TL;DR

Nvidia faces $5.5B China charge; Bitcoin hits $112K on institutional moves; Oak Flat copper mine approved.

Highlights

• • Nvidia to report Q1 earnings after the close tomorrow; faces $5.5B charge from U.S. export curbs, but revenue expected to rise 66% YoY; guidance seen cautious due to China and tariff headwinds 1.
• US durable goods orders fell 6.3% in April (less than expected), while consumer confidence rebounded sharply to 98.0; inflation expectations eased 2.
• Bitcoin rallied to $112,000, supported by record ETF inflows; Trump Media plans $2.5B Bitcoin treasury, Senator Lummis to propose U.S. Strategic Bitcoin Reserve, and Circle files $624M NYSE IPO 1514.
• Trump Media confirmed $2.5B raise for Bitcoin purchases; shares fell 6% premarket 4.
• OPEC+ signals likely 411,000 b/d output hike for July; UAE warns of supply/demand imbalances if investment lags 11.
• Supreme Court allows Oak Flat copper mine to proceed, unlocking major U.S. copper supply for Rio Tinto /BHP 9.
• Nippon Steel considers "golden share" for U.S. government to secure $14.9B U.S. Steel deal; Trump administration supportive 10.
• Citadel Securities Q1 profit surged 70% to $1.7B on heightened volatility; trading revenue up 45% 16.
• PDD Holdings (Temu) profits halved as new U.S. tariffs and loss of duty exemption hit business; shares fell 18.
• AutoZone beat Q3 revenue and U.S. comps, but EPS missed; shares up premarket 17.
• Eli Lilly to acquire SiteOne Therapeutics for up to $1B, expanding pain pipeline; shares up nearly 2% 19.
• U.S. Treasury sold $69B in 2-year notes at 3.955% (higher yield), with solid demand; short-term bill auctions completed 20.

Commentary

Traders are positioning ahead of Nvidia ’s Q1 earnings tomorrow, which are expected to set the tone for tech and broader market sentiment. The $5.5B charge tied to U.S. export restrictions on China is a notable headwind, but the anticipated 66% revenue jump and ongoing efforts to diversify markets (Saudi and China Blackwell deals) are in focus. Forward guidance will be key, as analysts flag possible softness from tariffs and China exposure. Expect elevated volatility in semiconductors and AI-linked equities into the close 1.

Macro data was mixed: a sharp drop in durable goods orders was less severe than forecast, while consumer confidence rebounded strongly and inflation expectations moderated. This combination suggests the U.S. economy remains resilient, with consumers still spending despite softer manufacturing. Treasury auctions saw robust demand, but yields moved higher, reflecting persistent uncertainty around the Fed’s next steps and ongoing fiscal supply 220.

Commodities are active after the Supreme Court cleared the Oak Flat copper mine, paving the way for a major new U.S. copper source. OPEC+ is expected to raise output by 411,000 b/d in July, with officials warning of potential market instability if investment lags. These developments could weigh on copper and oil prices, but supply/demand dynamics remain in flux 911.

Crypto markets are in focus as Bitcoin surged to $112,000, buoyed by record ETF inflows and major U.S. corporate and legislative activity. Trump Media’s $2.5B Bitcoin treasury plan, Senator Lummis’ proposed Strategic Bitcoin Reserve, and Circle’s NYSE IPO filing highlight growing institutional engagement. Related equities and fintechs may see continued volatility 151474.

Other notable movers include PDD Holdings (Temu), which reported profits halved on new U.S. tariffs, and AutoZone , which posted strong U.S. comps but missed on EPS. Citadel Securities’ strong Q1 profits underscore the benefits of recent market volatility. Eli Lilly’s $1B acquisition of SiteOne expands its pain treatment pipeline and was met with a positive investor response 18171619.