On April 24th, Beijing time, the three major US stock indexes collectively surged in early trading, as of the time of writing, $Dow Jones Industrial Average (.DJI.US)$ up 0.71%, $Nasdaq Composite Index (.IXIC.US)$ up 1.85%, $S&P 500 Index (.SPX.US)$ up 1.35%.

The market is closely watching the uncertainty of Trump's tariffs.

Earlier this week, President Trump stated that he is willing to adopt a less confrontational approach in foreign trade negotiations. Furthermore, U.S. Treasury Secretary Scott Basset mentioned on Wednesday that trade negotiations are ongoing, and there is an opportunity for the USA to reach a "significant deal" in trade.

However, according to Xinhua News Agency, Commerce Department spokesperson He Yadong denied the existence of any trade negotiations and called for the cancellation of "unilateral" tariffs.

Gaurav Mallik, Chief Investment Officer of Pallas Capital Advisors based in Massachusetts, stated: "While it is encouraging to hear the U.S. government adopt a more dovish tone on tariffs, the U.S. stock market is still in a range-bound fluctuation. What the market really needs is tariff removal or substantial trade agreements, and this adjustment may last for months."

According to CCTV, on Thursday morning Eastern Time, senior U.S. officials revealed that the Trump administration is considering various tariff options. The first option may see the tariff rates on Chinese goods drop to around 50%-65%. The second option is referred to as the "tiered option," wherein the U.S. will classify imported goods from China into those that supposedly "do not pose a threat to U.S. national security" and those that are "strategically significant to U.S. national interests."

CCTV reported that under the "tiered option," the U.S. will impose a 35% tariff on the former category of goods, while the tariff rate on the latter category will be at least 100%. White House Press Secretary Levitt stated that Trump's stance on tariffs regarding China has "not softened."

Peter Kinsella, Head of Forex Strategy at Credit Suisse, stated, "You will see various contradictory statements and noise coming from the USA, and the entire narrative is completely disjointed. This is impossible to trade."

Kinsella added, "Therefore, despite hearing some soothing statements, it is difficult to see the situation developing positively without clarity on the actual objectives of the U.S.-China trade war."

Analysts at Rabobank pointed out in a report: "Clown-like policies have created a clown-like market. This has been vividly reflected in the price fluctuations of recent trading days — Trump's governance style of 'he's behind you — oh no, he's not!' not only led to market reversals but could even trigger completely opposite market reactions under the same event drive."

Federal Reserve officials hinted at a possible interest rate cut in June.

Cleveland Fed President Loretta Mester suggested on Thursday that a rate cut might be on the table for June. She urged patience in monetary policy amid high uncertainty, stating that if the data shows a need for action, a change in policy before June cannot be ruled out.

In an interview, Mester said: "We will closely monitor the data, and at every meeting, I will consider with an open mind whether we should continue to be patient or take action now."

She stated: "If we have clear and compelling data before June, and if we know what action to take at that point, then I believe the committee will act."

JPMorgan believes that a Fed rate cut will present a huge opportunity for U.S. Bonds.

The company stated that U.S. Treasuries have greater upside potential than European bonds because traders have underestimated the extent of the Fed's potential rate cuts compared to the European Central Bank.

JPMorgan analyst Myles Bradshaw stated that President Trump's tariffs are more likely to harm economic growth than to stimulate inflation. He expects that after maintaining policy unchanged for a longer period, the Fed will eventually need to cut rates more significantly.

He stated, "In the coming years, interest rates in the USA will be above 3%, higher than the neutral rate, and I believe this presents a huge opportunity."

Some global investors, including The Pacific Investment Management Company, are beginning to see the appeal of USA government Bonds again, after concerns over Trump's tariff policy triggered a sell-off that pushed yields higher.

Focus Stocks

Growth Tech stocks rose collectively, $Salesforce (CRM.US)$、 $Micron Technology (MU.US)$up over 4%, $Broadcom (AVGO.US)$、 $Oracle (ORCL.US)$、 $Intel (INTC.US)$increased by over 3%, $Netflix (NFLX.US)$、 $Tesla (TSLA.US)$、 $NVIDIA (NVDA.US)$ 、 $Taiwan Semiconductor (TSM.US)$ 、 $Microsoft (MSFT.US)$ Up over 2%.

Some China Concept Stocks are performing actively, $New Oriental (EDU.US)$ Increased by over 5%, $NIO Inc (NIO.US)$ Increased by over 4%, $KE Holdings (BEKE.US)$ Up over 2%.

Quantum Computing stocks soared again, $Quantum (QMCO.US)$ 、 $Quantum Computing (QUBT.US)$ Increased by over 11%, $IonQ Inc (IONQ.US)$ Increased by over 7%, $D-Wave Quantum (QBTS.US)$ Increased by over 5%, $SEALSQ Corp (LAES.US)$ 、 $Rigetti Computing (RGTI.US)$ 、 $Arqit Quantum (ARQQ.US)$ An increase of nearly 4%.

AI Application software stocks have all risen sharply, $ServiceNow (NOW.US)$ After the performance report, it surged nearly 15%. $SoundHound AI (SOUN.US)$ Increased by over 7%, $Applovin (APP.US)$ Increased by over 5%, $Salesforce (CRM.US)$ 、 $Snowflake (SNOW.US)$ 、 $Palantir (PLTR.US)$ Increased by over 4%.

Q1 performance exceeded expectations, $ServiceNow (NOW.US)$ surged nearly 15%, with the company's first quarter revenue at 3.09 billion USD, surpassing the market expectation of 3.08 billion USD. Adjusted EPS was 4.04 USD, also exceeding the analyst forecast of 3.84 USD.

$Pony AI (PONY.US)$ soared nearly 27%, $Hesai (HSAI.US)$ Increased by over 5%, previously the company announced that the seventh generation Robotaxi from Pony.ai has three models equipped with Hesai AT128 Lidar.

Editor/rice