US EQUITY OPEN: Indices open the week in the green with sentiment boosted by tariff exemption

Analysis details (15:02)

OPEN: US indices opened the week in the green, albeit have sold off since the open, with sentiment boosted by Trump tariff exemptions on smartphones and electronics, but he has since clarified there was no ‘exception’ and nobody is getting “off the hook”, with electronics and smartphones subject to 20% fentanyl related tariffs, instead of the additional 125% tariffs. Attention turns to tariffs on semiconductors. Sectors are all in the greed with Technology and Real Estate outperforming, as Consumer Discretionary, flat, is the laggard. Headline newsflow has actually been quite light to start the week, although earnings do continue with GS issuing a stellar report. The calendar today is pretty thin with NY FED SCE and Fed’s Waller speaking on the economic outlook being the highlights. The Dollar has been choppy, but is currently flat with DXY trading either side of 100, with the Swissy the clear G10 laggard and seen some heavy selling in recent trade, albeit on no clear headline driver. WTI and Brent are marginally firmer by c. USD 0.20/bbl, but well off earlier highs given the risk off sentiment seen since the US cash open. Treasuries are firmer, with greatest strength in the middle of the curve. Precious metals (XAU, XAG) are lower with spot gold back above USD 3k/oz, having dipped beneath it earlier in the session. Note, Bloomberg reported that the PBoC has allocated fresh gold import quotas for banks; limited reaction following this news.

STOCK SPECIFICS:

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  Goldman Sachs (GS): EPS, revenue, equities sales & trading revenue topped expectations; Approved up to 40bln share buyback programme.


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  Apple (AAPL): Counterpoint says it tops Q1 smartphone sales as it was helped by iPhone 16e launch & continued expansion in EMs; Also upgraded at KeyBanc/


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  Pfizer (PFE): Abandoning weight-loss pill danuglipron; Of note for Eli Lilly (LLY), Viking Therapeutics (VKTX), and Novo Nordisk (NVO).
  


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  Palantir (PLTR): NATO acquired an AI military system from Palantir, FT reports.


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  Comcast (CMCSA): Downgraded to 'Underweight' from 'Equal Weight' at Wells Fargo. The firm said Comcast is being pulled into a convergence investment cycle with higher mobile costs to re-accelerate broadband; "Comcast is no longer defensive".


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  US equities: Citi downgraded US equities to Neutral from Overweight

14 Apr 2025 - 15:01- ForexGeopolitical- Source: Newsquawk