OPENING CALL

Stock futures fell Monday on continued tariff uncertainty.

Investors will get plenty of fresh data this week, including the first jobs report covering a period after Trump's Liberation Day tariffs announcement and an early readout on growth in the first three months of the year.

Four of the Magnificent Seven tech stocks- Amazon, Apple, Meta Platforms and Microsoft -are set to headline a busy week for earnings.

Stocks to Watch:

Spire Global completed the sale of its maritime business and used the proceeds to pay off debt. Shares rose 6.2%.

WW International received a letter from an activist investor arguing against a chapter 11 bankruptcy filing. Activist investor Galloway Capital Partners said filing for bankruptcy wouldn't make sense. Shares climbed 168% before retreating 3% after the close.

Watch For:

Housing Vacancies for 1Q

Today's Headlines/Must Reads:

-Higher Treasury Yields Underscore a Problem for the National Debt

-Trump Upended the Country in His First 100 Days: What's Next?

-Inflation Fear Is Making Some People Spend More-and Others Less

MARKET WRAPS

Forex:

The dollar edged higher, starting the week with some optimism, Barclays said.

The dollar could also benefit from month-end rebalancing flows, it added.

Demanding a weaker dollar may be a risky approach for the Trump administration, Sony Financial Group said.

"There's a possibility of another sell-off of Treasurys, and there's a high probability that U.S. import prices will rise, accelerating inflation, if the dollar weakens across the board."

The euro was likely to trade within a range of $1.13 and $1.14 for the time being, ahead of key economic data and high-profile U.S. earnings, ING said.

The ECB's survey on inflation expectations on Tuesday could show a decline in concerns over price pressures.

However, eurozone April inflation data on Friday could show a pick-up in core inflation, it said.

Bonds:

Treasury yields edged lower.

"The recent market dynamics are likely to extend at the start of the week with U.S. Treasurys underpinned, Bunds consolidating and spreads tightening, before a high-profile global data cluster provides a reality check on Wednesday," Commerzbank said.

The dollar and Treasurys were more of a concern than the economy or the stock market, Reichmuth & Co's said.

European countries were now questioning the safety of their dollar reserves, it said.

Energy:

Oil prices edged higher, but lingering uncertainty over trade talks and the prospect of increased OPEC+ supply continue to cast a shadow on the overall outlook, ANZ said.

"An agreement between the U.S. and China appears someway off."

Gas

Natural-gas prices fell on easing concerns over supplies during the storage injection season, ANZ said.

"Weaker demand in Asia reverberates around the world."

An increasing number of LNG cargoes are being redirected to Europe, it said.

Metals:

Gold prices slid on Friday.

The most interesting point for markets is that buying demand from Asia appears to have dried up, at least for the time being, Pepperstone said.

This could suggest more downside pressure in the near-term.

Given intense market uncertainty and volatility elsewhere, gold still looks like the best safe-haven bet on offer.

TODAY'S TOP HEADLINES

Airbus Reaches Deal to Buy Spirit AeroSystems Plants

Airbus agreed to acquire some Spirit AeroSystems facilities that make parts for its jets, moving to take direct control of production in a bid to stabilize supply chains after months of disruption.

The companies said Monday that they had entered into a definitive deal for Airbus to take over several of Spirit's plants in the U.S., Europe and Africa that produce fuselage sections and other components for Airbus's commercial aircraft.

China's Huawei Develops New AI Chip, Seeking to Match Nvidia

SINGAPORE-Huawei Technologies is gearing up to test its newest and most powerful artificial-intelligence processor, which the company hopes could replace some higher-end products of U.S. chip giant Nvidia.

The steady advance by one of China's flagship technology companies points to the resilience of the country's semiconductor industry despite efforts by Washington to stymie it, including by cutting off access to some Western chip-making equipment.

Goldman Sachs Offers Advice on Tariffs to Countries Scrambling to Please Trump

South Africa knew tariffs from the U.S. were coming and wanted to figure out how to appease President Trump. So it turned to Goldman Sachs.

Since late February, South African leaders including President Cyril Ramaphosa have held conversations with the bank about trade and improving relations with the U.S., people familiar with the matter said. One piece of advice Goldman gave to the president: consider changing a law, even at the margins, that requires Black ownership of some companies, and another that allows the government to seize property from landowners to address racial disparities.

Moscow, Pyongyang Acknowledge Presence of North Korean Troops in Ukraine Conflict for First Time

SEOUL-North Korea and Russia acknowledged for the first time the deployment of North Korean troops in the Ukraine conflict, a sign of the deepening military alliance and mutual-defense pact between Pyongyang and Moscow.

According to Ukrainian officials, North Korea dispatched around 12,000 soldiers to Russia last fall. Seoul officials reported that Pyongyang sent an additional 3,000 soldiers this year. Ukrainian and South Korean officials have said most of the North Korean troops were deployed in Kursk, the region in southern Russia that was partly occupied by Ukrainian troops last summer.

Israel Pressured to Lift Aid Ban as Food, Fuel, Clean Water Dwindle in Gaza

JERUSALEM-Humanitarian supplies are running out in Gaza after almost two months of an Israeli blockade, spurring debate among officials here over how to turn the spigot back on while maintaining pressure on Hamas.

No aid or commercial goods have been allowed to enter the strip since early March, the longest Israel has ever kept the territory under siege since the war began. The blockade followed a two-month cease-fire and surge of goods that allowed many aid groups and households to stock up, but now they are rapidly running out of everything-flour, fuel, protein bars, tents and even containers to hold clean water.

Elite Universities Form Private Collective to Resist Trump Administration

Leaders of some of the nation's most prestigious universities have assembled a private collective to counter the Trump administration's attacks on research funding and academic independence across higher education, according to people familiar with the effort.

The informal group currently includes about 10 schools, including Ivies and leading private research universities, mostly in blue states. Strategy discussions gained momentum after the administration's recent list of demands for sweeping cultural change at Harvard, viewed by many universities as an assault on independence.

These GOP Lawmakers Could Sink Trump's 'Big Beautiful' Tax Bill

WASHINGTON-Republicans pushed President Trump's "big, beautiful" tax and spending package closer to the finish line with votes earlier this month approving a budget framework. But as lawmakers return to work this week, hard intraparty fights remain in writing and ironing out the multitrillion-dollar package.

Most GOP lawmakers are on board with the broader plan to extend expiring pieces of the 2017 tax law, introduce new tax breaks such as "no tax on tips," boost border spending and cut other government outlays. Speaker Mike Johnson (R., La.) wants to get the bill finished by Memorial Day. Still, fights are smoldering over the details, and several small groups of lawmakers have painted certain issues as nonnegotiable.

Write to nina.kienle@wsj.com

TODAY IN CANADA

Earnings:

Nothing major scheduled

Economic Indicators $(ET)$:

Nothing major scheduled.

Stocks to Watch:

Pineapple Financial Offering Up to 17.6M Units Consisting of Stock and Warrants

Other News:

Canada Federal Elections

Expected Major Events for Monday

10:00/UK: Apr CBI Distributive Trades Survey

10:00/FRA: 1Q Claimant count and job advertisements collected by France Travail

14:00/US: 1Q U.S. Housing Vacancies

14:30/US: Apr Texas Manufacturing Outlook Survey

17:59/UK: Mar Adzuna UK Job Market Report

23:01/UK: Mar Zoopla House Price Index

23:01/UK: Apr Shop Price Index

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

Expected Earnings for Monday

Alerus Financial Corp (ALRS) is expected to report $0.44 for 1Q.

Alexandria Real Estate Equities Inc $(ARE)$ is expected to report $0.66 for 1Q.

Alliance Resource Partners LP (ARLP) is expected to report $0.48 for 1Q.

Bank of Marin Bancorp $(BMRC)$ is expected to report $0.32 for 1Q.

BankUnited Inc (BKU) is expected to report $0.74 for 1Q.

Bogota Financial Corp (BSBK) is expected to report for 1Q.

Brown & Brown Inc $(BRO)$ is expected to report $1.12 for 1Q.

Cadence Design Systems Inc $(CDNS)$ is expected to report $0.99 for 1Q.

California First Leasing Corp (CFNB) is expected to report for 1Q.

Coastal Financial Corp (CCB) is expected to report $0.86 for 1Q.

Crane Co $(CR)$ is expected to report $1.32 for 1Q.

Domino's Pizza Inc $(DPZ)$ is expected to report $4.20 for 1Q.

Enservco Corp (ENSV) is expected to report $0.04 for 4Q.

Enterprise Financial Services Corp $(EFSC)$ is expected to report $1.17 for 1Q.

F&M Bank Corp (FMBM) is expected to report for 1Q.

Golden Matrix Group Inc $(GMGI)$ is expected to report $-0.02 for 1Q.

Heartland Financial USA Inc $(HTLF)$ is expected to report $1.01 for 1Q.

InMode Ltd $(INMD)$ is expected to report $0.32 for 1Q.

Lake Shore Bancorp $(LSBK)$ is expected to report for 1Q.

LiveOne Inc (LVO) is expected to report $-0.04 for 4Q.

Northwest Bancshares Inc (NWBI) is expected to report $0.24 for 1Q.

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April 28, 2025 06:01 ET (10:01 GMT)

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