TL;DR

US-China tariff talks advance; Tesla, Lyft rally; Coinbase launches 24/7 crypto futures after Deribit deal.

Highlights

• US-China begin face-to-face tariff talks in Geneva; mutual suspension and major tariff cuts under review2.
• Trump signals possible cut of China tariffs to 80% or lower; 10% baseline tariff on all countries to remain13.
• China’s exports to US drop 21% YoY in April due to tariffs; overall exports shift to Asia and Europe16.
• TSMC reports record April revenue ($11.6B), driven by AI demand and pre-tariff orders; margin risk from stronger Taiwan dollar10.
• Tesla jumps 7.2% to $300, nearing $1T market cap amid heavy options activity7.
• Lyft surges 20% on $750M buyback, swing to profit, and Goldman Sachs upgrade8.
• Coinbase acquires Deribit in largest crypto deal; launches first US-regulated 24/7 BTC /ETH futures trading9.
• Ethereum ’s Pectra upgrade triggers 20% price surge and new Layer 2 features11.
• FAA investigates second radar/radio blackout at Newark Airport in two weeks14.
• US and Europe finalize 30-day Ukraine ceasefire proposal, threaten new sanctions; US Embassy in Kyiv warns of possible major air attack615.
• Middle East: Houthis launch missile at Israel’s Ben Gurion Airport, attack US carrier in Red Sea5.
• CoreWeave seeks $1.5B unsecured debt after scaled-down IPO, adding to $12.9B in high-yield borrowings13.

Commentary

US-China trade negotiations are back in focus, with Geneva talks raising the prospect of a mutual suspension of duties and a significant rollback of tariffs—potentially from 145% to as low as 50%12. While the Trump administration remains committed to a 10% baseline tariff on all countries3, any concrete progress could ease pressure on global supply chains, especially in semiconductors and tech hardware. The sharp 21% YoY drop in China’s exports to the US16 and TSMC ’s record April revenue, driven by pre-tariff stocking and AI demand, highlight the ongoing impact and front-loading behavior ahead of policy shifts10.

US equities saw notable single-stock moves: Tesla ’s 7.2% rally puts it within reach of a $1T market cap, supported by strong options activity and bullish sentiment7. Lyft’s 20% surge, driven by a $750M buyback, return to profitability, and a Goldman Sachs upgrade, underscores investor appetite for turnaround stories in consumer tech8. In crypto, Coinbase’s acquisition of Deribit and launch of regulated 24/7 BTC /ETH futures trading mark a strategic expansion, while Ethereum ’s Pectra upgrade and subsequent 20% price jump signal renewed momentum in digital assets911.

Geopolitical developments remain a risk factor. The US and Europe are pushing a 30-day Ukraine ceasefire proposal, with new sanctions threatened if Russia refuses6, and the US Embassy in Kyiv warning of potential major air attacks15. In the Middle East, Houthi missile attacks on Israel and a US carrier add to regional uncertainty, which could keep a floor under energy and defense-related names5. The FAA’s second radar blackout at Newark is a concern for airlines and infrastructure, especially with summer travel approaching14.

Credit markets are watching CoreWeave’s move to raise $1.5B in unsecured debt after a disappointing IPO, adding to its already high leverage and signaling ongoing risk appetite for tech infrastructure financing despite elevated rates13.

Traders should watch for headlines from Geneva over the weekend, as tariff developments will likely drive Monday’s open12. Keep an eye on tech and semiconductor stocks for tariff-related volatility, and monitor crypto for continued follow-through after Coinbase and Ethereum catalysts911.