S&P 500 – 6,967.38 (+1.18%)

Dow Jones – 48,535.99 (+0.66%)

NASDAQ – 23,639.08 (+1.96%)

• Geopolitics & Markets: U.S. stocks moved higher Tuesday while oil prices declined after Donald Trump signaled openness to renewed talks with Iran, boosting hopes for a longer-lasting truce and improving overall market sentiment.
• Inflation Data: U.S. producer prices came in below expectations for March, rising modestly despite a sharp increase in energy costs, suggesting underlying inflation pressures remain contained.
• M&A Activity: Amazon agreed to acquire Globalstar in an $11.6 billion deal to accelerate its satellite internet expansion and compete more directly with SpaceX’s Starlink network.
• Federal Reserve Outlook: Treasury Secretary Scott Bessent reiterated support for eventual rate cuts but emphasized the Federal Reserve may remain cautious until inflation and geopolitical uncertainties become clearer.
• Crypto Developments: Crypto exchange Kraken confirmed it has confidentially filed for a U.S. IPO, moving ahead with listing plans despite a lower valuation and ongoing volatility in digital asset markets.
• AI & Tech Momentum: Oracle and Bloom Energy surged after expanding a partnership to power AI-driven data centers, highlighting rising demand for energy-intensive computing infrastructure.
• Global Markets & Rates: Optimism around a potential extension of the April 7 U.S.-Iran truce supported global markets, with Asian equities led by Japan’s Nikkei and European stocks broadly higher, while Treasury yields declined to 4.25% on the 10-year and 3.74% on the 2-year.
• Currencies & Commodities: The U.S. dollar index weakened slightly, while oil prices fell below $100 per barrel as easing geopolitical tensions reduced supply concerns, though investors continue monitoring activity through the Strait of Hormuz.
• Earnings Highlights: JPMorgan Chase reported a 13% profit increase, with CEO Jamie Dimon noting rising economic risks, while BlackRock, Wells Fargo, and Citigroup all posted earnings beats, supported by strong trading activity.
• Stock Movers: Wells Fargo declined despite solid earnings due to weaker revenue and higher credit provisions, while BlackRock and Citigroup moved higher; United Airlines gained on reports of a potential deal for American Airlines, while Johnson & Johnson slipped despite strong results.
• Tech & Innovation: Comments from Alan Baratz highlighted growing competition between quantum computing and AI chips, even as software stocks rebounded and the IGV ETF posted a strong start to the week.
• Other Notables: Oklo surged without major news, crypto-linked stocks like Coinbase and Strategy rose alongside bitcoin, and Novo Nordisk announced a partnership with OpenAI to integrate AI across its operations. United Airlines reportedly proposed an American Airlines merger with President Trump. That would cut the "Big Three" carriers to two.

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“Victory belongs to the most persevering.”  — Napoleon Bonaparte

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Notable Stocks

• JPM (JPMorgan Chase)
• NVDA (Nvidia)
• PLTR (Palantir)
• AAL (American Airlines)
• ORCL (Oracle)

Weekly Notables

Bessent Says He Supports Rate Cuts but Backs Fed Caution Amid Uncertainty

Treasury Secretary Scott Bessent said Tuesday that he believes interest rates should eventually come down, while also acknowledging the Federal Reserve may prefer to wait for clearer economic signals, particularly around geopolitical risks. Bessent expressed confidence that inflation will continue to ease, saying core price pressures are “quite under control” and declining in several categories.

Crypto Exchange Kraken Confirms Confidential IPO Filing

Kraken has confirmed it has confidentially filed for a U.S. initial public offering, according to co-CEO Arjun Sethi, validating earlier reporting from CNBC. The announcement was made Tuesday at the Semafor World Economy conference in Washington, D.C. Kraken is one of the world’s largest crypto exchanges and continues to position itself as a platform bringing advanced trading tools to retail investors.

Earnings Spotlight: Bank of America (BAC)

Analysts expect Bank of America to report first-quarter revenue of $29.82 billion, compared to $27.51 billion in the same period last year. This implies year-over-year growth of roughly 5.8% to 9.5%, depending on estimates. Earnings per share are projected at $1.01, up from $0.90 a year earlier, reflecting expected growth of about 12.4%. The bank has a strong track record of exceeding expectations, having beaten revenue estimates in eight of the past 10 quarters and earnings estimates for 14 consecutive quarters.

What's Ahead

April 15: Expected earnings from ASML (ASML), Bank of America (BAC), Morgan Stanley (MS), Progressive (PGR), PNC Financial (PNC), and JB Hunt Transport (JBHT).

April 16: March industrial production and expected earnings from Taiwan Semiconductor Manufacturing (TSM), PepsiCo (PEP), Abbott Laboratories (ABT), Prologis (PLD), Marsh & McLennan (MRSH), Bank of New York Mellon (BK), U.S. Bancorp (USB), Travelers (TRV), Infosys (INFY), Netflix (NFLX), and Alcoa (AA).

April 17: March housing starts and building permits and expected earnings from Truist Financial (TFC), Fifth Third Bancorp (FITB), and State Street (STT).

April 20: Expected earnings from Cleveland-Cliffs (CLF) and Steel Dynamics (STLD).

April 21: Expected earnings from GE Aerospace (GE), UnitedHealth Group (UNH), Rtx (RTX), Danaher (DHR), Northrup Grumman (NOC), 3M (MMM), D.R Horton (DHI), Intuitive Surgical (ISRG), Chubb Limited (CB), Capital One Financial (COF), and United Airlines (UAL).