Gold keeps giving

Good morning. More joy for goldbugs. Tesla investors are on edge about today's earnings. And where the C Suite is vacationing (almost White Lotus but not quite). Listen to the day's top stories.

Markets Snapshot

Bloomberg Dollar Spot Index

1,216.44

+0.02%

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Futures are pointing to a slight recovery after what was described yesterday by one Wall Street vet as the "quietest, calmest" down day he could recall. Gold's rally continued, surging past $3,500 an ounce briefly, as investors sought out safety in the face of the current Sell America vibe. According to one analyst, bullion may be "the only true safe-haven asset left."

Trade war update: The US said it made "significant progress" toward a deal with India following talks between Vice President JD Vance and Narendra Modi. The Indian PM is now prepping for discussions in Jeddah with Saudi Crown Prince Mohammed bin Salman. Here's what to expect.

Trade war update, part two: The US set new duties on solar imports from four Southeast Asian countries, following an investigation initiated under former President Joe Biden. The biggest tariff at 3,521% (yes, you're reading that right) is coming for Cambodia.

Tesla reports earnings today after a rough start to the year. It faces questions about volume sales for 2025, progress on autonomous driving and plans for a robotaxi network, as well as how tariffs will impact profitability. But looming over everything: Elon Musk's role in the White House.

Tesla Earnings: What to Watch for

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Harvard University is suing the US government for freezing billions of dollars in federal funding, claiming the Trump administration's demands for changes to governance, discipline, and hiring policies are unconstitutional. The government earlier sent a letter with demands that Harvard called "astonishing in their overreach."

Bloomberg Tech: Join top tech decisionmakers and influencers on June 4-5 in San Francisco. Decode technology's evolving role across business, culture and healthcare as we discuss the advances transforming industries and how they impact society. Learn more.

Deep Dive: Chocolate Crunch

Golden chocolate Easter bunnies in Berlin Photographer: Andreas Rentz/Getty Images

The spike in cocoa prices may be easing, but the reality on the ground in West Africa—where most of the world's cocoa is produced—is far more complicated.

Africa's cocoa heartland is vulnerable to harsh weather conditions and output remains well below that of a few years ago, even if a top industry group is forecasting a small global surplus this year.
Farmers in countries such as Nigeria and Cameroon face crop disease and dryness after years of production shortages.
Meanwhile, Donald Trump's tariffs on major cocoa-producing countries are giving European chocolatiers a competitive advantage over those in the US, where the cost of supplies is relatively more expensive than elsewhere.

Watch the Video

Soaring Cocoa Prices Aren't Trickling Down to Farmers

The Big Take

Illustrator: Christian Blaza

President Trump's trade wars and attacks on the Federal Reserve are shaking global confidence in American financial dominance. The shift away from US assets could have significant consequences, including a rise in interest rates. Read more.

Big Take Podcast

It's Trump vs. Powell…Again

Opinion

A coyote doing something wily in Griffith Park, Los Angeles. Photographer: Armando Arorizo/Bloomberg

Donald Trump has launched many ambitious foreign policy initiatives, from transforming global trade to ending the war in Ukraine, writes Marc Champion. But now he's close to a "Wile E. Coyote moment" where he realizes he has gone too far and has nowhere to go but down.

More Opinions

Marc Rubinstein

As US Recession Looms, Banks Brace for Worse

John Authers

Exceptionalism, Until the Landslide Brings It Down

Before You Go

In this month's edition of the CEO Diet, seven bosses reveal their top travel destinations. From a summery Cape Cod beach to the crystal-clear waters of Maracas Bay in Trinidad, the responses are truly globe-trotting.

A Couple More