Energies
Last week, U.S. stocks surged after a U.S.-China 90-day tariff reduction agreement, with tech leaders Tesla and Nvidia making significant gains. However, market optimism remains uncertain without further tariff developments.
Moody’s recent downgrade of U.S. credit rating to second-highest could raise Treasury yields and put pressure on stocks. The downgrade was justified by the increasing difficulty of financing the federal government’s budget deficit and debt.
On the geopolitical front, President Donald Trump announced plans for separate calls with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy on Monday to discuss a ceasefire. Despite campaign promises to end the war quickly, Trump has found peace negotiations challenging.
Additionally, Britain and the U.S. are working to maintain the India-Pakistan ceasefire and foster dialogue.
China’s retail sales growth slowed in April. The numbers showed an increase of 5.1% year-over-year, below the expected 5.5% and March’s 5.9% growth. Industrial output grew 6.1% versus expected 5.5%, while fixed-asset investment rose 4.0%. Unemployment improved slightly to 5.1%.
Stock futures declined Sunday evening following Moody’s U.S. credit rating downgrade. Dow futures fell 0.7%, with S&P 500 and Nasdaq 100 futures showing similar drops. Fed officials Bostic, Williams, and Logan are scheduled to speak Monday
And in the crypto world, Coinbase faces up to $400m in costs from a recent cyber attack.
Hackers gained access to less than 1% of customer data through payments to contractors and employees, then used it to impersonate the firm and scam customers. After demanding a $20m ransom, which Coinbase refused, the company pledged to reimburse affected customers.
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