NewsWare’s Trade Talk: Friday, May 9

S&P Futures are positive higher this morning. Trade talks between the U.S. and China this weekend are in focus. President Trump indicated a major announcement this weekend and indications are that the White House will be lowering its tariffs on China, but they will likely remain elevated. Interesting data point were the figures on China exports which came in positive by 1.8% for April. Apparently, goods were rerouted to various Asian countries and away from the U.S. as exports to the U.S. tumbled. The Trump administration is likely to rescind some of the Biden-era AI chip curbs. Fed Speak highlights the economic calendar today as there are a host of Fed officials scheduled to talk today. Fed governor Adriana Kugler spoke this morning and indicated that unemployment at 4.2% is likely near the Fed's maximum unemployment goal. On the earning front, MCK, NET, DKNG, TKO, TTD, PINS & MCHP are higher after their earnings announcements.