Tariff Dynamics: A court ruled President Trump's tariffs using IEEPA were unlawful, but an appeals court stayed the decision, keeping tariffs in effect temporarily while the administration seeks alternative legal bases, creating persistent uncertainty and "extreme whiplash" for businesses. Nvidia Performance: Reported strong Q1 revenue despite U.S. export controls on China leading to a reduced percentage of revenue from China and projected billions in losses, with growth driven by demand for its Blackwell chip and expansion into global "sovereign AI" projects, but facing geopolitical and regulatory scrutiny over its Shanghai facility and international deals. Fed Minutes: Minutes from the May meeting revealed the Fed's growing concerns about inflation and potential stagflation, particularly linked to tariffs, leading policymakers to a "wait-and-see" stance and emphasizing data dependence, acknowledging the highly uncertain impact of tariffs which could lead to "policy paralysis" or heightened caution. U.S. Economic Conditions: Q1 real GDP decreased at an annual rate of 0.2%, signaling signs of economic slowdown. April inflation data (CPI and Core CPI) showed some cooling but remains above the Fed's target, and the labor market saw higher-than-expected job gains but downward revisions to wage growth, indicating moderation within resilience. Corporate Earnings Impact: Apple expects a $900 million negative tariff impact on gross margin; HP cited increased costs from tariffs for its light outlook; Walmart and Amazon saw slowing sales growth as consumers shifted spending to services; Caterpillar's sales decrease was primarily due to changes in dealer inventories. Tech Regulatory Pressure: Texas signed an app store age verification bill, adding to the growing state-level regulatory challenges for large tech companies like Apple and Google. Google also faces ongoing antitrust scrutiny, particularly in the AI sector.

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发布日期：2025/5/30 上午11:01:38