OPENING CALL
Stock futures edged higher despite the trade war between the world's largest economies spiraled further Friday, with China lifting tariffs on the U.S . to 125% and scoffing that further U.S. levies would be seen around the globe as a "joke."
China said it wouldn't continue to match any levy increases by the U.S.
"Even if the U.S. continues to impose higher tariffs, it would be economically meaningless and would become a joke in the history of the world economy," China said.
Chinese leader Xi Jinping said that if the showdown continued, his country "is not afraid."
The partial suspension of U.S. tariffs "remains fragile," and the European Union must continue to prepare counter-measures to defend itself, French President Emmanuel Macron said earlier Friday.
Premarket Movers
Apple declined 0.6%.
BlackRock was up 0.7. Analysts expect BlackRock's assets under management during the first quarter to reach a record of $11.69 trillion, up from $10.47 trillion a year earlier.
JPMorgan Chase is expected by Wall Street to report first-quarter earnings of $4.63 a share, higher than year-earlier profit of $4.44. Shares were up 0.3%.
Logitech was down 1.1% after reaffirming it expects fiscal 2025 net sales of $4.54 billion to $4.57 billion but said it was withdrawing its outlook for fiscal 2026.
Morgan Stanley rose slightly ahead of first-quarter earnings from the investment bank.
Nvidia slipped 0.4%.
Tesla fell 1.7% after tumbling 7.3% on Thursday.
Analysts expect Wells Fargo to post first-quarter earnings of $1.23 a share, up from the year-earlier's $1.20. The stock fell 1.3%.
Postmarket Movers
Argenx received approval from the FDA for a new delivery method of its treatment for certain patients with a rare autoimmune disease. ADRs rose 6.2%.
Jacobs Solutions disclosed post-closing adjustments stemming from a transaction it completed with Amentum last year. Shares up 6.9%.
Watch For:
PPI for March; University of Michigan Preliminary Consumer Survey for April; earnings from BlackRock, JPMorgan, Morgan Stanley, Wells Fargo; Fedspeak from Alberto Musalem.
Today's Headlines/Must Reads
-Market Rout Shatters Long-Held Beliefs on Investing
-Tesla Stock Falls Again to End a Wild Week. Why It Must Stay Above This Level
-Trump Team Races to Cut Piecemeal Tariff Deals With More Than 70 Countries
MARKET WRAPS
Forex:
The dollar slid, with the DXY dollar index falling to a three-year low against a basket of currencies.
The dollar remains "highly vulnerable" to further selling, ING said. "The dollar collapse is working as a barometer of 'sell America' at the moment."
Haven assets including gold and the Swiss franc strengthened.
The trouble is, the Trump administration has conflicting objectives and challenging horizon mismatch (between geoeconomic ambitions and foreseeable economic/market outcomes), Mizuho Securities said.
Sterling rose to its highest in a week against the dollar but stayed weak against the euro after data showed the U.K. economy grew more strongly than expected in February.
Bonds:
Treasury yields were slightly higher in early European hours after sharp gyrations during the week on headlines around U.S. tariffs.
"Our impression from here is the 10-year Treasury yield will have a tendency to head for the 4.5% area, potentially with a view to thinking about 4.75%," ING said.
Energy:
Oil prices lost ground after having risen more than 1% earlier in the European session, as the trade war between U.S. and China escalated.
"The extent to which global demand for oil weakens in the new scenario is also likely to depend on the dampening effects on the Chinese economy, " Commerzbank Research said.
Meanwhile, the U.S. issued fresh sanctions targeting Iranian oil exports on Wednesday ahead of talks with Tehran over its nuclear program.
Metals:
Gold futures rose to a fresh record high as investors flock to safe-haven assets.
Elsewhere, a softer-than-expected Consumer Price Index reading has raised hopes the Federal Reserve will increasingly ease monetary policy, another boon for bullion.
TODAY'S TOP HEADLINES
BP Expects First-Quarter Upstream Production to Fall
BP said it expects to report lower first-quarter upstream production due to previously announced divestments in Egypt and Trinidad, while its debt jumped.
The British energy giant is in the process of a strategic reset and is pivoting back to oil from low-carbon energy amid pressure from investors while targeting net debt reductions via divestments.
Novo Remade Denmark. Then Came the Stock Selloff.
In the sleepy suburb of Bagsværd, a 25-minute train ride from Denmark's capital of Copenhagen, weight-loss drugmaker Novo Nordisk is everywhere. Street after street is filled with the company's offices, parking lots for Novo employees, and construction sites for the pharma giant's future expansion. It is virtually a Novo-town.
Almost everyone in Denmark has a link to the maker of blockbuster weight-loss drug Ozempic. Rohan Parshad is a 21-year-old student at Copenhagen Business School who holds Novo stock. Henrik, Rohan's father, worked as a scientist at Novo Nordisk for 13 years and opened up a savings account for his son when he was born; 60% is Novo stock. Rohan's grandfather Ram has also benefited from Novo's medications for the past two decades as a Type 2 diabetic.
Here's how Apple could prevent iPhone prices from going up due to tariffs
President Donald Trump is ratcheting up his tariff battle with China. But Apple Inc. has mechanisms to cope, according to Morgan Stanley.
Analyst Erik Woodring said in a note to clients that Apple AAPL may not have to increase iPhone prices if it ramps up its existing production in India.
Shein's Bargain-App Formula Crumbles Under Trump
The meteoric popularity among American shoppers of China-founded app Shein was greatly helped by duty-free shipping of its ultracheap fashion. After President Trump closed that option for Chinese goods, its clothes will now bear the full impact of his new tariffs.
The U.S. tariffs imposed on Wednesday and China's retaliation throw a wet blanket over all goods trade between the two countries. For Shein, the additional impact of Trump's move to end the so-called de minimis exemption for China means a double hit and perhaps the most pivotal challenge for the fashion giant, whose links to China have long landed it at the center of U.S.-China tensions.
How to Play the Biotech Meltdown in the Age of RFK Jr. and Tariffs
The U.S. biotech sector had already been through a brutal few years before the latest market crash. Robert F. Kennedy Jr. shake-up of the nation's health agencies and persistently high interest rates are prompting it to sink even faster than the broader market, despite so far avoiding the worst of the tariff fallout.
More investors are even wondering if the whole model-risky science, costly funding, political uncertainty and long waits for payoffs-is simply broken. For many of the nearly 200 companies trading below their cash value, it probably is. That illustrates the pitfalls of passively investing in an index for this sector.
Senate Confirms Dan Caine to Lead Joint Chiefs of Staff
The Senate confirmed Lt. Gen. Dan Caine as chairman of the Joint Chiefs of Staff following President Trump's surprise shake-up at the Pentagon.
Retired Air Force fighter pilot Caine replaces Gen. CQ Brown Jr., who Trump ousted in February alongside other senior military leaders.
Trust Unshaken: Trump Voters Are Sticking With Their Guy
Melissa Sample has been through a lot with Donald Trump.
When she was starting out as a real-estate agent in Onalaska, Wis., Sample, 57, drew professional inspiration from Trump's reality television show, "The Apprentice." She stood by him after the Jan. 6 insurrection at the U.S. Capitol. She was shaken by his near assassination in Butler, Pa.-and then jubilant at his subsequent re-election.
Write to nina.kienle@wsj.com, ina.kreutz@wsj.com TODAY IN CANADA
Earnings:
Corus Ent. 2Q
Economic Indicators $(ET)$:
Nothing scheduled
Stocks to Watch:
Goodfellow 1Q Loss/Shr C$0.27; 1Q Sales C$111.2M; Remains Focused on Long-Term Opportunities and Will Continue to Monitor and Manage the Supply Chain to Address Risks Related to U.S. Tariffs
---
Oncolytics Biotech Funds Pelareorep's Ongoing Clinical Development With a Shr Purchase Agreement in Partnership With Alumni Capital; Has the Right to Sell Up to $20M of Stock Over 15-Month Period; No Warrants, Derivatives or Other Shr Classes Associated With Agreement; Oncolytics Issues to Alumni 816,326 Commitment Shrs and May Issue an Additional 816,326 Commitment Shrs Pro Rata Upon Delivery of Purchase Notices Under SPA
Expected Major Events for Friday
04:30/JPN: Feb Revised Industrial Production
06:00/UK: Feb UK trade
06:00/UK: Feb Index of Production
06:00/UK: Feb Index of services
06:00/UK: Feb Monthly GDP estimates
06:00/GER: Mar CPI
11:30/UK: Mar NIESR Monthly GDP Tracker
12:30/US: Mar PPI
14:00/US: Apr University of Michigan Survey of Consumers - preliminary
16:59/GER: Feb Balance of Payments
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Friday
Adverum Biotechnologies Inc $(ADVM)$ is expected to report for 4Q.
Applied Therapeutics Inc $(APLT)$ is expected to report $-0.16 for 4Q.
Arena Group Holdings Inc $(AREN.AU)$ is expected to report for 4Q.
Bank of New York Mellon Corp $(BK)$ is expected to report $1.50 for 1Q.
Beam Global (BEEM) is expected to report $-0.25 for 4Q.
BlackRock Inc $(BLK)$ is expected to report for 1Q.
CNB Financial Corp (Pennsylvania) $(CCNE)$ is expected to report $0.54 for 1Q.
Camber Energy Inc (CEIN) is expected to report for 4Q.
Children's Place Inc $(PLCE)$ is expected to report $0.20 for 4Q.
Corus Entertainment Inc - Class B (CJR.B.T,CJREF) is expected to report $-0.12 for 2Q.
Cryo-Cell International Inc $(CCEL)$ is expected to report $0.00 for 1Q.
Digital Ally Inc (DGLY) is expected to report for 4Q.
Dominari Holdings Inc (DOMH) is expected to report for 4Q.
EQ Inc (EQ.V) is expected to report for 4Q.
Fastenal Co $(FAST)$ is expected to report $0.52 for 1Q.
Fastenal Co (FAST) is expected to report.
Greenwich LifeSciences Inc $(GLSI)$ is expected to report for 4Q.
InnSuites Hospitality Trust (IHT) is expected to report for 4Q.
JPMorgan Chase & Co $(JPM)$ is expected to report $4.63 for 1Q.
Karnalyte Resources (KRLTF,KRN.T) is expected to report for 4Q.
MTY Food Group Inc (MTY.T) is expected to report $0.96 for 1Q.
Morgan Stanley $(MS)$ is expected to report $2.18 for 1Q.
Orgenesis Inc (ORGS) is expected to report for 4Q.
Patriot National Bancorp Inc $(PNBK)$ is expected to report for 4Q.
Platinum Group Metals Ltd (PLG,PTM.T) is expected to report for 2Q.
PrimeEnergy Resources Corp $(PNRG)$ is expected to report for 4Q.
ReShape Lifesciences Inc $(RSLS)$ is expected to report for 4Q.
Satellogic Inc (SATL) is expected to report for Full year.
Solidion Technology Inc $(STI)$ is expected to report for Full year.
Unity Bancorp Inc $(UNTY)$ is expected to report $1.13 for 1Q.
Virco Manufacturing Corp $(VIRC)$ is expected to report for 4Q.
Wells Fargo & Co $(WFC)$ is expected to report $1.23 for 1Q.
Powered by Kantar Media and Dow Jones.
ANALYST RATINGS ACTIONS
Acadia Realty Trust Raised to Buy From Hold by Truist Securities
AES Corp Cut to Hold From Buy by Jefferies
AppLovin Raised to Overweight From Equal-Weight by Morgan Stanley
Aptiv Cut to Neutral From Buy by UBS
Assurant Raised to Overweight From Neutral by Piper Sandler
Aurora Innovation Raised to Neutral From Sell by Goldman Sachs
BorgWarner Cut to Neutral From Buy by UBS
BorgWarner Raised to Buy From Neutral by Goldman Sachs
Carnival Raised to Equal-Weight From Underweight by Morgan Stanley
Cboe Global Markets Cut to Neutral From Buy by B of A Securities
Comerica Raised to Neutral From Sell by UBS
Correction to Tempest Therapeutics Rating
Danaher Raised to Overweight From Equal-Weight by Barclays
Dollar General Cut to Reduce From Hold by Gordon Haskett
Easterly Govt Properties Cut to Neutral From Buy by Compass Point
EastGroup Raised to Buy From Hold by Truist Securities
Eversource Energy Cut to Underweight From Neutral by JP Morgan
First Advantage Cut to Equal-Weight From Overweight by Barclays
Ford Motor Cut to Neutral From Buy by Goldman Sachs
Fortrea Holdings Cut to Underweight From Equal-Weight by Barclays
General Motors Cut to Neutral From Buy by UBS
IQVIA Holdings Cut to Equal-Weight From Overweight by Barclays
Lear Cut to Neutral From Buy by Goldman Sachs
Levi Strauss Raised to Buy From Neutral by B of A Securities
Lineage Cut to Sector Perform From Sector Outperform by Scotiabank
Macerich Raised to Buy From Hold by Truist Securities
Manhattan Associates Cut to Hold From Buy by Loop Capital
Manpower Raised to Equal-Weight From Underweight by Barclays
Palo Alto Networks Raised to Hold From Reduce by HSBC
PHINIA Cut to Neutral From Buy by UBS
Portland General Electric Cut to Neutral From Overweight by JP Morgan
$Public Storage(PSA-N)$ Raised to Buy From Hold by Truist Securities
QuantumScape Cut to Sell From Neutral by UBS
Roblox Raised to Outperform From Perform by Oppenheimer
Tempest Therapeutics Cut to Neutral From Buy by HC Wainwright & Co.
Tempest Therapeutics Cut to Sector Perform From Sector Outperform by Scotiabank
Toast Raised to Overweight From Underweight by Wells Fargo
Visteon Cut to Neutral From Buy by Goldman Sachs
Visteon Cut to Neutral From Buy by UBS
Vulcan Materials Raised to Outperform From Peer Perform by Wolfe Research
Western Digital Raised to Buy From Hold by Benchmark
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
April 11, 2025 06:01 ET (10:01 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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