Market Rundown: Gold Hits Record High Amidst Trump's Fed Criticism, Tesla Earnings Expected to Drop

Gold Reaches Record High

• 🥇 Gold prices surged to a new record of $3,500 per ounce as investors sought safe-haven assets.
• ⚠️ This surge is attributed to concerns stemming from President Trump's criticism of Fed Chair Jerome Powell and US monetary policy.

European and Asian Markets

• 📉 European shares faltered in early trade following a long weekend.
• 📈 Asian stocks, however, held their ground and recovered overnight.
• 🇺🇸 This occurred despite a flight from US assets, including the dollar and treasuries, on Monday.

Novo Nordisk Share Price Decline

• 💊 Drug giant Novo Nordisk saw its share price drop by as much as 8%.
• 🔬 This decline was triggered by positive test results for a new diabetes treatment from its US rival, Eli Lilly, which performed well against Novo's flagship drug.

Oil Prices and Economic Concerns

• 🛢️ Oil prices are on the rise, with Brent trading around $67 a barrel and WTI at $64.
• 📉 Investors are capitalizing on previous day's losses to cover short positions.
• 🌍 Concerns persist regarding economic headwinds from tariffs and potential US monetary policy that could soften future fuel demand.

Tesla Earnings and Competition

• 🚗 Tesla is expected to report a drop in first-quarter earnings.
• 📉 Analysts anticipate a sales decline in 2025 for the second consecutive year, driven by increased competition.
• 🗣️ The controversial actions of its CEO, Elon Musk, are also believed to have damaged Tesla's brand.

Walmart and Tariffs Discussion

• 🛍️ Walmart met with President Trump to discuss tariffs, as the retailer relies heavily on imported goods.
• ✅ A spokesperson described the meeting as "productive."