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Market Headlines 👀 

• US and China agree to a 90 day pause on tariffs.

• US Consumer Price Index (CPI) inflation data for the month of April will be reported tomorrow morning at 8:30 am EST.

• Apple (AAPL) shares plans for its product lines through 2027.

• Apple (AAPL) US President Trump said he spoke to Tim Cook of Apple today, and expects the company to continue investing more in the US.

Earnings 💸

• Monday . com (MNDY)

  • EPS: $1.10 meets ($0.70)

  • Revenue: $282.3m beats (exp. $276m)

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S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

•Trump/China agree to deescalate significantly from embargo -level tariffs for 90 days and will talk again in the coming weeks/months.

• 30% U.S. tariffs on Chinese goods remain in place (10% universal + 20% fentanyl), while China applies 10% tariffs on all U.S. goods.

• No further concessions or changes to current non -tariff barriers (e.g., rare earth restriction from China).

• 90 -day pause will likely cause a significant increase in orders and shipments from China as uncertainty remains about the final level of tariffs.

• Sectoral tariffs on steel/aluminum and autos remain, with promises of more to come on semiconductors and pharmaceuticals.

• Treasury Secretary Bessent says the current tariffs rates are a “floor” not a “ceiling” saying it is “implausible” that tariff rates will fall further below these levels. (Contributed by Cameron Dawson, CIO at NewEdge Wealth).

US equities are roaring higher on the ratcheting back of trade tensions and tariffs with China. The S&P 500 rallies above its 200 day moving average for the first time since early March. Breaking above this level could spark a chase higher, given positioning is still light overall (next slide). When we look at breadth measures tomorrow, we will be looking for signs of a “breadth thrust” in measures like the % of names at 20 day highs. We will also be looking for signs of overbought conditions. (Contributed by Cameron Dawson, CIO at NewEdge Wealth).

Market Preview 🎞️ 

• Tuesday, May 13th: Consumer Price Index (CPI)

• Tuesday earnings: Sea Limited (SE), and JD.com (JD) 

• Wednesday, May 14th: MBA mortgage applications

• Thursday, May 15th: Weekly jobless claims; Price Producer Index (PPI); Empire State manufacturing; Retail Sales

• Thursday earnings: Walmart (WMT), John Deere (DE), Cava (CAVA), Sea and Alibaba (BABA) 

• Friday, May 16th: Monthly Options Expiration (OPEX); Housing starts

Enjoy reading?👇

That’s all for today, folks! We’ll be back around the same time Thursday with a curated list of important news, economic data and market highlights. 

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