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Here are some of the things investors are watching on Friday, April 11.
Futures (ES=F, NQ=F, YM=F) are rising despite the trade battle between the United States and China heating up. One asset that has benefited is gold (GC=F), which hit another record high.
A number of big banks reported their quarterly results including JPMorgan Chase (JPM), Wells Fargo (WFC), and Morgan Stanley (MS).
To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.
Editor's note: This post was updated to reflect which banks released earnings on April 11.
First up, U.S. stock futures fluctuating this morning after a volatile week for investors. The S&P on pace to end the week higher after the president reversed course on his reciprocal tariffs while simultaneously boosting tariffs on China. But equities still down since the initial announcement on April 2nd. Meantime, the US dollar taking a hit as the US-China trade war heats up while gold rose to a record. Bank of America strategists warning clients to sell the rip and risk-on rallies until trade war risks fade.
Plus, bank earnings kicking off this morning. Wall Street's biggest banks benefiting from the trade-induced policies of President Trump with JP Morgan notching record revenue in trading as Morgan Stanley traders beat expectations for revenue. Meanwhile, JP Morgan CEO Jamie Dimon urged a quick resolution to the uncertainties sparked by the tariffs, warning that some of the negative effects would worsen over time and would be hard to undo.
And the latest on the trade war. China will raise tariffs on all US goods from 84% to 125% starting tomorrow, calling the Trump administration's actions a joke and saying it no longer considers them worth matching. Trump and Xi Jinping are locked in a standoff over who will move to de-escalate first. Trump has said he's waiting for a call from Beijing, while Chinese officials have repeatedly said they're open to negotiations but won't be bullied into talking.
