🔔 Opening Bell: Trump Threatens ‘Very Severe’ Tariffs Against Russia
Good Morning!
On Monday, the S&P 500 closed at 6,268.56, up 0.21%, while the NASDAQ was up 0.22%, closing at 20,640.33. The Dow Jones Industrial Average closed the session at 44,459.65, up 0.24%.
Crypto Highlights
Bitcoin (BTC): Currently trading at $116,999.89, down 3.23% over the past 24 hours.
Ethereum (ETH): Gained 0.10%, trading at $3,033.89 per coin.
Ripple (XRP): Fell 3.35% in the last 24 hours, now trading at $2.88 per coin.
Solana (SOL): Down 3.66%, now priced at $160.21.
Earnings Today
JPMorgan (JPM): Actual EPS: $4.96 (Beat by 10.71%), Forecast EPS: $4.48, Actual Revenue: $44.91B (Beat by 2.40%), Forecast Revenue: $43.86B, Market Cap: $795.82B
Wells Fargo & Co (WFC): Actual EPS: $1.60 (Beat by 14.29%), Forecast EPS: $1.40, Actual Revenue: $20.82B (Beat by 0.29%), Forecast Revenue: $20.76B, Market Cap: $258.61B
Citigroup (C): Actual EPS: $1.96 (Beat by 21.74%), Forecast EPS: $1.61, Actual Revenue: $21.67B (Beat by 3.49%), Forecast Revenue: $20.94B, Market Cap: $165.46B
BlackRock (BLK): Actual EPS: $12.05 (Beat by 13.68%), Forecast EPS: $10.60, Actual Revenue: $5.42B (Beat by 0.18%), Forecast Revenue: $5.41B, Market Cap: $161.61B
Bank of NY Mellon (BK): Actual EPS: $1.94 (Beat by 10.86%), Forecast EPS: $1.75, Actual Revenue: $5.03B (Beat by 5.24%), Forecast Revenue: $4.78B, Market Cap: $68.15B
State Street (STT): Actual EPS: $2.53 (Beat by 7.66%), Forecast EPS: $2.35, Actual Revenue: $3.45B (Beat by 2.99%), Forecast Revenue: $3.35B, Market Cap: $30.53B
Omnicom (OMC): Forecast EPS: $2.02, Forecast Revenue: $3.97B, Market Cap: $14.26B
Headlines
Trump 'Disappointed, but Not Done' with Putin as He Backs NATO on Ukraine
President Donald Trump expressed both disappointment and continued engagement with Russian President Vladimir Putin during an Oval Office meeting with NATO's Mark Rutte. Trump revealed that he had reached deals with Putin "four times" regarding Ukraine, only to see them undermined by continued Russian aggression. "I'm disappointed in him, but I'm not done with him," Trump stated, while also expressing frustration over Russia's attacks on civilian targets in Kyiv.
The meeting marked a notable evolution in Trump's stance on NATO, which he had previously called "obsolete." Trump now expressed strong support for the alliance, acknowledging that "NATO is now becoming the opposite of" being obsolete. He emphasized the importance of collective defense under Article 5 and highlighted improved burden-sharing among NATO members, noting that European nations are now "paying their own bills" rather than relying heavily on U.S. funding. The former president also reflected on his strengthened relationships with European leaders, stating, "Over the years, they've gotten to know me... these are smart people heading up very, very successful generally, countries."
Ukrainians Unimpressed by Trump's 50-Day Ultimatum to Putin
In response to Donald Trump's recent announcement of a 50-day ultimatum to Russia for reaching a ceasefire, Ukrainian officials and citizens have expressed significant skepticism and concern. The proposal, which includes threats of 100% tariffs on Russian oil exports and promises of advanced weapons delivery, has been met with mixed reactions in Kyiv. Ukrainian MP Kira Rudik captured the sentiment by calling the announcement "bittersweet," noting that it gives Putin additional time to continue military operations.
The timing is particularly sensitive as Ukraine faces intensified Russian attacks, with over 230 civilian casualties reported last month alone - the highest in three years. Kyiv Mayor Vitaly Klitschko questioned the need for such a delay, while President Zelensky maintained diplomatic courtesy by thanking Trump for his "willingness to support Ukraine." The proposal includes sending Patriot air defense batteries through NATO partners, though many Kyiv residents remain skeptical of Trump's intentions, with one resident, Yuliia, stating "I don't believe it is real help for Ukraine... it's all about his ego." The Kremlin has responded through spokesman Dmitry Peskov, warning that such decisions would be interpreted by Kyiv as a signal to continue the conflict rather than pursue peace.
US Inflation Reaches 2.7% as Trump Tariffs Hit
The US economy experienced a notable uptick in inflation, reaching 2.7% largely influenced by the implementation of Trump-era tariffs. This development marks a significant shift in the country's economic landscape, particularly affecting consumer prices and trade dynamics.
The impact of these tariffs has created ripple effects throughout various sectors of the economy, with economists closely monitoring the situation. Federal Reserve officials have been carefully analyzing these developments to assess their implications for monetary policy, as this inflation figure exceeds their traditional 2% target rate, potentially influencing future policy decisions.
UK Government Apologizes for Afghan Data Leak, Reveals £800M Secret Relocation Scheme
UK Defence Secretary John Healey disclosed that nearly 19,000 Afghans' personal data was accidentally leaked in 2022 when a defence official mistakenly sent an email containing sensitive information. In response, the government established a secret £400 million Afghan Response Route (ARR) scheme, which has already helped relocate 900 Afghans and 3,600 of their family members to the UK.
The incident, previously concealed by an unprecedented government superinjunction, is expected to cost British taxpayers approximately £800 million in total relocation expenses. "I was deeply concerned about the lack of transparency to Parliament and the public," Healey stated during his Commons address. The defence secretary announced the closure of the ARR scheme following a review by Paul Rimmer, which concluded there was limited risk of Taliban retaliation against those named in the leak, as the Taliban likely already possessed similar information from other sources.
UK Set Up Secret Afghan Immigration Scheme After Data Leak
The British government established a confidential immigration program for Afghan nationals following a significant data breach that potentially endangered lives. The incident prompted immediate action from UK authorities, who took the unusual step of implementing media restrictions to protect those affected by the leak.
The sensitive nature of the situation required careful handling, as the data breach could have exposed vulnerable Afghans to significant risks, particularly those who had worked with British forces or organizations. The government's response included creating special immigration provisions while maintaining strict confidentiality to ensure the safety of potential beneficiaries.
Ministers Fear Riots Over Secret Afghan Asylum Scheme Made Public in UK
A major government secret has come to light following the lifting of a superinjunction, revealing that 25,000 Afghan identities were accidentally leaked by the British military in February 2022. In response, the UK government initiated an emergency resettlement program, evacuating over 4,500 Afghan soldiers and their families who had worked with UK forces, with 2,400 more eligible for relocation. The scheme, costing £400 million with a total budget of £7 billion, was kept hidden from the public through a superinjunction obtained by the previous Conservative government.
Officials are now concerned about potential civil unrest, particularly given last summer's anti-immigration riots. A Whitehall briefing revealed that 15 out of 20 primary disorder hotspots coincided with areas having the highest numbers of asylum seekers and Afghan resettlement arrivals. Defence Secretary John Healey addressed the situation, stating: "This serious data incident should never have happened. It may have occurred three years ago under the previous government, but to all those whose information was compromised, I offer a sincere apology today on behalf of the British Government."
The Small Mining Company That Won Backing From the Pentagon and Apple
In a remarkable turn of events, a relatively unknown mining company has secured significant backing from both the U.S. Department of Defense and tech giant Apple, highlighting the growing importance of critical minerals in both national security and technology supply chains. The company's strategic position in securing rare earth elements has attracted these powerful institutions, marking a significant shift in how these vital resources are being sourced and secured for future use.
The development underscores the increasing competition between major powers for control over critical mineral supplies, particularly as the U.S. seeks to reduce its dependence on Chinese rare earth elements. This partnership between a small mining operation and two of the most influential organizations in their respective sectors demonstrates the evolving landscape of strategic resource management and the growing importance of securing domestic supply chains for critical minerals.
Crypto Is Top Money Laundering Threat, Warns New EU Watchdog
The European Union's new anti-money laundering authority (AMLA) has identified cryptocurrency as the primary threat in financial crime, marking a significant shift in regulatory focus. In its inaugural risk assessment, the watchdog emphasized the growing concerns about digital assets being used for illicit financial activities.
José Manuel Campa, who chairs the European Banking Authority and is helping establish AMLA, stated "Crypto assets are the single most important risk factor we face looking forward in terms of money laundering threats." The assessment highlights the urgent need for enhanced oversight in the crypto sector, particularly as traditional financial institutions have strengthened their compliance mechanisms, pushing criminals to seek alternative methods for moving illicit funds.
Nissan to End Production at One of Japan's First Large-Scale Car Plants
In a significant move that marks the end of an era in Japanese automotive history, Nissan Motor Co. has announced plans to cease production at one of Japan's pioneering large-scale automobile manufacturing facilities. The decision reflects the broader transformation occurring in the automotive industry as manufacturers adapt to changing market conditions and the shift toward electric vehicles.
The closure of this historic facility represents a strategic realignment for Nissan, as the company focuses on modernizing its production capabilities and improving efficiency across its manufacturing network. This development is part of Nissan's wider restructuring efforts to maintain competitiveness in an increasingly challenging global automotive market, while also addressing the industry's transition toward sustainable mobility solutions.
Google and Brookfield Strike $3bn Hydro Power Deal
In a significant move towards renewable energy infrastructure, Google and Brookfield Asset Management have entered into a $3 billion deal focused on hydroelectric power facilities. This strategic partnership represents one of Google's largest investments in clean energy to date, demonstrating the tech giant's commitment to powering its operations with renewable sources.
The collaboration between the technology leader and one of the world's largest alternative asset managers marks a pivotal moment in corporate renewable energy adoption. The deal will help Google advance its ambitious goal of operating on 24/7 carbon-free energy by 2030, while allowing Brookfield to expand its renewable energy portfolio and expertise in the hydropower sector.
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