Almost Perfect (We'll Take It)
It wasn’t a perfect week for markets — but tech made it look close.
The Magnificent 7 posted their best weekly gain since January 2023, and Nasdaq rode the momentum to nearly erase its tariff-fueled losses. Even a midday wobble on fresh tariff comments couldn’t derail the rally. By the close, bulls were firmly back in the driver’s seat.
The backdrop? Earnings continued to impress, AI optimism stayed hot, and tariff tensions, while still simmering, didn’t boil over.
⚡ Closing Bell:
➝ Dow Jones: +0.1% › 40,113.5 › Clung to green
➝ S&P 500: +0.7% › 5,525.2 › Tech carried the load
➝ Nasdaq: +1.3% › 17,382.9 › Mag 7 flexed again
➝ Russell 2000: Flat › 1,944.5 › Small caps paused
Tech (+1.7%) led sector gains, while consumer discretionary chipped in. Materials lagged, and safe-haven names mostly sat out the party.
Macro Moves:
➝ 10-Year Yield: 4.27% (−5.9 bps)
➝ 2-Year Yield: 3.77% (−3.2 bps)
Yields fell as durable goods beat expectations again, but consumer sentiment slipped — a reminder that tariff anxiety isn’t just for the headlines anymore.
❗ Looking Ahead:
Earnings season rolls on with Amazon, Microsoft, and more on deck. The trade backdrop looks calmer for now, but supply chain cracks are starting to show. With housing still shaky and inflation expectations ticking up, it’s far from a no-landing scenario — but for now, tech has the wheel.
#TRUTH:
❗❗❗ "Fortune favors the bold." ~ Publius Vergilius Maro
Gains & Pains:
➝ Charter Communications (▲11.4%) › Beat Q1 revenue estimates as mobile strength offset broadband weakness — best performer on the S&P 500.
➝ Tesla (▲9.8%) › Rallied after the U.S. rolled out a fast-track framework for self-driving tech — a big win for the EV giant.
➝ Nvidia (▲4.3%) › Led Dow gainers as AI momentum kept powering the chip sector.
➝ AbbVie (▲2.1%) › Raised its full-year profit forecast despite softer cosmetic product sales.
➝ Alphabet (▲1.7%) › Topped earnings estimates with AI-powered search features boosting engagement.
😬 Pains:
➝ T-Mobile (▼11.2%) › Solid earnings, but a subscriber growth miss sent shares sharply lower — second-worst performer on the S&P 500.
➝ Intel (▼6.7%) › Issued a downbeat Q2 outlook, missing both revenue and earnings expectations.
➝ Colgate-Palmolive (▼1.5%) › Trimmed full-year guidance and flagged $200M in new tariff-related costs.
❗ The Takeaway:
Big Tech kept the rally alive, with the Magnificent 7 flexing and earnings season offering just enough upside to drown out the trade noise — for now. But under the surface, cracks are there: telecoms stumbled, tariff jitters returned, and consumer names are still struggling to find footing.
Waiting:
The dollar steadied to kick off the week, halting its month-long slide as traders braced for a wave of key economic data. After dropping over 4% against both the euro and yen in April, the greenback found footing near 143.57 yen and $1.1360 per euro.
Last week’s slightly softer tone from U.S.-China trade talks helped stabilize sentiment, but mixed signals still cloud the outlook. Trump insists progress is happening. Beijing says no formal talks are underway.
The next catalyst? U.S. jobs data on Friday. Economists expect a sharp slowdown in hiring — the first major test of how much trade turmoil is hitting Main Street. Also on deck: U.S. GDP, the Fed’s preferred inflation gauge (core PCE), and key inflation reads out of Europe and Australia.
Meanwhile:
➝ Australian and New Zealand dollars held near recent highs.
➝ Canada heads to the polls Monday with minimal expected market volatility.
➝ Bank of Japan meets Thursday — no policy change expected, but traders will watch for yen-related commentary amid U.S.-Japan trade talks.
The dollar's fate this week could hinge less on diplomacy — and more on the data.
Trade Winds Shift:
Singapore is working to secure concessions from the U.S. on two major fronts: pharmaceuticals and semiconductor exports.
➝ Pharma in focus: Pharmaceuticals account for over 10% of Singapore’s exports to the U.S., and with new tariff threats looming, the city-state is pushing for relief to protect one of its key industries.
➝ Chips on the table: Singapore is also negotiating to ensure continued access to advanced AI chips, after recent U.S. concerns about export controls. Officials emphasized Singapore’s cooperation on enforcing U.S. trade restrictions.
➝ High stakes, high pressure: Despite a free trade agreement, Singapore faces a 10% U.S. tariff — far lower than some neighbors, but still a threat to its trade-reliant economy. Singapore’s GDP forecast has already been trimmed to 0%-2%, and a softening economy looms ahead of national elections on May 3.
The Takeaway:
Singapore is walking a fine line: defending critical exports while keeping tight ties with the U.S. amid growing global trade tensions. Progress is being made — but it’s far from a done deal.
Where’s the Beef?
America’s appetite for steak isn’t fading — but the beef industry is hitting some serious bumps.
➝ Imports rising, exports falling:
The U.S. flipped from net beef exporter to importer as domestic cattle herds shrank to their smallest size since 1951. Imports jumped 37% over the past two years, while exports slid 15%.
➝ Prices sizzling:
Ground beef and sirloin prices have soared 17% and 15% respectively since 2022, thanks to droughts, feed costs, and tariff pressure.
➝ Steakhouses still cooking:
Texas Roadhouse dethroned Olive Garden as the top U.S. casual dining chain in 2024, growing sales by nearly 15%. LongHorn Steakhouse also posted consistent gains, even as overall restaurant traffic slipped.
➝ Quality over cost:
Even with prices up, consumers aren’t flinching. A recent study found 85% of U.S. shoppers prioritize quality when buying meat — while just 61% cite price as a key factor.
The Takeaway:
Chicken may still rule the everyday dinner table, but steak remains America’s favorite splurge. Even with tariffs slicing into supply chains, premium cuts aren’t losing their allure — they’re just becoming a bigger night out.
Dream Bigger:
Bitcoin crossed $94K this week — its best showing since early March — as it continued to decouple from risk assets amid market volatility and tariff chaos.
Now, Ark Invest just dropped a new, ultra-bullish projection: Bitcoin could hit $2.4 million by 2030 in a best-case scenario. Even in a bear case, Ark’s models see Bitcoin reaching $500,000 within five years. The main drivers? Growing adoption as “digital gold” and rising institutional investment.
To frame it: Bitcoin’s all-time high is ~$109,000. Ark’s forecast would require a 20x gain from here.
Meanwhile, corporations kept stacking:
➝ Metaplanet added 145 Bitcoin to its treasury, bringing its total to 5,000.
➝ Michael Saylor’s Strategy snapped up 6,556 Bitcoin, pushing its stash over 538,000.
➝ New player Twenty One — backed by Tether, SoftBank, and Strike’s Jack Mallers — launched with 42,000 Bitcoin, making it the third-largest corporate holder right out of the gate.
The Takeaway: Bitcoin is flying higher — and so are the long-term price targets. Whether the road is smooth or bumpy, Wall Street and corporate treasuries are clearly still betting on Bitcoin’s staying power.
Escapes:
Algarve📍Portugal 🇵🇹
Commodities Check : ✔️
➝ WTI Crude: ▲ +0.6% › $63.17/barrel › Up on the day, but still facing weekly losses amid oversupply worries.
➝ Gold: ▼ -0.9% › $3,317/oz › Pulled back as risk appetite stayed strong.
➝ Silver: ▼ -1.8% › $32.91/oz › Continued to slide alongside gold.
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Disclaimer
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