Preview of US Stock Market | The three major stock index futures all fell together, with the US dollar briefly falling below 98, and gold broke through $3400 for the first time.

1. Before the market opening on April 21 (Monday), the futures of the three major US stock indexes all fell. As of the time of writing, Dow Jones futures fell by 1.10%, S&P 500 index futures fell by 1.31%, and Nasdaq futures fell by 1.74%. 2. As of the time of writing, Germany's DAX index fell by 0.49%, the UK's FTSE 100 index was slightly up, France's CAC 40 index fell by 0.60%, and the Euro Stoxx 50 index fell by 0.63%. 3. As of the time of writing, WTI crude oil fell by 2.45% to $62.44 per barrel. Brent crude oil fell by 2.30% to $66.40 per barrel. Market News Trade war boosts safe-haven demand, spot gold breaks through $3400 per ounce, and the US dollar index fell below 98 at one point. Due to the trade war led by the US supporting demand for safe-haven assets, the price of gold has risen to record levels, and upcoming data releases may highlight early signs of damage to the global economy. As of the time of writing, spot gold broke through the $3400 per ounce level. The market expects the International Monetary Fund to lower its economic growth outlook on Tuesday, and the following day's Purchasing Managers Index will provide an indication of economic activity since US President Donald Trump introduced tariffs. The trade conflict has disrupted global markets, dampening interest in risk assets while boosting demand for safe-haven assets, causing gold prices to reach new highs this year. In the past 12 weeks, the holdings of exchange-traded funds (ETFs) supported by gold have continually increased, marking the longest period since 2022. In addition, the US dollar index fell below 98 on Monday for the first time since March 2022. The trend of US stocks this week still depends on the "mood" of tariffs, with heavy earnings reports from Alphabet Inc. Class C (GOOGL.US) and Tesla, Inc. (TSLA.US). The inconsistent tariff policies of the Trump administration have put pressure on the stock market. Last week, the Dow fell by 2.66%, the Nasdaq fell by 2.62%, and the S&P 500 index fell by 1.5%. In the upcoming week, Trump's policies will continue to be the focus of the market, while several S&P 500 index component companies will announce quarterly earnings. Earnings reports from Alphabet Inc. Class C (GOOGL.US), Tesla, Inc. (TSLA.US), Chipotle Mexican Grill (CMG.US), Boeing Company (BA.US), and Verizon (VZ.US) will lead the market this week, with over 120 S&P 500 index component companies expected to release quarterly earnings. The US economic data for this week is relatively calm, focusing mainly on manufacturing and service activity as well as consumer confidence data. Tariffs have sparked discontent among the American people, with Trump's economic approval rating hitting a new low. A survey of 1,000 Americans showed that President Donald Trump's net approval rating for handling economic issues has turned negative for the first time. 53% of respondents disapprove of Trump's stance on the economy, while 43% approve. Overall, 44% of respondents approve of Trump's performance as president, while 51% do not, which is slightly better than the end of Trump's first term. Trump's Republican base remains steadfast in their support for him. Blue-collar workers still have a positive view of Trump's handling of the economy, but their disapproval rate has increased by 14 percentage points compared to the average level of Trump's first term. Blue-collar workers were key to Trump's victory. Trump continues to pressure Powell! Chicago Fed President warns: Do not restrict Fed independence. After recent continuous pressure from US President Donald Trump on Federal Reserve Chair Jerome Powell, Chicago Fed President Austan Goolsbee warned against attempts to restrict the Fed's independence. In a program, Goolsbee said, "Economists almost universally believe that monetary independence is not subject to political interference, that is, the Fed or any central bank can do what it needs to do, and that is really important." Goolsbee said, "I strongly hope that we don't get into an environment where monetary independence is questioned. This will undermine the Fed's credibility." He added that in countries where the central bank lacks monetary independence, "the fact is that inflation is higher, economic growth is slower, and the job market is worse." Trump ally "defects" to support Powell: No president has the right to dismiss the Fed Chair. Recently, US President Donald Trump has increased his criticism of Federal Reserve Chair Jerome Powell. Last Thursday, Trump publicly expressed his dissatisfaction with Powell. On Friday, National Economic Council Director Kevin Hassett emphasized that he will "study" whether the US president has the authority to remove the Fed Chair. Later that day, Trump accused Powell of refusing to cut interest rates. However, on Sunday, Republican Senator John Kennedy of Louisiana said in an interview that he believes Powell will not resign. "I don't think any president, any president, has the right to remove the head of the Fed," Kennedy said. "The Fed should maintain its independence." Kennedy went on to suggest that Trump and Powell "should sit down and have a hot cocoa and communicate well." Stock News Tesla, Inc. (TSLA.US) has a major warning again: Musk needs to leave DOGE. Wedbush Securities analyst Dan Ives has once again sounded the alarm for Tesla, Inc., warning that as the electric car maker prepares to announce its first-quarter earnings on Tuesday, CEO Elon Musk also faces a dilemma. Ives said in a report on Sunday, "Musk needs to leave the Trump administration, significantly reduce his involvement in the Department of Government Efficiency (DOGE), and return full-time to his role as CEO of Tesla, Inc. Tesla, Inc. is Musk, and Musk is Tesla, Inc..... Anyone who thinks that the damage Musk is causing to the brand isn't real.... should talk to car buyers in the US, Europe, and Asia.... After those discussions, you will have a different perspective."In the face of uncertainty impact, Volvo's U.S. factory is planning to lay off 800 employees. Due to uncertainty about how President Trump's tariff policies will affect demand, Volvo plans to lay off up to 800 workers at its three factories in the United States in the coming months. Trump's tariff policies have seriously disrupted the automotive industry, which now faces the daunting challenges of rising costs and supply chain disruptions. According to reports, Volvo has informed employees that it will lay off 550-800 workers at its Mack Trucks factory in Macungie, Pennsylvania, as well as two Volvo factories in Dublin, Virginia, and Hagerstown, Maryland. Media quoted a spokesperson as saying that Volvo needs to adjust its production to accommodate the decrease in demand for its cars. According to the Volvo website, the company has nearly 20,000 employees in North America."Made in America" Delayed for Tesla, Inc. (TSLA.US)? Low-cost Model Y may be postponed to next year. Tesla, Inc.'s highly anticipated affordable car plan has hit a snag, as the production of the low-cost version of Model Y in the U.S. will be delayed by several months. Media reports on Friday Eastern Time stated that Tesla, Inc. had originally promised to launch a more affordable electric vehicle in the first half of this year, but the production plan in the U.S. has now been postponed. It is expected that the production time for this low-cost version of Model Y (internally codenamed E41) will be delayed until the third quarter to early next year, significantly later than Tesla, Inc.'s publicly committed timeline. Currently, the price of the long-range all-wheel drive version of Model Y in the U.S. market is around $49,000 (excluding a $7,500 tax credit). Previous reports indicated that the upcoming E41 will be smaller than the current Model Y, with production costs expected to be reduced by 20%. Astrazeneca PLC Sponsored ADR (AZN.US) breast cancer type 1 innovative drug approved in China. On April 18th, the latest announcement on the official website of the National Medical Products Administration (NMPA) of China stated that Astrazeneca PLC Sponsored ADR's type 1 innovative drug capivasertib tablets have been approved for marketing. This product was approved by the U.S. FDA in November 2023 (under the brand name Truqap) for the treatment of hormone receptor (HR) positive, human epidermal growth factor receptor 2 (HER2) negative advanced or metastatic breast cancer in adult patients. Important Economic Data and Events Preview 8:30 PM Beijing Time: 2025 FOMC voting committee member and Chicago Fed President Gulsby will be interviewed by CNBC. 10:00 PM Beijing Time: U.S. March Conference Board Leading Indicators Month-over-month. To Be Determined: 2025 World Bank and IMF Spring Meeting. Earnings Forecast Before Tuesday Market Opens: GE Aviation (GE.US), Verizon (VZ.US) After Tuesday Market Closes: Tesla, Inc. (TSLA.US), SAP (SAP.US)