Stocks Key Facts • Nvidia is preparing to report its earnings next week and is described as the market's most important stock. • The upcoming week is expected to see significant earnings momentum, with market themes emerging that could compete with Nvidia for investor attention. 1 sources Macro Economy Key Facts • Trump has increased global tariffs to a level of 15%. • The move comes as a response to a ruling by the Supreme Court. Geopolitics Key Facts • Trump is building the largest military force outside Iran since 2003. • A military conflict could cause gasoline prices to double from $2.50 to $5.00 per gallon. 1 sources Commodities Key Facts • Crude oil prices are maintaining levels near a six-month high. • Geopolitical tensions and falling inventories are the primary drivers supporting prices. 1 sources Crypto Key Facts • Blue Owl Capital (OWL) shares tumbled nearly 15% within a week. • The firm was forced to liquidate $1.4 billion in assets to meet investor redemption requests. • The liquidation stems from investors exiting one of the firm's private credit funds. 1 sources Central Banks Key Facts • Jerome Powell acknowledges that the Federal Reserve's balance sheet has become too large. • Kevin Warsh has proposed a plan to reduce the balance sheet to normalize monetary policy. • The primary challenge is executing the reduction plan without triggering market panic or volatility. 1 sources Key Facts • US equities' share of global equity flows fell to just $26 for every $100, down from a peak of $92 in 2022. • US equity flows have reached their lowest share of global flows since 2020 according to the "Flow Show" report. • Global capital is migrating toward cheaper, growth-oriented markets in Europe, Japan, and Emerging Markets. 1 sources Key Facts • Sentiment on the Magnificent 7 and software stocks has been very negative lately, leading to significant underperformance. • Perceived headwinds for these stocks are tied to developments in the artificial intelligence space. 1 sources Key Facts • Berkshire Hathaway was a net seller of stocks during Warren Buffett's final quarter as CEO. • The company continued to reduce its large stakes in Apple and Bank of America. • Berkshire significantly slashed its already modest holding in Amazon.com. 1 sources Key Facts • The FDA announced that its new default standard for drug approvals will be a single clinical trial instead of two. • The two-study standard dates back to the early 1960s, though the agency has exercised flexibility in fields like oncology in recent years. • The reform is being rolled out alongside an initiative to collect robust post-market data on drugs and devices. 1 sources Key Facts • Grail's stock fell by 50% following the failure of a key clinical trial. • The 'Galleri' early-detection cancer test failed to meet its primary endpoint in the trial. • Grail's stock was the Nasdaq's biggest loser on Friday. Key Facts • The US Supreme Court issued a landmark decision against tariffs imposed by Trump. • Uncertainty prevails regarding long-term impacts as the economy and markets adjust to the changing landscape. Key Facts • The Supreme Court ruled that tariffs imposed by Trump are illegal. • Costco is expected to gain significantly both financially and in reputation following the ruling. • Costco's actions, including fighting tariffs, are viewed as a strategy to serve the customer. 2 sources Key Facts • The Supreme Court struck down most of the Trump administration’s tariffs, resulting in a loss of government revenue. • Economists warn that this decision will increase pressure on the U.S. federal debt outlook. 2 sources Key Facts • Tech giants have committed billions of dollars in investments toward India's artificial intelligence sector. • The India AI Impact Summit was held in New Delhi, attended by world leaders and tech executives. • The Indian government is pushing for the country to achieve AI superpower status. 1 sources Key Facts • Trump is considering limited military strikes against Iran. • Trump stated that Tehran should negotiate a 'fair deal'. • An Iran expert warns that Iran would treat any kinetic action as an existential threat. 1 sources Key Facts • The NY Times reported that hundreds of troops have been evacuated from Al Udeid base in Qatar and bases in Bahrain. • US officials via Fox News Pentagon correspondent denied that evacuations are taking place. • The moves come amid fears of Iranian ballistic missile retaliation against US bases. 1 sources Key Facts • A 9.2-gigawatt natural gas power plant is planned for Portsmouth, Ohio, potentially becoming the largest gas-fired facility in the US. • The project is part of a $36 billion initial investment package under a $550 billion long-term strategic framework between Washington and Tokyo. • The project will receive Japanese government funding as part of a joint US-Japan investment initiative. 1 sources Key Facts • US spot Bitcoin ETFs recorded five consecutive weeks of net outflows. • Total outflows during this period reached $3.8 billion. • Last week alone saw $315.9 million leaving the ETFs. 2 sources Key Facts • The SEC has moved to let broker-dealers treat stablecoins as regulatory capital. • This change is part of an unofficial policy shift under an initiative called 'Project Crypto'. • The shift could have significant implications for how crypto is integrated into traditional financial infrastructure. 1 sources