1% 7.
• Fitch upgrades Argentina’s debt to CCC+ after $20B IMF deal and currency reforms; Buenos Aires equities rally 9.
• Petrobras Q1 net profit up 48.6% y/y to R$35.2B; approves R$11.7B dividend, notes pressure from weaker oil prices 10.
• House Republicans propose tax bill exempting tips, overtime, and car loan interest from income tax; raises debt ceiling by $4T 12.
• McDonald’s announces plan to hire 375,000 US workers this summer, its largest hiring initiative in years 11.
• US expands Iran nuclear sanctions, targeting five individuals and two entities amid ongoing indirect talks 4.
• Walgreens expands prescription-filling robots ahead of going private, aiming for cost savings and efficiency 15.
• NYC Mayor Adams to host Crypto Summit, seeks to position NYC as a global crypto hub 14.

Commentary

Coinbase ’s upcoming inclusion in the S&P 500 marks a notable milestone for the crypto sector, signaling further institutional acceptance and likely driving passive inflows into the stock 1. This development, alongside New York City’s push to attract crypto firms and ease local regulations, keeps digital assets in focus for US traders and may support related equities and sentiment in the near term 14.

The macro backdrop remains dominated by shifting Fed expectations. Goldman Sachs’ move to delay its forecast for the first rate cut to December reflects firmer US growth and recent easing in financial conditions 3. This adjustment could keep Treasury yields and the dollar elevated, while supporting equity valuations—though rate-sensitive sectors may face renewed headwinds if the policy path remains restrictive.

Trade dynamics are again in the spotlight as the Trump administration’s 120% tariff on low-value Chinese goods hits e-commerce platforms Shein and Temu, with double-digit US sales declines reported 2. This policy may add to US retail inflation and benefit domestic competitors, while also affecting logistics—underscored by Amazon ’s renewed partnership with FedEx after UPS’s service reduction 7.

In sector news, NRG ’s $12B natural gas acquisition highlights the growing impact of AI and data centers on US electricity demand, with energy infrastructure and utilities likely to see continued investor interest 6. Petrobras ’ strong Q1 results and dividend payout provide a bright spot in global energy, though the company cautions on softer oil prices ahead 10. Meanwhile, Walgreens ’ expansion of prescription-filling automation is a tactical move as it prepares to go private, aiming to improve margins and operational efficiency 15.

Argentina’s credit upgrade and IMF deal have buoyed local markets, but the country’s fiscal and external challenges remain 9. On the legislative front, the proposed House tax bill—exempting tips, overtime, and car loan interest from income tax—could support disposable income and consumer spending if enacted 12. Geopolitical risks persist with new US sanctions on Iran, but no immediate impact on energy flows is noted 4.

TL;DR

MicroStrategy, BlackRock, and Goldman boost Bitcoin holdings; Ethereum rallies 83%; Coinbase acquires Deribit.

Highlights

• MicroStrategy bought 13,390 Bitcoin ($1.34B), raising its holdings to 568,840 BTC; Metaplanet now holds 6,796 BTC, surpassing El Salvador 18.
• BlackRock’s IBIT Bitcoin ETF added $5B in 20 days; Goldman Sachs increased its stake to $1.4B, making it the largest known IBIT holder 2.
• Bitcoin traded above $104,000, up 10.9% weekly and 25.1% monthly, amid strong institutional and treasury demand 2.
• Coinbase will acquire Deribit for $2.9B, integrating spot and derivatives; Coinbase set to join the S&P 500 on May 19 317.
• Ethereum rallied 83% from April lows, surpassing $2,500; active addresses up 30%; 60% of ETH holders now in profit 14.
• BlackRock filed for in-kind redemptions on its Ethereum Trust; Abraxas Capital bought $400M in ETH as ETH surged 44% 7.
• Solana reached $180, led weekly DEX volume ($22B); Sol Fi overtook Raydium as top DEX; large SOL treasury moves and whale activity ongoing 201011.
• Tether’s USDT supply hit $150B, with Tron surpassing Ethereum for USDT issuance; Base saw record stablecoin transfer activity 4.
• Aave set a new DeFi TVL record above $25B 15; Lido DAO initiated an emergency oracle node replacement after a minor security incident 16.
• SEC Chair Atkins announced a shift to a rules-based crypto regulatory framework, moving away from enforcement-led oversight 6.
• Senate Democrats blocked a stablecoin bill amid Trump family crypto involvement and proposed a ban on crypto promotion by officials 5.
• Meme coins: PEPE hit $6B market cap 12; Truth Social’s $Truth token to launch soon, drawing mixed sentiment 13.

Commentary

Institutional adoption continues to drive crypto markets, with MicroStrategy ’s and Metaplanet’s substantial Bitcoin treasury expansions and BlackRock’s IBIT ETF attracting record inflows 128. Goldman Sachs’ increased exposure via IBIT further signals growing institutional confidence in Bitcoin as a reserve asset, aligning with persistent treasury and corporate demand. Bitcoin’s price strength above $104,000 reflects this backdrop 2.

Ethereum outperformed major assets, rallying 83% from April lows and posting a 44% surge on large institutional purchases, including Abraxas Capital’s $400M buy 714. BlackRock’s move to enable in-kind redemptions for its Ethereum Trust points to further institutionalization 7. On-chain activity is robust, with a 30% rise in active addresses and the majority of ETH holders now in profit, indicating renewed network engagement 14.

Solana ’s ecosystem remains active, leading in DEX volume and revenue, with Sol Fi surpassing Raydium and notable treasury and whale SOL movements 201011. Stablecoin activity is rising, with Tether’s USDT hitting $150B supply, Tron overtaking Ethereum in USDT issuance, and Base network posting record stablecoin transfer volumes—highlighting ongoing demand for on-chain liquidity 4.

DeFi protocols are expanding, with Aave reaching a new TVL high 15 and Lido DAO demonstrating operational resilience after a minor oracle node breach 16. Coinbase ’s $2.9B Deribit acquisition signals consolidation in the derivatives market 3 and its S&P 500 inclusion may boost mainstream exposure to crypto equities 17. Regulatory signals are mixed: the SEC is pivoting to a rules-based approach 6, but U.S. legislative gridlock—especially around stablecoins—persists amid political controversy 5.

Traders should monitor institutional flows, DeFi TVL milestones, and regulatory developments. Volatility is likely around large treasury moves, meme coin launches, and further ETF inflows.

TL;DR

OpenAI restructures for IPO; Perplexity AI raises at $14B; Stargate AI infra project delayed.

Highlights

• OpenAI and Microsoft are renegotiating their partnership to support OpenAI’s transition to a public benefit corporation (PBC) and future IPO, with Microsoft seeking post-2030 tech access 1.
• Perplexity AI, backed by Nvidia , is raising $500M at a $14B valuation led by Accel, with strong revenue growth and potential Apple integration 2.
• SoftBank and OpenAI’s $100B Stargate AI infrastructure project faces delays due to tariff-driven cost increases and investor uncertainty 6.
• Google launched the AI Futures Fund, offering capital, early access to Gemini/Veo, and cloud credits to AI startups 7.
• Israeli quantum software startup Classiq raised $110M Series C (total $173M) to expand its hardware-agnostic platform 4.
• Upscale AI and Lovart AI launched new platforms for streaming ads and design, raising early-stage funding 13.
• Saudi Arabia’s PIF launched Humain, a multibillion-dollar AI company focused on Arabic LLMs and AI adoption in the region 3.
• Chegg will lay off 22% of staff and close offices amid declining revenue and AI competition 14.
• KindlyMD shares surged 600% after a $710M merger with Nakamoto to form a public bitcoin treasury vehicle 5.
• American Bitcoin, backed by the Trump family, to go public on Nasdaq via merger, retaining 98% post-merger ownership 8.
• SEC Chair Paul Atkins announced a shift to a rule-based crypto regulatory framework, moving away from enforcement-first tactics 11.
• Senate blocked the GENIUS Act (stablecoin regulation) amid concerns over Trump-linked crypto ventures 12.
• CATL , the world’s largest EV battery maker, will limit US investor participation in its $4B Hong Kong IPO 10.
• XPRIZE Healthspan named top teams for its $101M longevity prize, highlighting biotech and healthy aging innovation 15.
• Epic Games submitted Fortnite for App Store reentry following a favorable court ruling; Spotify also set to return 9.

Commentary

AI remains the primary driver of venture deal flow and valuations. OpenAI’s move to restructure as a PBC and pursue an IPO, while renegotiating with Microsoft for long-term tech access, signals a shift toward more conventional capital structures and exit planning in the sector 1. Perplexity’s $14B valuation and Google ’s AI Futures Fund demonstrate continued investor appetite for both core AI infrastructure and application-layer startups, with capital and strategic support flowing to companies that can show early revenue traction or strong integration prospects 27.

The SoftBank -OpenAI Stargate project’s delays highlight the risks facing large-scale AI infrastructure investments, especially in the current macro environment where tariffs and hardware cost volatility can stall even the most ambitious projects 6. Early-stage investors should be alert to the capital intensity and execution risk in infrastructure-heavy plays, as well as the need for adaptability in the face of shifting policy and technology costs.

Crypto is seeing renewed institutional and public market activity, with KindlyMD and American Bitcoin using mergers and PIPEs to access public capital and scale 58. However, the regulatory backdrop remains fluid: the SEC’s pivot to a rule-based approach may unlock new opportunities, but the Senate’s block of the GENIUS Act and ongoing scrutiny of politically linked crypto ventures suggest continued uncertainty for stablecoin and digital asset startups 1112.

Quantum computing (Classiq) 4, longevity biotech (XPRIZE Healthspan) 15, and creative AI (Upscale, Lovart) 13 are attracting significant venture funding, reflecting growing interest in platform technologies with broad sector impact. Meanwhile, Chegg ’s layoffs and the return of Epic and Spotify to the App Store underscore how incumbents are being pressured by AI disruption and regulatory shifts—creating openings for new entrants 149.

VCs should focus on how regulatory changes, macro headwinds, and partnership realignments are affecting deal structures, capital allocation, and exit windows in AI, crypto, and deep tech. Monitoring capital flows into infrastructure, platform, and application-layer startups will be key to identifying the next wave of scalable opportunities.

TL;DR

S&P 500 +2.9% on U.S.-China tariff deal; Fed cut bets trimmed; oil, crypto, Tesla, Uber surge.

Highlights

• S&P 500 jumps 2.9% to 5,822 as Trump announces China will "fully open" markets and both sides slash tariffs (U.S. from 145% to 30%, China from 125% to 10%) 1.
• Fed rate cut expectations trimmed: 56 bps priced in by December, first cut now seen in September; 2-year Treasury yield rises 12 bps 2.
• Brent crude up 3.65% ($66.24), WTI up 4.1% ($63.54) on U.S.-China tariff reduction and improved demand outlook 3.
• Trump signs executive order to align U.S. drug prices with lowest global rates, threatens tariffs on non-compliant countries; legal and industry pushback expected 4.
• SEC Chair Atkins signals shift to clear crypto regulation, moving away from enforcement-first approach 5.
• BlackRock's IBIT Bitcoin ETF hits 625,000 BTC after $1.03B inflow; Goldman Sachs increases IBIT stake by 28% to $1.4B 620.
• MicroStrategy adds 13,390 BTC ($1.34B), now holding 568,840 BTC (2.7% of supply) 7.
• Tether USDT supply surpasses $150B, with Tron now the leading chain for USDT 8.
• Tesla regains $1T market cap; robotaxi launch in Austin set for June, but faces NHTSA scrutiny on FSD safety 1011.
• Uber reaches all-time high ($86.80, +45% YTD) on strong growth and autonomous vehicle partnerships; $100 price target set by analysts 14.
• NRG Energy acquires 18 power plants for $12B, boosting capacity by 13 GW; stock up nearly 10% on deal and Q1 beat 13.
• Shopify to join Nasdaq-100 on May 19, replacing MongoDB; shares rise over 9% 12.
• S&P 500 Q1 earnings up 13.4% YoY, with 78% beating estimates; top 10 stocks now 36% of index market cap 15.
• Chegg to cut 22% of workforce amid revenue decline and AI competition; cost cuts underway 9.
• U.S. April budget surplus at $258B (+23% YoY) on record tariffs and strong tax receipts; FY deficit at $1.05T 19.
• Europe and U.S. demand Ukraine ceasefire, threaten sanctions; Russia rejects proposal, raising risk of escalation 1617.
• Trump announces Yemen ceasefire with Houthis, reducing Red Sea shipping risk but straining U.S.-Israel ties 18.

Commentary

U.S. equities rallied sharply after the announcement of a broad U.S.-China trade reset, with the S&P 500 closing up nearly 3% 1. The agreement to slash tariffs and open Chinese markets to U.S. businesses is driving optimism for global growth and improved corporate earnings, as reflected in strong Q1 results (S&P 500 earnings +13.4% YoY, 78% beat rate) 115. The move also triggered a surge in oil prices, with Brent and WTI both up over 3%, as traders anticipate increased demand from the world's two largest economies 3. However, the 90-day pause on tariffs means the situation remains fluid, and any reversal could quickly impact risk assets and commodities 3.

Fixed income markets responded by paring back expectations for Fed rate cuts, with traders now seeing 56 bps of easing by year-end (down from 75 bps), and the first cut pushed to September. The 2-year Treasury yield rose 12 bps, reflecting less urgency for monetary stimulus as trade headwinds recede 2. The April budget surplus, boosted by record customs duties, is a temporary positive, but the fiscal year deficit remains elevated at $1.05T 19.

Crypto markets continue to see strong institutional flows, highlighted by record inflows into BlackRock's IBIT ETF and MicroStrategy's continued accumulation 67. The SEC's pivot to clearer crypto regulation could further support U.S. digital asset adoption 5. Tether's USDT supply topping $150B and Tron surpassing Ethereum as the leading USDT chain signal robust stablecoin activity and liquidity 8.

In corporate news, Tesla and Uber are both benefiting from investor enthusiasm for autonomous vehicles, with Tesla regaining a $1T market cap ahead of its robotaxi launch (though facing NHTSA scrutiny) 1011 and Uber hitting new highs on AV partnerships 14. NRG Energy 's $12B acquisition expands its power generation footprint, tapping into rising demand from AI and data centers 13. Conversely, Chegg's layoffs and restructuring underscore the disruptive impact of AI on legacy business models 9.

Geopolitical risk remains in focus. Russia's rejection of a Western-backed Ukraine ceasefire raises the risk of additional sanctions, particularly on energy and banking, which could affect European and global markets 1617. The Yemen ceasefire reduces immediate Red Sea shipping risks but introduces new diplomatic friction with Israel 18. Traders should monitor late-session flows for profit-taking and remain alert to further developments from Washington, Beijing, and Moscow as the tariff truce and geopolitical negotiations evolve.

TL;DR

OpenAI restructures as PBC; Copyright Office rejects fair use for AI training; FDA to fully deploy AI.

Highlights

• OpenAI and Microsoft are renegotiating their partnership, with Microsoft potentially trading equity for post-2030 tech access; OpenAI plans to restructure its for-profit arm as a public benefit corporation (PBC) to enable new funding and a possible IPO 1.
• U.S. Copyright Office report rejects fair use for commercial AI training, supporting licensing frameworks and signaling likely regulatory headwinds for AI model developers 2.
• The FDA will fully integrate AI across all centers by June 30 after a successful AI-assisted scientific review; OpenAI has held meetings with the FDA regarding AI in drug evaluation, and GE HealthCare received FDA clearance for AI-powered imaging tools 3.
• OpenAI's ChatGPT now reaches 46% usage and powers 70,000+ enterprises; OpenAI appoints Fidji Simo as CEO of Applications to drive expansion into a full AI software suite 6.
• Microsoft , OpenAI, and AMD urge Congress to boost U.S. AI infrastructure investment to maintain leadership over China, citing compute and energy needs 4.
• Amazon unveils Vulcan, a tactile AI-powered warehouse robot, and retrains staff as robot technicians, indicating a shift in warehouse automation and labor strategy 8.
• Meta launches AssetGen 2.0 for generative 3D asset and world creation, rolling out to Horizon developers in 2025 9.
• Apple to launch AI-powered smart glasses with custom chips in 2027; Meta expands Ray-Ban AI glasses globally and partners with Oakley for next-gen wearables 7.
• Applied Digital’s 400MW North Dakota AI data center faces customer acquisition challenges amid Nvidia GPU price hikes, Meta’s planned $72B AI infrastructure spend, and surging semiconductor demand 10.
• Saudi Arabia launches Humain, a multibillion-dollar AI company focused on Arabic LLMs and regional AI ecosystem development 5.
• Klarna pivots back to human customer service after AI chatbot-led strategy yields lower quality, highlighting limits of automation in customer-facing roles 12.
• Cybercriminals exploit AI hype to spread malware and deepfakes, with a 220% increase in fraud in Mexico and low user awareness of deepfake risks 15.
• Carnegie Mellon researchers introduce LegoGPT, an AI model that generates physically stable LEGO structures from text prompts, tested with both robots and humans 13.
• LTIMindtree secures a $450M, seven-year AI contract with a global agribusiness firm, its largest AI-focused deal to date 14.
• Elon Musk’s xAI delays Grok 3.5 release by at least a week for further testing 11.

Commentary

OpenAI’s move to restructure its for-profit arm as a PBC, while renegotiating Microsoft ’s long-term stake, signals both a maturing governance model and the need for flexibility to attract future capital 1. The intent to preserve nonprofit board control while enabling new funding and IPO options mirrors Anthropic’s structure and will draw regulatory scrutiny, especially as OpenAI’s enterprise footprint expands rapidly—ChatGPT now powers over 70,000 businesses and processes 100T+ tokens quarterly 6.

Regulatory pressure is mounting: the U.S. Copyright Office’s report explicitly rejects fair use for commercial AI training, backing licensing frameworks and raising compliance stakes for model developers 2. This development, combined with the FDA’s accelerated AI adoption and OpenAI’s involvement in drug evaluation, highlights the increasing intersection of AI with regulated sectors 3. While AI is delivering efficiency gains (e.g., FDA review times reduced from days to minutes), concerns around transparency, bias, and model oversight remain, prompting calls for clear policy guidance 3.

Infrastructure and hardware remain critical battlegrounds. U.S. tech leaders are pushing Congress for greater investment to maintain an edge over China, as compute and energy demands surge 4. Despite bullish forecasts—Meta’s $72B AI capex and McKinsey’s $7.9T data center capex projection—Applied Digital’s difficulties filling a 400MW data center underscore the risks of speculative infrastructure buildouts, especially amid GPU price hikes and supply chain volatility 10.

Product launches and research continue at pace: Amazon ’s Vulcan robot and Meta’s AssetGen 2.0 demonstrate advances in embodied and generative AI 89, while Apple and Meta’s smart glasses signal ongoing convergence of AI and consumer hardware 7. Saudi Arabia’s Humain and LTIMindtree’s $450M AI deal reflect growing global investment and regional ecosystem building 514. Meanwhile, Klarna’s return to human agents after AI setbacks and the spike in AI-enabled cybercrime highlight the operational and security challenges that come with rapid AI deployment 1215.

TL;DR

Pacers lead Cavs 3–1 as Mitchell injured; Thunder-Nuggets tied; Giannis open to leaving Bucks.

Highlights

• Pacers routed Cavaliers 129-109, taking a 3–1 series lead; Donovan Mitchell left with a left ankle injury and will undergo MRI, Game 5 status uncertain 13.
• Thunder beat Nuggets 92-87 to tie series 2-2; Shai Gilgeous-Alexander posted 25/6/6; OKC now -620 series favorite 2.
• Giannis Antetokounmpo is open to leaving Milwaukee after Bucks’ third straight first-round exit; offseason trade speculation intensifies 4.
• Barcelona beat Real Madrid 4–3 in El Clásico, opening a seven-point La Liga lead with three games left; Mbappé scored a hat-trick 5.
• Xabi Alonso to become Real Madrid manager June 1; club targeting Trent Alexander-Arnold, who was booed by Liverpool fans amid exit 616.
• Jack Della Maddalena defeated Belal Muhammad for UFC welterweight title at UFC 315; Muhammad suffered significant facial injuries 7.
• Kyle Larson won NASCAR Cup at Kansas, leading 221 laps; now leads points heading to Indy 500 8.
• Rockies fired manager Bud Black and bench coach Mike Redmond after a 21-0 loss and 7-33 start; Warren Schaeffer is interim manager 9.
• Diamondbacks promoted top prospect Jordan Lawlar (.336/.413/.579, 1.027 OPS in Triple-A) 10.
• Eagles will host Cowboys in 2025 NFL opener (Sept. 4); Philadelphia opens as 7-point favorite 11.
• Panthers shut out Maple Leafs 2-0 to tie series 2-2; Dallas Stars lead Jets 2-1 after 5-2 win 1213.
• Sepp Straka (Truist Championship) and Ryan Fox (Myrtle Beach Classic) claimed PGA Tour wins; Straka now No. 2 in FedExCup 1420.

Commentary

NBA playoff dynamics shifted sharply as Indiana took a commanding 3–1 lead over Cleveland, with the Cavaliers’ outlook further clouded by Donovan Mitchell’s ankle injury 13. His MRI results will directly impact Game 5 availability, DFS lineups, and series odds. Meanwhile, the Thunder’s win in Denver, powered by Shai Gilgeous-Alexander’s all-around performance, has moved OKC to strong series favorites as the matchup returns to Oklahoma City 2.

Offseason movement is already a factor: Giannis Antetokounmpo’s openness to leaving Milwaukee will drive trade rumors and futures markets, with multiple franchises expected to engage in discussions during the NBA Draft Combine 4. In European football, Barcelona’s win over Real Madrid all but secures La Liga, while Real Madrid’s impending managerial change to Xabi Alonso and pursuit of Trent Alexander-Arnold signal a busy transfer window 56. Alexander-Arnold’s booing at Anfield underscores the volatility around high-profile player moves 16.

In MLB, the Rockies’ historic struggles led to a managerial overhaul, making them a consistent fade for bettors 9. The Diamondbacks’ promotion of Jordan Lawlar offers immediate fantasy intrigue and could impact Arizona’s offensive production 10. Kyle Larson’s dominant NASCAR win at Kansas and points lead position him as a top play for upcoming marquee races 8, while UFC’s welterweight division sees a new champion after Jack Della Maddalena’s win and Belal Muhammad’s injuries 7.

The NFL released its season opener: defending champion Eagles host the Cowboys with a new Dallas coach and Philadelphia favored by a touchdown 11. In the NHL, both the Panthers -Maple Leafs and Stars -Jets series remain competitive, with goaltending and special teams pivotal for DFS and betting angles 1213. PGA Tour results saw Sepp Straka and Ryan Fox notch wins, with Straka moving to No. 2 in FedExCup standings and Fox qualifying for the PGA Championship 1420.

TL;DR

U.S.-China 90-day tariff pause lifts equities and oil, gold drops; Fed cut bets trimmed.

Highlights

• U.S. and China agree to a 90-day suspension of most tariffs starting May 14; U.S. tariffs on Chinese goods drop from 145% to 30%, China cuts duties on U.S. imports from 125% to 10%1.
• U.S. equity futures surge: Nasdaq +4%, S&P 500 +3%, Russell 2000 +5%, Dow implied +1,026 points; Hang Seng +3%1.
• Oil rises 4% to $63.54 on improved U.S.-China trade outlook; first weekly gain since mid-April3.
• Gold falls 3.2% to $3,220/oz as safe-haven demand eases; gold ETFs (GLD , PHYS ) drop19.
• U.S. Treasury Secretary Bessent reiterates strategic decoupling from China in steel, semiconductors, medicines despite tariff pause6.
• President Trump to sign executive order capping U.S. drug prices at global lows; Asian and Indian pharma stocks fall2.
• Tesla breaks above 200-day moving average, up 5% pre-market to $32510.
• Apple considers iPhone 17 price hikes, expands India production to offset China tariff exposure7.
• Goldman Sachs increases BlackRock Bitcoin Trust stake to $1.4B; MicroStrategy adds 13,390 BTC ($1.34B); Bitcoin above $104,00089.
• ECB and Fed rate cut expectations trimmed; U.S. 10-year yield at 4.45%, Japan 40-year at 3.39%1112.
• Germany warns Russia to accept Ukraine ceasefire or face new EU sanctions; EU allocates €1.9B from frozen Russian assets to Ukraine defense417.
• Meta explores stablecoin integration; Bailey’s Nakamoto merges with KindlyMD to launch public Bitcoin treasury, KDLY up 450% pre-market1420.

Commentary

The 90-day U.S.-China tariff suspension has catalyzed a strong risk-on move across U.S. equity futures, with tech and small caps leading gains. The sharp tariff reductions—though temporary—have eased immediate concerns over trade escalation, driving a rally in global equities and a notable rebound in oil prices as traders anticipate improved demand from the world’s two largest economies13. Conversely, gold and related ETFs (GLD , PHYS ) are under pressure as investors unwind safe-haven positions19.

Despite the tariff truce, U.S. officials remain committed to strategic decoupling from China in key sectors, including steel, semiconductors, and pharmaceuticals6. This signals that supply chain realignment and sector-specific tariffs will persist, keeping pressure on companies with significant China exposure. Apple ’s ongoing shift toward India for manufacturing and potential iPhone price hikes reflect how U.S. firms are adjusting to the evolving trade landscape7.

Fixed income markets are responding to the risk-on sentiment with higher yields: the U.S. 10-year Treasury is at 4.45%, and Japan’s 40-year yield has hit a two-decade high12. Meanwhile, expectations for rate cuts from the Fed and ECB have been scaled back, with less than 60bps of Fed easing now priced for 202511. This environment may limit further upside in gold and other non-yielding assets.

In crypto, institutional adoption continues to accelerate. Goldman Sachs increases its BlackRock Bitcoin Trust stake to $1.4B, MicroStrategy adds 13,390 Bitcoin , and new vehicles like Nakamoto (KDLY ) are drawing retail and institutional attention8920. Bitcoin remains above $104,000, and volatility is elevated, driven by large leveraged positions and record inflows into crypto ETFs16.

Geopolitical developments—such as Germany’s Ukraine ceasefire ultimatum and new EU funding for Ukraine—remain on the radar but have yet to materially impact risk sentiment417. Traders should monitor for further headlines on U.S.-China trade negotiations, central bank policy signals, and any escalation in geopolitical risks that could reverse the current risk appetite.

TL;DR

U.S.-China 90-day tariff truce lifts risk assets; oil rises, gold drops; China escalates Taiwan military activity.

Highlights

• U.S. and China agree to a 90-day tariff truce, cutting tariffs to 30% (U.S.) and 10% (China); deal is temporary and subject to reversal 1.
• U.S. Treasury Secretary Bessent outlines "strategic decoupling" from China in steel, semiconductors, and medicines, with some sector-specific tariffs to remain 15.
• Oil prices rise over 3% as U.S.-China trade détente lifts demand outlook; Brent and WTI both up more than 4% for the week 12.
• Gold drops as much as 3.2% to $3,220/oz; gold ETFs see outflows as safe-haven demand eases post-tariff deal 13.
• Japan’s 40-year bond yield hits 3.39% (20-year high); U.S. 10-year yield climbs to 4.45% on selling of haven assets 17.
• China increases military activity near Taiwan, sending 36 aircraft and 8 vessels, with 17 aircraft crossing the median line 6.
• PBOC launches a 500 billion yuan relending facility to boost consumption amid ongoing U.S. trade tensions 7.
• Russia proposes Istanbul peace talks with Ukraine; Zelensky demands a 30-day ceasefire first; EU allocates €1.9B from frozen Russian assets to Ukraine’s defense 28.
• UK to announce new Russia sanctions; European ministers meet in London on Ukraine security 193.
• India and Pakistan hold military talks after U.S.-brokered ceasefire in the Himalayan border region 5.
• BlackRock increases Bitcoin holdings above 625,000 BTC; Goldman Sachs and Metaplanet also expand crypto exposure 16.
• Spain considers a Sabadell-Abanca merger to counter BBVA ’s takeover bid; Spanish banking sector in focus 18.
• Pan American Silver to acquire MAG Silver for $2.1B, doubling reserves and boosting output 10.
• Norway’s $1.8T wealth fund divests from Israel’s Paz and Mexico’s Pemex over ethics concerns 11.
• Greece to repay first bailout loans 10 years early, signaling improved fiscal health 20.

Commentary

Markets are responding positively to the U.S.-China 90-day tariff truce, with risk assets rallying and safe havens under pressure 112. The sharp reduction in tariffs has provided immediate relief for global equities and commodities, notably lifting oil prices on improved demand prospects 12. However, the truce is explicitly temporary and could be reversed if negotiations fail, keeping headline risk elevated 1. The U.S. is simultaneously moving ahead with "strategic decoupling" in critical sectors, signaling that structural U.S.-China tensions will persist beyond the current reprieve 15.

Fixed income markets are adjusting to the risk-on shift, with yields on U.S. Treasuries and Japanese government bonds rising as investors rotate out of defensive positions 17. The move in long-dated Japanese bonds is particularly notable, reflecting both global and domestic factors 17. Gold’s decline and outflows from gold ETFs further underscore the rotation away from safe havens 13, while institutional flows into Bitcoin (notably from BlackRock and Goldman Sachs ) highlight ongoing diversification into alternative assets 16.

Geopolitical risk remains a key factor. China’s increased military activity near Taiwan 6 and ongoing Russia-Ukraine tensions (with new EU funding 8 and sanctions 19) are potential sources of volatility. The upcoming Istanbul meeting between Russia and Ukraine, contingent on a ceasefire 2, and the U.S.-brokered India-Pakistan ceasefire talks 5 are important to monitor for any escalation or breakthrough. In the Middle East, the release of a U.S.-Israeli hostage by Hamas is a positive step but does not yet signal a broader ceasefire 4.

Central bank policy and capital markets activity are also in focus. The PBOC’s new 500 billion yuan facility aims to support domestic consumption amid external headwinds 7. In Europe, the Spanish banking sector is active with Sabadell exploring a merger to fend off BBVA 18, while Greece’s early bailout repayment signals improving fiscal stability 20. Norway’s wealth fund divestments reflect ongoing ESG scrutiny impacting select equities and bonds 11.

Traders should monitor follow-through in risk assets, bond yield movements, and developments in U.S.-China talks, Taiwan Strait tensions, and Ukraine negotiations. M&A activity and central bank actions remain key for sector rotation and regional sentiment.

TL;DR

U.S.-China trade deal details due; Trump to slash drug prices; recession signals drive equity outflows.

Highlights

• U.S. and China reach agreement in Geneva to reduce the U.S. trade deficit; tariff details expected Monday1.
• President Trump to sign executive order capping U.S. drug prices at lowest global levels, targeting up to 80% cost reduction2.
• U.S. economic data deteriorates: job openings down 288,000, Q1 GDP contracts 0.3%, CEO confidence at 13-year low816.
• U.S. equity funds see $9.3B in outflows; investors shift to gold , short-term Treasuries, and low-volatility stocks9.
• Bitcoin nears $105,000 on U.S.-China trade optimism; BlackRock , Goldman , and Vanguard increase crypto exposure; Ethereum up 44% in 3 days4513.
• Coinbase acquires Deribit for $2.9B, expanding crypto derivatives footprint; retail and institutional crypto flows rise6.
• Tesla closes above 200-day moving average, shares up over 5% to $325 pre-market7.
• Saudi Aramco Q1 profit falls 4.6% to $26B, cuts dividend; OPEC+ to raise output in June amid demand uncertainty11.
• China’s CPI falls 0.1% YoY, PPI down 2.7%; Beijing adds stimulus as deflation persists and U.S. tariffs weigh15.
• Eli Lilly ’s Zepbound outperforms Novo Nordisk ’s Wegovy in Phase 3b weight-loss trial17.
• PJM warns of possible U.S. summer power shortages; Spain/Portugal blackout highlights grid risk; U.S. halts Mexican cattle imports due to screwworm1412.
• European leaders and Zelenskyy demand Ukraine ceasefire, threaten Russia with new sanctions including Nord Stream 2 block3.

Commentary

Traders enter Monday with a focus on U.S.-China trade relations, as a new deal aimed at reducing the U.S. trade deficit is set for further detail1. While specifics on tariffs remain unclear, the agreement signals a potential easing of tensions, which has already buoyed risk sentiment—particularly in crypto, where Bitcoin is trading near record highs and institutional inflows remain strong413. Equities, especially in tech and cyclicals, may see early support, but underlying caution persists.

U.S. macro data continues to show signs of stress: job openings have fallen sharply, Q1 GDP contracted, and CEO confidence is at its lowest since 2012816. Equity funds are experiencing significant outflows, with investors rotating into defensive assets like gold and short-term Treasuries9. This defensive posture is reinforced by persistent concerns over recession, weak manufacturing data, and rising global debt levels816. Fixed income markets could see continued demand, potentially flattening the yield curve further.

In sector news, Tesla ’s technical breakout above its 200-day moving average may draw momentum traders7, while the healthcare sector will be closely watched after President Trump’s executive order on drug pricing2 and Eli Lilly ’s strong weight-loss drug trial results versus Novo Nordisk 17. The energy complex remains under pressure following Saudi Aramco ’s profit decline and dividend cut, with OPEC+ planning to increase output despite uncertain demand11. China’s ongoing deflation and new stimulus measures highlight continued global demand risks and may impact industrials and EM assets15.

Crypto markets are in focus with BlackRock , Goldman Sachs , and Vanguard all increasing Bitcoin exposure13, and Coinbase expanding into derivatives with the Deribit acquisition6. Ethereum ’s surge, driven by institutional buying and ETF speculation, could spill over into related equities5. Infrastructure and utilities may see volatility as PJM warns of potential summer power shortages14, and the U.S. halts Mexican cattle imports due to disease concerns12.

Geopolitical risks remain elevated with European leaders demanding a Ukraine ceasefire and threatening new sanctions on Russia, and ongoing tensions in the Middle East3. Traders should monitor for updates on U.S.-China trade deal specifics1, U.S. drug pricing policy2, and any major geopolitical developments that could drive volatility across asset classes.