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Happy Friday, investors. Stocks, crypto, and memecoins are suddenly rallying again. There’s reason to believe the recent momentum is just the beginning. First time reading? Join 190,000 self-directed investors and subscribe here.

Investors are acting like Liberation Day never even happened.

…which means risk is back on the menu.

Markets surged Thursday after President Trump announced a trade deal with the UK that maintains the US’ 10% blanket tariff on British imports. 

He also gave Wall Street a not-so-subtle buy signal. 

“You better go out and buy stock now,” Trump said from the Oval Office. “Let me tell you, this country will be like a rocket ship that goes straight up. This is going to be numbers that nobody’s ever seen before.”

But investors had been anticipating good news before this week. The S&P 500 has climbed in 10 of the last 12 trading sessions, and it’s up nearly 14% over the last month. The tech-heavy Nasdaq Composite is up more than 17% in that stretch. 

US equities have nearly regained all their losses since April 2, as the chart from Yardeni Research highlights.

Bitcoin, meanwhile, has marched higher en route to a 37% rally in four weeks, clearing $100,000 for the first time since January.

Even the meme-stock favorite GameStop is up.

“The trade deal with the UK may be an important first omen to striking more deals with US trade partners,” said Padhraic Garvey, ING regional head of research for the Americas. “Markets are appreciating that the momentum is heading in the right direction again.”

In unveiling its first major trade deal, the White House is signaling to investors that more breakthroughs are on the way.

The president emphasized that upcoming deals are just around the corner. 

The agreement with the UK is light on specifics, but the optics alone were enough to boost investors’ confidence.

After weeks of escalating trade tensions and uncertainty, markets have seized the first hint of forward movement and new diplomacy.

“We think the trade issue will be behind us by July or August,” strategists from Yardeni Research wrote in a note Thursday.

“If so, then the focus should be on how much Trump's tariff skirmishes weighed on the economy and earnings. We expect both will remain surprisingly resilient.”

It’s worth remembering that markets are forward-looking machines.

Not only do they seem to be predicting more deals on the horizon, but the price action suggests a friendlier White House as well as a belief that the worst of the tariff shock is behind us.

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Elsewhere

📈 Tech stocks have led the market rebound. The Magnificent 7 names have climbed nearly 20% since Liberation Day, leading the broader market after trailing it through much of the first quarter. So-called old economy stocks, meanwhile, have faltered. (Morningstar)

⛪️ The first ever American Pope is here. Cardinal Robert Francis Prevost has become the 267th pontiff of the global Catholic Church, and will take the name Pope Leo XIV. He’s the only American to hold the position in Christianity’s 2,000-year history. (WSJ)

🔍️ Google rejects Apple’s claim AI hurts search. Alphabet shares climbed Thursday after it denied that AI was eating into its market dominance. The day prior, it had fallen more than 7% after an Apple exec testified that the opposite was true. (Barron’s)

Rapid-fire

• The EU has launched a dispute with the World Trade Organization against US tariffs (CNBC)

• President Trump says he doesn’t plan to meet with Jerome Powell (Yahoo Finance)

• Occidental Petroleum stock, which Warren Buffett bet big on, has fallen 22% in 2025 (WSJ)

• Fear and volatility have dominated markets in recent months, but good times could lie ahead (Pomp Letter)

• Inside Buffett’s final Berkshire Hathaway shareholder meeting as CEO (Blog)

• Take the red pill of finance (and memes)

Last thing

About me

📰 I’m Phil Rosen, co-founder and editor-in-chief of Opening Bell Daily. I’ve published books, lived on three continents, and won awards for my journalism, which has appeared in Business Insider, Fortune, Yahoo Finance, Bloomberg and Inc. Magazine.

I write our flagship newsletter to prepare you for each trading day, unpacking markets, economic data and Wall Street with analysis you won’t find anywhere else. Feedback? Reply to this email, ping me on X @philrosenn, or write me directly at [email protected].