On April 15, US stock markets opened with slight gains. 

The S&P 500 Index, which had risen for two consecutive days, saw a minor decline. 

As of 09:38 AM, ET (or 04:38 PM in Riyadh), the broad-based S&P 500 index(SPX.US) gains momentum by 18 points or 0.34% to 5,424, the tech-heavy NASDAQ(IXIC.US) gains 59 points or 0.35% to 16,890, and the blue-chip Dow Jones Industrial Average(DJI.US) elevates by 95 points or 0.23% to 40,619.

Investors continued to monitor changes in US trade policies under US President Trump alongside the latest batch of corporate earnings reports. Reports suggest Trump is considering a change in Federal Reserve leadership. 

Additionally, the US announced an investigation into imports of chips and electronic products, potentially paving the way for new tariffs.

Trump’s Tariff Policies Remain in the Spotlight

On April 11, US Customs announced exemptions from "reciprocal tariffs" for integrated circuits, communication equipment, smartphones, and display modules, following a memorandum signed by Trump. 

This policy initially boosted the stock market. 

However, on April 13, Commerce Secretary Wilbur Ross stated that these exemptions were temporary and that these products would soon be subject to "semiconductor tariffs," expected to be implemented within one to two months.

Trump has long threatened tariffs on semiconductors without specifying the scope. He has already imposed tariffs on steel, aluminum, and automobiles, with plans for new tariffs on auto parts and copper. Trump also indicated potential modifications to tariffs on car and auto parts imports from Mexico, Canada, and other regions.

Market reactions have been mixed. Some analysts remain cautious due to the uncertainty surrounding Trump's tariff policies, which continue to cast a shadow over global economic prospects. The Commerce Department is advancing new trade investigations into semiconductor and pharmaceutical imports, potentially broadening the trade war's impact.

Corporate Earnings and Federal Reserve Leadership

The US earnings season has begun, with companies like Bank of America Corporation(BAC.US) and Johnson & Johnson(JNJ.US) reporting better-than-expected results. Despite recent volatility caused by Trump's tariff policies, some corporate executives suggest that the current earnings reports may not fully reflect the impact of these new tariffs.

In addition to trade policies, markets are also focused on reports that Trump wants to replace Federal Reserve Chairman Jerome Powell. Treasury Secretary Scott Bessent confirmed that potential candidates for the next Fed chair are being considered, with interviews planned for the fall. This speculation has added to the financial market's uncertainty.

Trump has long been critical of Powell’s monetary policies, particularly interest rate decisions. Under Powell, US inflation is on a downward trajectory, but his efforts are now threatened by Trump's trade war. The market is watching closely to see if Powell will maintain a hawkish stance or yield to market pressures for an early rate cut.

Economic Data and Market Sentiment

Recent economic data shows mixed signals. According to the Bureau of Labor Statistics, US import prices fell by 0.1% in March, while export prices remained flat. The San Francisco Fed's latest research indicates that while unemployment is rising slowly, other labor market indicators are flashing recession warnings.

A Bank of America survey revealed that fund managers are the most pessimistic about the economic outlook in 30 years, although this sentiment has not yet been fully reflected in their asset allocations, suggesting potential further stock market sell-offs.

US President Trump posted on Truth Social that, given NVIDIA Corporation(NVDA.US)'s investment commitments in the US, "all necessary permits will be expedited and swiftly delivered" to the company. On Monday, NVDA CEO Jensen Huang announced plans to build US$500 billion worth of AI infrastructure in the US within four years.

Tesla Motors, Inc.(TSLA.US) CEO Musk stated on the X platform on Tuesday that TSLA is about to achieve a universal, pure AI full self-driving (FSD) solution. This technology will rely entirely on cameras and TSLA's self-developed AI chips, driven by AI software developed by the company. This aligns with TSLA's long-held vision of achieving autonomous driving solely through vision. Musk emphasized that this marks the first time a universal, pure AI solution for full self-driving is imminent.

According to media reports, Apple Inc.(AAPL.US) CEO Cook recently explained in an interview why the company remains committed to manufacturing in China. He stated that AAPL's choice of China is not due to low costs but because no one else can match it. Cook noted that what truly attracts AAPL is the "density of skills" in China.

Bank of America Global Research has lowered Microsoft Corporation(MSFT.US)'s target price from US$510 to US$480. JPMorgan analyst Samik Chatterjee maintained a buy rating for AAPL but reduced the target price from US$270 to US$245. UBS analyst Karl Keirstead also maintained a buy rating for MSFT and lowered the target price from US$510 to US$480. 

Morgan Stanley analyst Brian Nowak maintained a buy rating for Amazon.com, Inc.(AMZN.US) and reduced the target price from US$280 to US$245.

Boeing Company(BA.US) CEO warned that delivery delays of the company's aircraft might occur due to supply chain issues. 

Netflix, Inc.(NFLX.US) announced a goal of achieving a US$1 trillion market cap by 2030. 

LM Ericsson Telefon AB Sponsored ADR Class B(ERIC.US)'s adjusted EBIT for the first quarter exceeded expectations. Total expects refining margins to rise in Q1. 

Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR(TSM.US) plans to begin small-scale production of panel-level advanced semiconductor packaging by 2027.