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Tuesday, April 29

Noteworthy macro moves today: Ethereum +3.4%. Nasdaq 100 Index (US) +1.0%. Gold -0.8%.

The U.S. trade deficit in goods widened sharply to a record $161 billion in March 2025, significantly exceeding market expectations of a $146 billion gap. This increase is attributed to aggressive tariff policies that have prompted domestic firms to front-load imports ahead of potential further tariffs, raising concerns about the impact on economic growth and inflation.

In Europe, investor sentiment has been affected by declining confidence indicators across various sectors within the Eurozone. The Economic Sentiment Indicator fell to 93.6 for April from 95.0 in March, marking its lowest level since December and reflecting widespread pessimism among consumers and businesses alike regarding future economic conditions amid ongoing geopolitical tensions related to U.S.-China trade relations.

Additionally, comments from U.S Treasury Secretary Scott Bessent emphasized that it was up to China to initiate de-escalation talks concerning tariffs while indicating progress with other countries instead; this stance adds uncertainty around global trade dynamics as markets await key upcoming data releases including job openings and consumer confidence reports which could influence monetary policy decisions moving forward.

SPDR Gold Shares (GLD) [-1.3%]
Gold prices have declined, with a reported drop attributed to easing U.S. auto tariffs, which has reduced demand for safe-haven assets. This follows mixed performance in U.S. markets amid uncertainty surrounding trade policies and Sino-U.S. negotiations. The Dallas Fed has noted a significant decrease in Texas manufacturing activity for April, further influencing market sentiment. In commodities, June gold has also decreased, reflecting broader market dynamics. Conversations on social media have highlighted a bullish sentiment regarding gold's performance this year, with annual gains exceeding 20% viewed as normal. Posts also mentioned "shortages" of gold in Shenzhen, China, which could impact supply and demand dynamics for gold. These discussions suggest ongoing supply concerns are shaping the narrative around GLD's price movement.

Ethereum (ETH/USD) [+3.4%]
Ethereum (ETH/USD) has experienced a notable increase of 3.5% since Monday. Recent macroeconomic developments include US President Donald Trump's indication of a willingness to reduce tariffs on Chinese goods, coupled with Beijing's exemptions for certain US imports. These factors have fostered positive market sentiment, which may indirectly benefit cryptocurrencies like Ethereum as risk appetite grows. In social media discussions, a post from COINTELEGRAPH announced that the Ethereum Fusaka hard fork is scheduled for late 2025. Additionally, a post suggested that if ETH surpasses $2,150, utility altcoins could see significant growth. Furthermore, Galaxy Digital transferred 23,900 ETH, valued at approximately $42.52 million, to Coinbase, which may influence market dynamics surrounding Ethereum.

HIMS | +31.0% | +2.5B
Hims & Hers Health Inc | Health Care Services
Hims & Hers Health, Inc. has announced a significant partnership with Novo Nordisk to offer a bundled service featuring Wegovy, an FDA-approved weight-loss treatment, through its platform. This collaboration allows U.S. consumers to access NovoCare Pharmacy directly, along with a Hims & Hers membership that provides 24/7 care, clinical support, and nutrition guidance for a monthly fee starting at $599. The offering is set to launch this week, enhancing access to obesity care. Following the announcement, trading activity surged, with shares reportedly increasing substantially. Additionally, Hims & Hers received a downgrade from Buy to Hold by TD Cowen due to concerns over limited near-term upside potential and volatility in stock performance. Despite the positive reception of the partnership, some analysts expressed caution regarding the high monthly cost and reliance on Novo Nordisk for key products.

SPOT | -4.4% | -5.0B
Spotify Technology SA | Movies & Entertainment
Spotify Technology SA reported its Q1 earnings, revealing an earnings per share (EPS) of EUR 1.07, which fell short of analyst expectations by EUR 1.13. Revenue for the quarter reached EUR 4.19 billion, slightly below the consensus estimate of EUR 4.20 billion. The company anticipates an operating income for Q2 of EUR 539 million, underperforming against estimates of EUR 557.5 million. Despite a 12% increase in premium subscribers to 268 million and monthly active users growing to 678 million, the forecast for Q2 revenue at EUR 4.3 billion also fell short of analysts' expectations of EUR 4.38 billion. Following these results, premarket trading showed a decline of approximately 8% in share price.

HON | +3.6% | +4.8B
Honeywell International Inc | Industrial Conglomerates
Honeywell International Inc. reported Q1 adjusted earnings of $2.51 per diluted share, exceeding the consensus estimate of $2.21, alongside net sales of $9.82 billion, surpassing expectations of $9.59 billion. The company has raised its 2025 adjusted EPS guidance to a range of $10.20 to $10.50 from the previous $10.10 to $10.50, while narrowing its sales outlook to between $39.6 billion and $40.5 billion. The aerospace division generated sales of $4.17 billion, reflecting a 14% increase year-over-year. Additionally, Honeywell anticipates Q2 adjusted EPS between $2.60 and $2.70, with revenue projected at $9.8 billion to $10.1 billion, both above analyst estimates. Following the earnings report, Honeywell shares moved positively in premarket trading.

REGN | -5.8% | -3.7B
Regeneron Pharmaceuticals Inc | Biotechnology
Regeneron Pharmaceuticals reported its first-quarter results, revealing an adjusted earnings per share (EPS) of 8.22, below analyst estimates of 8.48. Revenue for the quarter was 3.03 billion, also falling short of expectations of 3.24 billion. Notably, U.S. sales for its dry eye disease drugs, Eylea and Eylea HD, dropped significantly by 26% to 1.4 billion. In contrast, global sales for Dupixent increased by 19% to 3.67 billion. The company's fiscal year 2025 capital expenditure target has been revised down to between 850 million and 950 million. Social media discussions highlighted a decline in Q1 adjusted earnings from 9.55 a year earlier and a revenue drop compared to the previous year. Following the earnings announcement, Regeneron shares fell by approximately 7% in premarket trading.

NXPI | -7.4% | -3.4B
NXP Semiconductors NV | Semiconductors
Shares of NXP Semiconductors NV fell approximately 8% in premarket trading following the announcement of CEO Kurt Sievers' retirement by the end of 2025. Rafael Sotomayor is set to succeed him in October. The company reported Q1 revenue of $2.84 billion, a 9% decrease year-on-year, with a diluted EPS of $1.92. Despite beating Q1 revenue expectations, the Q2 revenue forecast aligns closely with analyst estimates, projecting between $2.80 billion and $3.00 billion. Currently, 24 out of 31 analysts rate the stock as "buy" or higher, with a median price target of $240. Year-to-date, NXP's shares are down 5.6%, while the Philadelphia Semiconductor Index has declined nearly 15%. Analysts at Citi have indicated expectations of increased volatility due to anticipated gross margin pressures.

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