The statue of former Treasury Secretary Albert Gallatin stands in front of the north wing of the U.S. Treasury Department headquarters building on April 24, 2025, in Washington, DC, U.S.
- Moody’s Ratings cut the United States’ sovereign credit rating down one notch to Aa1 from Aaa.
- Retail sales in China grew 5.1% in April from a year earlier, lower than the 5.5% expected by a Reuters poll and March’s figure of 5.9%.
- All major U.S. indexes rose Friday, ending the week sharply higher. Asia-Pacific markets fell Monday.
- Nvidia denied it is sending chip designs to China after new U.S. export curbs.
- Former U.S. President Joe Biden on Friday was diagnosed with prostate cancer.
- One firm received certification from Chinese authorities to fly pilotless planes.
U.S. stocks popped last week on the back of a trade truce between America and China, in which they . Technology stocks soared, with Tesla and Nvidia leading the pack. Absent new developments on the tariff front, however, it's unclear if this buoyant sentiment can last.
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For one, the U.S.' credit rating was downgraded by Moody's Ratings to the second highest. This means investors could demand higher returns for U.S. Treasurys amid their ostensibly lower trustworthiness. Rising Treasury yields, in turn, could pressure stocks. Even though Moody is merely the to join Standard & Poor's and Fitch Ratings in bumping down the U.S. from the top rating — which did so in 2011 and 2023 respectively — it might send another crack through an already fragile stock market.
Although Nvidia was one of the winners of last week's rally, it is still contending with chip export restrictions to China and increased scrutiny over its business activities. That's a big deal because China's artificial intelligence sector is "" that of the U.S., and will probably within three years, according to Nvidia CEO Jensen Huang. Losing out on that market would be a "tremendous loss," he added.
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Whether last week's rally can be sustained will rely, then, on the headlines that will come from the White House this week.
What you need to know today
Moody's cuts U.S.' credit rating
Ratings cut the United States' down , which is the highest possible, citing the growing burden of financing the federal government's budget deficit and debt. Treasury Secretary Scott Bessent on Sunday called the downgrade a "," claiming it reflects conditions during the Biden administration.
Money Report
China's retail sales disappoint
from a year earlier, lower than the 5.5% expected by a Reuters poll and , suggesting the spending habits of consumers are still muted. Industrial output rose 6.1% in April on an annual basis — while that slowed from March's 7.7% jump, it beat estimates of 5.5%, defraying some fears that U.S. tariffs would severely depressing factory activity in China.
Winning week for U.S. stocks
. For the week, the surged 5.3% and the climbed 3.4%. The popped 7.2% on the back of such as and , which jumped 17% and 16% respectively on the week. evening stateside. . Mainland China's CSI 300 lost roughly 0.3% on downbeat retail sales figures from Beijing.
Nvidia denies sending chip designs to China
Following a in the Financial Times that Nvidia is working on a research and development center in Shanghai in light of , the chipmaker told C온라인카지노사이트 it is " to be modified to comply with export controls." A source familiar with the matter told C온라인카지노사이트 that the company is leasing new space for current employees, but is not sending any IP or GPU designs there.
Biden diagnosed with prostate cancer
Former U.S. President Joe Biden on Friday was diagnosed with an , his office said on Friday. "The cancer appears to be hormone-sensitive which allows for effective management," his office added.
[PRO] China certifies pilotless plane
As companies like Tesla and -owned Waymo seek to be the first on the market with driverless cars, one company received certification from China this week to fly pilotless planes. says it's .
And finally...
When Gilberto Loureiro spent summers working in a textile factory as a teenager growing up in Portugal, he discovered that he felt "hate and love" for how clothes were produced.
"I really love the textile industry and problem solving, but I hate this … inspection working and inefficiencies and the waste. It's really one of the most difficult jobs in the world," Loureiro told C온라인카지노사이트 via video call.
After taking a master's degree in physics, he co-founded of Smartex, a tech company that uses cameras, vision software and artificial intelligence to spot defects in textiles during their production, and therefore reduce the proportion of fabric going to waste. Loureiro claims the technology has of fabric from going to waste in the past three years.
