Markets await new Trump Fed pick

Group 1: Market Reactions and Economic Indicators - US futures are losing ground ahead of President Trump's announcement regarding the new Fed chair, with Kevin Walsh reportedly the pick [1] - Apple reported a 16% increase in first-quarter revenue, driven by strong demand for the iPhone 17, but faces supply chain issues that may impact margins [3][4] - Adidas shares rose over 6% in pre-market trading after reporting record annual sales and more than doubling operating profit in Q4 [1] Group 2: Federal Reserve and Interest Rates - The nomination of Kevin Walsh as Fed chair could enhance the credibility of the Fed, potentially influencing interest rate decisions [2] - Current expectations suggest the Fed may cut interest rates once or possibly twice in 2026, given the strong economy and persistent inflation [2] - The Fed's balance sheet currently stands at $6.6 trillion, and any tightening could have implications for US markets [2] Group 3: Technology Sector Dynamics - Microsoft experienced a significant drop in stock value due to disappointing cloud revenue growth, losing approximately $400 billion in valuation [2] - The market is becoming more discerning regarding tech companies, differentiating based on specific performance rather than general AI hype [2] - Apple's strategy involves leveraging its existing ecosystem and partnerships to enhance its AI capabilities without rushing into costly developments [4][5] Group 4: Commodities and Investment Trends - Gold prices have seen a significant decline of 4.6%, with silver down 7% and copper down 2.6%, indicating profit-taking after rapid increases earlier in the year [1] - Central banks are diversifying away from the US dollar, contributing to steady demand for gold, alongside ETF demand for hedging against geopolitical risks [3] - The market is witnessing extraordinary volatility in commodities, driven by various factors including geopolitical concerns and interest rate expectations [3]