Highlights

• China exempts select U.S. imports from 125% tariffs, signaling a potential easing in trade tensions1, though Trump reiterates tariffs stay without Chinese concessions20.
• U.S. consumer sentiment drops for a fourth straight month to 52.2, with 12-month inflation expectations jumping to 6.5%—the highest since 19813.
• Tesla rallies 10% intraday, capping a 25% weekly gain and erasing losses from its recent earnings disappointment2.
• SEC Chair Paul Atkins signals a shift toward clearer crypto regulation, with immediate reviews of 72 crypto ETF applications4; Bitwise registers a NEAR ETF amid SEC delays on other altcoin ETFs7.
• Ondo Finance’s ONDO token surges 16% after SEC meeting on tokenized securities, with market cap hitting $3B8.
• Stripe announces a global stablecoin product, entering beta testing soon for non-U.S./EU/UK companies10.
• DoorDash proposes a $3.6B acquisition of Deliveroo, aiming to expand its European footprint5.
• Spotify to raise prices by €1 in Europe and Latin America, adds a $6 “super-premium” tier, citing tariff pressures6.
• U.S. natural gas storage rises by 88 Bcf (above forecast); Baker Hughes rig count ticks up, but WTI crude remains weak at $6311.
• China copper inventories plunge nearly 32% in a week, signaling strong demand; LME and COMEX copper stocks also fall12.
• Microsoft launches Recall and AI-driven features for Copilot+ PCs, starting with Snapdragon devices14.
• Senator Lummis presses the Fed for more robust crypto support19; SNB rejects bitcoin as a reserve asset despite industry pressure9.
• Semler Scientific adds 111 BTC at ~$90K each, now holding 3,303 BTC with a 23.5% YTD yield18.
• Trump signals support for a congressional stock trading ban17; cannabis industry pushes for federal reform and banking access15.

Commentary

Markets are digesting a mix of macro and sector-specific catalysts heading into the close. The partial tariff rollback by China on U.S. imports injects a dose of optimism into U.S.-China trade relations1, but the White House’s hard line—Trump refusing to drop tariffs without concessions20—tempers hopes for a rapid de-escalation. This nuanced stance may help sentiment for select U.S. exporters and industrials, but uncertainty lingers for sectors exposed to ongoing trade friction.

On the macro front, the sharp drop in U.S. consumer sentiment and a spike in inflation expectations to multi-decade highs are likely to keep pressure on rates and consumer-facing equities3. With 60% of consumers citing tariffs as a concern, the data underscores how trade policy is feeding through to Main Street3. Fixed income may see some support from risk-off flows as growth fears mount, but sticky inflation expectations could limit the rally in Treasuries.

In equities, Tesla ’s outsized rebound (+25% weekly) stands out, reflecting renewed risk appetite in high-beta tech after a bruising earnings season2. M&A activity is heating up with DoorDash’s bid for Deliveroo, signaling ongoing consolidation in the food delivery space5. Spotify ’s price hikes and premium tier rollout highlight how global firms are adjusting to tariff-driven cost pressures6, with potential read-throughs for other subscription-based businesses.

Crypto and digital assets are in focus as the SEC pivots toward regulatory clarity under new leadership4. The surge in ONDO8 and Bitwise’s NEAR ETF filing7 point to growing institutional interest in tokenized securities and altcoin products, while Stripe’s stablecoin move signals ongoing fintech innovation10. However, regulatory uncertainty remains, as highlighted by Senator Lummis’ criticism of the Fed19 and the SNB’s rejection of bitcoin as a reserve asset9.

Commodities present a mixed picture: U.S. natural gas storage builds and weak WTI suggest oversupply concerns11, but copper’s record inventory drawdown in China signals robust industrial demand, potentially supporting base metals prices12. Traders should watch for follow-through in copper and related equities, as well as further developments in U.S.-China trade rhetoric and inflation data, which will shape risk appetite into the weekend.