WEBVTT 00:00:00.000 --> 00:00:02.459 Welcome to the deep dive. You know, when you 00:00:02.459 --> 00:00:04.540 want to get a handle on what's really moving 00:00:04.540 --> 00:00:08.119 the financial markets, but without getting totally 00:00:08.119 --> 00:00:10.859 bogged down in endless articles and jargon. Yeah, 00:00:10.859 --> 00:00:13.400 it's a lot to sift through. Exactly. So that's 00:00:13.400 --> 00:00:15.400 what we do here. This week, we've been digging 00:00:15.400 --> 00:00:17.899 through a whole pile of recent financial news, 00:00:18.059 --> 00:00:21.379 you know, reports from places like CNBC, Forbes, 00:00:21.899 --> 00:00:24.359 Fox Business, The Independent, Investopedia, 00:00:24.519 --> 00:00:29.109 The Guardian, NPR, RIA. A whole bunch. Fisheracuse 00:00:29.109 --> 00:00:34.210 .com, ABC News, New York Post, AP, PBS, WRAL. 00:00:34.409 --> 00:00:37.030 Right, all focusing on the market action around 00:00:37.030 --> 00:00:41.049 late April 2025. And our mission, really, is 00:00:41.049 --> 00:00:43.929 to pull out the key bits, understand what fueled 00:00:43.929 --> 00:00:46.229 the market's ups and downs. And maybe get a clearer 00:00:46.229 --> 00:00:47.810 sense of what's coming next, or at least what 00:00:47.810 --> 00:00:50.299 the signals are pointing towards. Precisely. 00:00:50.479 --> 00:00:52.399 Think of it as your shortcut to understanding 00:00:52.399 --> 00:00:54.960 a week that saw some, well, pretty significant 00:00:54.960 --> 00:00:57.219 swings. OK, so let's dive right in then, because 00:00:57.219 --> 00:00:59.259 early April, it really felt like concerns were 00:00:59.259 --> 00:01:01.539 mounting, especially around trade. That's definitely 00:01:01.539 --> 00:01:03.299 where it started. The early part of the month 00:01:03.299 --> 00:01:06.459 was heavily colored by President Trump's announcement 00:01:06.459 --> 00:01:08.579 of new tariffs. And these weren't small tweaks, 00:01:08.760 --> 00:01:11.620 were they? No, not at all. We're talking tariffs 00:01:11.620 --> 00:01:14.700 on goods from quite a few countries, and then 00:01:14.700 --> 00:01:18.180 this really huge hike specifically for China 00:01:18.180 --> 00:01:23.840 hitting 145%. Wow, 145%. That's a big number. 00:01:23.939 --> 00:01:26.239 And the market noticed, I assume? Oh, it definitely 00:01:26.239 --> 00:01:28.379 reacted. The immediate response was negative. 00:01:28.540 --> 00:01:32.180 The S &P 500, which is a key gauge of the US 00:01:32.180 --> 00:01:35.040 market, took a noticeable dip. Which sectors 00:01:35.040 --> 00:01:37.519 got hit hardest? Well, you saw it particularly 00:01:37.519 --> 00:01:39.739 in areas like tech and manufacturing, companies 00:01:39.739 --> 00:01:43.620 heavily reliant on global supply chains and international 00:01:43.620 --> 00:01:45.500 trade. And it wasn't just the tariff announcement 00:01:45.500 --> 00:01:47.500 itself causing the jitters, right? There was 00:01:47.500 --> 00:01:50.219 more going on. True. Trump also went on Truth 00:01:50.219 --> 00:01:52.920 Social, suggesting the economy needed the Fed 00:01:52.920 --> 00:01:55.519 to cut interest rates to avoid a slowdown. Plus, 00:01:56.040 --> 00:01:58.280 he was openly critical of Fed Chair Jerome Powell 00:01:58.280 --> 00:02:00.939 again. That kind of public commentary has to 00:02:00.939 --> 00:02:03.680 add to the unease. Absolutely. I mean, whenever 00:02:03.680 --> 00:02:05.799 the independence of the Fed chair is questioned 00:02:05.799 --> 00:02:08.340 publicly like that, it just introduces another 00:02:08.340 --> 00:02:10.860 layer of uncertainty for investors. Is monetary 00:02:10.860 --> 00:02:13.060 policy going to be politically influenced? That's 00:02:13.060 --> 00:02:14.909 the worry. And this is all happening against 00:02:14.909 --> 00:02:18.969 a backdrop of sort of weakening global economic 00:02:18.969 --> 00:02:21.889 forecasts anyway. Exactly. Around the same time, 00:02:22.090 --> 00:02:25.449 the IMF revised its global economic growth forecast 00:02:25.449 --> 00:02:28.650 for 2025 downwards, took it down half a percentage 00:02:28.650 --> 00:02:31.430 point to 2 .8 percent. And the U .S. forecast? 00:02:31.469 --> 00:02:33.909 They trimmed that too, down to 1 .8 percent. 00:02:33.930 --> 00:02:36.810 So you had these existing worries about growth 00:02:36.810 --> 00:02:39.469 and then boom, significant tariffs and these 00:02:39.469 --> 00:02:41.949 comments about the Fed piled on top. It felt 00:02:41.949 --> 00:02:43.830 almost inevitable that China would hit back. 00:02:43.949 --> 00:02:46.650 And they did. Beijing announced retaliatory tariffs, 00:02:47.030 --> 00:02:50.349 125 percent on American goods. So tit for tat. 00:02:50.509 --> 00:02:52.889 Pretty much. And beyond that, there were reports 00:02:52.889 --> 00:02:55.810 about China warning South Korea about exports 00:02:55.810 --> 00:02:57.849 using Chinese rare earth that were heading to 00:02:57.849 --> 00:02:59.509 U .S. defense firms. Which just highlights how 00:02:59.509 --> 00:03:01.550 tangled these supply chains are. Exactly. And 00:03:01.550 --> 00:03:03.729 how trade spats can quickly spill over into, 00:03:03.729 --> 00:03:06.090 you know, wider geopolitical issues. It really 00:03:06.090 --> 00:03:08.270 felt like everyone was bracing for this to drag 00:03:08.270 --> 00:03:10.530 on. I remember seeing predictions of more market 00:03:10.530 --> 00:03:13.520 falls. Yeah, some analysts were definitely sounding 00:03:13.520 --> 00:03:16.819 cautious. Strategists at UBS, for instance, suggested 00:03:16.819 --> 00:03:19.139 that depending on how the tariff situation played 00:03:19.139 --> 00:03:21.819 out, we could see equities fall further. Did 00:03:21.819 --> 00:03:24.300 they have a time frame? They floated the idea 00:03:24.300 --> 00:03:27.759 of maybe a market bottom around the start of 00:03:27.759 --> 00:03:31.400 Q3 2025. They were likely modeling the impact 00:03:31.400 --> 00:03:34.860 on corporate profits, overall economic activity 00:03:34.860 --> 00:03:36.780 if things didn't cool down. But wasn't there 00:03:36.780 --> 00:03:39.409 a counter view? Someone suggesting maybe this 00:03:39.409 --> 00:03:41.830 was the peak of the tension. Yes, that's right 00:03:41.830 --> 00:03:44.349 Alpine macro offered a slightly more optimistic 00:03:44.349 --> 00:03:47.969 take they suggested the tariff standoff is peaking 00:03:47.969 --> 00:03:50.189 meaning the worst might be over or at least that 00:03:50.189 --> 00:03:52.310 the most aggressive moves might be behind us 00:03:52.310 --> 00:03:55.009 perhaps anticipating some Negotiation or you 00:03:55.009 --> 00:03:57.710 know de -escalation it just shows how hard it 00:03:57.710 --> 00:04:00.509 is to predict these things Different experts 00:04:00.509 --> 00:04:02.610 weigh the factors differently. Okay, and while 00:04:02.610 --> 00:04:05.449 all this was swirling in the stock market Something 00:04:05.449 --> 00:04:07.629 kind of weird happened with crypto, right? Yeah 00:04:07.639 --> 00:04:09.840 Bitcoin and gold. Yeah, that was interesting. 00:04:10.280 --> 00:04:12.740 For a brief period amidst the stock market wobbles 00:04:12.740 --> 00:04:15.500 and a falling US dollar, Bitcoin's monthly average 00:04:15.500 --> 00:04:18.180 price actually edged above gold. That's unusual. 00:04:18.579 --> 00:04:21.639 Very. It sparked some chatter about Bitcoin maybe 00:04:21.639 --> 00:04:24.139 acting like a safe haven. But, you know, gold 00:04:24.139 --> 00:04:26.339 still holds that traditional status for most 00:04:26.339 --> 00:04:28.860 investors due to its long history. OK, so that 00:04:28.860 --> 00:04:32.199 sets the scene. Rising trade fears, jittery markets. 00:04:32.879 --> 00:04:37.100 But then. Fast forward to around April 22nd, 00:04:37.120 --> 00:04:41.040 23rd. The mood seemed to change quite dramatically. 00:04:41.420 --> 00:04:43.720 What happened? Yeah, the narrative took a real 00:04:43.720 --> 00:04:46.459 turn. We saw President Trump's public statements 00:04:46.459 --> 00:04:49.540 soften quite a bit. How so? Well, the big one 00:04:49.540 --> 00:04:52.139 was him stating he had no intention of firing 00:04:52.139 --> 00:04:55.149 Fed Chair Jerome Powell. Ah, okay. Given his 00:04:55.149 --> 00:04:57.790 previous criticism, that's significant. Hugely 00:04:57.790 --> 00:04:59.350 significant for the markets. They were hanging 00:04:59.350 --> 00:05:01.550 on every word about the Fed. So hearing that 00:05:01.550 --> 00:05:03.329 was a clear departure from his earlier tone. 00:05:03.370 --> 00:05:05.149 That must have calmed a lot of nerves. Definitely. 00:05:05.250 --> 00:05:07.170 And it wasn't just Powell. Treasury Secretary 00:05:07.170 --> 00:05:10.110 Scott Besson also came out expecting a de -escalation 00:05:10.110 --> 00:05:12.089 in the China trade war. De -escalation, do you 00:05:12.089 --> 00:05:14.329 have specifics? He even suggested Trump was willing 00:05:14.329 --> 00:05:17.670 to substantially cut tariffs. So taken together, 00:05:17.889 --> 00:05:20.310 these comments signaled a potential shift. Maybe 00:05:20.310 --> 00:05:22.990 a more conciliatory approach on trade and monetary 00:05:22.990 --> 00:05:26.279 policy. And the market reaction must have been 00:05:26.279 --> 00:05:28.720 positive. Oh, very positive. We saw big rallies. 00:05:29.300 --> 00:05:32.920 The Dow, the S &P 500, the NASDAQ all up significantly. 00:05:33.000 --> 00:05:35.259 Really shows how sensitive the market was to 00:05:35.259 --> 00:05:38.519 those specific issues. Absolutely. It just underlined 00:05:38.519 --> 00:05:40.939 how closely everyone was tracking those high 00:05:40.939 --> 00:05:43.699 level statements on trade and the Fed. And was 00:05:43.699 --> 00:05:46.040 this just a U .S. phenomenon or did it spread? 00:05:46.240 --> 00:05:49.439 It went global. Overnight, Asian markets rallied 00:05:49.439 --> 00:05:52.459 the Nikkei in Japan, Hang Seng in Hong Kong, 00:05:52.620 --> 00:05:55.500 KOSPI in South Korea. Europe, too. Yep. European 00:05:55.500 --> 00:05:58.120 markets followed suit. The FTSE 100, the DAX, 00:05:58.259 --> 00:06:00.980 the CAC 40 all saw gains. It was like a synchronized 00:06:00.980 --> 00:06:03.779 global sigh of relief. So this rebound basically 00:06:03.779 --> 00:06:05.920 clawed back some of the losses from the previous 00:06:05.920 --> 00:06:08.600 uncertainty. Pretty much. It was a much needed 00:06:08.600 --> 00:06:11.160 lift after that period dominated by the tariff 00:06:11.160 --> 00:06:13.660 years. And there was other... Potentially positive 00:06:13.660 --> 00:06:15.779 news filtering through, too. Likewise. White 00:06:15.779 --> 00:06:18.100 House Press Secretary Caroline Levitt announced 00:06:18.100 --> 00:06:20.800 the U .S. had received 18 trade deal proposals, 00:06:21.160 --> 00:06:23.259 which suggests, you know, active engagement behind 00:06:23.259 --> 00:06:25.939 the scenes. Any hints of new partnerships? Well, 00:06:26.100 --> 00:06:28.540 Vice President J .D. Vance was in India making 00:06:28.540 --> 00:06:31.660 positive noises about boosting U .S.-India trade 00:06:31.660 --> 00:06:34.680 cooperation. Diversification, maybe. potentially 00:06:34.680 --> 00:06:37.939 hinting at broadening trade relationships, perhaps 00:06:37.939 --> 00:06:41.420 lessening the reliance on or impact of the China 00:06:41.420 --> 00:06:44.079 situation. OK, let's pivot a bit. A company that 00:06:44.079 --> 00:06:48.199 always seems to be in the news. Tesla and Elon 00:06:48.199 --> 00:06:50.800 Musk. What was their story during all this market 00:06:50.800 --> 00:06:53.160 shot? Well, Tesla's Q1 earnings actually came 00:06:53.160 --> 00:06:55.439 in below expectations. Revenue was down about 00:06:55.439 --> 00:06:58.360 9 percent and net income took a big hit down 00:06:58.360 --> 00:07:01.220 71 percent. Ouch. And wasn't there something 00:07:01.220 --> 00:07:03.959 about public perception, too? Yes, some surveys 00:07:03.959 --> 00:07:06.040 around that time indicated a bit of a negative 00:07:06.040 --> 00:07:08.199 trend in public perception for both the company 00:07:08.199 --> 00:07:11.100 and Musk himself. Okay, so weaker earnings, maybe 00:07:11.100 --> 00:07:14.180 some image issues. Normally, you wouldn't expect 00:07:14.180 --> 00:07:15.980 the stock to rally on that news, but it did, 00:07:16.100 --> 00:07:17.839 right? It did. And this is where it gets kind 00:07:17.839 --> 00:07:20.300 of fascinating, showing how unconventional stock 00:07:20.300 --> 00:07:22.560 drivers can be sometimes. What was the trigger? 00:07:22.779 --> 00:07:25.000 Despite the earnings miss and those surveys, 00:07:25.339 --> 00:07:27.779 Tesla's stock jumped pretty sharply after Musk 00:07:27.779 --> 00:07:29.740 announced he'd be spending significantly less 00:07:29.740 --> 00:07:32.699 time at DOGE, the Department of Government Efficiency. 00:07:33.120 --> 00:07:36.379 Wait, less time at his government role made Tesla's 00:07:36.379 --> 00:07:38.160 stock go up? That's how the market seemed to 00:07:38.160 --> 00:07:40.720 read it. The interpretation was, okay, he's refocusing 00:07:40.720 --> 00:07:43.180 on Tesla. And investors apparently loved that 00:07:43.180 --> 00:07:45.509 idea. Wow. Show us how much weight the market 00:07:45.509 --> 00:07:47.870 puts on its perceived focus. Sometimes even more 00:07:47.870 --> 00:07:50.189 than the bottom line numbers. It certainly seems 00:07:50.189 --> 00:07:52.790 that way sometimes. And the good news for Tesla 00:07:52.790 --> 00:07:55.750 stock didn't stop there. Oh, what else? It got 00:07:55.750 --> 00:07:58.189 another boost later in the week on news. The 00:07:58.189 --> 00:08:00.209 White House was planning to loosen rules around 00:08:00.209 --> 00:08:03.670 autonomous vehicles. Oh, OK. That's obviously 00:08:03.670 --> 00:08:06.189 seen as a big potential plus for Tesla's future 00:08:06.189 --> 00:08:09.529 plans. Exactly. A potential regulatory tailwind 00:08:09.529 --> 00:08:12.350 for their autonomous driving ambitions. So summing 00:08:12.350 --> 00:08:15.720 up Tesla's week. Despite a rough earnings report, 00:08:16.259 --> 00:08:18.939 Musk's shifting focus plus potential regulatory 00:08:18.939 --> 00:08:21.480 help equals. Equals their best week in the market 00:08:21.480 --> 00:08:24.139 since November 2024. The stock gained something 00:08:24.139 --> 00:08:27.399 like 18 percent. It just highlights the complex 00:08:27.399 --> 00:08:29.899 mix of factors driving individual stocks. Definitely. 00:08:30.279 --> 00:08:32.460 OK, moving beyond the big headlines of trade 00:08:32.460 --> 00:08:34.539 and Tesla, what else was moving the markets? 00:08:34.639 --> 00:08:36.519 Any other interesting currents or company news? 00:08:36.960 --> 00:08:40.039 We did see some action in currencies as the U 00:08:40.039 --> 00:08:42.019 .S. dollar weakened a bit during the volatility. 00:08:42.480 --> 00:08:45.460 One particular safe haven currency strengthened 00:08:45.460 --> 00:08:48.740 and the ETF track in it went up to suggest some 00:08:48.740 --> 00:08:50.779 investors were definitely seeking shelter and 00:08:50.779 --> 00:08:53.580 perceived lower risk assets during that uncertainty. 00:08:54.000 --> 00:08:56.399 What about different market sectors? Any standouts? 00:08:56.679 --> 00:08:58.759 Good or bad? Well, it's interesting. Even with 00:08:58.759 --> 00:09:01.720 the recent tech rally, Barclays pointed out that 00:09:01.720 --> 00:09:04.200 year to date, the tech sector was still actually 00:09:04.200 --> 00:09:07.080 lagging the broader market. So catching up, but 00:09:07.080 --> 00:09:09.700 still behind overall for the year. Sort of. Yeah. 00:09:09.879 --> 00:09:12.720 Still making up lost ground. On the flip side, 00:09:13.179 --> 00:09:15.019 material stocks kind of underperformed towards 00:09:15.019 --> 00:09:17.379 the end of the week. Any reason why? Partly dragged 00:09:17.379 --> 00:09:20.039 down by Eastman Chemical. They specifically mentioned 00:09:20.039 --> 00:09:22.179 tariff uncertainty and messing with their ability 00:09:22.179 --> 00:09:25.279 to give future financial guidance. Right, so 00:09:25.279 --> 00:09:28.220 even with the main indexes up, specific sectors 00:09:28.220 --> 00:09:31.240 still felt the pimp. What about other individual 00:09:31.240 --> 00:09:34.100 earnings calls? Heard Alphabet did well. Yes, 00:09:34.340 --> 00:09:36.559 Alphabet Google's parent had strong earnings, 00:09:36.879 --> 00:09:38.960 mostly driven by their ad business, especially 00:09:38.960 --> 00:09:41.799 the AI -powered search stuff. Stock reacted well. 00:09:42.139 --> 00:09:44.500 It did, yeah. Stock went up. Lots of analysts 00:09:44.500 --> 00:09:46.700 raised their price targets. But it wasn't all 00:09:46.700 --> 00:09:50.080 sunshine. Who else reported? Intel. They put 00:09:50.080 --> 00:09:52.460 out weaker than expected guidance for the next 00:09:52.460 --> 00:09:55.519 quarter their stock dropped. Okay, and T -Mobile 00:09:55.519 --> 00:09:59.240 also saw its stock dip They reported slower subscriber 00:09:59.240 --> 00:10:02.000 growth than hoped for and also flagged concerns 00:10:02.000 --> 00:10:04.639 about tariffs potentially hitting mobile phone 00:10:04.639 --> 00:10:07.519 costs So really a mixed bag at the company level 00:10:07.519 --> 00:10:10.519 not just macro driving everything exactly. We 00:10:10.519 --> 00:10:13.679 also saw charter communications big cable internet 00:10:13.679 --> 00:10:15.820 provider, their stock jumped after good earnings. 00:10:16.100 --> 00:10:18.539 But then others were pulling back. Yeah. Skechers, 00:10:18.559 --> 00:10:21.139 the shoe company, actually withdrew its financial 00:10:21.139 --> 00:10:24.460 guidance for 2025 entirely, cited the global 00:10:24.460 --> 00:10:27.179 trade policy uncertainty. Shows how widespread 00:10:27.179 --> 00:10:30.080 those macro worries are. Absolutely. And Southwest 00:10:30.080 --> 00:10:32.460 Airlines also pulled some financial forecasts 00:10:32.460 --> 00:10:35.200 pointing to an uncertain economic outlook in 00:10:35.200 --> 00:10:37.279 general. Any interesting technical signals from 00:10:37.279 --> 00:10:39.639 the market itself? Indicators flashing. Well, 00:10:39.639 --> 00:10:41.779 we saw something called the strongest breath 00:10:41.779 --> 00:10:46.179 thrust since November 2023. Breath thrust meaning 00:10:46.179 --> 00:10:49.019 market breath is basically how many stocks are 00:10:49.019 --> 00:10:52.259 participating in a move. A thrust means a whole 00:10:52.259 --> 00:10:55.399 lot of stocks moved up together strongly suggests 00:10:55.399 --> 00:10:57.940 strong momentum. Is that usually a good sign 00:10:57.940 --> 00:11:01.059 for the future? Historically, the short term 00:11:01.059 --> 00:11:03.200 results after one of these are kind of mixed, 00:11:03.220 --> 00:11:05.340 so it's interesting, but maybe not a slam dunk 00:11:05.340 --> 00:11:09.029 predictor. Anything else? Dollar. Gold. Yeah, 00:11:09.110 --> 00:11:11.450 the US dollar index firmed up a little towards 00:11:11.450 --> 00:11:14.250 the week's end after being weaker earlier. And 00:11:14.250 --> 00:11:16.509 gold, after hitting a high point, actually fell 00:11:16.509 --> 00:11:20.610 back. Suggesting maybe less demand for safe havens 00:11:20.610 --> 00:11:23.490 as the week closed? Potentially a shift in that 00:11:23.490 --> 00:11:25.669 safe haven demand, maybe. Seems like so many 00:11:25.669 --> 00:11:28.029 competing signals. What about the average person? 00:11:28.789 --> 00:11:30.789 Consumer sentiment? Did all this volatility have 00:11:30.789 --> 00:11:33.460 an impact? It appears so. A survey out during 00:11:33.460 --> 00:11:35.679 this period showed a pretty significant drop 00:11:35.679 --> 00:11:37.639 in consumer sentiment. That's worrying, right? 00:11:38.279 --> 00:11:40.299 Could affect spending down the line. It's definitely 00:11:40.299 --> 00:11:42.299 something to watch. Weaker consumer confidence 00:11:42.299 --> 00:11:44.600 isn't usually a great sign for future economic 00:11:44.600 --> 00:11:47.620 activity. And one last thing I saw mentioned 00:11:47.620 --> 00:11:50.320 foreign investors selling U .S. assets. That's 00:11:50.320 --> 00:11:52.750 right. Goldman Sachs noted that foreign investors 00:11:52.750 --> 00:11:55.509 actually offloaded a pretty sizable chunk of 00:11:55.509 --> 00:11:58.389 their US asset holdings during this period. Is 00:11:58.389 --> 00:12:00.610 that a major risk? Well, given how much foreign 00:12:00.610 --> 00:12:03.629 investors hold, if that trend were to pick up 00:12:03.629 --> 00:12:06.049 steam, it could potentially put pressure on equity 00:12:06.049 --> 00:12:08.549 prices. Something to keep an eye on. OK, so let's 00:12:08.549 --> 00:12:10.769 try and wrap this all up. Bringing everything 00:12:10.769 --> 00:12:13.629 together, what's the overall takeaway mood from 00:12:13.629 --> 00:12:15.870 this period? Where might things be heading? Well, 00:12:15.970 --> 00:12:18.889 look, the week definitely ended on a more positive 00:12:18.889 --> 00:12:21.990 footing. Major indexes were up, clawing back 00:12:21.990 --> 00:12:24.450 those earlier losses. That's the headline. But 00:12:24.450 --> 00:12:26.610 there's always a but, isn't there? But yeah, 00:12:26.830 --> 00:12:29.370 the underlying volatility, the uncertainty around 00:12:29.370 --> 00:12:32.029 trade, around the economy that hasn't just vanished, 00:12:32.330 --> 00:12:35.129 it's still very much there. So the rebound doesn't 00:12:35.129 --> 00:12:37.600 necessarily mean clear skies ahead. That's a 00:12:37.600 --> 00:12:39.460 really key point. Deutsche Bank even put out 00:12:39.460 --> 00:12:41.919 a note suggesting the damage done to the idea 00:12:41.919 --> 00:12:44.700 of U .S. exceptionalism in the global economy 00:12:44.700 --> 00:12:47.960 might be kind of long lasting, even with this 00:12:47.960 --> 00:12:50.159 recovery bounce. And analysts are still cautious 00:12:50.159 --> 00:12:53.000 about earnings. On average, yeah, we saw analysts 00:12:53.000 --> 00:12:54.879 trimming their earnings expectations for the 00:12:54.879 --> 00:12:57.860 rest of 2025. Still a fair bit of caution out 00:12:57.860 --> 00:13:00.519 there. Though some were more upbeat. Didn't Citi 00:13:00.519 --> 00:13:04.019 think stocks would keep climbing? Yes, you definitely 00:13:04.019 --> 00:13:07.139 have differing views. Citi felt that now the 00:13:07.139 --> 00:13:09.480 tariff news had stabilized somewhat, equities 00:13:09.480 --> 00:13:12.360 should manage to sort of grind higher. So what's 00:13:12.360 --> 00:13:14.879 next? What are people watching now? Big focus 00:13:14.879 --> 00:13:17.860 is shifting to upcoming earnings, especially 00:13:17.860 --> 00:13:20.620 from the big tech hyperscalers like Microsoft 00:13:20.620 --> 00:13:23.340 and Amazon. Their results carry a lot of weight 00:13:23.340 --> 00:13:26.000 and could give more clues about the broader economic 00:13:26.000 --> 00:13:28.679 health. Makes sense. Sounds like navigating this 00:13:28.679 --> 00:13:31.679 still requires care. Absolutely. As one financial 00:13:31.679 --> 00:13:34.139 planner put it, patience and a disciplined approach 00:13:34.139 --> 00:13:36.379 are pretty crucial for investors in times like 00:13:36.379 --> 00:13:38.740 these. OK, so summing up our deep dive for late 00:13:38.740 --> 00:13:42.559 April 2025, the market showed itself incredibly 00:13:42.559 --> 00:13:45.500 sensitive to words, especially on trade and Fed 00:13:45.500 --> 00:13:48.620 policy. Sentiment flipped fast. Very reactive. 00:13:49.000 --> 00:13:51.019 Individual company stories, particularly Tesla, 00:13:51.539 --> 00:13:54.179 also clearly mattered a lot. But we're still 00:13:54.179 --> 00:13:55.879 getting these mixed signals from the broader 00:13:55.879 --> 00:13:58.529 economy. Yeah, the week ended strong on the surface. 00:13:58.769 --> 00:14:01.710 Major indexes recovered. But those fundamental 00:14:01.710 --> 00:14:04.889 clones about trade, inflation, growth, they're 00:14:04.889 --> 00:14:07.610 still hanging in the air. Exactly. Which leads 00:14:07.610 --> 00:14:09.409 me to a final thought for you, our listener, 00:14:10.009 --> 00:14:12.750 to maybe chew on. Go on. Considering how quickly 00:14:12.750 --> 00:14:15.830 and dramatically market sentiment shifted based 00:14:15.830 --> 00:14:18.690 mostly on, well, pronouncements and perceived 00:14:18.690 --> 00:14:22.120 policy changes. How much do you think actual 00:14:22.120 --> 00:14:24.899 hard economic data is driving things right now 00:14:24.899 --> 00:14:28.000 versus the market's interpretation of what policymakers 00:14:28.000 --> 00:14:30.299 might do next? That's a fascinating question. 00:14:30.639 --> 00:14:32.759 How much is perception versus reality in the 00:14:32.759 --> 00:14:34.220 current market? Something to definitely keep 00:14:34.220 --> 00:14:36.200 in mind as you follow what happens next. Thanks 00:14:36.200 --> 00:14:37.980 for taking this deep dive with us. See you next 00:14:37.980 --> 00:14:38.100 time.