TL;DR

Gold spikes on tariff news; Trump opens 401(k)s to crypto; Apple, Tesla rally; Trade Desk plunges.

Highlights

• Gold futures spiked to a record $3,534/oz after a U.S. Customs tariff ruling on Swiss gold bar imports, then eased as the White House signaled a potential exemption1.
• Trump administration plans a $30B IPO for Fannie Mae and Freddie Mac, aiming to privatize the mortgage giants at a combined valuation over $500B2.
• Trade Desk shares plunged 39% on slowing growth guidance and CFO transition; major downgrades cite weaker ad demand and tariff-related uncertainty3.
• Trump signed an executive order allowing Bitcoin and other digital assets in 401(k) plans, driving Bitcoin near $116,000 and Ether above $4,000; spot crypto ETFs saw strong inflows46.
• Apple shares rallied 12–15% this week, closing above the 200-day moving average for the first time since March, amid renewed AI acquisition speculation817.
• Tesla gained 3.5% after securing a Texas rideshare permit for its autonomous Robotaxi unit11.
• Crocs and Under Armour shares dropped 29% and 20% respectively after weak guidance and tariff-driven margin pressure13.
• U.S. and Russia are negotiating a Ukraine cease-fire to freeze battle lines; oil fell below $63/bbl on de-escalation hopes5.
• Coinbase launched in-app DEX trading, expanding token access as centralized exchange volumes decline12.
• DOJ subpoenaed NY AG Letitia James over the Trump fraud case, escalating legal and political tensions20.
• CureVac and GSK settled mRNA patent litigation with BioNTech /Pfizer for $740M plus royalties, clearing the way for BioNTech’s acquisition of CureVac14.
• Baker Hughes data showed U.S. oil rigs up by 1, gas rigs down by 1; total rig count stable at 53916.

Commentary

Late-session trading is marked by volatility across asset classes, with traders reacting to a mix of policy moves, earnings shocks, and regulatory headlines. The U.S. Customs ruling on Swiss gold bar imports triggered a sharp rally in gold futures, with prices hitting record highs before retracing as the White House indicated a possible exemption1. This episode underscores the ongoing sensitivity of commodities to trade policy uncertainty—traders should remain alert for any executive action or further clarification.

Equity markets are digesting divergent sector moves. Apple ’s rebound—driven by renewed speculation around AI and potential acquisitions—provided support to major indices, while Tesla ’s approval for Texas robotaxi operations added to large-cap momentum81117. In contrast, consumer and tech names like Crocs , Under Armour , and Trade Desk suffered steep losses on weak guidance, margin pressure from tariffs, and competitive headwinds313. The Fannie Mae and Freddie Mac IPO plan could shift sentiment in financials and mortgage-related stocks as privatization approaches2.

Crypto assets saw outsized moves after President Trump authorized digital assets in 401(k) plans, unlocking a new channel for institutional inflows. Bitcoin and Ether rallied to new highs, and Coinbase ’s DEX launch signals further migration to on-chain trading4612. Traders should watch for continued volatility as retirement-plan providers assess the regulatory landscape and as implementation details emerge.

Commodities and rates responded to geopolitical and macro signals. Oil prices fell below $63/bbl on news of U.S.-Russia negotiations over a Ukraine cease-fire, while the Baker Hughes rig count remained steady516. The resolution of the mRNA patent dispute removes a legal overhang for BioNTech , GSK , and CureVac , likely benefiting healthcare equities14. Meanwhile, legal and political risk remains in focus as the DOJ escalates its probe into the New York AG’s Trump case20.

Heading into the close, watch for further updates on gold tariffs, continued flows into crypto, and sector rotation driven by earnings and policy headlines.