A golden cross for the S&P 500 (the S&P 500's 50d moving average has crossed above its 200d moving average).
Source: Bloomberg, Kevin Gordon
UK 30yr gilt yields soaaaaaaaaring
Source: Bloomberg, Mike Bird @Birdyword
Another Liz Truss Moment in the UK? 10y Gilt yields jump 16bps on doubts over Chancellor Reeves’s future.
The yield on 30y gilts rose >20bps past 5.4%. Source: Bloomberg, HolgerZ
Vietnam is to pay 20% tariffs on all goods sent to the US. Meanwhile, the US will get total access to the Vietnamese markets - they can sell US products there for 0% tariffs.
Moreover, the US will charge Vietnam a 40% tariff on 'any transhipping', a steep levy that could rattle countries still hoping to secure significant relief from Trump’s 'liberation day' tariffs. Source: FT
Buying a Tesla is becoming more and more affordable with each passing month.
The average price of a used Tesla has moved down to a record low of $28,487. That's 58% below the peak price from July 2022. $TSLA Source: Charlie Bilello
Amazon $AMZN now has 1 Million robots deployed in its business operations
Source: Blossom @meetblossomapp
The usual quarterly review by JP Morgan
"The second quarter of 2025 saw significant volatility across markets as investors grappled with tariff policy uncertainty and war in the Middle East. In both cases, investors’ worst fears ultimately proved unfounded and in the absence of a meaningful weakening in the hard data, most major asset classes delivered positive returns over the quarter. The liberation day tariff announcement on 2 April caused a sharp selloff across markets. The reciprocal tariff package was larger than expected and both stock and bond markets reacted quickly. The S&P 500 fell 12% over the following week, while US 10-year Treasury yields rose 50 basis points between the 4 and 11 April. The US administration responded to market volatility and moved to soften its trade policy, pausing reciprocal tariffs for 90 days and agreeing the principles of a trade deal with China. This mollified investors and risk assets quickly recovered, with developed market equities delivering total returns of 11.6% over the quarter. A combination of renewed investor confidence, and a strong earnings season helped boost mega-cap tech stocks. After underperforming in the first quarter of 2025, the ‘Magnificent 7’ delivered price returns of 18.6% over the second, outperforming the remainder of the S&P 500 by 14 percentage points. This helped global growth stocks deliver total returns of 17.7% over the quarter to end the period as the top performing asset class.
First spot solana staking ETF is officially live
Source: Bloomberg
