Highlights

• Amazon.Com Inc shares fell up to 3% after the White House condemned its plan to disclose Trump-era tariff costs to consumers, calling it a “hostile” act1.
• President Trump announced a partial rollback of 25% auto tariffs, offering rebates to automakers finishing vehicles in the U.S.; GM and Stellantis welcomed the move2.
• U.S. consumer confidence dropped to 86.0, the lowest since May 2020, with job openings sliding to 7.19 million—signaling a cooling labor market and rising recession risk3.
• The U.S. March goods trade deficit hit a record $162B as companies rushed imports ahead of tariffs; inventories rose modestly, while housing price gains decelerated4.
• Atlanta Fed GDPNow model forecasts a -2.7% contraction for Q1 2025 GDP, the first negative print since 2022; recession risks are rising5.
• Port of Los Angeles expects a 35% cargo drop and 60% plunge in China bookings due to 145% tariffs, raising fears of supply chain disruptions and retail shortages7.
• China waived a 125% tariff on U.S. ethane but continues to block U.S. LNG and slash agricultural imports, deepening the crisis for U.S. farmers6.
• Wells Fargo unveiled a $40B stock buyback (18% of market cap) and raised its dividend, signaling strong capital return9.
• Coca-Cola beat earnings estimates and raised guidance; shares up 1%, with management calling U.S. tariffs “manageable”10.
• SoFi Technologies, Inc. Common Stock stock surged 9% after strong Q1 results and raised guidance, driven by lending and financial services growth11.
• Intel Corp advanced its foundry roadmap, with 18A node in risk production and 14A node engaging customers, aiming to challenge TSMC14.
• SEC delayed decisions on Dogecoin and XRP ETFs, and 21Shares filed for a spot Dogecoin ETF, as crypto ETF queue grows to 73 products1213.
• U.S. Commerce Secretary announced a new trade deal with an unnamed country, sparking a market rally, but China remains excluded from tariff relief15.
• Russia and Ukraine signaled openness to direct talks and a short-term ceasefire, but major obstacles remain; U.S. sanctions target Iranian/Chinese missile suppliers1718.
• Treasury Secretary Bessent proposed using tariff revenue for immediate income tax relief and warned China of 10 million job losses if tariffs persist; no U.S.-China trade talks confirmed161920.

Commentary

Markets are closing out the session digesting a wave of macro and corporate headlines, with trade policy and economic data dominating sentiment. The White House’s sharp rebuke of Amazon.Com Inc 's tariff transparency move has not only pressured Amazon.Com Inc shares but also underscored the heightened politicization of U.S.-China trade frictions1. Meanwhile, President Trump’s partial auto tariff rollback—timed for his 100th day in office—has been well received by automakers, but broader tariff escalation (notably the 145% rate on Chinese goods) is already tightening supply chains, as evidenced by the Port of Los Angeles bracing for a dramatic cargo drop and retailers warning of looming shortages27.

On the macro front, the economic picture continues to deteriorate. The Conference Board’s consumer confidence gauge fell sharply, and job openings hit a post-pandemic low, reinforcing the Atlanta Fed’s GDPNow call for a -2.7% Q1 contraction35. The record March trade deficit, driven by pre-tariff import surges, is likely to weigh heavily on tomorrow’s GDP print4. These signals point to a U.S. economy losing momentum, with recession risks rising and the Fed likely to remain on hold for now.

Despite the macro gloom, select corporate results are providing pockets of strength. Wells Fargo 's massive buyback and dividend hike9, Coca-Cola 's resilient earnings10, and SoFi Technologies, Inc. Common Stock 's blowout quarter11 have all buoyed their respective stocks. Intel Corp 's foundry roadmap progress is a bright spot for U.S. semiconductor ambitions, though the sector remains exposed to global supply chain volatility14. Crypto markets are digesting further SEC delays on ETF approvals, with 21Shares’ Dogecoin ETF filing highlighting ongoing institutional interest despite regulatory bottlenecks1213.

For traders, the late-session rally on the back of a new U.S. trade deal (details scarce) suggests that markets remain highly sensitive to any sign of tariff relief or improved global trade flows15. However, with China still excluded from any pause and no concrete U.S.-China talks underway, the risk of further escalation—and its knock-on effects for equities, supply chains, and commodities—remains front and center1520. Watch for volatility in consumer, retail, and logistics names as supply chain disruptions filter through, and keep an eye on tomorrow’s GDP release for confirmation of the economic slowdown.

In fixed income, softer macro data and recession fears may keep yields capped, while the dollar could remain bid on safe-haven flows and ongoing trade tensions3516. Commodities are likely to stay volatile, with energy and agricultural markets particularly exposed to shifting tariff regimes and Chinese demand67. Crypto traders should brace for continued regulatory uncertainty, with ETF timelines slipping further out1213. Heading into the close, risk appetite is fragile—defensive positioning and a focus on quality remain prudent until greater clarity emerges on trade and growth trajectories.