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Friday, April 11

Noteworthy macro moves today: US Dollar Index -1.5%. Gold +1.8%. Bitcoin +3.1%.

Recent market movements are significantly influenced by escalating trade tensions between the U.S. and China, particularly following China's announcement of increased tariffs on U.S. goods to 125%. This escalation comes after President Trump's decision to raise tariffs on Chinese imports to an effective rate of 145%, which has led investors to reassess their positions in various asset classes, contributing to a notable sell-off in the dollar.

In addition, economic data releases have revealed unexpected declines in both core producer prices (PPI) and overall PPI for March 2025—down by 0.1% month-over-month against expectations for increases—which may complicate Federal Reserve policy decisions moving forward as inflation concerns persist amidst slowing growth indicators. The University of Michigan's preliminary consumer sentiment index is also anticipated later today; it is expected that this will reflect growing caution among consumers amid these turbulent conditions.

Market reactions include significant volatility across equity indices with major losses recorded recently but some recovery noted around earnings reports from key financial institutions like JPMorgan Chase and Wells Fargo.

SPDR Gold Shares (GLD) [+1.8%]
SPDR Gold Shares (GLD) has experienced a price increase of 1.8% during the pre-market session on Friday, coinciding with significant movements in gold prices. On April 10, gold rose sharply, trading higher due to escalating U.S.-China trade tensions, reaching record levels. Spot gold hit approximately 3,230 per ounce, while futures for June gold climbed significantly. The U.S. dollar weakened, hitting a near two-year low, prompting a shift towards safe-haven assets like gold. Social media discussions highlighted GLD's rise amidst a challenging stock market, with users noting its performance and the broader implications of gold's ascent on investment strategies. Additionally, copper prices have also increased, reflecting broader market trends that may influence GLD's movement.

Invesco DB US Dollar Index Bullish Fund (UUP) [-1.0%]
The Invesco DB US Dollar Index Bullish Fund (UUP) has declined amid significant downward pressure on the U.S. Dollar Index, which fell sharply due to escalating trade tensions between the United States and China. China's decision to raise tariffs on U.S. goods from 84% to 125% has exacerbated fears regarding economic stability, contributing to a near two-year low for the dollar. Broader market sentiment reflects this turmoil, with major U.S. indices also closing lower. Furthermore, recent inflation data indicates that the consumer price index has risen only modestly, which adds additional strain on the dollar's value against other currencies. This context underscores the correlation between the movements in the U.S. Dollar Index and the performance of UUP.

BLK | +1.8% | +2.4B
BlackRock Inc | Asset Management & Custody Banks
BlackRock Inc is experiencing a price increase, coinciding with significant upward movement in the Asset Management & Custody Banks sub-sector. The firm reported solid first-quarter results, with assets under management rising to $11.58 trillion, an 11% year-over-year increase. Adjusted earnings per share reached $11.30, surpassing analyst expectations of $10.08. Total revenue was reported at $5.28 billion, slightly below the consensus estimate of $5.38 billion. Notably, BlackRock saw net inflows of $84 billion, a 47% increase from the previous year, although this figure fell short of the anticipated $96.02 billion. CEO Larry Fink emphasized the company's strong client connectivity amid market uncertainties. Additionally, a 2% dividend increase and an operating margin of 43.2% (adjusted) were announced. Conversations on social media reflect these earnings results, highlighting the company's performance amidst ongoing market volatility.

JPMorgan Chase & Co (JPM) [+1.3%, +8.5B]
JPMorgan Chase & Co is experiencing a price increase, aligning with a broader market rise. The bank reported robust Q1 2025 earnings, with earnings per share at 5.07, exceeding the consensus estimate of 4.63. Revenues reached 45.31 billion, surpassing expectations of 43.99 billion, marking a year-over-year increase from 4.44 per share and 41.93 billion, respectively. Net income rose to 14.64 billion, up from 13.42 billion in the prior year. The firm projects a fiscal year 2025 net interest income of approximately 94.5 billion, slightly above previous estimates. Social media discussions highlighted the bank's strong performance and a notable uptick in premarket trading following the earnings announcement, despite CEO Jamie Dimon's caution about potential economic turbulence due to factors like tariffs and inflation.

GOLD | +3.2% | +1.1B
Barrick Gold Corp | Gold
Barrick Gold Corp is experiencing a notable price increase, aligned with a significant rise in the gold sector. Gold prices reached record highs, driven by a weaker U.S. dollar and increased demand for safe-haven assets amid escalating U.S.-China trade tensions. Spot gold recently traded around $3,214.92 per ounce, reflecting a substantial weekly gain. Additionally, the U.S. Producer Price Index unexpectedly fell, contributing to market volatility and influencing Barrick's price movement. Social media discussions highlight a bounce in Barrick Gold, with mentions of its performance alongside other related tickers. This sentiment coincides with a broader increase in gold prices, which rose by over 1.6%.

ARGX | +4.6% | +1.6B
argenx SE | Biotechnology
Argenx SE has recently received FDA approval for the VYVGART Hytrulo prefilled syringe designed for self-injection, targeting adult patients with generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy. This announcement, made approximately 10 hours ago, introduces a new option for patients that enhances treatment independence through rapid subcutaneous injection. The prefilled syringe was developed in collaboration with Halozyme's drug delivery technology. Following this news, the stock experienced notable price movements, including an increase of around 8% in after-hours trading and a subsequent rise of over 5% in pre-market activity. Social media discussions have highlighted the significance of this approval and its implications for patient convenience and clinical visit reductions.

STLA | -2.9% | -725.4M
Stellantis NV | Automobile Manufacturers
Stellantis NV reported a notable decline in Q1 shipments, estimating 1.2 million units, which represents a year-over-year drop of 9%. This downturn is primarily attributed to a significant reduction in production in North America, where shipments decreased by 20%, alongside an 8% decline in the enlarged Europe region. The company cited extended holiday downtime and product transitions as contributing factors. In pre-market trading, shares have declined approximately 2.2%. Concurrently, social media discussions highlight Stellantis' participation in the upcoming 59th Annual Easter Jeep Safari in Moab, Utah, showcasing seven new custom builds from the Jeep brand, while also raising concerns regarding production pressures linked to tariffs. RBC analysts noted that while Q1 results could reflect pre-buy activity before tariff implementation, lower production levels may pose challenges for the company.

GOOGL | +1.3% | +25.0B
Alphabet Inc | Interactive Media & Services
Alphabet Inc is experiencing a price increase, aligning with the broader market's upward movement. The S&P 500 Index has risen, contributing to Alphabet's 1.4% gain since Thursday. This market activity coincides with heightened trade tensions between the U.S. and China, marked by significant tariff increases from both nations.

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