Trump Defends Tariffs, Criticizes Fed Chair Powell; Amazon's Tariff Stance | Bloomberg Daybreak

Trump's 100-Day Rally and Economic Policies

• 🇺🇸 President Trump marked his 100th day in office with a rally in Michigan, emphasizing his commitment to an "America First" agenda.
• 🗣️ He defended his policy of sweeping tariffs, claiming they will stimulate economic growth and bring manufacturing jobs back to the US.
• 🎯 Trump criticized Federal Reserve Chairman Jerome Powell, stating he believes he knows more about interest rates and that Powell is "not really doing a good job."
• 🚗 A temporary 2-year reduction in tariffs on foreign parts for cars made in the US was signed, though broader tariff plans, including a 145% levy on Chinese imports, remain.

Amazon's Response to Tariff Display

• 🚫 Amazon announced it will not display the cost of US tariffs on products after criticism from the White House and a call from President Trump to Jeff Bezos.
• 💡 The company stated that displaying tariff costs was never a consideration for its main site and has not been implemented on any Amazon properties.
• 🗣️ President Trump described his call with Jeff Bezos as positive, stating Bezos was "terrific" and "solved the problem very quickly."

Market and Earnings Outlook

• 📉 Futures were lower following six consecutive days of gains on Wall Street.
• 📊 Microsoft and Meta were set to release earnings after the closing bell, with cautious optimism surrounding Big Tech.
• ⚠️ Concerns exist about Microsoft's Azure cloud computing unit growth potentially decelerating, impacting fourth-quarter guidance.
• 📉 Shares of Super Micro Computer, Snap, and Starbucks saw significant drops following their earnings reports due to missed estimates, scaling back targets, and macroeconomic headwinds.

Global Economic and Automotive Impact

• 🇨🇳 China's factory activity slipped into its worst contraction since December 2023, with economists forecasting a significant economic slowdown and potential stimulus.
• 🚗 European automakers like Stalantis and Mercedes-Benz Group have scrapped their financial guidance due to Trump's tariffs, citing supply chain disruptions and rising car prices.
• 📊 Volkswagen maintained its outlook but warned it does not factor in the impact of the tariffs.

Other News and Sports Updates

• ⚖️ The first accuser in the Harvey Weinstein sexual assault retrial, Miriam Haley, testified about an alleged assault in 2006.
• ⛈️ Severe weather and possible tornadoes caused destruction in Missouri, with flood threats extending to Minnesota.
• 🇻🇦 Over 130 cardinals are set to gather for the conclave to choose the next pope, with expectations of a successor who supports Pope Francis's legacy.
• 🏀 In sports, the Knicks lost to the Pistons, the Celtics defeated Orlando, Indiana ousted Milwaukee, and Denver beat the Clippers in the NBA playoffs.
• 🏒 The Devils were eliminated by Carolina in overtime in the NHL playoffs, while Ottawa, Edmonton, and Vegas also won.
• ⚾ The Mets, Yankees, and Red Sox secured wins in baseball, while the Nationals lost.