May 8 Daily Updates

Trump stated that the U.S. will reach its first trade agreement with the UK today. Reports suggest the U.S. government is considering scrapping Biden-era chip export control tiers, easing restrictions on Gulf nations, and replacing them with new regulations or trade agreements.

Here are the projected costs from tariffs and chip export controls reported by companies:

• Apple expects a $900M impact next quarter

• Ford projects $1.5B for the full year

• Toyota estimates $1.3B for April–May

• Nvidia has written down $5.5B in inventory losses

• AMD has written down $1.5B

Markets gapped up significantly in premarket trading, but SPY remains below key resistance highlighted earlier this week. The open tested the $568 area, with overhead resistance still at the 200-day moving average ($570) and prior highs near $575. The index is now range-bound just below the 200-day line for the 6th session, and although the past two weeks have seen strong gains, bulls remain resilient overall.

Quantum-related stocks like QBTS, RGTI, and QUBT are leading in premarket gains, while cloud stocks continue their strong performance. AI application stock APP surged 14% despite a short-seller report, following a major earnings beat. TEM also spiked post-earnings. ARM beat on earnings but issued weak guidance, sending shares down 8%. SHOP widened losses, dropping 9%. The healthcare sector continued to slide, reacting negatively to the appointment of an anti-vaccine figure as the new head of the FDA.

Intraday, continue to watch key tech leaders:

• GOOGL fell sharply yesterday intraday on Apple’s launch of AI Search; support around $145, resistance near $155

• NVDA broke above $115 premarket, next resistance ~$125

• MSFT remains below $440

• TSLA faces resistance around its 200-day MA at ~$290

• AMZN needs to clear its post-earnings high to move higher

• META is consolidating just above the 200-day and mid-term MAs; resistance near $608.....