00:00 Speaker A
Let’s get to the three things that you need to know. First up, US stock futures wavering a bit this morning after equities closed out two days of gains driven by optimism about tariff negotiations. Tech stocks led the gains after President Trump allowed for electronic exemptions, but investor sentiment still fragile. The latest Bank of America Fund Manager survey showing investors haven’t been this bearish on stocks in 30 years.
00:25 Speaker B
Plus, on the trade front, China is retaliating against the US by halting all deliveries of Boeing aircraft in the latest escalation of the trade war.
00:35 Speaker A
Meanwhile, auto stocks are in focus as Trump says he’s exploring possible temporary exemptions to his tariffs on imported vehicles and parts to give auto companies more time to set up US manufacturing. But, pharma and semiconductors may be next for tariffs. The administration is proceeding with probes into imports of pharmaceuticals and semiconductors on grounds that reliance on foreign production of medicine and chips is a quote national security threat according to a Monday filing.
01:01 Speaker B
And bank earnings continuing with results out from Bank of America and City this morning. Bank of America stock traders posted a record quarter as the company reaping benefits of volatile markets while net interest income topped analysts estimates. Meanwhile, Citigroup inched closer to a key profitability target in the first quarter as the firm’s traders also surpassed expectations and the bank drew a record haul from its wealth and retail businesses.