OVERVIEW
The Weekend Rip

Happy Mothers Day – tenor

This past week, investors waited for an FOMC rate change that never came. We watched as Trump threatened tariffs on intellectual property and the EU threatened a tariff salvo of $100B. The UK-U.S. trade deal that came mid-week gave investors some insight into how the White House plans to ‘complete’ their trade sparring. Basically, they are going to solve tariffs with tariffs. 😆 

The White House announced they reached a deal with China just before 2pm today. 👀 

In the week ahead, expect an update on what the deal entails, more Fed Speak from Jerome Powell, regular old tech earnings, and GDP data.

Let’s recap and prep you for the week ahead. 📝

What Happened?

◀️On Monday, Trump proposed a 100% tariff on foreign-made movies, causing a sell-off in entertainment stocks including Netflix, Warner Bros. Discovery, and Walt Disney. The White House later clarified that the plan was under review. Palantir beat Q1 earnings estimate, Hims & Hers posted a revenue beat but missed earnings estimates. Hims’ stock exploded. Berkshire Hathaway announced Warren Buffett will remain chairman, while Greg Abel will take over as CEO in 2026.

🌏️ On Tuesday, AMD reported an EPS and revenue beat. CEO Lisa Su highlighted strong growth across the data center and AI segments but warned of future margin pressure due to new export controls. If negotiations stall, the EU threatens $100 billion in tariffs on US goods. Treasury Secretary Scott Bessent announced he will travel to Switzerland this week to meet Chinese trade representatives. Canadian Prime Minister Mark Carney met with Trump at the White House, opposing tariffs while reaffirming Canada’s sovereignty.

⚡️ On Wednesday, the Federal Open Market Committee held interest rates at 4.25%-4.5%, warning of increased economic uncertainty, according to CNBC. Arm Holdings beat earnings expectations with an EPS of $0.55 and revenue of $1.24 billion, but faced challenges as the Trump administration announced plans to revise semiconductor trade restrictions, according to Yahoo Finance. Alphabet shares fell 7% after reports that Apple may integrate AI-powered search in Safari, raising concerns about its partnership with Google, according to Seeking Alpha.

🐂 On Thursday, the White House announced a U.S.-U.K. trade deal, lowering tariffs on British steel, aluminum, and cars while maintaining a 10% tariff on everything else. Treasury Secretary Scott Bessent traveled to Switzerland to begin trade negotiations with China. D-Wave Quantum flew after it reported Q1 revenue of $15 million. Bitcoin crossed $101,000 for the first time since February, Ethereum surpassed $2,000, but it did not help Coinbase or Marathon Holdings report.

😢 On Friday, the market ended the week lower as investors assessed the first trade deal with the UK, upcoming trade talks with China, and a Federal Funds rate that remains unchanged. President Trump suggested an 80% tariff cut for China but did not commit to a final plan. The Trade Desk surged 18.6% after reporting strong Q1 earnings, as Google lost an antitrust trial that will force it to share advertising and search data. Federal Reserve Governor Michael Barr warned that recent tariff hikes could drive inflation and slow economic growth, while Trump floated raising the top income tax rate to 39.6% to fund the GOP’s proposed tax cuts.

🤩 This week’s Stocktwits Top 25 showed outperformance vs. the indexes.

Here are the closing prices: 

THE BRIEF

Need a concise summary of what’s going on this week? Look no further. Here’s a rundown of this week’s earnings and economic data.

Economic Calendar

It’s a busy week of economic data, with investors focused on CPI and Fed Chair Powell’s speech.

In addition to the above, check out this week’s complete list of economic releases.

Earnings This Week

We are well within the height of earnings season, with over 1,380 stocks reporting this week.

Above is a quick summary. Check out the full Stocktwits earnings calendar for the other names reporting this week.

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⚠️ Bessent cites “substantial progress” with China, Trump sees “total reset”

🖱️ Microsoft and OpenAI may be renegotiating their partnership 

✈️ US transportation secretary plans to reduce flights at Newark airport

🏦 A business owner tested if customers would pay more for American-made. The results were ‘sobering.’

🚣 Temu halts shipments from China to US, shifts to selling from American warehouses

Trump vows to increase trade with India, Pakistan after praising ceasefire agreement: ‘A job well done!’

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