US-China Trade Talks Denied, Apple's India iPhone Plan, Alphabet Earnings

US-China Trade Relations and Tariffs

• 🇨🇳 China's foreign ministry has denied engaging in trade talks with the US, contradicting President Trump's statements and urging the US to stop misleading the public.
• 💡 Despite denials, back channels for dialogue may be operating, but achieving tangible progress on tariffs or concessions remains uncertain.
• ⚠️ China is reportedly considering suspending its 125% tariff on certain US imports, including medical equipment and industrial chemicals like ethane.
• 📉 A report suggests that existing tariffs disproportionately harm lower-income consumers, amounting to a significant tax increase for those earning under $28,600.
• 💼 Fed Governor Christopher Waller warned that reinstating aggressive tariffs could lead to increased layoffs and a rise in the unemployment rate.

Global Trade Negotiations and Agreements

• 🇯🇵 Japan is pursuing its own trade deal with the US to avoid tariffs but is hesitant to join a US-led economic bloc against China.
• 🇰🇷 The US and South Korea are aiming for a trade agreement by early July, before a 90-day tariff reprieve expires.
• 🇮🇳 Apple Inc. is planning to shift a significant portion of its US iPhone production to India by the end of next year to mitigate risks associated with tariffs and geopolitical tensions.
• 🤝 The US is seeking a trade deal framework with India focusing on e-commerce, crops, and data storage, potentially before President Trump's 100-day mark.

Corporate Earnings and Market Performance

• 📈 Alphabet Inc. (Google's parent company) reported first-quarter revenue and profit exceeding analyst expectations, driven by strong search advertising.
• 💰 Alphabet's profit was boosted by an $8 billion unrealized gain from its investment in Elon Musk's SpaceX.
• 📉 Intel provided a revenue forecast for the current quarter significantly below analyst projections, with its CFO warning that a tariff-fueled recession could harm chip demand.
• 🌍 Global stock markets showed gains, with the S&P 500 closing at a high, indicating market positivity despite trade uncertainties.

Other News and Developments

• 🕊️ Sources suggest the US will demand Russia accept Ukraine's right to an army and defense ministry as part of a peace deal, with White House envoy Steve Whit meeting Vladimir Putin.
• 🇻🇦 Heads of state and royalty are converging on Rome for Pope Francis's funeral, followed by a conclave to elect a new pope.
• 🗳️ A US judge has temporarily blocked parts of an executive order concerning US election rules, including a demand for proof of citizenship to vote.
• 🔥 A 19-year-old faces arson charges for a wildfire in southern New Jersey, believed to have started from an unextinguished bonfire.
• ⚖️ Former New York Congressman George Santos is facing a potential 87-month prison sentence for fraud charges, with sentencing scheduled today.
• 🏢 NASA is canceling the lease of its New York City climate science unit as part of a federal lease review.

Sports and NFL Draft

• 🏀 The New York Knicks defeated the Pistons 118-116, taking a 2-1 series lead in their playoff matchup.
• 🏈 In the NFL draft, quarterback Cam Ward was selected by Tennessee, Travis Hunter by Jacksonville, and Abdul Carter by the Giants, who also traded for quarterback Jackson Dart.