OPENING CALL

Stocks look poised for a partial rebound after a steep selloff on Monday, following renewed threats by Trump to fire the Federal Reserve's Jerome Powell.

Major tech stocks rose after being hit hard in the previous session.

The dollar would fall along with other U.S. assets if Powell left his post prematurely due to pressure from the president, Pepperstone said.

Safe-haven assets such as gold and the Japanese yen advanced as policy uncertainty continued.

Stocks to Watch

Calix rose 13% after adjusted earnings topped analysts' expectations.

Hertz Global fell more than 7%.

Nvidia was up 1.3%.

Watch for:

Richmond Fed Business Activity Survey for April; Earnings from GE Aerospace; RTX; Tesla; Verizon, Lockheed Martin

Today's Top Headlines/Must Reads:

- From Fake Eyelashes to Care Bears, U.S.-Bound Goods Are Stuck in Tariff Limbo

- Trump Is Laying the Groundwork to Blame Powell for Any Downturn

- Who Might Succeed Pope Francis?

MARKET WRAPS

Forex:

The dollar rose after hitting a three-year low on Monday.

The currency remains under pressure following renewed calls from Trump for interest rate cuts.

"While potential risks to Fed independence had already generated headlines in recent weeks, yesterday's market moves were the clearest sign yet of investor anxiety over the topic," Deutsche Bank said.

The euro was flat.

The currency could rise to $1.20 if the Fed caves to pressure from Trump to cut interest rates, ING said.

That is the next key resistance level for the euro after it rose above $1.15 following renewed calls from Trump for immediate rate cuts, it added.

Bitcoin rose as investors seek alternatives to the dollar, Zaye Capital Markets said.

Bonds:

Treasury yields rose.

It is too early to judge whether Trump policies will prompt investors to fundamentally reassess their exposure to the Treasury market, LBBW said.

"Foreign investors from the public sector--central banks, sovereign funds--have been on the sell side since Donald Trump's election."

However, phases of considerable net sales on the Treasury market haven't been uncommon in recent years, it added.

Energy:

Oil prices rose following Monday's slump.

"Resilient spot demand in the U.S. and China, falling Venezuela exports, and low inventories keep the physical oil market tight, supporting some recovery in timespreads valuation," Goldman Sachs said.

Investors now await the release of April flash services and manufacturing PMI as well as consumer sentiment data for more insights into the direction of the U.S. economy.

Metals:

Gold futures set a fresh record high.

The precious metal is perhaps the only remaining safe-haven asset given its relative immunity to the whims of Trump's social media account, Pepperstone said.

Base metals were mixed, with copper up but aluminum falling.

Metal prices remain suppressed overall in the wake of increasing demand headwinds, with copper and aluminum down 5.4% and 9.4% on-month respectively.

TODAY'S TOP HEADLINES

Justice Department Urges Tough Action to Break Google's Search Dominance

WASHINGTON-The Justice Department on Monday urged a federal judge to loosen Google's grip on the search-engine market by forcing a sale of its Chrome web browser, kicking off the latest phase of a landmark antitrust case.

U.S. District Judge Amit Mehta, who ruled last year that Alphabet's Google has illegally maintained a monopoly in online search, has set aside three weeks to hear arguments and testimony over what remedy he should impose to restore competition.

Nomura to Buy Macquarie's U.S., European Public Asset Management Business

Nomura Holdings plans to buy Macquarie Group's public asset management business in the U.S. and Europe for $1.8 billion in a bid to strengthen its investment management business, even amid volatile market conditions due to U.S. tariff policies.

The Japanese financial company said Tuesday that it would will buy three companies from Macquarie, based in Delaware, Luxembourg and Austria, which manage $180 billion in retail and institutional client assets across equities, fixed income, and multi-asset strategies.

Tesla Stock Is Falling. Odometers, Low-Price Cars, and Earnings Loom Over Shares.

Tesla stock lost ground on Monday as investors responded to a pair of potentially negative developments.

The electric-vehicle maker is delaying a lower-cost version of its Model Y, Reuters reported on Friday. Also, Tesla is being sued for allegedly speeding up its odometers to avoid warranty claims. It has denied the lawsuit's core assertions.

Intel's earnings outlook could be 'useless.' Here's what matters instead.

Intel Corp.'s earnings later this week are expected to show how the company is in the eye of the storm of the Trump administration's trade war with China - and with so much uncertainty around tariff policy, the company's outlook is not likely to be very useful to investors.

"Numbers really do not matter," said Mizuho Securities tech- and media-sector specialist Jordan Klein in a note to clients. "PC demand [is] at high risk from tariffs."

Asian Markets Fall on Fed Concerns

Asian stock markets were lower early Tuesday, mirroring Wall Street's performance, as investors weigh the Trump administration's threats to remove Fed chief Jerome Powell.

Japan's Nikkei Stock Average was down 0.3%, and South Korea's Kospi was 0.2% lower, weighed by chip and financial stocks.

Dow Headed for Worst April Since 1932 as Investors Send 'No Confidence' Signal

The Trump rout is taking on historic dimensions.

The Dow Jones Industrial Average shed almost 1,000 points on Monday and is headed for its worst April performance since 1932, according to Dow Jones Market Data. The S&P 500's performance since Inauguration Day is now the worst for any president up to this point in data going back to 1928, according to Bespoke Investment Group.

U.S. Slaps Steep Tariffs on Southeast Asian Solar Imports

SINGAPORE-The U.S. broadened its trade dispute with China by imposing steep tariffs on solar imports from four Southeast Asian countries where mainland manufacturers have set up factories in recent years.

Tariffs of up to 3,521% on imports of solar cells from Cambodia, Thailand, Vietnam and Malaysia would effectively make the products unmarketable to U.S. consumers. That follows a yearlong investigation by the U.S. Department of Commerce into claims by American producers that Chinese companies in those countries were dumping solar cells and panels in the U.S. at artificially low prices.

Education Department to Resume Collecting on Defaulted Federal Student Loans

The Education Department will resume collecting on defaulted federal student loans starting May 5.

Borrowers in default will receive an email notification from the Office of Federal Student Aid asking them to make a monthly payment, enroll in an income-driven repayment plan or sign up for loan rehabilitation, the department said Monday. Later in the summer, they will receive notices beginning administrative wage garnishment.

Harvard Is Suing the Trump Administration

Harvard University filed a federal lawsuit against the Trump administration Monday, arguing it has violated the university's constitutional rights by freezing billions of dollars in federal funding and imperiling its academic independence.

The suit sets up a legal showdown between America's most prominent university and the U.S. president, who has been on an escalating campaign to reorder elite higher education.

Trump Stands by Hegseth After Phone Call About Newly Revealed Signal Chat

WASHINGTON-President Trump spoke with embattled Defense Secretary Pete Hegseth and vowed to stick by him, despite new revelations that the Pentagon chief shared sensitive information about a military strike in another group chat.

Trump and Hegseth chatted on the phone Sunday after news reports detailed how Hegseth used his personal phone to place sensitive military information into a new Signal chat, and the publication of an essay by a former Pentagon spokesman detailing the "total chaos" of the secretary's leadership. The conversation was positive, officials said, noting that Trump sees no reason to remove Hegseth after only three months in the job.

Write to don.forbes@wsj.com

TODAY IN CANADA

Earnings:

West Fraser Tmber 1Q

Economic Indicators $(ET)$:

Industrial product and raw materials price indexes for March

Stocks to Watch:

CMOC Group Shares Rise in Hong Kong After Lumina Gold Acquisition News, Last Up 9.8%; Lumina Gold Has Agreed to a C$581 Million Takeover by CMOC Group

Femto Technologies Inc. Halted due to pending news

Expected Major Events for Tuesday

05:00/JPN: Mar Steel Production

08:30/UK: S&P Global UK Consumer Sentiment Index

10:00/UK: Mar Aluminium Production report

12:30/CAN: Mar Industrial product and raw materials price indexes

12:55/US: 04/19 Johnson Redbook Retail Sales Index

14:00/US: Apr Richmond Fed Business Activity Survey

17:00/US: Mar Money Stock Measures

20:30/US: API Weekly Statistical Bulletin

23:30/JPN: Feb Final Labour Survey - Earnings, Employment & Hours Worked

All times in GMT. Powered by Kantar Media and Dow Jones.

Expected Earnings for Tuesday

3M Co $(MMM.AU)$ is expected to report $1.74 for 1Q.

AmeriServ Financial Inc $(ASRV)$ is expected to report for 1Q.

BCB Bancorp Inc $(BCBP)$ is expected to report $0.22 for 1Q.

City Holding Co $(CHCO)$ is expected to report $1.85 for 1Q.

$Danaher Corp(DHR-W)$ $(DHR)$ is expected to report $1.32 for 1Q.

Dime Community Bancshares Inc $(DCOM)$ is expected to report $0.58 for 1Q.

Elevance Health Inc (ELV) is expected to report $10.71 for 1Q.

Equifax Inc $(EFX)$ is expected to report $1.01 for 1Q.

Franklin Financial Services Corp $(FRAF)$ is expected to report for 1Q.

GE Aerospace $(GE)$ is expected to report $1.36 for 1Q.

Genuine Parts Co (GPC) is expected to report $1.58 for 1Q.

(MORE TO FOLLOW) Dow Jones Newswires

April 22, 2025 06:01 ET (10:01 GMT)

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