Tech companies earnings are in season, with President Trump's erratic tariff policies possibly reflected in their financial outlooks. It starts with Tesla this week, a car company that relies on suppliers in Mexico and China for critical components like automotive glass and battery cells, is particularly vulnerable to the tariffs, with analysts projecting a mere 1% revenue growth for the first quarter and a potential decline in the second quarter. The electric vehicle maker has already reported a 13% decline in vehicle deliveries, forcing it to offer incentives and discounts to stimulate demand, which could further erode its already thinning margins. CEO Elon Musk's position could be under fire with his increasingly controversial role in the Trump administration having ignited local protests and boycotts, alienating a portion of Tesla's customer base and putting shareholders' interests on the sideline. As investors await Tesla's earnings report, they will be closely watching for any signs of how the board of directors plans to navigate the landscape and whether Musk's leadership remains tenable.

EQUITY

Post-Easter, the market opened with a frown with conflict between President Donald Trump and Federal Reserve Chair Jerome Powell, with the former demanding immediate interest rate cuts and threatening Powell's position. All three major indexes lost more than 2%, while investors expressed concerns that removing Powell would threaten the Fed's independence and drive confidence offshore, compounded by Trump's ongoing trade negotiations.

GOLD

Gold prices keep climbing off record highs, coming just shy of $3,500 per ounce in an unstoppable rally that has seen gains of more than 30% this year. Concerns about the politicisation of U.S. monetary policy and growing trade tensions between the U.S. and China are threatening the greenback hegemony, supporting shifts into physical gold.

OIL

Oil prices dropped more than 2% on Monday with concern that Iranian oil could return to the market if sanctions are retracted, while Rystad Energy noted that U.S.-China trade tensions could cut China's oil demand growth by half this year to 90,000 barrels a day. Market concerns are centred around monetary policy and tariffs potentially triggering an economic depression, with a Reuters poll showing the median probability of recession in the next 12 months approaching 50%, threatening demand.

CURRENCY

The dollar index has fallen to a three-year low, having fallen 11% in just 3 months. In return, the euro, yen, and Swiss franc had gained greatly against the dollar as substitutes for safe-haven currency. This "sell America trade" has coincided with Treasury yields rising once more, a redflag that suggests investors may view U.S. assets as more risky than ever.