https://x.com/elerianm/status/1922301176835354742
U.S. stock futures struggled for a footing on Wednesday after the S&P 500 erased its losses for 2025, as corporate outlooks underlined uncertainty around tariffs. Futures on the broad benchmark S&P 500 hovered above the flat line, while Dow Jones Industrial Average futures nudged 0.1% higher. Contracts on the Nasdaq 100 were also little changed.
Prospects for the chipmaker Nvidia and the AI trade more widely received a boost led by Saudi Arabia.
https://x.com/LizAnnSonders/status/1922250177672577547
The moves come as markets debate the staying power of a “Magnificent Seven” rally driven by the US-China trade truce. However, Nvidia supplier Foxconn, also known as Hon Hai, cut its full-year outlook on Wednesday, citing uncertainty around tariffs.
https://x.com/ETNOWlive/status/1922487599865725346
This development came even as the Apple partner posted a sharp jump in profit and touted booming demand for its AI servers—a sign of how trade issues are overshadowing earnings season. Since President Trump announced a 90-day truce on tariffs between the U.S. and China, Tuesday’s inflation report, which showed consumer prices rose at their slowest pace since 2021 despite trade disruptions in April, offered an additional sense of relief. Companies reporting financial results on Wednesday include Sony, Coreweave, and Cisco.
Market uncertain amid tariff concerns
Shares of Super Micro Computer jumped almost 10%, poised to extend sharp gains from Tuesday’s tech rally. The AI server maker was also basking in an Outperform rating, with analysts calling Super Micro a “market leader”.
The China tariff pause has led Wall Street to scale back recession calls. With the bulk of tariffs on goods from China paused for 90 days, economists now argue that economic growth will still slow later this year, but the odds of a recession have diminished. “The administration’s recent dialing down of some of the more draconian tariffs placed on China should reduce the risk that the U.S. economy slips into recession this year,” wrote JPMorgan Chief US Economist Michael Feroli.
He noted that with the latest tariff cuts, the estimated effective U.S. tariff rate has fallen from roughly 24% to 14%, creating a $300 billion “tax cut” for American consumers. eToro Group is planning to raise around $620 million in an upsized U.S. initial public offering (IPO). The stock and cryptocurrency trading platform has offered 11.92 million shares at $52 apiece, above its target range of $46 to $50.
The stock is expected to begin trading on the Nasdaq Global Select Market under the symbol “ETOR” on Wednesday, May 14.
